Please wait
    
FOR RELEASE - Jan. 28, 2026

Corning Announces Outstanding 2025 Financial Results (1) – Upgrades Springboard Plan for Faster Sales Growth on Significantly Enhanced Financial Profile

CORNING, N.Y. — Corning Incorporated (NYSE: GLW) today announced its fourth-quarter and full-year 2025 results and provided its outlook for first-quarter 2026.

News Summary:

Company delivers record results for Q4 and full-year 2025 and expects continued growth in Q1:
•Q4 core sales and core EPS grew 14% to $4.41 billion and 26% to $0.72, YoY, respectively.
•Full-year 2025 core sales grew 13% to $16.41 billion, and core EPS grew 29% to $2.52.
•In Q1, management expects YoY growth to accelerate, with core sales up ~15% to a range of $4.2 billion to $4.3 billion, and core EPS growing to a range of $0.66 to $0.70.

Since Springboard launch, Corning transformed its financial profile. From Q4-2023 to Q4-2025:
•The company expanded core operating margin 390 bps to 20.2% and core ROIC 540 bps to 14.2%.
•Adjusted free cash flow nearly doubled to $1.72 billion for full-year 2025 versus full-year 2023.

Management upgrades Springboard Plan. From the Q4-2023 starting point:
•Internal plan now adds $11 billion in incremental annualized sales by the end of 2028, up from original $8-billion plan.
•Internal plan now adds $6.5 billion in incremental annualized sales by the end of 2026, up from previous $6-billion plan.
•High-confidence plan now adds $5.75 billion in incremental annualized sales by the end of 2026, up from previous $4-billion plan.

(1)Fourth-quarter GAAP results: Sales were $4.22 billion, gross margin was 35.5%, operating margin was 15.9%, EPS was $0.62, and operating cash flow was $1.05 billion. Full-year GAAP results: Sales were $15.63 billion, gross margin was 36.0%, operating margin was 14.6%, EPS was $1.83, and operating cash flow was $2.70 billion.







1
Corning Reports Fourth-Quarter and Full-Year 2025 Financial Results
Page 2
Wendell P. Weeks, chairman, chief executive officer, and president, said, “Since the launch of Springboard two years ago, we have transformed Corning’s financial profile: From Q4-2023 to Q4-2025, we expanded core operating margin by 390 basis points to 20.2%, and expanded core ROIC 540 basis points to 14.2%, while nearly doubling adjusted free cash flow to $1.72 billion for full-year 2025. We now have a highly profitable launch point for future growth.”

Weeks continued, “Excitingly, we have even stronger long-term growth ahead. Today, we are upgrading our original Springboard plan to now add $11 billion in incremental annualized sales by the end of 2028, up from our original $8-billion plan.”

Ed Schlesinger, executive vice president and chief financial officer, said, “In 2025, we delivered double-digit core sales growth, with core EPS growing twice as fast as sales and adjusted free cash flow growing three times as fast. We expanded core operating margin and core ROIC 180 and 120 basis points, respectively. We significantly enhanced our financial profile and positioned the company to generate even more profit and cash going forward on our upgraded Springboard growth plan.”

Schlesinger continued, “We enter 2026 with exciting momentum. In Q1, we expect year-over-year growth to accelerate, with core sales up approximately 15% to a range of $4.2 billion to $4.3 billion, and core EPS growing to a range of $0.66 to $0.70. We are also upgrading Springboard. Our internal and high-confidence plans now add $6.5 billion and $5.75 billion in incremental annualized sales by the end of 2026, respectively, up from our previous $6 billion and $4 billion.”

Fourth-Quarter 2025 Financial Highlights:
•GAAP sales were $4.22 billion. Core sales were $4.41 billion, up 14% year over year.
•GAAP EPS was $0.62. Core EPS was $0.72, up 26% year over year. 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 gross margin was 35.5%. Core gross margin was 38.1%.
•GAAP operating margin was 15.9%. Core operating margin was 20.2%.
•GAAP operating cash flow was $1.05 billion, and adjusted free cash flow was $732 million.
Full-Year 2025 Financial Highlights:
•GAAP sales were $15.63 billion. Core sales were $16.41 billion, up 13% year over year.
•GAAP EPS was $1.83. Core EPS was $2.52, up 29% year over year. 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 gross margin was 36.0%. Core gross margin was 38.4%.
•GAAP operating margin was 14.6%. Core operating margin was 19.3%.
•GAAP operating cash flow was $2.70 billion, and adjusted free cash flow was $1.72 billion.
Corning and Meta Announce Multiyear, Up to $6-Billion Agreement:
•This long-term partnership with Meta reflects Corning’s commitment to develop, innovate, and manufacture the critical technologies that power next-generation data centers in the United States.




2
Corning Reports Fourth-Quarter and Full-Year 2025 Financial Results
Page 3
Fourth-Quarter and Full-Year 2025 Results and Comparisons
(In millions, except per-share amounts)
Results (GAAP)
Q4 2025
Q3 2025
Q4 2024
Q/QY/Y
FY 2025
FY 2024
Y/Y
Net Sales$4,215 $4,100 $3,501 3%20%$15,629 $13,118 19%
Net Income(1)
$540 $430 $310 26%74%$1,596 $506 215%
Diluted EPS$0.62 $0.50 $0.36 24%72%$1.83 $0.58 216%
(1)Represents GAAP net income attributable to Corning Incorporated.

Core Results (Non-GAAP)(1)
Q4 2025Q3 2025Q4 2024Q/QY/YFY 2025FY 2024 Y/Y
Core Sales$4,412 $4,272 $3,874 3%14%$16,408 $14,469 13%
Core Net Income$624 $585 $497 7%26%$2,199 $1,699 29%
Core EPS$0.72 $0.67 $0.57 7%26%$2.52 $1.96 29%
(1)Core performance measures are non-GAAP financial measures. The reconciliation between GAAP and non-GAAP measures is provided in the tables following this news release as well as on the company’s website.

3
Corning Reports Fourth-Quarter and Full-Year 2025 Financial Results
Page 4
Fourth-Quarter and Full-Year 2025 Segment Results
(In millions)
The fourth-quarter and full-year 2025 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.
Optical Communications
Q4 2025Q3 2025Q4 2024Q/QY/YFY 2025FY 2024 Y/Y
Net Sales$1,701 $1,652 $1,368 3%24%$6,274 $4,657 35%
Net Income$305 $295 $194 3%57%$1,048 $612 71%
Display
Q4 2025Q3 2025Q4 2024Q/QY/YFY 2025FY 2024 Y/Y
Net Sales$955 $939 $971 2%(2%)$3,697 $3,872 (5%)
Net Income$257 $250 $262 3%(2%)$993 $1,006 (1%)
Specialty Materials
 Q4 2025Q3 2025Q4 2024Q/QY/YFY 2025FY 2024 Y/Y
Net Sales$544 $621 $515 (12%)6%$2,211 $2,018 10%
Net Income$99 $113 $81 (12%)22%$367 $260 41%
Automotive
 Q4 2025Q3 2025Q4 2024Q/QY/YFY 2025FY 2024 Y/Y
Net Sales$440 $454 $446 (3%)(1%)$1,794 $1,846 (3%)
Net Income$63 $68 $61 (7%)3%$278 $261 7%
Life Sciences
 Q4 2025Q3 2025Q4 2024Q/QY/YFY 2025FY 2024 Y/Y
Net Sales$246 $242 $250 2%(2%)$972 $979 (1%)
Net Income$14 $16 $18 (13%)(22%)$61 $63 (3%)
Hemlock and Emerging Growth Businesses
 Q4 2025Q3 2025Q4 2024Q/QY/YFY 2025FY 2024 Y/Y
Net Sales$526 $364 $324 45%62%$1,460 $1,097 33%
Net Income (Loss)$1 ($1)$10 *(90%)($26)$42 *
*Not meaningful


4
Corning Reports Fourth-Quarter and Full-Year 2025 Financial Results
Page 5
Upcoming Investor Events
Corning will attend the Susquehanna Fifteenth Annual Technology Conference on Feb. 27 and the Morgan Stanley Technology, Media & Telecom Conference on March 3. Additionally, Corning will be scheduling management visits to investor offices in select cities. Visit the company’s Investor Relations website for up-to-date information.
Fourth-Quarter Conference Call Information
The company will host its fourth-quarter conference call on Wednesday, Jan. 28, at 8:30 a.m. EST. To participate, individuals may preregister here prior to the start of the call. Once the required fields are completed, click “Register.” A telephone number and PIN will be auto generated and will pop up on screen. Participants will have the choice to “Dial In” or have the system “Call Me.” A confirmation email will also be sent with specific dial-in information. To listen to a live audio webcast of the call, go to the company’s Investor Relations events page and follow the instructions.
Presentation of Information in this News Release
This news release includes non-GAAP financial measures. Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP. Corning’s non-GAAP financial measures exclude the impact of items that are driven by general economic conditions and events that do not reflect the underlying fundamentals and trends in the company’s operations. The company believes presenting non-GAAP financial measures assists in analyzing financial performance without the impact of items that may obscure trends in the company’s underlying performance. Definitions of these non-GAAP financial measures and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found on the company’s website by going to the Investor Relations page and clicking “Quarterly Results” under the “Financials and Filings” tab. These reconciliations also accompany this news release.
With respect to the outlook for future periods, it is not possible to provide reconciliations for these non-GAAP measures because management does not forecast the movement of foreign currencies against the U.S. dollar, or other items that do not reflect ongoing operations, nor does it forecast items that have not yet occurred or are out of management’s control. As a result, management is unable to provide outlook information on a GAAP basis.
Caution Concerning Forward-Looking Statements
The statements contained in this release and related comments by management that are not historical facts or information and contain words such as “will,” “believe,” “anticipate,” “expect,” “intend,” “plan,” “seek,” “see,” “would,” “target,” “estimate,” “forecast” or similar expressions are forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include estimates and assumptions related to economic, competitive and legislative developments. Such statements relate to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements relate to, among other things, the Company’s Springboard plan, the company’s future operating performance, the company’s share of new and existing markets, the company’s revenue and earnings growth rates, the company’s ability to innovate and commercialize new products, the company’s expected capital expenditure and the company’s implementation of cost-reduction initiatives and measures to improve pricing, including the optimization of the company’s manufacturing capacity.
Although the company believes that these forward-looking statements are based upon reasonable assumptions regarding, among other things, current estimates and forecasts, general economic conditions, its knowledge of its business and key performance indicators that impact the company, there can be no assurance that these forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The company undertakes no obligation to update forward-looking

5
Corning Reports Fourth-Quarter and Full-Year 2025 Financial Results
Page 6
statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws.
Some of the risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements include, but are not limited to: global economic trends, competition and geopolitical risks, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and other countries, and related impacts on our businesses’ global supply chains and strategies; changes in macroeconomic and market conditions and market volatility, including developments and volatility arising from health crisis events, inflation, interest rates, the value of securities and other financial assets, precious metals, oil, natural gas, raw materials and other commodity prices and exchange rates (particularly between the U.S. dollar and the Japanese yen, South Korean won, Chinese yuan, New Taiwan dollar, Mexican peso and euro), decreases or sudden increases of consumer demand, and the impact of such changes and volatility on our financial position and businesses; the availability of or adverse changes relating to government grants, tax credits or other government incentives; the duration and severity of health crisis events, such as an epidemic or pandemic, and its impact across our businesses on demand, personnel, operations, our global supply chains and stock price; possible disruption in commercial activities or our supply chain due to terrorist activity, cyber-attack, armed conflict, political or financial instability, natural disasters, international trade disputes or major health concerns; loss of intellectual property due to theft, cyber-attack, or disruption to our information technology infrastructure; ability to enforce patents and protect intellectual property and trade secrets; disruption to Corning’s, our suppliers’ and manufacturers’ supply chain, equipment, facilities, IT systems or operations; product demand and industry capacity; competitive products and pricing; availability and costs of critical components, materials, equipment, natural resources and utilities; new product development and commercialization; order activity and demand from major customers; the amount and timing of our cash flows and earnings and other conditions, which may affect our ability to pay our quarterly dividend at the planned level or to repurchase shares at planned levels; the amount and timing of any future dividends; the effects of acquisitions, dispositions and other similar transactions; the effect of regulatory and legal developments; ability to pace capital spending to anticipated levels of customer demand; our ability to increase margins through implementation of operational changes, pricing actions and cost reduction measures; rate of technology change; adverse litigation; product and component performance issues; retention of key personnel; customer ability to maintain profitable operations and obtain financing to fund ongoing operations and manufacturing expansions and pay receivables when due; loss of significant customers; changes in tax laws, regulations and international tax standards; the impacts of audits by taxing authorities; the potential impact of legislation, government regulations, and other government action and investigations; and other risks detailed in Corning’s SEC filings.
For a complete listing of risks and other factors, please reference the risk factors and forward-looking statements described in our annual reports on Form 10-K and quarterly reports on Form 10-Q.
Web Disclosure
In accordance with guidance provided by the SEC regarding the use of company websites and social media channels to disclose material information, Corning Incorporated (“Corning”) wishes to notify investors, media, and other interested parties that it uses its website (https://www.corning.com/worldwide/en/about-us/news-events.html) to publish important information about the company, including information that may be deemed material to investors, or supplemental to information contained in this or other press releases. The list of websites and social media channels that the company uses may be updated on Corning’s media and website from time to time. Corning encourages investors, media, and other interested parties to review the information Corning may publish through its website and social media channels as described above, in addition to the company’s SEC filings, press releases, conference calls, and webcasts.


6
Corning Reports Fourth-Quarter and Full-Year 2025 Financial Results
Page 7
About Corning Incorporated
Corning (www.corning.com) is one of the world’s leading innovators in materials science, with a 175-year track record of life-changing inventions. Corning applies its unparalleled expertise in glass science, ceramic science, and optical physics, along with its deep manufacturing and engineering capabilities to develop category-defining products that transform industries and enhance people’s lives. Corning succeeds through sustained investment in RD&E, a unique combination of material and process innovation, and deep, trust-based relationships with customers who are global leaders in their industries. Corning’s capabilities are versatile and synergistic, which allows the company to evolve to meet changing market needs, while also helping its customers capture new opportunities in dynamic industries. Today, Corning’s markets include optical communications, mobile consumer electronics, display, automotive, solar, semiconductors, and life sciences.

Media Relations Contact:
Gabrielle Bailey
(607) 684-4557
baileygr@corning.com
Investor Relations Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com

7

Consolidated Statements of IncomeCorning Incorporated and Subsidiary Companies
(Unaudited; in millions, except per share amounts) 
 Three months ended
December 31,		Year ended
December 31,
 2025202420252024
Net sales$4,215 $3,501 $15,629 $13,118 
Cost of sales2,720 2,304 10,008 8,842 
Gross margin1,495 1,197 5,621 4,276 
Operating expenses:
Selling, general and administrative expenses512 499 2,122 1,931 
Research, development and engineering expenses284 275 1,110 1,089 
Amortization of purchased intangibles27 30 110 121 
Operating income672 393 2,279 1,135 
Interest income11 13 38 47 
Interest expense(93)(79)(336)(329)
Translated earnings contract gain, net87 174 150 83 
Other income (expense), net1 (64)(79)(123)
Income before income taxes678 437 2,052 813 
Provision for income taxes(91)(97)(310)(221)
Net income 587 340 1,742 592 
Net income attributable to non-controlling interest(47)(30)(146)(86)
Net income attributable to Corning Incorporated$540 $310 $1,596 $506 
Earnings per common share available to common shareholders:
Basic$0.63 $0.36 $1.87 $0.59 
Diluted$0.62 $0.36 $1.83 $0.58 

8

Consolidated Balance SheetsCorning Incorporated and Subsidiary Companies
(Unaudited; in millions, except share and per share amounts)
 December 31,
20252024
Assets
Current assets:
Cash and cash equivalents$1,526 $1,768 
Trade accounts receivable, net of doubtful accounts2,779 2,053 
Inventories3,077 2,724 
Other current assets1,554 1,447 
Total current assets8,936 7,992 
 
Property, plant and equipment, net of accumulated depreciation14,825 13,359 
Goodwill2,489 2,363 
Other intangible assets, net657 752 
Deferred income taxes1,515 1,130 
Other assets2,554 2,139 
 
Total Assets$30,976 $27,735 
   
Liabilities and Equity
 
Current liabilities:
Current portion of long-term debt and short-term borrowings$804 $326 
Accounts payable1,934 1,472 
Other accrued liabilities2,890 3,121 
Total current liabilities5,628 4,919 
 
Long-term debt7,630 6,885 
Postretirement benefits other than pensions314 336 
Other liabilities5,097 4,525 
Total liabilities18,669 16,665 
 
Commitments and contingencies
Shareholders’ equity:
Common stock – Par value $0.50 per share; Shares authorized 3.8 billion; Shares issued: 1.8 billion and 1.8 billion
924 921 
Additional paid-in capital – common stock17,580 17,264 
Retained earnings16,551 15,926 
Treasury stock, at cost; Shares held: 992 million and 987 million
(21,143)(20,882)
Accumulated other comprehensive loss(2,105)(2,543)
Total Corning Incorporated shareholders’ equity11,807 10,686 
Non-controlling interest500 384 
Total equity12,307 11,070 
 
Total Liabilities and Equity$30,976 $27,735 

9

Consolidated Statements of Cash FlowsCorning Incorporated and Subsidiary Companies
(Unaudited; in millions)
 Three months ended
December 31,		Year ended
December 31,
 2025202420252024
Cash Flows from Operating Activities:
Net income $587 $340 $1,742 $592 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation324 305 1,237 1,229 
Amortization of purchased intangibles27 30 110 121 
Loss on disposal of assets, net7 8 27 143 
Share-based compensation expense70 71 286 273 
Translation (gain) loss on foreign denominated debt, net(14)(76)52 (104)
Deferred tax (benefit) provision(206)18 (355)(33)
Translated earnings contract gain, net(87)(174)(150)(83)
Pension contributions(68)(4)(68)(9)
Release of cumulative translation losses 83  145 
Changes in assets and liabilities:
Trade accounts receivable(320)(224)(749)(717)
Inventories23 (37)(243)(171)
Other current assets8 31 (248)(107)
Accounts payable and other current liabilities180 204 571 470 
Customer deposits and government incentives317 (54)268 (6)
Deferred income50 (50)(58)(27)
Other, net154 152 273 223 
Net cash provided by operating activities1,052 623 2,695 1,939 
 
Cash Flows from Investing Activities:
Capital expenditures(432)(254)(1,282)(965)
Investments in unconsolidated entities(121) (134)(7)
Proceeds from sale of assets1 25 11 80 
Realized gains on translated earnings contracts and other112 40 304 279 
Premiums paid on hedging contracts(39)(5)(122)(98)
Other, net1 (13)(20)(33)
Net cash used in investing activities(478)(207)(1,243)(744)
Cash Flows from Financing Activities:
Repayments of debt(16)(13)(298)(267)
Proceeds from issuance of debt9  294 153 
Repayment of acquisition related debt(42) (75) 
Proceeds from cross currency swap 66 24 134 
Principal payments on finance leases(322)(7)(346)(30)
Payments of employee withholding tax on stock awards(11)(5)(98)(81)
Proceeds from exercise of stock options10 19 41 76 
Purchases of common stock for treasury(5)(30)(163)(165)
Dividends paid(255)(249)(999)(986)
Other, net(20)(1)(52)2 
Net cash used in financing activities(652)(220)(1,672)(1,164)
Effect of exchange rates on cash(4)(41)18 (42)
Net (decrease) increase in cash and cash equivalents and restricted cash(82)155 (202)(11)
Cash and cash equivalents and restricted cash at beginning of period1,648 1,613 1,768 1,779 
Cash and cash equivalents and restricted cash at end of period$1,566 $1,768 $1,566 $1,768 
Restricted cash included in other current assets
40 40 
Cash and cash equivalents at end of period$1,526 $1,768 $1,526 $1,768 

10

 Corning Incorporated and Subsidiary Companies
GAAP Earnings per Common Share
(Unaudited; in millions, except per share amounts)
The following table sets forth the computation of basic and diluted earnings per common share:
Three months ended
December 31,		Year ended
December 31,
2025202420252024
Net income attributable to Corning Incorporated$540 $310 $1,596 $506 
     
Weighted-average common shares outstanding - basic856 855 855 853 
Effect of dilutive securities:
Stock options and other awards12 11 16 16 
Weighted-average common shares outstanding - diluted868 866 871 869 
Basic earnings per common share$0.63 $0.36 $1.87 $0.59 
Diluted earnings per common share$0.62 $0.36 $1.83 $0.58 
Core Earnings per Share
(Unaudited; in millions, except per share amounts)
The following table sets forth the computation of core earnings per share:
Three months ended
December 31,		Year ended
December 31,
2025202420252024
Core net income$624 $497 $2,199 $1,699 
     
Weighted-average common shares outstanding - basic856 855 855 853 
Effect of dilutive securities:
Stock options and other awards12 11 16 16 
Weighted-average common shares outstanding - diluted868 866 871 869 
Core earnings per share$0.72 $0.57 $2.52 $1.96 

11

CORE PERFORMANCE MEASURES
In managing the Company and assessing our financial performance, we adjust certain measures included in our consolidated financial statements to exclude specific items to arrive at measures that are not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and exclude specific items that are non-recurring, related to foreign exchange volatility, or unrelated to continuing operations. These measures are our core performance measures.

Management uses core performance measures, along with GAAP financial measures, to make financial and operational decisions and certain of these measures also form the basis of our compensation program metrics. Management believes that our core performance measures are indicative of our core operating performance and provide investors with greater visibility into how management evaluates our results and trends and makes business decisions. These measures are not, and should not be viewed as a substitute for, GAAP reporting measures.

Items that are excluded from certain core performance calculations include: the impact of translating foreign denominated debt, the impact of the translated earnings contracts, acquisition-related costs, certain discrete tax items and other tax-related adjustments, restructuring, impairment and other charges and credits, certain litigation, regulatory and other legal matters, pension mark-to-market adjustments and other items which do not reflect the ongoing operating results of the Company.

In addition, because a significant portion of our revenues and expenses are denominated in currencies other than the U.S. dollar, management believes it is important to understand the impact on sales and net income of translating these currencies into U.S. dollars. Therefore, management utilizes constant-currency reporting for the Optical Communications, Display, Specialty Materials, Automotive and Life Sciences segments to exclude the impact from the Japanese yen, South Korean won, Chinese yuan, New Taiwan dollar, Mexican peso and euro, as applicable to the segment. The most significant constant-currency adjustment relates to the Japanese yen exposure within the Display segment. The constant-currency rates established for our core performance measures are long-term management-determined rates, which are closely aligned with our hedging instrument rates. These hedging instruments may include, but are not limited to, foreign exchange forward or option contracts and foreign-denominated debt. For details of the rates used, refer to the footnotes to the “Reconciliation of Non-GAAP Measures” section. We believe that the use of constant-currency reporting allows management to understand our results without the volatility of currency fluctuations, analyze underlying trends in the businesses and establish operational goals and forecasts.
For a reconciliation of non-GAAP performance measures to their most directly comparable GAAP financial measure, refer to “Reconciliation of Non-GAAP Measures.” With respect to the outlook for future periods, it is not possible to provide reconciliations for these non-GAAP measures because management does not forecast the movement of foreign currencies against the U.S. dollar, or other items that do not reflect ongoing operations, nor does it forecast items that have not yet occurred or are out of management’s control. As a result, management is unable to provide outlook information on a GAAP basis.

12

Reconciliation of Non-GAAP MeasuresCorning Incorporated and Subsidiary Companies
(Unaudited; in millions, except per share amounts)
 Three months ended December 31, 2025
 Net salesIncome before income taxesNet income attributable to Corning IncorporatedEffective tax rate (a)(b)Per Share
As reported – GAAP$4,215 $678 $540 13.4%$0.62 
Constant-currency adjustment (1)
197 169 122 0.14 
Translation gain on foreign denominated debt, net (2)
 (14)(10)(0.01)
Translated earnings contract gain, net (3)
 (87)(66)(0.08)
Acquisition-related costs (4)
 15 10 0.01 
Discrete tax items and other tax-related adjustments (5)
 (22)(0.03)
Restructuring, impairment and other charges and credits (6)
 39 34 0.04 
Litigation, regulatory and other legal matters (7)
 6 4 0.00 
Pension mark-to-market adjustment (8)
 6 5 0.01 
Loss on investments (9)
 7 7 0.01 
Core performance measures$4,412 $819 $624 18.1%$0.72 
(a)Based upon statutory tax rates in the specific jurisdiction for each event.
(b)The calculation of the effective tax rate (“ETR”) for GAAP and Core excludes net income attributable to non-controlling interest (“NCI”) of approximately $47 million and $48 million, respectively.
Three months ended December 31, 2024
Net salesIncome before income taxesNet income attributable to Corning IncorporatedEffective tax rate (a)(b)Per Share
As reported - GAAP$3,501 $437 $310 22.2%$0.36 
Constant-currency adjustment (1)
331 238 169 0.20 
Translation gain on foreign denominated debt, net (2)
(76)(59)(0.07)
Translated earnings contract gain, net (3)
(174)(134)(0.15)
Acquisition-related costs (4)
32 23 0.03 
Discrete tax items and other tax-related adjustments (5)
16 0.02 
Restructuring, impairment and other charges and credits (6)
42 144 126 0.15 
Litigation, regulatory and other legal matters (7)
1 1 0.00 
Pension mark-to-market adjustment (8)
9 6 0.01 
Loss on investments (9)
4 4 0.00 
Loss on sale of assets (10)
14 11 0.01 
Loss on sale of business (11)
 31 24 0.03 
Core performance measures$3,874 $660 $497 20.1%$0.57 
(a)Based upon statutory tax rates in the specific jurisdiction for each event.
(b)The calculation of the ETR for GAAP and Core excludes net income attributable to NCI of approximately $30 million and $31 million, respectively.
Refer to “Items Adjusted from GAAP Measures” for the descriptions of the footnoted reconciling items.

13

Reconciliation of Non-GAAP MeasuresCorning Incorporated and Subsidiary Companies
(Unaudited; in millions, except per share amounts)
Year ended December 31, 2025
Net salesIncome before income taxesNet income attributable to Corning IncorporatedEffective tax rate (a)(b)Per Share
As reported – GAAP$15,629 $2,052 $1,596 15.1%$1.83 
Constant-currency adjustment (1)
779 665 526 0.60 
Translation loss on foreign denominated debt, net (2)
 52 40 0.05 
Translated earnings contract gain, net (3)
 (150)(114)(0.13)
Acquisition-related costs (4)
 104 75 0.09 
Discrete tax items and other tax-related adjustments (5)
 (78)(0.09)
Restructuring, impairment and other charges and credits (6)
 49 42 0.05 
Litigation, regulatory and other legal matters (7)
 63 59 0.07 
Pension mark-to-market adjustment (8)
 33 26 0.03 
Loss on investments (9)
 7 7 0.01 
Loss on sale of assets (10)
 5 4 0.00 
Loss on sale of business (11)
 11 7 0.01 
Equity in losses of affiliated companies (12)
12 9 0.01 
Core performance measures$16,408 $2,903 $2,199 19.1%$2.52 
(a)Based upon statutory tax rates in the specific jurisdiction for each event.
(b)The calculation of the effective tax rate (“ETR”) for GAAP and Core excludes net income attributable to non-controlling interest (“NCI”) of approximately $146 million and $150 million, respectively.
Year ended December 31, 2024
Net salesIncome before income taxesNet income attributable to Corning IncorporatedEffective tax rate (a)(b)Per Share
As reported - GAAP$13,118 $813 $506 27.2%$0.58 
Constant-currency adjustment (1)
1,309 989 773 0.89 
Translation gain on foreign denominated debt, net (2)
 (104)(80)(0.09)
Translated earnings contract gain, net (3)
 (83)(64)(0.07)
Acquisition-related costs (4)
 128 92 0.11 
Discrete tax items and other tax-related adjustments (5)
 21 0.02 
Restructuring, impairment and other charges and credits (6)
42 407 374 0.43 
Litigation, regulatory and other legal matters (7)
 12 9 0.01 
Pension mark-to-market adjustment (8)
 3 2 0.00 
Loss on investments (9)
 23 22 0.03 
Loss on sale of assets (10)
 27 20 0.02 
Loss on sale of business (11)
31 24 0.03 
Core performance measures$14,469 $2,246 $1,699 20.3%$1.96 
(a)Based upon statutory tax rates in the specific jurisdiction for each event.
(b)The calculation of the ETR for GAAP and Core excludes net income attributable to NCI of approximately $86 million and $92 million, respectively.
Refer to “Items Adjusted from GAAP Measures” for the descriptions of the footnoted reconciling items.

14

Reconciliation of Non-GAAP MeasuresCorning Incorporated and Subsidiary Companies
(Unaudited; in millions)
 Three months ended December 31, 2025
Gross
margin		Gross
margin %		Selling, general and administrative expensesResearch, development and engineering expensesOperating
income		Operating
margin %
As reported - GAAP$1,495 35.5%$512 $284 $672 15.9%
Constant-currency adjustment (1)
168 3  165 
Acquisition-related costs (4)
 14  13 
Restructuring, impairment and other charges and credits (6)
18 (12) 30 
Litigation, regulatory and other legal matters (7)
 (6) 6 
Pension mark-to-market adjustment (8)
1 (4) 5 
Core performance measures$1,682 38.1%$507 $284 $891 20.2%
Three months ended December 31, 2024
Gross
margin		Gross
margin %		Selling, general and administrative expensesResearch, development and engineering expensesOperating
income		Operating
margin %
As reported - GAAP$1,197 34.2%$499 $275 $393 11.2%
Constant-currency adjustment (1)
240 4  236 
Acquisition-related costs (4)
30 
Restructuring, impairment and other charges and credits (6)
43 (2)45 
Litigation, regulatory and other legal matters (7)
(1)1 
Pension mark-to-market adjustment (8)
1 1 (2)
Loss on sale of assets (10)
14 14 
Core performance measures$1,494 38.6%$501 $276 $717 18.5%
Refer to “Items Adjusted from GAAP Measures” for the descriptions of the footnoted reconciling items.

15

Reconciliation of Non-GAAP MeasuresCorning Incorporated and Subsidiary Companies
(Unaudited; in millions)
Year ended December 31, 2025
Gross
margin		Gross
margin %		Selling, general and administrative expensesResearch, development and engineering expensesOperating
income		Operating
margin %
As reported - GAAP$5,621 36.0%$2,122 $1,110 $2,279 14.6%
Constant-currency adjustment (1)
663 7 1 655 
Acquisition-related costs (4)
 15  95 
Restructuring, impairment and other charges and credits (6)
3 (29) 32 
Litigation, regulatory and other legal matters (7)
 (63) 63 
Pension mark-to-market adjustment (8)
1 (24)(6)31 
Loss on sale of assets (10)
5   5 
Core performance measures$6,293 38.4%$2,028 $1,105 $3,160 19.3%
Year ended December 31, 2024
Gross
margin		Gross
margin %		Selling, general and administrative expensesResearch, development and engineering expensesOperating
income		Operating
margin %
As reported - GAAP$4,276 32.6%$1,931 $1,089 $1,135 8.7%
Constant-currency adjustment (1)
989 14 1 974 
Acquisition-related costs (4)
 1 (1)121 
Restructuring, impairment and other charges and credits (6)
211 (20)(7)238 
Litigation, regulatory and other legal matters (7)
20 8  12 
Pension mark-to-market adjustment (8)
 (19)(4)23 
Loss on sale of assets (10)
27   27 
Core performance measures$5,523 38.2%$1,915 $1,078 $2,530 17.5%
Refer to “Items Adjusted from GAAP Measures” for the descriptions of the footnoted reconciling items.

16


Reconciliation of Non-GAAP MeasuresCorning Incorporated and Subsidiary Companies
(Unaudited; in millions)
 Three months ended
December 31,		Year ended
December 31,
 2025202420252024
Cash flows from operating activities$1,052 $623 $2,695 $1,939 
Realized gains on translated earnings contracts and other112 40 304 279 
Adjusted cash flows from operating activities$1,164 $663 $2,999 $2,218 
Less: Capital expenditures$432 $254 $1,282 $965 
Adjusted free cash flow$732 $409 $1,717 $1,253 
Core return on invested capital (“core ROIC”) is a non-GAAP measure used by management and can be used by investors to review our investment and capital allocation decisions. We define core ROIC as the after-tax core operating income, inclusive of core equity earnings from affiliated companies, as a percentage of invested capital, calculated as total equity plus total long-term debt. Core ROIC for the three months ended December 31, 2025 and 2024 is calculated by annualizing the after-tax return for the respective period.
 Three months ended December 31,Year ended
December 31,
 
2025
2024
2025
2024
Core operating income (1)
$891 $717 $3,160 $2,530 
Core equity earnings in affiliated companies (2)
$8 $11 $16 $40 
Core operating income before interest and taxes$899 $728 $3,176 $2,570 
Less: Income tax (3)
$163 $146 $607 $522 
Core operating income tax adjusted$736 $582 $2,569 $2,048 
Equity$12,307 $11,070 $12,307 $11,070 
Debt$8,434 $7,211 $8,434 $7,211 
Invested capital$20,741 $18,281 $20,741 $18,281 
Core ROIC14.2 %12.7 %12.4 %11.2 %
(1)Refer to the reconciliation of operating income as reported in our GAAP results to core operating income within the “Reconciliation of non-GAAP measures.”
(2)Equity earnings in affiliated companies as reflected within other income (expense), net in the consolidated statements of income was $4 million and $8 million for the three months ended December 31, 2025 and 2024 and a loss of $7 million and income of $26 million for the years ended December 31, 2025 and 2024, respectively. The difference between equity earnings in affiliated companies as reported in our GAAP results and as reflected as a non-GAAP core performance measure is an adjustment for constant currency reporting, as described within “Core Performance Measures.” For the year ended December 31, 2025, the difference also included an adjustment of $12 million for restructuring charges associated with an affiliated company as described within the “Reconciliation of non-GAAP measures.”
(3)Income tax amounts are calculated based on the core effective tax rate of 18.1% and 20.1% for the three months ended December 31, 2025 and 2024, respectively, and 19.1% and 20.3% for the years ended December 31, 2025 and 2024, respectively.

17

Items Adjusted from GAAP Measures
Items adjusted from GAAP measures to arrive at core performance measures are as follows:
(1)Constant-currency adjustment: As a significant portion of revenues and expenses are denominated in currencies other than the U.S. dollar, management believes it is important to understand the impact on sales and net income of translating these currencies into U.S. dollars. The Company utilizes constant-currency reporting for Optical Communications, Display, Specialty Materials, Automotive and Life Sciences segments for the Japanese yen, South Korean won, Chinese yuan, New Taiwan dollar, Mexican peso and euro, as applicable to the segment. We believe that the use of constant-currency reporting allows management to understand our results without the volatility of currency fluctuation, analyze underlying trends in the businesses and establish operational goals and forecasts. For the three and twelve months ended December 31, 2025 and 2024, the constant-currency adjustment primarily relates to our Japanese yen exposure due to the difference in the average spot rate compared to our core rate.
The constant-currency rates established for our core performance measures are long-term management-determined rates, which are closely aligned with our hedging instrument rates. These hedging instruments may include, but are not limited to, foreign exchange forward or option contracts and foreign-denominated debt. Effective January 1, 2025, management updated the constant-currency rates and the updated rates were applied prospectively beginning with reporting periods in 2025. Comparative results were not recast and are reported based on the 2024 rates.
Constant-currency rates used are as follows and are applied to all periods presented and to all foreign exchange exposures during the period, even though we may be less than 100% hedged:
CurrencyJapanese yenSouth Korean wonChinese yuanNew Taiwan dollarMexican pesoEuro
2024 Rate¥107₩1,175¥6.7NT$31MX$20€0.81
2025 Rate¥120₩1,250¥6.9NT$31MX$21€0.88
(2)Translation of foreign denominated debt, net: Amount reflects the gain or loss on the translation of our yen-denominated and euro-denominated debt to U.S. dollars, net of gains or losses on related hedging instruments.
(3)Translated earnings contract, net: Amount reflects the impact of the realized and unrealized gains and losses from the Japanese yen, South Korean won, Chinese yuan, New Taiwan dollar, Mexican peso and euro-denominated foreign currency hedges related to translated earnings.
(4)Acquisition-related costs: Amount reflects intangible amortization, inventory valuation adjustments, contingent consideration adjustments and external acquisition-related deal costs, as well as other transaction related costs.
(5)Discrete tax items and other tax-related adjustments: Amount reflects certain discrete period tax items such as changes in tax law, the impact of tax audits, changes in tax reserves and changes in deferred tax asset valuation allowances, as well as other tax-related adjustments.
(6)Restructuring, impairment and other charges and credits: Amount reflects certain restructuring, impairment losses and other charges and credits, as well as other expenses, including severance, accelerated depreciation, asset write-offs and facility repairs resulting from power outages, and the recognition of cumulative foreign currency translation adjustments upon the substantial liquidation or disposition of a foreign entity, which are not related to ongoing operations. For the year ended December 31, 2024, amount includes $131 million of non-cash cumulative foreign currency translation losses required to be recognized upon the substantial liquidation or disposition of foreign entities, which was recorded in other income (expense), net on the consolidated statements of income. Amount also includes $49 million of non-cash charges in one of our Emerging Growth Businesses relating to a customer that recently entered into a multi-jurisdictional restructuring effort including insolvency filings in certain countries. These charges primarily relate to the full write-down of upfront payments made to the customer, which were determined to be nonrecoverable, and recorded as a charge to net sales on the consolidated statements of income. Other charges recorded during 2024 related to asset write-offs associated with the exit of certain facilities and product lines.
(7)Litigation, regulatory and other legal matters: Amount reflects developments in commercial litigation, intellectual property disputes, adjustments to our estimated liability for environmental-related items and other legal matters.
(8)Pension mark-to-market adjustment: Amount primarily reflects defined benefit pension mark-to-market gains and losses, which arise from changes in actuarial assumptions and the difference between actual and expected returns on plan assets and discount rates.
(9)Loss on investments: Amount reflects the loss recognized on investments due to mark-to-market adjustments for the change in fair value or the disposition of an investment.
(10)Loss on sale of assets: Amount represents the loss recognized for the sale of assets, recorded in cost of sales, on the consolidated statement of income.
(11)Loss on sale of business: Amount reflects the loss recognized for the sale of a business, recorded in other income (expense), net in the consolidated statements of income, and includes $14 million for the year ended December 31, 2024 of non-cash cumulative foreign currency translation losses related to the disposition of a foreign entity.
(12)Equity in losses of affiliated companies: Amount reflects costs not related to continuing operations of affiliated companies, such as restructuring, impairment losses, inventory adjustments, other charges and credits.

18