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- **Record Q3 Results**: Revenue $4.27B (+14% YoY), EPS $0.67 (+24% YoY), operating margin 19.6% (130bps expansion).
- **Springboard Plan Overachievement**: 31% sales growth, 72% EPS growth, and 20% operating margin target met a year early.
- **Gen AI and Solar Growth Drivers**: Enterprise networks up 58% YoY, solar business on track for $2.5B annualized revenue by 2028.
- **Capital Allocation Focus**: Share buybacks and high-return investments, with $1.3B CapEx for 2025.

**【CEO Summary Section】**
- **Revenue and Profit Growth**: Q3 revenue of $4.27 billion (+14% YoY), EPS of $0.67 (+24% YoY), operating margin expanded 130bps to 19.6%, and free cash flow of $535 million.
- **Springboard Plan Success**: Achieved 31% sales growth since Q4 2023, 330bps margin expansion, and 72% EPS growth, surpassing original targets. Q4 operating margin expected to hit 20% target a year ahead of schedule.
- **Gen AI and Solar Growth**: Enterprise networks sales up 58% YoY, and solar business on track for $2.5 billion annualized revenue by 2028.

**【CFO Financial Commentary】**
- **Segment Performance**: Optical Communications sales up 33% YoY, driven by Gen AI products; Display net income margin maintained at 25%; Specialty Materials and Automotive segments showed strong incremental profits.
- **Q4 Outlook**: Sales of $4.35 billion (+12% YoY), EPS guidance of $0.68-$0.72, and free cash flow expected to grow significantly YoY.
- **Capital Allocation**: $1.3 billion in CapEx for 2025, with focus on high-return investments and share buybacks.

**【Q&A Highlights】**
- **Demand and Supply Dynamics**: Tight supply for Gen AI products, with customers requesting faster delivery; Apple's $2.5 billion investment in U.S. manufacturing to support iPhone/Watch cover glass production.
- **Solar Ramp Progress**: New wafer facility ramping to 1 million/day, with 80% capacity pre-committed for next 5 years; targeting $1.6 billion annualized revenue by 2027.
- **Operating Margin Expansion**: Q4 operating margin expected to reach 20%, with ongoing cost control and incremental profit growth.


Corning Incorporated (GLW) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

GLW

GLW fundamentals

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