# Corning Incorporated (GLW) Q2 2025 Financial Results Summary
**Release Date:** July 29, 2025
Corning Incorporated reported its financial results for the second quarter of 2025, highlighting significant growth and financial metrics that exceeded their initial guidance. Below is a detailed summary of the company’s results and forward-looking statements.
### Financial Highlights
– **GAAP Results:**
– Net Sales: $3.86 billion, which reflects a **19% increase** year-over-year (YoY).
– Net Income: $469 million, representing a **351% increase** YoY.
– Earnings Per Share (EPS): $0.54, a **350% increase** compared to $0.12 in Q2 2024.
– **Core Results (Non-GAAP):**
– Core Sales: $4.05 billion, up **12% YoY**.
– Core Net Income: $523 million, a **29% increase** YoY.
– Core EPS: $0.60, which indicates a **28% increase** from $0.47 in Q2 2024.
– Core Operating Margin: Increased by **160 basis points** to **19%**.
– **Cash Flow:**
– GAAP Operating Cash Flow: $708 million.
– Adjusted Free Cash Flow: $451 million, representing a **28% increase** YoY.
### Segment Performance
Corning’s business segments showed varied performance:
– **Optical Communications:**
– Net Sales: $1.57 billion, with a **41% increase** YoY.
– Net Income: $247 million, a YoY growth of **73%**.
– **Display:**
– Net Sales: $898 million, down **11% YoY**.
– Net Income: $243 million, indicating a **6% decline** from the previous year.
– **Specialty Materials:**
– Net Sales: $545 million, a **9% increase** YoY.
– Net Income: $81 million, a **29% increase** YoY.
– **Automotive:**
– Net Sales: $460 million, a **4% decrease** YoY.
– Net Income: $79 million, showing an **11% increase** YoY.
– **Life Sciences:**
– Net Sales: $250 million, remained stable YoY.
– Net Income: $18 million, a **6% increase** YoY.
– **Emerging Growth Businesses:**
– Net Sales: $326 million, an increase of **31% YoY**.
– Net (Loss) Income: $10 million, where prior year’s performance was not meaningful.
### Strategic Outlook
– Corning expects to maintain strong performance through its Springboard plan:
– For Q3 2025, management forecasts core sales to reach approximately **$4.2 billion**, with core EPS predicted to be between **$0.63 and $0.67**.
– This guidance considers an expected impact from tariffs and the anticipated increase in demand for Gen AI and U.S.-made solar products.
### Shareholder Actions
– **Dividends:** Corning paid a quarterly dividend of **$261 million** in Q2 2025, compared to **$252 million** in Q2 2024, indicating a **3.6% increase** YoY.
– **Share Repurchase:** The company repurchased **$33 million** in shares over the quarter, reflecting adjustments to treasury stock levels.
### Conclusion
Corning Incorporated’s second-quarter results showcase robust growth across several core financial metrics. The company’s proactive approach in its strategic initiatives, focused on customer responsiveness in emerging technologies, further enhances its outlook. Investors and stakeholders will be keenly observing Corning’s efforts to capitalize on these growth drivers as they continue through 2025.
### Consolidated Statements of Income
**(Unaudited; in millions, except per share amounts)**
| Three months ended | Six months ended | |||
|---|---|---|---|---|
| June 30, 2025 | 2024 | June 30, 2025 | 2024 | |
| Net sales | $3,862 | $3,251 | $7,314 | $6,226 |
| Cost of sales | 2,470 | 2,302 | 4,708 | 4,284 |
| Gross margin | 1,392 | 949 | 2,606 | 1,942 |
| Operating expenses: | ||||
| Selling, general and administrative expenses | 515 | 471 | 986 | 922 |
| Research, development and engineering expenses | 276 | 262 | 546 | 520 |
| Amortization of purchased intangibles | 28 | 30 | 56 | 60 |
| Operating income | 573 | 186 | 1,018 | 440 |
| Interest income | 5 | 10 | 17 | 22 |
| Interest expense | -83 | -84 | -165 | -167 |
| Translated earnings contract gain, net | 131 | 27 | 30 | 66 |
| Other (expense) income, net | -42 | 33 | -76 | 107 |
| Income before income taxes | 584 | 172 | 824 | 468 |
| Provision for income taxes | -84 | -50 | -139 | -121 |
| Net income | 500 | 122 | 685 | 347 |
| Net income attributable to non-controlling interest | -31 | -18 | -59 | -34 |
| Net income attributable to Corning Incorporated | $469 | $104 | $626 | $313 |
| Earnings per common share available to common shareholders: | ||||
| Basic | $0.55 | $0.12 | $0.73 | $0.37 |
| Diluted | $0.54 | $0.12 | $0.72 | $0.36 |
### Consolidated Balance Sheets
**(Unaudited; in millions, except share and per share amounts)**
| June 30, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $1,491 | $1,768 |
| Trade accounts receivable, net of doubtful accounts | 2,298 | 2,053 |
| Inventories | 3,084 | 2,724 |
| Other current assets | 1,323 | 1,447 |
| Total current assets | 8,196 | 7,992 |
| Property, plant and equipment, net of accumulated depreciation | 13,881 | 13,359 |
| Goodwill | 2,492 | 2,363 |
| Other intangible assets, net | 711 | 752 |
| Deferred income taxes | 1,187 | 1,130 |
| Other assets | 2,278 | 2,139 |
| Total Assets | $28,745 | $27,735 |
| Liabilities and Equity | ||
| Current liabilities: | ||
| Current portion of long-term debt and short-term borrowings | $786 | $326 |
| Accounts payable | 1,931 | 1,472 |
| Other accrued liabilities | 2,758 | 3,121 |
| Total current liabilities | 5,475 | 4,919 |
| Long-term debt | 6,714 | 6,885 |
| Postretirement benefits other than pensions | 302 | 336 |
| Other liabilities | 4,709 | 4,525 |
| Total liabilities | 17,200 | 16,665 |
| Commitments and contingencies | ||
| Shareholders’ equity: | ||
| Common stock – Par value $0.50 per share; Shares authorized 3.8 billion; Shares issued: 1.8 billion and 1.8 billion | 923 | 921 |
| Additional paid-in capital – common stock | 17,389 | 17,264 |
| Retained earnings | 15,823 | 15,926 |
| Treasury stock, at cost; Shares held: 991 million and 987 million | -21,085 | -20,882 |
| Accumulated other comprehensive loss | -1,934 | -2,543 |
| Total Corning Incorporated shareholders’ equity | 11,116 | 10,686 |
| Non-controlling interest | 429 | 384 |
| Total equity | 11,545 | 11,070 |
| Total Liabilities and Equity | $28,745 | $27,735 |
