NYSE: GLW
Corning
Technology · Drawing & Insulating of Nonferrous Wire
52-week range
$77.39$271.78
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$132B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $22.5B |
| FY2017, ended Dec 31, 2017 | $27.4B |
| FY2018, ended Dec 31, 2018 | $23.8B |
| FY2019, ended Dec 31, 2019 | $22.2B |
| FY2020, ended Dec 31, 2020 | $27.7B |
| FY2021, ended Dec 31, 2021 | $31.5B |
| FY2022, ended Dec 31, 2022 | $27.0B |
| FY2023, ended Dec 31, 2023 | $26.0B |
| FY2024, ended Dec 31, 2024 | $40.7B |
| FY2025, ended Dec 31, 2025 | $75.1B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $132B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$17.7B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $9.39B |
| FY2017, ended Dec 31, 2017 | $10.1B |
| FY2018, ended Dec 31, 2018 | $11.3B |
| FY2019, ended Dec 31, 2019 | $11.5B |
| FY2020, ended Dec 31, 2020 | $11.3B |
| FY2021, ended Dec 31, 2021 | $14.1B |
| FY2022, ended Dec 31, 2022 | $14.2B |
| FY2023, ended Dec 31, 2023 | $12.6B |
| FY2024, ended Dec 31, 2024 | $13.1B |
| FY2025, ended Dec 31, 2025 | $15.6B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $17.7B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $3.69B | — |
| FY2017, ended Dec 31, 2017 | −$497M | — |
| FY2018, ended Dec 31, 2018 | $1.07B | $677M |
| FY2019, ended Dec 31, 2019 | $960M | $53.0M |
| FY2020, ended Dec 31, 2020 | $512M | $803M |
| FY2021, ended Dec 31, 2021 | $1.91B | $1.77B |
| FY2022, ended Dec 31, 2022 | $1.32B | $1.01B |
| FY2023, ended Dec 31, 2023 | $581M | $615M |
| FY2024, ended Dec 31, 2024 | $506M | $974M |
| FY2025, ended Dec 31, 2025 | $1.60B | $1.41B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.15B | $2.46B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$2.54B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $5.29B |
| FY2017, ended Dec 31, 2017 | $4.32B |
| FY2018, ended Dec 31, 2018 | $2.35B |
| FY2019, ended Dec 31, 2019 | $2.43B |
| FY2020, ended Dec 31, 2020 | $2.67B |
| FY2021, ended Dec 31, 2021 | $2.15B |
| FY2022, ended Dec 31, 2022 | $1.67B |
| FY2023, ended Dec 31, 2023 | $1.78B |
| FY2024, ended Dec 31, 2024 | $1.77B |
| FY2025, ended Dec 31, 2025 | $1.53B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.54B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$8.20B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.90B |
| FY2017, ended Dec 31, 2017 | $5.13B |
| FY2018, ended Dec 31, 2018 | $6.00B |
| FY2019, ended Dec 31, 2019 | $7.74B |
| FY2020, ended Dec 31, 2020 | $7.97B |
| FY2021, ended Dec 31, 2021 | $7.04B |
| FY2022, ended Dec 31, 2022 | $6.91B |
| FY2023, ended Dec 31, 2023 | $7.53B |
| FY2024, ended Dec 31, 2024 | $7.21B |
| FY2025, ended Dec 31, 2025 | $8.43B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $8.20B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 7.2% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.861M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 928M |
| FY2017, ended Dec 31, 2017 | 857M |
| FY2018, ended Dec 31, 2018 | 787M |
| FY2019, ended Dec 31, 2019 | 764M |
| FY2020, ended Dec 31, 2020 | 768M |
| FY2021, ended Dec 31, 2021 | 846M |
| FY2022, ended Dec 31, 2022 | 847M |
| FY2023, ended Dec 31, 2023 | 853M |
| FY2024, ended Dec 31, 2024 | 857M |
| FY2025, ended Dec 31, 2025 | 858M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 861M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $368M more issued than bought back
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $4.23B | $42.0M |
| FY2017, ended Dec 31, 2017 | $2.45B | $46.0M |
| FY2018, ended Dec 31, 2018 | $2.23B | $51.0M |
| FY2019, ended Dec 31, 2019 | $940M | $56.0M |
| FY2020, ended Dec 31, 2020 | $105M | $207M |
| FY2021, ended Dec 31, 2021 | $274M | $190M |
| FY2022, ended Dec 31, 2022 | $221M | $175M |
| FY2023, ended Dec 31, 2023 | — | $218M |
| FY2024, ended Dec 31, 2024 | $165M | $273M |
| FY2025, ended Dec 31, 2025 | $163M | $286M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | — | $368M |
Revenue (TTM)
$17.7B
+18.8% YoY
Net income (TTM)
$2.15B
+57.4% YoY
Cash
$2.54B
+53.9% YoY
Total debt
$8.20B
−0.2% YoY
Valuation
At current price- Market Cap
- $106B
- P/E
- 49.4×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 6.0×
- Price / Book
- 7.8×
- EV / EBITDA
- 25.4×
Growth
Trailing 12 months- Revenue (TTM)
- $17.7B
- Revenue Growth YoY
- 18.8%
- Revenue CAGR 3Y
- 3.3%
- Revenue CAGR 5Y
- 6.7%
- EPS Growth YoY
- 58.3%
- Net Income Growth YoY
- 57.4%
Profitability
Trailing 12 months- Gross Margin
- 36.5%
- Operating Margin
- 16.5%
- Net Margin
- 12.1%
- FCF Margin
- 13.9%
- Return on Equity
- 17.1%
Earnings
Trailing 12 months- Net Income
- $2.15B
- EPS (diluted)
- $2.47
- EBITDA
- $4.41B
- Operating Income
- $2.92B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $2.54B
- Total Debt
- $8.20B
- Net Debt
- $5.66B
- Total Assets
- $34.1B
- Total Liabilities
- $19.8B
- Shareholders' Equity
- $13.7B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $4.19B
- Capital Expenditure
- $1.73B
- Free Cash Flow
- $2.46B
Dividends and risk
Last 12 months- Dividend Yield
- 0.9%
- Dividend / Share
- $1.12
- Beta (5Y)
- 1.11
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 18.8% year over year, at $17.7B.
Strength
Operating margin widened 3.1 pts in a year, to 16.5%.
Note
Net debt of $5.66B is 1.3× EBITDA, a manageable load.
Note
Free cash flow of $2.46B, 13.9% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 29, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K78Good news
78Good news
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 12, 2026 · Read the filing on EDGAR
- Sales rose 19% to $15.6 billion and net income roughly tripled to $1.6 billion, mainly because Optical Communications sales jumped 35% on AI data center demand.
- Corning says it hit its Springboard sales and 20% core operating margin targets a year early, after raising the sales target to $4 billion in March 2025.
- Management expects first-quarter 2026 core sales of $4.2–4.3 billion, well above the $3.6 billion it guided for the first quarter of 2025.
- The solar business (Hemlock and Emerging Growth Businesses) grew sales 33% but swung to a loss because of costs to ramp up production.
Business momentum
Strong improvement
“Net sales for the year ended December 31, 2025 increased by $2.5 billion, or 19%, when compared to the same period in 2024.”
Outlook
Guidance raised
“We communicated a high-confidence plan to add $3 billion in incremental annualized core sales by the end of 2026 (as compared to our Springboard starting point), and in March 2025 we upgraded this high-confidence plan to $4 billion.”
Financial stress
Low
“Our financial condition and liquidity are strong.”
Tone against the previous report
More positive
Red flags
None found in this report.
Positives
AI-driven optical growth
“The increase in segment net sales was primarily due to continued growth in our Enterprise business driven by strong demand for our Generative AI products”
Profit targets reached a year early
“as of the fourth quarter of 2025, we achieved both our growth and profitability targets a full year ahead of plan.”
Higher cash from operations
“During the years ended December 31, 2025 and 2024, cash flows provided by operating activities were $2.7 billion and $1.9 billion, respectively.”
Concerns
Solar unit swung to a loss
“The decrease in segment net income was primarily driven by temporarily higher costs to ramp up capacity to produce more polysilicon, solar wafers and solar modules.”
Display and Automotive sales fell
“The decrease in segment net sales was primarily due to softness in heavy-duty diesel market and unfavorable impacts of foreign exchange movements.”
Debt and customer payment times rising
“Total debt to total capital 41 % 39 %”
New risks since the previous report
Solar business depends on government incentives
“In connection with our recent entry into the solar industry, we face risks specific to this sector, such as dependence on government manufacturing tax incentives, exposure to policy and regulatory changes”
IRS tax audits could be costly
“However, if the Company is ultimately unsuccessful in defending its position, the impact could be material to its consolidated financial statements.”
Reliance on data center spending
“the optical communications business faces risks related to fluctuations in telecommunication and hyperscale data center capital spending”
Biggest risks named
- Dependence on Optical Communications and Display profits
- Heavy reliance on a few large customers
- Foreign currency swings, especially the yen
- Tariffs and trade tensions
- Execution and policy risk in the new solar business
Artificial intelligence in this business: Material to the business
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +5 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −1.5 | |
| Score | 78 | |
Written by AI (Claude Opus 5.5) from the report’s text. 12 of 12 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 29, 2026 | Pro | |||
| 10-K | Feb 12, 2026 | 78 | Strong improvement | None | |
| 10-K | Feb 13, 2025 | 60 | Mixed | 1 minor | |
| 10-K | Feb 12, 2024 | 40 | Sharp deterioration | 1 minor | |
| 10-K | Feb 13, 2023 | 50 | Mixed | 1 medium1 minor | |
| 10-K | Feb 14, 2022 | 75 | Strong improvement | None | |
| 10-K | Feb 12, 2021 | 43 | Sharp deterioration | 1 medium2 minor | |
| 10-K | Feb 18, 2020 | 46 | Mixed | 2 medium | |
| 10-K | Feb 12, 2019 | 67 | Improving | 2 minor | |
| 10-K | Feb 15, 2018 | 46 | Sharp deterioration | 1 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 29, 2026. View filings on SEC EDGAR