Corning
GLW · NYSEDrawing & Insulating of Nonferrous Wire · Fiscal year ends Dec 31
Corning reported revenue of $15.6B in the fiscal year ended Dec 2025, up 19.1% from the year before. Operating income was $2.3B, an operating margin of 14.6%, and net income was $1.6B. Net debt was $6.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $14.1B | $14.2B | $12.6B | $13.1B | $15.6B |
| Cost of revenue | $9B | $9.7B | $8.7B | $8.8B | $10B |
| Gross profit | $5.1B | $4.5B | $3.9B | $4.3B | $5.6B |
| Research & development | $800M | $900M | $900M | $800M | $800M |
| Selling, general & admin | $1.8B | $1.9B | $1.8B | $1.9B | $2.1B |
| Operating income | $2.1B | $1.4B | $890M | $1.1B | $2.3B |
| Interest expense | – | $292M | $329M | $329M | $336M |
| Pre-tax income | $2.4B | $1.8B | $816M | $813M | $2.1B |
| Income tax | $491M | $411M | $168M | $221M | $310M |
| Net income | $1.9B | $1.3B | $581M | $506M | $1.6B |
| Diluted EPS | 1.28 | 1.54 | 0.68 | 0.58 | 1.83 |
| Diluted shares | 844M | 857M | 859M | 869M | 871M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.1B | $1.7B | $1.8B | $1.8B | $1.5B |
| Receivables | $2B | $1.7B | $1.6B | $2.1B | $2.8B |
| Inventory | $2.5B | $2.9B | $2.7B | $2.7B | $3.1B |
| Current assets | $7.7B | $7.5B | $7.2B | $8B | $8.9B |
| Net PP&E | $15.8B | $15.4B | $14.6B | $13.4B | $14.8B |
| Goodwill | $2.4B | $2.4B | $2.4B | $2.4B | $2.5B |
| Total assets | $30.2B | $29.5B | $28.5B | $27.7B | $31B |
| Payables | $1.6B | $1.8B | $1.5B | $1.5B | $2B |
| Deferred revenue | $223M | $132M | $148M | $127M | $386M |
| Current liabilities | $4.8B | $5.2B | $4.3B | $4.9B | $5.6B |
| Short-term debt | $55M | $224M | $320M | $326M | $804M |
| Long-term debt | $7B | $6.7B | $7.2B | $6.9B | $7.6B |
| Total liabilities | $17.6B | $17.2B | $16.6B | $16.7B | $18.7B |
| Shareholders' equity | $12.3B | $12B | $11.6B | $10.7B | $11.8B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $3.4B | $2.6B | $2B | $1.9B | $2.7B |
| Depreciation & amortisation | $1.4B | $1.3B | $1.2B | $1.2B | $1.2B |
| Stock-based compensation | $190M | $175M | $218M | $273M | $286M |
| Share buybacks | $274M | $221M | – | $165M | $163M |
| Dividend per share | 0.96 | 1.08 | 1.12 | 1.12 | 1.12 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 0.8% | −11.3% | 4.2% | 19.1% |
| Operating income growth (YoY) | – | −31.9% | −38.1% | 27.5% | 100.8% |
| EPS growth (YoY) | – | 20.3% | −55.8% | −14.7% | 215.5% |
| Gross margin | 36.0% | 31.8% | 31.2% | 32.6% | 36.0% |
| Operating margin | 15.0% | 10.1% | 7.1% | 8.7% | 14.6% |
| Net margin | 13.5% | 9.3% | 4.6% | 3.9% | 10.2% |
| Return on equityBlank when equity is negative | 15.5% | 11.0% | 5.0% | 4.7% | 13.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.3% | 5.9% | 3.7% | 5.0% | 9.0% |
| Cash conversion (CFO ÷ net income) | 1.79x | 1.99x | 3.45x | 3.83x | 1.69x |
| Receivable days | 52 | 44 | 46 | 57 | 65 |
| Inventory days | 100 | 109 | 112 | 112 | 112 |
| Payable days | 65 | 68 | 62 | 61 | 72 |
| Interest cover | – | 4.92x | 2.71x | 3.45x | 6.78x |
| Debt ÷ equity | 0.57x | 0.58x | 0.65x | 0.67x | 0.71x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $4.9B | $5.2B | $5.7B | $5.4B | $6.9B |
| Current ratio | 1.59x | 1.44x | 1.67x | 1.62x | 1.59x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.