Corning Incorporated · Common stock · Corning, New York

A 175-year-old glassmaker, rewired for AI data centers.

Corning makes specialty glass, ceramics and optical fiber. AI data centers are now the engine: Optical Communications sales rose 32% to $2.07B last quarter, and the upgraded Springboard plan targets a $20B annual sales run rate by the end of 2026 and $40B by 2030. The catch is the cost of getting there, with about $2B of capex this year and a new $2B share-sale program, and a stock that went from $255 to $124 and back to $157 since late June.

Last close · Oct 9, 2026

$156.68

Market cap

$135.0B

at current price

52-week range

$78–255

closing low / high

P/E (2026)

~48×

core EPS consensus $3.28 · GAAP trailing ~72×

Revenue TTM

Q3 2026 guide

$4.9–5.0B

core sales +16% · core EPS $0.85–0.89

Next earnings

Oct 27

Q3 2026 results and Q4 outlook

Price, last 12 months

Daily closes with the 50-day average. Corning nearly tripled from about $86 a year ago to a $255 close on Jun 29, then fell to $124 on Jul 29 after its Q2 report. Since August it has traded mostly between $143 and $170.

1Y closing high

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1Y closing low

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SMA 50

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SMA 200

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RSI 14

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Avg daily move

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last 20 sessions

Beta

1.12

vs. S&P 500

From peak

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Revenue and margins, by quarter

Revenue in US$ millions (GAAP net sales), with GAAP gross margin on the right axis. Corning's fiscal year is the calendar year. Corning guides on "core" sales, which use fixed or hedged currency rates and have run about $180–230M above GAAP sales in recent quarters. The last bar is my GAAP estimate for Q3 2026: the $4.9–5.0B core guide minus that gap.

RevenueGross margin (right axis)Guidance

Q2 2026

$4.51B

GAAP +17% YoY · core $4.74B

Optical Communications

$2.07B

+32% YoY · net income $438M (+77%)

Glass Innovations

$1.46B

+1% YoY · Display + Specialty Materials

Solar (incl. Hemlock)

$438M

+90% YoY · net loss $7M

Gross margin

36.1%

GAAP · core 39.6% (+120 bp)

EPS

$0.64

GAAP +19% · core $0.78 (+30%)

Quarter	Ended	Revenue, US$M	YoY	Gross margin	Op. margin	EPS (GAAP)

Watch list

What moves the thesis, sorted by direction.

Tailwind

AI fiber demand

Enterprise Networks sales rose 65% to $1.27B, with Gen AI products growing faster. Corning has multiyear supply deals with Meta (up to $6B), Amazon, NVIDIA and, since September, AT&T (over $3B).

Tailwind

Margins rising

Core operating margin rose 190 bp to 20.9% and Optical net income grew 77%, faster than sales.

Watch

Solar ramp

Solar (Hemlock polysilicon plus US wafers) grew 90% but lost $7M after a plant shutdown. Management expects better profit from Q3, building toward more than $3B of revenue.

Watch

Funding the build-out

Capex is set at about $2B for 2026. Corning took a $1.0B customer prepayment, sold $500M of warrants to NVIDIA and set up a $2B at-the-market share program in September.

Risk

High expectations

At about 48 times 2026 core EPS consensus, little room is left for misses. In July an in-line guide sent the stock down 12% in a day.

Risk

Concentration and legacy units

The top two Optical customers were 28% of segment sales in 2025. Management expects handheld units to fall about 15% this year on memory prices, a drag on Gorilla Glass, and Life Sciences sales fell 15%.

Calendar

Oct 27, 2026

Q3 2026 earnings

Guide is $4.9–5.0B core sales and $0.85–0.89 core EPS; Q3 should reach the $20B annualized run rate a quarter early.

Nov 13, 2026

Ex-dividend

$0.28 a share, paid Dec 11. The dividend has been flat since 2023.

Late Jan 2027

Q4 2026 earnings

Full-year results, the 2027 capex plan and a check on the end-2026 Springboard target. Last year's report came on Feb 3.