European Investor
28 Jan 2026, 19:55
Corning Incorporated reported record fourth-quarter and full-year 2025 results and upgraded its multi-year growth targets under the Springboard plan, citing a significantly stronger financial profile and accelerating momentum into 2026.
In the fourth quarter of 2025, core sales rose 14% year over year to $4.41 billion, while core EPS increased 26% to $0.72. GAAP sales were $4.22 billion and GAAP EPS was $0.62. Core operating margin reached 20.2%, reflecting a 390-basis-point improvement since Q4-2023, and operating cash flow totaled $1.05 billion, with adjusted free cash flow of $732 million.
For the full year 2025, core sales grew 13% to $16.41 billion and core EPS climbed 29% to $2.52. GAAP sales were $15.63 billion and GAAP EPS was $1.83. Adjusted free cash flow nearly doubled versus 2023, reaching $1.72 billion, while core ROIC improved to 14.2%, up 540 basis points from the Springboard launch point.
Management upgraded its Springboard growth plan, raising expected incremental annualized sales to $11 billion by the end of 2028, up from the prior $8 billion target. The company also lifted its 2026 targets, with the internal plan now calling for $6.5 billion in incremental annualized sales and the high-confidence plan targeting $5.75 billion by the end of 2026.
Looking ahead, Corning expects growth to accelerate in the first quarter of 2026, forecasting core sales of approximately $4.2–$4.3 billion, up about 15% year over year, and core EPS in the range of $0.66–$0.70.
In the fourth quarter of 2025, core sales rose 14% year over year to $4.41 billion, while core EPS increased 26% to $0.72. GAAP sales were $4.22 billion and GAAP EPS was $0.62. Core operating margin reached 20.2%, reflecting a 390-basis-point improvement since Q4-2023, and operating cash flow totaled $1.05 billion, with adjusted free cash flow of $732 million.
For the full year 2025, core sales grew 13% to $16.41 billion and core EPS climbed 29% to $2.52. GAAP sales were $15.63 billion and GAAP EPS was $1.83. Adjusted free cash flow nearly doubled versus 2023, reaching $1.72 billion, while core ROIC improved to 14.2%, up 540 basis points from the Springboard launch point.
Management upgraded its Springboard growth plan, raising expected incremental annualized sales to $11 billion by the end of 2028, up from the prior $8 billion target. The company also lifted its 2026 targets, with the internal plan now calling for $6.5 billion in incremental annualized sales and the high-confidence plan targeting $5.75 billion by the end of 2026.
Looking ahead, Corning expects growth to accelerate in the first quarter of 2026, forecasting core sales of approximately $4.2–$4.3 billion, up about 15% year over year, and core EPS in the range of $0.66–$0.70.