Here are 1-2 brief analogies to describe Corning (GLW):

• Corning is like Intel for advanced glass and optical fibers, supplying the foundational materials for everything from smartphone screens to the internet's infrastructure.
• Corning is like 3M for specialized material science in glass, ceramics, and optics, developing the critical components used across countless industries.

• Gorilla Glass: Tough, damage-resistant cover glass used in mobile devices, wearables, and other electronic displays.
• Display Glass: High-performance glass substrates essential for manufacturing LCD and OLED televisions, monitors, and other large displays.
• Fiber Optic Cables and Connectivity Solutions: Optical fiber, cables, and hardware for high-speed voice, video, and data transmission in telecommunications networks.
• Environmental Substrates and Filters: Ceramic substrates and filter products used in catalytic converters and diesel particulate filters to control vehicle emissions.
• Life Sciences Labware: A broad range of laboratory equipment and consumables, including dishes, flasks, pipettes, and specialty surfaces for research, drug discovery, and manufacturing.

Corning (GLW) primarily sells its specialized glass, ceramics, and optical fiber products to other companies (B2B) rather than directly to individuals.

Its major customers include:

• Apple Inc. (Symbol: AAPL) - A significant customer for Corning's Gorilla Glass and other specialty materials, which are integrated into iPhones, iPads, Apple Watches, and other Apple products.
• Samsung Electronics Co., Ltd. (Symbol: 005930.KS) - A major purchaser of Corning's display glass and Gorilla Glass for its wide range of smartphones, tablets, and televisions.
• Verizon Communications Inc. (Symbol: VZ) - A leading telecommunications company that is a key customer for Corning's optical fiber and connectivity solutions used in its network infrastructure.
• Ford Motor Company (Symbol: F) - An automotive manufacturer that utilizes Corning's environmental technologies, such as ceramic substrates for emissions control systems, and increasingly display cover glass for vehicle interiors.

Wendell P. Weeks, Chairman, Chief Executive Officer & President

Wendell P. Weeks has served as Corning's Chief Executive Officer since April 2005 and Chairman of the Board since April 2007. He rejoined the role of President in October 2025. Weeks began his career with Corning in 1983 in the Finance group. Over his more than 40 years with the company, he has held a variety of financial, business development, commercial, and general management roles, including strategic positions in the company's television, specialty glass, and optical communications businesses. He was named Vice President and General Manager of Corning's optical fiber business in 1996 and President of Corning's Optical Communications division in early 2001. He became Corning's President and Chief Operating Officer in April 2002. As CEO, Weeks has focused on creating new growth drivers and building a stronger company. During his tenure as CEO, he has overseen acquisitions in Optical Communications, Life Sciences, and Display Technologies. Weeks also serves on the board of directors at Amazon.com, Inc.

Edward A. Schlesinger, Executive Vice President & Chief Financial Officer

Edward A. Schlesinger was elected Executive Vice President and Chief Financial Officer in February 2022. He joined Corning in 2013 as CFO of Corning's Optical Communications segment. Prior to his role as CFO, Schlesinger led the company's Corporate Accounting, Compliance, Financial Planning & Analysis, Shared Services, and External Reporting functions since 2015. Before joining Corning, he spent more than 20 years serving in various financial leadership roles with American Standard and Ingersoll Rand, including Vice President, Finance & Sector CFO for the Climate Solutions Sector at Ingersoll Rand. Schlesinger also serves on the board of directors at Hemlock Semiconductor Group and is a trustee of the Corning Museum of Glass.

Lewis A. Steverson, Vice Chairman, Executive Vice President and Chief Legal & Administrative Officer

Lewis A. Steverson is Vice Chairman, Executive Vice President, and Chief Legal & Administrative Officer. He advises the CEO, Board of Directors, and Senior Leadership Team, and oversees the Law Department, Government Affairs, Aircraft Operations, Global Health Services, Global Security, Workplace Services, Community Impact & Investment, and Department of Archives and Records Management. Steverson joined Corning in 2013.

John Z. Zhang, Executive Vice President & Chief Corporate Development Officer

John Z. Zhang was appointed Executive Vice President and Chief Corporate Development Officer in May 2025. In this role, Zhang is responsible for developing the company's growth strategy, from partnerships to business-portfolio decisions. He also has end-to-end responsibility for the Display, Mobile Consumer Electronics, and Life Sciences Market-Access Platforms, and drives Corning's growth across Asia. Zhang has been with Corning since 2008.

Avery H. (Hal) Nelson III, Executive Vice President and Chief Operating Officer

Avery H. (Hal) Nelson III was appointed Executive Vice President, effective May 2025, and will assume the role of Chief Operating Officer upon Eric S. Musser's retirement in mid-2025. Nelson joined Corning in 1991 and has been instrumental in managing the Automotive, Life Sciences, and Solar businesses. He will continue to drive the company's Market-Access Platforms towards achieving financial and operational targets.

The accelerating global shift towards electric vehicles (EVs) poses a clear emerging threat to Corning's Environmental Technologies division. As EVs produce zero tailpipe emissions, they eliminate the need for ceramic substrates and filters used in gasoline and diesel vehicles for emissions control, thereby directly reducing the addressable market for a significant portion of this segment's products.

Corning Incorporated (GLW) operates in several key segments, providing specialized glass, ceramics, and optical technologies across diverse industries. The addressable markets for its main products and services are global, with specific regional concentrations in some areas.

Optical Communications

Corning is a leading provider of optical fiber, cable, and connectivity solutions.

• The global optical fiber market was valued at approximately USD 8.22 billion in 2024 and is projected to reach USD 17.84 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 10.3%.
• Another estimate places the global fiber optics market at USD 10.04 billion in 2024, with a projection to reach USD 19.64 billion by 2034, at a CAGR of 6.94%.
• The Asia-Pacific region currently holds the largest share of the fiber optics market.

Display Technologies

This segment focuses on precision glass for advanced displays, including LCD glass substrates.

• The global display glass market was valued at approximately USD 7.675 billion in 2024 and is forecast to grow to USD 13.286 billion by 2032, exhibiting a CAGR of 7.1%.
• Other estimates for the global display glass market range from USD 6.5 billion in 2024 to USD 7.36 billion by 2033 (CAGR of 1.4%), and USD 7.5 billion in 2023, projected to reach USD 15.4 billion by 2031 (CAGR of 7.3%).
• The Asia-Pacific region dominates the display glass market, accounting for 48-52% of global revenue.

Specialty Materials

Corning's Specialty Materials segment includes damage-resistant cover glass for mobile devices, such as Corning Gorilla Glass, and semiconductor-related optical glasses.

• While a specific global addressable market size for "damage-resistant cover glass" was not identified, Corning Gorilla Glass has been adopted in over 8 billion devices worldwide.
• The Specialty Materials division generated $1.1 billion in revenue in 2023, with advanced glass technologies for semiconductor and display markets driving growth.
• Research investments in next-generation display and optical technologies represent a market potential of USD 2.9 billion.

Environmental Technologies

This segment manufactures ceramic substrates and filter products for emissions control in mobile applications.

• The global automotive glass market, which includes products relevant to automotive applications, was estimated at USD 36.48 billion in 2024 and is projected to reach USD 48.02 billion by 2030, with a CAGR of 4.5%.
• Other estimations for the global automotive glass market size in 2024 range from USD 21.5 billion to USD 32.40 billion, with projections to reach between USD 29.21 billion by 2030 and USD 52.71 billion by 2034.
• The Asia-Pacific region holds the largest share of the automotive glass market.

Life Sciences

Corning provides trusted products to accelerate drug discovery and delivery, including laboratory products and pharmaceutical packaging.

• The global pharmaceutical packaging market was valued at USD 151.5 billion in 2024 and is estimated to grow at a CAGR of 15.6% from 2025 to 2034.
• Other market valuations for global pharmaceutical packaging in 2024 range from USD 110.55 billion to USD 159.29 billion, with projections to reach between USD 177.12 billion by 2032 and USD 397.71 billion by 2034, at various CAGRs.
• North America holds a significant share of the pharmaceutical packaging market, with some reports indicating it dominated in 2024.

Corning (NYSE: GLW) is anticipated to drive future revenue growth over the next two to three years through several key strategic initiatives and market trends:

1. Growth in Optical Communications, Fueled by AI and Data Centers: Corning expects significant growth in its Optical Communications segment, particularly driven by the accelerating demand for high-bandwidth connectivity within hyperscale data centers for generative AI applications. The company has introduced new optical-connectivity products for AI data centers and a new Gen AI fiber and cable system to interconnect these facilities. Corning anticipates a rapid adoption of these products, projecting a 30% compound annual growth rate for enterprise sales from 2023 to 2027, an increase from its earlier 25% expectation. This includes a projected $1 billion opportunity by the end of 2030 for data center interconnect (DCI).
2. Expansion in the Solar Market: Corning has launched a new Solar Market-Access Platform, aiming to build a domestic solar supply chain in the U.S. The company has established the largest solar ingot and wafer facility in the United States and expects this segment to grow from approximately $1 billion in 2024 to a $2.5 billion revenue stream by 2028. Corning is commercializing new U.S.-made wafer products with committed customer agreements, anticipating a positive impact on sales, profits, and cash flow starting in the second half of 2025. Over 80% of its polysilicon and wafer capacity is already committed for the next five years.
3. Advancements in Specialty Materials, Including Gorilla Glass and Automotive Glass: Corning's Specialty Materials segment is expected to contribute to revenue growth, notably through its Gorilla Glass products. The company has partnered with Apple to produce 100% of iPhone and Apple Watch cover glass in the U.S., including the development of the world's largest smartphone glass production line and a new Apple-Corning Innovation Center. Additionally, the automotive segment, which now combines Environmental Technologies with Automotive Glass Solutions, is focusing on a "More Corning" growth strategy.
4. "More Corning" Content Strategy and Price Increases in Display Technologies: The company is implementing price increases in its Display Technologies segment and expects to deliver segment net income between $900 million and $950 million in 2025, maintaining a net income margin of 25%. The overall "More Corning" content strategy across various businesses aims to increase the amount of Corning's advanced materials in customer products.

Share Repurchases

• In 2019, Corning's Board authorized the repurchase of up to $5.0 billion of common stock, with approximately $3.2 billion remaining under this authorization as of November 1, 2024.
• Actual share repurchases totaled approximately $104.31 million in 2023 and $248.52 million in 2024.
• For the first two quarters of 2025, Corning repurchased approximately $203.57 million in shares.

Share Issuance

• Corning's shares outstanding have generally increased over the last few years, with 0.869 billion shares outstanding in 2024, a 1.16% increase from 2023, and 865 million shares outstanding in Q2 2025, a 0.12% increase year-over-year.
• In April 2021, following the conversion of preferred stock into 115 million common shares held by Samsung Display Co., Ltd. (SDC), Corning repurchased and retired 35 million of these common shares for approximately $1.5 billion, effectively issuing 80 million common shares to SDC.

Inbound Investments

• Apple is investing $2.5 billion in Corning's manufacturing facility in Harrodsburg, Kentucky, to produce all the cover glass for iPhones and Apple Watches through 2026 and beyond.
• Corning has also received customer funding and government support to expand manufacturing assets for its solar market access platform.

Outbound Investments

• Corning's capital allocation strategy prioritizes investing in targeted growth opportunities, which includes potential acquisitions.

Capital Expenditures

• Capital expenditures were $1.6 billion in 2021 and 2022, decreased to $1.39 billion in 2023, and were $965 million in 2024.
• Corning expects capital expenditures to be approximately $1.3 billion in 2025.
• These investments are primarily focused on maintaining and expanding manufacturing capabilities, particularly in areas targeted for growth such as optical communications for AI infrastructure and solar innovations, as part of the "Springboard" plan.