Published
# Corning Incorporated (NYSE: GLW) — Narrative ## Business *Source: Annual Report on Form 10-K for the fiscal year ended December 31, 2025, SEC accession 0000024741-26-000124, supplemented for the current segment structure by the Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, SEC accession 0000024741-26-000255.* Corning is a materials-science manufacturer that sells engineered glass, ceramics, optical fiber and silicon products to industrial customers. Its products include optical fiber, cable and connectivity hardware for telecom carriers and hyperscale data centers; precision glass substrates for LCD and OLED displays; Gorilla Glass cover materials for phones, tablets, laptops and watches; fused silica and ultra-low-expansion optics for semiconductor lithography; ceramic substrates and particulate filters for vehicle emissions systems and cover glass for car interiors; hyper-pure polysilicon, solar wafers and solar modules; and labware and cell-culture consumables for pharmaceutical and biotech research. Revenue comes overwhelmingly from a concentrated set of large industrial buyers — telecom carriers and hyperscalers, display panel makers, mobile-device OEMs, emission-system makers, and semiconductor and solar customers — rather than from consumers. Corning manufactures in 14 countries; international markets accounted for 57% of total net sales in 2025 and 61% in 2024. **Segment structure.** Effective in the first quarter of fiscal 2026 Corning reorganized into **four reportable segments**, with everything else grouped as Life Sciences and Emerging Growth Businesses: - **Optical Communications** — carrier network and enterprise network products. Carrier includes Vascade, LEAF, SMF-28e, TXF and ClearCurve fibers, RocketRibbon and miniXtend cables, and connectivity platforms such as Evolv (pre-connectorized fiber-to-the-home and 5G) and Centrix (high-density carrier switching centers). Enterprise centers on hyperscale data centers, including the Edge8 platform, SMF-28e Contour fiber (40% smaller, better bend resistance) and Contour Flow Cable (double the fiber in the same cable diameter). Corning invented the first low-loss optical fiber in 1970. Fiber is drawn in North Carolina, China, India and Poland; hardware is made in Texas, Mexico, Germany, Poland and China. - **Glass Innovations** — the former Display and Specialty Materials businesses combined. Display glass uses Corning's proprietary fusion process (EAGLE XG Slim, Astra, Lotus NXT, Gen 10 and Gen 10.5 substrate sizes) and is made in China, South Korea and Taiwan; Corning is the largest worldwide producer of flat-panel display substrates. Specialty materials span Gorilla Glass and Ceramic Shield cover materials (made in the U.S., South Korea and Taiwan), HPFS fused silica, ULE and EXTREME ULE semiconductor optics (New York), ultra-thin glass wafers for AR and advanced packaging (New York, France, China), and tinted/radiation-shielding glass (France). More than 150 material formulations. - **Automotive** — cellular ceramic substrates and filters for catalytic converters and particulate control (FLORA substrates, DuraTrap GC gasoline particulate filters), sold mostly to emission-control system makers whose OEM customers specify Corning parts; plus AutoGrade Gorilla Glass, 3D ColdForm and Fusion5 for vehicle interiors and exteriors. Made in New York, Virginia, China, South Korea, Taiwan and Germany. - **Solar** — hyper-pure polysilicon from Hemlock Semiconductor Group plus solar wafers and modules, serving semiconductor and solar customers from a U.S. manufacturing footprint. Corning acquired a U.S. solar module manufacturing facility in April 2025 (contingent consideration on that deal stood at $156 million at June 30, 2026). - **Life Sciences and Emerging Growth Businesses** — Life Sciences (Corning, Falcon, PYREX and Axygen consumables, glassware and equipment, sold largely through distributors) no longer clears the quantitative threshold for separate reporting and is grouped here with Pharmaceutical Technologies (glass tubing and vials), the Emerging Innovations Group and certain corporate investments. Under the **prior five-segment structure used for fiscal 2025** (Optical Communications, Display, Specialty Materials, Automotive, Life Sciences, plus Hemlock and Emerging Growth Businesses), fiscal 2025 segment net sales of $16,408 million broke down as Optical Communications $6,274 million (38%), Display $3,697 million (23%), Specialty Materials $2,211 million (13%), Automotive $1,794 million (11%), Life Sciences $972 million (6%) and Hemlock and Emerging Growth Businesses $1,460 million (9%). **Competition and intellectual property.** Principal competitors named in the 10-K are Amphenol, Fujikura (and America Fujikura Ltd.), Sumitomo and Prysmian in optical communications; AGC Inc. and Nippon Electric Glass in display; Schott, AGC, Nippon Electric Glass, Heraeus and JENOPTIK in specialty materials; NGK Insulators, Ibiden, AGC and LENS in automotive; and Thermo Fisher Scientific, Avantor, Greiner, Eppendorf, Sarstedt and Danaher in life sciences. Corning was granted roughly 370 U.S. patents and over 970 non-U.S. patents in 2025, and owned about 11,375 unexpired patents worldwide at year-end 2025, of which about 4,015 were U.S. patents; roughly 740 (6.5%) expire between 2026 and 2028, against about 5,650 applications in process. No single patent is considered material to any segment. Corning traces its origins to a glass business established in 1851; the present corporation was incorporated in New York in December 1936 and was renamed from Corning Glass Works to Corning Incorporated on April 28, 1989. Wendell P. Weeks is chairman, chief executive officer and president; Edward A. Schlesinger is executive vice president and chief financial officer. ## Risk factors *Source: Form 10-K for fiscal year ended December 31, 2025, SEC accession 0000024741-26-000124, Item 1A. The Form 10-Q for the quarter ended June 30, 2026 (accession 0000024741-26-000255) reports no changes to these risks.* **Customer concentration.** A small number of end customers account for a high share of sales in every segment. On the fiscal 2025 disclosure: 2 combined end customers were 28% of Optical Communications segment net sales, 3 were 59% of Display, 2 were 43% of Specialty Materials, 3 were 61% of Automotive, and 2 were 45% of Life Sciences. Loss or insolvency of a key customer, customer leverage in contract negotiation, and consolidation among customers are all cited. **Profit concentration in two businesses.** Optical Communications and Display generate a significant share of Corning's profit and cash flow, and both face pricing pressure, competition, potential over- or under-capacity, and technology change. Display glass is additionally exposed to exchange-rate movement. **Foreign currency.** A large portion of sales, costs, profit and cash flow is transacted in non-U.S.-dollar currencies — principally the Japanese yen, South Korean won, Chinese yuan, New Taiwan dollar, Mexican peso and euro. Corning hedges with over-the-counter forwards and options and holds yen- and euro-denominated debt, which creates counterparty non-performance exposure across a large derivatives portfolio and gain/loss volatility when the hedged exposure itself moves. **Manufacturing disruption and single-site production.** Many products come from single-site, highly engineered plants, with meaningful geographic concentration in Asia Pacific for Corning's own and its contract manufacturers' facilities. Where a site is disrupted, replacement capacity may not exist. Named sources of interruption include failure to forecast demand accurately, volatility in the cost and availability of materials, equipment and services, import/export approval delays, transport and labor disruption, semiconductor component shortages, IT or infrastructure failures including at third parties, and the introduction of AI and machine learning into manufacturing by Corning or its supply chain. **Input costs and sole-sourced materials.** Operations require uninterrupted power, large volumes of industrial water, precious metals and batch materials; certain key materials and proprietary equipment are sole-sourced or available from few suppliers, and some raw materials are subject to export restrictions in their country of origin. Inflationary pressure on inputs, utilities, labor and logistics is a named profitability risk. **New-business execution, specifically solar.** Launching new businesses carries execution, regulatory-compliance and supply-chain complexity risk. For the solar entry specifically, Corning names dependence on government manufacturing tax incentives, exposure to policy and regulatory change, and difficulty sourcing specialized components. **Research return.** Corning's innovation model is costly with a long investment cycle; investments may not produce products customers want or lower manufacturing cost, and products can be obsoleted by emerging technologies. The model also depends on retaining highly specialized experts in glass science, ceramic science and optical physics. **Intellectual property.** Corning relies on patents, trade secrets and contract to protect its position and may be unable to enforce them; conversely, third parties — including entities that acquire patents solely to assert them — periodically claim infringement against Corning. **Cybersecurity and IT.** Corning and its providers collect and store intellectual property, proprietary and personally identifiable information. Both Corning and certain providers have been subject to cyberattacks and security incidents; the 10-K notes that AI and machine learning adoption may further complicate protective measures, and that losses may exceed or fall outside insurance coverage. **Trade policy, tariffs and anti-corruption law.** Import quotas, tariffs, capital controls, anti-dumping claims and retaliation can restrict Corning from selling or manufacturing in specific markets. Operations are subject to U.S. Customs and Border Protection, Bureau of Industry and Security, Office of Anti-boycott Compliance, Directorate of Defense Trade Controls and OFAC rules and their non-U.S. counterparts. Several key customers are domiciled where business practices differ notably from U.S. norms, creating reputational and legal exposure through partners. **Tax.** Corning is audited routinely in many jurisdictions. The IRS is examining U.S. federal returns for 2015–2018 and 2019–2020, including the one-time transition tax under the 2017 Tax Cuts and Jobs Act; Corning believes it is more likely than not to sustain its positions, but an adverse outcome could be material. The EU Pillar Two 15% global minimum-tax framework was not material to 2025 or 2024 results. **Environmental regulation.** Manufacturing generates chemical waste, wastewater, other industrial waste and greenhouse gases. Non-compliance could bring damages, fines or suspension of production, and climate/CO2 regulation could substantially increase manufacturing cost or limit access to scarce resources, especially energy. Corning had accrued approximately $89 million at December 31, 2025 (and $78 million at December 31, 2024) for undiscounted environmental cleanup and related litigation, and has been designated a potentially responsible party at 20 hazardous waste sites. Pollution-control capital expenditures were about $7.9 million in 2025 and are estimated at $18.9 million in 2026, with about $81.9 million of related depreciation, maintenance, waste disposal and other operating expense in 2025. **Macroeconomic and geopolitical.** Demand depends on business and consumer spending for network capacity, electronics and vehicles. The 10-K also lists political conditions and inter-country relationships, currency convertibility and fund-movement restrictions, protectionist and sovereign risk, adverse changes to government grants and tax credits, differing legal systems, complex tax regimes, natural disasters and loss of utilities. ## Management's discussion — fiscal 2025 *Source: Form 10-K for fiscal year ended December 31, 2025, SEC accession 0000024741-26-000124, Item 7.* Net sales rose 19% to $15,629 million from $13,118 million. The increase was driven by optical communications products up $1.6 billion, polycrystalline silicon and solar module sales up $348 million, display products up $238 million, specialty materials up $194 million and automotive up $73 million. Cost of sales rose 13% to $10,008 million, so gross margin rose 31% to $5,621 million and gross margin percentage improved roughly 3 points to 36% from 33% — attributed to higher volume plus management actions on profitability including price increases, cost reduction and productivity. SG&A rose 10% to $2,122 million on higher sales, variable compensation and legal expense, but fell about a point to 14% of sales. RD&E rose 2% to $1,110 million and fell about a point to 7% of sales. Operating income roughly doubled to $2,279 million from $1,135 million. Income before income taxes rose $1.2 billion to $2,052 million. The effective tax rate fell to 15.1% from 27.2%, primarily on changes in pretax earnings, foreign-derived intangible income, release of cumulative translation losses and share-based compensation. Net income attributable to Corning was $1,596 million ($1.83 diluted) against $506 million ($0.58 diluted) in 2024. On Corning's non-GAAP core basis, core net sales were $16.4 billion versus $14.5 billion, core net income $2,199 million versus $1,699 million (up 29%) and core EPS $2.52 versus $1.96 (up 29%). The core increase was led by Optical Communications segment net income up $436 million and Specialty Materials up $107 million, partly offset by Hemlock and Emerging Growth Businesses down $68 million. By the fiscal 2025 segment structure: Optical Communications net sales rose 35% to $6,274 million on Enterprise growth from Generative AI product demand plus Carrier demand for data-center interconnect and fiber-to-the-home, and segment net income rose 71% to $1,048 million. Display net sales fell 5% to $3,697 million, almost entirely the effect of resetting the constant-currency core rate from 107 to 120 yen per dollar without recasting the prior period; 2024 pricing actions on slightly higher volumes substantially offset that reset, and segment net income was roughly flat at $993 million. Specialty Materials rose 10% to $2,211 million on premium mobile-device glass and Gorilla Glass solutions. Automotive fell 3% to $1,794 million on heavy-duty diesel softness and currency, though segment net income rose on automotive glass. Life Sciences was flat at $972 million. Hemlock and Emerging Growth Businesses rose 33% to $1,460 million on polysilicon and solar module growth, but segment net income fell to a $26 million loss on temporarily higher costs to ramp polysilicon, wafer and module capacity. **Liquidity.** Operating cash flow was $2,695 million versus $1,939 million, up $756 million on higher net income, upfront customer payments under long-term sales agreements and government incentive receipts, partly offset by working capital and pension contributions. Investing outflows rose $499 million on $317 million more capital expenditure and $127 million more investment in unconsolidated entities; financing outflows rose $508 million, mainly $316 million more in finance lease payments. Corning ended 2025 with $1.5 billion of cash, about 61% held outside the U.S., and approximately $1.9 billion of indefinitely reinvested foreign earnings. Capital expenditures were $1.3 billion in 2025 (versus $1.0 billion in 2024 and $1.4 billion in 2023). A $1.5 billion commercial paper program was undrawn; the $1.5 billion revolving credit facility entered into July 28, 2025 and expiring July 28, 2030 was undrawn, with leverage of about 41% against a 60% covenant maximum. About $2.1 billion of long-term debt including finance leases comes due over five years, $804 million within one year. Approximately $3.0 billion remained under the 2019 $5.0 billion repurchase authorization. Global pension plans were 85% funded; the U.S. qualified plan, 77% of the projected benefit obligation, was 97% funded. Corning accelerated collection of $1.1 billion of receivables in 2025 through factoring and supply-chain finance ($1.2 billion in 2024). Under the Share Repurchase Agreement with Samsung Display Co., Ltd., 22 million Corning shares held by SDC may be offered to Corning in tranches across calendar 2024 through 2027; Corning may decline, in which case SDC may sell on the open market and Corning owes a make-whole payment capped at 5% of the repurchase proceeds that would otherwise have been paid. ## Current quarter — three and six months ended June 30, 2026 *Sources: Form 10-Q for the quarter ended June 30, 2026, SEC accession 0000024741-26-000255; second-quarter results release furnished on Form 8-K dated July 28, 2026, SEC accession 0000024741-26-000253; Form 8-K dated May 6, 2026, SEC accession 0001206774-26-000273.* Second-quarter net sales were $4,505 million, up 17% from $3,862 million. Gross margin was $1,628 million (36.1% of sales), up 17%, but flat as a percentage of sales because higher Optical Communications profit was partially offset by temporarily higher costs to ramp Solar capacity. SG&A rose $93 million to $608 million, driven by share-based compensation as a higher stock price raised the fair value of performance-based restricted stock units; RD&E rose $23 million to $299 million. Operating income was $698 million (15.5% margin) versus $573 million. Income before taxes rose $65 million to $649 million. Net income attributable to Corning was $559 million, or $0.64 diluted, versus $469 million and $0.54. For the six months, net sales were $8,649 million, up 18%, with optical communications products up $997 million and polycrystalline silicon and solar products up $371 million. Gross margin rose 21% to $3,156 million, income before taxes rose $354 million to $1,178 million, and net income attributable to Corning was $930 million, or $1.06 diluted, versus $626 million and $0.72. On the core basis, second-quarter core sales were $4,738 million (up 17%) and core net income $680 million with core EPS of $0.78 (up 30%); six-month core sales were $9,083 million and core net income $1,292 million with core EPS of $1.47. Management stated in the results release that core gross margin expanded 120 basis points to 39.6%, core operating margin 190 basis points to 20.9%, and core return on invested capital 180 basis points to 14.9%, and described the quarter as the ninth consecutive quarter of year-over-year growth. **Segment results (four-segment structure; prior period recast for structure but not for the change in segment measure).** The figures below are segment measures on Corning's core basis, not GAAP: segment net sales and segment net income are adjusted for hedged foreign-currency exposures (constant-currency core rates in the 2025 period), so they do not sum to consolidated net sales of $4,505 million or to net income attributable to Corning of $559 million, both given earlier in this section. | Segment | Q2 2026 segment net sales | Q2 2025 segment net sales | Q2 2026 segment net income | Q2 2025 segment net income | |---|---|---|---|---| | Optical Communications | $2,072M | $1,566M | $438M | $247M | | Glass Innovations | $1,463M | $1,443M | $354M | $324M | | Automotive | $471M | $460M | $82M | $79M | | Solar | $438M | $231M | $(7)M | $2M | | Life Sciences and Emerging Growth Businesses | $294M | $345M | $(21)M | $6M | | **Total reportable segments and other businesses** | **$4,738M** | **$4,045M** | **$846M** | **$658M** | Corning's reconciliation of segment to consolidated net sales runs: for the second quarter of 2026, net sales of reportable segments $4,444 million plus Life Sciences and Emerging Growth Businesses $294 million equals $4,738 million, less an adjustment for hedged exposures of $(233) million, giving consolidated net sales of $4,505 million; for the second quarter of 2025, $3,700 million plus $345 million equals $4,045 million, less the impact of constant-currency reporting of $(183) million, giving $3,862 million. Optical Communications grew 32%, with Enterprise Networks up 65% and Gen AI product sales growing significantly faster; Glass Innovations grew on continued LCD glass demand; Automotive grew on adoption of auto glass solutions; Solar grew 90% on polysilicon, wafer and module volume while posting a small loss on ramp costs, and completed an extended maintenance shutdown and equipment upgrade at its solar wafer facility, with management expecting profitability to improve in the third quarter. Life Sciences and Emerging Growth Businesses declined on the Pharmaceutical Technologies business. **Segment-measure change.** Effective April 1, 2026, Corning prospectively replaced its constant-currency adjustment with an "adjustment for hedged exposures," applying contractual hedge rates only to the portion of foreign currency exposure actually hedged rather than management-determined core rates applied to all significantly hedged exposure. Prior periods are not recast, and the two adjustments are not comparable. Corning states that applying the new method to the 2025 comparatives would have produced higher year-over-year growth rates for Glass Innovations segment net sales and net income, for core net sales, core net income and core EPS; the effect on other segments would have been immaterial. Second-quarter 2026 hedge rates were ¥120, MX$20, ¥6.8 (Chinese yuan), ₩1,269, €0.88 and NT$31; the corresponding prior core rates were ¥120, MX$21, ¥6.9, ₩1,250, €0.88 and NT$31. **The NVIDIA partnership.** On May 6, 2026 Corning and NVIDIA Corporation announced a multiyear commercial and technology partnership to expand U.S. manufacturing of optical connectivity for AI infrastructure. Corning will increase U.S.-based optical connectivity manufacturing capacity by 10x and U.S. fiber production capacity by more than 50%, building three new advanced manufacturing facilities in North Carolina and Texas and creating more than 3,000 new jobs. Alongside it, Corning entered a securities purchase agreement under which it issued and sold to NVIDIA a warrant to purchase up to 15 million common shares at $180.00 per share and a pre-funded warrant for up to 3 million shares at $0.0001 per share, for an aggregate purchase price of $500 million. Accounting treatment: the traditional warrant conveyed no distinct good or service, so it was treated as consideration payable to a customer and measured at a grant-date fair value of $296 million recorded in additional paid-in capital (equity-classified, not remeasured); the pre-funded warrant was issued for $500 million cash, also recorded in additional paid-in capital, with its underlying shares treated as outstanding for EPS. The warrants total 18 million shares and are exercisable from issuance, expiring at the third anniversary or earlier on a fundamental transaction or, for the traditional warrant, termination of the partnership agreement. In the same quarter Corning recorded an approximate $0.7 billion net contract liability — a $1.0 billion customer deposit under a long-term supply agreement running through December 31, 2029, less the $296 million warrant fair value, which will be recognized as a reduction of revenue as sales occur under the agreement. Total contract liabilities were $2.7 billion at June 30, 2026 versus $2.3 billion at December 31, 2025. Corning also disclosed in the results release that Amazon announced a multiyear, multibillion-dollar agreement under which Corning will supply optical fiber, cable and connectivity for Amazon's expanding U.S. data center infrastructure. **Springboard plan and outlook.** Corning launched its Springboard plan in the third quarter of 2023 at an annualized sales run rate of $13 billion. At a May 2026 investor day the plan was upgraded: the internal target is an annualized run rate of $20 billion by the end of 2026, $30 billion by the end of 2028 and $40 billion by the end of 2030, with a stated expectation of a 19% sales CAGR from Q4 2026 to Q4 2030, earnings growing faster than sales, higher returns on invested capital and substantially more free cash flow. For the third quarter of 2026, management guided to core sales of $4.9 billion to $5.0 billion (approximately 16% year-over-year growth) and core EPS of $0.85 to $0.89 (approximately 28% growth). Management also described Solar building toward a revenue stream of more than $3 billion with strong profit and cash flow. **Balance sheet and liquidity.** Total assets were $32,956 million at June 30, 2026 versus $30,976 million at December 31, 2025; total liabilities $19,829 million versus $18,669 million; total equity $13,127 million versus $12,307 million. Cash and cash equivalents were $2.5 billion, about 49% held outside the U.S. Long-term debt was $7,756 million with a fair value of $7.4 billion; $0.7 billion of long-term debt and short-term borrowings is due within a year. Six-month operating cash flow was $2,079 million versus $859 million, helped by the $1.0 billion upfront customer deposit; GAAP second-quarter operating cash flow was $1.72 billion with adjusted free cash flow of $1.42 billion per the results release. Investing used $562 million (versus $466 million) on $238 million higher capital spending; financing used $572 million (versus $696 million), reflecting $500 million of pre-funded warrant proceeds and $164 million more debt issuance against $412 million of incremental debt payments and $209 million more employee withholding tax on stock awards. Capital expenditures were $754 million for the half, and Corning raised its full-year 2026 capital expenditure expectation to approximately $2.0 billion (from approximately $1.7 billion in the 10-K). Leverage was about 39% against the 60% covenant maximum; the $1.5 billion revolver and $1.5 billion commercial paper program were both undrawn. A new automatic shelf registration statement was filed April 24, 2026. **Debt activity.** In May 2026 Corning repaid €300 million (about $351 million) of its 3.875% Notes due 2026. Chinese yuan-denominated variable rate facilities produced $448 million of short-term borrowings in the half ($22 million in the quarter) against $313 million repaid in the quarter, leaving $536 million outstanding at June 30, 2026 ($491 million due within a year) at rates from 2.2% to 2.9% maturing 2027 to 2032. In the second quarter Corning entered a cross-currency swap on ¥15 billion of its yen-denominated debt to lock in unrealized foreign exchange gains. **Capital returns.** Dividends of $0.28 per share were declared on February 11 and April 30, 2026 and paid March 30 and June 29, 2026; a further $0.28 quarterly dividend was declared June 24, 2026, payable September 29, 2026. No shares were repurchased under the program in the first half of 2026 (versus 2.8 million shares for about $133 million in the first half of 2025), and approximately $3.0 billion remains under the 2019 authorization. The 1,334,229 shares shown as acquired in the second quarter reflect surrender of stock on vesting of employee awards, not program repurchases. **Tax matters resolved in the period.** On February 11, 2026 Corning received a final unfavorable ruling in a South Korean tax dispute covering 2010 through 2012, reducing its receivable by $92 million through a noncash charge to the first-quarter tax provision and prompting an immaterial reserve against the remaining 2013 deposit. Appeals continue for 2013 through 2019. On March 12, 2026 a final unfavorable Luxembourg ruling for 2015 through 2018 reduced deferred tax assets on net operating loss carryforwards by $879 million with a corresponding reduction in the related valuation allowance, so there was no effect on the tax provision. **Solar build-out.** In the first half of 2026 Corning commenced $224 million of finance-lease right-of-use assets and liabilities for equipment placed in service at the Hemlock, Michigan solar facility, on five- to eight-year terms, and recognized $74 million of Section 48D Advanced Manufacturing Investment Credits (as amended by the One Big Beautiful Bill Act) that reduce the carrying value of those assets. A further $348 million of leases on an undiscounted basis had been entered into but not yet commenced at June 30, 2026, primarily production equipment for the same facility, expected to commence in 2026 on five- to 16-year terms, with estimated 48D credits of approximately $54 million. ## Subsequent events *Sources: Form 10-Q for the quarter ended June 30, 2026, SEC accession 0000024741-26-000255, Note 6 (Debt); Form 8-K dated July 28, 2026, SEC accession 0000024741-26-000253; Form 8-K dated September 11, 2026, SEC accession 0001193125-26-389321; Form 8-K dated September 4, 2026, SEC accession 0001206774-26-000517. The 10-Q contains no separate subsequent-events note; post-period items are disclosed within the debt note.* - **Debt redemption.** On July 15, 2026 Corning issued a notice of redemption for all $250 million aggregate principal amount of its outstanding 7.25% Notes due 2036. Redemption was expected on August 15, 2026 at 100% of principal plus accrued interest. - **Second-quarter results and third-quarter guidance.** On July 28, 2026 Corning released second-quarter results and guided third-quarter core sales to $4.9 billion to $5.0 billion and core EPS to $0.85 to $0.89, alongside the upgraded Springboard targets of $20 billion annualized run-rate sales by the end of 2026, $30 billion by the end of 2028 and $40 billion by the end of 2030. - **At-the-market equity program.** On September 11, 2026 Corning entered an Equity Distribution Agreement with Goldman Sachs & Co. LLC to sell common stock with an aggregate offering price of up to $2,000,000,000 from time to time through an at-the-market program, with Goldman Sachs as sales agent and also able to purchase as principal under a separate terms agreement. Corning pays a commission of 1.0% of gross proceeds on shares sold through Goldman Sachs and intends to use net proceeds for general corporate purposes. Sales are made under the shelf registration statement on Form S-3 (File No. 333-295316) filed April 24, 2026, with a prospectus supplement filed September 11, 2026. Either party may terminate on written notice. - **Investor communication.** On September 9, 2026 CFO Edward A. Schlesinger presented at the Citi 2026 Global TMT Conference, addressing recent business performance, Springboard progress, and market trends and demand drivers. No acquisitions, divestitures or litigation outcomes were disclosed for the period after June 30, 2026 in these filings.