01 / 05 · 核心判断
光通信增长强，现金与估值仍待检验
Corning · 20260911研究观点 · 非投资建议
单位与术语说明
PRICE MAP / 估值与技术参照
价格与估值参照
DOWNSIDE订单延期、客户压价和预收回落，放大扩产成本与现金压力。 →
假设情景以本报告设定的核心每股收益和市盈率进行敏感性分析，尚缺从经营预测推导盈利的完整过程；不是合理价值区间、共识或价格底部。
模型口径与限制
以本报告设定的核心每股收益和市盈率进行敏感性分析；不等于完整经营模型推导的合理价值，另列2026-09-11抓取的调整后共识与2026-09-10收盘交叉检验；CONSENSUS：9月11日Yahoo直连完整网页显示2026/2027调整后每股收益均值3.28/4.35美元，分析师14/16位，低—高3.20—3.36/3.85—4.99；历史比较2.52与核心口径相符，不能叫GAAP。旧提取缓存及Barchart抓取出现不同期间/数值，未与主快照混拼；第二家同日口径一致的共识仍缺。[19]；锚点：FY2025 核心口径 每股收益2.52美元；Q2为0.78美元，Q3指引0.85—0.89美元，中点简单年化3.48美元只作运行速度参照，不是全年指引。Q2外汇方法改变使跨年核心口径增速不可完全同口径。[1][4][5]；作者对未来12个月核心口径 每股收益分别设2.40/3.20/4.00美元，结合AI光通信交付、显示现金稳定、太阳能爬坡和扩产成本；倍数20/26/32纯假设，未冒充同业实际交易倍数；2.40/3.20/4.00是直接设定的核心口径 每股收益假设，尚无完整分部利润→税→稀释股数的经营测算过程。未来模型必须明确使用2026-04-01后对冲敞口方法；不把Q3中点年化或旧核心口径增长率替代经营预测。[5]；2026-09-11复核2.40/3.20/4.00 核心口径 每股收益及20/26/32倍假设不变。Verizon协议从2027年开始，未取得逐年交付/毛利/资本回报桥，不能机械推高未来12个月每股收益；Q2权证将冲减收入、对冲方法变更、太阳能租赁承诺都要求更严格的现金验证。[9][10]；2026-09-11复核：2.40/3.20/4.00作者每股收益并非强行等于新共识；保留20/26/32倍敏感性，尤其2030 NPO/CPO目标不能证明未来12个月每股收益4.00。若要升级成合理价值，需要收入→分部利润→税→股数及现金预测完整桥。[18][23]；公式每股收益×市盈率，由工具计算；并非目标价、共识或股票价格底部；核心口径 每股收益须与GAAP利润率、定金剔除前后自由现金流及股权激励费用对照，不能因为核心口径增长就忽略收入汇率和制造资本密集度；2025简单自由现金流1.413十亿美元明显小于公司调整后 自由现金流1.717十亿美元；2026Q2又受预收款推动，故对高倍数盈利情景必须要求可持续现金证据。[5][6]；公司调整后 自由现金流不是完整对冲后可分配现金，未扣另列投资现金流的对冲保费；不把非GAAP现金指标直接当股东全部可得现金。[5][6]；情景非保证目标价；技术观察不保证支撑。
按价格等比例定位；灰线仅为价格刻度，蓝色标记为所示日期收盘价；均不表示买卖信号。观察区间不是保证支撑或压力；点击标记查看原报告口径与来源。
PRICE RATING / 本报告新增分析 · 20260911
五档价格评级
强力卖出$163.12
外生Core EPS情景内（无完整经营桥） · 置信度：低2026-09-10 收盘 · 美元/股 · 非实时综合投资评级待补证；此处只显示限定模型内的价格档。外生Core EPS情景内（无完整经营桥）：2026-09-10收盘163.12美元/股，四个边界38.40/62.40/83.20/128.00的五档内仅机械映射“强力卖出”。综合投资评级待补证；仅在所述经营与现金前提持续成立时适用，不是完整投资评级或交易指令。
强力买入0 < P ≤ 38.40条件性价格档位
买入38.40 < P ≤ 62.40条件性价格档位
持有62.40 < P ≤ 83.20条件性价格档位
卖出83.20 < P ≤ 128.00条件性价格档位
强力卖出P > 128.00报告价格所在档
低价档以前提不变为条件；保守情景不是损失地板，基本面恶化须停用原档并重估。旧条件检查：Q3仍是指引；Q2光通信32%高于15%线，不满足该AND。SolarQ2仍亏0.007十亿美元属于原业务压力，不能视为整个公司已稳定盈利或光通信自动带动全面复苏。；Q2为1.717−0.880−0.422=0.415>0，不满足连续两季非正；不偷换公司adjusted FCF。Solar仍亏、租赁新增与权证是实存限制，不能凭正0.415认定盈利桥和股数成本已完成。；新完整10-Q与Verizon公告再次确认原0.296收入冲减及2027起交付，未补逐年毛利/回报，不能用长约或新共识抬倍数。报告fundamentals/3的原金额单位笔误已修正：GAAP与Core销售分别4.505/4.738十亿美元，归母净利分别0.559/0.680十亿美元；不与GAAP合并净利0.609十亿美元混用。
P 为正数股价（美元/股）；边界归入左侧较低价格档。颜色对应文字评级，不代表涨跌预测；分币仅为计算显示精度，不是估值精度。
新共识已补，外生Core EPS仍无完整经营桥；预收支持现金与权证/租赁有成本，综合投资评级待补证。
为什么这样分档？查看计算、依据与失效条件
估值与判断依据
未来12个月外生Core EPS2.40/3.20/4.00×作者20/26/32倍=48.00/83.20/128.00；0.80/0.75/1.00/1.00不变，仍无销售分部利润、税和股数的完整经营桥。新调整后2026/2027共识3.28/4.35与时期不同，不替代作者假设；2030NPO/CPO规划不前置进未来12个月。
- 新直连共识含14/16人及区间，旧整项缺失删除；Core新对冲敞口方法未重述旧期。Q2OCF1.717减预收/激励0.880再减CapEx0.422仅0.415，仍正但租赁/对冲保费未全扣。0.296权证价值将冲相关收入，预付权证300万已入EPS不能全1800万重复加股；2030运行率和二级会议计划非已实现年收入。（新报告证据路径：/valuation/basis/0, /valuation/basis/3, /valuation/basis/5, /fundamentals/4, /fundamentals/8, /fundamentals/9, /fundamentals/10, /fundamentals/13, /fundamentals/14） 原报告依据 →
- 未来12个月外生Core EPS2.40/3.20/4.00×作者20/26/32倍=48.00/83.20/128.00；0.80/0.75/1.00/1.00不变，仍无销售分部利润、税和股数的完整经营桥。新调整后2026/2027共识3.28/4.35与时期不同，不替代作者假设；2030NPO/CPO规划不前置进未来12个月。 原报告依据 →
- 旧条件逐项复核：Q3仍是指引；Q2光通信32%高于15%线，不满足该AND。SolarQ2仍亏0.007十亿美元属于原业务压力，不能视为整个公司已稳定盈利或光通信自动带动全面复苏。；Q2为1.717−0.880−0.422=0.415>0，不满足连续两季非正；不偷换公司adjusted FCF。Solar仍亏、租赁新增与权证是实存限制，不能凭正0.415认定盈利桥和股数成本已完成。；新完整10-Q与Verizon公告再次确认原0.296收入冲减及2027起交付，未补逐年毛利/回报，不能用长约或新共识抬倍数。报告fundamentals/3的原金额单位笔误已修正：GAAP与Core销售分别4.505/4.738十亿美元，归母净利分别0.559/0.680十亿美元；不与GAAP合并净利0.609十亿美元混用。 原报告依据 →
估值窗口：未来12个月外生core EPS假设，不是FY2026/FY2027共识；2027起长约不自动转成该窗口的利润，窗口不是股价收敛期限。
失效后先重估，不是越跌越买
- Q3 core销售低于4.9十亿美元或EPS低于0.85美元的公司区间下限，或光通信增速低于15%并有产能/订单错配（原作者预警）；须重建EPS及倍数并全面重评，不因价格跌档自动升级。 本次核验[not_triggered_on_available_periods]：Q3仍是指引；Q2光通信32%高于15%线，不满足该AND。SolarQ2仍亏0.007十亿美元属于原业务压力，不能视为整个公司已稳定盈利或光通信自动带动全面复苏。
- 连续两季剔除客户预收/政府激励后的CFO减资本支出不大于零（原作者预警），或Solar持续亏损、股数稀释加快；须重做盈利到现金桥和全部价格档。 本次核验[cash_branch_not_triggered_solar_dilution_risks_remain]：Q2为1.717−0.880−0.422=0.415>0，不满足连续两季非正；不偷换公司adjusted FCF。Solar仍亏、租赁新增与权证是实存限制，不能凭正0.415认定盈利桥和股数成本已完成。
- Verizon逐年交付、客户权证收入冲减或对冲方法的新披露改变core/GAAP可比性及扩产回报；须用明确方法重建分部利润、税和股数经营桥，全面重评，不能直接把合同额抬升倍数。 本次核验[known_model_gap_not_resolved]：新完整10-Q与Verizon公告再次确认原0.296收入冲减及2027起交付，未补逐年毛利/回报，不能用长约或新共识抬倍数。报告fundamentals/3的原金额单位笔误已修正：GAAP与Core销售分别4.505/4.738十亿美元，归母净利分别0.559/0.680十亿美元；不与GAAP合并净利0.609十亿美元混用。
买入档仅在基本面及模型前提持续成立时适用；跌价若来自盈利、偿债或经营能力恶化，应暂停使用原区间。卖出档不是做空指令。
四个边界如何计算
- 强力买入档上限：38.40 = 48.00 × 0.8。2026-09-11逐界复核：锚为新报告保留的保守48.00美元，即外生core EPS2.40×20倍。沿用原作者0.80再留20%筛选余量，反映制造固定成本、Solar爬坡与现金质量的不确定性；此保守EPS仍未经完整经营桥推导，余量不是价值下限。 旧预警/范围限制未修复，本界仅为历史或局部坐标，不提供真实买入/持有资格。 查看估值依据
data/batches/20260911/009_Corning.json#/valuation/rows/0/3 - 买入档上限：62.40 = 83.20 × 0.75。2026-09-11逐界复核：锚为新报告保留的基准83.20美元，即外生core EPS3.20×26倍。沿用原作者0.75要求25%筛选余量，较保守锚加码防范长约叙事、预收支持现金及core方法差异被当作稳定盈利；比例是便于审阅的作者判断，不是统计误差带。 旧预警/范围限制未修复，本界仅为历史或局部坐标，不提供真实买入/持有资格。 查看估值依据
data/batches/20260911/009_Corning.json#/valuation/rows/1/3 - 持有档上限：83.20 = 83.20 × 1.0。2026-09-11逐界复核：沿用基准83.20美元。沿用原作者1.00选择基准外生EPS情景全值为持有/卖出筛选界，未给2027起长约额外溢价；并不声称基准EPS已有经营验证。 旧预警/范围限制未修复，本界仅为历史或局部坐标，不提供真实买入/持有资格。 查看估值依据
data/batches/20260911/009_Corning.json#/valuation/rows/1/3 - 卖出档上限：128.00 = 128.00 × 1.0。2026-09-11逐界复核：锚为新报告保留的积极128.00美元，即外生core EPS4.00×32倍。沿用原作者1.00保留积极机械上界、不进一步给AI光通信叙事加价，因更高交付、利用率与Solar改善仍需证据；不是全公司合理价值上限。 旧预警/范围限制未修复，本界仅为历史或局部坐标，不提供真实买入/持有资格。 查看估值依据
data/batches/20260911/009_Corning.json#/valuation/rows/2/3
门槛由原估值锚与本轮作者设定的安全边际/溢价因子得出；不是公司指引、分析师共识或回测优化结果。它不改写原报告的综合研究判断，也不承诺在固定日期到价。
完整模型限制
综合投资评级待补证；外生Core EPS而非完整公司价值。新2026/2027调整EPS共识已补，但未替代经营桥或完成第二源校验。4月对冲方法变化影响跨年可比，Q3中点年化3.48不是年度指引；Verizon与2030NPO/CPO规划不能等同当前盈利。预收/激励与0.296权证收入冲减、已计股数的预付权证、SBC、太阳能融资租赁及对冲保费需无重复对账，20/25%折让不修复缺口。报告原GAAP金额单位笔误已修正并留存审查记录；正确归母0.559不与合并0.609混用。 这是2026-09-11作者复核的条件价格筛选，不是原研究status/Review的改写或批准。因子为沿用的主观安全边际/边界纪律，非实证概率、回测优化、公司指引或按当前价格反推。四个边界对应五个价格档，分币只是显示精度；经营与偿债前提失效时停用低价买入资格并重估。卖出不代表做空；无仓位建议、交易指令、保证底部或损失上限。 已补发行人Q2 Core ROIC14.9%及其期末资本分母、季度年化定义，不再称所有ROIC分母缺失；独立GAAP平均资本及增量回报仍未重建。
Overview
五页看懂 · 结论、依据与边界
02 / 05 · 业务表现
增长集中于光通信，核心盈利并非GAAP
Corning · 20260911研究观点 · 非投资建议
03 / 05 · 估值
这里只测试盈利和倍数，不给合理价值
美元 · 每股 · 价格锚：2026-09-10（非实时）
灰色：本报告情景；蓝色：所示日期收盘价。条形从零起算，粗段表示区间；不是目标价或买卖信号。
Corning · 20260911研究观点 · 非投资建议
04 / 05 · 主要风险
客户集中与扩产义务可能削弱现金
Corning · 20260911研究观点 · 非投资建议
05 / 05 · 后续观察
核验交付、现金和下一季核心指引
Corning · 20260911研究观点 · 非投资建议
1 / 5
五项决策摘要
基本面
增长集中，核心口径和预收现金均须拆开
估值
当前价格需要高于基准情景的盈利来支撑
技术面
高于三条均线，但20日回报为负
筹码 / 持仓结构
权证每股成本与内幕卖出均已补核
催化剂 / 近期大事
Citi日期已过；区分远期规划与Q3指引
基本面
业务与竞争格局
康宁销售光纤、光缆、连接器及网络连接方案，为运营商网络和数据中心提供基础设施；玻璃基板面向显示面板厂，盖板材料面向消费电子，另有汽车、生命科学及太阳能材料制造。收入取决于客户建设/出货量、单机材料用量、产品组合和价格，固定制造资产使产能利用率影响利润弹性。[6]
更多依据与口径（3项）
光通信竞争者包括Amphenol、Fujikura/AFL、Sumitomo与Prysmian；显示玻璃主要面对AGC与Nippon Electric Glass。发行人将工艺、规模制造、供货可靠性和客户共同研发视为优势，但这些是公司自述，不等于竞争消失。[6]
客户绑定既支持扩产融资也带来集中风险：2025年光通信两家终端客户合占该分部销售28%，显示三家59%、特殊材料两家43%（均为未作固定汇率调整的分部销售，不是集团收入占比）。不能根据Meta、Amazon等新协议推断这些未具名客户是谁。[6]
需求路径应分当下Scale Out/数据中心互联与较远的Scale Up/NPO/CPO。9月9日行业会后报道把大规模Scale Up贡献放在2027年底—2028以后；对被动光器件的需求仍取决于加速器架构、客户建设与竞争替代，不能提前当当季收入。此处是二手行业报道，非本轮读取官方完整逐字稿。[23]
历史财务
| 期间 | 收入 | 营业利润 | 自由现金流 | 口径 / 备注 |
|---|---|---|---|---|
| FY2023（截至12-31） | GAAP 12.588十亿美元 | GAAP营业利润0.890十亿美元 | 机械经营现金流－资本开支0.615十亿美元（2.005－1.390），不是公司调整后 自由现金流 | [6] 2025年10-K三年比较；简单自由现金流不加入汇兑合同现金、不减全部融资租赁本金。 |
| FY2024（截至12-31） | GAAP 13.118十亿美元；核心口径 14.469十亿美元 | GAAP营业利润1.135十亿美元 | 机械经营现金流－资本开支0.974十亿美元（1.939－0.965） | [4][6] GAAP/核心口径汇率调整不同，不能把核心口径销售和GAAP利润混算毛利率。 |
| FY2025（截至12-31） | GAAP 15.629十亿美元；核心口径 16.408十亿美元 | GAAP营业利润2.279十亿美元；核心口径营业利润率19.3% | 机械经营现金流－资本开支1.413十亿美元（2.695－1.282）；公司调整后 自由现金流 1.717十亿美元 | [4][6] 1.413＋0.304汇兑合同等实现现金＝1.717；普通自由现金流与调整后 自由现金流须同时看。 |
过去四季 + 下一季公司指引
| 期间 | 收入 | 收入同比 | GAAP 毛利率 | 毛利率同比变化（百分点） | GAAP每股收益 | 调整后 每股收益 | 数据性质 |
|---|---|---|---|---|---|---|---|
| 2025Q3（截至2025-09-30） | GAAP 4.100十亿美元；核心口径 4.272十亿美元 [3] | GAAP+21%；核心口径+14% [3] | GAAP约37.07%，由1.520/4.100计算 [3] | 同口径重算+3.54个百分点 [3] | 稀释0.50美元 [3] | 核心口径 0.67美元 [3] | 事实 |
| 2025Q4（截至2025-12-31） | GAAP 4.215十亿美元；核心口径 4.412十亿美元 [4] | GAAP+20%；核心口径+14% [4] | GAAP35.5%；核心口径38.1% [4] | 以年报减前三季所得毛利重算+1.28个百分点 [3][6] | 稀释0.62美元 [4] | 核心口径 0.72美元 [4] | 事实 |
| 2026Q1（截至2026-03-31） | GAAP 4.144十亿美元；核心口径 4.345十亿美元 [2] | GAAP+20%；核心口径+18% [2] | GAAP36.9%；核心口径39.1% [2] | 同口径财务表重算+1.70个百分点 [7] | 稀释0.43美元 [2] | 核心口径 0.70美元 [2] | 事实 |
| 2026Q2（截至2026-06-30） | GAAP 4.505十亿美元；核心口径 4.738十亿美元 [1][5] | GAAP+17%；核心口径+17%，核心口径外汇方法已更改 [1][5] | GAAP36.1%；核心口径39.6% [1] | 同口径GAAP重算+0.09个百分点；公司核心口径+1.2个百分点，非同一概念 [5] | 稀释0.64美元 [1] | 核心口径 0.78美元 [1] | 事实 |
| 2026Q3公司指引（2026-07-28发布） | 核心口径 4.9—5.0十亿美元；未给GAAP收入范围 [1] | 核心口径预计约+16% [1] | 未提供GAAP数值；不推定39.6%延续 [1] | 未提供 [1] | 未提供：公司不能可靠预测未来外汇等调节 [1][5] | 核心口径 0.85—0.89美元；同比约+28% [1] | GUIDANCE |
财年等于日历年。所有历史GAAP每股收益为稀释每股收益；核心口径不是GAAP、也不是恒定不变的“真实利润”。[5][6]
更多依据与口径（5项）
重大可比性变化：自2026-04-01起，前瞻地以“hedged exposures”调整替代旧固定汇率调整，只对实际被对冲的敞口按对冲工具加权合同汇率调整，未对冲部分保留GAAP汇率；旧期核心口径未按新方法重述。公司称若旧期套新方法同比核心口径增长会更高，但未据此虚构新可比序列。[5]
2026Q1新设Glass Innovations合并原Display与Specialty Materials，并独立Solar；分部上期数字已按新结构重分类。分部结构重分类与Q2汇率方法变更是两件不同的事，不能说所有核心口径数据均已重述。[1][2][5]
2025年另曾把汽车玻璃与环保技术合为Automotive；本研究保留2025原Display观察值，同时用2026合并后的Glass Innovations描述现况，不误作同一分部同比。[4][6]
Q4毛利率同比通过2025年报全年毛利减2025Q3九个月毛利、并对2024做同样处理后计算；非公司原报同比。年度机械自由现金流为经营现金流减现金资本开支，不含公司汇兑合同现金调节，也不是扣除融资租赁本金后的完整股东现金。[3][6]
本轮2026-09-11对Q2/H1发行人原文和SEC报表重新核对；保留2023—2025历史及2025Q3—2026Q2四季，不把重抓取日期当财务期间。最新指引的发布日期仍为原始公告日期。[15][16]
经营质量与资本配置
本轮重新读取Q2完整10-Q、发行人业绩和Verizon官方公告；Q2/H1仍是已核财务基线。9月9日Citi会议日期已过，行业报道可确认会后讨论，但未取得可完整核验的官方逐字稿，不宣称新增季度指引。[15][16][17]
更多依据与口径（15项）
分部桥：Q2光通信销售2.072十亿美元、同比+32%，占核心口径集团销售约43.73%；企业网络收入+65%，分部净利润0.438十亿美元、同比+77%。Glass Innovations销售1.463十亿美元/+1%、净利润0.354十亿美元；汽车0.471十亿美元/+2%；Solar0.438十亿美元/+90%但净亏0.007十亿美元；生命科学与新增长业务0.294十亿美元/-15%、净亏0.021十亿美元。光通信是主引擎，不是全面繁荣。[1]
显示应单独看：2025年原Display分部销售3.697十亿美元、同比-5%，净利润0.993十亿美元/-1%；年报说明该分部核心口径销售受核心汇率改变影响，而GAAP显示产品销售同比增加0.238十亿美元。不能把核心口径分部下降全部判为面板需求下降；2026合并披露又降低了单独追踪显示需求的透明度。[4][6]
Q2 GAAP至核心口径桥：销售4.505→4.738十亿美元，0.233十亿美元差额为已对冲敞口调整；归母净利润0.559→0.680十亿美元。每股收益0.64→0.78，主要包括对冲敞口+0.18、剔除汇兑合同收益-0.08、税务调整-0.09、重组/减值等+0.07美元，另有并购、养老金和投资调节；各项每股数值经四舍五入后，加总可能存在尾差。[5]
Q2现金质量：GAAP 经营现金流1.717十亿美元，减资本开支0.422十亿美元为简单自由现金流1.295十亿美元；加入汇兑合同等已实现现金0.128十亿美元后公司调整后 自由现金流1.423十亿美元。经营现金流的客户预收与政府激励变动0.88十亿美元约占51.25%，若机械剔除此变动，简单自由现金流仅0.415十亿美元；这不是估计其永不再收，而是识别扩产融资与经常现金的不同。[5]
H1现金与杠杆：经营现金流2.079十亿美元、资本开支0.754十亿美元、简单自由现金流1.325十亿美元；公司调整后 自由现金流1.611十亿美元包含汇兑等和政府激励调节。6月底现金2.504十亿美元、短长债8.424十亿美元，简单净债5.92十亿美元；存货3.426十亿美元较年底3.077十亿美元增加，扩产会占用营运资金。[5]
客户集中和预付款：2025年光通信两家客户占28%、显示三家59%、特殊材料两家43%；年报客户定金约1.5十亿美元，多为不可退还、一般最长10年供货安排，不等于当年可确认收入。2025还提前收回应收账款约1.1十亿美元，应把融资性收款与现金创造区分。[6]
资本配置：H1权证融资收到0.5十亿美元、股权激励费用0.25十亿美元、股息支付0.495十亿美元，现金流表未列普通股公开回购支出；员工股票代扣税0.279十亿美元不是同等意义的股东回购。未来大客户需求可能缓解产能投资风险，但合作公告金额不等于无条件收入保障。[5]
公司调整后 自由现金流未扣投资现金流另列的对冲保费：2026Q2/H1分别0.063/0.102十亿美元，FY2025为0.122十亿美元。保费是额外现金成本；即使另列扣保费敏感性，仍不等于扣完融资租赁本金的所有者现金。[5][6]
完整10-Q补核客户融资：Q2有1.0十亿美元长约预付款，协议延至2029-12-31；减去向客户发行传统权证的授予日公允价值0.296十亿美元后，形成约0.7十亿美元净合同负债。0.296十亿美元将随相关销售冲减收入，不能把客户资本支持等同无成本永久利润。6月底合同负债约2.7十亿美元；这与Q2现金流表预收/激励净变动0.880十亿美元不是同一口径。[9]
权证条款：传统权证最多1500万股、行权价180美元；预付权证最多300万股、行权价0.0001美元，已收0.5十亿美元。二者原则上发行即可行权、期限最长三年并含提前终止条件；预付权证因名义行权价已视同流通计入每股收益股数，不能把全部1800万股再次机械加到现有稀释股数。传统权证按权益分类，不逐期重估公允价值，但并不消除股东经济成本。[9]
资本开支之外的承诺：H1新增太阳能设备融资租赁使用权资产/负债0.224十亿美元，相关48D投资抵免0.074十亿美元抵减资产；另有未开始租赁未折现0.348十亿美元，多数预期2026开始。不能把经营现金流减现金资本开支当已经覆盖所有未来建设及租赁义务。[9]
资本与利润分母：Q2 GAAP合并净利润0.609十亿美元、归属Corning净利润0.559十亿美元；875百万稀释加权股数对应每股收益0.64，不能拿合并净利润作归属股东每股收益分子。Q2 核心口径归属净利润0.680十亿美元，对应每股收益0.78；H1 经营现金流2.079除合并净利润1.017约2.04倍，不代表剔除客户预收后的经常现金转化。[16]
Springboard官网明列内部计划：2026年底20、2028年底30、2030年底40十亿美元年化销售运行率；high-confidence计划为2028年底27、2030年底35十亿美元。两层目标与全年实际收入不同，既不是GAAP年度收入指引，也不是2026/2027 每股收益共识。投入资本回报率高十几%的目标尚需完整税后营业利润与平均资本桥核验。[18]
Citi会后Converge Digest报道提到2030年NPO/CPO相关年收入10十亿美元规划、2027年底起扩展Scale Up。视作管理层长期规划的二手线索，不将其与Springboard运行率相加，也不挪进未来12个月每股收益；官方完整逐字稿/客户逐年兑现桥仍待补。[23]
公司Q2 核心口径 投入资本回报率为14.9%：核心口径营业利润0.989十亿美元，加联营亏损−0.003、减税0.182，得税后0.804；季度年化后除以权益13.127加债务8.424＝资本21.551十亿美元。该发行人口径用季度年化和列示期末资本，并非GAAP平均投入资本投入资本回报率；独立平均资本及增量回报桥仍缺。[5]
估值
估值方法
以本报告设定的核心每股收益和市盈率进行敏感性分析；不等于完整经营模型推导的合理价值，另列2026-09-11抓取的调整后共识与2026-09-10收盘交叉检验。
更多依据与口径（6项）
CONSENSUS：9月11日Yahoo直连完整网页显示2026/2027调整后每股收益均值3.28/4.35美元，分析师14/16位，低—高3.20—3.36/3.85—4.99；历史比较2.52与核心口径相符，不能叫GAAP。旧提取缓存及Barchart抓取出现不同期间/数值，未与主快照混拼；第二家同日口径一致的共识仍缺。[19]
锚点：FY2025 核心口径 每股收益2.52美元；Q2为0.78美元，Q3指引0.85—0.89美元，中点简单年化3.48美元只作运行速度参照，不是全年指引。Q2外汇方法改变使跨年核心口径增速不可完全同口径。[1][4][5]
作者对未来12个月核心口径 每股收益分别设2.40/3.20/4.00美元，结合AI光通信交付、显示现金稳定、太阳能爬坡和扩产成本；倍数20/26/32纯假设，未冒充同业实际交易倍数。
2.40/3.20/4.00是直接设定的核心口径 每股收益假设，尚无完整分部利润→税→稀释股数的经营测算过程。未来模型必须明确使用2026-04-01后对冲敞口方法；不把Q3中点年化或旧核心口径增长率替代经营预测。[5]
2026-09-11复核2.40/3.20/4.00 核心口径 每股收益及20/26/32倍假设不变。Verizon协议从2027年开始，未取得逐年交付/毛利/资本回报桥，不能机械推高未来12个月每股收益；Q2权证将冲减收入、对冲方法变更、太阳能租赁承诺都要求更严格的现金验证。[9][10]
2026-09-11复核：2.40/3.20/4.00作者每股收益并非强行等于新共识；保留20/26/32倍敏感性，尤其2030 NPO/CPO目标不能证明未来12个月每股收益4.00。若要升级成合理价值，需要收入→分部利润→税→股数及现金预测完整桥。[18][23]
| 情景 | 盈利/现金流输入 | 倍数/折现假设 | 价值输出 |
|---|---|---|---|
| 保守 | 核心口径 每股收益 2.40美元：AI订单推迟、显示客户压价，Solar及新产能费用压住利润，GAAP现金弱于核心口径叙事 | 20倍市盈率假设（本报告设定） | 48.00美元/股 |
| 基准 | 核心口径 每股收益 3.20美元：光通信交付延续、显示趋稳，Solar渐进改善；低于Q3中点直接年化3.48 | 26倍市盈率假设（本报告设定） | 83.20美元/股 |
| 积极 | 核心口径 每股收益 4.00美元：长期客户扩产计划转真实交付、利用率及产品组合提高，Solar爬坡兑现 | 32倍市盈率假设（本报告设定） | 128.00美元/股 |
公式每股收益×市盈率，由工具计算；并非目标价、共识或股票价格底部。
更多依据与口径（3项）
核心口径 每股收益须与GAAP利润率、定金剔除前后自由现金流及股权激励费用对照，不能因为核心口径增长就忽略收入汇率和制造资本密集度。
2025简单自由现金流1.413十亿美元明显小于公司调整后 自由现金流1.717十亿美元；2026Q2又受预收款推动，故对高倍数盈利情景必须要求可持续现金证据。[5][6]
公司调整后 自由现金流不是完整对冲后可分配现金，未扣另列投资现金流的对冲保费；不把非GAAP现金指标直接当股东全部可得现金。[5][6]
当前价格需要怎样的盈利
9月10日163.12美元对应作者基准核心口径 每股收益3.20的50.98倍，按32倍要求每股收益5.10美元。对应Yahoo调整后2026/2027均值3.28/4.35为49.73/37.50倍；该均值不是GAAP或确定实现的利润，也不自动给出安全边际。[24][19]
技术面
2026-09-10收盘163.12美元；日线样本251个交易日。高于20日均线154.75；高于50日均线160.55；高于200日均线145.07。均线只描述历史，不决定内在价值。[24]
更多依据与口径（5项）
最近20个交易日观察区间139.25—176.94美元；60个交易日114.50—271.78美元。不是保证支撑或估值底线。[24]
20个交易日原始收盘变化-2.58%；末日成交量/此前20日均量0.60倍；未调整股息再投资，不由成交量识别买卖方身份。[24]
历史比较锚：2026-09-08收盘165.96美元仅作旧日观察，当前结论使用9月10日行情。[14][24]
尚缺数据：公司行动完整交叉核验、逐笔成交量加权均价（VWAP）、相对行业强弱、实时机构成本与期权定位；不由日线推造。
行情价格：163.12 美元 · GLW · 行情日期 2026-09-10 · 直接行情来源
| 20日简单移动平均线 | 50日简单移动平均线 | 200日简单移动平均线 | 20日低 / 高 | 60日低 / 高 | 20日回报（%） | 20日量比 |
|---|---|---|---|---|---|---|
| 154.746 | 160.5526 | 145.0671 | 139.25 / 176.94 | 114.5 / 271.78 | -2.58 | 0.5998 |
计算口径：Yahoo 日线原始 close；均线为简单均线；未按股息再投资调整；窗口高低为观察区间，不是内在价值或保证有效支撑。量比=末日成交量/此前20个交易日均量。
更多依据与口径（2项）
样本交易日：251
行情证据文件：/mnt/q/private/stock_site/data/batches/20260911/market/GLW-raw.json
筹码 / 持仓结构
Q2稀释加权股数8.75亿股、上年8.65亿股，同比+1.16%；H1股权激励费用（SBC）0.25十亿美元对比0.117十亿美元。H1权证现金融资0.5十亿美元可支持扩产；本次10-Q已补核行权价、股数与收入冲减，详见经营质量段，尚缺完整合同附件审查。[5][9]
催化剂 / 近期大事
| 时间 / 确认状态 | 事件 | 事件性质 | 观察 / 论点影响 |
|---|---|---|---|
| 2026-07-28发布；下一报告期2026Q3，具体业绩发布日期未核验 | 2026Q3 核心口径（Core）业绩指引 | 公司指引 | 核心口径（Core）销售4.9—5.0十亿美元、每股收益（EPS）0.85—0.89美元；同时观察GAAP毛利、客户预收与资本开支（CapEx）。[1][5] |
| 2026Q2停机升级完成；2026Q3改善待验证 | 太阳能维护升级完成后的盈利改善 | 公司指引 | Solar Q2销售0.438十亿美元但净亏0.007十亿美元，下一季能否盈利改善而非仅销售增速。[1] |
| 分别于2026年6月与5月公告，Q2业绩确认 | Amazon及NVIDIA长期客户合作支持扩产 | 已发生 | 客户协议转订单和交付、资本开支（CapEx）/产能利用率及融资结构；不是把多年协议一次记收入。[1] |
| 2026-09-09 08:10 ET | Citi 2026 Global TMT会议 | 会议日期已过；行业报道已读取 | 会后报道讨论NPO/CPO远期机会，未取得官方完整逐字稿；Q3仍以7月28日已核区间为基线，不能把远期目标当本季新增指引。[23][15] |
| 2026-09-08公告；2027—2032供货期 | Verizon多年、多十亿美元光纤与连接方案供应协议 | 协议已公告 / 未来交付 | 超过8000万英里；核验资本开支（CapEx）、取消条款和收入确认，不等同无条件当期营收。[10][13] |
| 2026-09-29支付；2026-08-31登记 | 已宣告季度股息 | 公司宣告 / 尚未支付 | 每股0.28美元；关注扩产及融资后的现金覆盖，不以股息替代盈利验证。[12] |
| 9月11日官网复核；目标期2026/2028/2030年底 | Springboard内部计划与高信心计划分列 | 公司长期计划，非已实现财报 | 20/30/40与27/35十亿美元年化运行率分别标注；核验新产能资本回报而非只看销售终点。[18] |
下行情景详解
已有基准
光通信增长与Verizon未来供货可见度是真实支持；GAAP/核心口径（Core）外汇方法不同、Q2预收/激励占经营现金流（OCF）约51.25%、权证收入抵减0.296十亿美元与太阳能租赁承诺构成反证。不能以2030远期计划填平当前估值和现金缺口。[5][16][17]
可观察触发条件：区分公司指引与研究预警
作者警戒线：光通信同比增长降至<15%且新产能利用率/交付未达预期；并非公司给出的正式门槛。
更多依据与口径（4项）
作者警戒线：Q3 核心口径（Core）销售低于4.9十亿美元或每股收益（EPS）低于0.85美元的公司区间下限，Solar继续亏损且无可验证恢复路径。[1]
作者警戒线：连续两季剔除客户预收/政府激励后的经营现金流（OCF）减资本开支（CapEx）≤0；或显示大客户降价/减量、存货继续快于交付增长。
核心口径（Core）利润持续增长但GAAP利润率、预付款之外的现金与股数明显恶化，撤销高质量复利判断。
新Verizon订单若延迟、取消或要求更高扩产支出，且现金预收不能覆盖交付/融资成本，撤销“长约自动提高合理倍数”的论证；当前条款不足以量化概率。[10]
经营 → 盈利 / 现金 → 估值传导
AI数据中心延期或大客户集中压价→光纤/连接器订单及显示玻璃价格受压→高固定成本工厂利用率下降→利润和GAAP现金缩水。
更多依据与口径（2项）
客户定金提前到位而交付/建设义务仍在→后续新增收款减弱、营运资金和资本开支（CapEx）消耗现金→追加债务/股权融资→每股收益（EPS）与倍数同时承压。
汇率对冲敞口、核心口径（Core）方法变更、太阳能爬坡成本及激励不确定性→核心口径（Core）/GAAP差距扩大→高倍数定价需要下修。
假设敏感性：不是价格底部
作者压力测试：基准核心口径（Core） 每股收益（EPS）3.20美元下调25%至2.40美元、市盈率（P/E）由26压到20倍，机械价值从83.20降至48.00美元/股，下降42.31%。另以Q2实际数作现金敏感性：1.717十亿美元经营现金流（OCF）减0.88十亿美元客户预收/激励，再减0.422十亿美元资本开支（CapEx）＝0.415十亿美元，不等于公司指引，也不代表所有预收不可持续。
下次披露如何确认 / 推翻
下一份10-Q/业绩附表核验光通信订单兑现、Glass Innovations中显示/特殊材料细项、Solar盈利、客户定金、资本开支（CapEx）、权证/股权激励费用（SBC）和外汇调节。只有稳定交付与预付款之外现金转化同时改善才提高估值置信度。 对Springboard只跟踪同一时点年化运行率目标；不要把high-confidence与internal plan混写或把二手Citi摘要当更新的Q3指引。
论点监控
| 监控指标 | 升级条件 | 失效信号 | 复核频率 | 直接来源 |
|---|---|---|---|---|
| 光通信销售/企业网络及分部净利润 | 增长保持且交付、利用率支持利润，不只靠长约标题 | 作者阈值：收入增速<15%并出现订单/产能错配 | 每季财报；重大交易随公告更新 | [1] |
| Q3 核心口径（Core）销售与每股收益（EPS）兑现 | 销售≥4.9十亿美元且每股收益（EPS）≥0.85美元，并有GAAP/现金支持 | 低于公司区间下限或降低后续展望 | 每季财报；重大交易随公告更新 | [1] |
| 客户预收及资本开支（CapEx）后的现金 | 剔除预收/激励后仍持续正现金，建设支出与交付匹配 | 作者阈值：连续两季该现金≤0或需新融资填补 | 每季财报；重大交易随公告更新 | [5] |
| 显示和客户集中 | 订单稳定、价格与回款透明，定金与交付匹配 | 大客户减量/压价；仅用Glass Innovations合并数遮蔽显示恶化 | 每季财报；重大交易随公告更新 | [1][6] |
| Solar与每股经济性 | Solar盈利改善且股权激励费用（SBC）/股数增速受控 | Solar持续亏损、权证与奖励稀释抵消经营增长 | 每季财报；重大交易随公告更新 | [1][5] |
| Verizon兑现及客户权证会计 | 2027起交付与利润/现金有可核验桥，相关权证收入抵减透明 | 交付推迟、新增融资、毛利或每股现金不足以覆盖扩产 | 重大公告及每季 | [9][10] |
| 核心口径（Core）外汇方法与长期运行率 | 按新对冲敞口方法披露，可核验收入/利润/现金桥 | 未重述旧期却称完全可比，或远期收入领先而每股现金恶化 | 每季；Springboard更新时 | [16][18][23] |
投资框架判断
框架判断，不代表投资大师本人观点。
更多依据与口径（4项）
巴菲特框架判断（非本人观点）：材料工艺、客户联合设计与可靠供货支持优势，但固定资产、显示客户集中及核心口径（Core）/GAAP差异削弱纯轻资产复利想象；现价超过作者积极机械情景，尚无足够安全边际证据，分类Pass/观察。[5][6]
芒格框架判断（非本人观点）：逆向失败是把AI需求外推为无风险扩产，把定金和政府激励当作可年年复制的利润现金。最强反证是太阳能高增长仍亏损，以及Q2预收驱动的现金结构。[1][5]
段永平框架判断（非本人观点）：先看客户为何持续付钱，再看扩产每股回报，最后看价格。已得最新收盘但仍缺客户长约约束与利润兑现桥，不能凭Springboard终点销售做集中买入推论，分类Pass/观察。[1][6]
2026-09-11交叉复核：按巴菲特框架，客户长期需求与工艺优势受扩产现金成本制约；按芒格框架，最易误判的是将两层运行率与NPO/CPO规划叠加；按段永平框架，新增共识没有替代经营现金估值桥。共同Pass/观察，并非大师本人观点。[16][18][19]
缺失数据与影响
2026长约最低采购、取消条款、价格机制与逐年利润/现金桥仍缺；公开协议不等于无条件保证收入。[17]
更多依据与口径（5项）
最新完整Q2 SEC已重新直连读取；旧2025年报镜像来源仍按原路径保留，未伪称本轮重新获取审计原件。[6][16]
Glass Innovations中独立显示利润/销量、维持性/扩产资本开支（CapEx）、独立GAAP平均投入资本投入资本回报率（ROIC）与增量回报桥仍缺；公司核心口径（Core） 投入资本回报率（ROIC）及其列示分母已可核验；租赁本金与对冲保费未被简单自由现金流（FCF）自动覆盖。[16]
FY2026/2027调整后每股收益（EPS）共识及样本/范围已补；仍缺独立同日交叉来源，缓存摘录不与直连主快照混拼。[19]
已读取两份抽样Form 4，完整13F、所有内幕净交易、空头/期权仍缺。[21][22]
Citi官方完整逐字稿未获取，Seeking Alpha返回账户导航、GuruFocus 403；行业会后报道不是官方完整讲话。Q3确切财报日期仍待发行人确认。[23]
紧凑证据索引
[1] Corning 2026年第二季度业绩
发布日期：2026-07-28
证据文件：/mnt/q/private/stock_site/data/batches/20260908/009_Corning/source_01.txt
CORNING, N.Y.--(BUSINESS WIRE)-- [Corning Incorporated](https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.corning.com%2Fworldwide%2Fen.html&esheet=54578093&newsitemid=20260727590976&lan=en-US&anchor=Corning+Incorporated&index=1&md5=de0916baff901902ad1b05eb8dfe0b5d) (NYSE: GLW) today announced its second-quarter 2026 results and provided its outlook for third-quarter 2026.
[2] Corning 2026年第一季度业绩
发布日期：2026-04-28
证据文件：/mnt/q/private/stock_site/data/batches/20260908/009_Corning/source_02.txt
CORNING, N.Y.--(BUSINESS WIRE)-- [Corning Incorporated](https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.corning.com%2Fworldwide%2Fen.html&esheet=54524064&newsitemid=20260427020032&lan=en-US&anchor=Corning+Incorporated&index=1&md5=9ba323f855e1697abd4fd2c63c481135) (NYSE: GLW) today announced its first-quarter 2026 results and provided its outlook for second-quarter 2026.
[3] Corning 2025年第三季度业绩及附表
发布日期：2025-10-28
证据文件：/mnt/q/private/stock_site/data/batches/20260908/009_Corning/source_03.txt
Optical Communications’ Enterprise sales grew 58% year over year in the third quarter, driven by the
[4] Corning 2025年第四季度及全年业绩
发布日期：2026-01-28
证据文件：/mnt/q/private/stock_site/data/batches/20260908/009_Corning/source_04.txt
CORNING, N.Y.--(BUSINESS WIRE)-- [Corning Incorporated](https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.corning.com%2Fworldwide%2Fen.html&esheet=54406065&newsitemid=20260127020453&lan=en-US&anchor=Corning+Incorporated&index=1&md5=f45711959bb3c20040cdf818fc9ded2e) (NYSE: GLW) today announced its fourth-quarter and full-year 2025 results and provided its outlook for first-quarter 2026.
[5] Corning 2026年第二季度财务表及非GAAP调节
发布日期：2026-07-28
证据文件：/mnt/q/private/stock_site/data/batches/20260908/009_Corning/source_08.txt
Effective April 1, 2026, we prospectively replaced constant-currency reporting with a new non-GAAP adjustment, which we refer to
[6] Corning 2025年10-K完整镜像（SEC文件编号0000024741-26-000124）
发布日期：2026-02-12
证据文件：/mnt/q/private/stock_site/data/batches/20260908/009_Corning/source_10.txt
Operating income | 2,279 | 1,135 | 890
[7] Corning 2026年第一季度财务表
发布日期：2026-04-28
证据文件：/mnt/q/private/stock_site/data/batches/20260908/009_Corning/source_11.txt
In managing the Company and assessing our financial performance, we adjust certain measures included in our consolidated financial
[9] Corning 2026Q2完整SEC 10-Q
发布日期：2026-07-29
证据文件：/mnt/q/private/stock_site/data/batches/20260909/evidence/009_Corning/q2_10q_secfull.txt
Issuance of Warrants On May 6, 2026, in connection with the long-term partnership with a customer to strengthen U.S. manufacturing for AI infrastructure, the Company entered into a securities purchase agreement (the “Purchase Agreement”) under which the Company issued and sold (i) a warrant (the “Traditional Warrant”) to purchase up to 15 million shares of common stock of the Company at an exercise price of $ 180.00 per share, and (ii) a pre-funded warrant (the “Pre-Funded Warrant” and, together with the Traditional Warrant, the “Warrants”) to purchase up to 3 million shares of common stock at an exercise price of $ 0.0001 per share. The Warrants are equity-classified awards and are exercisable at any time on or after the issuance date. The Traditional Warrant will expire on the earliest to occur of (a) the third anniversary of the issuance date, (b) the termination of the definitive agreement governing the long-term partnership, subject to certain exceptions, and (c) the consummation of a fundamental transaction by the Company. The Pre-Funded Warrant will expire on the earlier to occur of (x) the third anniversary of the issuance date and (y) the consummation of a fundamental transaction by the Company . The Traditional Warrant was issued without separate consideration and does not convey rights to a distinct good or service. Accordingly, it was accounted for as consideration payable to a customer and, as an equity-classified award, was measured at its grant-date fair value of $ 296 million and recorded within additional paid-in capital on the consolidated balance sheets. Refer to Note 2 (Revenue) for additional information. Because the Traditional Warrant is equity-classified, it is not subsequently remeasured to fair value after issuance. The grant-date fair value of the Traditional Warrant of $ 296 million was estimated using a binomial lattice valuation model and Level 3 inputs that incorporated path-dependent features, including potential early exercise and contractual restrictions such as lock-up provisions. Significant assumptions included expected volatility, expected term, risk-free rate and dividend yield. Expected volatility was based on the Company’s historical stock price volatility and, due to its subjective nature, is inherently uncertain. Changes in these assumptions, particularly expected volatility, could have materially affected the estimated grant-date fair value of the Traditional Warrant. The Pre-Funded Warrant was issued for cash consideration of $ 500 million, which approximated its fair value at issuance, and recorded within additional paid-in capital on the consolidated balance sheets. In addition, as a result of the nominal exercise price, the underlying common shares are considered outstanding for purposes of calculating earnings per common share. 16 Table of Contents
[10] Verizon客户公告：与Corning多年光纤协议
发布日期：2026-09-08
证据文件：/mnt/q/private/stock_site/data/batches/20260909/evidence/009_Corning/verizon_customer.txt
Verizon and Corning have reached a multi-billion dollar supply agreement through 2032 for over 80 million miles of high-density optical fiber to meet surging demand. The fiber will accelerate Verizonâs broadband expansion for homes and businesses, and help build the long-haul connectivity backbone of the AI economy. NEW YORK âTo meet surging demand for consumer broadband and converged services alongside emerging AI needs, Verizon and Corning have reached a multi-billion dollar agreement for 80+ million miles of high-density optical fiber and connectivity solutions from 2027 to 2032. The multi-use fiber deployment will accelerate broadband expansion for homes and businesses while building the national long-haul backbone required by AI hyperscalers. âSecuring this volume of fiber allows us to continue building the network of the future at an unprecedented scale,â said Kyle Malady, CEO of Verizon Business. âWe are deploying a single, converged architecture that unites mobile connectivity and broadband into one seamless experience for millions of families and businesses, while simultaneously building the high-capacity, low-latency backbone AI hyperscalers demand. With Corning as our partner, we are securing the physical foundation of Americaâs AI economy.â
[11] Corning 9月9日Citi会议SEC 8-K
发布日期：2026-09-04
证据文件：/mnt/q/private/stock_site/data/batches/20260909/evidence/009_Corning/citi_8k_full.txt
As previously disclosed, on September 9, 2026, Edward A. Schlesinger, Executive Vice President and Chief Financial Officer of Corning Incorporated (the “Company”), will be speaking at the Citi 2026 Global TMT Conference, starting at 8:10 AM (ET) and expects to discuss, among other topics, the Company’s recent business performance, progress on its Springboard plan, market trends and demand drivers across its businesses. A live audio webcast of the presentation will be available on investor.corning.com under Events & Presentations. A replay and transcript of the webcast will be available for 12 months following the presentation.
[12] Corning季度股息声明
发布日期：2026-06-24
证据文件：/mnt/q/private/stock_site/data/batches/20260909/evidence/009_Corning/refresh_06.txt
The dividend will be payable on September 29, 2026, to shareholders of record on August 31, 2026.
[13] Reuters转载：Verizon-Corning协议（Duke FM）
发布日期：2026-09-08
证据文件：/mnt/q/private/stock_site/data/batches/20260909/evidence/009_Corning/refresh_12.txt
The multi-billion-dollar deal builds on the three-decade partnership between the two companies. Its â financial terms â were not disclosed. As part of the agreement, Corning will supply more âthan 80 million miles of high-density optical fiber and connectivity â solutions between 2027 and 2032.
[14] GLW Yahoo原始日线：2026-09-08完整交易日
发布日期：2026-09-08行情；2026-09-09抓取
证据文件：/mnt/q/private/stock_site/data/batches/20260909/market/GLW-raw.json
"regularMarketPrice":165.96
[15] Corning Q2业绩重新抓取
发布日期：2026-07-28
证据文件：/mnt/q/private/stock_site/data/batches/20260911/evidence/009_Corning/fetch_10.txt
CORNING, N.Y.--(BUSINESS WIRE)-- [Corning Incorporated](https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.corning.com%2Fworldwide%2Fen.html&esheet=54578093&newsitemid=20260727590976&lan=en-US&anchor=Corning+Incorporated&index=1&md5=de0916baff901902ad1b05eb8dfe0b5d) (NYSE: GLW) today announced its second-quarter 2026 results and provided its outlook for third-quarter 2026. **News Summary:** - **Year over year, Q2 core sales grew 17% to $4.74 billion. Core EPS grew 30% to $0.78.** - Optical Communications grew sales 32% to $2.07 billion, including a 65% increase in Enterprise Networks, with Gen AI product sales growing significantly faster. - Solar grew sales 90% and completed an extended maintenance shutdown and equipment upgrade at Corning’s solar wafer facility. Management expects profitability to improve in Q3. - **Results demonstrate progress on upgraded Springboard Plan outlined at May 2026 investor day.** - The company’s internal Springboard Plan is to grow sales to 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. - Corning is entering a new phase of accelerating growth. The company expects to deliver a sales CAGR of 19% from Q4 2026 to Q4 2030 – while growing earnings faster than sales, with significantly higher returns on invested capital and substantially more free cash flow. - **Deep customer partnerships support Springboard growth opportunity. In Q2:** - Amazon [announced](https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.corning.com%2Fworldwide%2Fen%2Fabout-us%2Fnews-events%2Fnews-releases%2F2026%2F06%2Famazon-announces-agreement-with-corning-to-boost-us-fiber-optics-manufacturing-creating-1000-advanced-manufacturing-jobs-in-north-carolina.html&esheet=54578093&newsitemid=20260727590976&lan=en-US&anchor=announced&index=2&md5=b907355f03fca5613313c7107be6db71) a multiyear, multibillion-dollar agreement under which Corning will supply the optical fiber, cable, and connectivity solutions that power Amazon's expanding data center infrastructure across the United States. - NVIDIA and Corning [announced](https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.corning.com%2Fworldwide%2Fen%2Fabout-us%2Fnews-events%2Fnews-releases%2F2026%2F05%2Fnvidia-and-corning-announce-long-term-partnership-to-strengthen-us-manufacturing-for-ai-infrastructure.html&esheet=54578093&newsitemid=20260727590976&lan=en-US&anchor=announced&index=3&md5=7a5cf51e2fc30d083151a6bf895b9e41) a long-term partnership in which Corning will expand its U.S.-based optical connectivity manufacturing capacity by 10x and expand its U.S. fiber production capacity by more than 50% to meet the accelerating demand driven by AI factory buildouts. - **In the third quarter, management expects core sales to grow approximately 16% year over year to a range of $4.9 billion to $5 billion and core EPS to grow approximately 28% year over year to a range of $0.85 to $0.89.** | *(1) Second-quarter GAAP results: Sales were $4.51 billion, gross margin was 36.1%, operating margin was 15.5%, EPS was $0.64, and operating cash flow was $1.72 billion.* | |---| **Wendell P. Weeks, chairman, chief executive officer, and president, said,** “In the second quarter, we delivered outstanding results, and we upgraded our Springboard Plan to grow sales to 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. We’re entering a new phase of accelerating growth, and we expect to deliver a sales CAGR of 19% from Q4 2026 to Q4 2030 – while growing earnings faster than sales, with significantly higher returns on invested capital and substantially more free cash flow.” **Weeks continued,** “We continue to deepen our long-term customer partnerships with industry leaders, most recently with Amazon and NVIDIA. These partnerships provide strong proof points supporting our exciting Springboard Plan.” **Ed Schlesinger, executive vice president and chief financial officer, said**, “In the second quarter, we delivered our ninth consecutive quarter of year-over-year growth and continued to enhance our financial profile. We grew core sales 17% to $4.74 billion and core EPS 30% to $0.78. We expanded core gross margin 120 basis points to 39.6% and core operating margin 190 basis points to 20.9%. We also grew core ROIC 180 basis points to 14.9% and delivered strong adjusted free cash flow of $1.42 billion.” **Schlesinger continued,** “In the third quarter, we expect core sales to grow approximately 16% year over year to a range of $4.9 billion to $5 billion and core EPS to grow about 28% year over year to a range of $0.85 to $0.89. We also expect an improving impact on earnings from Solar starting in Q3 as our ramp continues, building toward a revenue stream of more than $3 billion with strong profit and cash flow. Overall, we are off to a great start on our upgraded Springboard plan to capture a new phase of accelerating growth.” **Second-Quarter 2026 Financial Highlights:** - GAAP sales were $4.51 billion, up 17% year over year. Core sales were $4.74 billion, up 17% year over year. - GAAP EPS was $0.64, up 19% year over year. Core EPS was $0.78, up 30% year over year. The difference between GAAP and core EPS principally reflects adjustments for hedged exposures, along with largely non-cash discrete tax items and restructuring and impairment charges. A complete quantitative reconciliation of these and other reconciling items appears in the tables accompanying this release. - GAAP gross margin was 36.1%. Core gross margin expanded 120 basis points to 39.6%. - GAAP operating margin was 15.5%. Core operating margin expanded 190 basis points to 20.9%. - GAAP operating cash flow was $1.72 billion, and adjusted free cash flow was $1.42 billion. **Third-Quarter 2026 Outlook:** - In the third quarter, management expects core sales to grow approximately 16% year over year to a range of $4.9 billion to $5 billion and core EPS to grow approximately 28% year over year to a range of $0.85 to $0.89. **Second-Quarter 2026 Results and Comparisons ****(In millions, except per-share amounts)** | **Results (GAAP)** | | | | | | | | | | |---|---|---|---|---|---|---|---|---|---| | | **Q2 2026** | | **Q1 2026** | | **Q2 2025** | | **Q/Q** | | **Y/Y** | | Net Sales | $4,505 | | $4,144 | | $3,862 | | 9% | | 17% | | Net Income(1) | $559 | | $371 | | $469 | | 51% | | 19% | | Diluted EPS | $0.64 | | $0.43 | | $0.54 | | 49% | | 19% | | *(1)* | | *Represents GAAP net income attributable to Corning Incorporated.* | |---|---|---| | **Core Results (Non-GAAP)(1)** | | | | | | | | | | |---|---|---|---|---|---|---|---|---|---| | | **Q2 2026** | | **Q1 2026** | | **Q2 2025** | | **Q/Q** | | **Y/Y** | | Core Sales | $4,738 | | $4,345 | | $4,045 | | 9% | | 17% | | Core Net Income | $680 | | $612 | | $523 | | 11% | | 30% | | Core EPS | $0.78 | | $0.70 | | $0.60 | | 11% | | 30% | | *(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.* | |---|---|---| **Second-Quarter 2026 Segment Results ****(In millions) ***The second-quarter results below are prepared on a basis consistent with Corning’s segment reporting as presented in the company’s consolidated financial statements.* Effective in the first quarter of 2026, Corning revised its segment reporting structure to align with its current operating and management structure. As a result, the company created a Glass Innovations segment, combining its former Display and Specialty Materials segments. Corning also created a Solar segment, which includes Hemlock Semiconductor Group and the company’s solar wafer and module manufacturing businesses. Optical Communications and Automotive remain unchanged. All other results will be grouped as Life Sciences and Emerging Growth Businesses. Prior-period results have been recast to conform to the current presentation. | **Optical Communications** | | | | | | | | | | |---|---|---|---|---|---|---|---|---|---| | | **Q2 2026** | | **Q1 2026** | | **Q2 2025** | | **Q/Q** | | **Y/Y** | | Net Sales | $2,072 | | $1,846 | | $1,566 | | 12% | | 32% | | Net Income | $438 | | $387 | | $247 | | 13% | | 77% | | **Glass Innovations** | | | | | | | | | | |---|---|---|---|---|---|---|---|---|---| | | **Q2 2026** | | **Q1 2026** | | **Q2 2025** | | **Q/Q** | | **Y/Y** | | Net Sales | $1,463 | | $1,420 | | $1,443 | | 3% | | 1% | | Net Income | $354 | | $324 | | $324 | | 9% | | 9% | | **Automotive** | | | | | | | | | | |---|---|---|---|---|---|---|---|---|---| | | **Q2 2026** | | **Q1 2026** | | **Q2 2025** | | **Q/Q** | | **Y/Y** | | Net Sales | $471 | | $437 | | $460 | | 8% | | 2% | | Net Income | $82 | | $70 | | $79 | | 17% | | 4% | | **Solar** | | | | | | | | | | |---|---|---|---|---|---|---|---|---|---| | | **Q2 2026** | | **Q1 2026** | | **Q2 2025** | | **Q/Q** | | **Y/Y** | | Net Sales | $438 | | $370 | | $231 | | 18% | | 90% | | Net (Loss) Income | ($7) | | $7 | | $2 | | * | | * | | **Life Sciences and Emerging Growth Businesses** | | | | | | | | | | | |---|---|---|---|---|---|---|---|---|---|---| | | | **Q2 2026** | | **Q1 2026** | | **Q2 2025** | | **Q/Q** | | **Y/Y** | | Net Sales | | $294 | | $272 | | $345 | | 8% | | (15%) | | Net (Loss) Income | | ($21) | | ($24) | | $6 | | 13% | | * | | * Not meaningful | |---| **Upcoming Investor Events **On Sept. 9, Corning Incorporated will attend the Citi 2026 Global TMT Conference in New York. In addition, the company will schedule management visits to investor offices in select cities. Visit the company’s [I](https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestor.corning.com%2Finvestor-relations%2Fdefault.aspx&esheet=54578093&newsitemid=20260727590976&lan=en-US&anchor=I&index=4&md5=07638e8717a56e21e4f633dfe74f78ea)[nvestor Relations website](https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestor.corning.com%2Finvestor-relations%2Fdefault.aspx&esheet=54578093&newsitemid=20260727590976&lan=en-US&anchor=nvestor+Relations+website&index=5&md5=3358e4ac5ed9a0e78673c0cde1028694) for up-to-date information. **Second-Quarter Conference Call Information **The company will host its second-quarter conference call on Tuesday, July 28, at 8:30 a.m. ET. To participate, individuals may [preregister here](https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fregister-conf.media-server.com%2Fregister%2FBI582025355b5a4033b8dc582155337e2b&esheet=54578093&newsitemid=20260727590976&lan=en-US&anchor=preregister+here&index=6&md5=35fc185c72f7caa8a908df60ce650c3d) 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](https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestor.corning.com%2Fnews-and-events%2Fevents-and-presentations%2Fdefault.aspx&esheet=54578093&newsitemid=20260727590976&lan=en-US&anchor=Investor+Relations+events+page&index=7&md5=759e2ef56bb0d420b7cda8db8a8e93b7) 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, projected financial and operating performance, anticipated sales opportunities, long-term growth strategy, expected capital deployment, innovation and commercialization plans, and anticipated impacts of customer agreements. 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 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, Mexican peso, Chinese yuan, South Korean won, euro and New Taiwan dollar), 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
[16] Corning Q2完整SEC 10-Q重新抓取
发布日期：2026-07-29
证据文件：/mnt/q/private/stock_site/data/batches/20260911/evidence/009_Corning/direct_11.txt
Consolidated Statements of Income 3 Consolidated Statements of Comprehensive Income 4 Consolidated Balance Sheets 5 Consolidated Statements of Cash Flows 6 Consolidated Statements of Changes in Shareholders’ Equity 7 Notes to Consolidated Financial Statements 8 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3. Quantitative and Qualitative Disclosures About Market Risk 43 Item 4. Controls and Procedures 43 PART II – OTHER INFORMATION Item 1. Legal Proceedings 44 Item 1A. Risk Factors 44 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 5. Other Information 44 Item 6. Exhibits 45 Signatures 46 2 Table of Contents Consolidated Statements of Income Corning Incorporated and Subsidiary Companies (Unaudited; in millions, except per share amounts) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Net sales $ 4,505 $ 3,862 $ 8,649 $ 7,314 Cost of sales 2,877 2,470 5,493 4,708 Gross margin 1,628 1,392 3,156 2,606 Operating expenses: Selling, general and administrative expenses 608 515 1,196 986 Research, development and engineering expenses 299 276 577 546 Amortization of purchased intangibles 23 28 46 56 Operating income 698 573 1,337 1,018 Interest income 12 5 21 17 Interest expense ( 94 ) ( 83 ) ( 186 ) ( 165 ) Translated earnings contract gain, net (Note 9) 90 131 74 30 Other expense, net ( 57 ) ( 42 ) ( 68 ) ( 76 ) Income before income taxes 649 584 1,178 824 Provision for income taxes (Note 11) ( 40 ) ( 84 ) ( 161 ) ( 139 ) Net income 609 500 1,017 685 Net income attributable to non-controlling interest ( 50 ) ( 31 ) ( 87 ) ( 59 ) Net income attributable to Corning Incorporated $ 559 $ 469 $ 930 $ 626 Earnings per common share available to common shareholders: Basic (Note 13) $ 0.65 $ 0.55 $ 1.08 $ 0.73 Diluted (Note 13) $ 0.64 $ 0.54 $ 1.06 $ 0.72 The accompanying notes are an integral part of these consolidated financial statements. 3 Table of Contents Consolidated Statements of Comprehensive Income Corning Incorporated and Subsidiary Companies (Unaudited; in millions) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Net income $ 609 $ 500 $ 1,017 $ 685 Foreign currency translation adjustments and other (Note 12) ( 14 ) 391 ( 185 ) 552 Unamortized losses and prior service costs for postretirement benefit plans ( 26 ) ( 11 ) ( 30 ) ( 16 ) Realized and unrealized gains (losses) on derivatives 10 46 ( 1 ) 73 Other comprehensive (loss) income, net of tax ( 30 ) 426 ( 216 ) 609 Comprehensive income 579 926 801 1,294 Comprehensive income attributable to non-controlling interest ( 50 ) ( 31 ) ( 87 ) ( 59 ) Comprehensive income attributable to Corning Incorporated $ 529 $ 895 $ 714 $ 1,235 The accompanying notes are an integral part of these consolidated financial statements. 4 Table of Contents Consolidated Balance Sheets Corning Incorporated and Subsidiary Companies (Unaudited; in millions, except share and per share amounts) June 30, 2026 December 31, 2025 Assets Current assets: Cash and cash equivalents $ 2,504 $ 1,526 Trade accounts receivable, net of doubtful accounts - $ 29 and $ 27 2,932 2,779 Inventories (Note 3) 3,426 3,077 Other current assets (Note 5) 2,055 1,554 Total current assets 10,917 8,936 Property, plant and equipment, net of accumulated depreciation - $ 15,460 and $ 15,229 14,927 14,825 Goodwill 2,476 2,489 Other intangible assets, net 610 657 Deferred income taxes (Note 11) 1,610 1,515 Other assets (Note 5) 2,416 2,554 Total Assets $ 32,956 $ 30,976 Liabilities and Equity Current liabilities: Current portion of long-term debt and short-term borrowings (Note 6) $ 668 $ 804 Accounts payable 2,361 1,979 Other accrued liabilities (Notes 5 and 8) 2,992 2,845 Total current liabilities 6,021 5,628 Long-term debt (Note 6) 7,756 7,630 Postretirement benefits other than pensions (Note 7) 325 314 Other liabilities (Notes 5 and 8) 5,727 5,097 Total liabilities 19,829 18,669 Commitments and contingencies (Note 8) Shareholders’ equity: (Note 12) Common stock – Par value $ 0.50 per share; Shares authorized 3.8 billion; Shares issued: 1.9 billion and 1.8 billion 927 924 Additional paid-in capital – common stock 18,636 17,580 Retained earnings 16,747 16,551 Treasury stock, at cost; Shares held: 994 million and 992 million ( 21,429 ) ( 21,143 ) Accumulated other comprehensive loss ( 2,321 ) ( 2,105 ) Total Corning Incorporated shareholders’ equity 12,560 11,807 Non-controlling interest 567 500 Total equity 13,127 12,307 Total Liabilities and Equity $ 32,956 $ 30,976 The accompanying notes are an integral part of these consolidated financial statements. 5 Table of Contents Consolidated Statements of Cash Flows Corning Incorporated and Subsidiary Companies (Unaudited; in millions) Six months ended June 30, 2026 2025 Cash Flows from Operating Activities: Net income $ 1,017 $ 685 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 702 603 Amortization of purchased intangibles 46 56 Share-based compensation expense 250 117 Translation (gain) loss on foreign denominated debt, net ( 5 ) 70 Deferred tax benefit ( 101 ) ( 39 ) Translated earnings contract gain, net ( 74 ) ( 30 ) Changes in assets and liabilities: Trade accounts receivable ( 255 ) ( 203 ) Inventories ( 377 ) ( 238 ) Other current assets ( 144 ) ( 105 ) Accounts payable and other current liabilities 195 ( 59 ) Customer deposits and government incentives 709 43 Deferred income ( 102 ) ( 70 ) Other, net 218 29 Net cash provided by operating activities 2,079 859 Cash Flows from Investing Activities: Capital expenditures ( 754 ) ( 516 ) Proceeds from government incentives 8 Realized gains on translated earnings contracts and other 278 107 Premiums paid on hedging contracts ( 102 ) ( 34 ) Other, net 8 ( 23 ) Net cash used in investing activities ( 562 ) ( 466 ) Cash Flows from Financing Activities: Repayments of debt ( 691 ) ( 279 ) Proceeds from issuance of debt and short-term borrowings 449 285 Proceeds from cross currency swap 24 Proceeds from warrants 500 Payments of employee withholding tax on stock awards ( 279 ) ( 70 ) Proceeds from exercise of stock options 23 12 Purchases of common stock for treasury ( 133 ) Dividends paid ( 495 ) ( 503 ) Other, net ( 79 ) ( 32 ) Net cash used in financing activities ( 572 ) ( 696 ) Effect of exchange rates on cash 26 Net increase (decrease) in cash and cash equivalents and restricted cash 945 ( 277 ) Cash and cash equivalents and restricted cash at beginning of period 1,566 1,768 Cash and cash equivalents and restricted cash at end of period $ 2,511 $ 1,491 Restricted cash included in other current assets 7 Cash and cash equivalents at end of period $ 2,504 $ 1,491 The accompanying notes are an integral part of these consolidated financial statements. 6 Table of Contents Consolidated Statements of Changes in Shareholders’ Equity Corning Incorporated and Subsidiary Companies (Unaudited; in millions, except per share amounts) Common stock Additional paid-in capital common Retained earnings Treasury stock Accumulated other comprehensive loss Total Corning Incorporated shareholders’ equity Non-controlling interest Total Balance as of December 31, 2025 $ 924 $ 17,580 $ 16,551 $ ( 21,143 ) $ ( 2,105 ) $ 11,807 $ 500 $ 12,307 Net income 371 371 37 408 Other comprehensive loss ( 186 ) ( 186 ) ( 186 ) Shares issued to benefit plans and for option exercises 1 124 125 125 Common dividends ($ 0.28 per share) ( 242 ) ( 242 ) ( 242 ) Other, net (1) ( 63 ) ( 63 ) ( 63 ) Balance as of March 31, 2026 $ 925 $ 17,704 $ 16,680 $ ( 21,206 ) $ ( 2,291 ) $ 11,812 $ 537 $ 12,349 Net income 559 559 50 609 Other comprehensive loss ( 30 ) ( 30 ) ( 1 ) ( 31 ) Shares issued to benefit plans and for option exercises 2 136 138 138 Issuance of warrants (2) 796 796 796 Common dividends ($ 0.56 per share) ( 492 ) ( 492 ) ( 492 ) Other, net (1) ( 223 ) ( 223 ) ( 19 ) ( 242 ) Balance as of June 30, 2026 $ 927 $ 18,636 $ 16,747 $ ( 21,429 ) $ ( 2,321 ) $ 12,560 $ 567 $ 13,127 Common stock Additional paid-in capital common Retained earnings Treasury stock Accumulated other comprehensive loss Total Corning Incorporated shareholders’ equity Non-controlling interest Total Balance as of December 31, 2024 $ 921 $ 17,264 $ 15,926 $ ( 20,882 ) $ ( 2,543 ) $ 10,686 $ 384 $ 11,070 Net income 157 157 28 185 Other comprehensive income 183 183 183 Purchase of common stock for treasury ( 100 ) ( 100 ) ( 100 ) Shares issued to benefit plans and for option exercises 1 63 64 64 Common dividends ($ 0.28 per share) ( 244 ) ( 244 ) ( 244 ) Other, net (1) ( 30 ) ( 30 ) ( 30 ) Balance as of March 31, 2025 $ 922 $ 17,327 $ 15,839 $ ( 21,012 ) $ ( 2,360 ) $ 10,716 $ 412 $ 11,128 Net income 469 469 31 500 Other comprehensive income 426 426 1 427 Purchase of common stock for treasury ( 33 ) ( 33 ) ( 33 ) Shares issued to benefit plans and for option exercises 1 62 63 63 Common dividends ($ 0.56 per share) ( 485 ) ( 485 ) ( 485 ) Other, net (1) ( 40 ) ( 40 ) ( 15 ) ( 55 ) Balance as of June 30, 2025 $ 923 $ 17,389 $ 15,823 $ ( 21,085 ) $ ( 1,934 ) $ 11,116 $ 429 $ 11,545 (1) Treasury stock includes the deemed surrender to the Company of common stock to satisfy employee tax withholding obligations. (2) On May 6, 2026, the Company issued warrants to purchase up to 18 million shares of common stock. Warrants were recorded within additional paid-in capital based on the grant-date fair value. Refer to Note 12 (Shareholders’ Equity) for additional information. The accompanying notes are an integral part of these consolidated financial statements. 7 Table of Contents CORNING INCORPORATED AND SUBSIDIARY COMPANIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation In these notes, the terms “Corning,” “Company,” “we,” “us,” or “our” mean Corning Incorporated and its subsidiary companies. The consolidated financial statements include the accounts of Corning Incorporated and its consolidated subsidiaries (collectively, the “Company”), consisting of its wholly-owned subsidiaries, partially-owned subsidiaries in which the Company holds a controlling financial interest through ownership of a majority of the voting interests and those entities in which the Company has a variable interest and of which the Company is the primary beneficiary, and are consolidated in conformity with accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary to state fairly the financial position, results of operations and cash flows for the periods presented. All intercompany balances, transactions and profits have been eliminated. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). These consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”). The results of operations for the interim periods are not necessarily indicative of results which may be expected for any other interim period or for the full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures of contingent assets and liabilities on the consolidated financial statements and accompanying notes. Significant estimates and assumptions in these consolidated financial statements require the exercise of judgment. Due to the inherent uncertainty
[17] Verizon官方Corning供货协议重新抓取
发布日期：2026-09-08
证据文件：/mnt/q/private/stock_site/data/batches/20260911/evidence/009_Corning/fetch_12.txt
80 million miles of high-density optical fiber to meet surging demand. - The fiber will accelerate Verizon’s broadband expansion for homes and businesses, and help build the long-haul connectivity backbone of the AI economy. **NEW YORK**—To meet surging demand for consumer broadband and converged services alongside emerging AI needs, Verizon and Corning have reached a multi-billion dollar agreement for 80+ million miles of high-density optical fiber and connectivity solutions from 2027 to 2032. The multi-use fiber deployment will accelerate broadband expansion for homes and businesses while building the national long-haul backbone required by AI hyperscalers. “Securing this volume of fiber allows us to continue building the network of the future at an unprecedented scale,” said Kyle Malady, CEO of Verizon Business. “We are deploying a single, converged architecture that unites mobile connectivity and broadband into one seamless experience for millions of families and businesses, while simultaneously building the high-capacity, low-latency backbone AI hyperscalers demand. With Corning as our partner, we are securing the physical foundation of America’s AI economy.” ## Unlocking mobile and broadband convergence This fiber supply accelerates Verizon’s push toward 40-50 million broadband passings. Expanding fiber-to-the-home and local business connectivity ensures communities across the nation gain access to ultra-fast, reliable internet, and the power to choose how they connect. Cell towers, enterprise data centers, and residential neighborhoods will connect to the exact same high-capacity backbone. For customers, this converged architecture delivers a frictionless digital experience—ensuring continuous, seamless connectivity whether they are at home or on the move. #
[18] Corning IR Springboard内部与高信心计划
发布日期：2026-09-11抓取
证据文件：/mnt/q/private/stock_site/data/batches/20260911/evidence/009_Corning/ir_home.txt
Capture Significant Sales Opportunity Internal plan $20B annualized sales run rate by the end of 2026 $30B annualized sales run rate by the end of 2028 $40B annualized sales run rate by the end of 2030 High-confidence plan $27B annualized sales run rate by the end of 2028 $35B annualized sales run rate by the end of 2030 Enhance Financial Profile Operating margin at or above 20%, establishing a highly profitable launch point for future growth Share the cost and risk of expansions with our customers to ensure strong returns and secure planned cash flows Improve ROIC into the high-teens Positioned to grow free cash flow while investing to capture growth Extend Leadership in our Markets Probability of success increases as we deliver key milestones and advance strategic initiatives Significant secular trends require Corning's leadership capabilities, supporting sustainable long-term growth "More Corning" content opportunities from innovation with customers enhance their products and increase Corning value capture Reward Shareholders Invest in organic growth opportunities to support long-term growth and drive significant returns Incremental cash flow supports dividends and continued share buybacks Foundation of Long-Term Success Strong Financial Discipline Corning’s priorities for capital allocation are to invest in profitable organic growth, extend leadership in distinctive capabilities, and reward shareholders. Return on invested capital increases through the reuse and repurposing of assets, secure customer commitments and high ROIC projects. Learn More Consistent Stakeholder Commitment The company maintains positive, symbiotic relationships with its people, partners, communities, investors, society including future stakeholders. Corning is deeply committed to its own sustainability journey and to inventions that help the world advance sustainability. Our history of impact speaks for itself. Learn More Latest News See All News Events See All Events Latest Quarterly Reports View All Financial Reports Governance Corning's clear set of Corporate Values guides our strong
[19] Yahoo GLW调整后盈利一致预期完整网页
发布日期：2026-09-11抓取
证据文件：/mnt/q/private/stock_site/data/batches/20260911/evidence/009_Corning/direct_15.txt
Earnings Estimate gaap GAAP nongaap Normalized Currency in USD Current Qtr. (Sep 2026) Next Qtr. (Dec 2026) Current Year (2026) Next Year (2027) No. of Analysts 11 11 14 16 Avg. Estimate 0.87 0.92 3.28 4.35 Low Estimate 0.85 0.87 3.2 3.85 High Estimate 0.89 0.99 3.36 4.99 Year Ago EPS 0.67 0.72 2.52 3.28 Earnings History gaap GAAP nongaap Normalized Currency in USD 9/30/2025 12/31/2025 3/31/2026 6/30/2026 EPS Est. 0.66 0.71 0.69 0.75 EPS Actual 0.67 0.72 0.7 0.78 Difference 0 0.01 0.01 0.03 Surprise % 0.80% 2.08% 1.21% 3.48% EPS Trend gaap GAAP nongaap Normalized Currency in USD Current Qtr. (Sep 2026) Next Qtr. (Dec 2026) Current Year (2026) Next Year (2027) Current Estimate 0.87 0.92 3.28 4.35 7 Days Ago 0.87 0.92 3.27 4.32 30 Days Ago 0.87 0.92 3.27 4.32 60 Days Ago 0.85 0.87 3.19 4.27 90 Days Ago 0.85 0.87 3.18 4.19 EPS Revisions gaap GAAP nongaap Normalized Currency in USD Current Qtr. (Sep 2026) Next Qtr. (Dec 2026) Current Year (2026) Next Year (2027) Up Last 7 Days 8 8 5 5 Up Last 30 Days 8 8 10 8 Down Last 7 Days 2 1 -- 2 Down Last 30 Days 2 1 -- 3 Growth Estimates Symbol Current Qtr. Next Qtr. Current Year Next Year GLW 30.34% 27.16% 29.98% 32.80% S&P 500 49.86% 23.93% 31.75% 15.38% Related Tickers APH Amphenol Corporation 80.25 -1.34% CLS Celestica Inc. 325.22 -2.51% FN Fabrinet 403.95 -3.42% TTMI TTM Technologies, Inc. 122.34 -1.54% SANM Sanmina Corporation 203.31 -1.38% FLEX Flex Ltd. 108.01 -4.14% JBL Jabil Inc. 302.80 -2.75% CLS.TO Celestica Inc. 450.34 -2.14% OUST Ouster, Inc. 35.23 -2.79% LPTH LightPath Technologies, Inc. 9.68 -4.54% Copyright © 2026 Yahoo. All rights reserved. Trending Topics Dow Jones S&P 500 DAX Index Nvidia Tesla DJT Tariffs Explore Further Mortgages Credit Cards Sectors Crypto Heatmap Financial News About Data Disclaimer Help Feedback Sitemap Licensing What's New About Our Ads Terms and Privacy Policy Privacy Dashboard More Info Trending tickers ORCL Oracle Corporation 152.94 -8.69 (-5.38%) ADBE Adobe Inc. 248.83 -6.03 (-2.37%) TNON Tenon Medical, Inc. 5.30 +2.86 (+117.21%) RH RH 134.02 -5.35 (-3.84%) DBGI Digital Brands Group, Inc. 6.79 +3.04 (+81.07%) ADVERTISEMENT Portfolio Portfolio Sign in to access your portfolio Sign in Recently viewed Top gainers SWKS Skyworks Solutions, Inc. 84.03 +7.49 (+9.79%) QRVO Qorvo, Inc. 112.36 +7.12 (+6.77%) VEON VEON Ltd. 69.16 +4.16 (+6.40%) RDDT Reddit, Inc. 155.34 +8.90 (+6.08%) AS
[20] Corning SEC submissions快照
发布日期：2026-09-11抓取
证据文件：/mnt/q/private/stock_site/data/batches/20260911/evidence/009_Corning/submissions.json
{"cik":"0000024741","entityType":"operating","sic":"3357","sicDescription":"Drawing & Insulating of Nonferrous Wire","ownerOrg":"04 Manufacturing","insiderTransactionForOwnerExists":1,"insiderTransactionForIssuerExists":1,"name":"CORNING INC /NY","tickers":["GLW"],"exchanges":["NYSE"],"ein":"160393470","lei":null,"description":"","website":"","investorWebsite":"","category":"Large accelerated filer","fiscalYearEnd":"1231","stateOfIncorporation":"NY","stateOfIncorporationDescription":"NY","addresses":{"mailing":{"street1":"ONE RIVERFRONT PLAZA","street2":null,"city":"CORNING","stateOrCountry":"NY","zipCode":"14831","stateOrCountryDescription":"NY","isForeignLocation":0,"foreignStateTerritory":null,"country":null,"countryCode":null},"business":{"street1":"ONE RIVERFRONT PLAZA","street2":null,"city":"CORNING","stateOrCountry":"NY","zipCode":"14831","stateOrCountryDescription":"NY","isForeignLocation":null,"foreignStateTerritory":null,"country":null,"countryCode":null}},"phone":"6079749000","flags":"","formerNames":[],"filings":{"recent":{"accessionNumber":["0000024741-26-000259","0001206774-26-000517","0001969223-26-000996","0000024741-26-000257","0001969223-26-000964","0000024741-26-000255","0000024741-26-000253","0000024741-26-000247","0000024741-26-000246","0000024741-26-000245","0000024741-26-000244","0000024741-26-000239","0001628280-26-043297","0001628280-26-043287","0000024741-26-000237","0001969223-26-000663","0001206774-26-000299","0000024741-26-000233","0001969223-26-
[21] Corning Gullo Form4
发布日期：2026-09-08
证据文件：/mnt/q/private/stock_site/data/batches/20260911/evidence/009_Corning/form4_000002474126000259.txt
Common Stock 09/04/2026 S 9,874 D $ 152.2902 (1) 9,384 D Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Explanation of Responses: 1. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $151.9935 to $152.55 inclusive. The reporting person undertakes to provide to Corning Incorporated, any security holder of Corning Incorporated, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth previously in the footnote. Melissa J. Gambol, Power of Attorney 09/08/2026 ** Signature of Reporting Person Date Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. * If the form is filed by more than one reporting person, see Instruction 4 (b)(v). ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Inst
[22] Corning Steverson Form4
发布日期：2026-08-31
证据文件：/mnt/q/private/stock_site/data/batches/20260911/evidence/009_Corning/form4_000002474126000257.txt
Common Stock 08/28/2026 S 13,100 D $ 151.2923 (1) 15,052 D Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Explanation of Responses: 1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $150.84 to $151.80, inclusive. The reporting person undertakes to provide to Corning Incorporated, any security holder of Corning Incorporated, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth previously in this footnote. Melissa J. Gambol, Power of Attorney 08/31/2026 ** Signature of Reporting Person Date Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. * If the form is filed by more than one reporting person, see Instruction 4 (b)(v). ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see
[23] Converge Digest Citi会议报道（非官方逐字稿）
发布日期：2026-09-09
证据文件：/mnt/q/private/stock_site/data/batches/20260911/evidence/009_Corning/conference_trade.txt
Corning expects the next major phase of AI infrastructure growth to push optical connectivity deeper inside computing systems, potentially creating a $10 billion annual business for the company in Near-Packaged Optics (NPO) and Co-Packaged Optics (CPO) by the end of the decade. Speaking at Citi’s 2026 Global TMT Conference, Corning Executive Vice President and CFO Ed Schlesinger said Scale Out networking is driving optical demand today as AI data centers grow larger, but Scale Up photonics could become the company’s largest longer-term growth driver as optical links increasingly replace copper inside AI systems. The transition is already visible in the amount of fiber required to connect increasingly large GPU clusters. Schlesinger said Corning’s growth through 2027 is primarily being driven by Scale Out networking: larger data centers contain more GPUs, requiring more fiber between compute and networking systems. He identified clusters around 130,000 GPUs as a useful threshold where another network layer can be required, adding further optical connectivity. Corning expects Scale Up networking to begin contributing around the end of 2027 and expand through 2028-2030. That transition potentially moves Corning’s addressable market beyond fiber connecting switches and racks toward optical components and connectivity inside switch and server trays. The longer-term opportunity centers on NPO and CPO architectures, where shorter electrical paths and increasingly direct optical connections address bandwidth density and power constraints. Corning is planning around building a $10 billion business serving these applications by the end of 2030 from essentially no sales today. Schlesinger emphasized that the potential market could ultimately be considerably larger if optical connectivity penetrates broadly inside AI systems. Through 2030, Corning expects much of the opportunity to be addressed using technologies including polarization-maintaining fiber, fiber array units (FAUs) and associated passive optical components. Newer technologies such as [Corning’s GlassBridge fiber-to-PIC connectivity platform](https://convergedigest.com/ecoc25-gf-and-corning-develop-new-detachable-fiber-connector/) are viewed more as 2030-and-beyond opportunities for simplifying optical integration, reducing cost and potentially eliminating some components.
[24] GLW 2026-09-10原始日线
发布日期：2026-09-10行情；2026-09-11抓取
证据文件：/mnt/q/private/stock_site/data/batches/20260911/market/GLW-raw.json
"regularMarketPrice":163.12