Research · Sep 3, 2026
[GLW] Corning Thesis 2026: Hyperscaler Fiber Demand Reignites Optical Segment
Corning FY25 (Dec 31, 2025) at $16.4B net sales (+13%). Optical Communications $6.27B (+35%, AI/datacenter fiber engine), Display $3.70B (-5%), Specialty Materials $2.21B (+10%), Automotive $1.79B (-3%), Life Sciences $972M (-1%), Hemlock+EGB $1.46B (+33% on solar polysilicon). Net income $1.60B (+215% on operating leverage); OCF $2.70B (+39%); FCF $1.41B (+45%); capex $1.28B. FY26 capex guide $1.7B (+33%). Capital return $1.16B (div $999M + buyback $163M); $3B buyback authorization remaining. Feb-Apr 2026: 8 covered actions, all PT raises; JPM rating downgrade OW→Neutral but PT $115→$175. BofA $186 Street-high.