CORNING INC /NY
For the period ended Sep 30, 2026. Filed Oct 29, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 29, 2026
GLW$106.13+2.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-07-29.
0000024741-26-000255
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-29.
0000024741-26-000279
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 230 previous paragraphs and 233 current paragraphs.
167 unchanged; 53 reworded; 13 added; 9 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 16 previous and 16 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (13)
Current report
For the nine months ended September 30, 2026, selling, general and administrative expenses increased $149 million, and remained consistent as a percentage of sales when compared to the same period in 2025. The increase was primarily due to higher variable compensation and share-based compensation expense.
Current report
The decrease in segment net sales for the three month period was primarily due to lower volume as increasing memory prices impact our end markets. Segment net sales remained consistent for the nine month comparative period.
Current report
The decrease in segment net income for the three month period was primarily driven by decreased sales, as described above. Segment net income remained consistent for the nine month comparative period.
Current report
The decrease in segment net income for the three month period was primarily driven by higher operating costs, which more than offset the benefit of increased sales, as described above. The increase in segment net income for the nine month period was primarily driven by increased sales, as described above.
Current report
Segment net income decreased for both the three and nine month periods as production capacity continues to ramp up in our solar wafers and solar modules businesses.
Current report
The increase in segment net loss for the three month period was primarily driven by increased research and development costs within our emerging growth businesses. The increase in segment net loss for the nine month period was primarily due to our Pharmaceutical Technologies business.
Current report
(b)The calculation of the effective tax rate for GAAP and Core excludes net income attributable to non-controlling interest of approximately $66 million and $67 million, respectively.
Current report
(b)The calculation of the effective tax rate for GAAP and Core excludes net income attributable to non-controlling interest of approximately $40 million and $41 million, respectively.
Current report
(b)The calculation of the effective tax rate for GAAP and Core excludes net income attributable to non-controlling interest of approximately $153 million and $156 million respectively.
Current report
(b)The calculation of the effective tax rate for GAAP and Core excludes net income attributable to non-controlling interest of approximately $99 million and $102 million, respectively.
Current report
(1)Prior to April 1, 2026, the core rate methodology was applied to all relevant foreign exchange exposures; its effects are reflected in the hedge rates and percentages of exposures hedged for the nine months ended September 30, 2026, as discussed and presented below.
Current report
Certain of our foreign earnings are indefinitely reinvested. Although a significant portion of our cash and cash equivalents is held outside the U.S., we manage our worldwide liquidity to provide sufficient funds in the locations in which they are needed. Our ability to access cash held by foreign subsidiaries may be subject to withholding taxes and other considerations associated with transferring funds across jurisdictions. We expect to repatriate certain foreign earnings to the U.S. for which we do not assert indefinite reinvestment, based on our anticipated liquidity needs. Certain other foreign earnings remain indefinitely reinvested.
Current report
On September 11, 2026, the Company entered into an Equity Distribution Agreement whereby it has the ability to, from time to time, sell up to $2.0 billion of its common stock through an “at the market” (“ATM”) equity offering program. No shares were sold under the ATM program during the three months ended September 30, 2026.
Removed paragraphs (9)
Previous report
The increase in segment net sales for both the three and six month periods was primarily due to continued strong demand for LCD glass.
Previous report
The increase in segment net income for both the three and six month periods was primarily driven by increased sales, as outlined above, and profit on higher volumes.
Previous report
The increase in segment net income for both the three and six month periods was primarily driven by increased sales, as outlined above, and profit on higher volumes.
Previous report
The decrease in segment net income for both the three and six month periods was primarily driven by temporarily higher costs to ramp up capacity.
Previous report
(b)The calculation of the effective tax rate for GAAP and Core excludes net income attributable to non-controlling interest of approximately $50 million and $51 million, respectively.
Previous report
(b)The calculation of the effective tax rate for GAAP and Core excludes net income attributable to non-controlling interest of approximately $31 million and $32 million, respectively.
Previous report
(b)The calculation of the effective tax rate for GAAP and Core excludes net income attributable to non-controlling interest of approximately $87 million and $89 million respectively.
Previous report
(b)The calculation of the effective tax rate for GAAP and Core excludes net income attributable to non-controlling interest of approximately $59 million and $61 million, respectively.
Previous report
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.
Reworded paragraphs (53)
Previous wording
Corning is one of the world’s leading innovators in materials science, 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. Corning succeeds through sustained investment in RD&E, a unique combination of material and process innovation, and deep, trust-based relationships with customers who are global leaders in their industries. Corning’s capabilities are versatile and synergistic, which allows the company to evolve to meet changing market needs, while also helping its customers capture new opportunities in dynamic industries. Today, Corning’s markets include optical communications, mobile consumer electronics, display, automotive, solar, semiconductors, and life sciences.
Current wording
Corning is one of the world’s leading innovators in materials science, 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. Corning succeeds through sustained investment in RD&E, a unique combination of material and process innovation, and deep, trust-based relationships with customers who are global leaders in their industries. Corning’s capabilities are versatile and synergistic, which allows the company to evolve to meet changing market needs, while also helping its customers capture new opportunities in dynamic industries.
Previous wording
In the third quarter of 2023, we introduced our Springboard plan to grow sales and enhance our profitability base and launched our plan with an annualized sales run rate of $13 billion. Over the past two and a half years, we have significantly grown annualized sales and expanded profitability. Our continued performance on our Springboard plan has transformed the financial profile of the Company and delivered durable growth across our businesses. We see remarkable demand for our innovations and manufacturing capabilities, which we believe will lead to additional growth opportunities through 2026 and beyond.
Current wording
In the third quarter of 2023, we introduced our Springboard plan to grow sales and enhance our profitability base and launched our plan with an annualized core sales run rate of $13 billion. Since Springboard's introduction, we have significantly grown annualized core sales, expanded profitability and substantially increased adjusted free cash flow. Our continued performance on our Springboard plan has transformed the financial profile of the Company and delivered durable growth across our businesses. We see remarkable demand for our innovations and manufacturing capabilities, which we believe will lead to additional growth opportunities through 2026 and beyond. In May 2026, we updated and extended our Springboard plan, including an annualized core sales run rate target of $20 billion by the end of 2026. Our third-quarter results already reflect an annualized core sales run rate of $20.3 billion, exceeding our target one quarter early and demonstrating our accelerated growth.
Previous wording
For the three months ended June 30, 2026, net sales increased $643 million, or 17%, when compared to the same period in 2025. This was primarily driven by an increase in sales for optical communication products of $506 million and an increase in sales for polycrystalline silicon and solar products of $207 million.
Current wording
For the three months ended September 30, 2026, net sales increased $755 million, or 18%, when compared to the same period in 2025. This was primarily driven by an increase in sales for optical communication products of $727 million and an increase in sales for polycrystalline silicon and solar products of $117 million.
Previous wording
For the six months ended June 30, 2026, net sales increased $1.3 billion, or 18% when compared to the same period in 2025. This was primarily driven by an increase in sales for optical communication products of $997 million and polycrystalline silicon and solar products of $371 million.
Current wording
For the nine months ended September 30, 2026, net sales increased $2.1 billion, or 18% when compared to the same period in 2025. This was primarily driven by an increase in sales for optical communication products of $1.7 billion and polycrystalline silicon and solar products of $488 million.
Previous wording
For the three months ended June 30, 2026, cost of sales increased $407 million, or 16%, when compared to the same period in 2025, primarily driven by the increase in net sales as discussed above. Gross margin increased $236 million, or 17% and remained consistent as a percentage of sales when compared to the same period in 2025 as higher profit in Optical Communications was partially offset by temporarily higher costs to ramp up capacity to produce more in Solar.
Current wording
For the three months ended September 30, 2026, cost of sales increased $465 million, or 18%, when compared to the same period in 2025, primarily driven by the increase in net sales as discussed above. Gross margin increased $290 million, or 19% and remained consistent as a percentage of sales when compared to the same period in 2025 as higher profit in Optical Communications was partially offset by temporarily higher costs to ramp up capacity to produce more in Solar.
Previous wording
For the six months ended June 30, 2026, cost of sales increased $785 million, or 17%, when compared to the same period in 2025, primarily driven by the increase in net sales as discussed above. Gross margin increased $550 million, or 21%, and remained consistent as a percentage of sales when compared to the same period in 2025 as higher profit in Optical Communications was partially offset by temporarily higher costs to ramp up capacity to produce more in Solar.
Current wording
For the nine months ended September 30, 2026, cost of sales increased $1.3 billion, or 17%, when compared to the same period in 2025, primarily driven by the increase in net sales as discussed above. Gross margin increased $840 million, or 20%, and remained consistent as a percentage of sales when compared to the same period in 2025 as higher profit in Optical Communications was partially offset by temporarily higher costs to ramp up capacity to produce more in Solar.
Previous wording
For the three and six months ended June 30, 2026, selling, general and administrative expenses increased $93 million and $210 million, respectively, and remained consistent as a percentage of sales when compared to the same periods in 2025. The increase was primarily due to higher share-based compensation expense, as the rise in the Company’s stock price increased the fair value of performance-based restricted stock units.
Current wording
For the three months ended September 30, 2026, selling, general and administrative expenses decreased $61 million and slightly decreased as a percentage of sales when compared to the same period in 2025. The decrease was primarily driven by lower share-based compensation expense due to fluctuations in the Company’s stock price, which affect the fair value of performance-based restricted stock units.
Previous wording
For the three and six months ended June 30, 2026, research, development and engineering expenses increased $23 million and $31 million, respectively, and remained consistent as a percentage of sales when compared to the same periods in 2025.
Current wording
For the three and nine months ended September 30, 2026, research, development and engineering expenses increased $34 million and $65 million, respectively, and remained consistent as a percentage of sales when compared to the same periods in 2025.
Previous wording
(1)For the three and six months ended June 30, 2026, amount includes non-cash pre-tax realized losses of $75 million and $165 million, respectively, and for the three and six months ended June 30, 2025, amount includes non-cash pre-tax realized losses of $68 million and $108 million, respectively, related to the premiums of expired option contracts.
Current wording
(1)For the three and nine months ended September 30, 2026, amount includes non-cash pre-tax realized losses of $74 million and $239 million, respectively, and for the three and nine months ended September 30, 2025, amount includes non-cash pre-tax realized losses of $94 million and $202 million, respectively, related to the premiums of expired option contracts.
Previous wording
(2)For the three and six months ended June 30, 2026, amount excludes $4 million and $15 million gains, respectively, and for the three and six months ended June 30, 2025 amount excludes $8 million loss related to forward contracts designated as 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.
Current wording
(2)For the three and nine months ended September 30, 2026, amount excludes $6 million and $21 million gains, respectively, and for the three and nine months ended September 30, 2025, amount excludes $4 million and $12 million losses, respectively, related to forward contracts designated as 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.
Previous wording
(3)For the three and six months ended June 30, 2026, amount excludes pre-tax gain of $6 million, related to forward contracts for the settlement of €300 million euro-denominated debt, which was reflected within investing activities on the consolidated statements of cash flows.
Current wording
(3)For the nine months ended September 30, 2026, amount excludes pre-tax gain of $6 million, related to forward contracts for the settlement of €300 million euro-denominated debt, which was reflected within investing activities on the consolidated statements of cash flows.
Previous wording
Since issuance of the Company’s Japanese yen-denominated debt, depreciation of the Japanese yen has reduced the U.S. dollar value of such obligations and generating unrealized foreign exchange gains that have been recognized over time in the consolidated statements of income. During the second quarter of 2026, the Company entered into a cross-currency swap contract related to ¥15 billion of the Company’s Japanese yen-denominated debt in order to economically lock in unrealized foreign exchange gains.
Current wording
Since issuance of the Company’s Japanese yen-denominated debt, depreciation of the Japanese yen has reduced the U.S. dollar value of such obligations and generating unrealized foreign exchange gains that have been recognized over time in the consolidated statements of income. During the second and third quarters of 2026, the Company entered into cross-currency swap contracts related to ¥15 billion and ¥10 billion, respectively, of the Company’s Japanese yen-denominated debt in order to economically lock in unrealized foreign exchange gains.
Previous wording
The impact to income from realized activity for the three and six months ended June 30, 2026 was primarily driven by realized gains from our Japanese yen and Mexican peso-denominated hedges, partially offset by realized losses from our South Korean won-denominated hedges.
Current wording
The impact to income from realized activity for the three months ended September 30, 2026 was primarily driven by realized gains from our Japanese yen and Mexican peso-denominated hedges, partially offset by realized losses from our South Korean won-denominated hedges. The impact to income from realized activity for the nine months ended September 30, 2026 was primarily driven by realized gains from our Japanese yen and Mexican peso-denominated hedges, partially offset by realized losses from our South Korean won, euro and New Taiwan dollar-denominated hedges.
Previous wording
The impact to income from realized activity for the three months ended June 30, 2025 was primarily driven by realized losses from our South Korean won denominated hedges, partially offset by realized gains from our Mexican peso denominated hedges. The impact to income from realized activity for the six months ended June 30, 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-denominated hedges.
Current wording
The impact to income from realized activity for the three months ended September 30, 2025 was primarily driven by realized losses from our South Korean won and Japanese yen-denominated hedges, partially offset by realized gains from our Mexican peso denominated hedges. The impact to income from realized activity for the nine months ended September 30, 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.
Previous wording
The impact to income from unrealized activity for the three and six months ended June 30, 2025 was primarily driven by unrealized gains from our South Korean won and New Taiwan dollar-denominated hedges partially offset by unrealized losses from our Japanese-yen and euro denominated hedges.
Current wording
The impact to income from unrealized activity for the three months ended September 30, 2026 was primarily driven by unrealized gains from our South Korean won, Chinese yuan, New Taiwan dollar and euro-denominated hedges, partially offset by unrealized losses from our Mexican peso-denominated hedges. The impact to income from unrealized activity for the nine months ended September 30, 2026 was primarily driven by unrealized gains from our Chinese yuan, euro and South Korean won-denominated hedges, partially offset by unrealized losses from our Japanese yen, Mexican peso and New Taiwan dollar-denominated hedges.
Previous wording
The impact to income from unrealized activity for the three months ended June 30, 2026 was primarily driven by unrealized gains from our Mexican peso and Chinese yuan-denominated hedges, partially offset by unrealized losses from our Japanese yen-denominated hedges. The impact to income from unrealized activity for the six months ended June 30, 2026 was primarily driven by unrealized losses from our Japanese yen, South Korean won and New Taiwan dollar-denominated hedges, partially offset by unrealized gains from our Chinese yuan, euro and Mexican peso-denominated hedges.
Current wording
The impact to income from unrealized activity for the three months ended September 30, 2025 was primarily driven by unrealized gains from our Japanese yen, Mexican peso and euro-denominated hedges, partially offset by unrealized losses from our new Taiwan dollar and South Korean won-denominated hedges. The impact to income from unrealized activity for the nine months ended September 30, 2025 was primarily driven by unrealized gains from our South Korean won, Mexican peso, New Taiwan dollar and Chinese yuan-denominated hedges, partially offset by unrealized losses from our Japanese-yen-denominated hedges.
Previous wording
For the three and six months ended June 30, 2026, income before income taxes increased $65 million and $354 million, respectively, when compared to the same periods in 2025, primarily driven by an increase in gross margin, as discussed above, partially offset by an increase in selling, general and administration expenses due to higher share-based compensation expense, as the rise in the Company’s stock price increased the fair value of performance-based restricted stock units.
Current wording
For the three and nine months ended September 30, 2026, income before income taxes increased $418 million and $772 million, respectively, when compared to the same periods in 2025, primarily driven by an increase in gross margin, as discussed above.
Previous wording
For the three months ended June 30, 2026, the effective tax rate differed from the United States (“U.S.”) statutory rate of 21%, primarily due to adjustments to share-based compensation, government incentives and foreign derived deduction eligible income. For the six months ended June 30, 2026, the effective tax rate differed from the U.S. statutory rate of 21%, primarily due to adjustments to share-based compensation, government incentives, changes in reserves and foreign derived deduction eligible income partially offset by the impact of an unfavorable tax ruling in South Korea.
Current wording
For the three months ended September 30, 2026, the effective tax rate differed from the United States (“U.S.”) statutory rate of 21%, primarily due to withholding taxes related to certain foreign earnings that are no longer permanently reinvested, partially offset by government incentives and foreign derived deduction eligible income. For the nine months ended September 30, 2026, the effective tax rate differed from the U.S. statutory rate of 21%, primarily due to adjustments to share-based compensation, government incentives, changes in reserves and foreign derived deduction eligible income, partially offset by the impact of an unfavorable tax ruling in South Korea and withholding taxes related to certain foreign earnings that are no longer permanently reinvested.
Previous wording
For the three and six months ended June 30, 2025, the effective tax rate differed from the U.S. statutory rate of 21%, primarily due to foreign-derived intangible income, adjustments to share-based compensation and non-taxable items, partially offset by certain pre-tax losses with no corresponding expected tax benefit.
Current wording
For the three and nine months ended September 30, 2025, the effective tax rate differed from the U.S. statutory rate of 21%, primarily due to foreign derived intangible income, adjustments to share-based compensation and non-taxable items, partially offset by certain pre-tax losses with no corresponding expected tax benefit.
Previous wording
For the three months ended June 30, 2026, the effective tax rate differed when compared to the same period in 2025 primarily due to adjustments to share-based compensation, government incentives and foreign derived deduction eligible income. For the six months ended June 30, 2026, the effective tax rate differed when compared to the same period in 2025 primarily due to adjustments to share-based compensation, foreign derived deduction eligible income (previously foreign derived intangible income) and government incentives partially offset by the impact of an unfavorable tax ruling in South Korea.
Current wording
For the three months ended September 30, 2026, the effective tax rate differed when compared to the same period in 2025 primarily due to withholding taxes, partially offset by government incentives. For the nine months ended September 30, 2026, the effective tax rate differed when compared to the same period in 2025 primarily due to adjustments to share-based compensation, changes in reserves and government incentives, partially offset by the impact of an unfavorable tax ruling in South Korea and withholding taxes.
Previous wording
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 matters related to the one-time transition tax enacted under the Tax Cuts and Jobs Act of 2017. If challenged, Corning believes that it is at least 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.
Current wording
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 matters related to the one-time transition tax enacted under the Tax Cuts and Jobs Act of 2017. Corning believes that it is at least 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.
Previous wording
Effective in the first quarter of fiscal 2026, the Company revised its segment structure. This revision corresponds with changes in how our businesses are managed, which align with how our chief operating decision maker (“CODM”) reviews performance and allocates resources. As a result, the Company began managing its Display and Specialty Materials businesses as a single operating segment, referred to as Glass Innovations, and its Hemlock Semiconductor Group, solar wafer, and solar module businesses as a single operating segment, referred to as Solar. In addition, the Company’s Life Sciences business does not meet the quantitative threshold for separate reporting and therefore is no longer reported as a reportable segment and is included together with all other businesses that do not meet the quantitative threshold for separate reporting within Life Sciences and Emerging Growth Businesses. Optical Communications and Automotive remain unchanged and continue to be reported as separate reportable segments.
Current wording
Effective in the first quarter of fiscal year 2026, the Company revised its segment structure. This revision corresponds with changes in how our businesses are managed, which align with how our chief operating decision maker (“CODM”) reviews performance and allocates resources. As a result, the Company began managing its Display and Specialty Materials businesses as a single operating segment, referred to as Glass Innovations, and its Hemlock Semiconductor Group, solar wafer, and solar module businesses as a single operating segment, referred to as Solar. In addition, the Company’s Life Sciences business does not meet the quantitative threshold for separate reporting and therefore is no longer reported as a reportable segment and is included together with all other businesses that do not meet the quantitative threshold for separate reporting within Life Sciences and Emerging Growth Businesses. Optical Communications and Automotive remain unchanged and continue to be reported as separate reportable segments.
Previous wording
(1)Segment results for the comparative prior period as presented in the table above are the amounts as historically reported and adjusted only for the changes in segment reporting structure as described above. The prior constant-currency adjustment and the current adjustment for hedged exposures are distinct non-GAAP adjustments determined using different methodologies and reflect different foreign currency hedging approaches in the periods presented. Prior-period amounts have not been recast to the current-period presentation. Application of the current adjustment for hedged exposures in place of the prior constant-currency adjustment for the comparative 2025 periods would have resulted in higher year-over-year growth rates for segment net sales for our Glass Innovations segment for the three and six months ended June 30, 2026. The impact to segment net sales for all other segments would have been immaterial.
Current wording
(1)Segment results for the comparative prior period as presented in the table above are the amounts as historically reported and adjusted only for the changes in segment reporting structure as described above. The prior constant-currency adjustment and the current adjustment for hedged exposures are distinct non-GAAP adjustments determined using different methodologies and reflect different foreign currency hedging approaches in the periods presented. Prior-period amounts have not been recast to the current-period presentation. Application of the current adjustment for hedged exposures in place of the prior constant-currency adjustment for the comparative 2025 periods would have resulted in higher year-over-year growth rates for segment net sales for our Glass Innovations segment for the three and nine months ended September 30, 2026. The impact to segment net sales for all other segments would have been immaterial.
Previous wording
The increase in segment net sales for both the three and six month periods was primarily due to continued growth in our Enterprise business driven by strong demand for our Generative AI products.
Current wording
The increase in segment net sales for both the three and nine month periods was primarily due to continued growth in our Enterprise business driven by strong demand for our Generative AI products.
Previous wording
The increase in segment net sales for both the three and six month periods was primarily driven by the adoption of our auto glass solutions.
Current wording
The increase in segment net sales for the three and nine month periods was primarily driven by increased demand for our diesel products and the adoption of our auto glass solutions.
Previous wording
The increase in segment net sales for both the three and six month periods was primarily driven by growth in polysilicon and solar wafers and module sales for the solar industry.
Current wording
The increase in segment net sales for the three and nine month periods was primarily driven by growth in our solar wafers and solar modules businesses as we continue to ramp production.
Previous wording
The decrease in segment net sales for both the three and six month periods was primarily driven by our Pharmaceutical Technologies business.
Current wording
Segment net sales remained consistent for the three month comparative period. The decrease in segment net sales for the nine month period was primarily driven by our Pharmaceutical Technologies business.
Previous wording
The following table presents segment net income by reportable segment and Life Sciences and Emerging Growth Businesses (in millions)(1):
Current wording
The following table presents segment net income (loss) by reportable segment and Life Sciences and Emerging Growth Businesses (in millions)(1):
Previous wording
(1)Segment results for the comparative prior period as presented in the table above are the amounts as historically reported and adjusted only for the changes in segment reporting structure as described above. The prior constant-currency adjustment and the current adjustment for hedged exposures are distinct non-GAAP adjustments determined using different methodologies and reflect different foreign currency hedging approaches in the periods presented. Prior-period amounts have not been recast to the current-period presentation. Application of the current adjustment for hedged exposures in place of the prior constant-currency adjustment for the comparative 2025 periods would have resulted in higher year-over-year growth rates for segment net income for our Glass Innovations segment for the three and six months ended June 30, 2026. The impact to segment net income for all other segments would have been immaterial.
Current wording
(1)Segment results for the comparative prior period as presented in the table above are the amounts as historically reported and adjusted only for the changes in segment reporting structure as described above. The prior constant-currency adjustment and the current adjustment for hedged exposures are distinct non-GAAP adjustments determined using different methodologies and reflect different foreign currency hedging approaches in the periods presented. Prior-period amounts have not been recast to the current-period presentation. Application of the current adjustment for hedged exposures in place of the prior constant-currency adjustment for the comparative 2025 periods would have resulted in higher year-over-year growth rates for segment net income for our Glass Innovations segment for the three and nine months ended September 30, 2026. The impact to segment net income (loss) for all other segments would have been immaterial.
Previous wording
The increase in segment net income for both the three and six month periods was primarily driven by strong incremental profit on higher revenue, as outlined above.
Current wording
The increase in segment net income for both the three and nine month periods was primarily driven by strong incremental profit on higher revenue, as described above.
Previous wording
(1)Core performance measures for the comparative prior period as presented in the table above are the amounts as historically reported. The prior constant-currency adjustment and the current adjustment for hedged exposures are distinct non-GAAP adjustments determined using different methodologies and reflect different foreign currency hedging approaches in the periods presented. Prior-period amounts have not been recast to the current-period presentation. Application of the current adjustment for hedged exposures in place of the prior constant-currency adjustment for the comparative 2025 periods would have resulted in higher year-over-year growth rates for core net sales, core net income and core earnings per share for the three and six months ended June 30, 2026.
Current wording
(1)Core performance measures for the comparative prior period as presented in the table above are the amounts as historically reported. The prior constant-currency adjustment and the current adjustment for hedged exposures are distinct non-GAAP adjustments determined using different methodologies and reflect different foreign currency hedging approaches in the periods presented. Prior-period amounts have not been recast to the current-period presentation. Application of the current adjustment for hedged exposures in place of the prior constant-currency adjustment for the comparative 2025 periods would have resulted in higher year-over-year growth rates for core net sales, core net income and core earnings per share for the three and nine months ended September 30, 2026.
Previous wording
For the three months ended June 30, 2026, we generated core net sales of $4.7 billion compared to $4.0 billion for the same period in 2025. The increase in core net sales of $693 million was primarily driven by increased segment sales of $506 million in Optical Communications and $207 million in Solar. Net sales of reportable segments and Life Sciences and Emerging Growth Businesses are discussed in detail in the “Segment Analysis” section of our MD&A.
Current wording
For the three months ended September 30, 2026, we generated core net sales of $5.1 billion compared to $4.3 billion for the same period in 2025. The increase in core net sales of $809 million was primarily driven by increased segment sales of $727 million in Optical Communications and $117 million in Solar. Net sales of reportable segments and Life Sciences and Emerging Growth Businesses are discussed in detail in the “Segment Analysis” section of our MD&A.
Previous wording
For the six months ended June 30, 2026, we generated core net sales of $9.1 billion compared to $7.7 billion for the same period in 2025. The increase in core net sales of $1.4 billion was primarily driven by increased segment sales of $997 million in Optical Communications and $371 million in Solar. Net sales of reportable segments and Life Sciences and Emerging Growth Businesses are discussed in detail in the “Segment Analysis” section of our MD&A.
Current wording
For the nine months ended September 30, 2026, we generated core net sales of $14.2 billion compared to $12.0 billion for the same period in 2025. The increase in core net sales of $2.2 billion was primarily driven by increased segment sales of $1.7 billion in Optical Communications and $488 million in Solar. Net sales of reportable segments and Life Sciences and Emerging Growth Businesses are discussed in detail in the “Segment Analysis” section of our MD&A.
Previous wording
For the three months ended June 30, 2026, we generated core net income of $680 million compared to $523 million for the same period in 2025. The increase of $157 million was primarily due to higher segment net income of $191 million in Optical Communications, partially offset by increased variable compensation and higher costs to ramp up capacity in Solar. Net income of reportable segments and Life Sciences and Emerging Growth Businesses is discussed in detail in the “Segment Analysis” section of our MD&A.
Current wording
For the three months ended September 30, 2026, we generated core net income of $795 million compared to $585 million for the same period in 2025. The increase of $210 million was primarily due to higher segment net income of $237 million in Optical Communications, partially offset by increased variable compensation and higher costs to ramp up capacity in Solar. Net income of reportable segments and Life Sciences and Emerging Growth Businesses is discussed in detail in the “Segment Analysis” section of our MD&A.
Previous wording
For the six months ended June 30, 2026, we generated core net income of $1.3 billion compared to $990 million for the same period in 2025. The increase of $302 million was primarily due to higher segment net income of $377 million in Optical Communications, partially offset by increased variable compensation and higher costs to ramp up capacity in Solar. Net income of reportable segments and Life Sciences and Emerging Growth Businesses is discussed in detail in the “Segment Analysis” section of our MD&A.
Current wording
For the nine months ended September 30, 2026, we generated core net income of $2.1 billion compared to $1.6 billion for the same period in 2025. The increase of $512 million was primarily due to higher segment net income of $614 million in Optical Communications, partially offset by increased variable compensation and higher costs to ramp up capacity in Solar. Net income of reportable segments and Life Sciences and Emerging Growth Businesses is discussed in detail in the “Segment Analysis” section of our MD&A.
Previous wording
Core earnings per share increased for the three months ended June 30, 2026 to $0.78 per share, primarily as a result of the changes in core net income, outlined above.
Current wording
Core earnings per share increased for the three months ended September 30, 2026 to $0.91 per share, primarily as a result of the changes in core net income, described above.
Previous wording
Core earnings per share increased for the six months ended June 30, 2026 to $1.47 per share, primarily as a result of the changes in core net income, outlined above.
Current wording
Core earnings per share increased for the nine months ended September 30, 2026 to $2.40 per share, primarily as a result of the changes in core net income, described above.
Previous wording
The table below presents the hedge rates used in calculating the adjustment for hedged exposures for the three months ended June 30, 2026 as well as the percentage of exposure hedged for the same period. Percentages are calculated relative to after-tax earnings exposure.
Current wording
The table below presents the hedge rates used in calculating the adjustment for hedged exposures and the percentage of exposure hedged for the three and nine months ended September 30, 2026. Percentages are calculated relative to after-tax earnings exposure.
Previous wording
Constant-currency adjustment: Prior to April 1, 2026, the constant-currency rates used were as follows and were applied to all relevant foreign currency exposures during the three months ended March 31, 2026 and three and six months ended June 30, 2025:
Current wording
Constant-currency adjustment: Prior to April 1, 2026, the constant-currency rates used were as follows and were applied to all relevant foreign currency exposures during the three months ended March 31, 2026 and three and nine months ended September 30, 2025:
Previous wording
(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, which are not related to ongoing operations.
Current wording
(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, asset write-offs and facility repairs resulting from power outages, which are not related to ongoing operations.
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Previous report — wording carried elsewhere
The decrease in segment net income for both the three and six month periods was primarily driven by our Pharmaceutical Technologies business.