Corning Incorporated · NYSE:GLW
Corning — Q3 2026 Earnings Presentation
39 slides from Corning's earnings presentation, Oct 27, 2026
Slide 1: Corning
CORNING
Slide 2: Third-Quarter 2026 Investor Call
Third-Quarter 2026 Investor Call Corning Reports Third-Quarter 2026 Financial Results October 27, 2026
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. Management uses non-GAAP financial measures (our “core performance measures”), together with GAAP financial
Slide 5: Third-Quarter 2026 Investor Call
Third-Quarter 2026 Investor Call Corning Reports Third-Quarter 2026 Financial Results October 27, 2026
Slide 6: Third-Quarter 2026 Core Performance
CEO PERSPECTIVE Third-Quarter 2026 Core Performance $5.08B 22.7% $0.91 Q3 Core Sales Q3 Core Operating Margin Q3 Core EPS 19% Increase YoY 310 bps Increase YoY 36% Increase YoY “We delivered an outstanding third quarter. Year over year, core sales grew 19% to $5.08 billion, and core EPS grew 36% to
Slide 7: Springboard – Internal & High-Confidence Plans
CEO PERSPECTIVE Springboard – Internal & High-Confidence Plans ANNUALIZED SALES RUN RATE $40B Internal High-Confidence $35B $30B $27B $20B © 2026 Corning Incorporated 7
Slide 8: Springboard – Internal Plan
CEO PERSPECTIVE Springboard – Internal Plan ANNUALIZED SALES RUN RATE $40B GR CA % 19 $30B $20B AG R 15 %C © 2026 Corning Incorporated 8
Slide 9: Springboard – Performance vs. Plan
CEO PERSPECTIVE Springboard – Performance vs. Plan ANNUALIZED SALES RUN RATE $40B $30B Q3’26 $20.3B $20B © 2026 Corning Incorporated 9
Slide 10: Springboard – Performance vs. Plan
CEO PERSPECTIVE Springboard – Performance vs. Plan ANNUALIZED SALES RUN RATE $40B Assumed Q4’26F – $5.250B $30B Q4’26F Q3’26 $21.0B $20.3B $20B © 2026 Corning Incorporated 10
Slide 11: Transformed Our Financial Profile Since Springboard Launch
CEO PERSPECTIVE Transformed Our Financial Profile Since Springboard Launch Q4’23 Q4’26F Sales $3.272B $5.250B +60% EPS $0.39 $0.98 +151% Nearly doubling ROIC and more than tripling full-year free cash flow © 2026 2025 Corning Incorporated 11 General - Corning (L4)
Slide 12: Next Phase of Springboard
CEO PERSPECTIVE Next Phase of Springboard Plan to double sales from $20B to $40B • Grow EPS significantly faster than sales • Expand ROIC • Deliver robust FCF, even as we continue to invest to capture growth © 2026 Corning Incorporated 12
Slide 13: Deep Customer Partnerships
CEO PERSPECTIVE Deep Customer Partnerships • Many of the critical customer relationships and long-term agreements are in place that underpin our growth outlook • Each relationship is unique, but they have two common characteristics: – A focus on technology and co- innovation to help our customers ac
Slide 14: CEO Summary: Invent, Make, Serve
CEO PERSPECTIVE CEO Summary Invent Make Serve © 2026 Corning Incorporated 14
Slide 15: Third-Quarter 2026 Core Performance
CFO PERSPECTIVE Third-Quarter 2026 Core Performance $5.08B 22.7% $0.91 Q3 Core Sales Q3 Core Operating Margin Q3 Core EPS 19% Increase YoY 310 bps Increase YoY 36% Increase YoY “We delivered an outstanding third quarter, and our results demonstrate the acceleration of growth outlined in our 20-30-40
Slide 16: Optical Communications
SEGMENT RECAP Optical Communications $2.38B $532M Q3 Net Sales Q3 Net Income Up 44% YoY Up 80% YoY Segment delivered another quarter of record profitability Enterprise grew 84% YoY, With Gen AI product sales growing more than 100% Carrier grew 4% YoY, driven by growth in DCI Long-term customer agree
Slide 17: Glass Innovations
SEGMENT RECAP Glass Innovations $1.51B $328M Q3 Net Sales Q3 Net Income Down 3% YoY Down 10% YoY Corning outperformed our end markets, driven by execution of our "More Corning" strategy Memory prices significantly impacted markets across TV, handhelds, and notebooks Price adjustments for display gla
Slide 18: Automotive
SEGMENT RECAP Automotive $470M $67M Q3 Net Sales Q3 Net Income Up 4% YoY Down 1% YoY Recovery in the North American Class 8 truck market more than offset the impact from the light- duty vehicle market, which was down 3% YoY Remain focused on executing our "More Corning" content strategy 2025 Corning
Slide 19: Solar
SEGMENT RECAP Solar $436M $(7)M Q3 Net Sales Q3 Net Loss Up 37% YoY Continue to ramp production at our wafer and module facilities. As productivity improves, so will output and profitability. Demand remains strong, market preference for U.S.-made solar products continues to strengthen Recent U.S. tr
Slide 20: Life Sciences and Emerging Growth Businesses
SEGMENT RECAP Life Sciences and Emerging Growth Businesses $290M $(28)M Q3 Net Sales Q3 Net Loss Up 1% YoY Life Sciences business outperformed the end market Net income was down YoY due to investments in emerging growth programs 2025 Corning Incorporated © 2026 20
Slide 21: Outlook
CFO PERSPECTIVE Outlook $5.2B - $5.3B $0.96 - $1.00 Q4 Core Sales Q4 Core EPS “In the fourth quarter, we expect sales to grow approximately 19% year over year to a range of $5.2B to $5.3B, and EPS to grow approximately 36% year over year to a range of $0.96 to $1.00.” -Ed Schlesinger, EVP and CFO ©
Slide 22: Investing for Accelerating Growth
CFO PERSPECTIVE Investing for Accelerating Growth Attractive Growth Customer Agreements Improving our Financial Opportunity Derisk Investments Profile as we Invest Double the size of the company Share the risk and responsibility FCF to grow through by the end of 2030, with EPS of investments with ou
Slide 23: Capital Allocation
CFO PERSPECTIVE Capital Allocation Prioritize Investing in Organic Growth Opportunities This approach creates the most value for shareholders Maintaining Strong, Efficient Balance Sheet One of the longest debt tenors in the S&P 500 Returning Excess Cash to Shareholders Expect to continue strong trac
Slide 24: CFO Summary
CFO PERSPECTIVE CFO Summary Built Strong Foundation Delivered significant growth and dramatically enhanced our financial profile Invested in our capabilities, manufacturing, and customer relationships 20-30-40 Springboard Plan Expect to double our sales from $20B to $40B by the end of 2030, grow EPS
Slide 25: Q&A Session
Q&A Session © 2026 Corning Incorporated
Slide 26: Corning's 2026 Investor Outreach Plans
Corning’s 2026 Investor Outreach Plans December 1 – UBS Global Technology and AI Conference Management visits to investor offices in select cities © 2026 Corning Incorporated 26
Slide 27: Appendix
Appendix CORNING
Slide 28: 2026 Supplemental Corporate Metrics
2026 Supplemental Corporate Metrics (as of October 27, 2026)(1)(2) Q4 2026 • Core Sales: $5.2B - $5.3B • Operating expenses: consistent with Q3 2026 • Other income/expense: (~$85M - $95M) • Non-controlling interest: (~$80M - $90M) • Core EPS: $0.96 - $1.00 Full-Year 2026 • Tax rate: ~18.5% • Capital
Slide 29: Q3 2026 Core Performance
Q3 2026 Core Performance Q3 Q2 Q3 $ in millions, except EPS 2026 2026 2025 Core Net Sales $5,081 $4,738 $4,272 Core Gross Margin $2,059 $1,874 $1,664 Gross Margin % 40.5% 39.6% 39.0% Core SG&A $592 $590 $550 % of Sales 11.7% 12.5% 12.9% Core RD&E $315 $295 $276 % of Sales 6.2% 6.2% 6.5% Core Operati
Slide 30: Q3 2026 Operating Performance by Segment
Q3 2026 Operating Performance by Segment Segment Net Sales Q3 Q2 % Q3 % $ in millions 2026 2026 change 2025 change Optical Communications $2,379 $2,072 15% $1,652 44% Carrier Network $854 $803 6% $821 4% Enterprise Network $1,525 $1,269 20% $831 84% Glass Innovations $1,506 $1,463 3% $1,560 (3%) Aut
Slide 31: Q3 2026 Core Performance (YTD)
Q3 2026 Core Performance YTD YTD $ in millions, except EPS Q3 2026 Q3 2025 Core Net Sales $14,164 $11,996 Core Gross Margin $5,633 $4,611 Gross Margin % 39.8% 38.4% Core SG&A $1,728 $1,521 % of Sales 12.2% 12.7% Core RD&E $888 $821 % of Sales 6.3% 6.8% Core Operating Income $3,017 $2,269 Operating M
Slide 32: Year-to-Date Operating Performance by Segment
Year-to-Date Operating Performance by Segment Segment Net Sales YTD YTD % $ in millions Q3 2026 Q3 2025 change Optical Communications $6,297 $4,573 38% Carrier Network $2,541 $2,268 12% Enterprise Network $3,756 $2,305 63% Glass Innovations $4,389 $4,409 —% Automotive $1,378 $1,354 2% Auto, Glass an
Slide 33: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Q3 Q3 YTD YTD $ in millions 2026 2025 2026 2025 Cash flows from operating activities $1,061 $784 $3,140 $1,643 Realized gains on translated earnings contracts and other $145 $85 $423 $192 Adjusted cash flows from operating activities $1,206 $869 $3,563 $1,835 L
Slide 34: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Income Net income Gross Gross Operating Operating Equity before attributable to Tax Rate Q3 2026 Net sales SG&A RD&E Per Share margin margin % income margin % earnings income Corning (a) taxes Incorporated As reported - GAAP $4,855 $1,810 37.3% $563 $314 $911 18.8
Slide 35: Return on Invested Capital
Return on Invested Capital At Corning Return on Invested Capital (ROIC) is calculated based on the Core performance. We define ROIC as follows: Operating Income Tax Adjusted (Return) ROIC = Equity+Debt (Invested Capital) Numerator = Return (Operating Income Denominator = Invested Capital Tax Adjuste
Slide 36: Q3 2026 and 2025 Return on Invested Capital (ROIC)
Q3 2026 and 2025 Return on Invested Capital (ROIC) 2026 2025 GAAP to Core GAAP to Core GAAP Core GAAP Core Adjustments Adjustments Operating income $911 $241 $1,152 $589 $249 $838 Equity in earnings of affiliated companies $0 $3 $3 $1 $2 $3 Operating income before interest and taxes $911 $244 $1,155
Slide 37: Q3 2026 and 2025 GAAP to Core Reconciliation
Q3 2026 and 2025 GAAP to Core Reconciliation Income Net income Gross Gross Operating Operating Equity before attributable to Tax Rate (a) Q3 2026 Net sales SG&A RD&E Per Share margin margin % income margin % earnings income Corning taxes Incorporated As reported - GAAP $4,855 $1,810 37.3% $563 $314
Slide 38: Q3 2026 and 2025 Income Statement
Q3 2026 and 2025 Income Statement Consolidated Statements of Income Corning Incorporated and Subsidiary Companies (Unaudited; in millions, except per share amounts) Three months ended Nine months ended September 30, September 30, 2026 2025 2026 2025 Net sales $ 4,855 $ 4,100 $ 13,504 $ 11,414 Cost o
Slide 39: Corning
CORNING