Highlights

  • Corning agreed to supply fibre and cable under a multi-year AT&T agreement valued above three billion dollars in total.
  • Optical Communications increased quarterly sales and net income substantially, while the Solar business expanded revenue but remained loss-making.
  • Management forecast higher third-quarter core sales and earnings, with an expected improvement in Solar’s earnings contribution from that period.
  • Corning’s upgraded Springboard plan sets future annualised revenue run-rate targets, rather than completed annual revenue results for those years.

A multi-year fibre and cable agreement worth more than USD 3 billion gives Corning Incorporated (NYSE:GLW) another commercial commitment within its expanding optical business. Announced on 29 September 2026, the AT&T arrangement will support the customer’s network expansion using products made at Corning’s US advanced manufacturing operations. The contract follows a quarter of stronger Optical Communications revenue and earnings.

US Manufacturing Supports the Agreement

The products will be manufactured at US facilities, including operations in North Carolina. The supplied release does not specify the exact contract duration or quantify annual revenue from the agreement.

AT&T said it planned to bring fast internet to 60 million Americans by the end of 2030 and expected to invest more than USD 250 billion in US connectivity over five years. Those are AT&T’s wider plans, not amounts payable to Corning under this contract.

Optical Growth Leads the Quarterly Results

Corning released second-quarter results on 27 July. Core sales increased 17% to USD 4.74 billion, while core earnings per share rose 30% to USD 0.78.

GAAP sales were USD 4.51 billion and GAAP earnings per share were USD 0.64, up 19%. Core operating margin reached 20.9%, an improvement of 190 basis points, and adjusted free cash flow was USD 1.42 billion.

Optical Communications sales rose 32% to USD 2.07 billion, while segment net income increased 77% to USD 438 million. These results predate the September AT&T announcement and should not be presented as revenue already generated by that later agreement.

Other Businesses Show Uneven Performance

Solar sales increased 90% to USD 438 million, but the business recorded a net loss of USD 7 million. Glass Innovations sales rose 1% to USD 1.46 billion, and Automotive increased 2% to USD 471 million.

Life Sciences and Emerging Growth Businesses sales declined 15% to USD 294 million. The mixed segment figures show that the pace of Optical Communications growth did not extend evenly across the portfolio.

Management expected the Solar earnings effect to improve from the third quarter. That remains an expectation rather than evidence that the business had already moved into profit.

Springboard Targets Extend Beyond Current Results

Third-quarter guidance called for core sales of USD 4.9–5.0 billion, approximately 16% growth, and core earnings per share of USD 0.85–0.89.

The upgraded Springboard plan targets annualised sales run rates of USD 20 billion by the end of 2026, USD 30 billion by the end of 2028 and USD 40 billion by the end of 2030. These are run-rate targets, not reported full-year revenue totals.

The AT&T agreement is relevant to that plan, but the source does not allocate its revenue across the target years. No confirmed date for the next quarterly report appears in the material.

Separately, Corning declared a regular quarterly dividend of USD 0.28 per share on 6 October, payable on 11 December. The declared distribution is distinct from the future operating targets.