Corning (GLW) Q3 2026 Earnings Report
MX:GLW Q3 2026 EPS Results
- Actual EPS
- MXN 17.10
- Consensus EPS
- MXN 16.55
- Beat/Miss
- Beat by +MXN 0.54
- One Year Ago EPS
- MXN 12.59
MX:GLW Q3 2026 Revenue Results
- Actual Revenue
- MXN 91.21B
- Expected Revenue
- MXN 94.42B
- Beat/Miss
- Missed by -MXN 3.21B
- YoY Revenue Growth
- +18.41%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/27/2026
- Time
- Before Open
- Conference Call
- Tuesday, October 27, 2026
Corning's next earnings date is estimated for February 3, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive. Third-quarter sales, EPS, margins, ROIC, free cash flow, optical communications performance, and fourth-quarter guidance all showed substantial growth, while the company exceeded its near-term SpringBoard run-rate target and highlighted strong Gen AI demand and customer commitments. The main challenges were declines in Glass Innovations and some automotive and life sciences profitability metrics, a solar net loss and slower-than-anticipated production ramp, tight optical capacity, and foreign exchange and input-cost pressures.
For the fourth quarter, Corning expects sales to grow about 19% year over year to a range of $5.2 billion to $5.3 billion and EPS to grow approximately 36% year over year to a range of 96¢-$1; its SpringBoard plan targets annualized sales run rates of $20 billion by the end of 26, $30 billion by the end of 28, and $40 billion by the end of 2030, with a compound annual growth rate of 19% beginning in 2027-2030 versus a 15% CAGR for the first 3 years, a 400 basis point acceleration. Corning plans to grow EPS significantly faster than sales, expand ROIC, and continue to increase free cash flow through the planning cycle while investing approximately $2 billion in CapEx in 2026, primarily to support optical communications; optical scale-up is expected to begin to accelerate in 2028, DCI will clearly exceed both the timing and the magnitude of the previously communicated $1 billion target, solar profitability is expected to slowly improve from this level through 2027, and operating expenses are expected to grow slower than sales.
- Strong Third-Quarter Financial ResultsYear-over-year sales grew 19% to $5.1 billion and EPS grew 36% to 91¢, with both exceeding guidance. Gross margin expanded 150 basis points to 40.5%, operating margin increased 310 basis points to 22.7%, and ROIC improved 330 basis points to 16.7%.
- Robust Free Cash Flow Despite Capacity InvestmentThe company delivered $661 million of free cash flow in the third quarter after investing over $500 million in capacity. For the first nine months, free cash flow was $2.3 billion while CapEx was $1.3 billion.
- Positive Fourth-Quarter OutlookFourth-quarter sales are expected to grow approximately 19% year over year to $5.2 billion to $5.3 billion, while EPS is expected to grow approximately 36% to a range of 96¢ to $1.
- SpringBoard Growth Targets Already ExceededThe third-quarter $5.1 billion of sales represents an annualized run rate of $20.3 billion, exceeding the SpringBoard target of a $20 billion run rate by the end of 2026. The midpoint of fourth-quarter guidance implies a $21 billion annualized run rate.
- Long-Term SpringBoard Expansion PlanThe company plans to grow its annualized sales run rate to $20 billion by the end of 2026, $30 billion by the end of 2028, and $40 billion by the end of 2030. Planned CAGR is expected to accelerate from 15% during the first three years of SpringBoard to 19% from 2027 through 2030.
- Significant Three-Year SpringBoard ProgressFrom the beginning of SpringBoard through the fourth quarter of 2026, sales are expected to grow 60% and EPS more than 150%. The company also stated that ROIC has nearly doubled and full-year free cash flow has more than tripled.
- Optical Communications Record GrowthOptical communications sales increased 44% year over year to $2.4 billion, while net income increased 80% to $532 million, with the segment again delivering record profitability.
- Enterprise and Gen AI DemandEnterprise sales grew 84% year over year, while Gen AI product sales grew more than 100% year over year, significantly outpacing GPU unit growth. Enterprise sales have grown from a $1.4 billion run rate at the launch of SpringBoard to a $6 billion run rate.
- Carrier Agreements and Data Center Interconnect OpportunityCarrier sales grew 4% year over year, driven by data center growth. Corning announced long-term agreements with Zayo, Verizon, and AT&T for fiber and connectivity solutions, and stated that the data center interconnect opportunity is bigger than the previously communicated $1 billion target.
- Optical Scale-Up OpportunityThe company stated that optical scale-up is expected to begin accelerating in 2028. Scale-up could increase fiber connections from approximately 16 fibers per GPU in current scale-out architectures to approximately 160 fibers per GPU, a 10-fold increase, if the architectures become fully optical.
- Strong Customer Demand and Capacity SupportManagement said customers continue to request more of Corning's new products faster and more broadly. Long-term agreements and customer upfront funding are being used to support capacity additions, provide supply-chain assurance, and reduce risk around capacity investments.
- Customer Deposits Supporting Growth InvestmentCustomer deposits totaled $639 million in operating cash flow for the first nine months, representing upfront cash received from customers net of cash returned as committed volumes were purchased. Management said the majority of growth-related capital, excluding maintenance capital, is funded by long-term agreements.
- Glass Innovations Outperformed End MarketsThe company said its More Corning strategy helped it outperform end markets that were significantly impacted by memory prices. By the end of 2026, all cover glass for iPhone, including iPhone Duo, and Apple Watch sold worldwide is expected to be produced at the Harrodsburg, Kentucky facility.
- Solar Demand and Policy TailwindsSolar sales increased 37% year over year to $436 million, or $117 million higher than the prior year. Management said demand remains strong, preference for U.S.-made solar products is strengthening, and the Section 32 trade action improved the pricing environment and demand for Corning's solar products.
- Solar Long-Term Revenue OpportunityCorning is targeting a solar revenue stream of more than $3 billion with profitability above the corporate average. Management expects productivity improvements to increase output and profitability.
- Automotive Sales GrowthAutomotive sales increased 4% year over year, as recovery in the North American Class 8 truck market more than offset the impact from the light-duty vehicle market.
- Life Sciences End-Market OutperformanceSales in life sciences and emerging growth businesses increased 1% year over year, with the Life Sciences business outperforming its end market.
- Balance Sheet and Capital AllocationThe company reported an average debt maturity of more than 20 years with no significant debt maturity due in any given year. It plans to prioritize organic growth investment, maintain a strong balance sheet, continue its dividend, and use share buybacks as its primary vehicle for returning excess cash to shareholders.
- Positive Position in LEO and Data Center ConnectivityManagement expressed a positive view of low-Earth-orbit applications, stating that greater connectivity in sparsely populated areas and data center-related deployments can increase demand for fiber-optic products.
- Limited Current Chinese Fiber Competitive PressureManagement said the share of the market exposed to Chinese fiber has been dropping and that Chinese fiber is not currently a significant competitive pressure, while Corning continues to focus on being the highest-quality, lowest-cost, biggest producer in the world.
MX:GLW Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 03, 2027 | 2026 (Q4) | ―- | 13.53 | ― | ― |
| Oct 27, 2026 | 2026 (Q3) | 16.5517.10 | 12.59 | 35.82% (+4.51) | |
| Jul 28, 2026 | 2026 (Q2) | 14.1814.65 | 11.27 | 30.00% (+3.38) | |
| Apr 28, 2026 | 2026 (Q1) | 13.0013.15 | 10.14 | 29.63% (+3.01) | |
| Feb 03, 2026 | 2026 (Q4) | 18.22- | 13.53 | ― | |
| Jan 28, 2026 | 2025 (Q4) | 13.2813.53 | 10.71 | 26.32% (+2.82) | |
| Oct 28, 2025 | 2025 (Q3) | 12.4912.59 | 10.14 | 24.07% (+2.44) | |
| Jul 29, 2025 | 2025 (Q2) | 10.7311.27 | 8.83 | 27.66% (+2.44) | |
| Apr 29, 2025 | 2025 (Q1) | 9.5210.14 | 7.14 | 42.11% (+3.01) | |
| Jan 29, 2025 | 2024 (Q4) | 10.5010.71 | 7.33 | 46.15% (+3.38) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.