01—Abstract
Summary
Summary of the 10-Q filed October 29, 2026. Cited figures are marked; the original filing is the authoritative source.
Corning Incorporated (GLW) reported a strong third quarter for fiscal year 2026, with net sales increasing by 18% year-over-year to $4.86 billiona.
This growth was largely driven by a significant surge in Optical Communications sales, up 44%, and a robust increase in Solar product sales, up 37%. The company's overall profitability also saw substantial improvement, with net income attributable to Corning Incorporated rising to $680 millionb, a 58% increase compared to the prior year's third quarter. The company also highlighted its successful execution of its 'Springboard' plan, exceeding its annualized core sales target of $20 billion one quarter early, reaching $20.3 billion.
This performance underscores Corning's strategic initiatives and innovation in key growth areas. The balance sheet remains strong, with working capital increasing and a healthy current ratio, indicating effective management of short-term assets and liabilities.
02—Key points
Key Highlights
- Net sales for the third quarter of fiscal year 2026 increased by 18% year-over-year to $4.86 billion.
- Net income attributable to Corning Incorporated surged by 58% to $680 million in the third quarter of fiscal year 2026.
- Optical Communications segment sales grew by an impressive 44% year-over-year, reaching $2.38 billion.
- Solar products segment sales increased by 37% year-over-year to $436 million, reflecting strong production ramp-up.
- Corning exceeded its 'Springboard' plan annualized core sales target of $20 billion by reaching $20.3 billion.
- Working capital increased to $4.76 billion as of September 30, 2026, up from $3.31 billion at the end of 2025, indicating improved operational efficiency.
- The company maintained a strong liquidity position with $2.54 billion in cash and cash equivalents and an undrawn $1.5 billion revolving credit facility.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q3 FY2026, Corning kept $0.14.
- Revenue$4.86B100.0%
- Cost of revenue−$3.04B62.7%
- Gross profit$1.81B37.3%
- Operating costs−$899.0M18.5%
- Operating income$911.0M18.8%
- Interest, other & tax−$231.0M4.8%
- Net income$680.0M14.0%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2026filed October 29, 2026Financial Statements
Q3 FY2026 against Q3 FY2025
| Line item | Q3 FY2026Q3 FY2025 | Change |
|---|---|---|
| Revenue | $4.86B$4.10B | +18.4% |
| Cost of Revenue | $3.04B$2.58B | +18.0% |
| Gross Profit | $1.81B$1.52B | +19.1% |
| SG&A Expenses | $563.00M$624.00M | −9.8% |
| Operating Income | $911.00M$589.00M | +54.7% |
| Net Income | $680.00M$430.00M | +58.1% |
| EPS (Basic) | $0.79$0.50 | +58.0% |
| EPS (Diluted) | $0.78$0.50 | +56.0% |
| Shares Outstanding (Basic) | 863.00M856.00M | +0.8% |
| Shares Outstanding (Diluted) | 871.00M868.00M | +0.3% |
05—Questions
Frequently Asked Questions
What were the main drivers of revenue growth in the third quarter of fiscal year 2026?
The primary drivers of revenue growth were a significant increase in Optical Communications product sales, up 44% year-over-year, and substantial growth in Polycrystalline silicon and Solar products, up 37% year-over-year. These increases were further supported by growth in Automotive products and Life Sciences products.
How did Corning's profitability change in the third quarter of fiscal year 2026 compared to the previous year?
Corning's profitability improved significantly. Net income attributable to Corning Incorporated rose by 58% to $680 million for the three months ended September 30, 2026, compared to $430 million in the prior year. This was driven by higher gross margins, increased translated earnings contract gains, and improved management of operating expenses.
What is the status of Corning's 'Springboard' plan, and how is it impacting performance?
Corning's 'Springboard' plan is progressing very well. The company exceeded its annualized core sales run rate target of $20 billion by the end of 2026, achieving $20.3 billion in the third quarter of fiscal year 2026, one quarter ahead of schedule. This demonstrates the successful execution of the plan, leading to enhanced profitability and increased free cash flow generation.
What is the company's liquidity position and outlook?
Corning's liquidity position remains strong, with $2.54 billion in cash and cash equivalents as of September 30, 2026. The company also has an undrawn $1.5 billion revolving credit facility. Management believes it has sufficient liquidity to fund operations and meet its obligations for the foreseeable future, supported by operating cash flow and existing cash balances.
06—Continue