GLW · Corning Incorporated

Corning's first-quarter 2026 results demonstrated strong momentum driven by robust demand for Gen AI products and the ramp of new solar products. Core sales grew 18% year over year to $4.35 billion, with Optical Communications leading at 36% growth and Solar surging 80%. Core EPS increased 30% to $0.70, while core operating margin expanded 220 basis points to 20.2% and core gross margin improved 120 basis points to 39.1%. Management highlighted that two additional hyperscale customers entered into large, long-term agreements similar in size and duration to the previously announced up-to-$6 billion Meta deal, underscoring strong demand for next-generation AI data center technologies. The company also revised its segment structure, combining Display and Specialty Materials into Glass Innovations, and Hemlock Semiconductor Group, solar wafer, and solar module businesses into Solar. Optical Communications and Automotive remain unchanged, while Life Sciences is now grouped with Emerging Growth Businesses. For the second quarter, management expects core sales of approximately $4.6 billion (up ~14% YoY) and core EPS in the range of $0.73-$0.77 (up ~25% YoY), including an additional $30 million expense from an extended maintenance shutdown at the solar wafer facility. The company plans to upgrade and extend its Springboard plan through 2030 and introduce a new Photonics Market-Access Platform at its May 6 investor event.