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Corning Incorporated

GLW

Corning Incorporated • NYSE
$84.19 ▲ 0.70% (+0.58)
Market Cap $72.18 B
52w High $92.57
52w Low $37.31
Dividend Yield 1.12%
P/E 53.96
Volume 1.81M
Outstanding Shares 857.36M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.1B ▲ $931M ▲ $430M ▼ 10.488% ▼ $0.5 ▼ $955M ▼
Q2-2025 $3.862B ▲ $819M ▲ $469M ▲ 12.144% ▲ $0.55 ▲ $1.007B ▲
Q1-2025 $3.452B ▼ $769M ▼ $157M ▼ 4.548% ▼ $0.18 ▼ $641M ▼
Q4-2024 $3.501B ▲ $804M ▼ $310M ▲ 8.855% ▲ $0.35 ▲ $851M ▲
Q3-2024 $3.391B $835M $-117M -3.45% $-0.14 $332M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.648B ▲ $29.916B ▲ $17.911B ▲ $11.536B ▲
Q2-2025 $1.491B ▲ $28.745B ▲ $17.2B ▲ $11.116B ▲
Q1-2025 $1.359B ▼ $27.394B ▼ $16.266B ▼ $10.716B ▲
Q4-2024 $1.768B ▲ $27.735B ▼ $16.665B ▼ $10.686B ▼
Q3-2024 $1.613B $28.322B $16.855B $11.103B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $470M ▲ $784M ▲ $-299M ▲ $-324M ▼ $157M ▲ $450M ▲
Q2-2025 $469M ▲ $708M ▲ $-301M ▼ $-293M ▲ $132M ▲ $400M ▲
Q1-2025 $185M ▼ $151M ▼ $-165M ▲ $-403M ▼ $-409M ▼ $-57M ▼
Q4-2024 $340M ▲ $623M ▼ $-207M ▼ $-220M ▲ $155M ▼ $369M ▼
Q3-2024 $-95M $699M $-199M $-332M $194M $482M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
All Other
All Other
 $0 ▲$40.00M ▲$100.00M ▲$80.00M ▼
Automotive Products
Automotive Products
 $0 ▲$430.00M ▲$460.00M ▲$450.00M ▼
Display Technologies
Display Technologies
 $970.00M ▲$700.00M ▼$720.00M ▲$770.00M ▲
Life Sciences
Life Sciences
 $250.00M ▲$230.00M ▼$250.00M ▲$240.00M ▼
Optical Communications
Optical Communications
 $1.37Bn ▲$1.35Bn ▼$1.57Bn ▲$1.65Bn ▲
Polycrystalline Silicon
Polycrystalline Silicon
 $0 ▲$210.00M ▲$220.00M ▲$280.00M ▲
Specialty Materials
Specialty Materials
 $520.00M ▲$490.00M ▼$540.00M ▲$620.00M ▲
Environmental Technologies
Environmental Technologies
 $400.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown over the five‑year period but is below its earlier peak, showing that demand has been uneven across product lines and cycles. Profitability has come down from very strong levels a few years ago: operating profit and net income are clearly weaker than during the prior upcycle, even though sales are fairly similar. This points to margin pressure, likely from softer pricing, mixed demand in smartphones and displays, and ongoing cost inflation. The most recent year shows some recovery in sales and operating profit versus the prior year, but earnings remain far from their earlier highs, so the story today is more about stabilization than full profit rebound.

Balance Sheet

Balance Sheet The balance sheet looks solid but not getting stronger. Total assets have edged down slightly, cash on hand has stayed fairly steady, and debt remains sizable and roughly unchanged over time. Shareholders’ equity has gradually slipped, which can reflect a mix of shareholder returns and lower retained earnings. Overall, Corning appears to have a reasonable but not excessive financial cushion, with a meaningful reliance on debt that is manageable in normal conditions but worth watching if industry conditions worsen or if investment needs rise sharply.

Cash Flow

Cash Flow Corning consistently generates healthy cash from its operations, which is a key strength. Free cash flow has remained positive every year, but it has been modest at times because the company spends heavily on capital projects to support new technologies and capacity. This pattern suggests a business that can largely fund its own innovation and expansion, but with less spare cash when profits are under pressure. The trade‑off is clear: strong reinvestment in the business today that can support future growth, at the cost of near‑term cash flexibility.

Competitive Edge

Competitive Edge Corning holds a strong competitive position built on deep materials science expertise, long-standing customer relationships, and specialized manufacturing processes that are hard to copy. Its products are critical components in smartphones, displays, optical networks, semiconductor manufacturing, and pharmaceutical packaging, which provides diversification across several technology and industrial cycles. At the same time, key markets like consumer electronics and telecom infrastructure are cyclical and highly competitive, especially against lower‑cost international producers. This gives Corning a durable moat, but not immunity from periods of volume and pricing pressure when its end markets slow.

Innovation and R&D

Innovation and R&D Innovation is at the heart of Corning’s strategy. The company maintains a very large patent portfolio and continues to invest heavily in research and development, even when conditions are soft. Its track record includes Gorilla Glass, low‑loss optical fiber, advanced glass for chipmaking equipment, and improved pharmaceutical glass packaging. Looking forward, Corning is targeting growth in data‑center and AI connectivity, automotive smart glass and sensor covers, domestic solar components, and next‑generation display materials. These initiatives could support long‑term growth and margin improvement, but they also require ongoing spending and carry typical execution and adoption risks.

Summary

Corning today looks like a mature technology manufacturing business with solid cash generation, a respectable but somewhat leveraged balance sheet, and earnings that are below past peaks due to margin pressure. Its real strength lies in its scientific depth, proprietary processes, and embedded role in multiple tech supply chains, which together create a meaningful competitive moat. The key questions going forward are whether margins can recover as demand normalizes in core markets, and how effectively Corning converts its innovation pipeline in AI connectivity, automotive, solar, and advanced optics into sustained, higher‑quality earnings. The company appears financially stable enough to pursue these opportunities, but results will remain sensitive to global tech spending cycles and management’s execution on its growth roadmap.

NEWS

November 4, 2025 · 6:00 AM UTC

LibDib Partners with Corning & Company to Provide Spirits Distribution in California

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November 3, 2025 · 12:01 AM UTC

Ensurge and Corning announce collaboration to advance solid-state microbattery technology

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October 30, 2025 · 12:00 PM UTC

All Weather Group and Corning Forge Path Toward the Future of Window Performance

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October 28, 2025 · 7:00 AM UTC

Corning Announces Third-Quarter 2025 Financial Results(1) with Record Core Sales and Core EPS

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October 8, 2025 · 1:38 PM UTC

Corning Announces Quarterly Dividend

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