Slides
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Corning Reports Third-Quarter 2025 Financial Results Third-Quarter 2025 Investor Call October 28, 2025
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© 2025 Corning Incorporated Forward-Looking and Cautionary Statements The statements contained in this presentation 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. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include estimates and assumptions related to economic, competitive and legislative developments. 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 andseverity 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; the potential impact of legislation, government regulations, and other government action and investigations; and other risks detailed in Corning’s SEC filings. 3
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© 2025 Corning Incorporated Use of Non-GAAP Financial Information Corning has included non-GAAP financial measures in this presentation to supplement Corning’s consolidated financial statements presented on a GAAP basis. 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 the 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. 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 occurredor are out of management’s control. As a result, management is unable to provide outlook information on a GAAP basis. 4
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© 2025 Corning Incorporated Q3 GAAP EARNINGS FX Hedge Accounting and Other Charges • Recorded realized losses and unrealized, non-cash mark-to-market gains on currency-hedging contracts for a net after-tax gain of $25M – Translation hedges reduce our economic exposure to currency fluctuations, providing higher certainty for our earnings and cash flow, our growth investments, and our future shareholder distributions – Hedge contracts settled in any given quarter substantially offset changes in earnings and cash flow due to currency fluctuations • Recorded non-cash, after-tax gain of $4M on the translation of foreign denominated debt 5
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Corning Reports Third-Quarter 2025 Financial Results Third-Quarter 2025 Investor Call October 28, 2025
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© 2025 Corning Incorporated CEO PERSPECTIVE Third-Quarter 2025 Core Performance $4.27B Q3 Core Sales 14% Increase YoY 19.6% Q3 Core Operating Margin 130 bps Increase YoY $0.67 Q3 Core EPS 24% Increase YoY “We delivered another excellent quarter...Overall, as we approach the second anniversary of Springboard, the plan has been a tremendous success." - Wendell Weeks, Chairman, CEO, and President 7 © 2025 Corning Incorporated 7
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© 2025 Corning Incorporated CEO PERSPECTIVE Springboard Recap Launched Springboard plan in Q4'23 to significantly increase sales as we captured important secular trends Q3'25 results versus Q4'23 starting point highlight strong performance • Grew sales 31%, adding $4B to annualized sales run rate • Expanded operating margin 330 basis points to 19.6% • Grew EPS more than 2x rate of sales growth • Expanded ROIC 460 basis points • Generated strong adjusted free cash flow 8© 2025 Corning Incorporated
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Incremental Annualized Sales vs. Q4’23 ($B) INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 $6B $4B 9 Internal Plan High-Confidence Plan © 2025 Corning Incorporated Springboard – Upgraded Plans CEO PERSPECTIVE
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Incremental Annualized Sales vs. Q4’23 ($B) INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 10 Internal Plan High-Confidence Plan Q4’24 $2.4B Q1’25 $1.6B Q2’25 $3.1B Q1’24 $0B Q2’24 $1.3B Q3’24 $1.8B Q3’25 $4.0B © 2025 Corning Incorporated Springboard – Upgraded Plans CEO PERSPECTIVE $6B $4B
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Incremental Annualized Sales vs. Q4’23 ($B) INCREMENTAL ANNUALIZED SALES RUN-RATE VS. Q4’23 11 Internal Plan High-Confidence Plan Q4’24 $2.4B Q1’25 $1.6B Q2’25 $3.1B Q1’24 $0B Q2’24 $1.3B Q3’24 $1.8B Q3’25 $4.0B Q4’25F $4.3B © 2025 Corning Incorporated CEO PERSPECTIVE Springboard – Upgraded Plans $6B $4B
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Operating Margin Progress: Actual vs. Springboard Target 12 CEO PERSPECTIVE © 2025 Corning Incorporated
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Operating Margin Progress: Actual vs. Springboard Target 13 CEO PERSPECTIVE © 2025 Corning Incorporated
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Operating Margin Progress: Actual vs. Springboard Target 14 CEO PERSPECTIVE © 2025 Corning Incorporated
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15© 2025 Corning Incorporated CEO PERSPECTIVE Springboard Progress Summary Added $4B to our annualized run rate Significantly improved our profitability See more growth and more "springs" ahead
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© 2025 Corning Incorporated 16 CEO PERSPECTIVE Expansion of U.S. Manufacturing in Partnership with Apple Apple committed $2.5B to manufacturing 100% of iPhone and Apple Watch cover glass in the U.S. for the first time Corning's Harrodsburg, Kentucky plant will become home to the world's largest and most advanced smartphone glass production line New Apple-Corning Innovation Center to deepen co-innovation and play key role in future generations of Apple products © 2025 Corning Incorporated 16
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© 2025 Corning Incorporated CEO PERSPECTIVE Gen AI Network “Scale-out” Opportunity Inventor of world's first low-loss optical fiber and the technology leader in this space Largest producer by revenue of fiber, cable, and multi-fiber connectors in the world Low-cost, advanced U.S.-based manufacturing platform for each Unique opportunity to support our hyperscale AI customers as they seek to build data centers using U.S.-origin products © 2025 Corning Incorporated 17 17© 2025 Corning Incorporated © Christopher Payne / Esto
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© 2025 Corning Incorporated 18 CEO PERSPECTIVE Gen AI Network “Scale-up” Opportunity Upside opportunity created by “scale-up” of network as hyperscalers create more capable nodes and more GPUs per node Co-packaged optics, or CPO, technology helps activate the "scale-up" growth opportunity "Scale-up" opportunity could be 2- 3x size of existing Enterprise Network business 18 Switch Rack and Back of Six Server Racks
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© 2025 Corning Incorporated Gen AI Data Center Interconnect Opportunity New high-density Gen AI fiber-and-cable system enables customers to fit 2-4x amount of fiber into existing conduit Expect business to scale rapidly and reach $1B opportunity by end of decade Collaboration with Microsoft to accelerate production of their Hollow Core Fiber advances performance and reliability of Azure's Cloud and AI workloads 19 CEO PERSPECTIVE © 2025 Corning Incorporated
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© 2025 Corning Incorporated Solar Recap Built a strong foundation for rapidly accelerating growth • Made process advancements to serve a higher-end chip segment in semiconductors • Activated idle assets to serve need for domestic solar polysilicon • Added capability to transform polysilicon into higher-value, domestically made solar wafers • Sold out available 2025 polysilicon and wafer capacity; >80% capacity committed for next 5 years CEO PERSPECTIVE © 2025 Corning Incorporated 20
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© 2025 Corning Incorporated Solar Opportunity Built the largest solar ingot and wafer facility in the United States, co-located with our polysilicon facility in Hemlock, Michigan Committed customers for >80% of capacity for the next 5 years - continue to ramp to meet customer needs Applying deep materials science expertise to bring "More Corning" content approach in Solar Plan to build $2.5B revenue stream by end of 2028 21 CEO PERSPECTIVE © 2025 Corning Incorporated 21
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© 2025 Corning Incorporated Springboard plan has been a tremendous success as we approach second anniversary Significantly improved profitability We have plenty of growth yet to come CEO Summary © 2025 Corning Incorporated 22 © Christopher Payne / Esto
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© 2025 Corning Incorporated CFO PERSPECTIVE Third-Quarter 2025 Core Performance $4.27B Q3 Core Sales 14% Increase YoY 19.6% Q3 Core Operating Margin 130 bps Increase YoY $0.67 Q3 Core EPS 24% Increase YoY “Our outstanding third-quarter results reflect sales growth and margin expansion across multiple businesses...Overall, we continue to significantly enhance our returns as we execute Springboard.” - Ed Schlesinger, EVP and CFO © 2025 Corning Incorporated 23
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© 2025 Corning Incorporated SEGMENT RECAP Optical Communications Q3 growth led by strong adoption of Gen AI products in Enterprise Network business Net income grew twice as fast as sales - driven by successful implementation of Springboard plan in both Enterprise and Carrier Carrier Network's datacenter interconnect sales increased sequentially in Q3 Expect datacenter interconnect opportunity to be a $1B business by end of decade $1.65B Q3 Net Sales Up 33% YoY $295M Q3 Net Income Up 69% YoY 24 © 2025 Corning Incorporated
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© 2025 Corning Incorporated Display Expect to be at high end of 2025 segment net income range of $900M-$950M and for net income margin of at least 25% Anticipate 2025 TV unit sales consistent with 2024 and TV screen size growth of ~1” Successfully implemented double-digit price increases in second half of 2024 and have hedged yen exposure for 2025 and 2026 with hedges in place beyond 2026 Expect Q4 glass market and our volume to be down slightly versus Q3; glass pricing to be consistent sequentially $939M Q3 Net Sales Up 5% QoQ $250M Q3 Net Income Up 3% QoQ 25 SEGMENT RECAP © 2025 Corning Incorporated
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© 2025 Corning Incorporated Specialty Materials Successful adoption of premium glass innovations for customers' flagship product launches led to increase in Q3 sales Expanded Apple partnership creates longer-term growth driver - through Springboard and beyond $621M Q3 Net Sales Up 13% YoY $113M Q3 Net Income Up 57% YoY 26 SEGMENT RECAP © 2025 Corning Incorporated
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© 2025 Corning Incorporated Automotive Graduated Automotive Glass Solutions business in Q1 and, together with Environmental Technologies, created new Automotive segment Focused on executing "More Corning" growth strategy $454M Q3 Net Sales Up 6% YoY $68M Q3 Net Income Up 33% YoY 27 SEGMENT RECAP © 2025 Corning Incorporated
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© 2025 Corning Incorporated Life Sciences $242M Q3 Net Sales Consistent YoY $16M Q3 Net Income Up 7% YoY 28 SEGMENT RECAP © 2025 Corning Incorporated New opportunities for innovation in advanced 3D cell culture and cell therapy
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© 2025 Corning Incorporated Hemlock and Emerging Growth Businesses Plan to build solar business into $2.5B revenue stream by 2028 Commercializing new made-in-America ingot and wafer products New wafer facility came online in Q3; expect to ramp in Q4 Committed customers for >80% of available capacity for next 5 years $364M Q3 Net Sales Up 46% YoY $(1)M Q3 Net Loss 29 SEGMENT RECAP © 2025 Corning Incorporated
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© 2025 Corning Incorporated CFO PERSPECTIVE Fourth-Quarter Outlook ~$4.35B Q4 Core Sales $0.68 - $0.72 Q4 Core EPS Factors Considered in Guide • ~$0.03 of temporarily higher ramp costs in Solar © 2025 Corning Incorporated 30
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Operating Margin Progress: Actual vs. Springboard Target 31 CFO PERSPECTIVE © 2025 Corning Incorporated
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© 2025 Corning Incorporated CFO PERSPECTIVE Cash Flow Anticipate strong adjusted free cash flow generation in 2025 Expect to spend ~$1.3B in capex in 2025 © 2025 Corning Incorporated 32
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© 2025 Corning Incorporated CFO PERSPECTIVE Capital Allocation Investing in Organic Growth Opportunities Growing through innovation creates the most value for shareholders Maintaining Strong, Efficient Balance Sheet One of the longest debt tenors in the S&P 500 Returning Excess Cash to Shareholders Expect to continue strong track record © 2025 Corning Incorporated 33
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© 2025 Corning Incorporated Since start of Springboard plan • Grew sales 31% • Expanded operating margin by 330 basis points • Grew EPS 72% - more than twice the rate of sales growth • Expanded ROIC by 460 basis points • Generated strong adjusted free cash flow In Q4, expect to establish new profitability base as we achieve 20% operating margin a year ahead of plan Positioned to capture strong growth throughout Springboard plan and beyond CFO Summary © 2025 Corning Incorporated 34
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© 2025 Corning Incorporated Q&A Session
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© 2025 Corning Incorporated 36 Corning’s 2025 Investor Outreach Plans December 2 - UBS Global Technology and AI Conference Management visits to investor offices in select cities © 2025 Corning Incorporated
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Appendix
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© 2025 Corning Incorporated 2025 Corporate Metrics (as of October 28, 2025)(1)(2) Q4 2025 • Core Sales: ~$4.35B • Operating expense: ~$800M • Other income/expense: ($95M-$100M) • Non-controlling interest: (~$35M-$40M) • Core EPS: $0.68-$0.72 Full-Year 2025 • Hemlock and Emerging Growth Sales: $1.4B-$1.45B • Gross equity earnings: ~$15M • Tax rate: ~19.5% • Capital expenditures: ~$1.3B (1) Corning does not forecast the movement of foreign currencies against the U.S. dollar, or other items that do not reflect ongoing operations. As a result, the company is unable to provide guidance on a GAAP basis. (2) Core performance measures are non-GAAP measures. Definitions and reconciliations are provided on our website. 38
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© 2025 Corning Incorporated Q3 2025 Core Performance Core performance measures are non-GAAP measures. Definitions and reconciliations are provided on our website. 39 $ in millions, except EPS Q3 2025 Q2 2025 Q3 2024 Core Net Sales $4,272 $4,045 $3,733 Core Gross Margin $1,664 $1,552 $1,463 Gross Margin % 39.0% 38.4% 39.2% Core SG&A $550 $508 $496 % of Sales 12.9% 12.6% 13.3% Core RD&E $276 $274 $285 % of Sales 6.5% 6.8% 7.6% Core Operating Income $838 $770 $682 Operating Margin % 19.6% 19.0% 18.3% Core Gross Equity Earnings $3 $3 $7 Core Net Profit Before Taxes $779 $689 $602 Core Net Income attributable to Corning Incorporated $585 $523 $465 Core EPS 0.67 0.60 0.54 Weighted-Average Shares Outstanding 868 865 865
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© 2025 Corning Incorporated Q3 2025 Operating Performance by Segment Core performance measures are non-GAAP measures. Definitions and reconciliations are provided on our website. 40 Segment Net Sales $ in millions Q3 2025 Q2 2025 % change Q3 2024 % change Optical Communications $1,652 $1,566 5% $1,246 33% Carrier Network $821 $797 3% $721 14% Enterprise Network $831 $769 8% $525 58% Display $939 $898 5% $1,015 (7%) Specialty Materials $621 $545 14% $548 13% Automotive $454 $460 (1%) $430 6% Auto, Glass and Other $327 $311 5% $312 5% Diesel $127 $149 (15%) $118 8% Life Sciences $242 $250 (3%) $244 (1%) Hemlock and Emerging Growth Businesses $364 $326 12% $250 46% Segment Net Sales and Hemlock and Emerging Growth Businesses $4,272 $4,045 6% $3,733 14% Segment Net Income $ in millions Q3 2025 Q2 2025 % change Q3 2024 % change Optical Communications $295 $247 19% $175 69% Display $250 $243 3% $285 (12%) Specialty Materials $113 $81 40% $72 57% Automotive $68 $79 (14%) $51 33% Life Sciences $16 $18 (11%) $15 7% Hemlock and Emerging Growth Businesses $(1) $(10) 90% $12 * Segment Net Income and Hemlock and Emerging Growth Businesses $741 $658 13% $610 21% *Not Meaningful As of January 1, 2025, the Company moved its Automotive Glass Solutions business out of Hemlock and Emerging Growth Businesses and began managing together with its Environmental Technologies business, forming the Automotive segment. The comparative segment information has been recast to conform to the changes in our segment reporting.
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© 2025 Corning Incorporated Year-to-Date Core Performance Core performance measures are non-GAAP measures. Definitions and reconciliations are provided on our website. 41 $ in millions, except EPS YTD Q3 2025 YTD Q3 2024 Core Net Sales $11,996 $10,595 Core Gross Margin $4,611 $4,029 Gross Margin % 38.4% 38.0% Core SG&A $1,521 $1,414 % of Sales 12.7% 13.3% Core RD&E $821 $802 % of Sales 6.8% 7.6% Core Operating Income $2,269 $1,813 Operating Margin % 18.9% 17.1% Core Gross Equity Earnings $8 $29 Core Net Profit Before Taxes $2,084 $1,586 Core Net Income attributable to Corning Incorporated $1,575 $1,202 Core EPS 1.81 1.38 Weighted-Average Shares Outstanding 870 868
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© 2025 Corning Incorporated Year-to-Date Operating Performance by Segment Core performance measures are non-GAAP measures. Definitions and reconciliations are provided on our website. 42 Segment Net Sales $ in millions YTD Q3 2025 YTD Q3 2024 % change Optical Communications $4,573 $3,289 39% Carrier Network $2,268 $1,996 14% Enterprise Network $2,305 $1,293 78% Display $2,742 $2,901 (5%) Specialty Materials $1,667 $1,503 11% Automotive $1,354 $1,400 (3%) Auto, Glass and Other $943 $954 (1%) Diesel $411 $446 (8%) Life Sciences $726 $729 —% Hemlock and Emerging Growth Businesses $934 $773 21% Segment Net Sales and Hemlock and Emerging Growth Businesses $11,996 $10,595 13% Segment Net Income $ in millions YTD Q3 2025 YTD Q3 2024 % change Optical Communications $743 $418 78% Display $736 $744 (1%) Specialty Materials $268 $179 50% Automotive $215 $200 8% Life Sciences $47 $45 4% Hemlock and Emerging Growth Businesses $(27) $32 * Segment Net Income and Hemlock and Emerging Growth Businesses $1,982 $1,618 22% *Not Meaningful As of January 1, 2025, the Company moved its Automotive Glass Solutions business out of Hemlock and Emerging Growth Businesses and began managing together with its Environmental Technologies business, forming the Automotive segment. The comparative segment information has been recast to conform to the changes in our segment reporting.
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© 2025 Corning Incorporated Solar and Semiconductor Core performance measures are non-GAAP measures. Definitions and reconciliations are provided on our website. 43 $ in millions Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 YTD 2025 Net Sales $216 $199 $194 $256 $865 $206 $231 $319 $756 Net Income $36 $34 $31 $46 $147 $27 $2 $30 $59 Results include polycrystalline silicon, solar wafers and modules.
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© 2025 Corning Incorporated 44 New Automotive Reporting Segment 2024 – Previous Environmental Technologies $1,098M Automotive and Other $567M Diesel $1,665M Total Environmental Technologies Hemlock and Emerging Growth Businesses $865M Polycrystalline Silicon $181M Automotive Glass Solutions $232M Other $1,278M Total Hemlock & Emerging Growth Businesses 2024 – New Automotive $1,279M Auto, Glass and Other $567M Diesel $1,846M Total Automotive Hemlock and Emerging Growth Businesses $865M Polycrystalline Silicon $232M Other $1,097M Total Hemlock and Emerging Growth Businesses
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© 2025 Corning Incorporated Adjusted Free Cash Flow Reconciliation Core performance measures are non-GAAP measures. Definitions and reconciliations are provided on our website. 45 $ in millions Q3 2025 Q3 2024 YTD 2025 YTD 2024 Cash flows from operating activities $784 $699 $1,643 $1,316 Realized gains on translated earnings contracts and other $85 $71 $192 $239 Adjusted cash flows from operating activities $869 $770 $1,835 $1,555 Less: Capital expenditures $334 $217 $850 $711 Adjusted free cash flow $535 $553 $985 $844
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© 2025 Corning Incorporated Reconciliation of Non-GAAP Measures Core performance measures are non-GAAP measures. Definitions and reconciliations are provided on our website. 46 Q3 2025 Net sales Gross margin Gross margin % SG&A RD&E Operating income Operating margin % Equity earnings Income before income taxes Net income attributable to Corning Incorporated Tax Rate (a) Per Share As reported - GAAP $4,100 $1,520 37.1% $624 $280 $589 14.4% $1 $550 $430 14.5% $0.50 Constant-currency adjustment 172 156 1 155 2 157 111 0.13 Translation gain on foreign denominated debt, net (4) (4) 0.00 Translated earnings contract gain, net (33) (25) (0.03) Acquisition-related costs 27 30 22 0.03 Discrete tax items and other tax-related adjustments (21) (0.02) Restructuring, impairment and other charges and credits (12) (16) 4 16 12 0.01 Litigation, regulatory and other legal matters (50) 50 50 50 0.06 Pension mark-to-market adjustment (9) (4) 13 12 9 0.01 Loss on investments 1 1 0.00 Core performance measures $4,272 $1,664 39.0% $550 $276 $838 19.6% $3 $779 $585 19.5% $0.67 (a) 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. Q3 2025 YTD Net sales Gross margin Gross margin % SG&A RD&E Operating income Operating margin % Equity earnings Income before income taxes Net income attributable to Corning Incorporated Tax Rate (a) Per Share As reported - GAAP $11,414 $4,126 36.1% $1,610 $826 $1,607 14.1% $(11) $1,374 $1,056 15.9% $1.21 Constant-currency adjustment 582 495 4 1 490 7 496 404 0.46 Translation loss on foreign denominated debt, net 66 50 0.06 Translated earnings contract gain, net (63) (48) (0.06) Acquisition-related costs 1 82 89 65 0.07 Discrete tax items and other tax-related adjustments (56) (0.06) Restructuring, impairment and other charges and credits (15) (17) 2 10 8 0.01 Litigation, regulatory and other legal matters (57) 57 57 55 0.06 Pension mark-to-market adjustment (20) (6) 26 27 21 0.02 Loss on sale of assets 5 5 5 4 0.00 Equity in losses of affiliated companies 12 12 9 0.01 Loss on sale of business 11 7 0.01 Core performance measures $11,996 $4,611 38.4% $1,521 $821 $2,269 18.9% $8 $2,084 $1,575 19.5% $1.81 (a) 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.
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© 2025 Corning Incorporated At Corning Return on Invested Capital (ROIC) is calculated based on the Core performance. We define ROIC as follows: Return on Invested Capital Numerator = Return (Operating Income Tax Adjusted) Operating Income + Equity in earnings of affiliated companies – Tax = Operating Income Tax Adjusted Denominator = Invested Capital Equity + Long and Short term Debt = Invested Capital Operating Income Tax Adjusted (Return) Equity+Debt (Invested Capital)ROIC = 47
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© 2025 Corning Incorporated Q3 2025 and 2024 Return on Invested Capital (ROIC) 2025 2024 GAAP GAAP to Core Adjustments Core GAAP GAAP to Core Adjustments Core Operating income $589 $249 $838 $302 $380 $682 Equity in earnings of affiliated companies $1 $2 $3 $2 $5 $7 Operating income before interest and taxes $590 $251 $841 $304 $385 $689 Tax Rate 19.5% 19.1% -Tax $164 $132 Operating Income - Tax Adjusted $677 $557 Equity $12,005 $11,467 +Debt $8,219 $7,408 Invested Capital (IC) $20,224 $18,875 Return (Q3 Operating Income - Tax Adjusted x4) $2,708 $2,228 Invested Capital $20,224 $18,875 Core ROIC 13.4% 11.8% 48
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© 2025 Corning Incorporated Q3 2025 and 2024 GAAP to Core Reconciliation Core performance measures are non-GAAP measures. Definitions and reconciliations are provided on our website. Q3 2025 Net sales Gross margin Gross margin % SG&A RD&E Operating income Operating margin % Equity earnings Income before income taxes Net income attributable to Corning Incorporated Tax Rate (a) Per Share As reported - GAAP $4,100 $1,520 37.1% $624 $280 $589 14.4% $1 $550 $430 14.5% $0.50 Constant-currency adjustment 172 156 1 155 2 157 111 0.13 Translation gain on foreign denominated debt, net (4) (4) 0.00 Translated earnings contract gain, net (33) (25) (0.03) Acquisition-related costs 27 30 22 0.03 Discrete tax items and other tax-related adjustments (21) (0.02) Restructuring, impairment and other charges and credits (12) (16) 4 16 12 0.01 Litigation, regulatory and other legal matters (50) 50 50 50 0.06 Pension mark-to-market adjustment (9) (4) 13 12 9 0.01 Loss on investments 1 1 0.00 Core performance measures $4,272 $1,664 39.0% $550 $276 $838 19.6% $3 $779 $585 19.5% $0.67 (a) 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. Q3 2024 Net sales Gross margin Gross margin % SG&A RD&E Operating income Operating margin % Equity earnings (Loss) income before income taxes Net (loss) income attributable to Corning Incorporated Tax Rate (a) Per Share As reported - GAAP $3,391 $1,137 33.5% $510 $294 $302 8.9% $2 (92) (117) (3.3%) $(0.14) Constant-currency adjustment 342 256 3 253 5 258 239 0.28 Translation loss on foreign denominated debt, net 107 82 0.10 Translated earnings contract loss, net 157 121 0.14 Acquisition-related costs 1 30 32 23 0.03 Discrete tax items and other tax-related adjustments (14) (0.02) Restructuring, impairment and other charges and credits 47 (13) (7) 67 134 125 0.15 Litigation, regulatory and other legal matters 20 4 16 16 12 0.01 Pension mark-to-market adjustment (9) (2) 11 (20) (15) (0.02) Loss on investments 7 7 0.01 Loss on sale of assets 3 3 3 2 0.00 Core performance measures $3,733 $1,463 39.2% $496 $285 $682 18.3% $7 $602 $465 19.1% $0.54 (a) The calculation of the effective tax rate for GAAP and Core excludes net income attributable to non-controlling interest of approximately $22 million and $23 million, respectively. 49
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© 2025 Corning Incorporated Q3 2025 and 2024 Income Statement Consolidated Statements of Income (Loss) Corning Incorporated and Subsidiary Companies (Unaudited; in millions, except per share amounts) Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Net sales $ 4,100 $ 3,391 $ 11,414 $ 9,617 Cost of sales 2,580 2,254 7,288 6,538 Gross margin 1,520 1,137 4,126 3,079 Operating expenses: Selling, general and administrative expenses 624 510 1,610 1,432 Research, development and engineering expenses 280 294 826 814 Amortization of purchased intangibles 27 31 83 91 Operating income 589 302 1,607 742 Interest income 10 12 27 34 Interest expense (78) (83) (243) (250) Translated earnings contract gain (loss), net 33 (157) 63 (91) Other expense, net (4) (166) (80) (59) Income (loss) before income taxes 550 (92) 1,374 376 Provision for income taxes (80) (3) (219) (124) Net income (loss) 470 (95) 1,155 252 Net income attributable to non-controlling interest (40) (22) (99) (56) Net income (loss) attributable to Corning Incorporated $ 430 $ (117) $ 1056 $ 196 Earnings (loss) per common share available to common Basic $ 0.50 $ (0.14) $ 1.24 $ 0.23 Diluted $ 0.50 $ (0.14) $ 1.21 $ 0.23 50