With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

<p>Every tech revolution seems to give this 175-year-old manufacturer another boost. Corning made the glass for Thomas Edison's light bulbs and created crack-resistant Gorilla Glass screens for smartphones. Today demand from AI data centers is fueling its fiber-optic cable business: Corning's revenue jumped 19% last year, to $15.6 billion.
</p>

Fortune 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

The 300 companies on this year’s list brought in over $12.6 trillion in revenue for the latest 12 months, with the median revenue figure at $22 billion.

America's Most Innovative Companies

Industries included in the sector are electrical equipment and industrial machinery.

Fortune Sector Leaders: Industrials

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The 200 companies on this list are transforming industries from the inside out.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

This year’s Fortune 500 marks the 68th running of the list.

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-277-Corning

Perhaps now best known as a principal supplier of glass for Apple products, Corning employs more than 50,000 employees internationally with its world headquarters based in Corning, N.Y.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-277-Corning

The materials technology company produces specialty glass and ceramics for products like laptops, smartphones, and laboratory products.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

Here are the World's Most Admired Companies for 2017 as ranked in their industries. See who made the list.

World's Most Admired Companies

This year's Fortune 500 marks the 63rd running of the list.

Here are the World's Most Admired Companies for 2016 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 62nd running of the list.

Business insiders have spoken: Asked which companies they most admire, more than 4,100 executives, directors, and analysts chose these top 50 All-Stars.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Company Info

Industry

Location

Industry Rank

Previous Industry Rank

Website

Overall Score

Key Attributes Of Reputation

Innovation

People Management

Use of Corporate Assets

Social Responsibility

Quality of Management

Financial Soundness

Long-Term Investment Value

Quality of Products/Services

Global Competitiveness

Sector

Culture rank

Process rank

Product rank

Years on list

Previous rank

Key Financials (last Fiscal Year)

Revenues ($M)

Profits ($M)

Assets ($M)

Total Stockholder Equity ($M)

Profit Ratios

Profit as % of Revenues

Profits as % of Assets

Profits as % of Stockholder Equity

Earnings Per Share (last Fiscal Year)

Earnings Per Share ($)

EPS % Change (from prior fiscal year)

EPS % Change (5 year annual rate)

EPS % Change (10 year annual rate)

Total Return

Total Return to Investors (last year)

Total Return to Investors (5 year, annualized)

Total Return to Investors (10 year, annualized)

Founded in 1851 and formerly known as Corning Glass Works, Corning Incorporated is a producer of high-tech glass, ceramics, and other products. The company creates glass for everything from phones and sunglasses to TVs and defense equipment. Other products under Corning’s brands include fiber-optic hardware for telecommunications networks and internet usage. Corning also can be found in laboratories as its products are used in glassware and other products for scientific research.

Q2 2026

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Corning (GLW): Company Profile, Stock Price, News, Rankings

legacy

Corning

corning

Ladies and gentlemen, thank you for standing by. Welcome to the Corning Incorporated Second Quarter twenty twenty five Earnings Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. To place yourself into the queue, please press 11 on your telephone.

You will then hear a message advising your hand is raised. Please be advised that today's conference is being recorded. It is my pleasure to introduce to you Ann Nicholson, Vice President of Investor Relations. Please go ahead.

Thank you, and good morning, everybody. Welcome to Corning's second quarter twenty twenty five earnings call. With me today are Wendell Weeks, Chairman and Chief Executive Officer and Ed Sletzinger, Executive Vice President and Chief Financial Officer. I'd like to remind you that today's remarks contain forward looking statements that fall within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties and other factors that could cause actual results to differ materially.

These factors are detailed in the company's financial reports. You should also note that we'll be discussing our consolidated results using core performance measures unless we specifically indicate our comments relate to GAAP data. Our core performance measures are non GAAP measures used by management to analyze the business. For the second quarter, the difference between GAAP and core EPS primarily reflected noncash mark to market activity associated with the company's translated earnings contracts, foreign denominated debt and constant currency adjustments. As a reminder, mark to market accounting has no impact on our cash flow.

A reconciliation of core results to the comparable GAAP value can be found in the Investor Relations section of our website at corning.com. You may also access core results on our website with downloadable financials in the interactive analyst center. Supporting slides are being shown live on our webcast. We encourage you to follow along. They're also available on our website for downloading. And now I'll turn the call over to Wendell.

Thank you, Anne. Good morning, everyone. We delivered outstanding second quarter results. Our record sales and EPS both exceeded guidance. Year over year, sales grew 12% to $4,000,000,000 Earnings per share grew more than double the rate of sales to $0.60 Operating margin expanded 160 basis points to 19%.

Return on invested capital grew two ten basis points to 13.1%. And free cash flow grew 28% to $451,000,000 Overall, key secular trends and our more Corning content strategy drove demand for our capabilities. And we continue to capture the powerful, profitable growth outlined in our recently upgraded SpringBoard plan. As we look ahead, we expect our strong SpringBoard performance to continue. We're seeing a remarkable customer response to both our NewGen AI and U.

S.-made solar products. And we're driving more Corning content into our mobile consumer electronics, display, automotive and optical communications platforms. We also expect an additional growth driver to emerge in the coming months as new and existing customers seek to leverage our large U. S. Advanced manufacturing footprint.

Overall, we are well positioned to deliver durable growth through 2026 and beyond. But before we talk about the future, I'd like to take a moment to put our second quarter results in the context of our SpringBoard plan. We launched SpringBoard in quarter four twenty twenty three, explaining our plan to dramatically improve our sales and enhance our return profile and to increase our operating margin by 400 basis points to 20% by the 2026. We're now at the halfway point of our original SpringBoard plan. When we compare our second quarter twenty twenty five results to our launch point, we grew sales 24, adding more than $3,000,000,000 to our annualized run rate.

We expanded operating margin by two seventy basis points to 19%, showing strong progress towards our target of 20%. We grew EPS 54%, more than twice the rate of sales. We expanded return on invested capital by four thirty basis points, and we generated strong free cash flow. Clearly, this progress is impressive, and we expect our strong performance to continue. So let's look at our journey so far.

Our original internal SpringBoard plan, which was the output of the strategic planning process we run with each of our market access platforms, was to add $5,000,000,000 in incremental annualized sales by the 2026. These were our actual business plans. We set our objectives and our compensation based upon those plans. When our businesses submit plans to corporate, they factor in a variety of probabilistic outcomes. They try to account for the known unknowns.

The business plans aim for a 70% confidence interval, which means that based on their analysis, there is a 70% chance that they will deliver sales greater than or equal to that number. We then provided a higher confidence plan for our investors. At the corporate level, we probabilistically adjusted for factors including potential macroeconomic slowdowns, changes in government policy, and timing of multiple secular trends and our related innovations. Our risk adjustment was $2,000,000,000 This is how we got to our original $3,000,000,000 high confidence plan. Remember, we purposely drew this as a wedge.

We weren't trying to guide every quarter for the next twelve quarters. It wouldn't be a straight line. That being said, our quarterly performance through 2024 demonstrates our powerful momentum. This chart illustrates that we are hitting or exceeding our critical milestones as sales tracked well above both our internal and high confidence plans through the first year. Our strategies are working, and our customers are loving our innovations.

Given our progress, in March, we upgraded our internal and high confidence plans by $1,000,000,000 at $6,000,000,000 and $4,000,000,000 respectively. So now let's look at our most recent quarter. As you can see, we've added $3,100,000,000 of incremental annualized sales since the launch of SpringBoard. Looking ahead, we expect to add another $600,000,000 to our annualized sales run rate in the third quarter. At the halfway point of SpringBoard, we are on track and expect strong momentum going forward.

Now let me share just a few examples of what is driving our growth. GenAI is clearly a positive force. First, in our enterprise business, where we report sales for inside the data center, we saw a record $2,000,000,000 in sales last year. In quarter two, we grew enterprise sales 81% year over year. The primary technical driver behind that growth is what the industry calls the scale out of the network.

That basically means that hyperscale customers are scaling out the GPU clusters with more and more connected AI nodes of server racks, or simply put, larger neural networks. Because each AI node is connected to the others in the cluster by fiber, this creates more volume for Corning. We also have another significant upside opportunity inside the data center, driven by what the industry calls the scale up of the network. Hyperscalers are creating more capable nodes that move from less than 100 GPUs per node today to hundreds of GPUs per node in the future. Historically, an AI node has been within a single server rack.

As hyperscalers scale up, AI nodes are shifting to stretch across multiple server racks. This causes the distance to link these GPUs within the node to get longer. This will eventually cause the links to reach about 100 gigabit per second meter, what we call the electrical to optical frontier line, which roughly marks the point where fiber connections become more ethnoeconomical than copper, creating a large potential opportunity for us. To help understand the size of this opportunity, a single Blackwell like node has more than 70 GPUs with more than 1,200 links using more than two miles of copper. As that node scales up, those two miles will eventually be replaced by fiber connections.

And those miles will grow over time as more and more GPUs are included in the AI node. I'm sure you've seen announcements regarding co packaged optics or CPL. That is one of the technologies that helps activate this scale up opportunity for us. If we succeed technically, the scale up opportunity is two to three times the size of our existing $2,000,000,000 enterprise business. And we're working with key customers and partners as we speak on making that future a reality.

Another opportunity for our growth tied to Gen AI is playing out in our carrier business. Now we've been studying this space for some time, and we've been seeing that most long haul routes were approaching their maximum data rate capacity, creating a need for many new high bandwidth, low latency links between cities and data center campuses. And this essentially requires a rebuild of the long haul networks. Our customers consider the long haul rebuilds as they think about that technically and economically, they see great potential economic benefit from fitting more fibers into a given conduit. This means they prefer denser fiber optic cables.

To create a high density solution, we applied our core innovations from inside the data center to this outside plant challenge. We introduced this new technology package to connect data center campuses. In the industry, this is referred to as DCI or Data Center Interconnect. We shared last year that we'd reached an agreement with Lumen Technologies to provide our new Gen AI fiber and cable system that enables Lumen to fit anywhere from two to four times the amount of fiber into their existing conduit. And the agreement reserved 10% of our global fiber capacity for 2025 and 2026.

We've now fully commercialized this product set, and we have three industry leading customers adopting the technology. That being said, we are just in the very beginning of this new market. We expect this business to scale rapidly, reaching $1,000,000,000 opportunity for us by the end of the decade. Now I'll turn to our growth opportunity in solar. At our March IR event, we shared our low risk, high return strategy to reenter the solar market.

We generated over $1,000,000,000 in cash from 2020 to 2024 in this platform. We funded the expansion of our manufacturing assets with the growing cash flow generated from the assets we acquired for less than $0.10 on the dollar, customer funding and government support, all while generating positive cash flow every year. As a result, we have now built a strong foundation for rapidly accelerating growth. We made advancements to serve higher end chip segment in semiconductors, and we are on track to double our semiconductor business by the end of the decade. We activated idle assets to serve the need for domestic solar polysilicon.

And we added the capability to transform our polysilicon into higher value domestically made solar wafers, all integrated together on our campus silicon and wafer capacity available in twenty twenty five and eighty percent of our capacity for the next five years. Because we built this platform so quietly while growing our cash flow, our new solar map hasn't garnered much attention from investors relative to the significance of the opportunity. We expect to triple our sales run rate by 2027, adding $1,600,000,000 of new annualized revenue to Corning's earnings power. Finally, we also expect an additional growth driver to emerge in the coming months as new and existing customers seek to leverage our large U. S.

Advanced manufacturing footprint. It is still early days, but this could become a major trend depending how trade policy turns out. Watch this space, and we'll keep you posted. With that, I'll leave you with this. We delivered outstanding second quarter results that exceeded expectations.

We've made great progress to date on our SpringBoard plan. Halfway through the plan, we grew sales 24%, adding more than $3,000,000,000 to our annualized run rate. We expanded operating margin by two seventy basis points to 19%, showing strong progress on our target of 20%. We grew EPS 54%, more than twice the rate of sales. We expanded return on invested capital by four thirty basis points, and we generated strong free cash flow.

And we're experiencing strong growth drivers that increase our confidence in maintaining our momentum to 2026 and beyond. Now I'll turn it over to Ed for more detail on our results and outlook.

Thank you, Wendell. Good morning, everyone. We delivered excellent second quarter results that exceeded the expectations we set in April. Year over year in Q2, sales were up 12%, while EPS grew 28%. Operating margin expanded 160 basis points to 19%, ROIC grew two ten basis points to 13.1% and free cash flow grew 28% to $451,000,000 Looking ahead, we expect Q3 to be another strong quarter.

We expect double digit year over year sales and earnings growth with sales of $4,200,000,000 and profit again growing faster than sales with EPS in a range of $0.63 to $0.67 We expect to continue expanding our operating margin as we march toward our SpringBoard target of 20%. We also anticipate continued strong growth in our enterprise business, driven by our new products for GenAI, and we're advancing significant growth opportunities across the company, as Wendell just described. Two other points I want to note related to our third quarter guidance. First, in Q3, our guidance again factors in about $01 to $02 for the impact of currently enacted tariffs, about the same level we saw in Q2. Our longstanding philosophy to locate our manufacturing operations close to our customers serves as a natural hedge against tariffs and mitigates the financial impact.

Second, we shared with you last quarter that we are accelerating our production ramp for new products, given high customer demand for our new GenAI products for inside and outside the data center and for our new solar offerings. Our third quarter guidance includes temporarily higher costs associated with these ramps of $02 to $03 in the quarter. We expect the impact of these costs to dissipate as our production and sales increase. Overall, we feel great about our SpringBoard performance to date. As you can see by our guidance, we expect our momentum to continue.

And we're energized by the tremendous opportunity for value creation we've built for our shareholders. With that, let me share some more detail on what we're seeing in our businesses. In Optical Communications, second quarter sales grew 41% year over year to $1,600,000,000 Growth was led by strong adoption of our AI products in the enterprise space, which was up 81% year over year. We also saw strong growth in our carrier business, which was up 16% year over year. This was driven by two factors.

First, as a reminder, we categorize our GenAI products that interconnect data centers in our carrier business. We began shipping these products in the first quarter. We doubled sales from first quarter levels in the second quarter. We're still in the very beginning of this opportunity and as you heard from Wendell, this could be a billion dollar business for us by the end of the decade. Additionally, carriers have completed drawing down inventory they built during the pandemic and they are now purchasing at their rate of deployment.

This also contributed to year over year sales growth in our carrier business. And as noted in recent public statements, carriers are planning to expand their fiber networks going forward. So this sets the stage for additional growth. Net income for the second quarter was $247,000,000 up 73% year over year with strong incremental profit on the additional volume. Moving to Display.

In the second quarter, sales were $898,000,000 and net income was $243,000,000 both consistent with the first quarter. For the full year, our expectations for the retail market remain unchanged. We expect TV unit sales to be consistent with 2024 and TV screen size growth of about an inch. As a reminder, we successfully implemented double digit price increases in the 2024 to ensure that we can maintain stable U. S.

Dollar net income in a weaker yen environment. We hedged our yen exposure for 2025 and 2026 with hedges in place beyond 2026. In 2025, we reset our yen core rate to 120 yen to the dollar consistent with our hedge rate. We are not recasting our 2024 financials because we expect to maintain the same profitability in display at the new core rate. We guided full year net income of $900,000,000 to $950,000,000 in 2025 and net income margin of 25% consistent with the last five years.

Clearly, we are tracking ahead of that guidance in the 2025. We expect our profitability levels to continue in the second half and now expect to be at the high end of the 900,000,000 to $950,000,000 net income range and for margin to be at least 25%. Looking ahead, we expect the Q3 glass market and our volume to be similar to Q2 and for our pricing to be consistent sequentially. In display overall, we are maintaining our market, technology and cost leadership, while benefiting from market growth and a glass supply demand environment that is balanced to tight. Turning to Specialty Materials, sales were up 9% year over year, primarily driven by continued adoption of our premium glass innovations in Gorilla Glass.

Additionally, some OEM customers purchased in advance of anticipated tariffs. We expect OEMs to adjust their purchases in the second half of twenty twenty five and have factored that into our Q3 guidance. Net income was up 29% year over year to $81,000,000 primarily driven by strong demand for our premium glass innovations. Turning to automotive, as a reminder in Q1, we graduated our auto glass business and together with our environmental technologies business created this segment. We ended 2023 with a triple digit automotive glass business and we expect it to triple by the 2026.

In the second quarter, automotive sales were $460,000,000 down four percent year over year, primarily driven by weaker light and heavy duty markets in Europe and North America. Net income was $79,000,000 up 11% year over year, driven by strong manufacturing performance offsetting lower sales. We're focused on executing our More Corning growth strategy in automotive as additional content is required in upcoming vehicle emissions regulations and as technical glass and optics gain further adoption in vehicles. In life sciences, sales were consistent with the prior year and net income grew 6%. And finally, in Hemlock and Emerging Growth businesses, sales were up 31 year over year driven by increased solar and semiconductor polysilicon volume.

Our new solar business currently sits in this segment. We plan to build it into a $2,500,000,000 revenue stream by 2028. We're commercializing our new Made in America ingot and wafer products. We expect our new wafer facility to come online in Q3 and we expect to begin shipping later this year. We have committed customers for 100% of our polysilicon and wafer capacity available in 2025 and eighty percent of our capacity for the next five years.

As we guided, our Q2 net income reflected the temporarily higher production ramp costs for our new solar offerings. With that, I'll shift from segment results to free cash flow. We continue making strong progress in 2025. In the second quarter, free cash flow grew 28% year over year to $451,000,000 We continue to expect to generate a significant amount of free cash flow this year and we expect to invest approximately $1,300,000,000 in capital. Moving to capital allocation.

As we previously shared with you, our upgraded SpringBoard plan includes higher sales and higher profit. We expect to convert that higher profit into more cash flow. And as I just noted, we're making nice progress. So how do we choose to invest the expected higher cash flow? Companies do capital allocation in different ways.

We prioritize investing in organic growth opportunities that drive significant returns and we grow primarily through innovation. We believe this creates the most value for our shareholders over the long term. Our investors have confirmed this. As we see high return opportunities in the future, we will invest in those opportunities. We also seek to maintain a strong and efficient balance sheet.

We're in great shape. We have one of the longest debt tenures in the S and P five hundred. Our current average debt maturity is about twenty one years with only about $1,500,000,000 in debt coming due over the next five years. And we have no significant debt coming due in any given year. Finally, we expect to continue our strong track record of returning excess cash to shareholders.

We already have a strong dividend. Therefore, as we go forward, our primary vehicle for returning cash to shareholders will be share buybacks. And we have an excellent track record. Over about the last decade, we repurchased 800,000,000 shares, close to a 50% reduction in our outstanding shares, which at today's share price has created $26,000,000,000 in value for our shareholders. Because of our growing confidence in SpringBoard, we started to buy back shares in the 2024 and we've continued to do so since then.

In the 2025, we invested another $100,000,000 in share repurchases. In the second quarter, we continue to buy back shares and we will expect to continue buying back shares in the third quarter. So I'll quickly wrap up today. We delivered outstanding second quarter results, exceeding guidance with record sales and EPS. We expect Q3 to be another strong quarter with double digit sales and earnings growth.

Since the start of SpringBoard, we've significantly grown sales, we've grown EPS more than twice the rate of sales and we are generating strong free cash flow. We've substantially improved our return profile. So overall, we feel great about our progress. With that, I'll turn it back to Ann.

Thanks, Ed. Okay, operator, we're ready for our first question.

Thank you. The first question will come from Wamsi Mohan with Bank of America. Your line is now open.

Yes, thank you so much. Wendell, some of your customers are facing maybe more disruption than you are relative to tariffs. Can you comment on where you've seen pull forward activity within that customer base, both in the second quarter and where you're expecting some of that might continue into the third quarter of this year as well. If you could just it's clear that something happened in specialty, but if you could share some color on that and if there are other markets where this is happening as well? Thank you.

Hey Wamsi, this is Ed. I'll take that one. So I think the two places in particular where we did see some customers buying ahead of expected tariffs were in Gorilla as we shared on the call and in display. We are expecting that to adjust in the second half and in both of those spaces, we're not changing our view of the markets for the full year, the retail markets or the end markets. So we expect that to normalize.

Now our guidance for Q3 and the way we're thinking about going forward factors that in.

That makes sense to you Wamsi. So basically we do our calculation and our estimates of what we think that is. Right? And then we try to take it out of our next quarter guide. It may happen that way, it may not happen that way, but we try to conservatively portray what we see as supply chain movement.

Right. No, that makes sense. I guess just to clarify, you're saying that in Q2, you did see an uptick in specialty. So that impacts Q3, Q4 versus first half. But it's more specifically, are you seeing any impact in Q3 in your guide from a full power perspective as well understanding that your full year didn't change?

Does that mean that sequential trends in Q4 should be worse than normal?

No, what we did is we'll see what actually happens. But what you note, what Ed is saying is it in for instance, we did this in Q1. We had this question as well, which was do we see any effects from our customers trying to build supply chain ahead of tariffs? We said, we see some. And what we do is we made an estimate of that.

And then we basically put in our Q2 guide that the supply chain would be reduced. So in other words, it depressed our revenue guide and our earnings guide for Q2. We're doing the same type thing here for Q3, which is we take a look at the first half, what do we think since we haven't changed our total year outlook? What do we think our customers have done to do any pull ahead? And then what we've done is we've actually reduced quarter three in our guide by what that amount is.

So actually, just to be precise with you, we already tried to take that out of our Q3 guide. Does that make sense, Wamsi? No, no,

That's great. That makes a lot of sense, Wendell. And if I could just could you share us any color on you seem very, very bullish We just had some legislation passed that's taking away some of the incentives on renewables. Can you just put that in context for us, how we should be thinking about Corning specifically your progress in that market?

Yes. If you look at the reconciliation bill, there's a lot of changes. But one thing didn't change is that the US government is continuing to incent US manufacturing of solar products and its preference for domestic content. This plays out a number of different ways in the actual text of the legislation. But the core piece is that the hunks that we needed around the advanced manufacturing tax credits, they remained in place.

And there were additions to various pieces of that that encourage more domestic content, more US based manufacturing. And that was our long term belief on what the vector would be, is that there would be a requirement for US manufacturing of energy, and that continues to be in place.

The next question comes from John Roberts with Mizuho. Your line is open.

Thank you. I'm looking at Slide 38 that's got the solar and semiconductor profitability. You've got start ups coming in the third quarter as well. So is the recovery in earnings fourth quarter or is it out into 2026? It'll give us a sense of kind of how long will be under these pressures from the startup expenses.

Yes, a couple of thoughts, John. Thanks for the question. So, we shared, we started up our wafer factory here in the second quarter. So we expected to have ramp costs for that. We're seeing that continue in the third quarter.

We expect to commercialize our new wafer products in the third quarter and for that for those sales to start to ramp as we go into the fourth quarter. I think over time, the ramp costs will get better for two reasons. We'll be actually running the factory at full utilization rates and that will improve our output, but also we'll be selling product. So I don't know that it necessarily all is done by the end of the year, but I would expect it to continue to improve as we go through the year and into 2026.

And the next question will come from Samik Chatterjee with JPMorgan. Your line is open.

Hi. Thanks for taking my question. And Wendell, maybe I'll ask you a broader one just on the SpringBoard plan here. If I'm looking at your wedges based on Q3 guide, it looks like if you were to sort of look at where you're tracking relative to your plans, you're tracking more closer to the internal plan than the high confidence plan. So is there anything from the internal plan that you've sort of envisioned but did not really pan out as you sort of look at the status of things today?

And then I'll take your sort of take you up on the high the forward opportunities that you talked about with customers looking to leverage Corning's manufacturing in The US, and would that represent upside? And which verticals would you think that's more focused on? Thank you.

Let's take a look at the second one first and then come back to your deep question on the first. So the second one, I can't share too much right now, Samik. These are all confidential negotiations. But we have 34 factories in The US. We're engaged with a number of our major customers in a number of our maps to basically make a major commitment to US based manufacturing and to help us utilize those factories going forward.

Some are our current customers, some are new to us. And we shouldn't know the answers to the beginning of these. These negotiations should close out sometime in the pretty near future. So watch this space, my friend. Sometime in the next few months, we should be able to be a little more clear about the first.

Before I move to your first question, is that okay on the second?

Yes, I will. I'll wait and watch on that one. Thank you.

Okay. On the first one, what a fascinating question. Of course, what has happened to us is a mix of a stronger positive reaction to many of our new products and that has been more than offsetting some of the places where the secular trends were a little bit later are not as significant as we would have thought. Let me give you a good example sort of our new sets of products for bendable devices. When we built the original plan, we had planned for a more significant uptick in terms of the popularity and placement of some of that foldable tech.

And that's been delayed some. And that's just an example. And in each of these different maps, you'll see a combination of those pieces where it went a little faster than we thought and those where it went a little slower than we thought. There's very few areas that come to mind for me where we don't feel good about the fundamental secular trend that we were believing in. The other is always timing on cyclical return.

I'd say the carriers took a little bit longer to clear out their inventory build than we thought by maybe a quarter or so, but that's now they're back to buying at deployment levels. So we've got a good foundation for their growth going forward. But those are some small examples. Are those the areas that you were looking for, Samik?

Yeah. And maybe just then if you aggregate all of that up, is there any big missing pieces relative to your internal confidence plan today?

Are there any big chunks that you said sort of fell out from the internal plan initially?

So I think it depends which way to look at. So on the high confidence plan, absolutely not. That really remember, what we do is we built into that risk adjustments for big macroeconomic cycles a variety of big events that we wouldn't have necessarily in our business cycles. In the internal plan, what we're really seeing in that pattern, what we're trying to show in the graphic, is that we are hitting or exceeding almost all of our critical milestones. So if anything, what we're seeing is building momentum. Now we have to see as some of the next layers of growth that we're planning for on SpringBoard continue. If they do, then we'll have to deeply think about whether or not we'll upgrade our plan again.

But that'd be a high class problem. So let's wait and see how we do in the coming quarters.

Great. Thanks for the comments. Thank you.

The next question is from Steven Fox with Fox Advisors. Your line is open.

Oh, great. I guess, first of all, Wendell, I was wondering if you can give us your Fiverr market share by region out a couple of decimal points.

I did have a question on fiber that I think you can answer. You've mentioned a couple of longer term sort of optionality around scale out DCI, etcetera. Some of those trends, you're seeing more indications of, but you're talking longer term about them. I was wondering like what kind of internal and external inflection points should we be looking for that will then translate into those that sort of next wave of demand starting to take off? Thanks.

Well, first of all, I appreciate the humor on my CNBC appearance this morning. Thank you, my friend. Secondly, what a great question. So what we look for is we are engaged right now with multiple innovation partnerscustomers. And what we're looking for is does our technology, do we win that platform?

Once we win those platforms, then it will be to those platforms then become the successful architecture for those particular chipsets and their deployment in servers. I think the biggest thing you can look for is you'll see announcements by our customers that will be named as one of their partners. You just recently saw a couple of those, I forget when, not that long ago from Broadcom and from Nvidia, where they showed us as partners for some of their significant CPO platforms. So I think that'll be the first indications that things are going well and that we're well positioned. Then the next will be when does that architecture slide in?

And that's a little bit tougher because within all the majors, what you have is the competing platforms, do we switch to a photon based architecture in the server racks for the AI nodes? Or how much further we can press the electron based ones or the copper based ones. And that struggle will continue, but the key is to get positioned for that long term innovation secular wave when it happens. Is that responsive to your question, Steve?

Yes, very much so. I was just wondering on the DCI stuff if there's anything else you would add there.

Oh, DCI. Great question. Yes. You will see additional announcements in DCI. You'll see customers will want to talk about it because it's so important to them.

And they're trying to be able to position their offerings to their customers as being advantaged with the latest optical technology. So you will definitely see customers coming out on that front as well.

The next question is from Masiya Merchant with Citi. Your line is open.

Great. Thank you. Hopefully, you can hear me. Great results here. Just on the Optical Communications market again, I may.

Corning (GLW) Q2 2025 Earnings Call Transcript

Company Participants