GLW
Updated: 25/09/2026, 04:58:52
Corning Incorporated operates in optical communications, display, specialty materials, automotive, and life sciences businesses in the United States, Canada, Mexico, Japan, Taiwan, China, South Korea, Germany, and internationally. The company provides optical fibers and cables; and hardware and equipment products, such as cable assemblies, fiber optic hardware and connectors, optical components and couplers, closures, network interface devices, and other accessories for the telecommunications industry, businesses, governments, and individuals. It also offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices. In addition, it manufactures products that offer material formulations for glass, glass ceramics, crystals, precision metrology instruments, and software, as well as glass wafers and substrates, tinted sunglasses, and radiation shielding products for markets, such as mobile consumer electronics, semiconductor equipment optics and consumables, aerospace and defense optics, radiation shielding products, sunglasses, and telecommunications components. Further, the company provides ceramic substrates and filter products for emissions control in mobile, gasoline, and diesel applications, as well as technical glass and optic products and solutions for the interior and exterior of vehicles. Additionally, it offers laboratory products, including plastic vessels, liquid handling plastics, specialty surfaces, cell culture media, and serum, as well as general labware, and glassware and equipment under the Corning, Falcon, PYREX, and Axygen brands. It also offers polysilicon products and pharmaceutical glass tubing and vials. The company was formerly known as Corning Glass Works and changed its name to Corning Incorporated in April 1989. Corning Incorporated was founded in 1851 and is headquartered in Corning, New York.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
N/A
FY — · Reported
Net income
$1.6B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
N/A
FY — · Reported
R&D intensity
N/A
FY — · Reported
Share repurchases
$0.2B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
Materials science company founded 1851; incorporated NY 1936; 5 reportable segments; manufactures in 14 countries
“Corning manufactures products in 14 countries and operates in five reportable segments: Optical Communications, Display, Specialty Materials, Automotive and Life Sciences.”
Segment reporting change 2025
As of Jan 1, 2025 Automotive Glass Solutions + Environmental Technologies = Automotive; Display Technologies renamed Display
“As of January 1, 2025, the Company began managing its Automotive Glass Solutions business together with its Environmental Technologies business, forming its Automotive segment, and its Display Technologies segment was renamed to “Display.””
Optical Communications segment share of sales
38% of total segment net sales in 2025; carrier and enterprise network product groups
“The Optical Communications segment represented 38% of Corning’s total segment net sales in 2025.”
Display segment share of sales
23% of total segment net sales in 2025
“The Display segment represented 23% of Corning’s total segment net sales in 2025.”
Specialty Materials segment share of sales
13% of total segment net sales in 2025
“The Specialty Materials segment represented 13% of Corning’s total segment net sales in 2025.”
Apple collaboration
Collaborated with Apple on iPhone 15/15 Plus durable infused-color glass; devices feature Ceramic Shield
“We collaborated with Apple to deliver durable glass with infused color for the back of Apple’s iPhone 15 and iPhone 15 Plus devices.”
Hyperscale data center customers demand exposure
Optical communications demand tied to telecom and hyperscale data center capital spending
“the optical communications business faces risks related to fluctuations in telecommunication and hyperscale data center capital spending”
Customer deposits and deferred revenue growth
Non-current customer deposits rose to $1,335M (2025) from $983M (2024); deferred revenue $226M current and $549M non-current
“Customer deposits (Note 4)1,335 983”
Optical Communications AI-driven products
AI-driven fiber/connectivity products adopted by hyperscale data centers and carriers building data center interconnect networks
“These components are being adopted by hyperscale data centers as well as the carriers building data center interconnect networks”
Display segment products
Glass substrates for LCD/OLED via proprietary fusion process; Gen 10/10.5 sizes; EAGLE XG >30B sq ft sold
“Corning® EAGLE XG® Slim Glass, Corning’s flagship display glass product ... with more than 30 billion square feet sold”
Translated earnings hedges
Economically hedges translation exposure in JPY, KRW, CNY, TWD, MXN, EUR; $150M net gain in 2025
“foreign currency contracts which economically hedge the translation exposure arising from movements in the Japanese yen, South Korean won, Chinese yuan, New Taiwan dollar, Mexican peso and euro”
Optical Communications manufacturing footprint
Fiber: NC, China, India, Poland; cabling: NC, Poland; hardware: TX, Mexico, Germany, Poland, China
“Our optical fiber manufacturing facilities are in North Carolina, China, India and Poland. Cabling operations are in North Carolina, Poland and smaller regional locations.”
Display and Gorilla Glass manufacturing footprint
Display glass: China, South Korea, Taiwan; Gorilla Glass: US, South Korea, Taiwan; semiconductor optics: NY
“We have display glass manufacturing operations in China, South Korea and Taiwan”
Single-source and long-lead-time suppliers
Key materials/equipment may be available only from a single supplier or limited group; shortages have adversely impacted manufacturing
“Some key materials, equipment and services are subject to long lead-times or are available only from a single supplier or limited group of suppliers and we may not be able to find alternate sources in a timely manner.”
Capital expenditures and 2026 outlook
Capex: $1.3B (2025), $1.0B (2024), $1.4B (2023); 2026 expected approximately $1.7 billion
“Capital expenditures were $1.3 billion, $1.0 billion and $1.4 billion during the years ended December 31, 2025, 2024 and 2023, respectively. We expect our 2026 capital expenditures to be approximately $1.7 billion.”
Commercial paper program
Commercial paper program up to $1.5 billion aggregate principal; no commercial paper outstanding as of December 31, 2025
“al paper notes up to a maximum aggregate principal amount outstanding at any one time of $1.5 billion. ... As of December 31, 2025, we did not have any commercial paper outstanding.”
Revolving Credit Facility
New $1.5 billion unsecured multi-currency Revolving Credit Facility entered July 28, 2025, expires July 28, 2030; no amounts outstanding as of December 31, 2025
“The Revolving Credit Facility provides a committed $1.5 billion in unsecured multi-currency line of credit and expires July 28, 2030. As of December 31, 2025, there were no outstanding amounts under the Revolving Credit Facility.”
Long-term debt composition
Total long-term debt including current portion $8,425M (2025) vs $7,211M (2024), including $1,232M finance leases and yen/euro-denominated notes
“Total long-term debt, including current portion8,425 7,211”
Q1 2026 outlook
Q1 2026 core net sales guidance: ~$4.2B–$4.3B
“For the first quarter of 2026, we expect core net sales in the range of approximately $4.2 billion to $4.3 billion.”
2026 pension contributions
2025 contributions: $50 million domestic, $18 million international; 2026 anticipated: $40 million domestic and $12 million international
“In 2026, the Company anticipates making voluntary cash contributions of $40 million to our domestic defined benefit pension plan and $12 million to the international pension plans.”
Samsung Display share repurchase agreement (SRA)
SRA with Samsung Display: 22 million SDC-held shares may be offered to Corning in tranches 2024-2027; make-whole payment capped at 5% if Corning declines and SDC sells on open market
“22 million common shares held by SDC can be offered to be sold to Corning in specified tranches from time to time in calendar years 2024 through 2027.”
Optical Communications and Display profit concentration
Optical Communications and Display segments generate a significant amount of profits and cash flow; optical faces telecom/hyperscale data center capex fluctuation risk; display glass exposed to exchange rate movements
“Corning’s Optical Communications and Display segments generate a significant amount of the Company’s profits and cash flow”
Input cost inflation and raw material availability
Rising input and logistics costs and uncertain supply could hurt profitability; price increases may cause customers to push out or cancel purchases
“Inflationary price pressures and uncertain availability of commodities, raw materials, utilities, labor or other inputs used by us and our suppliers, or instability in logistics and related costs, among other factors, could negatively impact our profitability”
Concentrated customer base risk
A relatively small number of end customers account for a high percentage of net sales in each segment
“A relatively small number of end customers account for a high percentage of our net sales in each of our business segments.”
New business launch risk — solar entry
Solar business depends on government manufacturing tax incentives and faces policy/regulatory change and specialized component sourcing risks
“In connection with our recent entry into the solar industry, we face risks specific to this sector, such as dependence on government manufacturing tax incentives”
Asia Pacific manufacturing geographic concentration
Plants concentrated in Asia Pacific; single-site manufacturing locations may have no replacement capacity
“Due to the specialized nature of our products and single-site manufacturing locations, in the event such a location experiences disruption, it may not be possible to find replacement capacity or substitute production from other facilities.”
Customer demand forecast and manufacturing interruption risks
Manufacturing interruption drivers include semiconductor component shortage, transportation interruptions, IT failures, natural disasters, and trade restrictions
“A worldwide shortage of semiconductor components or other issues;”
Dependence on raw materials, precious metals, energy and industrial water
Relies on timely supply of raw materials, precious metals, natural resources or utilities including energy and industrial water
“Corning’s business relies on the timely supply of raw materials, precious metals, natural resources or utilities including energy and industrial water”
Intellectual property enforcement and infringement risk
IP protection may be limited; litigation may be necessary; third-party infringement claims from patent-assertion entities possible
“These third parties often include entities that do not have the capabilities to design, manufacture, or distribute products or entities that acquire intellectual property, including patents, for the sole purpose of monetizing their acquired intellectual property”
IT dependency and cybersecurity
IT system dependency and cybersecurity vulnerabilities could have material adverse effects on operations and financial results
“Information technology dependency and cybersecurity vulnerabilities could lead to reduced revenue, liability claims, competitive or reputational harm”
US-China trade restrictions exposure
Geopolitical turmoil and increased US-China trade restrictions could disrupt manufacturing in locations where Corning, customers or suppliers operate
“increased trade restrictions between the U.S. and China and other countries”
Health crisis / pandemic risk
Pandemic response measures have impacted workforce, operations and supply chains of Corning, customers, contract manufacturers and suppliers
“Health crisis events, including epidemics or pandemics, such as COVID-19, have impacted and may further impact the economy”
AI acceleration drives strong demand for fiber and connectivity in/between data centers, a key growth driver for Optical Communications (38% of segment sales).
“the rapid acceleration of artificial intelligence (“AI”) is driving strong demand for fiber and connectivity products inside and between data centers.”
IRA/CHIPS 48D credits directly reduce carrying value of right-of-use assets for the solar manufacturing buildout and are recognized as government incentives, materially supporting capital expansion economics.
“the Company recognized $318 million in 48D credits, which reduced the right-of-use asset”
Enterprise network products (ClearCurve multimode, Edge8, Contour Flow) target hyperscale data centers at 400G+ speeds.
“ClearCurve® ultra-bendable multimode fiber for private and hyperscale data centers”
Optical communications demand fluctuates with hyperscale data center capital spending, affecting sales and profitability.
“the optical communications business faces risks related to fluctuations in telecommunication and hyperscale data center capital spending”
Telecommunication capital spending fluctuations drive optical communications product demand.
“risks related to fluctuations in telecommunication and hyperscale data center capital spending”
Geographic concentration of plants and contract manufacturers in Asia Pacific plus single-site manufacturing means regional disruption may have no replacement capacity.
“Given the geographical concentration of certain of the Company’s and our contract manufacturers’ plants in Asia Pacific”
Increased US-China trade restrictions are cited as events beyond Corning's control that could interrupt manufacturing operations.
“increased trade restrictions between the U.S. and China and other countries”
Specialty Materials (13% of segment sales) depends on mobile consumer electronics cover glass demand, incl. direct Apple collaboration.
“We collaborated with Apple to deliver durable glass with infused color for the back of Apple’s iPhone 15 and iPhone 15 Plus devices.”
Samsung Display holds 22 million Corning shares subject to a Share Repurchase Agreement through 2027, creating a contingent make-whole payment obligation for Corning of up to 5% of repurchase proceeds.
“22 million common shares held by SDC can be offered to be sold to Corning in specified tranches from time to time in calendar years 2024 through 2027.”
Corning's new solar business depends on government manufacturing tax incentives and is exposed to policy and regulatory changes.
“dependence on government manufacturing tax incentives, exposure to policy and regulatory changes”
Business relies on timely supply of raw materials, precious metals, natural resources and utilities including energy and industrial water; uncertain availability could raise costs or disrupt supply.
“Corning’s business relies on the timely supply of raw materials, precious metals, natural resources or utilities including energy and industrial water”
Worldwide semiconductor component shortage is listed as a potential cause of manufacturing interruption and customer order cancellations.
“A worldwide shortage of semiconductor components or other issues;”
Corning hedges translation exposure in JPY among six currencies; 2025 realized gains partly from JPY hedges.
“realized gains from our Mexican peso and Japanese yen-denominated hedges”
Customers provide generally non-refundable cash deposits or consideration under long-term supply agreements, a source of cash and committed demand.
“We receive cash deposits or consideration, generally non-refundable, from customers under long-term supply agreements.”
Corning operates under complex income tax regimes in many jurisdictions, requiring significant judgment on uncertain tax positions with a less-than-50% recognition threshold.
“These tax laws and regulations are complex and involve uncertainties in the application to our facts and circumstances that may be open to interpretation.”
Polycrystalline silicon and solar module sales added $348 million in 2025 net sales growth; solar is a named market.
“polycrystalline silicon products and solar module sales of $348 million”
Corning's manufacturing equipment includes platinum and rhodium components that are not depreciated but repeatedly reclaimed and reused; physical losses are expensed as depletion and metals are reviewed for impairment as part of long-lived asset assessments.
“Precious metals are only acquired to support our operations and are not held for trading purposes.”
KRW is a hedged translation exposure; 2025 realized losses from KRW hedges offset gains elsewhere.
“partially offset by realized losses from our South Korean won and Chinese yuan-denominated hedges.”
Corning carries multiple yen-denominated debentures (0.992%-1.583%, due 2027-2039, ~$835M equivalent) and repaid ¥10.0 billion of 0.722% debentures due 2025 in 2025.
“During the year ended December 31, 2025, Corning repaid ¥10.0 billion (equivalent to $69.6 million) aggregate principal amount of its 0.722% debentures due 2025.”
Corning is obligor on Chinese yuan-denominated unsecured variable rate loan facilities ($384M outstanding at 2.2%-2.9%, maturing 2026-2032) used for capital investment and general corporate purposes, indicating onshore China financing and operations exposure.
“Corning is the obligor to Chinese yuan-denominated unsecured variable rate loan facilities, whose proceeds are used for capital investment and general corporate purposes.”
Corning receives government incentives, typically cash incentives or tax credits, primarily for capital expansion projects or production-related operating expenses.
“we receive government incentives, typically in the form of cash incentives or tax credits primarily for capital expansion projects or for production related operating expenses.”
Euro-denominated notes of $352M (3.875% due 2026) and $642M (4.125% due 2031) expose Corning to euro financing/currency translation.
“Euro-denominated notes, 4.125%, due 2031 642 568”
The funded status of Corning's pension plans is dependent upon actuarial assumptions and interest rates at year-end, among other factors.
“The funded status of our pension plans is dependent upon multiple factors including actuarial assumptions, interest rates at year-end, prior investment returns and contributions made to the plans.”
See which prediction-market events move GLW, how its filings map to real-world exposure, and what 12 AI strategies are doing with positions like it.
Free forever to follow AlphaBrain’s AI strategies. No card required.
Corning Is Riding High on the AI Boom—and Planning Ahead in Case It Goes Bust
WSJ • STOCK • 12/06/2026, 14:00:00
Corning Inc. (NYSE:GLW) Leadership Sells Shares Amidst Major Amazon AI Infrastructure Deal
Market Data • Market Data • 09/06/2026, 22:10:28
Corning Is Paving AI's Future With Glass
MarketBeat • STOCK • 09/06/2026, 16:15:32
Can Corning's Multibillion-Dollar AI Deal With Amazon Lift Its Shares?
Zacks Investment Research • STOCK • 09/06/2026, 14:20:24
Forget the Big Chipmakers for a Minute: This Overlooked AI Stock Is Up 114% and Just Landed Deals With Nvidia and Amazon
The Motley Fool • STOCK • 09/06/2026, 01:12:00
Corning Stock Soars After Company Signs Another Deal With a Magnificent 7 Member
Investopedia • STOCK • 08/06/2026, 14:01:37
Corning (NYSE:GLW) Stock Analysis: AI Demand Fuels Growth and Future Potential
Market Data • Market Data • 05/06/2026, 15:14:03
Corning Surges 126.6% in Six Months: Should You Buy the Stock?
Zacks Investment Research • STOCK • 04/06/2026, 16:06:16
Is Corning Stock The Ultimate Hidden AI Gem?
Forbes • STOCK • 04/06/2026, 12:10:11
Beyond AI: Corning's Three Forgotten Powerhouses
Seeking Alpha • STOCK • 27/05/2026, 08:17:33
GLW Rides on Solid Traction in the Solar Vertical: Will it Persist?
Zacks Investment Research • STOCK • 25/05/2026, 13:55:39
This Is Why Corning's Stock Keeps Springing To The Upside
Seeking Alpha • STOCK • 21/05/2026, 09:05:26
