NYSE : GLW
Corning Incorporated — Financial statements
Technology · Electronic Components · United States
Last price 123.31 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 106.22B
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Financial statements
Corning Incorporated (GLW) reported revenue of 17.72B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 17.72B | 15.63B | 13.12B | 12.59B | 14.19B | 14.08B |
| Cost of Revenue | 11.26B | 10.01B | 8.68B | 8.37B | 9.35B | 8.94B |
| Gross Profit | 6.46B | 5.62B | 4.44B | 4.21B | 4.84B | 5.14B |
| Selling, General & Admin | 2.22B | 2.08B | 1.90B | 1.82B | 1.83B | 1.73B |
| Research & Development | 1.18B | 1.11B | 1.09B | 1.08B | 1.05B | 994.00M |
| Amortization of Goodwill & Intangibles | 95.00M | 110.00M | 121.00M | 122.00M | 123.00M | 129.00M |
| Operating Expenses | 3.49B | 3.30B | 3.11B | 3.02B | 3.00B | 2.85B |
| Operating Income | 2.97B | 2.32B | 1.33B | 1.19B | 1.84B | 2.29B |
| Interest Expense | -366.00M | -336.00M | -329.00M | -329.00M | -292.00M | -300.00M |
| Interest & Investment Income | 49.00M | 38.00M | 47.00M | 38.00M | 15.00M | 11.00M |
| Currency Exchange Gain (Loss) | 232.00M | 190.00M | -13.00M | 184.00M | 394.00M | 391.00M |
| Other Non Operating Income (Expenses) | -57.00M | -145.00M | 259.00M | 30.00M | 183.00M | 172.00M |
| EBT Excluding Unusual Items | 2.83B | 2.07B | 1.29B | 1.11B | 2.14B | 2.57B |
| Merger & Restructuring Charges | -3.00M | -3.00M | -293.00M | -283.00M | -337.00M | -110.00M |
| Gain (Loss) on Sale of Assets | 2.00M | -11.00M | -176.00M | |||
| Other Unusual Items | -4.00M | -5.00M | -8.00M | -15.00M | -4.00M | -31.00M |
| Pretax Income | 2.82B | 2.05B | 813.00M | 816.00M | 1.80B | 2.43B |
| Income Tax Expense | 474.00M | 310.00M | 221.00M | 168.00M | 411.00M | 491.00M |
| Earnings From Continuing Operations | 2.35B | 1.74B | 592.00M | 648.00M | 1.39B | 1.94B |
| Minority Interest in Earnings | -200.00M | -146.00M | -86.00M | -67.00M | -70.00M | -29.00M |
| Net Income | 2.15B | 1.60B | 506.00M | 581.00M | 1.32B | 1.91B |
| Preferred Dividends & Other Adjustments | 827.00M | |||||
| Net Income to Common | 2.15B | 1.60B | 506.00M | 581.00M | 1.32B | 1.08B |
| Shares Outstanding (Basic) | 859.50M | 855.00M | 853.00M | 848.00M | 843.00M | 828.00M |
| Shares Outstanding (Diluted) | 871.00M | 871.00M | 869.00M | 859.00M | 857.00M | 844.00M |
| EPS (Basic) | 2.50 | 1.87 | 0.59 | 0.69 | 1.56 | 1.30 |
| EPS (Diluted) | 2.47 | 1.83 | 0.58 | 0.68 | 1.54 | 1.28 |
| Free Cash Flow | 2.46B | 1.41B | 974.00M | 615.00M | 1.01B | 1.77B |
| Free Cash Flow Per Share | 2.83 | 1.62 | 1.12 | 0.72 | 1.18 | 2.10 |
| Dividend Per Share | 1.12 | 1.12 | 1.12 | 1.12 | 1.08 | 0.96 |
| Gross Margin | 36.48% | 35.98% | 33.83% | 33.48% | 34.13% | 36.52% |
| Operating Margin | 16.77% | 14.87% | 10.11% | 9.46% | 12.95% | 16.28% |
| Profit Margin | 12.13% | 10.21% | 3.86% | 4.62% | 9.28% | 7.66% |
| Free Cash Flow Margin | 13.89% | 9.04% | 7.42% | 4.89% | 7.12% | 12.61% |
| EBITDA | 4.46B | 3.67B | 2.68B | 2.56B | 3.29B | 3.77B |
| EBITDA Margin | 25.19% | 23.49% | 20.40% | 20.34% | 23.19% | 26.80% |
| D&A For EBITDA | 1.49B | 1.35B | 1.35B | 1.37B | 1.45B | 1.48B |
| EBIT | 2.97B | 2.32B | 1.33B | 1.19B | 1.84B | 2.29B |
| EBIT Margin | 16.77% | 14.87% | 10.11% | 9.46% | 12.95% | 16.28% |
| Effective Tax Rate | 16.79% | 15.11% | 27.18% | 20.59% | 22.87% | 20.24% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.54B | 1.53B | 1.77B | 1.78B | 1.67B | 2.15B |
| Cash & Short-Term Investments | 2.54B | 1.53B | 1.77B | 1.78B | 1.67B | 2.15B |
| Receivables | 3.52B | 2.78B | 2.05B | 1.57B | 1.72B | 2.00B |
| Inventory | 3.65B | 3.08B | 2.72B | 2.67B | 2.90B | 2.48B |
| Other Current Assets | 1.64B | 1.55B | 1.45B | 1.20B | 1.16B | 1.03B |
| Total Current Assets | 11.34B | 8.94B | 7.99B | 7.21B | 7.45B | 7.66B |
| Property, Plant & Equipment | 16.39B | 15.69B | 14.15B | 15.51B | 16.21B | 16.55B |
| Long-Term Investments | 470.00M | 512.00M | 394.00M | 414.00M | 360.00M | 318.00M |
| Goodwill | 2.48B | 2.49B | 2.36B | 2.38B | 2.39B | 2.42B |
| Other Intangible Assets | 587.00M | 657.00M | 752.00M | 905.00M | 1.03B | 1.15B |
| Long-Term Deferred Tax Assets | 1.61B | 1.51B | 1.13B | 1.15B | 1.07B | 1.07B |
| Other Long-Term Assets | 1.24B | 1.18B | 949.00M | 923.00M | 977.00M | 997.00M |
| Total Assets | 34.13B | 30.98B | 27.73B | 28.50B | 29.50B | 30.15B |
| Accounts Payable | 2.49B | 1.98B | 1.47B | 1.47B | 1.80B | 1.61B |
| Accrued Expenses | 2.04B | 2.10B | 2.25B | 1.96B | 1.95B | 1.83B |
| Short-Term Debt | 9.00M | |||||
| Current Portion of Long-Term Debt | 933.00M | 711.00M | 296.00M | 320.00M | 224.00M | 55.00M |
| Current Portion of Leases | 90.00M | 181.00M | 125.00M | 112.00M | 111.00M | 94.00M |
| Current Income Taxes Payable | 77.00M | 98.00M | 109.00M | 69.00M | 127.00M | 196.00M |
| Current Unearned Revenue | 501.00M | 386.00M | 317.00M | 329.00M | 276.00M | 371.00M |
| Other Current Liabilities | 456.00M | 159.00M | 348.00M | 66.00M | 680.00M | 650.00M |
| Total Current Liabilities | 6.58B | 5.63B | 4.92B | 4.32B | 5.17B | 4.81B |
| Long-Term Debt | 7.27B | 6.48B | 6.74B | 7.01B | 6.50B | 6.81B |
| Long-Term Leases | 881.00M | 1.99B | 929.00M | 1.04B | 985.00M | 874.00M |
| Long-Term Unearned Revenue | 2.20B | 1.88B | 1.63B | 1.76B | 1.86B | 1.84B |
| Pension & Post-Retirement Benefits | 949.00M | 901.00M | 865.00M | 1.12B | 1.07B | 1.33B |
| Long-Term Deferred Tax Liabilities | 238.00M | 149.00M | 137.00M | 218.00M | 243.00M | 258.00M |
| Other Long-Term Liabilities | 1.72B | 1.63B | 1.45B | 1.16B | 1.39B | 1.70B |
| Total Liabilities | 19.84B | 18.67B | 16.66B | 16.63B | 17.22B | 17.61B |
| Common Stock | 927.00M | 924.00M | 921.00M | 916.00M | 910.00M | 907.00M |
| Additional Paid-In Capital | 18.69B | 17.58B | 17.26B | 16.93B | 16.68B | 16.48B |
| Retained Earnings | 17.43B | 16.55B | 15.93B | 16.39B | 16.78B | 16.39B |
| Treasury Stock | -21.44B | -21.14B | -20.88B | -20.64B | -20.53B | -20.26B |
| Comprehensive Income & Other | -1.93B | -2.10B | -2.54B | -2.05B | -1.83B | -1.18B |
| Total Common Equity | 13.67B | 11.81B | 10.69B | 11.55B | 12.01B | 12.33B |
| Minority Interest | 617.00M | 500.00M | 384.00M | 317.00M | 267.00M | 212.00M |
| Shareholders' Equity | 14.29B | 12.31B | 11.07B | 11.87B | 12.28B | 12.54B |
| Total Liabilities & Equity | 34.13B | 30.98B | 27.73B | 28.50B | 29.50B | 30.15B |
| Total Debt | 9.17B | 9.38B | 8.09B | 8.48B | 7.82B | 7.83B |
| Net Cash (Debt) | -6.63B | -7.85B | -6.32B | -6.71B | -6.15B | -5.68B |
| Net Cash Per Share | -7.62 | -9.01 | -7.28 | -7.81 | -7.17 | -6.73 |
| Filing Date Shares Outstanding | 861.40M | 857.95M | 856.56M | 853.47M | 846.56M | 845.85M |
| Total Common Shares Outstanding | 906.00M | 857.00M | 854.00M | 820.00M | 843.00M | 830.00M |
| Working Capital | 4.76B | 3.31B | 3.07B | 2.89B | 2.28B | 2.85B |
| Book Value Per Share | 15.09 | 13.78 | 12.51 | 14.09 | 14.24 | 14.86 |
| Tangible Book Value | 10.60B | 8.66B | 7.57B | 8.27B | 8.59B | 8.76B |
| Tangible Book Value Per Share | 11.70 | 10.11 | 8.87 | 10.08 | 10.18 | 10.56 |
| Land | 383.00M | 375.00M | 412.00M | 420.00M | 441.00M | |
| Buildings | 6.26B | 5.65B | 5.93B | 5.96B | 6.14B | |
| Machinery | 21.70B | 20.01B | 20.90B | 20.80B | 21.21B | |
| Construction In Progress | 1.71B | 1.82B | 1.94B | 2.33B | 1.98B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.15B | 1.60B | 506.00M | 581.00M | 1.32B | 1.91B |
| Depreciation & Amortization | 1.49B | 1.35B | 1.35B | 1.37B | 1.45B | 1.48B |
| Loss (Gain) From Sale of Assets | 65.00M | 27.00M | 143.00M | 155.00M | 189.00M | 57.00M |
| Stock-Based Compensation | 368.00M | 286.00M | 273.00M | 218.00M | 175.00M | 190.00M |
| Other Operating Activities | -424.00M | -375.00M | 2.00M | -195.00M | -518.00M | -451.00M |
| Change in Accounts Receivable | -736.00M | -749.00M | -717.00M | 50.00M | 113.00M | -54.00M |
| Change in Inventory | -548.00M | -243.00M | -171.00M | 157.00M | -522.00M | -103.00M |
| Change in Accounts Payable | 852.00M | 584.00M | 470.00M | -173.00M | 408.00M | 772.00M |
| Change in Unearned Revenue | 861.00M | 210.00M | -33.00M | -47.00M | 61.00M | -88.00M |
| Change in Other Net Operating Assets | 112.00M | 12.00M | 116.00M | -110.00M | -59.00M | -298.00M |
| Operating Cash Flow | 4.19B | 2.69B | 1.94B | 2.00B | 2.62B | 3.41B |
| Capital Expenditures | -1.73B | -1.28B | -965.00M | -1.39B | -1.60B | -1.64B |
| Sale of Property, Plant & Equipment | 11.00M | 11.00M | 80.00M | 89.00M | ||
| Divestitures | 76.00M | 103.00M | ||||
| Investment in Securities | -134.00M | -134.00M | -7.00M | -17.00M | 84.00M | |
| Other Investing Activities | 371.00M | 162.00M | 148.00M | 318.00M | 173.00M | 31.00M |
| Investing Cash Flow | -1.48B | -1.24B | -744.00M | -1.00B | -1.35B | -1.42B |
| Long-Term Debt Issued | 294.00M | 153.00M | 1.00B | 127.00M | 22.00M | |
| Total Debt Issued | 458.00M | 294.00M | 153.00M | 1.00B | 127.00M | 22.00M |
| Long-Term Debt Repaid | -719.00M | -297.00M | -320.00M | -87.00M | -860.00M | |
| Total Debt Repaid | -1.45B | -719.00M | -297.00M | -320.00M | -87.00M | -860.00M |
| Net Debt Issued (Repaid) | -991.00M | -425.00M | -144.00M | 680.00M | 40.00M | -838.00M |
| Issuance of Common Stock | 34.00M | 41.00M | 76.00M | 42.00M | 40.00M | 97.00M |
| Repurchase of Common Stock | -310.00M | -261.00M | -246.00M | -106.00M | -268.00M | -335.00M |
| Common Dividends Paid | -1.01B | -999.00M | -986.00M | -989.00M | -932.00M | -871.00M |
| Dividends Paid | -1.01B | -999.00M | -986.00M | -989.00M | -932.00M | -871.00M |
| Other Financing Activities | 460.00M | -28.00M | 136.00M | -3.00M | -22.00M | 2.00M |
| Financing Cash Flow | -1.82B | -1.67B | -1.16B | -883.00M | -1.65B | -2.45B |
| Foreign Exchange Rate Adjustments | 13.00M | 18.00M | -42.00M | -14.00M | -88.00M | -65.00M |
| Net Cash Flow | 903.00M | -202.00M | -11.00M | 108.00M | -477.00M | -524.00M |
| Free Cash Flow | 2.46B | 1.41B | 974.00M | 615.00M | 1.01B | 1.77B |
| Free Cash Flow Margin | 13.89% | 9.04% | 7.42% | 4.89% | 7.12% | 12.61% |
| Free Cash Flow Per Share | 2.83 | 1.62 | 1.12 | 0.72 | 1.18 | 2.10 |
| Levered Free Cash Flow | 870.12M | 636.50M | 1.10B | 131.75M | 901.25M | 2.24B |
| Unlevered Free Cash Flow | 1.10B | 846.50M | 1.31B | 337.38M | 1.08B | 2.43B |
| Cash Interest Paid | 275.00M | 275.00M | 279.00M | 234.00M | 227.00M | 251.00M |
| Cash Income Tax Paid | 283.00M | 283.00M | 263.00M | 213.00M | 426.00M | 377.00M |
| Change in Working Capital | 541.00M | -186.00M | -335.00M | -123.00M | 1.00M | 229.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 106.22B | 75.07B | 40.69B | 25.98B | 27.02B | 31.77B |
| Enterprise Value | 112.85B | 83.08B | 47.78B | 33.11B | 33.13B | 37.56B |
| Last Close Price | 123.31 | 87.10 | 46.39 | 28.88 | 29.24 | 33.06 |
| PE Ratio | 49.94 | 47.04 | 80.41 | 44.72 | 20.53 | 29.45 |
| Forward PE | 29.57 | 29.59 | 21.33 | 16.60 | 15.70 | 16.94 |
| PS Ratio | 5.99 | 4.80 | 3.10 | 2.06 | 1.90 | 2.26 |
| PB Ratio | 8.17 | 6.10 | 3.67 | 2.19 | 2.20 | 2.53 |
| P/TBV Ratio | 10.02 | 8.67 | 5.37 | 3.14 | 3.15 | 3.62 |
| P/FCF Ratio | 43.16 | 53.13 | 41.77 | 42.24 | 26.72 | 17.90 |
| P/OCF Ratio | 25.34 | 27.86 | 20.98 | 12.96 | 10.33 | 9.31 |
| PEG Ratio | 0.94 | 0.94 | 1.33 | 10.57 | 1.41 | 0.95 |
| EV/Sales Ratio | 6.37 | 5.32 | 3.64 | 2.63 | 2.33 | 2.67 |
| EV/EBITDA Ratio | 25.29 | 22.63 | 17.86 | 12.93 | 10.07 | 9.95 |
| EV/EBIT Ratio | 37.98 | 35.75 | 36.03 | 27.80 | 18.02 | 16.38 |
| EV/FCF Ratio | 45.86 | 58.79 | 49.05 | 53.84 | 32.77 | 21.16 |
| Debt / Equity Ratio | 0.64 | 0.76 | 0.73 | 0.71 | 0.64 | 0.62 |
| Debt / EBITDA Ratio | 1.96 | 2.41 | 2.79 | 3.04 | 2.24 | 1.97 |
| Debt / FCF Ratio | 3.73 | 6.64 | 8.31 | 13.79 | 7.73 | 4.41 |
| Net Debt / Equity Ratio | 0.46 | 0.64 | 0.57 | 0.56 | 0.50 | 0.45 |
| Net Debt / EBITDA Ratio | 1.49 | 2.14 | 2.36 | 2.62 | 1.87 | 1.50 |
| Net Debt / FCF Ratio | 2.70 | 5.56 | 6.49 | 10.90 | 6.08 | 3.20 |
| Asset Turnover | 0.55 | 0.53 | 0.47 | 0.43 | 0.48 | 0.46 |
| Inventory Turnover | 3.33 | 3.45 | 3.22 | 3.01 | 3.47 | 3.63 |
| Quick Ratio | 0.92 | 0.77 | 0.78 | 0.78 | 0.66 | 0.86 |
| Current Ratio | 1.72 | 1.59 | 1.62 | 1.67 | 1.44 | 1.59 |
| Return on Equity (ROE) | 17.88% | 14.90% | 5.16% | 5.37% | 11.17% | 14.89% |
| Return on Assets (ROA) | 5.80% | 4.95% | 2.95% | 2.57% | 3.85% | 4.70% |
| Return on Invested Capital (ROIC) | 12.08% | 10.51% | 5.37% | 5.11% | 7.74% | 9.70% |
| Return on Capital Employed (ROCE) | 10.80% | 9.20% | 5.80% | 4.90% | 7.60% | 9.00% |
| Earnings Yield | 2.00% | 2.13% | 1.24% | 2.24% | 4.87% | 6.00% |
| FCF Yield | 2.32% | 1.88% | 2.39% | 2.37% | 3.74% | 5.59% |
| Dividend Yield | 0.91% | 1.28% | 2.35% | 3.54% | 3.37% | 2.51% |
| Payout Ratio | 45.36% | 62.59% | 194.86% | 170.22% | 70.82% | 45.70% |
| Buyback Yield / Dilution | -0.06% | -0.23% | -1.16% | -0.23% | -1.54% | -9.33% |
| Total Shareholder Return | 0.85% | 1.05% | 1.19% | 3.30% | 1.83% | -6.82% |