Corning Reports 14% Core Sales Growth and 24% EPS Increase in Q3 2025, Sets Sights on Record Margins in Q4

Corning Incorporated  announced its third-quarter 2025 results and provided its outlook for fourth-quarter 2025.

Wendell P. Weeks, chairman and chief executive officer, said, “We delivered another excellent quarter. Year over year, core sales grew 14% to $4.27 billion, and core EPS grew 24% to $0.67. Overall, as we approach the second anniversary of Springboard, the plan has been a tremendous success. We have added $4 billion to our annualized sales run rate, and we have significantly improved our profitability – with an expected operating margin of 20% in the fourth quarter, a year ahead of plan.”

Weeks continued, “Beyond our strong third-quarter performance, we see significant growth ahead, fueled by powerful secular trends. To share just a few examples, we are ramping to meet remarkable demand for both our new Gen AI and U.S.-made solar products, and Apple’s recent $2.5 billion commitment to produce 100% of iPhone and Apple Watch cover glass at our Kentucky facility creates a larger, longer-term opportunity.”

Ed Schlesinger, executive vice president and chief financial officer, said, “Our outstanding third-quarter results reflect sales growth and margin expansion across multiple businesses. Year over year, core sales grew 14% while core operating margin expanded 130 basis points to 19.6%, core EPS grew 24%, and core ROIC grew 160 basis points to 13.4%. Additionally, we delivered strong adjusted free cash flow of $535 million. Overall, we continue to significantly enhance our returns as we execute Springboard.”

Schlesinger continued, “We expect continued strong growth in the fourth quarter, driven by ongoing robust demand for our Gen AI products and sales of solar wafers. We're guiding to core sales of approximately $4.35 billion, with core EPS growing faster than sales to a range of $0.68 to $0.72. Additionally, we are on track to achieve our Springboard operating margin target of 20% in the fourth quarter, a year ahead of plan. This represents a 370-basis-point improvement from our Q4-2023 starting point – and establishes a strong return profile as we continue to grow sales.”

Third-Quarter 2025 Financial Highlights:

• GAAP sales were $4.10 billion. Core sales were $4.27 billion.
• GAAP EPS was $0.50. Core EPS was $0.67. Differences between GAAP and core EPS include non-cash, mark-to-market adjustments associated with the company’s translated earnings contracts and foreign-denominated debt as well as constant currency adjustments.
• GAAP operating margin was 14.4%. Core operating margin was 19.6%.
• GAAP operating cash flow was $784 million, and adjusted free cash flow was $535 million.

Fourth-Quarter 2025 Outlook:

• In the fourth quarter, the company expects continued growth, with core sales of approximately $4.35 billion and core EPS again growing faster than sales to a range of $0.68 to $0.72.

Third-Quarter 2025 Results and Comparisons
(In millions, except per-share amounts)

Third-Quarter 2025 Segment Results
(In millions)
The third-quarter results below are prepared on a basis consistent with Corning’s segment reporting as presented in the company’s consolidated financial statements.

As of Jan. 1, 2025, the company moved its Automotive Glass Solutions business along with its Environmental Technologies business into a new Automotive segment. The comparative segment information has been recast to conform to the changes in Corning’s segment reporting.