Form 10-Q · Quarterly report
Corning Inc. 10-Q, filed Jul 29, 2026
- Filed
- CIK
- 0000024741
- Accession no.
- 0000024741-26-000255
Summary
Corning reported second-quarter 2026 net sales of $4.505 billion, up 17% from a year earlier, and six-month net sales of $8.649 billion, up 18%, with growth driven by optical communications and polycrystalline silicon and solar products. Income before income taxes rose 11% to $649 million in the quarter, and management said the One Big Beautiful Bill Act is not expected to materially affect its 2026 effective tax rate.
Key points
- Net sales rose 17% to $4.505 billion in the quarter ended June 30, 2026, and 18% to $8.649 billion for the six-month period, with gross margin steady at 36%.
- The quarterly increase was driven mainly by a $506 million rise in optical communications product sales and a $207 million rise in polycrystalline silicon and solar product sales.
- Income before income taxes rose 11% to $649 million for the quarter and 43% to $1.178 billion for the six months, while the quarterly effective tax rate fell to 6.2% from 14.4%.
- Corning said the One Big Beautiful Bill Act, enacted July 4, 2025, is not expected to materially affect its estimated 2026 annual effective tax rate, and that the IRS is examining its 2015–2018 and 2019–2020 U.S. federal returns.
Written by an AI model from the filing text. It can be incomplete or wrong; the filing on SEC.gov is the record.
From the filing
Item 2. Management’s Discussion RESULTS OF OPERATIONS The following table presents selected highlights from our operations (in millions): Three months ended June 30, % change Six months ended June 30, % change 2026 2025 2026 vs. 2025 2026 2025 2026 vs. 2025 Net sales $ 4,505 $ 3,862 17 % $ 8,649 $ 7,314 18 % Cost of sales $ 2,877 $ 2,470 16 % $ 5,493 $ 4,708 17 % Gross margin $ 1,628 $ 1,392 17 % $ 3,156 $ 2,606 21 % Gross margin % 36 % 36 % 36 % 36 % Selling, general and administrative expenses $ 608 $ 515 18 % $ 1,196 $ 986 21 % as a % of net sales 13 % 13 % 14 % 13 % Research, development and engineering expenses $ 299 $ 276 8 % $ 577 $ 546 6 % as a % of net sales 7 % 7 % 7 % 7 %…
An excerpt of the text as filed with the SEC, cut for length.
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