During the twelve months ended February 2026, Corning delivered four consecutive quarters of positive EPS surprises, with full-year adjusted earnings of $2.10 per share beating consensus by $0.15. Revenue rose 7% year-over-year to $13.8 billion, driven by robust demand in Optical Communications and Advanced Optics. Operating margin expanded by 120 basis points to 23.4%, reflecting productivity initiatives that generated $150 million in cost savings. The company also returned $600 million to shareholders through share repurchases and dividends.

In January 2026, Corning inked a multiyear agreement valued at approximately $1.2 billion with Meta to supply specialty fiber-optic cable for U.S. data center build-outs. This partnership commits Corning to deliver over 400,000 kilometers of lightweight, low-loss fiber over three years, solidifying its role as a critical infrastructure provider for large-scale artificial intelligence workloads.

The rapid expansion of AI applications is driving a historic data center build-out, with industry forecasts pegging total investment at nearly $1 trillion through 2027. Corning’s Optical Communications segment reported a 25% increase in fiber-optic shipments in the fourth quarter, as hyperscale operators accelerate deployments. Management expects AI-related fiber demand to account for more than 40% of segment revenue by fiscal 2027.

Despite the stock’s 115% run over the past year, Corning’s forward P/E multiple contracted from 20x to 15x as investors recalibrated expectations for capital intensity in AI infrastructure. The current multiple sits below the five-year average of 17x, creating a potential entry point for long-term investors. With consensus analyst estimates projecting 10% annual EPS growth through 2028, the valuation gap may narrow if Corning sustains its operational momentum.