10-Q · July 29, 2026
Corning posted strong Q2 growth, with GAAP sales rising 17% year over year to $4.505 billion and GAAP EPS increasing to $0.64 from $0.54; core EPS rose 30% to $0.78. Optical Communications was the primary earnings…
Earnings analysis · 10-Q
GLW earnings analysis
Filed October 29, 2026 · Our reading of the company's report
The latest report
Corning delivered a strong third quarter, with GAAP sales of $4.855 billion and GAAP EPS of $0.78, while core sales of $5.081 billion and core EPS of $0.91 exceeded consensus. Core margins and adjusted free cash flow…
Read full summary
Corning delivered a strong third quarter, with GAAP sales of $4.855 billion and GAAP EPS of $0.78, while core sales of $5.081 billion and core EPS of $0.91 exceeded consensus. Core margins and adjusted free cash flow improved materially, and management issued a constructive Q4 outlook of $5.2-$5.3 billion in core sales and $0.96-$1.00 in core EPS. The 10-Q identifies no material change in foreign-exchange exposure or internal controls, but it also provides no new quantitative risk-factor disclosures.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.78
What stood out
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Revenue and EPS exceeded estimates
GAAP sales were $4.855 billion and GAAP EPS was $0.78 for the quarter. Core sales of $5.081 billion and core EPS of $0.91 exceeded consensus estimates of $5.031 billion and $0.88, respectively.
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Core margins expanded sequentially
Core gross margin was 40.5% and core operating margin was 22.7%, compared with 36.1% and 15.5%, respectively, in the prior quarter, indicating material sequential margin expansion.
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Free cash flow strengthened
Adjusted free cash flow was $661 million, up from $450 million in the year-ago quarter and $30 million in the first quarter of 2026.
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Constructive Q4 outlook
Management expects Q4 2026 core sales of $5.2-$5.3 billion, described as approximately 19% growth year over year, and core EPS of $0.96-$1.00, approximately 36% above the year-ago period.
What to watch
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Foreign-exchange exposure unchanged
The 10-Q states that foreign-currency exposure remains a risk through both earnings impacts on foreign-currency financial instruments and translation of foreign subsidiaries; it reports no material change in exposure since the 2025 Form 10-K.
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No new risk-factor disclosure
The filing carries forward the risk factors from the 2025 Form 10-K rather than identifying new changes. Management states that the likelihood of legal matters having a material adverse effect is remote, but Corning remains a defendant in various lawsuits and subject to various claims.
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Equity vesting creates dilution pressure
During the quarter, 45,415 shares were surrendered for employee equity vesting at an average price of $161.29; no shares were purchased under the publicly announced repurchase program, although $2.973 billion remained available.
Management's outlook
The company provided Q4 2026 core EPS guidance of $0.96-$1.00 and core sales guidance of $5.2-$5.3 billion in the associated earnings release. The 10-Q does not provide the prior outlook, so a raise, maintenance, or reduction cannot be determined.
Earlier filings 4
10-Q · May 1, 2026
Corning Incorporated reported strong financial results for Q1 2026, with core net sales increasing 20% year-over-year to $4.14 billion, and core EPS rising 30% to $0.70. Notable growth was observed in Optical…
10-Q · August 2, 2024
Corning reported Q2 net sales of $3,251 million and diluted EPS of $0.12. Revenue was roughly flat year-over-year (+$8 million) but margins and EPS deteriorated materially due to restructuring/asset write-offs and other…
10-Q · October 27, 2022
Corning reported Q3 net sales of $3,488 million (reported) and diluted EPS of $0.24, with revenue down versus prior-year quarter and materially lower operating income. Management recorded restructuring/asset charges of…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.