Corning (GLW) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 and full-year 2025 results, with sales up 14% year-over-year to $4.41B in Q4 and $16.41B for the year, and EPS up 26% to $0.72 in Q4 and 29% to $2.52 for the year.

• Upgraded Springboard plan now targets $11B in incremental annualized sales by 2028, up from $8B, and $6.5B by 2026.

• Secured a multi-year, up to $6B agreement with Meta for advanced optical solutions, with similar agreements in progress.

• Entering 2026 with strong momentum and accelerating growth expectations for Q1.

Financial highlights

• Q4 2025: Sales $4.41B (+14% YoY), EPS $0.72 (+26% YoY), operating margin 20.2%, ROIC 14.2%, free cash flow $732M.

• Full-year 2025: Sales $16.41B (+13% YoY), EPS $2.52 (+29% YoY), operating margin 19.3%, free cash flow $1.72B.

• Adjusted free cash flow nearly doubled from $880M in 2023 to $1.72B in 2025.

• Realized after-tax gains of $66M from currency-hedging contracts and $10M from translation of foreign denominated debt in Q4.

Outlook and guidance

• Q1 2026: Sales expected to grow ~15% YoY to $4.2B–$4.3B, EPS to rise ~26% to $0.66–$0.70.

• Full-year 2026 CapEx planned at $1.7B, above depreciation, with higher free cash flow expected.

• Upgraded Springboard plan projects $24B annualized sales run rate by 2028.

• Hemlock and Emerging Growth sales expected at $2.1B–$2.3B for FY 2026.