CORNING INC /NY financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CORNING INC /NY files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	9,390	10,116	11,290	11,503	11,303	14,082	14,189	12,588	13,118	15,629
Cost of revenue	5,627	6,096	6,829	7,468	7,772	9,019	9,683	8,657	8,842	10,008
Gross profit	3,763	4,020	4,461	4,035	3,531	5,063	4,506	3,931	4,276	5,621
Research and development	637	689	807	800	1,000	800	900	900	800	800
Selling, general and administrative	1,462	1,473	1,799	1,585	1,747	1,827	1,898	1,843	1,931	2,122
Operating income	1,424	1,608	1,575	1,306	509	2,112	1,438	890	1,135	2,279
Interest expense	159	155	191	221	276	300	292	329	329	336
Interest income	32	45	38	21	15	11	15	38	47	38
Other non-operating income	-117	-81	-216	-155	-74	249	285	56	-123	-79
Pre-tax income	3,692	1,657	1,503	1,216	634	2,426	1,797	816	813	2,052
Income tax	-3	2,154	437	256	111	491	411	168	221	310
Net income to minority interests					11	29	70	67	86	146
Net income	3,695	-497	1,066	960	512	1,906	1,316	581	506	1,596
EBITDA	2,555	2,691	2,774	2,696	1,908	3,464	2,767	2,137	2,364	3,516
EPS, basic	3.53	-0.66	1.19	1.11	0.54	1.30	1.56	0.69	0.59	1.87
EPS, diluted	3.23	-0.66	1.13	1.07	0.54	1.28	1.54	0.68	0.58	1.83
Shares, basic (weighted)	1,020	895	816	776	761	828	843	848	853	855
Shares, diluted (weighted)	1,144	895	941	899	772	844	857	859	869	871
Dividend per share	0.54	0.62	0.72	0.80	0.88	0.96	1.08	1.12	1.12	1.12

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	5,291	4,317	2,355	2,434	2,672	2,148	1,671	1,779	1,768	1,526
Receivables	1,481	1,807	1,940	1,836	2,133	2,004	1,721	1,572	2,053	2,779
Inventory	1,471	1,712	2,037	2,320	2,481	2,481	2,904	2,666	2,724	3,077
Other current assets	805	991	702	873	761	1,026	1,157	1,195	1,447	1,554
Total current assets	9,048	8,827	7,034	7,463	8,004	7,659	7,453	7,212	7,992	8,936
Property, plant and equipment	12,546	14,017	14,895	15,337	15,742	15,804	15,371	14,630	13,359	14,825
Lease right-of-use assets				504	680	741	842	883	796	860
Goodwill	1,577	1,694	1,936	1,935	2,460	2,421	2,394	2,380	2,363	2,489
Intangible assets	796	869	1,292	1,185	1,308	1,148	1,029	905	752	657
Long-term investments			16		435	328
Other non-current assets	1,271	934	1,021	1,821	2,140	2,056	2,179	2,220	2,139	2,554
Total assets	27,899	27,494	27,505	28,898	30,775	30,154	29,499	28,500	27,735	30,976
Accounts payable	1,079	1,439	1,456	1,587	1,174	1,612	1,804	1,466	1,472	1,979
Accrued liabilities	1,416	1,391	1,851	1,923	3,139	3,139	3,147	2,533	3,121	2,845
Deferred revenue			54	104	223	223	132	148	127	386
Short-term debt	256	379	4	11	156	55	224	320	326	804
Total current liabilities	2,751	3,209	3,311	3,521	3,767	4,806	5,175	4,319	4,919	5,628
Long-term debt	3,646	4,749	5,994	7,729	7,816	6,989	6,687	7,206	6,885	7,630
Lease liabilities				450	691	691	795	846	785	846
Other non-current liabilities	2,805	3,017	3,652	3,980	5,192	5,192	4,955	4,709	4,525	5,097
Total liabilities	9,939	11,724	13,619	15,901	17,327	17,609	17,224	16,632	16,665	18,669
Total debt	3,902	5,128	5,998	7,740	7,897	7,044	6,911	7,526	7,211	8,425
Paid-in capital	13,695	14,089	14,212	14,323	14,642	16,475	16,682	16,929	17,264	17,580
Retained earnings	16,880	15,930	16,303	16,408	16,120	16,389	16,778	16,391	15,926	16,551
Treasury stock	-14,152	-16,633	-18,870	-19,812	-19,928	-20,263	-20,532	-20,637	-20,882	-21,143
Other comprehensive income	-1,676	-842	-1,010	-1,171	-740	-1,175	-1,830	-2,048	-2,543	-2,105
Shareholders' equity	17,893	15,698	13,792	12,907	13,257	12,333	12,008	11,551	10,686	11,807
Minority interests	67	72	94	90	191	212	267	317	384	500
Total equity	17,960	15,770	13,886	12,997	13,448	12,545	12,275	11,868	11,070	12,307
Total liabilities and equity	27,899	27,494	27,505	28,898	30,775	30,154	29,499	28,500	27,735	30,976

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	3,705	-479	1,090	979	523	1,935	1,386	648	592	1,742
Depreciation and amortization	1,131	1,083	1,199	1,390	1,399	1,352	1,329	1,247	1,229	1,237
Stock-based compensation	42	46	51	56	207	190	175	218	273	286
Deferred income tax	-308	1,796	-38	-191	-20	16	-46	-75	-33	-355
Change in receivables	-106	-225	-154	48	-274	-54	113	50	-717	-749
Change in inventory	-68	-170	-346	-298	423	-103	-522	157	-171	-243
Change in payables	259	169	345	31	190	772	408	-173	470	584
Cash from operations	2,537	2,004	2,919	2,031	2,180	3,412	2,615	2,005	1,939	2,695
Capital expenditures			-2,242	-1,978	-1,377	-1,637	-1,604	-1,390	-965	-1,282
Acquisitions	-333	-171	-842		4
Purchases of investments	-20
Cash from investing	3,662	-1,710	-2,887	-1,891	-1,310	-1,419	-1,355	-1,000	-744	-1,243
Debt issued						22	127	918	153	294
Debt repaid				-300	-121	-716	-87	-284	-267	-298
Stock issued	138	309	81	58	124	97	40	42	76	41
Share buybacks	-4,227	-2,452	-2,227	-940	-105	-274	-221		-165	-163
Dividends paid	-645	-651	-685	-742	-787	-871	-932	-989	-986	-999
Cash from financing	-5,322	-1,624	-1,995	-47	-729	-2,452	-1,649	-883	-1,164	-1,672
Exchange rate effect		356	1	-14	97	-65	-88	-14	-42	18
Net change in cash	791	-974	-1,962	79	238	-524	-477	108	-11	-202
Free cash flow			677	53	803	1,775	1,011	615	974	1,413
Interest paid	184	178	205	248	298	287	275	274	310	311
Income taxes paid	293	405	567	474	220	377	426	213	263	283

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $156.74 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	36.4%	Gross profit / revenue.
Operating margin	15.3%	Operating income / revenue.
EBITDA margin	23.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	14.2%	Pre-tax income / revenue.
Net margin	11.2%	Net income / revenue.
FCF margin	14.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	23.1%	Cash from operations / revenue.
Effective tax rate	13.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	15.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.8%	Net income / average total assets.
Return on invested capital (ROIC)	12.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	13.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	9.0%	Capital expenditures / revenue.
D&A / revenue	7.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	19.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	31.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	7.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	9.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	100.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	16.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	35.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	48.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	8.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	13.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	215.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	6.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	25.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	215.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	5.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	27.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	39.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	1.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	4.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	45.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	11.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	12.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	1.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	4.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	10.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-0.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-2.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	11.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.81x	Current assets / current liabilities.
Quick ratio	0.90x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.42x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.62x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	23.5%	Total debt / total assets.
Liabilities / assets	60.2%	Total liabilities / total assets.
Net debt	$5.25B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.34x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	7.28x	Operating income / interest expense.
Working capital	$4.90B	Current assets - current liabilities.
Goodwill and intangibles / assets	9.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$9.47B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.51x	Revenue / average total assets.
Fixed asset turnover	1.14x	Revenue / average property, plant and equipment.
Inventory turnover	3.15x	Cost of revenue / average inventory.
Days inventory	116 days	365 x average inventory / cost of revenue.
Receivables turnover	5.79x	Revenue / average receivables.
Days sales outstanding	63 days	365 x average receivables / revenue.
Days payables	80 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	99 days	Days inventory + days sales outstanding - days payables.
FCF conversion	126.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	38.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.17	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$19.39	Revenue / diluted weighted shares.
FCF per share	$2.74	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.47	Cash from operations / diluted weighted shares.
Book value per share	$14.35	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$10.83	Tangible book value / shares outstanding.
Cash per share	$2.86	(Cash + short-term investments) / shares outstanding.
Payout ratio	52.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	41.4%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$135.01B	Share price x shares outstanding.
Enterprise value	$140.27B	Market cap + total debt - cash - short-term investments.
P/E	71.1x	Market cap / net income. Only when net income is positive.
P/S	7.96x	Market cap / revenue.
P/B	10.7x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	14.3x	Market cap / tangible book value, when positive.
P/FCF	56.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	34.5x	Market cap / cash from operations, when positive.
EV/Sales	8.27x	Enterprise value / revenue.
EV/EBIT	54.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	35.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	58.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.8%	Free cash flow / market cap.
Earnings yield	1.4%	Net income / market cap (the inverse of P/E).
Dividend yield	0.7%	Dividends paid over the period / market cap.
Shareholder yield	0.7%	(Dividends paid + share buybacks) / market cap.
PEG	12.0x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was CORNING INC /NY's revenue in fiscal 2025?

CORNING INC /NY reported revenue of $15.63B for fiscal 2025, 19.1% higher than the year before.

Was CORNING INC /NY profitable in fiscal 2025?

Yes. Net income was $1.60B, a net margin of 10.2%.

How much free cash flow did CORNING INC /NY generate in fiscal 2025?

Cash from operations of $2.70B minus capital expenditures of $1.28B left free cash flow of $1.41B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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