Corning Incorporated · NYSE:GLW
Corning — Investor Day (May 2026)
80 slides from Corning's investor day presentation, May 6, 2026
Slide 1: Corning
CORNING Lf5
Slide 2: Welcome
Welcome Chris Keenan Director, Investor Relations
Slide 3: Forward-Looking and Cautionary Statements
Forward-Looking and Cautionary Statements The statements contained in this presentation and related comments by management that are not historical facts or information and contain words such as “will,” “believe,” “anticipate,” “expect,” “intend,” “plan,” “seek,” “see,” “would,” “target,” “estimate,”
Slide 4: Use of Non-GAAP Financial Information
Use of Non-GAAP Financial Information Corning has included non-GAAP financial measures in this presentation to supplement Corning’s consolidated financial statements presented on a GAAP basis. In managing the Company and assessing our financial performance, we adjust certain measures included in our
Slide 5: Agenda
Agenda Springboard Overview Wendell Weeks Chairman, Chief Executive Officer & President Optical Communications Mike O’Day Enterprise & Photonics Senior Vice President & GM, Optical Communications Financial Outlook & Summary Ed Schlesinger Executive Vice President & Chief Financial Officer Q&A All Pr
Slide 6: Springboard Update
Springboard Update Wendell Weeks Chairman, Chief Executive Officer & President
Slide 7: Our Headlines Today
Corning is entering a new phase of accelerating organic growth in 2027, driven by growth across Our our Market-Access Platforms (MAPs) Headlines We are upgrading and extending our Springboard plan to achieve a $40B annualized sales run rate Today by the end of 2030 We will also take a deeper dive on
Slide 8: Internal & High-Confidence Plans
Internal Plan Internal & • Based on actual business plans • Factors in variety of probabilistic outcomes High- High-Confidence Plan Confidence • Applies corporate-level risk adjustments Plans • Adjusts for factors including macroeconomics, policy changes, and timing of secular trends and our related
Slide 9: Original Springboard Plan started at a $13B run rate
Original Springboard Plan started at a $13B run rate ANNUALIZED SALES RUN RATE $25 $23 $21 $19 $17 $15 $13B $13 Q4'23 Q4'24 Q4'25 Q4'26 Q4'27 Q4'28
Slide 10: Original Springboard Plan added $5B Spring by the end of 2026
Original Springboard Plan added $5B Spring by the end of 2026 ANNUALIZED SALES RUN RATE $25 We shared our target to improve OM% from 16% to 20% $23 by Q4’26 with EPS growing faster than Sales $21 $19 $18B $17 $5B SPRING $15 $13B $13 Q4'23 Q4'24 Q4'25 Q4'26 Q4'27 Q4'28
Slide 11: Original Springboard Plan added $8B Spring by the end of 2028
Original Springboard Plan added $8B Spring by the end of 2028 ANNUALIZED SALES RUN RATE $25 $23 $21 $21B $19 $18B $17 $8B SPRING $5B SPRING $15 $13B $13 Q4'23 Q4'24 Q4'25 Q4'26 Q4'27 Q4'28
Slide 12: We shared by MAP where our growth would come from
We shared by MAP where our growth would come from ANNUALIZED SALES RUN RATE $25 $23 $21 $21B Solar Emerging Growth Life Sciences Vessels $19 $18B MCE Automotive Display $17 Optical $15 $13B $13 Q4'23 Q4'24 Q4'25 Q4'26 Q4'27 Q4'28
Slide 13: We've outperformed our Springboard Plan
We’ve outperformed our Springboard Plan OBJECTIVES Q4’23 Q4’25 Add $3-5B Incremental $13.1B $17.6B Achieved Annualized Sales by end of 2026 sales run rate sales run rate (+35%) one year early Operating Margin percent 16.3% 20.2% Achieved of 20% by end of 2026 (+390 bps) one year early EPS growth fas
Slide 14: We've outperformed our Springboard Plan
We’ve outperformed our Springboard Plan ANNUALIZED SALES RUN RATE $25 $23 $21 $21B $19 $18B $17 $8B SPRING $5B SPRING $15 $13B $13 Q4'23 Q4'24 Q4'25 Q4'26 Q4'27 Q4'28
Slide 15: We've outperformed our Springboard Plan
We’ve outperformed our Springboard Plan ANNUALIZED SALES RUN RATE $25 $23 $21 $21B $19 $18B $17.6B $17 $8B SPRING $5B SPRING $15 $13B $13 Q4'23 Q4'24 Q4'25 Q4'26 Q4'27 Q4'28
Slide 16: In January, we upgraded our Springboard Plan to add $6.5B by end of 2026
In January, we upgraded our Springboard Plan to add $6.5B by end of 2026 ANNUALIZED SALES RUN RATE $25 $23 $21 $21B $20B $19 $18B $17.6B $17 $8B $6.5B SPRING SPRING $15 $13B $13 Q4'23 Q4'24 Q4'25 Q4'26 Q4'27 Q4'28
Slide 17: In January, we upgraded our Springboard Plan to add $11B by end of 2028
In January, we upgraded our Springboard Plan to add $11B by end of 2028 ANNUALIZED SALES RUN RATE $25 $24B $23 $21 $21B $20B $19 $18B $11B SPRING $17.6B $17 $6.5B SPRING $15 $13B $13 Q4'23 Q4'24 Q4'25 Q4'26 Q4'27 Q4'28
Slide 18: In 2027, we will enter a new phase of Springboard with accelerating organic growth
In 2027, we will enter a new phase of Springboard with accelerating organic growth…
Slide 19: Where we left you in January
Where we left you in January... ANNUALIZED SALES RUN RATE $25 $24B $23 $21 $21B $20B $19 $11B SPRING $17 $15 $13B Q4’23 Q4’24 Q4’25 Q4’26 Q4’27 Q4’28
Slide 20: We are going to need a bigger scale
We are going to need a bigger scale… ANNUALIZED SALES RUN RATE $41 $37 $33 $29 $25 $24B $21 $20B $11B SPRING $17 $13B Q4’23 Q4’24 Q4’25 Q4’26 Q4’27 Q4’28
Slide 21: We are upgrading our Springboard Plan to reach a $30B run rate by end of 2028
We are upgrading our Springboard Plan to reach a $30B run rate by end of 2028 ANNUALIZED SALES RUN RATE $41 $37 $33 $30B $29 $25 $24B $21 $17B SPRING $20B $17 $13B Q4’23 Q4’24 Q4’25 Q4’26 Q4’27 Q4’28
Slide 22: We are extending our Springboard Plan and expect $40B by end of 2030
We are extending our Springboard Plan and expect $40B by end of 2030 ANNUALIZED SALES RUN RATE $41 $40B $37 $33 $30B $29 $27B SPRING $25 $24B $21 $17B SPRING $20B $17 $13B Q4’23 Q4’24 Q4’25 Q4’26 Q4’27 Q4’28 Q4’29 Q4’30
Slide 23: Accelerating Springboard Growth
Accelerating Springboard Growth ANNUALIZED SALES RUN RATE $41 $40B $37 $33 $30B $29 $25 $21 $20B $17 $13B $13 Q4'23 Q4'24 Q4'25 Q4'26 Q4'27 Q4'28 Q4'29 Q4'30
Slide 24: Accelerating Springboard Growth
Accelerating Springboard Growth ANNUALIZED SALES RUN RATE $41 $40B $37 $33 $30B $29 $25 $21 CAGR $20B 15% $17 $13B $13 Q4'23 Q4'24 Q4'25 Q4'26 Q4'27 Q4'28 Q4'29 Q4'30
Slide 25: Accelerating Springboard Growth
Accelerating Springboard Growth ANNUALIZED SALES RUN RATE $41 $40B $37 AGR C % 19 $33 $30B $29 $25 $21 CAGR $20B 15% $17 $13B $13 Q4'23 Q4'24 Q4'25 Q4'26 Q4'27 Q4'28 Q4'29 Q4'30
Slide 26: Assumptions in Upgraded Internal Plan
For 2027-2030, we incorporated a forward rate of 150 JPY/USD to account for a weaker Yen Assumptions Flat TV, IT, and smartphone end markets, memory price impact included in Upgraded Declining ICE demand & increasing Corning Auto content Internal Plan Capturing a larger Solar opportunity with upgrad
Slide 27: Springboard Upgrade
Springboard Upgrade ANNUALIZED SALES RUN RATE $40B $40 AGR $35 % C 19 $30 $30B $25 % CAGR 15 $20B $20 $15 $13B $10 $5 $0 Q4'23 Q4'24 Q4'25 Q4'26 Q4'27 Q4'28 Q4'29 Q4'30
Slide 28: Growth across our MAPs
Growth across our MAPs ANNUALIZED SALES RUN RATE $40B $40 AGR $35 % C Photonics 19 $30 $30B $25 Enterprise % CAGR 15 $20B $20 $15 $13B Carrier Solar $10 Automotive Consumer Electronics $5 Life Sciences $0 Q4'23 Q4'24 Q4'25 Q4'26 Q4'27 Q4'28 Q4'29 Q4'30
Slide 29: Focus of Today: Optical Drivers
Focus GPU Cluster size increasing rapidly in Scale-Out of Today: Optical Scale-Up Network is beginning Deep Dive into Optical Drivers Corning Optics moving Inside the Box (NPO/CPO)
Slide 30: Enterprise: We have the opportunity to grow faster than GPU Growth
Enterprise: We have the opportunity to grow faster than GPU Growth Technical Driver Logic Impact
Slide 31: Enterprise: We have the opportunity to grow faster than GPU Growth
Enterprise: We have the opportunity to grow faster than GPU Growth Technical Driver Logic Impact Cluster Size Growth Cluster size >130k GPUs will require an additional optical layer +
Slide 32: Third Switch Layer to connect all the GPUs in a cluster >130K
Third Switch Layer to connect all the GPUs in a cluster >130K 2-Layer Network 3-Layer Network (3 x Connections) Super LAYER 3 Spine 1 N < 130K GPU Break Point* > (2 x Connections) LAYER 2 Spine Spine Switches 1 2 3 N Switches 1 2 3 N Leaf N (1 x Connection) 1 2 3 4 5 6 7 N Switches 1 2 3 4 5 6 7 LAY
Slide 33: Enterprise: We have the opportunity to grow faster than GPU Growth
Enterprise: We have the opportunity to grow faster than GPU Growth Technical Driver Logic Impact Cluster Size Growth Cluster size >130k GPUs will require an additional optical layer + Bandwidth (BW) Growth GPU and ASIC BW doubles every ~2 years… we link them through lane rate and number of lanes = +
Slide 34: We increase bandwidth by increasing lane rate or quantity of lanes
We increase bandwidth by increasing lane rate (SerDes) or increasing the quantity of lanes Increases in quantity of lanes requires additional fiber or optical schematics to support (BiDi, etc.) Hopper Blackwell Rubin Feynman (2029/2030?) SerDes 100G 100G 200G 200G / 400G ? 2x / 4yr GPU BW 0.4Tb 0.8T
Slide 35: Enterprise: We have the opportunity to grow faster than GPU Growth
Enterprise: We have the opportunity to grow faster than GPU Growth Technical Driver Logic Impact Cluster Size Growth Cluster size >130k GPUs will require an additional optical layer + Bandwidth (BW) Growth GPU and ASIC BW doubles every ~2 years… we link them through lane rate and number of lanes = +
Slide 36: Brand new large optical network opportunity
Brand new large optical network opportunity… timing and size hard to predict What’s been announced? ”Vera Rubin Ultra NVL576 will combine eight separate MGX NVL racks, each with 72 Rubin Ultra GPUs, all in a single 576-GPU NVLink domain with copper and direct optical connections.” (NVIDIA Vera Rubin
Slide 37: Enterprise: We have the opportunity to grow faster than GPU Growth
Enterprise: We have the opportunity to grow faster than GPU Growth Technical Driver Logic Impact Cluster Size Growth Cluster size >130k GPUs will require an additional optical layer + Bandwidth (BW) Growth GPU and ASIC BW doubles every ~2 years… we link them through lane rate and number of lanes = +
Slide 38: Our New Photonics MAP
The Photonics MAP serves a new class of customers We are bringing Optics “inside the box” for Our New a new generation of technology (CPO/NPO) Photonics Although CPO/NPO will likely start with Scale-Out, it is Scale-Up that drives the dramatic increase in size/scale MAP Optical Scale-Up is a new tec
Slide 39: New Inside the Box Optical functions create opportunity for Corning Passive Photonics
New “Inside the Box” Optical functions create opportunity for Corning Passive Photonics to manage light Optical Multi ASIC Switch ELS FAU Engine PIC SerDes ASIC • Light creation, modulation, and delivery ELS of the encoded optical signal move PMF “inside the box” at the Silicon Photonic ....... Opti
Slide 40: Enterprise & Photonics
Enterprise & Photonics Mike O’Day Senior Vice President & General Manager Optical Communications
Slide 41: AI drives growth upgrade for Optical Communications
AI drives growth upgrade for Optical Communications ANNUALIZED SALES RUN RATE $40 $35 Photonics • GPU Cluster size increasing rapidly $30 in Scale-Out $25 Enterprise $20 • Optical Scale-Up Network is beginning $15 $10 • Corning Optics are moving “Inside the Box” $5 (CPO/NPO) $0 Q4'23 Q4'24 Q4'25 Q4'
Slide 42: GPU Cluster Size Increasing Rapidly in Scale-Out
GPU Cluster Size Increasing Rapidly in Scale-Out
Slide 43: AI model complexities drive cluster growth
AI model complexities drive cluster growth 10T Kimi-K2 1T 1T Quen3-480B Quen-72B • Parameters growing 10x per year (NVIDIA) Mixtral 8x22B 100B Parameters Llama-13B Llama-2 70B • Outpacing GPU capabilities 10B • Requires massive parallelism GPT-Neo 1.3B PaLM-2 1B CLIP-ViT (86M) 0.1 2021 2023 2025 Sou
Slide 44: AI scaling laws drive need for more intelligence
AI scaling laws drive need for more intelligence Agentic Scaling OpenClaw “AI talking to AI” Test-time scaling • Intelligence means bigger, smarter, “long thinking” and more efficient clusters Post-training scaling • Historically driven by training ”Intelligence” AI Factory • Inference now the prima
Slide 45: Frontier AI Data Center cluster sizes growing rapidly
Frontier AI Data Center cluster sizes growing rapidly Sample of Leading Clusters: Past & Future 10.0M Existing (confirmed OpenAI/MSFT or estimated) AI Training Cluster Size (Est or Reported Chip Count) Meta Fairwater PH2 Prometheus Stargate Abilene Projected / Planned Oracle 1.0M (analyst estimate)
Slide 46: Larger clusters mean more Corning opportunity
Larger clusters mean More Corning opportunity 2-Layer Network 3-Layer Network (3 x Connections) Super LAYER 3 Spine 1 N (2 x Connections) LAYER 2 Spine Spine Switches 1 2 3 N Switches 1 2 3 N Leaf N (1 x Connection) 1 2 3 4 5 6 7 N Switches 1 2 3 4 5 6 7 LAYER 1 GPU PODs GPU PODs The rise of 3-Layer
Slide 47: Over time, clusters require a third layer
Over time, clusters require a third layer ~130K GPUs Today Nearer-Term Longer-Term 100% Cumulative Distribution of Campus Power and Approx GPUs 75% 50% Requires 2 Layers Requires 3 Layers 25% 0% Campus Size (Power → Supported GPUs) Source: Corning proprietary distribution model sourced from leading
Slide 48: Optical Scale-Up Network is Beginning
Optical Scale-Up Network is Beginning
Slide 49: Inference is the new AI workload
“Inference is the new AI workload” (NVIDIA) Key Developments AI Infrastructure Drivers Mixture-of-Experts Models More memory and bandwidth Prefill and Decode Lower latency and higher throughput Reasoning Models More GPUs in the low-latency domain Agentic Systems Massive memory and storage
Slide 50: AI Node Today: 72 GPUs
AI Node Today: 72 GPUs Copper In-Rack Scale-Up 120 ns • An AI node is a “collective” of GPUs acting as one large GPU • Interconnected by a high-bandwidth, low-latency, copper scale-up network 72 GPU Low Latency • What are my options for creating Domain a larger node? Front View Front View Back View
Slide 51: Can I expand the node leveraging the Scale-Out Network?
Leaf Switch Layer Scale-Out Can I expand the node leveraging 1,500 ns the Scale-Out Network? Yes, but… • Incur a latency penalty of >10x • Causes data transfer and synchronization delays • Therefore, reduces GPU utilization, and overall cluster performance
Slide 52: Can I use copper to connect multiple racks in a node?
Can I use copper to connect multiple racks in a node? 1000 Yes, but… 100 NVL576 OPTICAL • NVL72 single rack platform at 100G with NVL72 in-rack links <2m works with copper Data Rates (Gb/s) 10 1 ~1 00 • NVL576 multi-rack platform at 200G with Gb 0.1 ELECTRICAL m/ s links between racks >10m requires
Slide 53: The Solution: Add Optical to the Scale-Up Network
The Solution: Add Optical to the Scale-Up Network • Add a new optical links to expand from SCALE-OUT 72 to 576 GPU AI node • 5x lower latency than Scale-Out network • Not bound by distance SCALE-UP 320 ns
Slide 54: The Solution: Add Optical to the Scale-Up Network
The Solution: Add Optical to the Scale-Up Network • Add a new optical links to expand from SCALE-OUT 72 to 576 GPU AI node • 5x lower latency than Scale-Out network • Not bound by distance SCALE-UP
Slide 55: Scale-Out and Scale-Up opportunities grow optical market 1.3-1.5x per GPU through 2028
Enterprise Scale-Out and Scale-Up opportunities combine to grow optical market 1.3-1.5x per GPU through 2028 Technical Driver Logic Impact Cluster Size Growth Cluster size >130k GPUs will require an additional optical layer + Bandwidth (BW) Growth GPU and ASIC BW doubles every ~2 years… we link them
Slide 56: Corning Optics are Moving Inside the Box
Corning Optics are Moving “Inside the Box”
Slide 57: Switch Optics Drivers: Latency, Power, Density, and Reliability
Switch Optics Drivers: Latency, Power, Density, and Reliability Switch Optics Latency I/O Power Faceplate Density Reliability Pluggable H H L L CPO L L H H Benefit 20% Lower 1 50% Lower 2 5x 3 5x 4 1 NVIDIA/Corning 2 NVIDIA/Corning 3 Corning 4 Meta/Broadcom
Slide 58: Today: Pluggable Optics Switches have no Corning content Inside the Box
Today: Pluggable Optics Switches have no Corning content “Inside the Box” • Light creation, modulation, and delivery of the encoded optical signal take place “outside the box” at the Pluggable Transceiver • Today: Our products connect to the …. Pluggable Transceivers
Slide 59: Future: CPO/NPO Switches Create New Opportunities Inside the Box
Future: CPO/NPO Switches Create New Opportunities “Inside the Box” Optical Multi ASIC Switch ELS FAU Engine PIC SerDes ASIC • Light creation, modulation, and delivery ELS of the encoded optical signal move PMF “inside the box” at the Silicon Photonic ....... Optical Engine Optical FAU Engine ... ...
Slide 60: New Photonics MAP creates opportunity twice the size of today's Enterprise Business
New Photonics MAP creates opportunity twice the size of today’s Enterprise Business ANNUALIZED SALES RUN RATE What’s our opportunity? $40 $35 Photonics • Wide variety in predictions for annual $30 growth rates $25 Enterprise $20 • External consensus of adoption rate $15 ranges from 10%-50% varies wi
Slide 61: Corning wins with Innovation, Scale, and Service
Corning wins with Innovation, Scale, and Service Innovate: Leader in high-density optical innovations Scale: Largest, lowest-cost manufacturer Serve: Deep, trust-based relationships with customers
Slide 62: Corning
CORNING.
Slide 63: Financial Perspective
Financial Perspective Ed Schlesinger Executive Vice President & Chief Financial Officer
Slide 64: What I Plan to Share Today
What I Plan to Entering a new phase of accelerating organic growth Share Today Investing to capture growth while continuing to increase Free Cash Flow Continuing to improve our Financial Profile
Slide 65: We've Transformed Our Financial Profile
We’ve Transformed Our Financial Profile OBJECTIVES Q4’23 Q4’25 Add $3-5B Incremental $13.1B $17.6B Achieved Annualized Sales by end of 2026 sales run rate sales run rate (+35%) one year early Operating Margin percent 16.3% 20.2% Achieved of 20% by end of 2026 (+390 bps) one year early EPS growth fas
Slide 66: Upgraded Internal Springboard Plan
Upgraded Internal Springboard Plan ANNUALIZED SALES RUN RATE $41 $40B $37 $33 $30B $29 $25 $21 $20B $17.6B $17 $13 Q4'23 Q4'24 Q4'25 Q4'26 Q4'27 Q4'28 Q4'29 Q4'30
Slide 67: Upgraded High-Confidence Plan
Upgraded High-Confidence Plan ANNUALIZED SALES RUN RATE $41 $40B $37 High-Confidence Plan Includes: • Macroeconomic slowdowns $33 • Changes in government policy $35B • Timing of secular trends $30B $29 • Rate of adoption for innovations • Timing of Scale-Up opportunity $25 $27B $21 $20B $17.6B $17 $
Slide 68: Upgraded High-Confidence Plan
Upgraded High-Confidence Plan ANNUALIZED SALES RUN RATE $41 $40B $37 $5B AGR C % 19 $33 $35B $30B $29 $25 $27B $21 $20B $17.6B $17 $13 Q4'23 Q4'24 Q4'25 Q4'26 Q4'27 Q4'28 Q4'29 Q4'30
Slide 69: Investing for Accelerating Growth
Investing for Accelerating Growth Investing Derisking Strong Returns Investments Investing to capture the Seek to appropriately share Expect Free Cash Flow tremendous growth ahead the cost and risk of investments to grow through the plan with our customers Adding capacity and technical capabilities
Slide 70: Improving Financial Profile
Improving Financial Profile Metrics Q4’25 Sales $17.6B sales run rate (+35%) Operating Margin 20.2% (+390 bps) EPS $0.72 ROIC 14.2% Free Cash Flow (FY) $1.7B (FY’25)
Slide 71: Improving Financial Profile
Improving Financial Profile Metrics Sales Accelerating sales growth 19% CAGR ‘26-’30 Operating Margin At or above 20% EPS Growing faster than sales ROIC Improving to high teens Free Cash Flow (FY) Free cash flow grows as we grow sales
Slide 72: Capital Allocation Philosophy
Capital Allocation Philosophy Investing for Maintaining Strong, Returning Excess Organic Growth Efficient Balance Sheet Cash to Shareholders Continue to invest in We have one of the longest Have a strong dividend high-growth, high-return debt tenors in the S&P 500 opportunities Continue share repurc
Slide 73: Key Takeaways
Key Takeaways Powerful new set of growth opportunities Compelling upgrade to our Springboard plan Significantly higher returns and substantially more Free Cash Flow
Slide 74: Closing Remarks
Closing Remarks Wendell Weeks Chairman, Chief Executive Officer & President
Slide 75: Corning
CORNING 1/5
Slide 76: Corning Incorporated
CORNING © 2026 Corning incorporated
Slide 77: C. F. Houghton Semaphore Lens patent
C. F. HOUGHTON. SEMAPHORE LENS. No. 187,631. Patented Feb. 20, 1877. Lig. L Fig.3. CORNING © 2026 Corning incorporated
Slide 78: Slide 78
Slide 79: Invent Make Serve
Invent Make CORNING © 2026 Corning Incorporated 2
Slide 80: Corning
CORNING Lf5