Quarterly report

Summary

• For the three months ended June 30, 2026, net sales increased $643 million, or 17%, to $4,505 million, and net income attributable to Corning Incorporated was $559 million with diluted earnings per share of $0.64.
• Optical Communications segment net sales rose 32% to $2,072 million, driven by continued growth in the Enterprise business from strong demand for Generative AI products.
• Solar segment net sales rose 90% to $438 million on polysilicon, solar wafer, and module growth, but the segment recorded a net loss of $7 million due to temporarily higher costs to ramp up capacity.
• During the second quarter of 2026, Corning recorded an approximate $0.7 billion net contract liability, consisting of a $1.0 billion customer deposit under a long-term supply agreement extending through December 31, 2029, partially offset by $296 million for a warrant issued to the customer.
• On May 6, 2026, the Company issued warrants to purchase up to 18 million shares of common stock, recorded within additional paid-in capital at $796 million grant-date fair value.
• On July 15, 2026, Corning issued a notice of redemption for all $250 million of its 7.25% Notes due 2036, with redemption expected on August 15, 2026 at 100% of principal plus accrued interest.

Why it mattersCorning's optical business is expanding on data center and AI network demand, while its Solar segment is absorbing ramp-up costs at its Hemlock, Michigan facility. Full-year 2026 capital expenditures are set to increase to approximately $2.0 billion.