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Company Research10 May 2024
The Suppliers Making the iPhone Possible
An article exploring the relationship of the suppliers working with Apple to make the iPhone and other products possible.
Corning (GLW) investor relations material
Corning Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Q3 2025 core sales reached $4.27 billion, up 14% year-over-year, with core EPS up 24% to $0.67 and core operating margin expanding 130 basis points to 19.6%.
Optical Communications and Specialty Materials drove strong results, with Optical Communications' net sales up 33% and enterprise networks up 58% year-over-year.
The Springboard plan has driven 31% sales growth, 330 basis points operating margin expansion, and 72% EPS growth since Q4 2023.
Apple committed $2.5 billion for U.S. production of iPhone and Apple Watch cover glass, extending growth opportunities through 2026 and beyond.
Expect to achieve a 20% operating margin in Q4 2025, a year ahead of plan.
Financial highlights
Q3 2025 core sales: $4.27 billion, up 14% year-over-year; GAAP sales: $4.10 billion, up 21%.
Core EPS: $0.67, up 24% year-over-year; GAAP EPS: $0.50 versus $(0.14) in Q3 2024.
Core operating margin: 19.6%, up 130 basis points year-over-year; GAAP operating margin: 14.4%.
Core ROIC: 13.4%, up 160 basis points year-over-year.
Adjusted free cash flow for Q3 2025 was $535 million.
Outlook and guidance
Q4 2025 core sales expected at approximately $4.35 billion, with core EPS guidance of $0.68–$0.72.
Anticipate achieving a 20% operating margin in Q4 2025, a year ahead of the Springboard plan.
Full-year 2025 capital expenditures projected at about $1.3 billion.
Solar ramp costs will temporarily impact Q4 EPS by approximately $0.03.
Plan to build solar business into a $2.5 billion revenue stream by 2028, with over 80% of capacity committed for the next five years.
Gen AI product sales growth drivers?
Springboard margin target achievement drivers?
Apple deal's impact on future growth beyond 2026?
Gen AI scale-up opportunity timeline
Solar margin trajectory, including subsidies
Apple co-investment impact on MCE margins
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Next Corning earnings date
Q4 202528 Jan, 2026
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Frequently asked questions
Specialty Glass and Ceramics
Corning Inc. is an American company that specializes in the development and manufacturing of advanced materials, including specialty glass and ceramics. The company's products are utilized in various sectors, including telecommunications, to which it supplies fiber optic materials and its famous Gorilla Glass. Additionally, Corning supplies products to the automotive and life sciences sectors. The company is headquartered in Corning, New York, and its shares are traded on the NYSE.
Over 170 Years in Business
What would later go on to become Corning was founded in 1851 as the Bay State Glass Co. in Somerville, Massachusetts. The company moved to Corning, New York in 1868, shifting its focus to glass technology. Corning's most pivotal inventions include developing railway signal lenses and heat-resistant glassware, known as Pyrex, in 1915. In the 20th century, Corning advanced in telecommunications by inventing low-loss optical fiber, significantly impacting the industry. This invention, alongside others in specialty glass and ceramics, cemented Corning's role as a leader in technology-driven sectors. Today, the company is one of the undisputed leaders in its field and is a major supplier to companies like Apple.
Gorilla Glass
While Corning has a diverse portfolio of various products, the company is most known for its Gorilla Glass. The specialty glass is incredibly tough with the ability to withstand drops and scratches while maintaining clarity and touch sensitivity, which in turn makes it a preferred choice for smartphone manufacturers. Over the years, Corning has continuously improved Gorilla Glass, enhancing its durability and resistance to damage and today Gorilla Glass is supplied to large manufacturers such as Sony and Samsung.
Other Products
The company has a diversified product range well beyond Gorilla Glass. One of their notable innovations is optical fiber, crucial for telecommunications, offering high-speed data transmission capabilities. They also produce specialty glass for a variety of uses, including advanced optics and cover glass for displays. In the life sciences sector, Corning's contributions include laboratory products like glassware and plastic consumables, instrumental in scientific research. Moreover, they have developed advanced ceramics used in automotive and industrial emissions control, and in aerospace and defense applications.
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