olivLaw · US equity research
Corning Incorporated GLW
Drawing & Insulating of Nonferrous Wire · SIC 3357 · Vertical: Primary metal industries (SIC 335x)
Corning is a materials science company whose optical fiber, display glass, specialty glass, automotive substrates and life sciences labware serve telecom, data center and consumer markets. Demand for AI-related connectivity is the main recent driver, which makes the company a focus for investors and researchers, but also exposes it to customer concentration and investment cycles. Net sales rose 19% in fiscal 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Corning Incorporated (GLW) stock was 118.77 USD (−5.84% on the day), with market capitalisation 102.3 bn USD, P/E 48.1 on diluted EPS of 2.47 USD over the last 12 months, dividend yield 0.94%, beta 1.74, 52-week range 78.03–255.69 USD. Latest reported quarter (Q3 2026): revenue of 4.9 bn USD (+18.4% YoY), net income of 680.0 m USD (+58.1% YoY), diluted EPS 0.78 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 34.4
- weak (30–45)
- Bollinger (20, 2)
- 112.55 – 154.43
- in the lower half of the band · %B 0.15 · band width 31.4%
- SMA 50 / 200
- 146.41 / 156.09
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -7.78 / -7.15
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −25.5% | −1.1% | −24.4 pp | — |
| 3 months | −24.2% | −0.5% | −23.8 pp | — |
| 6 months | −34.6% | +4.4% | −39.0 pp | — |
| Year to date | +35.6% | +12.3% | +23.3 pp | — |
| 1 year | +39.4% | +13.5% | +25.8 pp | +2.4% |
| 3 years | +325.2% | +76.4% | +248.8 pp | +73.8% |
| 5 years | +209.8% | +63.7% | +146.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.5 bn | 3.5 bn | 3.9 bn | 4.1 bn | 4.2 bn | 4.1 bn | 4.5 bn | 4.9 bn |
| Cost of revenue | 2.3 bn | 2.2 bn | 2.5 bn | 2.6 bn | 2.7 bn | 2.6 bn | 2.9 bn | 3.0 bn |
| Gross profit | 1.2 bn | 1.2 bn | 1.4 bn | 1.5 bn | 1.5 bn | 1.5 bn | 1.6 bn | 1.8 bn |
| SG&A | 499.0 m | 471.0 m | 515.0 m | 624.0 m | 512.0 m | 588.0 m | 608.0 m | 563.0 m |
| Operating income | 393.0 m | 445.0 m | 573.0 m | 589.0 m | 672.0 m | 639.0 m | 698.0 m | 911.0 m |
| Interest expense | 79.0 m | 82.0 m | 83.0 m | 78.0 m | 93.0 m | 92.0 m | 94.0 m | 87.0 m |
| Pre-tax income | 437.0 m | 240.0 m | 584.0 m | 550.0 m | 678.0 m | 529.0 m | 649.0 m | 968.0 m |
| Income tax | 97.0 m | 55.0 m | 84.0 m | 80.0 m | 91.0 m | 121.0 m | 40.0 m | 222.0 m |
| Net income | 310.0 m | 157.0 m | 469.0 m | 430.0 m | 540.0 m | 371.0 m | 559.0 m | 680.0 m |
| Diluted EPS | 0.36 ≈ | 0.18 | 0.54 | 0.50 | 0.62 ≈ | 0.43 | 0.64 | 0.78 |
| Operating cash flow | 623.0 m | 151.0 m | 708.0 m ≈ | 784.0 m ≈ | 1.1 bn | 362.0 m | 1.7 bn ≈ | 1.1 bn ≈ |
| Dividends paid | 249.0 m | 242.0 m | 261.0 m ≈ | 241.0 m ≈ | 255.0 m | 244.0 m | 251.0 m ≈ | 262.0 m ≈ |
| Share repurchases | 30.0 m | 100.0 m | 33.0 m ≈ | 25.0 m ≈ | 5.0 m | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 63 percentile of its own 40-quarter history (min 7.4, median 37.7, max 260.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.3 bn | 11.5 bn | 11.3 bn | 14.1 bn | 14.2 bn | 12.6 bn | 13.1 bn | 15.6 bn |
| Revenue YoY | +11.6% | +1.9% | −1.7% | +24.6% | +0.8% | −11.3% | +4.2% | +19.1% |
| Net income | 1.1 bn | 960.0 m | 512.0 m | 1.9 bn | 1.3 bn | 581.0 m | 506.0 m | 1.6 bn |
| Net income YoY | unavailable | −9.9% | −46.7% | +272.3% | −31.0% | −55.9% | −12.9% | +215.4% |
| Diluted EPS | 1.13 | 1.07 | 0.54 | 1.28 | 1.54 | 0.68 | 0.58 | 1.83 |
| Diluted EPS YoY | unavailable | −5.3% | −49.5% | +137.0% | +20.3% | −55.8% | −14.7% | +215.5% |
| net % | 9.4% | 8.3% | 4.5% | 13.5% | 9.3% | 4.6% | 3.9% | 10.2% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.5 bn USD
- Financial debt
- 804.0 m USD
- Net debt
- -722.0 m USD
- Equity
- 12.3 bn USD
- Total assets
- 31.0 bn USD
- Debt / equity
- 0.07x
- Current ratio
- 1.59x
- ROE
- 13.7%
- ROA
- 5.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 11.3 bn | 14.1 bn | 14.2 bn | 12.6 bn | 13.1 bn | 15.6 bn | SEC (XBRL)· 12 Feb 2026verified |
| Cost of revenue | 7.8 bn | 9.0 bn | 9.7 bn | 8.7 bn | 8.8 bn | 10.0 bn | SEC (XBRL)· 12 Feb 2026verified |
| Gross profit | 3.5 bn | 5.1 bn | 4.5 bn | 3.9 bn | 4.3 bn | 5.6 bn | SEC (XBRL)· 12 Feb 2026verified |
| Research & development | 1.0 bn | 800.0 m | 900.0 m | 900.0 m | 800.0 m | 800.0 m | SEC (XBRL)· 12 Feb 2026verified |
| SG&A | 1.7 bn | 1.8 bn | 1.9 bn | 1.8 bn | 1.9 bn | 2.1 bn | SEC (XBRL)· 12 Feb 2026verified |
| Operating income | 509.0 m | 2.1 bn | 1.4 bn | 890.0 m | 1.1 bn | 2.3 bn | SEC (XBRL)· 12 Feb 2026verified |
| Interest expense | 276.0 m | 300.0 m | 292.0 m | 329.0 m | 329.0 m | 336.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Pre-tax income | 634.0 m | 2.4 bn | 1.8 bn | 816.0 m | 813.0 m | 2.1 bn | SEC (XBRL)· 12 Feb 2026verified |
| Income tax | 111.0 m | 491.0 m | 411.0 m | 168.0 m | 221.0 m | 310.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Net income | 512.0 m | 1.9 bn | 1.3 bn | 581.0 m | 506.0 m | 1.6 bn | SEC (XBRL)· 12 Feb 2026verified |
| Diluted EPS | 0.54 | 1.28 | 1.54 | 0.68 | 0.58 | 1.83 | SEC (XBRL)· 12 Feb 2026verified |
| Weighted average diluted shares | 772.0 m | 844.0 m | 857.0 m | 859.0 m | 869.0 m | 871.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Dividend per share | 0.88 | 0.96 | 1.08 | 1.12 | 1.12 | 1.12 | SEC (XBRL)· 12 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.7 bn | 2.1 bn | 1.7 bn | 1.8 bn | 1.8 bn | 1.5 bn | SEC (XBRL)· 12 Feb 2026verified |
| Receivables | 2.1 bn | 2.0 bn | 1.7 bn | 1.6 bn | 2.1 bn | 2.8 bn | SEC (XBRL)· 12 Feb 2026verified |
| Inventories | 2.5 bn | 2.5 bn | 2.9 bn | 2.7 bn | 2.7 bn | 3.1 bn | SEC (XBRL)· 12 Feb 2026verified |
| Current assets | 8.0 bn | 7.7 bn | 7.5 bn | 7.2 bn | 8.0 bn | 8.9 bn | SEC (XBRL)· 12 Feb 2026verified |
| Property, plant & equipment, net | 15.7 bn | 15.8 bn | 15.4 bn | 14.6 bn | 13.4 bn | 14.8 bn | SEC (XBRL)· 12 Feb 2026verified |
| Goodwill | 2.5 bn | 2.4 bn | 2.4 bn | 2.4 bn | 2.4 bn | 2.5 bn | SEC (XBRL)· 12 Feb 2026verified |
| Intangibles (excl. goodwill) | 1.3 bn | 1.1 bn | 1.0 bn | 905.0 m | 752.0 m | 657.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Total assets | 30.8 bn | 30.2 bn | 29.5 bn | 28.5 bn | 27.7 bn | 31.0 bn | SEC (XBRL)· 12 Feb 2026verified |
| Accounts payable | 1.2 bn | 1.6 bn | 1.8 bn | 1.5 bn | 1.5 bn | 2.0 bn | SEC (XBRL)· 12 Feb 2026verified |
| Short-term debt | 156.0 m | 55.0 m | 224.0 m | 320.0 m | 326.0 m | 804.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Current liabilities | 3.8 bn | 4.8 bn | 5.2 bn | 4.3 bn | 4.9 bn | 5.6 bn | SEC (XBRL)· 12 Feb 2026verified |
| Total liabilities | 17.3 bn | 17.6 bn | 17.2 bn | 16.6 bn | 16.7 bn | 18.7 bn | SEC (XBRL)· 12 Feb 2026verified |
| Equity | 13.4 bn | 12.5 bn | 12.3 bn | 11.9 bn | 11.1 bn | 12.3 bn | SEC (XBRL)· 12 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.2 bn | 3.4 bn | 2.6 bn | 2.0 bn | 1.9 bn | 2.7 bn | SEC (XBRL)· 12 Feb 2026verified |
| Investing cash flow | -1.3 bn | -1.4 bn | -1.4 bn | -1.0 bn | -744.0 m | -1.2 bn | SEC (XBRL)· 12 Feb 2026verified |
| Financing cash flow | -729.0 m | -2.5 bn | -1.6 bn | -883.0 m | -1.2 bn | -1.7 bn | SEC (XBRL)· 12 Feb 2026verified |
| Dividends paid | 787.0 m | 871.0 m | 932.0 m | 989.0 m | 986.0 m | 999.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Share repurchases | 105.0 m | 274.0 m | 221.0 m | — | 165.0 m | 163.0 m | SEC (XBRL)· 12 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 43 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 102.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation0
- Returns16
- Quality58
- Balance sheet91
- Growth33
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 14.72 – 67.55 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E20.53 – 67.55 (Mid 45.33)8 companies used · median multiple 18.4x · quartiles 8.3x – 27.4xAPWC, BDC, HWM, KALU, MLI, NX, OCC, TG
- Dividend discount (DDM)14.72 – 19.79 (Mid 16.88)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 43/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 20.4% | 50 (vs peers) | 17% |
| Net margin · Quality | 12.1% | 71 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 3.3% | 27 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | 5.9% | 39 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 8.0x | 100 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.7x | 77 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 48.1x | 0 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.1% | 16 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet91/100 · 2/3 factors with a value
- Growth33/100 · 2/2 factors with a value
- Quality58/100 · 2/3 factors with a value
- Returns· partial16/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CORNING INC /NY (GLW). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 15.6 bn USD in 2025; YoY growth 19.1%; net margin 12.1%; ROE 17.1%.
The estimated value range is 17.62–43.67 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 31.11 USD, the price of 118.77 USD leaves a potential of -73.8% (value / price − 1) and a margin of safety of -281.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 43/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns, valuation. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 12.1%
- Interest coverage: 8.0x
- Current ratio: 1.7x
What contradicts it
- Revenue CAGR 3Y: 3.3%
- P/E (TTM): 48.1x
- Shareholder yield (distributions): 1.1%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Primary metal industries (SIC 335x) · same industry group (3-digit SIC) · compared with 8 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| GLWCorning Inc | 102.3 bn | 48.1 | 17.1% | 12.1% | +19.1% | +39% / +325% |
| HWMHowmet Aerospace Inc. | 84.9 bn | 41.8 | 37.7% | 21.1% | +11.1% | +4% / +306% |
| MLIMueller Industries, Inc | 12.0 bn | 13.9 | 26.2% | 17.3% | +10.9% | +0% / +166% |
| BDCBelden Inc. | 4.1 bn | 23.6 | 13.4% | 5.6% | +10.3% | −7% / +58% |
| KALUKaiser Aluminum Corporation | 1.8 bn | 8.6 | 24.5% | 4.8% | +11.5% | +15% / +89% |
| NXQuanex Building Products Corporation | 1.0 bn | 22.8 | 6.2% | 2.4% | +43.8% | +74% / −27% |
| TGTredegar Corporation | 254.4 m | 7.6 | 15.8% | — | +16.1% | −7% / +55% |
| OCCOptical Cable Corporation | 99.1 m | 38.6 | 15.6% | 3.1% | +9.5% | +38% / +329% |
| APWCAsia Pacific Wire & Cable Corporation Limited | 23.1 m | 6.6 | 2.2% | 0.7% | +11.0% | −34% / −17% |
1- and 3-year price returns: for GLW from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 70.13 Total return -40% · Per year -40% | 124.05 Total return 5% · Per year 5% | 186.96 Total return 59% · Per year 59% |
| 3 years | 66.39 Total return -42% · Per year -17% | 132.31 Total return 14% · Per year 5% | 219.18 Total return 88% · Per year 24% |
| 5 years | 62.86 Total return -44% · Per year -11% | 141.12 Total return 24% · Per year 4% | 256.95 Total return 123% · Per year 17% |
- Exit P/E± 33.08
- Net margin± 23.15
- Annual revenue growth± 19.23
- Annual dilution± 1.95
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (27 Oct 2026 · results).
In brief
Corning is a materials science company whose optical fiber, display glass, specialty glass, automotive substrates and life sciences labware serve telecom, data center and consumer markets. Demand for AI-related connectivity is the main recent driver, which makes the company a focus for investors and researchers, but also exposes it to customer concentration and investment cycles. Net sales rose 19% in fiscal 2025 1.
SWOT
Strengths
- The company holds a leading position in several segments, backed by sustained research, close customer relationships and proprietary manufacturing processes, especially the fusion process for display glass 1.
- Margin improvement over recent years shows management's ability to control costs and raise prices when the market allows 13.
- A diversified portfolio across markets and geographies reduces dependence on a single product, although a large share of sales still comes from a few customers 1.
Weaknesses
- Sales are concentrated among a small number of customers, which gives them negotiating power and exposes the company to losing a major account 1.
- Display and automotive glass sales declined in fiscal 2025, and mature segments do not always offset growth elsewhere 1.
- Entry into solar brings temporary ramp-up costs and quarterly losses, which can weigh on short-term results 23.
Opportunities
- Commitments with large technology customers for data center infrastructure could extend demand for fiber and connectors over the long term 3.
- Expanding production capacity in the United States could open new contracts and reduce supply chain risk, if investment is well sized 3.
- Advanced materials for semiconductors and precision optics offer a growth segment with higher margins where the company has proprietary technology 1.
Threats
- A cut in investment by telecom operators or data center builders could sharply reduce demand for optical products 1.
- Trade tensions between the United States and other countries, geopolitical risks and events in Asia could disrupt production and deliveries 1.
- Competition from Asian and European producers could pressure prices and margins, especially in display 1.
Risks
- Customer concentrationhigh
A small number of customers generates a large share of each segment's sales, and losing or the insolvency of one of them could sharply reduce revenue and cash flows 1.
- Dependence on data center investmenthigh
Demand for optical products depends on the capital budgets of telecom operators and data center builders, which can fall quickly 1.
- Supply chain and costsmedium
Materials, equipment and energy delayed or sourced from a single supplier can hold up production and raise costs 1.
- Solar riskmedium
The polysilicon and solar business depends on government incentives and policies, and regulatory changes could alter its profitability 1.
- Currency and geopolitical riskmedium
Exposure to the yen, won, yuan and peso, together with trade restrictions and political tensions in Asia, can affect results and production 1.
Investment thesis
What would need to be true (bull case)
- Rapid growth in optical sales and AI-driven demand, combined with large agreements with technology customers, could support long-term growth if execution holds 3.
- Improving margins and return on invested capital show the business model can generate more profit per unit sold, which could speed up cash generation 13.
- Leadership in display, advanced materials and optical fiber provides protection through technology and intellectual property that may limit competitor pressure 1.
What would break the thesis
- Dependence on a few large customers and their capital budgets could create high sales volatility if data center demand weakens 1.
- Entry into solar brings execution risk, ramp-up costs and exposure to public policy, which could weigh on profitability in the short term 23.
- Display and automotive glass operate in competitive, cost-sensitive markets, and pressure from Asian competitors could limit margin growth in these segments 1.
What to watch
- Delivery of third-quarter core sales of 4.9 to 5 billion USDQ3 2026
- Improvement in profitability of the solar segment after its maintenance shutdownQ3 2026
- Progress toward the Springboard target of a 20 billion USD annualized sales run rateend of 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (27 Oct 2026 · results).
The business
Segment reporting changed on January 1, 2025, when the automotive glass business was combined with environmental technologies into the Automotive segment, and Display Technologies was renamed Display 1. In the second quarter of 2026 the company reorganized again: a Glass Innovations segment combines former Display and Specialty Materials, and a Solar segment includes Hemlock Semiconductor Group and solar wafer and module operations 3.
Segments
Optical Communications
The optical segment is the largest in the group, with net sales of 6,274 million USD in fiscal 2025, up 35% 1. In the second quarter of 2026 sales rose 32% to 2.07 billion USD, supported by Enterprise Networks, which grew 65%, while generative AI products grew much faster 3.
Display
Display makes glass substrates for LCD and OLED panels using the company's proprietary fusion process. In fiscal 2025 the segment had net sales of 3,697 million USD, down 5% from the prior year 1. The segment is exposed to exchange rates and concentrated customers, but remains an important source of profit and cash flow 1.
Solar and Specialty Materials
Solar sales grew 90% in the second quarter of 2026, and management expected profitability to improve in the third quarter after a maintenance shutdown at its solar wafer facility 3. Specialty materials, including Gorilla glass and semiconductor optics, had net sales of 2,211 million USD in fiscal 2025 1.
Market context
Target markets include optical communications, mobile consumer electronics, displays, automotive, semiconductors, solar and life sciences 1. Demand from data centers for artificial intelligence is the main recent growth driver, and optical communications sales rose 32% in the second quarter of 2026 3. Development, however, depends on investment by telecom operators and data center builders, which can fluctuate 1.
The display and automotive glass markets are growing more slowly and are dominated by a few large customers who can negotiate strong terms 1. The solar polysilicon market depends on government subsidies and policy, which makes its trajectory more uncertain 1.
Trends
- Demand for AI connectivitytailwind
The growth of artificial intelligence generates demand for fiber and connectors in data centers, and partnerships with large customers extend this flow 13. If data center investment continues, growth in the optical segment could support sales over the medium term.
- Solar expansionmixed
Entry into solar brings rapid sales growth but also operating losses and temporary ramp-up costs 23. The effect depends on plant execution and on public policies that support the sector 1.
- Cost and supply chain pressureheadwind
Higher prices for raw materials, energy and logistics can reduce margins and delay deliveries, especially where materials come from a single supplier 1. Such pressures can also arise from geopolitical events or trade restrictions.
- Profitability improvementtailwind
Management reported higher gross and core operating margins in fiscal 2025 and in the second quarter of 2026, driven by volume, pricing and cost reduction 13. Continuation of this trend depends on product mix and demand in higher-margin segments.
Competitive position
The company competes with many large manufacturers, some bigger and with broader product lines, and sources cite pricing pressure, industry consolidation and competition for innovation 1. Its stated advantage lies in large-scale manufacturing experience, fiber process technology and intellectual property 1.
In display, Corning says it is the largest worldwide producer of flat panel glass substrates, but its principal competitors are Japanese companies, which keeps the market sensitive to cost and capacity investment 1. In optical fiber and connectivity, competition also comes from component and cable makers 1.
- AmphenolAPH
Competitor in components and connectivity for communications and data networks, named in the annual report.
- Fujikura
Optical fiber and cable maker, named with its US subsidiary as a principal competitor in optical communications.
- Sumitomo
Japanese industrial group active in optical communications, cited as a principal rival in network products.
- Prysmian Group
European cable and connectivity systems maker, cited among competitors in optical communications.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Stocks making the biggest moves premarket: PayPal, Corning, UPS, Coca-Cola & moreCNBC — Top News · 27 Oct 2026 · EN
- AT&T signs over $3 billion fiber deal with Corning as data demand surgesCNA (Channel NewsAsia) · 29 Sept 2026 · EN
- Lumentum Jumped Nearly 10% While Corning Barely Moved. Is the AI Optics Trade Splitting Apart?Yahoo Finance — News · 23 Sept 2026 · EN
- Corning Climbs 6% as AI Optical Interconnect Demo Highlights Its Fiber; Lumentum, Coherent and Applied Optoelectronics Rise 4%Yahoo Finance — News · 21 Sept 2026 · EN
- Corning Stock Has Fallen 41% From Its Peak. Does the Springboard Plan Still Make GLW Worth Owning?Yahoo Finance — News · 19 Sept 2026 · EN
- Corning Stock: The $2 Billion Dilution Scare Is Fading. Here’s What Matters Now.Yahoo Finance — News · 18 Sept 2026 · EN
- Jim Cramer Says to Wait For Corning (GLW) to Fall FurtherYahoo Finance — News · 18 Sept 2026 · EN
- Corning Just Signed a Multibillion-Dollar Fiber Deal for AI and Broadband With Verizon. What That Means for GLW Stock.Yahoo Finance — News · 17 Sept 2026 · EN
- Corning (GLW) Rallied on Strong Long-Term Outlook UpgradeYahoo Finance — News · 17 Sept 2026 · EN
- Corning’s (GLW) Leadership Advantage in Adapting to Tech TransitionsYahoo Finance — News · 17 Sept 2026 · EN
- Lumentum Stock Leads the S&P 500 While Corning Can’t Keep UpYahoo Finance — News · 16 Sept 2026 · EN
- Here Is How to Play Corning Stock After Its Dilution ScareYahoo Finance — News · 16 Sept 2026 · EN
- Corning Stock Is Today’s Worst in the S&P 500. It’s Not Just the AI Selloff.Yahoo Finance — News · 14 Sept 2026 · EN
- Oracle, Corning, Alphabet, GE Vernova, CrowdStrike, SpaceX, and More Stocks That Explain Today’s MarketYahoo Finance — News · 14 Sept 2026 · EN
- Is Corning Stock Outperforming the Nasdaq?Yahoo Finance — News · 14 Sept 2026 · EN
- Corning Sees $20B Run Rate Early as Verizon Deal Fuels Data-Center GrowthYahoo Finance — News · 12 Sept 2026 · EN
- Owens Corning Insider Sells 900 Shares for $130,000Yahoo Finance — News · 11 Sept 2026 · EN
- Why Corning Stock Keeps Going UpYahoo Finance — News · 09 Sept 2026 · EN
- AI infrastructure stocks rally on deal announcements from Qualcomm, CorningCNBC — Top News · 08 Sept 2026 · EN
- Verizon signs optical fiber deal with Corning to expand broadband, support AI growthCNA (Channel NewsAsia) · 08 Sept 2026 · EN
The latest news item in our archive is from 27 Oct 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report29 Oct 2026
- Current report27 Oct 2026Results of operations · Financial statements and exhibits
- Current report11 Sept 2026Other events · Financial statements and exhibits
- Current report04 Sept 2026Regulation FD disclosure
- Quarterly report29 Jul 2026
- Current report28 Jul 2026Results of operations
- Current report15 May 2026Regulation FD disclosure
- Current report06 May 2026Item 3.02 · Regulation FD disclosure · Financial statements and exhibits
- Current report04 May 2026Regulation FD disclosure
- Current report04 May 2026Shareholder vote
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Corning Incorporated · 12 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Corning Incorporated · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Corning Incorporated · 28 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.