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Corning Incorporated

GLW Technology Electronic Components

Corning Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $15.6 billion, up 19.1% from fiscal 2024. In the quarter to June 2026, revenue grew 16.7%, EPS grew 18.2%, free cash flow grew 223.8% and total debt rose 12.3%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years.

132.00 6.43 −4.64%
Market cap
$119.2B
P/E
59.7×
Fwd P/E
66.0×
Dividend yield
0.85%
F-score
6/9
Altman Z
4.03
Beneish M
−2.35
Dividend safety
50/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Corning Incorporated (GLW) Financial Analysis

Updated · Covers results through Q2 FY2026 · Sources · How this is made

Snapshot

Corning generated revenue of $15.6 billion, operating income of $2.3 billion, net income of $1.7 billion, and diluted EPS of $1.83 in FY2025. Revenue was $4.5 billion, gross profit was $1.6 billion, operating income was $698.0 million, and net income was $609.0 million in Q2 FY2026.

Revenue in Q2 FY2026 was higher than the $4.1 billion reported in Q1 FY2026 and the $3.9 billion reported in Q2 FY2025. Diluted EPS was $0.64 in Q2 FY2026, compared with $0.43 in Q1 FY2026 and $0.54 in Q2 FY2025. Market capitalisation was $130.7 billion as of September 28, 2026.

Growth

Revenue increased by 19.1% in FY2025 against FY2024, reaching $15.6 billion in FY2025 from $13.1 billion in FY2024. Revenue compound annual growth was 3.27% in FY2022–FY2025 and 6.70% in FY2020–FY2025. Diluted EPS increased by 215.5% in FY2025 against FY2024 to $1.83 in FY2025, while diluted EPS compound annual growth was 5.92% in FY2022–FY2025 and 27.6% in FY2020–FY2025.

Free cash flow was $1.4 billion in FY2025 and increased by 45.1% in FY2025 against FY2024; its compound annual growth was 11.8% in FY2022–FY2025 and 11.0% in FY2020–FY2025. Revenue increased by 16.6%, diluted EPS by 18.5%, and free cash flow by 223.8% in Q2 FY2026 against Q2 FY2025.

Profitability

Gross margin was 36.0% in FY2025, an increase of 3.4 percentage points in FY2024–FY2025 and 4.7 percentage points in FY2020–FY2025. Operating margin was 14.6% in FY2025, up 5.9 percentage points in FY2024–FY2025 and 10.1 percentage points in FY2020–FY2025. Net margin was 11.1% in FY2025, up 6.6 percentage points in FY2024–FY2025 and 6.5 percentage points in FY2020–FY2025.

Gross margin was 36.1% and operating margin was 15.5% in Q2 FY2026. Return on equity was 13.7%, return on assets was 5.44%, and return on invested capital was 7.41% in FY2025. These returns were higher in FY2025 than in FY2024, when return on equity was 4.41%, return on assets was 1.80%, and return on invested capital was 4.30%.

Balance sheet

Total debt was $8.4 billion, net debt was $6.9 billion, cash and short-term investments were $1.5 billion, and shareholders’ equity was $12.3 billion in FY2025. Working capital was $3.3 billion and book value per share was $14.39 in FY2025. Total debt, net debt, and shareholders’ equity were higher in FY2025 than in FY2024, while cash and short-term investments were lower in FY2025 than in FY2024.

Net debt was $5.9 billion in Q2 FY2026, compared with $7.2 billion in Q1 FY2026 and $6.0 billion in Q2 FY2025. The current ratio was 1.8× and debt to equity was 0.6× in Q2 FY2026.

Cash flow & capital return

Operating cash flow was $2.7 billion in FY2025, increasing by 39.0% in FY2025 against FY2024. Capital expenditure was $1.3 billion and free cash flow was $1.4 billion in FY2025; free cash flow represented 81.1% of net income in FY2025. Operating cash flow was $3.9 billion and free cash flow was $2.4 billion in the TTM to Q2 FY2026.

Dividends paid were $999.0 million and net share repurchases were $122.0 million in FY2025, while capital returned to shareholders was $1.1 billion in FY2025. Weighted average shares were 855.0 million shares in FY2025, compared with 853.0 million shares in FY2024. Weighted average shares were 862.0 million shares in Q2 FY2026.

Valuation

As of September 28, 2026, P/E was 68.6×, compared with the five-year median of 44.8× over the five fiscal years to FY2025 and 38.6× for the industry median. The P/E was 1.5× its five-year median and 1.8× the industry median as of September 28, 2026. P/S was 7.7× as of September 28, 2026, above the five-year median of 2.2×, the ten-year median of 2.3×, and the industry median of 3.2×.

P/B was 10.0× as of September 28, 2026, above the five-year median of 2.5×, the ten-year median of 2.2×, and the industry median of 3.3×. EV/Sales was 8.1× as of September 28, 2026, above the five-year and ten-year medians of 2.5× and the industry median of 3.5×. EV/Cash flow was 57.0× as of September 28, 2026, above the five-year median of 46.3× and ten-year median of 45.7×.

What changed since last quarter

Revenue increased by 8.71%, diluted EPS increased by 48.8%, and free cash flow increased by 4,216.7% in Q2 FY2026 against Q1 FY2026. Gross margin declined by −0.7 percentage points, while operating margin increased by 0.1 percentage points in Q2 FY2026 against Q1 FY2026. Net debt declined by −$1.3 billion in Q2 FY2026 against Q1 FY2026.

Revenue increased by 16.6%, diluted EPS increased by 18.5%, and free cash flow increased by 223.8% in Q2 FY2026 against Q2 FY2025. Management attributes the year-over-year sales increase to higher optical communications sales and higher polycrystalline silicon and solar-product sales, with continued Enterprise demand for Generative AI products cited within Optical Communications. Management says higher Optical Communications profit was partly offset by temporarily higher costs to ramp Solar capacity, while higher share-based compensation increased selling, general and administrative expense.

Open questions

  • How durable is demand in the Enterprise business that management links to Generative AI products?
  • How long will Solar capacity-ramp costs affect segment profitability?
  • How will planned capacity and technology investment affect future capital expenditure and free cash flow?
  • What are the terms and timing of the long-term supply agreement associated with the customer deposit?

Sources

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures come from the sources listed above and may contain errors; verify against the company's filings.