Corning (GLW) Morgan Stanley Technology, Media & Telecom Conference 2026 summary

Strategic growth and financial performance

• Achieved 40% sales growth and nearly 90% earnings growth since launching the Springboard plan, with operating margin rising from 16% to 20% and ROIC reaching mid-teens.

• Upgraded sales outlook for 2026–2028 by $3 billion, targeting $24 billion in sales and nearly doubling company size over five years.

• Free cash flow expected to rise significantly, with ongoing organic investment and capital allocation focused on high-return opportunities.

• Operating margin is expected to remain at or above 20%, with incremental growth converting to cash at a high rate.

• Capital allocation prioritizes research, development, and engineering, with over $1 billion spent annually and a focus on both near-term and long-term programs.

Optical communications and data center expansion

• Introduced new, denser fiber products in 2024, exceeding market and internal expectations for data center connectivity.

• Long-term agreements (LTAs) with hyperscalers, such as Meta, provide revenue visibility and de-risk capital investments, with more LTAs expected.

• Scale out demand is driving current growth, with scale up and CPO (Co-Packaged Optics) opportunities expected to inflect around 2028.

• Capacity expansions in connectivity and cable are ongoing, with investments tied to customer commitments or co-investment.

• Market opportunity is shifting from copper to optics, with significant growth potential beyond the current three-year window.

Solar and specialty materials initiatives

• Expanded polysilicon and wafer capacity for solar, with a new wafer facility operational and module production ramping up; targeting $2.5 billion+ in solar sales by 2028.

• Solar business benefits from cost competitiveness and regulatory incentives, aiming to supply a significant share of the U.S. market.

• Specialty Materials segment, including Gorilla Glass and Advanced Optics, is expected to grow, supported by agreements like the Apple Kentucky deal and ongoing innovation.