Corning Inc.

02/12/2026 | Press release | Distributed by Public on 02/12/2026 15:42

Annual Report for Fiscal Year Ending December 31, 2025 (Form 10-K)

Management's Discussion and Analysis of Financial Condition and Results of Operations
The following Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") was prepared to provide a historical and prospective narrative on our financial condition and results of operations through the eyes of management and should be read in conjunction with our consolidated financial statements and the accompanying notes to those financial statements. The discussion and analysis of the 2024 to 2023 year-over-year changes are not included herein and can be found in "Management's Discussion and Analysis of Financial Conditions and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2024.
Our MD&A is organized as follows:
•Overview
•Results of Operations
•Segment Analysis
•Core Performance Measures
•Liquidity and Capital Resources
•Environment
•Critical Accounting Estimates
•New Accounting Standards
•Forward-Looking Statements
OVERVIEW
Corning is vital to progress - in the industries we help advance and in the world we share. 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. Our materials science and manufacturing expertise, boundless curiosity and commitment to purposeful invention place us at the center of the way the world works, learns and lives. In addition, our sustained investment in research, development and engineering capabilities means we are always ready to solve the toughest challenges alongside our customers.
Our capabilities are versatile and synergistic, allowing Corning to evolve to meet changing market needs, while also helping customers capture new opportunities in dynamic industries. Today, Corning's markets include optical communications, display, mobile consumer electronics, automotive, life sciences, semiconductors and solar. Corning's industry-leading products include damage-resistant cover materials for mobile devices; precision glass for advanced displays; optical fiber, cable and connectivity solutions for advanced communications networks, such as fiber to the home and data centers, enabling artificial intelligence and connections around the world; trusted products to accelerate drug discovery and delivery; and clean-air technologies and technical glass for cars and trucks.
In the third quarter of 2023, we introduced our Springboard plan to grow sales and enhance our profitability base. We communicated a high-confidence plan to add $3 billion in incremental annualized core sales by the end of 2026 (as compared to our Springboard starting point), and in March 2025 we upgraded this high-confidence plan to $4 billion. We also set a core operating margin target of 20% by the end of 2026. The fourth quarter of 2025 marked the second anniversary of our Springboard plan, and we believe it has been a tremendous success to date. Since its launch, we have added significant annualized core sales and expanded our core operating margin, and as of the fourth quarter of 2025, we achieved both our growth and profitability targets a full year ahead of plan. Our achievement of both of these key milestones ahead of schedule serves as an example of how we have transformed the Company's financial profile over the last two years. Overall, we believe we have established a firm foundation from which to launch future profitable growth. We see remarkable demand for our innovations and manufacturing capabilities, which we believe will lead to additional growth opportunities through 2026 and beyond. We therefore expect to increase both our capacity and technology capabilities as required to achieve our goals, while sharing risk appropriately to achieve the returns that underpin our Springboard plan.
2026 Corporate Outlook
For the first quarter of 2026, we expect core net sales in the range of approximately $4.2 billion to $4.3 billion.
RESULTS OF OPERATIONS
The following table presents selected highlights from our operations (in millions):
Year ended December 31, % change
2025 2024
25 vs. 24
Net sales $ 15,629 $ 13,118 19 %
Cost of sales $ 10,008 $ 8,842 13 %
Gross margin $ 5,621 $ 4,276 31 %
Gross margin % 36 % 33 %
Selling, general and administrative expenses $ 2,122 $ 1,931 10 %
as a % of net sales 14 % 15 %
Research, development and engineering expenses $ 1,110 $ 1,089 2 %
as a % of net sales 7 % 8 %
Translated earnings contract gain, net $ 150 $ 83 81 %
Income before income taxes $ 2,052 $ 813 *
Provision for income taxes $ 310 $ 221 40 %
Effective tax rate 15.1 % 27.2 %
*Not Meaningful
Net Sales
Net sales for the year ended December 31, 2025 increased by $2.5 billion, or 19%, when compared to the same period in 2024. The increase was primarily driven by an increase in sales for optical communications products of $1.6 billion, polycrystalline silicon products and solar module sales of $348 million, display products of $238 million, specialty material products of $194 million and automotive products of $73 million. Refer to the "Segment Analysis" section of our MD&A below for a discussion of net sales by segment.
In 2025 and 2024, sales in international markets accounted for 57% and 61% of total net sales, respectively.
Cost of Sales / Gross Margin
The types of expenses included in cost of sales are: raw materials consumption, including direct and indirect materials; salaries, wages and benefits; depreciation and amortization; production utilities; production-related purchasing; warehousing (including receiving and inspection); repairs and maintenance; inter-location inventory transfer costs; production and warehousing facility property insurance; rent for production facilities; freight and logistics costs; and other production overhead.
Cost of sales increased by $1.2 billion, or 13%, when compared to the same period in 2024, primarily driven by the increase in net sales, as discussed above. Gross margin increased by $1.3 billion, or 31% and gross margin as a percentage of net sales increased by 3 percentage points when compared to 2024 driven by higher volume and the impact of actions taken by management to improve profitability, including raising prices, reducing costs and increasing productivity.
Selling, General and Administrative Expenses
The types of expenses included in selling, general and administrative expenses are: salaries, wages and benefits, including variable compensation and share-based compensation expense; travel; sales commissions; professional fees; and depreciation and amortization, utilities and rent for administrative facilities.
Selling, general and administrative expenses increased by $191 million, or 10%, when compared to 2024 primarily due to the increase in net sales, as discussed above, and an increase in variable compensation and legal-related expenses and decreased as a percentage of net sales by 1 percentage point when compared to 2024.
Research, Development and Engineering Expenses
Research, development and engineering expenses increased by $21 million, or 2%, and decreased as a percentage of net sales by 1 percentage point when compared to 2024.
Translated earnings contract gain, net
Included in translated earnings contract gain, net, is the impact of foreign currency contracts which economically hedge the translation exposure arising from movements in the Japanese yen, South Korean won, Chinese yuan, New Taiwan dollar, Mexican peso and euro, and its impact on net income.
The following table provides detailed information on the impact of translated earnings contract gain, net (in millions):
Income before tax Net income Income before tax Net income Income before tax Net income
2025
2024
2025 vs. 2024
Hedges related to translated earnings:
Realized gain, net (1) (2)
$ 4 $ 3 $ 194 $ 149 $ (190) $ (146)
Unrealized gain (loss), net
146 111 (111) (85) 257 196
Total translated earnings contract gain, net
$ 150 $ 114 $ 83 $ 64 $ 67 $ 50
(1)For the years ended December 31, 2025 and 2024, amount includes non-cash pre-tax realized losses of $295 million and $85 million, respectively, related to the premiums of expired option contracts.
(2)For the year ended December 31, 2025, amount excludes $5 million gain related to forward contracts designated as a net investment hedge, which was recorded in accumulated other comprehensive loss on the consolidated balance sheets and reflected within investing activities on the consolidated statements of cash flows.
The impact to income from realized activity for the year ended December 31, 2025 was primarily driven by realized gains from our Mexican peso and Japanese yen-denominated hedges, partially offset by realized losses from our South Korean won and Chinese yuan-denominated hedges. The impact to income from realized activity for the year ended December 31, 2024 was primarily driven by realized gains from our Japanese yen-denominated hedges, partially offset by realized losses from our South Korean won, Chinese yuan, New Taiwan dollar and Mexican peso-denominated hedges.
The impact to income from unrealized activity for the year ended December 31, 2025 was primarily driven by unrealized gains from our South Korean won, Japanese yen, Mexican peso-denominated hedges, partially offset by unrealized losses from our euro-denominated hedges. The impact to income from unrealized activity for the year ended December 31, 2024 was primarily driven by unrealized losses from our South Korean won, Japanese yen, New Taiwan dollar and Chinese yuan-denominated hedges, partially offset by unrealized gains from our euro-denominated hedges.
Income before income taxes
Income before income taxes increased $1.2 billion as compared to 2024, driven by an increase in operating income of $1.1 billion as a result of the increase in gross margin, as discussed above, partially offset by the increase in selling, general and administrative expenses, as discussed above.
Provision for Income Taxes
For the year ended December 31, 2025, the effective tax rate differed from the U.S. statutory rate of 21% primarily due to foreign tax credits, foreign derived intangible income, share-based compensation and nontaxable government incentives, partially offset by withholding taxes and changes in unrecognized tax benefits.
For the year ended December 31, 2024, the effective tax rate differed from the U.S. statutory rate of 21% primarily due to non-deductible items, including the release of cumulative translation losses and changes in tax reserves, partially offset by non-taxable items, tax credits generated, foreign derived intangible income and changes in valuation allowance assessments.
The effective tax rate for the year ended December 31, 2025 decreased compared to the year ended December 31, 2024 primarily due to the impact of changes in pretax earnings, foreign derived intangible income, release of cumulative translation losses and share-based compensation.
Refer to Note 15 (Income Taxes) in the accompanying notes to the consolidated financial statements for further details regarding income tax matters.
In December 2022, the European Union ("EU") Member States formally adopted the EU Pillar Two Framework ("Pillar Two Framework"), which generally provides for a 15% global minimum effective tax rate, based on the Organization for Economic Cooperation and Development guidelines. Certain countries have enacted this tax law change, with an effective date starting January 1, 2024 and January 1, 2025, for certain aspects of the directive. The impact of the Pillar Two Framework is not material to our results of operations, financial position or cash flow as of and for the years ended December 31, 2025 and 2024.
On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the United States. The OBBBA includes various tax law changes, including the permanent extension of certain provisions originally enacted under the Tax Cuts and Jobs Act, modifications to the international tax framework and the reinstatement of favorable treatment for certain business tax provisions. These include 100% bonus depreciation, immediate expensing of domestic research and development costs and revised limitations on the deductibility of business interest expense. The provisions of the OBBBA are subject to multiple effective dates, with some effective beginning in 2025 and others phased in through 2027. The Company evaluated the provisions of the OBBBA and determined that they do not have a material impact on our effective tax rate in 2025.
The Internal Revenue Service ("IRS") is currently conducting examinations of the Company's U.S. federal income tax returns for the years 2015 through 2018 and 2019 through 2020, including the one-time transition tax enacted under the Tax Cuts and Jobs Act of 2017. If challenged, Corning believes that it is more likely than not to sustain its position relating to these matters. However, if the Company is ultimately unsuccessful in defending its position, the impact could be material to its consolidated financial statements.
SEGMENT ANALYSIS
Financial results for the reportable segments and Hemlock and Emerging Growth Businesses are prepared on a basis consistent with the internal disaggregation of financial information to assist the chief operating decision maker in making internal operating decisions, which is more fully discussed within Note 18 (Reportable Segments) in the accompanying notes to the consolidated financial statements and includes a reconciliation of our segment information to the corresponding amounts in our consolidated statements of income.
As of January 1, 2025, the Company began managing its Automotive Glass Solutions business together with its Environmental Technologies business, forming its Automotive segment, and its Display Technologies segment was renamed to "Display."
The comparative period segment information presented below has been recast to reflect the above changes in segment reporting.
Segment net income may not be consistent with measures used by other companies.
The following table presents segment net sales by reportable segment and Hemlock and Emerging Growth Businesses (in millions):
Year ended December 31, $ change % change
2025
2024
25 vs. 24
25 vs. 24
Optical Communications $ 6,274 $ 4,657 $ 1,617 35 %
Display
3,697 3,872 (175) (5 %)
Specialty Materials 2,211 2,018 193 10 %
Automotive 1,794 1,846 (52) (3 %)
Life Sciences 972 979 (7) (1 %)
Net sales of reportable segments 14,948 13,372 1,576 12 %
Hemlock and Emerging Growth Businesses
1,460 1,097 363 33 %
Net sales of reportable segments and Hemlock and Emerging
Growth Businesses(1)
$ 16,408 $ 14,469 $ 1,939 13 %
(1)Refer to Note 18 (Reportable Segments) in the accompanying notes to the consolidated financial statements for the reconciliation to consolidated net sales.
Optical Communications
The increase in segment net sales was primarily due to continued growth in our Enterprise business driven by strong demand for our Generative AI products, and in our Carrier business, driven by demand for datacenter interconnect products and fiber-to-the-home products.
Display
The decrease in segment net sales was primarily due to the impact from resetting our core rate from 107 to 120 Japanese yen to USD as the comparative period results were not recast and are presented at the 107 Japanese yen to USD core rate.To offset the change in core rate and the weaker Japanese yen environment, we implemented pricing actions in the second half of 2024. The effects of the price increases on slightly higher volumes in 2025, compared to the prior period, substantially offset the impact of resetting the core rate.
Specialty Materials
The increase in segment net sales was primarily due to continued strong demand for premium glass for mobile devices and growth in our Gorilla Glass solutions business.
Automotive
The decrease in segment net sales was primarily due to softness in heavy-duty diesel market and unfavorable impacts of foreign exchange movements.
Life Sciences
Segment net sales remained consistent with the comparative period.
Hemlock and Emerging Growth Businesses
The increase was primarily driven by growth in polysilicon and solar module sales for the solar industry.
The following table presents segment net income by reportable segment and Hemlock and Emerging Growth Businesses (in millions):
Year ended December 31, $ change % change
2025
2024
25 vs. 24
25 vs. 24
Optical Communications $ 1,048 $ 612 $ 436 71 %
Display 993 1,006 (13) (1 %)
Specialty Materials 367 260 107 41 %
Automotive 278 261 17 7 %
Life Sciences 61 63 (2) (3 %)
Net income of reportable segments 2,747 2,202 545 25 %
Hemlock and Emerging Growth Businesses
(26) 42 (68) *
Net income of reportable segments and Hemlock and Emerging
Growth Businesses (1)
$ 2,721 $ 2,244 $ 477 21 %
*Not meaningful
(1)Refer to Note 18 (Reportable Segments) in the accompanying notes to the consolidated financial statements for the reconciliation to consolidated net income.
Optical Communications
The increase in segment net income was primarily driven by strong incremental profit on higher sales volume, as outlined above.
Display
The decrease in segment net income was primarily driven by the decrease in sales, as outlined above, partially offset by improved profitability which includes the impact of cost reductions.
Specialty Materials
The increase in segment net income was primarily driven by strong incremental profit on higher volumes.
Automotive
The increase in segment net income was primarily driven by improved performance within our automotive glass business, partially offset by decreased sales of our environmental technologies business, as outlined above.
Life Sciences
Segment net income remained consistent with the comparative period.
Hemlock and Emerging Growth Businesses
The decrease in segment net income was primarily driven by temporarily higher costs to ramp up capacity to produce more polysilicon, solar wafers and solar modules.
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.
Results of Operations - Core Performance Measures
The following table presents selected highlights from our operations, excluding certain items, (in millions, except per share amounts):
Year ended December 31, % change
2025
2024
25 vs. 24
Core net sales $ 16,408 $ 14,469 13 %
Core net income $ 2,199 $ 1,699 29 %
Core earnings per share $ 2.52 $ 1.96 29 %
Core Net Sales
For the year ended December 31, 2025, we generated core net sales of $16.4 billion compared to core net sales for the year ended December 31, 2024 of $14.5 billion. The increase in core net sales of $1.9 billion was primarily driven by higher reportable segment net sales in Optical Communications of $1.6 billion, Hemlock and Emerging Growth Businesses of $363 million and Specialty Materials of $193 million, partially offset by a decrease in net sales in Display of $175 million. Net sales of reportable segments and Hemlock and Emerging Growth Businesses is discussed in detail in the "Segment Analysis" section of our MD&A.
Core Net Income
For the year ended December 31, 2025, we generated core net income of $2.2 billion, or $2.52 per share, compared to core net income generated for the year ended December 31, 2024 of $1.7 billion, or $1.96 per share. The increase in core net income of $500 million was driven by higher reportable segment net income in Optical Communications of $436 million and Specialty Materials of $107 million, partially offset by a decrease from Hemlock and Emerging Growth Businesses of $68 million. Net income of reportable segments and Hemlock and Emerging Growth Businesses is discussed in detail in the "Segment Analysis" section of our MD&A.
Core Earnings per Share
Core earnings per share increased for the year ended December 31, 2025 to $2.52 per share, as a result of the increase in core net income, as outlined above.
The following table sets forth the computation of core earnings per share (in millions, except per share amounts):
Year ended December 31,
2025
2024
Core net income $ 2,199 $ 1,699
Weighted-average common shares outstanding - basic 855 853
Effect of dilutive securities:
Stock options and other awards 16 16
Weighted-average common shares outstanding - diluted 871 869
Core earnings per share $ 2.52 $ 1.96
RECONCILIATION OF NON-GAAP MEASURES
We utilize certain financial measures and key performance indicators that are not calculated in accordance with GAAP to assess our financial and operating performance. A non-GAAP financial measure is defined as a numerical measure of a company's financial performance that (i) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the comparable measure calculated and presented in accordance with GAAP in the consolidated statements of income or statements of cash flows, or (ii) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the comparable measure as calculated and presented in accordance with GAAP in the consolidated statements of income or statements of cash flows.
Core net sales, core net income and core earnings per share are non-GAAP financial measures utilized by our management to analyze financial performance without the impact of items that are driven by general economic conditions and events that do not reflect the underlying fundamentals and trends in our operations.
Refer to "Items Adjusted from GAAP Measures" for the descriptions of the footnoted reconciling items.
The following tables reconcile our non-GAAP financial measures to their most directly comparable GAAP financial measure (amounts in millions, except percentages and per share amounts):
Year ended December 31, 2025
Net sales Income before income taxes Net income attributable to Corning Incorporated Effective 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 for GAAP and core excludes net income attributable to non-controlling interest of approximately $146 million and $150 million, respectively.
Year ended December 31, 2024
Net sales Income before income taxes Net income attributable to Corning Incorporated Effective 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 effective tax rate GAAP and core excludes net income attributable to non-controlling interest of approximately $86 million and $92 million, respectively.
Refer to "Items Adjusted from GAAP Measures" for the descriptions of the footnoted reconciling items.
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 years 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:
Currency Japanese yen South Korean won Chinese yuan New Taiwan dollar Mexican peso Euro
2024 Rate ¥107 ₩1,175 ¥6.7 NT$31 MX$20 €0.81
2025 Rate ¥120 ₩1,250 ¥6.9 NT$31 MX$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, changes in deferred tax asset valuation allowances and stock compensation windfall or shortfall, 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 (expense) income, neton 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 statements of income.
(11)Loss on sale of business: Amount reflects the loss recognized for the sale of a business, recorded in other (expense) income, neton 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.
LIQUIDITY AND CAPITAL RESOURCES
Our financial condition and liquidity are strong. We are not aware of any known trends, demands, commitments, events or uncertainties that will result in or that are reasonably likely to result in a material decrease in our liquidity. In addition, other than items discussed, there are no known material trends, favorable or unfavorable, in our capital resources and no expected material changes in the mix of such resources.
Our major sources of funding for 2026 and beyond will be our operating cash flow, our existing balances of cash and cash equivalents and proceeds from any issuances of debt. We believe we have sufficient liquidity to fund operations and meet our obligations for the foreseeable future. Such obligations may include requirements for acquisitions, capital expenditures, debt repayments, dividend payments and share repurchases. We will continue to generate cash from operations and maintain access to our revolving credit facilities and commercial paper programs as discussed in more detail below.
Key Balance Sheet Data
We fund our working capital with cash from operations and, periodically, short-term and long-term borrowings. In addition, from time to time, we receive upfront cash from customers relating to long-term supply agreements, as well as cash incentives or tax credits from government entities primarily for capital expansion projects or for production related operating expenses.
The following table presents balance sheet and working capital measures (in millions):
December 31,
2025
2024
Working capital $ 3,308 $ 3,073
Current ratio 1.6:1 1.6:1
Trade accounts receivable, net of doubtful accounts $ 2,779 $ 2,053
Days sales outstanding 60 53
Inventories $ 3,077 $ 2,724
Inventory turns 3.3 3.2
Days payable outstanding (1)
63 54
Long-term debt $ 7,630 $ 6,885
Total debt $ 8,434 $ 7,211
Total debt to total capital 41 % 39 %
(1)Includes trade payables only.
We perform comprehensive reviews of our significant customers and their creditworthiness by analyzing their financial strength at least annually or more frequently for customers where we have identified a measure of increased risk. We closely monitor payments and developments to identify potential customer credit issues. We are not aware of any customer credit issues that could have a material impact on our liquidity.
We participate in accounts receivable management programs, including factoring arrangements to sell certain accounts receivable to third-party financial institutions or accelerate collections through our customer's supply chain financing arrangements. Sales of accounts receivable are reflected as a reduction of accounts receivable on the consolidated balance sheets and the proceeds are included in cash flows from operating activities on the consolidated statements of cash flows. During the years ended December 31, 2025 and 2024, we accelerated the collection of $1.1 billion and $1.2 billion, respectively, in accounts receivable. Related servicing fees for the period were not material.
Cash Flows
The following table presents a summary of cash flow data (in millions):
Year ended December 31,
2025
2024
Net cash provided by operating activities $ 2,695 $ 1,939
Net cash used in investing activities $ (1,243) $ (744)
Net cash used in financing activities $ (1,672) $ (1,164)
Net cash provided by operating activities increased by $756 million for the year ended December 31, 2025, when compared to the same period in the prior year, primarily driven by the increase in net income and upfront cash payments from customers relating to long-term sales agreements and cash received under government incentive programs, partially offset by changes in working capital and incremental pension contributions.
Net cash used in investing activities increased by $499 million for the year ended December 31, 2025, when compared to the same period last year, primarily driven by higher capital expenditures of $317 million and higher investments in unconsolidated entities of $127 million.
Net cash used in financing activities increased by $508 million for the year ended December 31, 2025, when compared to the same period last year, primarily driven by an increase in payments on finance leases of $316 million, less proceeds from cross currency swap contracts of $110 million and payment of acquisition related debt of $75 million.
Sources of Liquidity
We generate strong ongoing cash flows from operations, which is our principal source of liquidity. During the years ended December 31, 2025 and 2024, cash flows provided by operating activities were $2.7 billion and $1.9 billion, respectively.
As of December 31, 2025, our cash and cash equivalents and available credit capacity included (in millions):
December 31, 2025
Cash and cash equivalents $ 1,526
Available credit capacity:
U.S. dollar revolving credit facility $ 1,500
Cash and Cash Equivalents
We ended 2025 with $1.5 billion of cash and cash equivalents. Our cash and cash equivalents are held in various locations throughout the world and are generally unrestricted. We utilize a variety of strategies to ensure that our worldwide cash is available in the locations in which it is needed. As of December 31, 2025, approximately 61% of the consolidated cash and cash equivalents were held outside of the U.S.
During the year ended December 31, 2025, the Company distributed $896 million from foreign subsidiaries to their respective U.S. parent companies. As of December 31, 2025, Corning had approximately $1.9 billion of indefinitely reinvested foreign earnings. If we distribute our foreign cash balances to the U.S. or to other foreign subsidiaries, we could be required to accrue and pay withholding taxes. We do not foresee a need to repatriate any earnings for which we asserted permanent reinvestment. However, to help fund cash needs of the U.S. or other international subsidiaries as they arise, we repatriate available cash from certain foreign subsidiaries whose earnings are not permanently reinvested.
Debt Facilities and Other Sources of Liquidity
We have a commercial paper program pursuant to which we may issue short-term, unsecured commercial paper notes up to a maximum aggregate principal amount outstanding at any one time of $1.5 billion. Under this program, we may issue commercial paper from time to time and will use the proceeds for general corporate purposes. As of December 31, 2025, we did not have any commercial paper outstanding.
We have a revolving credit facility available to support obligations under the commercial paper program and for general corporate purposes, if needed.
On July 28, 2025, the Company entered into an agreement for a new revolving credit facility (the "Revolving Credit Facility"), which replaced the Companys $1.5 billion revolving credit facility agreement dated June 6, 2022. The Revolving Credit Facility provides a committed $1.5 billion in unsecured multi-currency line of credit and expires July 28, 2030. As of December 31, 2025, there were no outstanding amounts under the Revolving Credit Facility.
The agreement governing the Revolving Credit Facility includes affirmative and negative covenants with which we must comply, including a leverage (debt to capital ratio) financial covenant. As of December 31, 2025, we were in compliance with all such covenants. The required leverage ratio is a maximum of 60%. As of December 31, 2025, our leverage using this measure was approximately 41%.
Our debt instruments contain customary event of default provisions, which allow the lenders the option of accelerating all obligations upon the occurrence of certain events. In addition, some of our debt instruments contain a cross default provision, whereby an uncured default exceeding a specified amount on one debt obligation, also would be considered a default under the terms of another debt instrument. As of December 31, 2025, we were in compliance with all such provisions.
As a well-known seasoned issuer, we filed an automatic shelf registration statement with the SEC on December 1, 2023. Under this shelf registration statement we may offer, from time to time, debt securities, common stock, preferred stock, depository shares and warrants.
Refer to Note 10 (Debt) in the accompanying notes to the consolidated financial statements for additional information.
Customer Deposits, Deferred Revenue and Government Incentives
We receive cash deposits or consideration, generally non-refundable, from customers under long-term supply agreements. In addition, we receive government incentives, typically in the form of cash incentives or tax credits primarily for capital expansion projects or for production related operating expenses.
Refer to Note 1 (Summary of Significant Accounting Policies) and Note 4 (Revenue) in the accompanying notes to the consolidated financial statements for additional information.
Uses of Cash
Share Repurchase Agreement
Pursuant to the Share Repurchase Agreement ("SRA") with Samsung Display Co., Ltd. ("SDC"), 22 million common shares held by SDC can be offered to be sold to Corning in specified tranches from time to time in calendar years 2024 through 2027. Corning may, at its sole discretion, elect to repurchase such common shares. If Corning elects not to repurchase the common shares and SDC sells the common shares on the open market, Corning is required to pay SDC a make-whole payment, subject to a 5% cap of the repurchase proceeds that otherwise would have been paid by Corning. As of December 31, 2025, the fair value of the liability associated with this option, measured using Level 2 inputs, was not material.
Refer to Note 16 (Shareholders' Equity) in the accompanying notes to the consolidated financial statements for additional information.
Share Repurchases
In 2019, the Board authorized the repurchase of up to $5.0 billion of additional common stock ("2019 Authorization").
As of December 31, 2025, approximately $3.0 billion remains available under our 2019 Authorization, which does not have an expiration date and may be amended or terminated by the Board of Directors at any time without prior notice.
Refer to Note 16 (Shareholders' Equity) in the accompanying notes to the consolidated financial statements for additional information.
Common Stock Dividends
The Board's decision to declare and pay future dividends will depend on our income and liquidity position, among other factors. We expect to declare quarterly dividends and fund payments with cash from operations.
Refer to Note 16 (Shareholders' Equity) in the accompanying notes to the consolidated financial statements for additional information.
Capital Expenditures
Capital expenditures were $1.3 billion, $1.0 billion and $1.4 billion during the years ended December 31, 2025, 2024 and 2023, respectively. We expect our 2026 capital expenditures to be approximately $1.7 billion.
Current Maturities of Short and Long-Term Debt
As of December 31, 2025, the maturity schedule of our existing long-term debt, inclusive of finance leases, does not require significant cash outflows, with approximately $2.1 billion due over the next five years, of which $804 million is due in less than one year.
Refer to Note 10 (Debt) in the accompanying notes to the consolidated financial statements for additional information.
Defined Benefit Pension Plans
Our global pension plans, including our unfunded and non-qualified plans, were 85% funded as of December 31, 2025. Our largest single pension plan is our U.S. qualified plan, which accounted for 77% of our consolidated defined benefit pension plans' projected benefit obligation, was 97% funded as of December 31, 2025.
The funded status of our pension plans is dependent upon multiple factors including actuarial assumptions, interest rates at year-end, prior investment returns and contributions made to the plans. During the year ended December 31, 2025, Corning made $50 million of voluntary contributions to our domestic defined benefit pension plan and $18 million of cash contributions to our international pension plans. In 2026, the Company anticipates making voluntary cash contributions of $40 million to our domestic defined benefit pension plan and $12 million to the international pension plans.
Refer to Note 11 (Employee Retirement Plans) in the accompanying notes to the consolidated financial statements for additional information.
Commitments, Contingencies and Guarantees
A summary of our contractual obligations and other commercial commitments, including details of our commitments related to executed leases that have not yet commenced, as of December 31, 2025 are included within Note 12 (Commitments, Contingencies and Guarantees) and Note 8 (Leases) in the accompanying notes to the consolidated financial statements.
Off Balance Sheet Arrangements
Off balance sheet arrangements are transactions, agreements, or other contractual arrangements with an unconsolidated entity for which we have an obligation to the entity that is not recorded in our consolidated financial statements.
Our off balance sheet arrangements include guarantee and indemnity contracts. At the time a guarantee is issued, we are required to recognize a liability for the fair value or market value of the obligation it assumes. In the normal course of our business, we do not routinely provide significant third-party guarantees. Generally, third-party guarantees provided by us are limited to certain financial guarantees, including stand-by letters of credit and performance bonds. These guarantees have various terms and none of these guarantees are individually significant. We believe a significant majority of these guarantees and contingent liabilities will expire without being funded.
Refer to Note 12 (Commitments, Contingencies and Guarantees) in the accompanying notes to the consolidated financial statements for additional information.
ENVIRONMENT
Refer to Item 3. Legal Proceedings and Note 12 (Commitments, Contingencies and Guarantees) in the accompanying notes to the consolidated financial statements for information.
CRITICAL ACCOUNTING ESTIMATES
Our consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America. This requires us to make estimates and assumptions that affect reported amounts and related disclosures. Actual results could differ from those estimates. The following estimates are considered by management to be the most critical to the understanding of the consolidated financial statements as they require significant judgments that could materially impact our results of operations, financial position and cash flows.
Impairment of assets held for use
We are required to assess the recoverability of the carrying value of long-lived assets when an indicator of impairment has been identified. We perform this review each quarter and exercise judgment in assessing whether impairment indicators are present.
Manufacturing equipment includes certain components of production equipment that are constructed of precious metals, primarily platinum and rhodium. These metals are not depreciated because they have very low physical losses and are repeatedly reclaimed and reused in our manufacturing process over a very long useful life. The physical loss of precious metals in the manufacturing and reclamation process is treated as depletion and these losses are accounted for as a period expense based on actual units lost. Precious metals are reviewed for impairment as part of our assessment of long-lived assets. This review considers all our precious metals that are either in place in the production process; in reclamation, fabrication, or refinement in anticipation of re-use; or awaiting use to support increased capacity. Precious metals are only acquired to support our operations and are not held for trading purposes.
Examples of events or circumstances that may be indicative of impairments include, but are not limited to:
•A significant decrease in the market price of an asset;
•A significant change in the use of a long-lived asset or its physical condition;
•A significant adverse change in legal factors or in the business climate that could affect the value of the asset, including an adverse action or assessment by a regulator;
•An accumulation of costs significantly more than the amount originally expected for the acquisition or construction of an asset;
•A current-period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of an asset; and
•A current expectation that, more likely than not, an asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life.
For purposes of recognition and measurement of an impairment loss, a long-lived asset or assets is grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. We must exercise judgment in assessing the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Our assessment is performed at the operating segment level. For most of our operating segments, we concluded that locations or businesses within these segments which share production along the supply chain must be combined to appropriately identify cash flows that are largely independent of the cash flows of other assets and liabilities.
For long-lived assets, when impairment indicators are present, we compare estimated undiscounted future cash flows, including the eventual disposition of the asset group at market value, to the assets' carrying value to determine if the asset group is recoverable. This assessment requires the exercise of judgment in assessing the future use of and projected value to be derived from the assets to be held and used. Assessments also consider changes in asset utilization, including the temporary idling of capacity and the expected timing for placing this capacity back into production.
For an asset group that fails the test of recoverability, the estimated fair value of long-lived assets is determined using an "income approach" that starts with the forecast of all the expected future net cash flows, including the eventual disposition at market value of long-lived assets, and considers the fair market value of all precious metals, if applicable. If there is an impairment, a loss is recorded to reflect the difference between the assets' fair value and carrying value. Our estimates are based upon our historical experience, our commercial relationships and available external information about future trends. We believe fair value assessments are most sensitive to market growth and the corresponding impact on volume and selling prices and that these are also more subjective than manufacturing cost and other assumptions. We believe our current assumptions and estimates are reasonable and appropriate.
Income taxes
We are subject to income tax laws and regulations of the many jurisdictions in which we operate. These tax laws and regulations are complex and involve uncertainties in the application to our facts and circumstances that may be open to interpretation. We recognize benefits for these uncertain tax positions based upon a process that requires judgment regarding the technical application of the laws, regulations and various related judicial opinions. We record uncertain tax positions only when they are believed to have a less than 50% likelihood of being sustained on their technical merits and then only to the extent of the amount of tax benefit that is less than 50% likely of being realized upon settlement. In estimating these amounts, we must exercise judgment around factors such as the weighting of the tax law in our favor or alternatively, consider a negotiated compromise, and our willingness to dispute a tax authorities' assertion to the level of appeal we believe is required to sustain our position. As a result, it is possible that our estimate of the benefits we will realize for uncertain tax positions may change when we become aware of new information affecting these judgments and estimates.
We must also assess the likelihood that we will be able to recover our deferred tax assets against future sources of taxable income and reduce the carrying amount of deferred tax assets by recording a valuation allowance if, based on all available evidence, it is more likely than not that all or a portion of such assets will not be realized. Inherent in this estimation process is the requirement for us to estimate future book and taxable income and possible tax planning strategies. These estimates require us to exercise judgment about our future results, the prudence and feasibility of possible tax planning strategies and the economic environments in which we do business. It is possible that actual results will differ from assumptions and require adjustments to allowances.
Fair value measures
As required, we use two kinds of inputs to determine the fair value of assets and liabilities: observable and unobservable. Observable inputs are based on market data or independent sources, while unobservable inputs are based on our own market assumptions. Once inputs have been characterized, we prioritize the inputs used to measure fair value into one of three broad levels. Characterization of fair value inputs is required for those accounting pronouncements that prescribe or permit fair value measurement. In addition, observable market data must be used when available and the highest-and-best-use measure should be applied to non-financial assets. Our major categories of financial assets and liabilities required to be measured at fair value are short-term and long-term investments, certain pension asset investments and derivatives. These categories use observable inputs only and are measured using a market approach based on quoted prices in markets considered active or in markets in which there are few transactions.
Derivatives may include foreign exchange forward contracts and foreign exchange option contracts that are measured using observable quoted prices for similar assets and liabilities. Included in our foreign exchange forward contracts and foreign exchange option contracts are foreign currency hedges that hedge our cash flow, translation and net investments in foreign subsidiaries exposure resulting from movements in the Japanese yen, South Korean won, Chinese yuan, New Taiwan dollar, Mexican peso, and euro. In arriving at the fair value of our derivative assets and liabilities, we have considered the appropriate valuation and risk criteria, including such factors as credit risk of the relevant party to the transaction. Amounts related to credit risk are not material.
Refer to Note 13 (Financial Instruments) in the accompanying notes to the consolidated financial statements for additional information.
Loss contingencies
Accruals are recorded for various contingencies including legal proceedings, environmental matters and other claims that arise in the normal course of business. The accruals are based on judgment, the probability of losses, where applicable, the consideration of opinions of internal and/or external counsel and actuarial determined estimates. Refer to Item 3. Legal Proceedings and Note 12 (Commitments, Contingencies and Guarantees) in the accompanying notes to the consolidated financial statements for a discussion of Corning's material litigation and environmental matters.
Pension and other postretirement employee benefits ("OPEB")
We offer employee retirement plans consisting of defined benefit pension plans covering certain domestic and international employees and postretirement plans that provide health care and life insurance benefits for eligible retirees and dependents. The costs and obligations related to these benefits reflect our assumptions related to general economic conditions (particularly interest rates), expected return on plan assets, rate of compensation increase for employees and health care trend rates. The cost of providing plan benefits depends on demographic assumptions including retirements, mortality, turnover and plan participation. While management believes that the assumptions used are appropriate, differences in actual experience or changes in assumptions may affect our employee pension and other postretirement obligations, and current and future expense.
The following table presents our actual and expected return (loss) on assets, as well as the corresponding percentages (in millions, except percentages):
December 31,
2025
2024
2023
Actual return on plan assets - Domestic plans
$ 282 $ 303 $ 281
Expected return on plan assets - Domestic plans 184 179 176
Actual return (loss) on plan assets - International plans
14 (6) 10
Expected return on plan assets - International plans 17 16 13
Weighted-average actual and expected return (loss) on assets:
Actual return on plan assets - Domestic plans
10.65 % 11.74 % 10.94 %
Expected return on plan assets - Domestic plans 6.75 % 6.75 % 6.75 %
Actual return (loss) on plan assets - International plans
3.68 % (1.19 %) 2.54 %
Expected return on plan assets - International plans 4.90 % 4.34 % 3.85 %
As of December 31, 2025, the Projected Benefit Obligation ("PBO") for U.S. pension plans was $3.4 billion.
The following table presents the estimated increases (decreases) in future ongoing pension expense and projected benefit obligation assuming a 25 basis point change in the key assumptions for our U.S. pension plans (in millions):
Change in ongoing pension expense Change in projected benefit obligation
25 basis point decrease in each spot rate $ (1) $ 78
25 basis point increase in each spot rate $ 1 $ (75)
25 basis point decrease in expected return on assets $ 7
25 basis point increase in expected return on assets $ (7)
The above sensitivities reflect the impact of changing one assumption at a time. Economic factors and conditions often affect multiple assumptions simultaneously and the effects of changes in key assumptions are not necessarily linear. These changes in assumptions would have no effect on our funding requirements.
The following table presents the estimated increases (decreases) in future ongoing pension expense and the Accumulated Postretirement Benefit obligation ("APBO") assuming a 25 basis point change in the key assumptions for our U.S. OPEB plans (in millions):
Change in ongoing OPEB expense Change in APBO
25 basis point decrease in each spot rate $ 1 $ 8
25 basis point increase in each spot rate $ (1) $ (7)
The above sensitivities reflect the impact of changing one assumption at a time. Economic factors and conditions often affect multiple assumptions simultaneously and the effects of changes in key assumptions are not necessarily linear.
Refer to Note 11 (Employee Retirement Plans) in the accompanying notes to the consolidated financial statements for additional information.
NEW ACCOUNTING STANDARDS
Refer to Note 1 (Summary of Significant Accounting Policies) in the accompanying notes to the consolidated financial statements.
FORWARD-LOOKING STATEMENTS
The statements in this Annual Report on Form 10-K, in reports subsequently filed by Corning with the Securities and Exchange Commission ("SEC") on Forms 10-Q and 8-K 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. 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 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; and
-the potential impact of legislation, government regulations and other government action and investigations.
Corning Inc. published this content on February 12, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on February 12, 2026 at 21:43 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]