Corning (GLW) financial statements
Corning reported revenue of $15.6B in fiscal 2025, up 5.8% a year over 9 years.
Net income was $1.6B and the operating margin 14.6%, against 15.2% in 2016.
Free cash flow was $1.4B, and the company returned $163M in net buybacks.
The diluted share count fell 24% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Corning's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.4B | $10.1B | $11.3B | $11.5B | $11.3B | $14.1B | $14.2B | $12.6B | $13.1B | $15.6B |
| Cost of revenue | $5.6B | $6.1B | $6.8B | $7.5B | $7.8B | $9.0B | $9.7B | $8.7B | $8.8B | $10.0B |
| Gross profit | $3.8B | $4.0B | $4.5B | $4.0B | $3.5B | $5.1B | $4.5B | $3.9B | $4.3B | $5.6B |
| Research and development | $637M | $689M | $807M | $800M | $1.0B | $800M | $900M | $900M | $800M | $800M |
| Selling, general and admin | $1.5B | $1.5B | $1.8B | $1.6B | $1.7B | $1.8B | $1.9B | $1.8B | $1.9B | $2.1B |
| Operating income | $1.4B | $1.6B | $1.6B | $1.3B | $509M | $2.1B | $1.4B | $890M | $1.1B | $2.3B |
| Interest expense | $159M | $155M | $191M | $221M | $276M | $300M | $292M | $329M | $329M | $336M |
| Pre-tax income | $3.7B | $1.7B | $1.5B | $1.2B | $634M | $2.4B | $1.8B | $816M | $813M | $2.1B |
| Income tax | -$3M | $2.2B | $437M | $256M | $111M | $491M | $411M | $168M | $221M | $310M |
| Net income | $3.7B | -$497M | $1.1B | $960M | $512M | $1.9B | $1.3B | $581M | $506M | $1.6B |
| EPS (diluted) | $3.23 | -$0.66 | $1.13 | $1.07 | $0.54 | $1.28 | $1.54 | $0.68 | $0.58 | $1.83 |
| Diluted shares | 1.14B | 895M | 941M | 899M | 772M | 844M | 857M | 859M | 869M | 871M |
| Gross margin | 40.1% | 39.7% | 39.5% | 35.1% | 31.2% | 36.0% | 31.8% | 31.2% | 32.6% | 36.0% |
| Operating margin | 15.2% | 15.9% | 14.0% | 11.4% | 4.5% | 15.0% | 10.1% | 7.1% | 8.7% | 14.6% |
| Net margin | 39.4% | -4.9% | 9.4% | 8.3% | 4.5% | 13.5% | 9.3% | 4.6% | 3.9% | 10.2% |
Balance sheet
Fiscal years, from Corning's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $5.3B | $4.3B | $2.4B | $2.4B | $2.7B | $2.1B | $1.7B | $1.8B | $1.8B | $1.5B |
| Receivables | $1.5B | $1.8B | $1.9B | $1.8B | $2.1B | $2.0B | $1.7B | $1.6B | $2.1B | $2.8B |
| Inventory | $1.5B | $1.7B | $2.0B | $2.3B | $2.5B | $2.5B | $2.9B | $2.7B | $2.7B | $3.1B |
| Total current assets | $9.0B | $8.8B | $7.0B | $7.5B | $8.0B | $7.7B | $7.5B | $7.2B | $8.0B | $8.9B |
| Property, plant and equipment | $12.5B | $14.0B | $14.9B | $15.3B | $15.7B | $15.8B | $15.4B | $14.6B | $13.4B | $14.8B |
| Goodwill | $1.6B | $1.7B | $1.9B | $1.9B | $2.5B | $2.4B | $2.4B | $2.4B | $2.4B | $2.5B |
| Total assets | $27.9B | $27.5B | $27.5B | $28.9B | $30.8B | $30.2B | $29.5B | $28.5B | $27.7B | $31.0B |
| Total current liabilities | $2.8B | $3.2B | $3.3B | $3.5B | $3.8B | $4.8B | $5.2B | $4.3B | $4.9B | $5.6B |
| Long-term debt | $3.6B | $4.7B | $6.0B | $7.7B | $7.8B | $7.0B | $6.7B | $7.2B | $6.9B | $7.6B |
| Total liabilities | $9.9B | $11.7B | $13.6B | $15.9B | $17.3B | $17.6B | $17.2B | $16.6B | $16.7B | $18.7B |
| Shareholders' equity | $17.9B | $15.7B | $13.8B | $12.9B | $13.3B | $12.3B | $12.0B | $11.6B | $10.7B | $11.8B |
| Net debt | -$1.4B | $811M | $3.6B | $5.3B | $5.3B | $4.9B | $5.2B | $5.7B | $5.4B | $6.9B |
Cash flow
Fiscal years, from Corning's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.5B | $2.0B | $2.9B | $2.0B | $2.2B | $3.4B | $2.6B | $2.0B | $1.9B | $2.7B |
| Capital spending | — | — | $2.2B | $2.0B | $1.4B | $1.6B | $1.6B | $1.4B | $965M | $1.3B |
| Free cash flow | — | — | $677M | $53M | $803M | $1.8B | $1.0B | $615M | $974M | $1.4B |
| Stock-based compensation | $42M | $46M | $51M | $56M | $207M | $190M | $175M | $218M | $273M | $286M |
| Share buybacks (net) | -$4.2B | -$2.5B | -$2.2B | -$940M | -$105M | -$274M | -$221M | — | -$165M | -$163M |
| Net borrowing | -$481M | — | — | -$300M | -$121M | -$694M | $40M | $634M | -$114M | -$4M |
| Free cash flow margin | — | — | 6.0% | 0.5% | 7.1% | 12.6% | 7.1% | 4.9% | 7.4% | 9.0% |
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What was Corning's revenue in 2025?
$15.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Corning generate?
$1.4B in fiscal 2025 (operating cash flow minus capital spending).
From Corning's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.