In Corning’s latest earnings report, growth in optical communications is now translating into profit.
Core sales in Q3 2026 were approximately $5.08 billion, up 19% year over year; optical communications revenue was $2.38 billion, up 44%. Core operating margin was 22.7%, an increase of 3.1 percentage points year over year.
Core earnings per share were $0.91, above the high end of the company’s previous guidance of $0.89. This is on a non-GAAP basis; GAAP earnings per share were $0.78. The two sets of figures should not be conflated.
For Q4, the company guided to core sales of $5.2 billion–$5.3 billion and core earnings per share of $0.96–$1.00, signaling further expected growth. Investment in capacity expansion also warrants close attention: operating cash flow this quarter was approximately $1.06 billion, and adjusted free cash flow was $661 million. The solar production ramp-up remains slower than previously expected.
Optical communications is delivering growth. Whether new capacity can be brought online on schedule and cash collections can keep pace will determine the quality of this expansion.
Core sales in Q3 2026 were approximately $5.08 billion, up 19% year over year; optical communications revenue was $2.38 billion, up 44%. Core operating margin was 22.7%, an increase of 3.1 percentage points year over year.
Core earnings per share were $0.91, above the high end of the company’s previous guidance of $0.89. This is on a non-GAAP basis; GAAP earnings per share were $0.78. The two sets of figures should not be conflated.
For Q4, the company guided to core sales of $5.2 billion–$5.3 billion and core earnings per share of $0.96–$1.00, signaling further expected growth. Investment in capacity expansion also warrants close attention: operating cash flow this quarter was approximately $1.06 billion, and adjusted free cash flow was $661 million. The solar production ramp-up remains slower than previously expected.
Optical communications is delivering growth. Whether new capacity can be brought online on schedule and cash collections can keep pace will determine the quality of this expansion.
