Corning Inc

GLW · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$75,070	$40,687	$25,979	$27,015	$31,772	$30,723	$24,843	$25,781	$27,301	$20,712	$21,625	$29,924	$25,875	$18,854	$20,275	$30,101	$29,930	$14,867	$37,568	$28,923	$28,753	$16,313	$10,572	$3,405	$8,328	$45,373	$35,897	$10,418	$8,595	$10,580	$7,356	$6,320	$5,621	$7,278	$7,435	$4,127	$4,057	$3,085	$2,110	$2,371	$2,654
Enterprise value	$84,267	$47,394	$33,001	$33,428	$37,665	$36,943	$30,751	$29,518	$28,184	$19,390	$21,562	$27,192	$23,982	$16,215	$16,892	$26,121	$28,403	$13,704	$35,635	$27,517	$28,169	$17,153	$12,156	$5,541	$11,166	$49,468	$37,839	$12,286	$10,548	$12,295	$9,317	$7,879	$7,434	$8,306	$8,127	$4,759	$4,415	$3,446	$2,295	$2,549	$2,907
P/E (TTM) at period end	47.04×	80.41×	44.71×	20.53×	29.45×	74.21×	28.82×	26.63×	–	5.76×	17.43×	12.58×	13.19×	11.52×	7.20×	8.46×	14.91×	2.83×	17.47×	15.59×	49.15×	–	–	–	–	107.52×	69.57×	24.73×	19.54×	60.25×	–	22.47×	–	–	23.89×	14.27×	15.64×	10.55×	11.16×	14.62×	24.66×
P/S (TTM) at period end	4.80×	3.10×	2.06×	1.90×	2.26×	2.72×	2.16×	2.28×	2.70×	2.21×	2.37×	3.08×	3.31×	2.35×	2.57×	4.54×	5.55×	2.50×	6.41×	5.59×	6.28×	4.23×	3.42×	1.08×	1.33×	6.24×	8.35×	2.99×	2.10×	2.90×	1.38×	1.32×	1.40×	1.96×	2.28×	1.40×	1.66×	1.45×	1.01×	1.28×	1.57×
P/B at period end	6.36×	3.81×	2.25×	2.25×	2.58×	2.32×	1.92×	1.87×	1.74×	1.16×	1.15×	1.39×	1.22×	0.88×	0.96×	1.55×	1.93×	1.11×	3.96×	3.99×	5.13×	4.27×	1.93×	0.73×	1.54×	4.26×	16.02×	6.84×	6.79×	10.76×	3.46×	2.38×	3.28×	3.98×	3.63×	2.19×	2.33×	1.98×	1.37×	1.75×	2.24×
EV / EBITDA (TTM)	23.97×	20.05×	15.44×	12.08×	10.87×	19.36×	11.41×	10.64×	10.47×	7.59×	8.79×	8.78×	10.24×	7.52×	6.36×	9.87×	24.21×	6.22×	21.24×	19.15×	21.94×	19.23×	–	–	–	42.77×	33.16×	12.18×	10.89×	16.23×	11.11×	7.88×	10.03×	13.00×	13.20×	9.16×	12.48×	–	–	–	–
EV / Sales (TTM)	5.39×	3.61×	2.62×	2.36×	2.67×	3.27×	2.67×	2.61×	2.79×	2.06×	2.37×	2.80×	3.07×	2.02×	2.14×	3.94×	5.26×	2.30×	6.08×	5.32×	6.15×	4.45×	3.93×	1.75×	1.78×	6.80×	8.81×	3.53×	2.58×	3.37×	1.75×	1.65×	1.86×	2.24×	2.49×	1.62×	1.81×	1.62×	1.10×	1.37×	1.72×
Returns
Return on equity	13.5%	4.7%	5.0%	11.0%	8.7%	3.1%	6.7%	7.0%	(3.8%)	20.1%	6.6%	11.0%	9.3%	7.6%	13.4%	18.4%	12.9%	39.1%	22.6%	25.6%	10.4%	(57.3%)	(4.1%)	(27.8%)	(101.6%)	4.0%	23.0%	27.7%	34.7%	17.9%	(2.4%)	10.6%	(0.9%)	(0.7%)	15.2%	15.4%	14.9%	18.7%	12.3%	12.0%	9.1%
Return on invested capital	9.2%	4.8%	3.8%	6.0%	9.2%	2.2%	5.5%	6.4%	–	8.6%	6.3%	6.8%	5.5%	4.9%	7.9%	9.7%	2.6%	11.5%	11.1%	10.2%	6.4%	6.7%	(5.8%)	(26.8%)	(59.2%)	1.7%	12.2%	14.7%	14.0%	12.8%	–	9.8%	–	10.1%	10.4%	8.3%	6.0%	7.3%	6.6%	8.3%	9.1%
Dividend yield	1.3%	2.4%	3.8%	3.4%	2.7%	2.6%	3.0%	2.7%	2.4%	3.1%	3.1%	2.0%	2.2%	2.5%	1.7%	1.0%	1.0%	2.1%	0.4%	–	–	0.0%	0.2%	2.6%	1.4%	0.2%	0.5%	1.6%	2.0%	1.6%	2.3%	2.4%	2.4%	2.5%	1.3%	2.6%	2.3%	–	–	–	–
Financial health
Current ratio	1.59×	1.62×	1.67×	1.44×	1.59×	2.12×	2.12×	2.12×	2.75×	3.29×	2.94×	4.41×	5.09×	4.96×	4.14×	4.46×	3.59×	2.25×	2.11×	2.07×	1.74×	1.40×	1.73×	2.28×	2.06×	2.38×	1.20×	1.22×	1.40×	1.76×	1.57×	1.61×	1.44×	1.56×	1.74×	1.72×	1.71×	1.83×	2.01×	1.77×	1.77×
Debt / equity	0.71×	0.67×	0.65×	0.58×	0.57×	0.60×	0.60×	0.43×	0.33×	0.22×	0.24×	0.15×	0.16×	0.16×	0.11×	0.12×	0.13×	0.12×	0.16×	0.24×	0.32×	0.71×	0.52×	0.89×	0.91×	0.38×	0.76×	0.79×	1.07×	1.28×	0.72×	0.56×	1.01×	0.50×	0.38×	0.35×	0.38×	0.33×	0.29×	0.26×	0.31×
Effective tax rate	15.1%	27.2%	20.6%	22.9%	20.2%	17.5%	21.1%	29.1%	130.0%	(0.1%)	9.9%	30.7%	20.7%	17.2%	12.8%	7.5%	(3.8%)	(155.9%)	9.4%	5.7%	49.4%	(65.3%)	33.5%	26.7%	7.6%	39.0%	30.7%	29.6%	33.9%	31.9%	253.1%	37.7%	175.6%	25.8%	26.2%	32.0%	31.1%	26.1%	22.6%	24.6%	4.4%
Share count
Diluted shares outstanding	871	869	859	857	844	772	899	941	895	1,144	1,343	1,427	1,462	1,506	1,583	1,581	1,568	1,584	1,566	1,599	1,539	1,386	1,014	1,029	934	877	877	694	695	686	689	635	603	582	581	552	566	534	541	519	515

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$16,964	$15,629	$13,118	$12,588	$14,189	$14,082	$11,303	$11,503	$11,290	$10,116	$9,390	$9,111	$9,715	$7,819	$8,012	$7,890	$6,632	$5,395	$5,948	$5,860	$5,174	$4,579	$3,854	$3,090	$3,164	$6,272	$7,273	$4,297	$3,484	$4,090	$3,652	$5,313	$4,770	$4,005	$3,709	$3,259	$2,940	$2,439	$2,122	$2,084	$1,856	$1,690
Cost of revenue	($10,793)	($10,008)	($8,842)	($8,657)	($9,683)	($9,019)	($7,772)	($7,468)	($6,829)	($6,096)	($5,627)	($5,458)	($5,663)	($4,495)	($4,693)	($4,314)	($3,583)	($3,302)	($3,210)	($3,111)	($2,891)	($2,595)	($2,439)	($2,241)	($2,562)	–	–	–	–	–	–	–	($2,722)	($2,317)	($2,163)	($1,890)	($1,714)	($1,430)	($1,244)	($1,262)	($1,090)	($984)
Gross profit	$6,171	$5,621	$4,276	$3,931	$4,506	$5,063	$3,531	$4,035	$4,461	$4,020	$3,763	$3,653	$4,052	$3,324	$3,319	$3,576	$3,049	$2,093	$2,738	$2,749	$2,283	$1,984	$1,415	$849	$602	–	–	–	–	–	–	–	$2,048	$1,688	$1,546	$1,369	$1,226	$1,010	$878	$822	$766	$707
Operating expenses
Research and development	($1,141)	($800)	($800)	($900)	($900)	($800)	($1,000)	($800)	($807)	($689)	($637)	($638)	($701)	($613)	($651)	($561)	($491)	($465)	($510)	($565)	($517)	($443)	($355)	($344)	($483)	($631)	($540)	($363)	($294)	($251)	($189)	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($2,332)	($2,122)	($1,931)	($1,843)	($1,898)	($1,827)	($1,747)	($1,585)	($1,799)	($1,473)	($1,462)	($1,508)	($1,202)	($1,126)	($1,205)	($1,028)	($1,015)	($881)	($901)	($912)	($857)	($756)	($653)	($599)	($716)	($1,090)	($1,041)	($667)	($543)	($542)	($499)	($732)	($1,049)	($947)	($907)	($753)	($706)	($656)	($534)	($529)	($468)	($443)
Total operating expenses	($3,573)	($3,342)	($3,141)	($3,041)	($3,068)	($2,951)	($3,022)	($2,729)	($2,886)	($2,412)	($2,339)	($2,331)	($2,121)	($1,953)	($2,140)	($1,864)	($1,248)	($1,702)	($1,218)	($1,668)	($1,437)	($1,212)	($1,046)	($1,504)	($3,322)	–	–	–	–	–	–	–	($1,387)	($1,228)	($1,155)	($984)	($918)	($827)	($688)	($675)	($598)	($570)
Total costs and expenses	($14,366)	($13,350)	($11,983)	($11,698)	($12,751)	($11,970)	($10,794)	($10,197)	($9,715)	($8,508)	($7,966)	($7,789)	($7,784)	($6,448)	($6,833)	($6,178)	($4,831)	($5,004)	($4,428)	($4,779)	($4,328)	($3,807)	($3,485)	($3,745)	($5,884)	($12,320)	($6,864)	($3,560)	($2,773)	($3,407)	($3,146)	($4,726)	($4,110)	($3,544)	($3,318)	($2,875)	($2,632)	($2,257)	($1,932)	($1,937)	($1,689)	($1,554)
Operating income	$2,598	$2,279	$1,135	$890	$1,438	$2,112	$509	$1,306	$1,575	$1,608	$1,424	$1,322	$1,931	$1,371	$1,179	$1,712	$1,801	$391	$1,520	$1,081	$846	$772	$369	($655)	($2,720)	($6,048)	$410	$737	$711	$683	$505	$587	$661	$461	$391	$384	$308	$182	$190	$147	$168	$137
Earnings
EBITDA	$3,934	$3,516	$2,364	$2,137	$2,767	$3,464	$1,908	$2,696	$2,774	$2,691	$2,555	$2,452	$3,098	$2,342	$2,157	$2,654	$2,647	$1,173	$2,204	$1,678	$1,437	$1,284	$892	($138)	($2,059)	($4,988)	$1,156	$1,141	$1,009	$968	$758	$838	$999	$741	$639	$616	$520	$354	–	–	–	–
Interest income	$42	$38	$47	$38	$15	$11	$15	$21	$38	$45	$32	$21	$26	$8	$14	$19	$11	$19	$85	$145	–	–	–	–	–	–	$105	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($357)	($336)	($329)	($329)	($292)	($300)	($276)	($221)	($191)	($155)	($159)	($140)	($123)	($120)	($111)	($89)	($109)	($82)	($59)	($82)	–	–	–	–	–	–	($107)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$2,406	$2,052	$813	$816	$1,797	$2,426	$634	$1,216	$1,503	$1,657	$3,692	$1,486	$3,568	$2,473	$1,975	$3,231	$3,845	$1,934	$1,523	$1,291	$961	$1,170	($1,580)	($759)	($2,720)	($6,161)	$691	$675	$504	$618	$475	$47	$451	$20	$359	$422	$425	$376	$396	$244	$215	$113
Income tax expense	($332)	($310)	($221)	($168)	($411)	($491)	($111)	($256)	($437)	($2,154)	$3	($147)	($1,096)	($512)	($339)	($414)	($287)	$74	$2,375	($121)	($55)	($578)	($1,031)	$254	$726	$468	($269)	($207)	($150)	($210)	($151)	($118)	($170)	($35)	($92)	($111)	($136)	($117)	($103)	($55)	($53)	($5)
Net income	$1,900	$1,596	$506	$581	$1,316	$1,906	$512	$960	$1,066	($497)	$3,695	$1,339	$2,472	$1,961	$1,636	$2,817	$3,558	$2,008	$5,257	$2,150	$1,855	$585	($2,185)	($223)	($1,302)	($5,498)	$422	$516	$421	$440	$176	($51)	$281	($15)	($13)	$311	$289	$259	$292	$189	$162	$108
Per share
Diluted EPS (GAAP)	$2.20	$1.83	$0.58	$0.68	$1.54	$1.28	$0.54	$1.07	$1.13	($0.66)	$3.23	$1.00	$1.73	$1.34	$1.09	$1.78	$2.25	$1.28	$3.32	$1.34	$1.16	$0.38	($1.61)	($0.22)	($1.39)	($5.89)	$0.49	$0.59	$0.19	$0.21	$0.0833	($0.0737)	$0.44	($0.0252)	($0.0216)	$0.0917	$0.085	$0.0783	$0.045	$0.0283	$0.0258	$0.0175
Basic EPS (GAAP)	$2.21	$1.87	$0.59	$0.69	$1.56	$1.30	$0.54	$1.11	$1.19	($0.66)	$3.53	$1.02	$1.82	$1.35	$1.10	$1.80	$2.28	$1.30	$3.37	$1.37	$1.20	$0.40	($1.61)	($0.22)	($1.39)	($5.89)	$0.49	$0.62	$0.19	$0.21	$0.0833	($0.0737)	$0.44	($0.0252)	($0.0216)	$0.0917	$0.085	$0.0783	$0.045	$0.0283	$0.0258	$0.0175
Basic shares outstanding	859	855	853	848	843	828	761	776	816	895	1,020	1,219	1,305	1,452	1,494	1,562	1,558	1,550	1,560	1,566	1,546	1,462	1,386	1,014	1,029	934	859	835	694	695	686	689	635	603	582	581	552	566	534	541	519	515
Margins
Gross margin	36.4%	36.0%	32.6%	31.2%	31.8%	36.0%	31.2%	35.1%	39.5%	39.7%	40.1%	40.1%	41.7%	42.5%	41.4%	45.3%	46.0%	38.8%	46.0%	46.9%	44.1%	43.3%	36.7%	27.5%	19.0%	–	–	–	–	–	–	–	42.9%	42.2%	41.7%	42.0%	41.7%	41.4%	41.4%	39.4%	41.3%	41.8%
Operating margin	15.3%	14.6%	8.7%	7.1%	10.1%	15.0%	4.5%	11.4%	14.0%	15.9%	15.2%	14.5%	19.9%	17.5%	14.7%	21.7%	27.2%	7.2%	25.6%	18.4%	16.4%	16.9%	9.6%	(21.2%)	(86.0%)	(96.4%)	5.6%	17.2%	20.4%	16.7%	13.8%	11.0%	13.9%	11.5%	10.5%	11.8%	10.5%	7.5%	9.0%	7.1%	9.0%	8.1%
Net margin	11.2%	10.2%	3.9%	4.6%	9.3%	13.5%	4.5%	8.3%	9.4%	(4.9%)	39.4%	14.7%	25.4%	25.1%	20.4%	35.7%	53.6%	37.2%	88.4%	36.7%	35.9%	12.8%	(56.7%)	(7.2%)	(41.2%)	(87.7%)	5.8%	12.0%	12.1%	10.8%	4.8%	(1.0%)	5.9%	(0.4%)	(0.3%)	9.5%	9.8%	10.6%	13.8%	9.1%	8.7%	6.4%

Analyst consensus

Buy37 analysts

Bearish · 2 · Hold · 14 · Bullish · 21

Earnings history

	EPS	Estimate
Q3 2024	$0.54	$0.53	Beat
Q4 2024	$0.57	$0.56	Beat
Q1 2025	$0.54	$0.51	Beat
Q2 2025	$0.60	$0.57	Beat
Q3 2025	$0.67	$0.67	Beat
Q4 2025	$0.72	$0.71	Beat
Q1 2026	$0.70	$0.69	Beat
Q2 2026	$0.78	$0.76	Beat

Peers

Company overview

IPO dateDec 31, 1981

CEOWendell Weeks

Employees67,200

SectorTechnology

IndustryHardware, Equipment & Parts

CountryUS

ExchangeNew York Stock Exchange

Websitewww.corning.com

Corning Incorporated operates in optical communications, display, specialty materials, automotive, and life sciences businesses in the United States, Canada, Mexico, Japan, Taiwan, China, South Korea, Germany, and internationally. The company provides optical fibers and cables; and hardware and equipment products, such as cable assemblies, fiber optic hardware and connectors, optical components and couplers, closures, network interface devices, and other accessories for the telecommunications industry, businesses, governments, and individuals. It also offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices. In addition, it manufactures products that offer material formulations for glass, glass ceramics, crystals, precision metrology instruments, and software, as well as glass wafers and substrates, tinted sunglasses, and radiation shielding products for markets, such as mobile consumer electronics, semiconductor equipment optics and consumables, aerospace and defense optics, radiation shielding products, sunglasses, and telecommunications components. Further, the company provides ceramic substrates and filter products for emissions control in mobile, gasoline, and diesel applications, as well as technical glass and optic products and solutions for the interior and exterior of vehicles. Additionally, it offers laboratory products, including plastic vessels, liquid handling plastics, specialty surfaces, cell culture media, and serum, as well as general labware, and glassware and equipment under the Corning, Falcon, PYREX, and Axygen brands. It also offers polysilicon products and pharmaceutical glass tubing and vials. The company was formerly known as Corning Glass Works and changed its name to Corning Incorporated in April 1989. Corning Incorporated was founded in 1851 and is headquartered in Corning, New York.

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