cutoff 27 October 2026, 09:24 ET
The forecast for Corning: the next two quarters line by line, three years of sales and EPS, a low and a high case. Next report: Q4 2026 in January 2027. Date not yet set.
Sales and earnings outlook
Next quarter · Q4 2026
Sales$5.06B+20% on Q4 2025
Adjusted EPS$0.98+36% on Q4 2025
Investment and cash generation
Base case
Capital spending$667M
Free cash flow$502M
Free cash flow: operating cash flow less capital spending.
The remaining annual investment plan sets the fourth-quarter spending need, mainly for optical capacity. Customer deposits help fund that capacity and support operating cash flow. Free cash flow reflects the cash left after capital spending; it can move differently from earnings as deposits and investment arrive.4 of 6
- Opus 5.5Capital spending of about $2 billion sets the 2026 capex (about $0.7 billion in the fourth quarter).
- GLM 5.3Capex of about $2 billion for 2026 sets my FY2026 capex base
- Kimi K3.1 Procapital spending of $2.0 billion and standard free cash flow of $2.29 billion
- DeepSeek V4.1 Flashadopt the about $2 billion figure for 2026
- DeepSeek V4.1 FlashCustomer prepayments of $639 million in the first nine months are the reason operating cash flow can outrun a rising capital budget.
- Opus 5.5Customer deposits fund capacity and lift operating cash flow; supports free cash flow growing despite higher capex.
- GLM 5.3deposits are also why GAAP operating cash flow can stay strong alongside rising capex.
- Kimi K3.1 ProCustomer deposits of $1.5 billion support the cash-flow forecast and reduce expansion risk.
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- Three years of sales and earnings per share, each with its low and high case, the six models' own numbers and the story
- The forecast after the call, the same day
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