康寧 (GLW) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Corning Inc. Fourth Quarter 2025 Earnings Conference Call.

女士們、先生們，感謝你們的耐心等待。歡迎參加康寧公司2025年第四季財報電話會議。

(Operator Instructions) 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.

（操作人員指示）請注意，今天的會議正在錄音。我很高興向大家介紹投資者關係副總裁安·尼科爾森。

Please go ahead.

請繼續。

Thank you, and good morning, everybody. Welcome to Corning's Fourth Quarter 2025 Earnings Call. With me today are Wendell Weeks, Chairman and Chief Executive Officer; and Ed Schlesinger, Executive Vice President and Chief Financial Officer.

謝謝大家，大家早安。歡迎參加康寧公司2025年第四季財報電話會議。今天陪同我的是董事長兼執行長溫德爾·威克斯，以及執行副總裁兼財務長艾德·施萊辛格。

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.

我想提醒各位，今天的演講包含前瞻性陳述，這些陳述符合 1995 年《私人證券訴訟改革法案》的定義。這些聲明涉及風險、不確定性和其他因素，可能導致實際結果與預期結果有重大差異。這些因素在公司的財務報告中均有詳細說明。

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 fourth quarter, differences between GAAP and core EPS included noncash mark-to-market adjustments associated with the company's translated earnings contracts and foreign denominated debt as well as constant currency adjustments.

您還應該注意，除非我們特別指出我們的評論與 GAAP 數據有關，否則我們將使用核心績效指標來討論我們的合併績效。我們的核心績效指標是管理階層用來分析業務的非GAAP指標。第四季度，GAAP 與核心 EPS 之間的差異包括與公司折算收益合約和外幣債務相關的非現金按市值計價調整以及固定匯率調整。

As a reminder, the 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.

再次提醒，以市值計價的會計方法不會對我們的現金流量產生任何影響。核心績效與可比較GAAP值的調節表可在康寧公司網站corning.com的「投資者關係」欄位中找到。您也可以透過我們網站的「互動分析師中心」下載財務報表，查看核心績效。

Supporting slides are being shown live on our webcast, and 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.

輔助投影片正在我們的網路直播中即時展示，我們鼓勵您跟隨觀看。您也可以從我們的網站下載這些檔案。現在我把電話交給溫德爾。

Thank you, Ann, and good morning, everyone. Today, we announced fourth quarter and full year 2025 results. We delivered another excellent quarter. Year-over-year, sales grew 14% to $4.41 billion, and EPS grew 26% to $0.72. We expanded operating margin 170 basis points to 20.2%, achieving our Springboard target, a full year early and we expanded ROIC 150 basis points to 14.2%.

謝謝你，安，大家早安。今天，我們公佈了2025年第四季和全年業績。我們又完成了一個出色的季度。與去年同期相比，銷售額成長 14% 至 44.1 億美元，每股收益成長 26% 至 0.72 美元。我們的營業利潤率提高了 170 個基點至 20.2%，提前一整年實現了我們的 Springboard 目標，投資回報率提高了 150 個基點至 14.2%。

For the full year versus the prior year, we delivered double-digit sales growth with EPS growing twice as fast as sales and free cash flow growing 3x faster than sales. Today also marks the second anniversary of Springboard and the plan has certainly been a tremendous success to date. Since our quarter 4, 2023 launch point we have transformed the financial profile of our company. We expanded operating margin by 390 basis points to 20.2%, we grew EPS 85% to $0.72, and we expanded ROIC 540 basis points to 14%. We also nearly doubled free cash flow in 2025 to $1.72 billion from $880 million in 2023.

與去年相比，全年銷售額實現了兩位數成長，每股收益成長速度是銷售額成長速度的兩倍，自由現金流成長速度是銷售額成長速度的三倍。今天也是 Springboard 計劃成立兩週年紀念日，迄今為止，該計劃無疑取得了巨大的成功。自 2023 年第四季啟動以來，我們改變了公司的財務狀況。我們將營業利潤率提高了 390 個基點，達到 20.2%；每股收益成長了 85%，達到 0.72 美元；投資報酬率提高了 540 個基點，達到 14%。我們也預計，2025 年的自由現金流將比 2023 年的 8.8 億美元翻一番，達到 17.2 億美元。

In total, we now have a highly profitable launch point for future growth. And excitingly, we have even stronger long-term growth ahead. Today, we are upgrading our original Springboard plan to now add $11 billion in incremental annualized sales by the end of 2028, up from our original $8 billion. So we feel great about our position entering 2026. In quarter one, we expect year-over-year growth to accelerate with core sales up approximately 15% to a range of $4.2 billion to $4.3 billion.

總而言之，我們現在擁有了一個利潤豐厚的未來成長起點。更令人興奮的是，我們未來還有更強勁的長期成長空間。今天，我們將原先的 Springboard 計畫升級，目標是在 2028 年底前實現 110 億美元的年度增量銷售額，高於原先的 80 億美元。因此，我們對進入2026年時的情況感到非常樂觀。第一季度，我們預計年成長將加快，核心銷售額將成長約 15%，達到 42 億美元至 43 億美元。

Looking at 2026, our internal Springboard plan now adds $6.5 billion in incremental annualized sales by the end of the year, up from our previous $6 billion plan and our high confident Springboard plan now adds $5.75 billion, up from our previous $4 billion plan. Quite simply, our strategies are working. We're seeing remarkable demand for our innovations and manufacturing capabilities and we see a larger long-term growth opportunity through 2026 and beyond. Recently secured customer contracts including the one we just announced with Meta only increase our confidence. We've been getting a lot of questions about the meta agreement from our investors.

展望 2026 年，我們內部的 Springboard 計畫預計到年底將增加 65 億美元的年度銷售額，高於我們先前的 60 億美元計畫；而我們高度自信的 Springboard 計畫預計到年底將增加 57.5 億美元，高於我們先前的 40 億美元計畫。簡而言之，我們的策略奏效了。我們看到市場對我們的創新和製造能力有著顯著的需求，我們看到到 2026 年及以後，市場將有更大的長期成長機會。最近我們成功簽下了一些客戶合同，包括剛剛宣布的與 Meta 的合同，這更加增強了我們的信心。我們的投資者提出了很多關於元協議的問題。

So before I talk about SpringBoard in more detail, let me take a moment to outline the key elements. Just yesterday, we announced that Corning and Meta announced a multiyear up to $6 billion agreement to support Meta's apps, technologies and AI ambitions using our newest innovations in optical fiber, cable and connectivity solutions. This long-term partnership with Meta reflects our commitment to develop, innovate and manufacture the critical technologies to power next-generation data centers here in the US. Together with Meta, we're strengthened domestic supply chains and helping ensure that advanced data centers are built using US innovation in US. Advanced Manufacturing.

在更詳細地介紹 SpringBoard 之前，讓我花點時間概述關鍵要素。就在昨天，我們宣布康寧和 Meta 達成了一項多年期、價值高達 60 億美元的協議，康寧將利用我們在光纖、電纜和連接解決方案方面的最新創新成果，支持 Meta 的應用程式、技術和人工智慧發展目標。與 Meta 的這項長期合作關係體現了我們致力於在美國開發、創新和製造關鍵技術，為下一代資料中心提供動力。我們與 Meta 攜手，加強了國內供應鏈，並協助確保利用美國創新技術在美國建造先進的資料中心。先進製造。

Meta will serve as the anchor customer for the expansion and upgrading our manufacturing and technology capabilities across our operations in North Carolina. We are concluding similar long-term agreements with other major customers to dedicate capacity for them as well. Taken together, these agreements enable Corning to provide our customers with secure US origin production of our most advanced gene high-density innovations. Now we're also seeking to appropriately share the cost and risk of such expansions with our customers and restructure our agreements accordingly. These structures include components like customer prepayments and stringent long-term customer commitments to provide revenue assurance.

Meta 將成為我們在北卡羅來納州業務擴張和升級製造及技術能力的核心客戶。我們正在與其他主要客戶簽訂類似的長期協議，為他們預留產能。綜合來看，這些協議使康寧能夠為客戶提供安全可靠的美國本土生產的最先進的高密度基因創新產品。現在，我們也正在尋求與客戶適當分擔此類擴張的成本和風險，並相應地調整我們的協議。這些結構包括客戶預付款和嚴格的長期客戶承諾等組成部分，以提供收入保障。

For long time followers of Corning, you would recognize the model is quite similar to our extremely successful Gen 10.5 agreements with our display customers. And most recently, Apple's $2.5 billion commitment to produce 100% of iPhone and Apple Watch cover glass in our Kentucky facility. Basically, we're taking the proven approach in our glass businesses and applying it to optical communications. As a result, we will serve our customers grow organically and share risk appropriately so that we can deliver the strong returns for our investors that are outlined in our Springboard plan and underpin our upgraded plan. So now let's talk more about the Springboard upgrade.

對於長期關注康寧的人來說，你們會發現該模式與我們與顯示器客戶達成的非常成功的第 10.5 代協議非常相似。最近，蘋果承諾投資 25 億美元，在我們位於肯塔基州的工廠生產 100% 的 iPhone 和 Apple Watch 蓋板玻璃。基本上，我們將玻璃業務中行之有效的方法應用到光通訊領域。因此，我們將透過有機成長服務客戶，並適當分擔風險，從而為投資者帶來我們在「跳板計畫」中概述的強勁回報，並支撐我們升級後的計畫。現在我們來詳細談談 Springboard 的升級。

I'll start with the basics of the plant. When we introduced Springboard in quarter three 2023, we used this chart to explain our incremental sales opportunity using our quarter four projected sales of $3.25 billion as the starting point, which put us in a $13 billion annualized run rate. The y-axis represents incremental annualized sales above our quarter four, 2023 run rate, and the x-axis represents time for the following 5 years. Now let's fill in some numbers. Here's our original internal nonrisk-adjusted plan, which reflected potential growth of $8 billion in annualized sales run rate by the end of 2028 with $5 billion by the end of 2026.

我先從這種植物的基礎知識講起。我們在 2023 年第三季推出 Springboard 時，使用這張圖表來解釋我們的增量銷售機會，以我們預計第四季度 32.5 億美元的銷售額為起點，這使我們的年化運行率為 130 億美元。y 軸代表高於我們 2023 年第四季運行率的年度增量銷售額，x 軸代表未來 5 年的時間。現在我們來填寫一些數字。這是我們最初的內部未進行風險調整的計劃，該計劃反映了到 2028 年底年化銷售額可能增長 80 億美元，到 2026 年底達到 50 億美元。

We took this opportunity and translated into a high confidence plan to help inform investors. To do that, first, we focused on a three-year time frame. Second, we probabilistically adjusted for different potential outcomes in each of our market access platforms, including market dynamics, timing of secular trends, successful adoption of our innovations as well as volume pricing and market share across all of our business. And of course, the potential that some of our markets may go through down cycles. We purposely drew this as a wedge.

我們抓住這個機會，制定了一份信心十足的計劃，以幫助投資者了解情況。為此，我們首先將重點放在三年的時間範圍內。其次，我們對每個市場進入平台的不同潛在結果進行了機率調整，包括市場動態、長期趨勢的時間表、我們創新成果的成功採用，以及我們所有業務的銷售定價和市場份額。當然，我們的一些市場也可能經歷下行週期。我們特意把它畫成楔形。

We would try to guide every quarter for the next 12 quarters. We said it obviously won't be a straight line. But we were also not dealing with a hockey stick when we built the plan, we expected to see strong growth early, and we did. In March of last year, we upgraded our internal and high confidence plan by $1 billion to add $6 billion and $4 billion, respectively. So as I previously noted, we made excellent progress and achieved our upgraded high confident sales target a full year ahead of plan, adding $4.6 billion of incremental annualized sales since the launch of SpringBoard.

我們將努力為接下來的12個季度提供指導。我們說過，這顯然不會是一條直線。但是，我們在製定計劃時並沒有預料到會出現「曲棍球棒」式的增長，我們預期早期就會出現強勁增長，而我們也確實看到了增長。去年三月，我們將內部高信心計畫升級了 10 億美元，分別增加 60 億美元和 40 億美元。正如我之前提到的，我們取得了卓越的進展，並提前整整一年實現了升級後的高信心銷售目標，自 SpringBoard 推出以來，年化銷售額增加了 46 億美元。

As you can see, we are also performing well against our internal plan. As we look ahead, we expect our strong momentum and progress to continue. Of course, at its core, our Springboard plan was about more than our ability to grow organically. It was about enhancing our profitability base. We provided you with one metric to track our progress an operating margin target of 20% by the end of 2026.

如您所見，我們的內部計劃也執行得相當不錯。展望未來，我們預計強勁的發展動能和進步動能將持續維持。當然，從本質上講，我們的「跳板計畫」不僅僅是關於我們實現有機成長的能力。這是為了提高我們的獲利能力。我們為您提供了一個指標來追蹤我們的進展，即在 2026 年底實現 20% 的營業利潤率目標。

And as we executed Springboard, you can see that we expanded our operating margin significantly. In the fourth quarter, we achieved the 20% target of full year ahead of plan. This is just one example of how significantly we have transformed the financial profile of the company over the past two years. To illustrate my point, let's compare a snapshot key metrics at the launch of Springboard versus today. In just two years, we've grown sales 35% to $4.4 billion.

隨著我們實施 Springboard 項目，您可以看到我們的營業利潤率顯著提高。第四季度，我們提前完成了全年計畫的 20% 目標。這只是我們在過去兩年中如何顯著改善公司財務狀況的一個例子。為了說明我的觀點，讓我們比較一下 Springboard 發佈時和現在的一些關鍵指標快照。短短兩年內，我們的銷售額成長了 35%，達到 44 億美元。

We've improved operating margin by 390 basis points to 20.2%, grown EPS 85% to $0.72 expanded ROIC 540 basis points to 14.2%. And for free cash flow, let's look at full year numbers. In 2025, we delivered $1.72 billion, and that's almost double what we delivered in 2023. In total, the first two years of Springboard has simply been a tremendous success. We established a new base from which to launch another round of strong more profitable growth, and that takes us to our upgrade.

我們提高了營業利潤率 390 個基點至 20.2%，每股收益成長 85% 至 0.72 美元，投資報酬率提高了 540 個基點至 14.2%。至於自由現金流，我們來看看全年數據。2025 年，我們實現了 17.2 億美元的收入，幾乎是 2023 年收入的兩倍。總的來說，Springboard計畫的前兩年取得了巨大的成功。我們建立了一個新的基礎，以此為基礎，啟動新一輪更強勁、更獲利的成長，這也引出了我們的升級計畫。

Let's look at the highlights of the sales growth we now anticipate having completed our recent planning cycle. First, as I showed you, our original Springboard plan added $8 billion incremental annualized sales through 2028. We are upgrading our internal plan to now add $11 billion in incremental annualized sales. This represents a double-digit growth rate from the quarter we just closed through the end of 2028. This upgrade also impacts this year.

讓我們來看看在完成最近的規劃週期後，我們預計的銷售成長亮點。首先，正如我向你們展示的那樣，我們最初的 Springboard 計劃在 2028 年每年可增加 80 億美元的增量銷售額。我們正在升級內部計劃，以實現每年新增110億美元的銷售額。這意味著從我們剛結束的季度到 2028 年底，成長率將達到兩位數。此次升級也影響今年。

Our internal plan now adds $6.5 billion in incremental annualized sales by the end of 2026, up from the previous $6 billion plan. Our high confidence plan now adds $5.75 billion in sales by the end of 2026, up from the previous $4 billion plan. You will note our increasing confidence in delivering our growth objectives. two years into the three-year plan, we had key milestones and advanced strategic [investitive] like our announcements with Meta and Apple that increase our probability of success. We feel really good about our performance going into year three of Springboard.

我們內部計劃在 2026 年底增加 65 億美元的年度增量銷售額，高於先前 60 億美元的計畫。我們目前信心十足的計畫預計到 2026 年底將增加 57.5 億美元的銷售額，高於先前的 40 億美元計畫。您會注意到我們對實現成長目標越來越有信心。在三年計畫實施兩年後，我們取得了一些關鍵里程碑式的成就，並推進了策略性投資，例如與 Meta 和蘋果公司的合作，這些都提高了我們成功的機率。我們對進入 Springboard 第三年的表現感到非常滿意。

To wrap things up this morning, as we mark the second anniversary of Springboard, the plan has clearly been a success. We've transformed the financial profile of our company, and we've established a powerful base for future growth. Excitingly, we are now pursuing an even larger growth opportunity on that and [add] profile with significantly higher returns. We feel great about our position as we enter 2026. And this morning, we wanted to make sure that we shared our new top line growth numbers with you because it's such a significant upgrade.

今天上午，在我們慶祝 Springboard 成立兩週年之際，總結起來，該計劃顯然取得了成功。我們改變了公司的財務狀況，並為未來的成長奠定了堅實的基礎。令人興奮的是，我們現在正在尋求更大的成長機會，並[添加]該概況具有更高的回報。進入2026年，我們對自身的發展前景感到非常滿意。今天早上，我們想確保與大家分享我們最新的營收成長數據，因為這是一個非常重要的提升。

We'll get back to you in the coming months to do a more detailed review of our upgraded Springboard plan. We would like your input and ideas on the most helpful way to portray the plant and the associated metrics. Really so interesting, isn't it? Here we are celebrating our 175th birthday as a company this year, a feat so few companies ever attain. I think it's pretty cool that we're on this exciting journey from our original Springboard launch at the end of 2023 to essentially doubling the size of the company in the coming years.

我們將在未來幾個月內與您聯繫，對升級後的 Springboard 計畫進行更詳細的介紹。我們希望您能就如何以最有效的方式展現工廠及其相關指標提出意見和建議。真是太有趣了，不是嗎？今年是我們公司成立175週年，這是極少數公司能達成的成就。我認為很酷的是，我們正在經歷一段激動人心的旅程，從 2023 年底 Springboard 的首次發布，到未來幾年公司規模基本上已經翻倍。

So thank you for joining us in this exciting out of Corning's history. I'm really looking forward to continuing the dialogue and updating you on our progress. Now let me turn things over to Ed for more detail on our results and outlook. Ed?

感謝各位與我們一同見證康寧公司這段令人興奮的歷史。我非常期待繼續與您對話，並向您報告我們的進展。現在，我將把發言權交給艾德，讓他更詳細地介紹我們的業績和前景。艾德？

Thank you, Wendell. Good morning, everyone. In the fourth quarter, we delivered outstanding results that not only capped off a record year, but also illustrated the tremendous success of our springboard plan to date. So this morning, I will provide details on our performance, our upgraded springboard plan and our approach to capital allocation. Let's start with our results.

謝謝你，溫德爾。各位早安。第四季度，我們取得了優異的成績，不僅為創紀錄的一年畫上了圓滿的句號，也充分展現了我們迄今為止的跳板計劃的巨大成功。今天上午，我將詳細介紹我們的業績、升級後的跳板計劃以及我們的資本配置方法。讓我們先來看結果。

Year-over-year in Q4, sales grew 14% to a record $4.4 billion. EPS grew 26% to $0.72. Operating margin expanded 170 basis points to 20.2%. ROIC grew 150 basis points to 14.2%, and we delivered strong free cash flow of $732 million. We delivered both our high confidence sales plan and our operating margin target of 20%, a full year early.

第四季度，銷售額年增14%，達到創紀錄的44億美元。每股盈餘增長 26% 至 0.72 美元。營業利益率成長 170 個基點至 20.2%。ROIC 成長 150 個基點至 14.2%，我們實現了 7.32 億美元的強勁自由現金流。我們提前整整一年完成了信心十足的銷售計畫和 20% 的營業利潤率目標。

For the full year, we grew sales 13% to a record $16.4 billion, grew more than twice as fast to sales at 29% to $2.52. Operating margin expanded 180 basis points to 19.3% and we delivered strong free cash flow of $1.7 billion. Turning to our business segments. In Optical Communications, Q4 sales were $1.7 billion, up 24% year-over-year. Net income was $305 million, up 57% year-over-year and net income margin was 18%.

全年來看，我們的銷售額成長了13%，達到創紀錄的164億美元，每股盈餘成長速度更是超過了前者的兩倍，達到29%，為2.52美元。營業利潤率成長了180個基點，達到19.3%，我們實現了17億美元的強勁自由現金流。接下來，我們來看看我們的業務板塊。在光通訊領域，第四季銷售額為 17 億美元，較去年同期成長 24%。淨利潤為 3.05 億美元，年成長 57%，淨利潤率為 18%。

For the full year, sales were $6.3 billion, up 35% year-over-year. Net income was $1 billion, up 71% year-over-year. The majority of growth in Optical was driven by the outstanding adoption of our new Gen AI products. For the full year, our enterprise business where we capture sales for inside the data center, grew 61% year-over-year. And the hyperscale data center portion of our business grew significantly faster.

全年銷售額為 63 億美元，較去年同期成長 35%。淨利為10億美元，年增71%。Optical 業務的大部分成長是由我們新一代人工智慧產品的出色應用所推動的。全年來看，我們面向資料中心的企業業務年增了 61%。我們業務中超大規模資料中心部分的成長速度明顯更快。

We also saw year-over-year sales growth in our carrier networks business, which was up 15% for the full year. This growth was primarily driven by sales to interconnect data centers. The growth we are seeing in optical communications is an important component of the springboard upgrade we are providing today. We expect this segment to continue to drive significant growth. Our recent Meta announcement is a great proof point.

我們的營運商網路業務也實現了同比增長，全年增長了 15%。這一成長主要由互連資料中心的銷售所推動。我們看到的光通訊領域的成長是我們今天提供的跳板式升級的重要組成部分。我們預計這一細分市場將繼續推動顯著成長。我們最近發布的 Meta 公告就是一個很好的證明。

Moving to display. Fourth quarter sales were $955 million, and net income was $257 million. For the full year, we provided a target for net income in the range of $900 million to $950 million and net income margin of 25%. We exceeded both goals this year, delivering $993 million of net income and a net income margin of 27%. Looking ahead, in the first quarter, we expect the glass market and our volume to be down mid-single digits sequentially, in line with normal seasonality.

移至顯示幕。第四季銷售額為9.55億美元，淨利為2.57億美元。全年目標淨收入為 9 億美元至 9.5 億美元，淨利率為 25%。今年我們超額完成了這兩個目標，實現了 9.93 億美元的淨收入和 27% 的淨利潤率。展望未來，我們預計第一季玻璃市場和我們的銷售量將環比下降個位數中段，符合正常的季節性規律。

As a reminder, we successfully implemented double-digit price increases in the second half of 2024 to ensure we can maintain stable US dollar net income in a weaker environment. We've hedged our exposure for 2026, and we have hedges in place beyond 2026 through 2030. We continue to expect to deliver annual net income of $900 million to $950 million with net income margin of approximately 25%, consistent with the last five years. Turning to Specialty Materials. The business delivered a strong fourth quarter with sales up 6% year-over-year to $544 million and net income up 22% to $99 million.

再次提醒大家，為了確保在疲軟的市場環境下保持穩定的美元淨收入，我們在 2024 年下半年成功實施了兩位數的價格上漲。我們已經對 2026 年的風險敞口進行了對沖，並且我們還對 2026 年至 2030 年期間的風險敞口進行了對沖。我們預計年度淨收入將達到 9 億至 9.5 億美元，淨利潤率約為 25%，與過去五年保持一致。轉向特種材料。該公司第四季業績強勁，銷售額年增 6% 至 5.44 億美元，淨利潤成長 22% 至 9,900 萬美元。

For the full year, we outperformed end markets with sales growing 10% to $2.2 billion and net income growing significantly faster at 41% to $367 million. Results were driven by increased demand for premium products and growth in our Gorilla Glass Solutions business with industry-leading flagship devices featuring our latest cover materials. Looking ahead, we expect our More Corning content approach to increase demand for our innovations and manufacturing capabilities, and we anticipate significant growth in this segment as part of our upgraded Springboard plant. Our expanded partnership with Apple creates a larger, longer-term growth driver. And we continue to innovate and advance the durability of our products to offer consumers industry-leading glass solutions for mobile device applications.

全年來看，我們的業績優於終端市場，銷售額成長 10% 至 22 億美元，淨收入成長速度更快，達到 41% 至 3.67 億美元。業績成長得益於市場對高端產品需求的增加，以及我們康寧大猩猩玻璃解決方案業務的成長，業界領先的旗艦設備採用了我們最新的外殼材料。展望未來，我們預計「更多康寧含量」策略將增加對我們創新和製造能力的需求，並且我們預計隨著升級後的 Springboard 工廠的投入使用，該領域將實現顯著增長。我們與蘋果擴大合作，將創造更大、更長期的成長動力。我們不斷創新，提升產品的耐用性，為消費者提供業界領先的行動裝置玻璃解決方案。

A great recent example is the new Samsung Galaxy Fold, a multifolding device designed with our ultrathin bendable glass solution on the interior, Gorilla Glass Ceramic 2 on the exterior and camera lens covers featuring Gorilla Glass with [DX]. Turning to automotive. Segment sales of $440 million were down slightly year-over-year in Q4 and for the full year, were down 3%. The heavy-duty diesel market in North America and Europe remained weak. Net income of $63 million was up 3% for the full year net income was up 7%, driven by strong manufacturing performance.

最近的一個很好的例子是新款三星 Galaxy Fold，這是一款多折疊設備，其內部採用我們超薄可彎曲玻璃解決方案，外部採用康寧大猩猩玻璃陶瓷 2，相機鏡頭蓋也採用康寧大猩猩玻璃。[DX]轉向汽車產業。第四季該業務部門銷售額為 4.4 億美元，較去年同期略有下降；全年銷售額較去年同期下降 3%。北美和歐洲的重型柴油引擎市場仍然疲軟。淨利潤為 6,300 萬美元，年增 3%；全年淨利年增 7%，主要得益於製造業的強勁表現。

For 2026, industry analysts forecast light-duty vehicle production to be flat to down slightly and for the heavy-duty market to remain flat. We remain 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 gained further adoption in vehicles. Turning to Life Sciences. Full year sales of $972 million were consistent with the prior year and full year net income was $61 million. Finally, Hemlock and Emerging Growth businesses Q4 sales were $526 million, up 62% versus the prior year, driven by growth in polysilicon and module sales for the solar industry.

產業分析師預測，2026 年年輕型汽車產量將持平或略有下降，而重型汽車市場將保持穩定。我們將繼續專注於執行我們在汽車領域的「更多康寧」成長策略，因為即將出台的車輛排放法規要求增加更多內容，而且技術玻璃和光學元件在車輛中得到了更廣泛的應用。轉向生命科學。全年銷售額為 9.72 億美元，與上年持平；全年淨利為 6,100 萬美元。最後，Hemlock 和新興成長業務第四季銷售額為 5.26 億美元，比上年增長 62%，這主要得益於太陽能產業多晶矽和組件銷售的成長。

Q4 net income of $1 million was down year-over-year as we have shared with you, we are ramping capacity to make additional polysilicon wafers and modules to build a much larger solar business. The cost of that ramp is the primary drag on net income. As a reminder, we plan to build solar into a $2.5 billion revenue stream by 2028 with profitability levels at or above the Corning average. Now let's turn to our outlook. For the first quarter, we expect year-over-year growth to accelerate with sales growing approximately 15% year-over-year to a range of $4.2 billion to $4.3 billion.

第四季淨收入為 100 萬美元，年減。正如我們之前與大家分享的，我們正在提高產能，以生產更多的多晶矽晶片和組件，從而建立一個更大的太陽能業務。此坡道的成本是淨收入的主要拖累因素。再次提醒大家，我們計劃在 2028 年將太陽能業務發展成為 25 億美元的收入來源，獲利水準達到或超過康寧的平均水準。現在讓我們來看看前景。我們預計第一季年增速將加快，銷售額年增約 15%，達到 42 億美元至 43 億美元。

We expect EPS to grow significantly faster at about 26% to a range of $0.66 to $0.70. As was the case Q4, our Q1 guidance includes the continued temporary impact of our solar ramp of approximately $0.03 to $0.05 as we continue to bring up capacity to meet demand. We expect our sales to increase and our profitability to improve as we move through the year. For the full year, we expect capital expenditures to about $1.7 billion, a few hundred million dollars above our depreciation level. Even with that, we expect to generate significantly more free cash flow year-over-year while continuing to invest strongly in our growth vectors aided by customer financial support.

我們預期每股盈餘將顯著加速成長，增幅約26%，達到0.66美元至0.70美元。與第四季一樣，我們第一季的業績指引也包含了太陽能產能提升帶來的持續性暫時性影響，約0.03美元至0.05美元，因為我們將持續提高產能以滿足市場需求。我們預計隨著時間的推移，銷售額將會增加，獲利能力也會提高。我們預計全年資本支出約為 17 億美元，比我們的折舊水準高出數億美元。即便如此，我們預期在客戶資金支持下，我們仍將繼續大力投資成長領域，同時實現逐年大幅成長的自由現金流。

Stepping back, as we marked the second anniversary of Springboard, the plan has been a tremendous success. Over the last two years, we fundamentally transformed the financial profile of the company. From Q4 2023 to Q4 2025, we expanded operating margin by 390 basis points to 20.2%. And grew EPS 85% to $0.72 and expanded ROIC 540 basis points to 14.2%. We also doubled full year free cash flow to $1.7 billion in 2025 versus the year of 2023.

回顧過去，在我們慶祝 Springboard 成立兩週年之際，該計劃取得了巨大的成功。過去兩年，我們從根本上改變了公司的財務狀況。從 2023 年第四季到 2025 年第四季度，我們的營業利潤率提高了 390 個基點，達到 20.2%。每股收益成長 85% 至 0.72 美元，投資報酬率成長 540 個基點至 14.2%。我們也預計，2025 年全年自由現金流將比 2023 年翻一番，達到 17 億美元。

We are operating from a much stronger profitability base you see the margin and cash improvements already reflected in our fourth quarter 2025 results. Additionally, you just heard from Wendell that we are upgrading our Springboard sales plan. Our internal plan now adds $11 billion in incremental annualized sales by the end of 2028, up from our original $8 billion plan. To put this in perspective, when we started Springboard in Q4 2023, our annualized sales run rate was $13.1 billion. Delivering our internal Springboard plan puts our annualized sales run rate at $24 billion by the end of 2028.

我們的獲利基礎更加穩固，利潤率和現金流的改善已反映在我們 2025 年第四季的業績中。此外，正如 Wendell 剛才所說，我們正在升級我們的 Springboard 銷售計劃。我們內部計劃在 2028 年底增加 110 億美元的年度增量銷售額，高於我們最初的 80 億美元計劃。為了讓大家更能理解這一點，我們回顧一下，當我們在 2023 年第四季啟動 Springboard 時，我們的年化銷售額為 131 億美元。實現我們內部的 Springboard 計劃，到 2028 年底，我們的年化銷售額將達到 240 億美元。

We almost doubled our sales run rate over this time period. Importantly, the combination of stronger sales growth with a dramatically enhanced financial profile will result in much more cash generation. We are also upgrading our internal and high confidence plans for 2026. Our internal plan now adds $6.5 billion in incremental annualized sales by the end of 2026, up from our previous $6 billion plan. And our high confidence plan now adds $5.75 million incremental annualized sales by the end of 2026, up from our previous $4 billion plan.

在此期間，我們的銷售額幾乎翻了一番。重要的是，更強勁的銷售成長與顯著改善的財務狀況相結合，將帶來更多的現金流。我們也在升級我們內部對 2026 年的高信心計畫。我們目前的內部計畫到 2026 年底將增加 65 億美元的年度增量銷售額，高於我們先前 60 億美元的計畫。我們目前的高信心計畫預計到 2026 年底將增加 575 萬美元的年化銷售額，高於我們先前 40 億美元的計畫。

We've significantly closed the difference between the high confidence and internal plans because of our increased visibility the success of new products and customer commitments to our innovations. One thing I'd like to note is that we are not changing our operating margin target at this time. We developed our original target to build an exciting, highly profitable platform to support higher growth returns on our innovations. At this level of profitability, we would be delighted with more growth. Our target is to continue to be at 20% or above on operating margin.

由於我們對新產品的成功以及客戶對我們創新的承諾有了更清晰的了解，我們大大縮小了高信心計劃與內部計劃之間的差距。我想指出的一點是，我們目前不會改變營業利潤率目標。我們最初的目標是打造一個令人興奮、利潤豐厚的平台，以支持我們創新成果獲得更高的成長回報。在目前的獲利水準下，我們期待更大的成長。我們的目標是繼續維持20%或以上的營業利益率。

And to help you with your modeling, we'll handle profitability expectations through our normal guidance process. We expect to share more with you about our upgraded Springboard plan in the coming months. And since our upgraded plan will generate higher cash flows, I want to take a moment to share our approach to capital allocation. We prioritize investing in organic growth opportunities that drive significant returns. Overall, we believe this approach creates the most value for our shareholders over the long term.

為了幫助您進行建模，我們將透過我們正常的指導流程來處理獲利預期。我們預計在未來幾個月內與您分享更多關於我們升級後的 Springboard 計劃的資訊。由於我們升級後的方案將產生更高的現金流，我想藉此機會分享我們的資本配置方法。我們優先投資於能夠帶來顯著回報的內生成長機會。總而言之，我們相信這種方式能為股東創造最大的長期價值。

And our investors have confirmed they see the value in this approach. So for the larger growth opportunity in our upgraded Springboard plan, we need to invest. As we invest, we will use a variety of tools to share the cost and risk with our customers, including customer prepayments and stringent long-term customer commitments to ensure we generate strong returns on our investments and secure our planned cash flows. We also seek to maintain a strong and efficient balance sheet. We're in great shape.

我們的投資者也證實，他們看到了這種方法的價值。因此，為了抓住升級版 Springboard 計畫中更大的成長機遇，我們需要進行投資。在投資過程中，我們將使用各種工具與客戶分擔成本和風險，包括客戶預付款和嚴格的長期客戶承諾，以確保我們的投資獲得強勁回報並保障我們計劃的現金流。我們也力求維持穩健且有效率的資產負債表。我們狀態很好。

We have one of the longest debt tenors in the S&P 500. Our current average debt maturity is about 21 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 excess cash to shareholders will be share buybacks. We have an excellent track record.

我們在標普500指數成分股公司中擁有最長的負債期限之一。我們目前的平均債務到期期限約為 21 年，而且在任何一年都沒有重大債務到期。最後，我們預期繼續保持向股東返還超額現金的良好記錄。我們目前已經擁有強勁的股息，因此，展望未來，我們將把多餘的現金回饋給股東的主要方式是股票回購。我們擁有卓越的業績記錄。

Over the last decade, we repurchased 800 million shares, close to a 50% reduction in our outstanding shares. Because of our growing confidence in springboard, we started to buy back shares again in the second quarter of 2024, and we have continued to do so every quarter since then, and we expect to continue buying back shares going forward. Now before we move to Q&A, we just reported quite a lot of news. So let me reiterate the key takeaways. First, our current performance is outstanding.

過去十年間，我們回購了 8 億股股票，使我們的流通股數量減少了近 50%。由於我們對 Springboard 的信心日益增強，我們從 2024 年第二季開始再次回購股票，並且從那時起每個季度都繼續這樣做，我們預計未來將繼續回購股票。在進入問答環節之前，我們剛才報道了許多新聞。那麼，讓我重申一下重點。首先，我們目前的表現非常出色。

We delivered fantastic results for 2025, and we enter Q1 with exciting momentum and accelerating growth. Second, over the first two years of Springboard, we fundamentally transformed our financial profile, establishing a higher profitability base from which to grow going forward. And third, we now see an even larger growth opportunity. Therefore, we just upgraded our springboard plan in both the near term and longer term. Because of our improved financial profile and higher growth expectations, we expect to generate significantly more cash as we go forward, creating a very compelling plan for shareholder value creation.

我們為 2025 年取得了優異的成績，並且帶著令人振奮的勢頭和加速增長的勢頭進入了第一季。其次，在 Springboard 成立的頭兩年裡，我們從根本上改變了財務狀況，建立了更高的獲利基礎，以便未來能夠繼續發展。第三，我們現在看到了更大的成長機會。因此，我們對近期和長期的發展規劃都進行了升級。由於我們財務狀況的改善和更高的成長預期，我們預計未來將產生更多現金，從而製定一個極具吸引力的股東價值創造計劃。

I look forward to engaging with you to discuss our upgraded Springboard plan in more detail to get your input on the most helpful way to portray our plan and of course, to update you on our progress. Now before we move to Q&A, I'm going to turn it back to Wendell for a moment.

我期待與您深入探討我們升級後的“跳板計劃”，聽取您對如何以最有效的方式闡述我們計劃的意見，當然，也會向您匯報我們的進展情況。在進入問答環節之前，我先把話題轉回溫德爾一會兒。

Thanks, Ed. I just want to let everyone know that our beloved head of Investor Relations, Ann Nicholson will be retiring after 40 years of exceptional service to Corning. Now I first met and when she was a young process engineer, and I was a ship supervisor almost 39 years ago. We have followed each other through many roles in subsequent decades. My personal favorite was she was my supervisory effectiveness [instructor] a long time ago.

謝謝，埃德。我只是想告訴大家，我們敬愛的投資者關係主管安·尼科爾森將在為康寧公司做出卓越貢獻40年後退休。我第一次見到她是在將近 39 年前，當時她是一名年輕的製程工程師，而我是一名船舶主管。在隨後的幾十年裡，我們彼此陪伴，共同扮演了許多角色。我個人最喜歡的是，她很久以前曾經是我的督導效能（指導老師）。

So yes, thank you for my success as a supervisor. More importantly, thank you for being such a good friend an adviser and trusted colleague and most importantly, thank you for showing what it means to be Corning blue.

所以，是的，感謝大家讓我作為一名主管取得了成功。更重要的是，感謝你一直以來都是我的好朋友、好顧問和值得信賴的同事，最重要的是，感謝你展現了康寧藍的精神。

Thank you, Wendell. All right, operator, we'll now turn it over to questions.

謝謝你，溫德爾。好的，接線員，現在我們進入提問環節。

(Operator Instructions)

（操作說明）

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

Yes, thank you so much. Wendell, we'll all have to get together and share stories on this news. I guess, like on my question, you noted that there are similar long-term agreements with other major customers to dedicate capacity, can you help us think about if any of that is already baked into your Springboard plan? And secondarily, the optical fiber market has been very tight globally. Would you say that you're experiencing supply constraints at the moment?

是的，非常感謝。溫德爾，我們得聚在一起，一起聊聊這件事。我想，就像我之前問到的問題一樣，您提到與其他主要客戶也有類似的長期協議來分配容量，您能否幫我們思考一下，這些協議中是否已經包含在您的 Springboard 計劃中？其次，全球光纖市場一直非常緊張。您認為目前貴公司面臨供應緊張的問題嗎？

And do you have a view on how pricing could evolve on the fiber side given these kind of constraints?

鑑於這些限制，您對光纖方面的定價將如何演變有何看法？

Okay. Let's start with the similar agreements to Meta that we are in the process of concluding. Okay. First, let's size them. They are of a similar size and scale each of them to the meta agreement.

好的。讓我們先從我們正在洽談的與 Meta 類似的協議開始。好的。首先，我們來測量一下它們的尺寸。它們的大小和規模都與元協議相近。

So very significant obviously. What is our approach to these of the Springboard plan? As you have noted, we tend to be very thoughtful and conservative as we get these upgrades. So we have not yet included everything that those could mean because we have yet to conclude all of those agreements. And also remember, this we are dedicating capacity for these customers that we were in the process of building now.

所以意義非常重大，顯而易見。我們對「跳板計畫」中的這些問題採取什麼方法？正如您所指出的，我們在進行這些升級時往往非常謹慎和保守。因此，我們還沒有把這些可能意味著什麼都包括進去，因為我們還沒有達成所有這些協議。另外，請記住，我們正在將產能分配給我們正在建設中的這些客戶。

So we won't see the financial impact really until you get into '27 and then it will continue to build to 2028. So that is the way I would portray those. Before I get to the second question, Wamsi, did that address your question? And do you have any further follow-ups on that question?

所以，直到 2027 年我們才會真正看到財務影響，然後這種影響會持續到 2028 年。這就是我對它們的描述方式。瓦姆西，在我回答第二個問題之前，我想問一下，剛才的回答是否解決了你的問題？關於這個問題，您還有其他後續問題嗎？

No, that's good Wendell. Thank you. Okay.

不，那樣很好，溫德爾。謝謝。好的。

Okay. As far as the optical fiber market, I would say on a generic basis, it is our opinion that there is enough fiber in the world to meet demand. Now what our capacity expansions are about. It's about our new high-density products in fiber, in cable and in connectivity. And for those, we are experiencing a very, very robust demand.

好的。就光纖市場而言，總的來說，我們認為世界上的光纖供應足以滿足需求。那麼，我們擴容的目的又是什麼呢？這關乎我們在光纖、電纜和連接領域的新型高密度產品。對於這些產品，我們正經歷著非常非常強勁的需求。

And that is why we continue to expand our capacity and improve our productivity in these products. If we could make more of these new products, we could sell more. And it is for those type of products that we are dedicating these capacity through these agreements. Is that a good answer to your question?

正因如此，我們才不斷擴大產能，並提高這些產品的生產效率。如果我們能生產更多這類新產品，就能賣出更多。我們正是透過這些協議，將這些產能專門用於生產這類產品。這個答案能解答你的問題嗎？

Yes. Is there a pricing element, Wendell, though that we're not yet maybe seeing that potentially as you're talking about these fairly massive amounts of demand coming in, would that change the economics [aren't] pricing for you?

是的。Wendell，雖然我們目前還沒有看到定價方面的因素，但正如你所說，隨著需求量的大幅增長，這是否會改變你的定價策略？

Yes. So what you'll tend to experience here is, over time, you'll see the mix impact of these more valuable innovations. These innovations enable our customers to have better and more reliable optical performance in about half the space with significantly reduced installation cost. Whenever we create this much value usually some of that value creation will end up accruing to our shareholders.

是的。因此，隨著時間的推移，你往往會看到這些更有價值的創新所帶來的綜合影響。這些創新使我們的客戶能夠在約一半的空間內獲得更好、更可靠的光學性能，同時顯著降低安裝成本。當我們創造如此巨大的價值時，通常其中的一部分價值最終會歸於我們的股東。

We would assume that, that will be so in this case as well as we begin to master our manufacturing of these product sets.

我們認為，隨著我們逐漸掌握這些產品套裝的生產製造工藝，這種情況也會發生。

So over time, the more valuable our innovations are, we would expect our profitability to improve.

因此，隨著時間的推移，我們的創新越有價值，我們預期我們的獲利能力就會提高。

Okay, great. Thank you so much,

好的，太好了。太感謝了，

Next question?

下一個問題？

Josh Spector, UBS.

瑞銀集團的 Josh Spector。

Yes, hi, good morning. Congrats, Ann. I wanted to ask first just on similar lines of the capacity that's being added. So if we think about Meta as a share of your enterprise sales today versus what this agreement implies are they going to disproportionately buy more from you after this agreement? And are you adding capacity to match that added sales? Or is it less than that, meaning your capacity might tighten a bit as it relates to this agreement?

是的，你好，早安。恭喜你，安。我想先問一下，關於新增產能方面的情況，情況也類似。那麼，如果我們把 Meta 看作是您目前企業銷售額的份額，再看看這項協議意味著什麼，那麼在這項協議生效後，他們會不成比例地從您這裡購買更多產品嗎？你們是否增加了產能以滿足新增的銷售額？或者實際金額比這少，這意味著您在履行這項協議方面的承受能力可能會下降？

Okay. So the first is sort of relatively scale last year, Ed, maybe help me with some of the numbers our enterprise business was about $3 billion for the year. Roughly two-third of that would be the hyperscalers, of which Meta was going.

好的。首先，去年我們的企業業務規模相對較大，Ed，你能幫我提供一些數字嗎？我們去年的企業業務規模約為 30 億美元。其中約三分之二是超大規模資料中心，Meta 就是其中之一。

Yes, that's right. We were a little over $3 billion in enterprise and Wendell's right. And I think a good note was our enterprise business in total grew 60%, the hyperscale portion of that grew almost double that rate in 2025.

是的，沒錯。我們當時的企業規模略高於 30 億美元，溫德爾說得對。我認為值得一提的是，我們的企業業務整體成長了 60%，其中超大規模業務在 2025 年的成長速度幾乎是這個數字的兩倍。

So with this sort of significant agreement, you're obviously seeing continued very high growth into the future. Now you asked a question of because this means that relative to our other customers, Meta will be getting a lot more. I think was the thrust of your question. And what I just was sharing with you is we're concluding other similar size and scale agreements, several of them with other of our major customers.

因此，有了這樣一項意義重大的協議，顯然未來將會持續保持非常高的成長。你問了一個問題，因為這意味著相對於我們的其他客戶，Meta 將獲得更多。我想這就是你問題的重點。我剛才跟你們分享的是，我們正在達成其他類似規模的協議，其中幾項是與我們其他主要客戶達成的。

So what I think we tend to think about it as is not so much a shift in what portion of our product set, our various customers is being overall, the pie is going to get much bigger and then people will decide sort of what slice of that they want. Does that address your question, Josh?

所以我認為我們傾向於認為，這並不是說我們的產品組合、我們的各種客戶所佔的比例發生了變化，而是蛋糕整體會變得更大，然後人們會決定他們想要得到哪一部分。喬希，這樣回答你的問題了嗎？

It does. I mean I guess what I'm trying to figure out here, does this -- so if we thought hyperscalers were going to grow at X percent and Meta within one of them, we're making something like that into our estimates of what your growth would be. Does this -- it sounds like this kind of codifies that growth and maybe secures them some of that capacity as you grow into the future versus Corning capturing more share of that pie. That's what I want to make sure I understand is maybe you're capturing more share of that pie or not.

確實如此。我的意思是，我想弄清楚的是——如果我們認為超大規模資料中心將以 X% 的速度成長，而 Meta 是其中之一，那麼我們就將類似的情況納入我們對您的成長的估計中。這樣做——聽起來像是將這種成長模式正式確立下來，並可能確保他們在未來發展過程中擁有一定的產能，而不是讓康寧公司佔據更大的市場份額。我想確認的是，你是否真的獲得了更大的市場份額。

Thank you so much, Josh. So you will have your point of view on sort of the rate of optical growth in Gen AI and our hyperscalers. It is true that our new products and the reaction to those new products is increasing the demand for our products relative to the demand of others products, mainly because of the unique advantages these innovations are offering. Now how all that will shake out? I am not sure, but I like our hand a lot better than I would like anybody else's.

非常感謝你，喬許。所以，對於人工智慧世代和我們的超大規模資料中心的發展速度，您肯定會有自己的看法。的確，我們的新產品以及市場對這些新產品的反應，使得我們產品的需求相對於其他產品的需求增加，這主要是因為這些創新帶來了獨特的優勢。那麼這一切最終會如何收場呢？我不太確定，但我更喜歡我們這副手，而不是其他人的手。

Thank you.

謝謝。

Thanks, Josh.

謝謝你，喬希。

Next question?

下一個問題？

Meta Marshall, Morgan Stanley

摩根士丹利 Meta Marshall

Thanks. Great, and congrats on the quarter. I just wanted to ask kind of one clarifying question about the Meta deal. Just since you mentioned kind of expansions on high-capacity cable. Would any of what is kind of included in that deal be included in the carrier line item? Or is that all kind of being counted in enterprise today and going forward?

謝謝。太好了，恭喜你本季業績出色。我只是想問一個關於Meta交易的澄清性問題。既然你提到了高容量電纜的擴充性問題。該協議中包含的內容是否會包含在運營商的費用明細項目中？或者說，這些都是當今和未來企業發展需要考慮的因素嗎？

And then maybe on a second question, just if you could kind of give a sense of CapEx for the year as you start to kind of make out some of these capacity investments? Thanks.

那麼，關於第二個問題，您能否大致介紹一下今年的資本支出狀況，因為您已經開始著手進行這些產能投資了？謝謝。

Well, first, I'd like to thank you for participating in that CNBC special that was done. I appreciate it. And then I'll turn it over to Ed for the answers to your questions

首先，我要感謝你參與了CNBC的那期特別節目。謝謝。然後我會把問題交給艾德來回答你的問題。

Yes. So on the accounting of the Meta deal, you can think of our accounting protocol as when we're selling to a hyperscale or directly like Meta, we'll account for that in our enterprise business. And when we're selling to a carrier like Lumen or AT&T, for example, we account for that in our carrier business.

是的。所以，關於 Meta 交易的會計處理，你可以把我們的會計協議理解為，當我們直接向超大規模企業或像 Meta 這樣的企業銷售產品時，我們會將其計入我們的企業業務中。例如，當我們向 Lumen 或 AT&T 等業者銷售產品時，我們會將此計入我們的營運商業務中。

The only thing that gets a little bit may be confusing is that data center interconnect has typically, at least to date for us, long-haul data center interconnect has gone through carriers.

唯一可能讓人有點困惑的是，資料中心互連通常（至少到目前為止，對我們來說）都是透過營運商進行的。

So our customers, for example, Lumen are building out networks for data centers, we think of that as sort of outside the data center that sits in our carrier business, but the Meta deal would be all in enterprise. Does that make sense?

例如，我們的客戶 Lumen 正在為資料中心建立網絡，我們認為這有點超出了我們營運商業務的資料中心範疇，但 Meta 的交易則完全是企業級的。這樣說得通嗎？

That does. Yes.

確實如此。是的。

Okay. And I'm sorry, can you repeat your second part of the question?

好的。不好意思，您能再重複問題的第二部分嗎？

Just the CapEx, how we should think about CapEx in terms of 2026?

僅就資本支出而言，我們該如何看待 2026 年的資本支出？

Yes. So we plan to spend about $1.3 billion in CapEx. For reference, we spent a little under $1.4 billion this year. We -- our depreciation level happens to be around that $1.3 billion level. So we're spending a little bit more.

是的。因此，我們計劃投入約13億美元的資本支出。作為參考，我們今年的支出略低於 14 億美元。我們的折舊水準恰好在 13 億美元左右。所以我們稍微多花了一些錢。

In '26, we plan to spend a little bit more. That is good. We have a lot of growth opportunities. We want to ensure that we invest for those opportunities. Optical is a place that think about where we'll direct a lot of that capital.

2026年，我們計劃多花一些錢。那很好。我們有很多發展機會。我們希望確保我們能抓住這些投資機會。光學領域是我們思考如何將大量資金投入到哪裡的地方。

And of course, as we shared on the call, we look to ensure we get a really strong return on those investments. Sometimes that gets accounted for by customers providing an upfront payment, sometimes that gets accounted for in the nature of our agreement with the customer. So that may show up in the operating cash flow, the cash section or against our capital, but you can think of us as spending around that $1.7 billion.

當然，正如我們在電話會議上所說，我們希望確保這些投資獲得非常可觀的回報。有時客戶會預先支付款項來彌補這部分損失，有時這部分損失則反映在我們與客戶的協議中。因此，這可能會體現在經營現金流、現金部分或我們的資本支出中，但你可以認為我們花費了大約 17 億美元。

Great. Thank you.

偉大的。謝謝。

Next question please.

下一個問題。

George Notter, Wolfe Research.

喬治諾特，沃爾夫研究公司。

I just to continue on that line of questioning. The $1.7 billion, does that include specific CapEx associated with the Meta project? Or is that just -- there's kind of a gross and a net number here, I think. I guess I'm trying to figure out -- I think the basic idea here for you guys is you're trying to get your customers to pay for more of your capital expansions or capacity expansions. And I guess I'm just trying to figure out how much of this is ascribed to the customer and how much of this is on Corning. Thanks.

我只是想繼續沿著這個方向提問。這17億美元是否包括與Meta項目相關的特定資本支出？或者說，這裡應該有一個毛額數字和一個淨額數字吧。我想弄清楚的是——我認為你們的基本想法是，你們想讓客戶為你們更多的資本擴張或產能擴張買單。我想弄清楚這其中有多少是客戶的責任，又有多少是康寧公司的責任。謝謝。

Yes. So as we've shared, we use a number of tools to derisk our investments. Sometimes, when we do an upfront payment from a customer, it goes against the capital and sometimes it actually doesn't. It may be a refundable down payment that they get through a take-or-pay mechanism or some other mechanism in the contract we don't disclose and we typically don't disclose the details of any specific agreements. But I can say that for sure, some of the capital we plan to spend in 2026 is for the Meta deal.

是的。正如我們之前提到的，我們使用多種工具來降低投資風險。有時，當我們向客戶收取預付款時，這筆款項會從資本中扣除，但有時不會。這可能是一筆可退還的定金，他們可以透過「照付不議」機製或其他合約機制獲得這筆定金，但我們通常不會透露具體協議的細節。但我可以肯定地說，我們計劃在 2026 年投入的部分資金將用於 Meta 交易。

Got it. Okay. And then just one other question. Certainly, not every major customer, certainly, you'll have customers in the Optical business that won't sign contracts like this. I assume that with those other customers, those guys will be looking at price increases. Is that a part of the strategy here? Thanks.

知道了。好的。最後一個問題。當然，並非所有大客戶都會這麼做，當然，在光學產業，也會有一些客戶不會簽署這樣的合約。我估計其他那些客戶也會考慮漲價。這是策略的一部分嗎？謝謝。

So first of all, to add on Ed, our plan with that $1.7 million we are integrating and the cash flows that we're thinking about. We're integrating all of the various customer agreements, we believe that we will complete and we're addressing that as thoughtfully as we can. So more to come in that space over time. But that is what we think will invest this year.

首先，補充 Ed 的情況，我們正在整合這 170 萬美元，並考慮現金流。我們正在整合所有不同的客戶協議，我們相信我們會完成這項工作，並且我們會盡可能周全地處理此事。所以，未來我們會在這個領域推出更多內容。但我們認為這將是我們今年的投資方向。

As far as our other customers -- well, for long-standing customers like our carrier customers, they are not related to these particular product sets. And so we will continue to serve them and serve them in an excellent way. And what we're seeking here is just to make sure that we have assured revenue streams against any capacity that is dedicated specifically to those customers that are scaling this rapidly.

至於我們的其他客戶——嗯，對於像我們的營運商客戶這樣的長期客戶來說，他們與這些特定的產品系列無關。因此，我們將繼續為他們服務，並盡心盡力為他們提供優質服務。我們現在所追求的，就是確保我們能夠為那些快速擴張的客戶預留充足的產能提供穩定的收入來源。

Thank you.

謝謝。

Next question.

下一個問題。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi, good morning. First of all, congrats to Ann. I'm pretty sure you could probably do another 40 years if you wanted to. But congrats and thanks for all your help. I guess just on everything that was announced around optical. I was wondering if you could fill in the blanks on two things.

您好，早安。首先，恭喜安。我覺得如果你願意的話，你大概還能再幹40年。不過，恭喜你，也謝謝你的幫忙。我想大概就是圍繞光學領域發布的所有消息吧。我想請你幫忙填寫以下兩件事的空白處。

One is you seem to be pushing more and more assets towards US. North America production. And I was curious how you feel about international markets for Corning in the coming years?

其一是你們似乎正在將越來越多的資產轉移到我們這裡。北美生產。我很好奇您對康寧未來幾年的國際市場有何看法？

And secondly, Ed, I understand not changing the operating margin target yet for the company as a whole, but it seems like everything you talked about around Optical is pretty positive for Optical zone operating margins. So like maybe you could sort of give us some clues as to how that could influence the overall corporate average. Thanks.

其次，Ed，我理解公司目前還沒有改變整體的營業利潤率目標，但你談到的關於光學業務的一切似乎都對光學區域的營業利潤率非常有利。所以，您能否給我們一些線索，說明這會如何影響企業整體平均？謝謝。

Let me start on the first one about the global mix of our sales. We today are about 60% outside the US about 40 and we would expect something in that zone to continue. But what will really drive the location of our factories will tend to be where our customers are because we seek to locate close to them. So if a lot more gets built in the West on the AI side, then we would expect to have more of that be here.

首先，我想談談我們全球銷售組合的第一個問題。今天，我們大約有 60% 的人口居住在美國以外，大約有 40% 的人口居住在美國以外，我們預計這種情況會持續下去。但真正決定我們工廠選址的，往往是我們的客戶所在的地方，因為我們力求靠近他們。因此，如果西方在人工智慧方面投入更多資源，那麼我們預計這裡也會有更多人工智慧應用。

If on the other side, in the glass side, let's say, are in our automotive emissions business or any of our other new innovations, more of that were to build in Asia, that's where would locate that manufacturing. And just remember, throughout all of this, what happens to us every year is we're continuously improving our productivity, which is where we tend to get the product to be able to support ever-increasing revenue. And then if we don't have a revenue opportunity for that in the specific market, then what we seek to do is develop new markets for that capability like we did for Gorilla from display and then automotive from Gorilla. So that tends to be our approach with

如果另一方面，比如說，在玻璃產業，我們的汽車排放業務或其他任何創新業務都需要在亞洲進行更多建設，那麼我們就會把生產基地設在那裡。請記住，在這一切過程中，我們每年都在不斷提高生產力，這使我們能夠生產出能夠支持不斷增長的收入的產品。如果特定市場沒有相應的收入機會，那麼我們就會尋求為這項技術開發新的市場，就像我們之前為 Gorilla 開發顯示器產品，然後又為 Gorilla 開發汽車產品一樣。所以這通常是我們採取的方法

the dedication to the locations we build a factory. Ed?

我們對建廠地點的奉獻。艾德？

Yes, Steve, on margins, I'm going to step back for a second, and then I'll come to your question. I think when we first created Springboard and launched it, improving our operating margin, our profitability and our cash generation was such a huge component of the plan because of where we were operating from our financial profile. We needed to get our returns up, we needed to generate more cash. And we significantly done that. We feel great about it.

是的，史蒂夫，關於利潤率，我先退後一步，然後再回答你的問題。我認為，當我們最初創建並推出 Springboard 時，提高我們的營業利潤率、獲利能力和現金流是我們計劃中非常重要的一部分，因為我們當時的財務狀況並不理想。我們需要提高報酬率，我們需要創造更多現金流。我們在這方面取得了顯著成就。我們對此感到非常滿意。

Optical has actually been a huge component of that. We've been talking specifically about their net income margin over the last year or two, and that's now at 18%, significantly above where it was when we started this plan. So I think that actually is a good sort of background for how we think about going forward. So from here forward, I think you're right, it is highly likely that our operating margin goes above 20%. I could do that for periods of time, it could be nicely above 20%. But we really like a financial profile, and we want to focus on improving our return on invested capital, and we want to generate more cash. So we want to make sure we capture all the growth that we can in this next window of time. So that's primarily why we're not putting a new target out. We expect to be at 20% or above 20%, and we expect to grow significantly, and we think that return profile is very compelling

光學技術實際上是其中一個重要的組成部分。在過去一兩年裡，我們一直在專門討論他們的淨利潤率，現在已經達到 18%，比我們開始這項計畫時的情況要高得多。所以我認為這實際上為我們思考未來發展方向提供了一個很好的背景。所以從現在開始，我認為你是對的，我們的營業利潤率很有可能超過 20%。我可以在一段時間內做到這一點，成功率可以遠高於 20%。但我們非常重視財務狀況，我們希望專注於提高投資報酬率，並希望產生更多現金流。所以我們希望確保在接下來的這段時間裡抓住所有可能的成長機會。所以，這主要是我們沒有推出新目標的原因。我們預期收益率將達到或超過20%，並且有望顯著成長，我們認為這樣的回報前景非常誘人。

Great. That's super helpful. Thank you.

偉大的。這太有幫助了。謝謝。

Next question?

下一個問題？

Asiya, Merchant, Citi.

Asiya，Merchant，花旗銀行。

Great. Thanks for the question and congrats again, Ann, on the retirement. You'll be missed. Wendell, if I may, a question for you on the optical side of things, you've talked a lot about CPO and the scale-up opportunity. So given the growth profile that you guys are talking about here with additional commitments from hyperscalers coming forth. Can you just remind us is scale up included in that outlook through, let's say, here through the ['28]? Or are we looking at that opportunity further beyond? Thank you.

偉大的。謝謝你的提問，再次恭喜安退休。我們會想念你的。Wendell，如果可以的話，我想問你一個關於光學方面的問題，你談到了很多關於CPO和規模化發展的機會。所以，鑑於你們在這裡討論的成長前景，以及超大規模業者的額外投入。您能否提醒我們一下，這種展望是否包括規模擴大，比如說，透過這裡？['28]？或者，我們是否在更遠的地方尋找這樣的機會？謝謝。

So the straightforward answer before I give others more color is we do not have significant revenue amount for scale up included in this most recent Springboard upgrade. So that would be on top, depending on your opinion on timing. For those of you who are less close to scale up, what Asiya is asking about is because transmitting information with photons is greater than 3x lower power usage than using electrons even in very short lengths in science switches or servers and that, that advantage increases dramatically, the longer you want to go or the higher the bit rate 20 times or more, there is a widespread deep technical effort going on to be able to bring more optics into the scale-up piece of the network closer and closer to the GPUs and inside of the boxes closer and closer to the switching.

所以，在我給更多細節之前，最直接的答案是，在最近這次 Springboard 升級中，我們沒有包含大量用於規模擴張的收入。所以，這取決於你對時機的看法，應該放在第一位。對於那些不太了解擴展性的人來說，Asiya 的問題是，即使在科學交換機或伺服器中非常短的距離內，用光子傳輸信息也比用電子傳輸信息節能 3 倍以上；而且，隨著傳輸距離的增加或比特率的提高，這種優勢會顯著增加，達到 20 倍甚至更多。目前正在進行廣泛的深入技術研究，以便將更多的光器件引入網路的擴展部分，使其越來越靠近 GPU，並且越來越靠近交換器。

Though I believe deeply the innovator in me believes deeply that it is inevitable that those links go to photons. And I also believe that our innovations will play a significant role in those new lengths. I believe that's inevitable. [Calling] timing is more difficult. There are scenarios where the timing would be within this -- the time period between now and 2028, there are scenarios where it will be primarily starting maybe late 2028 and beyond.

雖然我內心深處的創新者堅信，這些連結最終必然會指向光子。而且我相信，我們的創新將在這些新的長度中發揮重要作用。我認為這是不可避免的。 [打電話] 時機要把握更難。有些情況下，時間會在這個時間段內——從現在到 2028 年之間；也有些情況下，主要會從 2028 年末或更晚開始。

What we seek to do with Springboard is to not over speculate. And if we don't have really a quite compelling evidence of the timing of something as significant and large as the scale of opportunity is, we will tend to view the time line from a conservative point of appeal. Does that answer your question?

我們推出 Springboard 的目的就是為了避免過度猜測。如果我們沒有確鑿的證據來證明像是機會規模這樣重大而龐大的事件發生的時間，我們往往會從保守的角度來看待時間線。這樣回答了你的問題嗎？

Yes, that's great. If I may, one for Ed as well. Ed, you talked a little bit about operating margins for -- or net income margin for Optical. Can you just remind us like within the Springboard, how we should think about margins for the solar business that's ramping up here and expect it to, I think, drive margins which are at or accretive to corporate.

是的，那太好了。如果可以的話，也給艾德點一份。Ed，你剛才談到了光學產業的營業利潤率——或者說淨利潤率。您能否像在 Springboard 中那樣提醒我們一下，我們應該如何看待正在蓬勃發展的太陽能業務的利潤率，並期望它能推動公司利潤率達到或超過公司利潤率？

So if you can just remind us where we are on that ramp and what it looks like within the updated Springboard?

所以，您能否提醒我們一下，我們現在在跳板上的位置，以及它在更新後的 Springboard 中的樣子？

Yes. Thanks. So as we've shared in Q4 and Q1, we're expecting sort of a similar situation is we're significantly ramping an extremely large factory and so there's a drag on our margins, our profit dollars as well. We sized that in the fourth quarter originally at about $0.03. It was a little more than that.

是的。謝謝。正如我們在第四季度和第一季所分享的那樣，我們預計會出現類似的情況，因為我們正在大幅提高一家規模非常大的工廠的產能，因此我們的利潤率和利潤都會受到拖累。我們在第四季度最初估計的規模約為 0.03 美元。實際規模略高於此。

In the first quarter, we expect to be in the $0.03 to $0.05 range. So if you were to take that drag, just the drag part, not even the higher sales, and eliminate that from our financials, clearly, our margins would go up. Obviously, our profit dollars would go up. And specifically, that would hit in that Hemlock and Emerging Innovations segment, which is where we have solar. So I think there's a nice opportunity for us there to improve margins as we continue to ramp.

第一季度，我們預計每股收益將在 0.03 美元至 0.05 美元之間。所以，如果把這種拖累因素，只是拖累因素，甚至不包括更高的銷售額，從我們的財務報表中剔除出去，顯然，我們的利潤率就會上升。顯然，我們的利潤會增加。具體來說，這將對鐵杉和新興創新領域造成衝擊，而太陽能正是該領域的組成部分。所以我認為，隨著我們不斷擴大生產規模，這對我們來說是一個很好的提高利潤率的機會。

And we expect sales to go up and our profitability to improve through the year of 2026, and we expect to get this business to sort of size and scale, we would expect it including margins at or above the Corning average by 2028.

我們預計到 2026 年銷售額將上升，獲利能力將提高，我們預計到 2028 年，這項業務將達到一定的規模，包括利潤率，達到或超過康寧的平均水平。

Next question?

下一個問題？

Tim Long, Barclays.

提姆朗，巴克萊銀行。

Thank you. Two, if I could, as well. One on the optical side, if you could go back to the carrier piece. Just want to understand how you're thinking about this business going forward? I think historically, we've seen pretty big cycles here, a few good years and then some catch-up inventory whatever.

謝謝。如果可以的話，我也想選兩個。從光學方面來說，如果你能回到載體部分就好了。我只是想了解您對公司未來發展的想法？我認為從歷史來看，我們已經看到相當大的周期性波動，幾年繁榮之後，就會出現一些補貨期之類的。

But now there's a lot more data center in that line. So when you think about the carrier business over the next few years, do you think that the cyclicality of the business has changed and it's a little bit more secular? Love your thoughts on that? And then second, maybe if you could just touch on display. I think the end's moved back in the last few weeks, but it was getting up there. So Ed, if you could just talk, I get you're managing to that 25% and [$900 million to $950 million] of net income. Is there a scenario -- and I know you have hedges where we might need to see more price increases? Or where are we with the flow-through of the last set of price increases? Thank you.

但現在這條線上的資料中心數量大大增加了。那麼，展望未來幾年的電信業，您認為該行業的周期性是否已經改變，變得更加穩定一些？我很想聽聽你的想法？其次，或許可以觸碰一下顯示器。我認為最近幾週終點線有所後移，但之前已經接近終點了。所以艾德，如果你能說幾句，我知道你實現了 25% 的利潤率和 [9 億至 9.5 億美元] 的淨收入。是否存在這樣一種情況——我知道你們有對沖策略——我們可能需要看到價格進一步上漲？或者說，上一輪價格上漲的後續影響如何？謝謝。

Yes. So on Carrier, I'll start there. In 2025, our business was up about 10%. Majority of that growth was data center interconnect. I certainly see the data center interconnect portion of -- or the carrier business being driven by data center interconnect spend.

是的。那麼，關於Carrier，我就從那裡開始吧。2025年，我們的業務成長了約10%。其中大部分成長來自資料中心互連。我確實認為資料中心互連部分——或者說是營運商業務——是由資料中心互連支出推動的。

That said, I think you'll see fiber-to-the-home growth as well. So I do think carrier will grow over the next several years, and we factored in scenarios and how we think of that in our Springboard plan, but probably the largest driver data center interconnect. Does that answer your question?

也就是說，我認為光纖到府也會得到發展。所以我認為運營商在未來幾年將會發展壯大，我們在 Springboard 計劃中也考慮到了各種情況以及我們是如何看待這種情況的，但最大的驅動程式資料中心互連可能就是其中之一。這樣回答了你的問題嗎？

Yes, that's helpful. And then on to display.

是的，這很有幫助。然後進入展示環節。

Yes. And then on to display. So the way I think about display is our goal is to generate $900 million to $950 million of net income, cash out of that business. We did better than that this year. We were a little higher on income and our margin percent was above our target.

是的。然後進入展示環節。所以我認為，對於展示業務，我們的目標是產生 9 億至 9.5 億美元的淨收入，也就是從這項業務中獲得的現金。我們今年做得比那年好得多。我們的收入略有成長，利潤率也高於目標。

And we expect to be able to maintain that, and we could certainly be above that at times, we can certainly be above that in 2026. To the extent we need to adjust for weaker yen than what we have, and we have a [120] in there. We will do what we need to do on price or otherwise to ensure that we can deliver that level of profitability.

我們預計能夠保持這一水平，而且我們有時肯定會超過這個水平，我們肯定能在 2026 年超過這個水平。我們需要對日圓貶值的情況進行調整，而我們這裡有一個[120]。我們將採取一切必要措施，包括價格方面的措施，以確保能夠實現該獲利水準。

Thanks, okay. thank you.

謝謝，好的，謝謝。

We'll take one last question.

我們再回答最後一個問題。

John Roberts, Mizuho.

約翰·羅伯茨，瑞穗銀行。

And congrats as well, and I hope you're headed to someplace warm. What percent of bare fiber is currently used internally for cabling? And are you importing any bare fiber into the US?

也恭喜你，希望你能去溫暖的地方避暑。目前內部佈線使用的裸光纖佔比是多少？你們是否向美國進口裸光纖？

I don't actually know the answer to that question off the top of my head. Everybody is looking at me like I should. So John, let us take a moment to gather that information and we'll chat with you.

我一時也不知道這個問題的答案。每個人都像我應該看的那樣看著我。約翰，我們先花點時間收集一下信息，然後再跟你聊。

Okay. Thank you

好的。謝謝

Great. Okay. So just quickly, thank everybody for joining us today. I wanted to let you know before we go that we're going to attend the Susquehanna Tech Conference on February 27 and the Morgan Stanley Tech Conference on March 3. Additionally, we'll be scheduling management visits to investor offices in select cities.

偉大的。好的。最後，我簡單地感謝各位今天蒞臨現場。我想在出發前通知您，我們將於 2 月 27 日參加薩斯奎哈納科技大會，並於 3 月 3 日參加摩根士丹利科技大會。此外，我們還將安排管理層訪問部分城市的投資者辦公室。

Finally, a web replay of today's call will be available on our site starting later this morning. So thanks again for joining us and for the well wishes for me. Operator, that concludes our call. Please disconnect all lines.

最後，今天電話會議的網路回放將於今天上午晚些時候在我們的網站上提供。再次感謝各位的到來，也感謝大家對我的美好祝福。接線員，通話到此結束。請斷開所有線路。

Thank you for participating, and you may now disconnect.

感謝您的參與，您現在可以斷開連接了。