Revenue growth has accelerated to 20.0% in 2026Q1, while gross margins have recovered to 36.9% from a 2024Q2 cyclical low of 29.2%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 16.32B | 15.63B | 13.12B | 12.59B | 14.19B | 14.08B | 11.3B | 11.5B | 11.29B | 10.12B | 9.39B | 9.11B | 9.71B | 7.82B | 8.01B | 7.89B | 6.63B | 5.39B | 5.95B | 5.86B | 5.17B | 4.58B | 3.85B | 3.09B | 3.16B | 6.27B | 7.27B | 4.3B | 3.48B | 4.09B | 3.65B |
| Revenue Growth % | 20.05% | 19.14% | 4.21% | -11.28% | 0.76% | 24.59% | -1.74% | 1.89% | 11.61% | 7.73% | 3.06% | -6.22% | 24.25% | -2.41% | 1.55% | 18.97% | 22.93% | -9.3% | 1.5% | 13.26% | 12.99% | 18.81% | 24.72% | -2.34% | -49.55% | -13.76% | 69.25% | 23.34% | -14.81% | 12% | -31.27% |
| Cost of Goods Sold | 10.39B | 10.12B | 8.84B | 8.66B | 9.68B | 9.02B | 7.77B | 7.47B | 6.83B | 6.1B | 5.63B | 5.46B | 5.66B | 4.5B | 4.69B | 4.31B | 3.58B | 3.3B | 3.21B | 3.11B | 2.89B | 2.6B | 2.44B | 2.24B | 2.56B | 4.23B | 4.01B | 2.93B | 2.06B | 1.76B | 1.58B |
| COGS % of Revenue | - | 64.72% | 67.4% | 68.77% | 68.24% | 64.05% | 68.76% | 64.92% | 60.49% | 60.26% | 59.93% | 59.91% | 58.29% | 57.49% | 58.57% | 54.68% | 54.03% | 61.2% | 53.97% | 53.09% | 55.88% | 56.67% | 63.28% | 72.52% | 80.97% | 67.39% | 55.12% | 68.18% | 59.2% | 42.95% | 43.21% |
| Gross Profit | 5.93B | 5.51B | 4.28B | 3.93B | 4.51B | 5.06B | 3.53B | 4.04B | 4.46B | 4.02B | 3.76B | 3.65B | 4.05B | 3.32B | 3.32B | 3.58B | 3.05B | 2.09B | 2.74B | 2.75B | 2.28B | 1.98B | 1.42B | 849M | 602M | 1.82B | 2.91B | 1.81B | 1.86B | 1.76B | 1.45B |
| Gross Margin % | 36.31% | 35.28% | 32.6% | 31.23% | 31.76% | 35.95% | 31.24% | 35.08% | 39.51% | 39.74% | 40.07% | 40.09% | 41.71% | 42.51% | 41.43% | 45.32% | 45.97% | 38.8% | 46.03% | 46.91% | 44.12% | 43.33% | 36.72% | 27.48% | 19.03% | 29.02% | 40.02% | 42.14% | 53.36% | 43.04% | 39.6% |
| Gross Profit Growth % | - | 28.95% | 8.78% | -12.76% | -11% | 43.39% | -12.49% | -9.55% | 10.97% | 6.83% | 3.01% | -9.85% | 21.9% | 0.15% | -7.19% | 17.28% | 45.68% | -23.56% | -0.4% | 20.41% | 15.07% | 40.21% | 66.67% | 41.03% | -66.92% | -37.48% | 60.74% | -2.58% | 5.6% | 21.73% | -2.03% |
| Operating Expenses | 3.43B | 3.18B | 3.14B | 3.04B | 3.07B | 2.95B | 3.02B | 2.73B | 2.89B | 2.41B | 2.34B | 2.33B | 2.12B | 1.95B | 2.14B | 1.86B | 1.25B | 1.7B | 1.22B | 1.67B | 1.44B | 1.39B | 2.9B | 1.5B | 3.32B | 7.87B | 2.28B | 1.07B | 1.15B | 1.08B | 940.9M |
| OpEx % of Revenue | - | 20.37% | 23.94% | 24.16% | 21.62% | 20.96% | 26.74% | 23.72% | 25.56% | 23.84% | 24.91% | 25.58% | 21.83% | 24.98% | 26.71% | 23.62% | 18.82% | 31.55% | 20.48% | 28.46% | 27.77% | 30.4% | 75.25% | 48.67% | 104.99% | 125.45% | 31.35% | 24.99% | 32.95% | 26.35% | 25.77% |
| Selling, General & Admin | 2.23B | 2.07B | 1.93B | 1.84B | 1.9B | 1.83B | 1.75B | 1.58B | 1.8B | 1.47B | 1.46B | 1.51B | 1.2B | 1.13B | 1.21B | 1.03B | 1.01B | 881M | 901M | 912M | 857M | 756M | 653M | 599M | 716M | 1.09B | 1.04B | 667M | 542.8M | 541.6M | 499.4M |
| SG&A % of Revenue | - | 13.26% | 14.72% | 14.64% | 13.38% | 12.97% | 15.46% | 13.78% | 15.93% | 14.56% | 15.57% | 16.55% | 12.37% | 14.4% | 15.04% | 13.03% | 15.3% | 16.33% | 15.15% | 15.56% | 16.56% | 16.51% | 16.94% | 19.39% | 22.63% | 17.38% | 14.31% | 15.52% | 15.58% | 13.24% | 13.68% |
| Research & Development | 1.12B | 1.11B | 1.09B | 1.08B | 1.05B | 995M | 1.15B | 1.03B | 993M | 860M | 742M | 769M | 815M | 710M | 745M | 671M | 603M | 563M | 627M | 565M | 517M | 443M | 355M | 344M | 483M | 631M | 540M | 362.6M | 293.9M | 250.7M | 189.2M |
| R&D % of Revenue | - | 7.1% | 8.3% | 8.55% | 7.38% | 7.07% | 10.21% | 8.96% | 8.8% | 8.5% | 7.9% | 8.44% | 8.39% | 9.08% | 9.3% | 8.5% | 9.09% | 10.44% | 10.54% | 9.64% | 9.99% | 9.67% | 9.21% | 11.13% | 15.27% | 10.06% | 7.42% | 8.44% | 8.44% | 6.13% | 5.18% |
| Other Operating Expenses | 3M | 0 | 121M | 122M | 123M | 129M | 121M | 113M | 94M | 75M | 141M | 54M | 104M | 117M | 166M | 168M | -370M | 258M | -310M | 191M | 63M | 193M | 1.89B | 561M | 2.12B | 6.16B | 708M | 29M | 297.9M | 285.9M | 252.3M |
| Operating Income | 2.5B | 2.33B | 1.14B | 890M | 1.44B | 2.11B | 509M | 1.31B | 1.57B | 1.63B | 1.42B | 1.32B | 1.93B | 1.37B | 1.18B | 1.69B | 1.8B | 391M | 1.52B | 1.08B | 846M | 772M | 369M | -655M | -2.72B | -6.05B | 409.5M | 737M | 710.9M | 682.6M | 505.3M |
| Operating Margin % | 15.31% | 14.91% | 8.65% | 7.07% | 10.13% | 15% | 4.5% | 11.35% | 13.95% | 16.11% | 15.17% | 14.51% | 19.88% | 17.53% | 14.72% | 21.47% | 27.16% | 7.25% | 25.55% | 18.45% | 16.35% | 16.86% | 9.57% | -21.2% | -85.97% | -96.43% | 5.63% | 17.15% | 20.4% | 16.69% | 13.84% |
| Operating Income Growth % | - | 105.37% | 27.53% | -38.11% | -31.91% | 314.93% | -61.03% | -17.08% | -3.37% | 14.47% | 7.72% | -31.54% | 40.85% | 16.29% | -30.4% | -5.94% | 360.61% | -74.28% | 40.61% | 27.78% | 9.59% | 109.21% | 156.34% | 75.92% | 55.03% | -1576.92% | -44.44% | 3.67% | 4.15% | 35.09% | -13.9% |
| EBITDA | 3.54B | 3.68B | 2.48B | 2.26B | 2.89B | 3.59B | 2.03B | 2.81B | 2.87B | 2.79B | 2.62B | 2.51B | 3.13B | 2.37B | 2.18B | 2.65B | 2.65B | 1.18B | 2.21B | 1.69B | 1.44B | 1.28B | 892M | -138M | -2.06B | -4.99B | 1.16B | 1.14B | 1.01B | 968.5M | 757.6M |
| EBITDA Margin % | 21.69% | 23.53% | 18.94% | 17.95% | 20.37% | 25.51% | 17.95% | 24.42% | 25.4% | 27.56% | 27.89% | 27.51% | 32.23% | 30.35% | 27.16% | 33.6% | 40.03% | 21.93% | 37.24% | 28.81% | 27.77% | 28.04% | 23.14% | -4.47% | -65.08% | -79.53% | 15.9% | 26.55% | 28.96% | 23.68% | 20.75% |
| EBITDA Growth % | 33.18% | 48.01% | 10% | -21.83% | -19.57% | 77.08% | -27.77% | -2.06% | 2.87% | 6.45% | 4.51% | -19.96% | 31.94% | 9.05% | -17.92% | -0.15% | 124.43% | -46.59% | 31.22% | 17.47% | 11.92% | 43.95% | 746.38% | 93.3% | 58.72% | -531.3% | 1.36% | 13.1% | 4.16% | 27.84% | -9.65% |
| D&A (Non-Cash Add-back) | 1.04B | 1.35B | 1.35B | 1.37B | 1.45B | 1.48B | 1.52B | 1.5B | 1.29B | 1.16B | 1.2B | 1.18B | 1.2B | 1B | 997M | 957M | 854M | 792M | 695M | 607M | 591M | 512M | 523M | 517M | 661M | 1.06B | 747M | 404M | 297.9M | 285.9M | 252.3M |
| EBIT | 2.73B | 2.39B | 1.14B | 1.15B | 2.09B | 2.73B | 899M | 1.44B | 1.69B | 1.81B | 3.85B | 1.63B | 3.69B | 2.59B | 2.09B | 3.32B | 3.95B | 2.02B | 2.94B | 1.37B | 852M | 607M | -1.49B | -544M | -640M | -331M | 1.09B | 738M | 710.9M | 682.6M | 505.3M |
| Net Interest Income | -311M | -298M | -282M | -291M | -277M | -289M | -261M | -200M | -153M | -110M | -127M | -119M | -97M | -112M | -97M | -70M | -98M | -63M | 26M | 63M | 0 | 0 | 0 | 0 | 0 | 0 | -2M | 0 | 0 | 0 | 0 |
| Interest Income | 35M | 38M | 47M | 38M | 15M | 11M | 15M | 21M | 38M | 45M | 32M | 21M | 26M | 8M | 14M | 19M | 11M | 19M | 85M | 145M | 0 | 0 | 0 | 0 | 0 | 0 | 104.6M | 0 | 0 | 0 | 0 |
| Interest Expense | 346M | 336M | 329M | 329M | 292M | 300M | 276M | 221M | 191M | 155M | 159M | 140M | 123M | 120M | 111M | 89M | 109M | 82M | 59M | 82M | 0 | 0 | 0 | 0 | 0 | 0 | 106.6M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -158M | -279M | -322M | -74M | 359M | 314M | 114M | -90M | -72M | 49M | 2.27B | 164M | 1.64B | 1.1B | 796M | 1.52B | 2.04B | 1.54B | 3M | 210M | 115M | 398M | -1.95B | -104M | 0 | -113M | 281.9M | -62M | -206.6M | -64.2M | -30.6M |
| Pretax Income | 2.34B | 2.05B | 813M | 816M | 1.8B | 2.43B | 623M | 1.22B | 1.5B | 1.66B | 3.69B | 1.49B | 3.57B | 2.47B | 1.98B | 3.21B | 3.85B | 1.93B | 1.52B | 1.29B | 961M | 1.17B | -1.58B | -759M | -2.72B | -6.16B | 691.4M | 675M | 504.3M | 618.4M | 474.7M |
| Pretax Margin % | 14.34% | 13.13% | 6.2% | 6.48% | 12.66% | 17.23% | 5.51% | 10.57% | 13.31% | 16.38% | 39.32% | 16.31% | 36.73% | 31.63% | 24.65% | 40.72% | 57.98% | 35.85% | 25.61% | 22.03% | 18.57% | 25.55% | -41% | -24.56% | -85.97% | -98.23% | 9.51% | 15.71% | 14.47% | 15.12% | 13% |
| Income Tax | 376M | 310M | 221M | 168M | 411M | 491M | 111M | 256M | 437M | 2.15B | -3M | 147M | 1.1B | 512M | 339M | 408M | 287M | -74M | -2.4B | 80M | 55M | 578M | 1.03B | -254M | -726M | -468M | 269.4M | 207M | 149.5M | 209.5M | 151.4M |
| Effective Tax Rate % | 16.06% | 15.11% | 27.18% | 20.59% | 22.87% | 20.24% | 17.82% | 21.05% | 29.08% | 129.99% | -0.08% | 9.89% | 30.72% | 20.7% | 17.16% | 12.7% | 7.46% | -3.83% | -157.91% | 6.2% | 5.72% | 49.4% | -65.25% | 33.47% | 26.69% | 7.6% | 38.96% | 30.67% | 29.65% | 33.88% | 31.89% |
| Net Income | 1.81B | 1.6B | 506M | 581M | 1.32B | 1.91B | 512M | 960M | 1.07B | -497M | 3.69B | 1.34B | 2.47B | 1.96B | 1.64B | 2.82B | 3.56B | 2.01B | 5.26B | 2.15B | 1.85B | 585M | -2.19B | -223M | -1.3B | -5.5B | 422M | 516M | 421.3M | 439.8M | 175.6M |
| Net Margin % | 11.09% | 10.21% | 3.86% | 4.62% | 9.27% | 13.54% | 4.53% | 8.35% | 9.44% | -4.91% | 39.35% | 14.7% | 25.45% | 25.08% | 20.42% | 35.7% | 53.65% | 37.22% | 88.38% | 36.69% | 35.85% | 12.78% | -56.69% | -7.22% | -41.15% | -87.66% | 5.8% | 12.01% | 12.09% | 10.75% | 4.81% |
| Net Income Growth % | 298.68% | 215.41% | -12.91% | -55.85% | -30.95% | 272.27% | -46.67% | -9.94% | 314.49% | -113.45% | 175.95% | -45.83% | 26.06% | 19.87% | -41.92% | -20.83% | 77.19% | -61.8% | 144.51% | 15.9% | 217.09% | 126.77% | -879.82% | 82.87% | 76.32% | -1402.84% | -18.22% | 22.48% | -4.21% | 150.46% | 445.67% |
| Net Income (Continuing) | 1.97B | 1.74B | 592M | 648M | 1.39B | 1.94B | 512M | 960M | 1.07B | -497M | 3.69B | 1.34B | 2.47B | 1.96B | 1.72B | 2.8B | 3.56B | 2.01B | 5.26B | 1.21B | 1.87B | 592M | -2.61B | -223M | -1.78B | -5.53B | 363M | 511M | 354.8M | 408.9M | 323.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 537M | 500M | 384M | 317M | 267M | 212M | 191M | 90M | 94M | 72M | 67M | 75M | 73M | 49M | 47M | 51M | 51M | 52M | 48M | 46M | 45M | 43M | 29M | 36M | 59M | 119M | 139M | 284.8M | 711.3M | 715.6M | 675.8M |
| EPS (Diluted) | 2.10 | 1.85 | 0.58 | 0.68 | 1.54 | 1.28 | 0.54 | 1.07 | 1.13 | -0.66 | 3.23 | 1.00 | 1.73 | 1.34 | 1.15 | 1.77 | 2.25 | 1.28 | 3.32 | 1.34 | 1.16 | 0.38 | -1.61 | -0.22 | -1.39 | -5.89 | 0.49 | 0.59 | 0.19 | 0.21 | 0.08 |
| EPS Growth % | 303.85% | 218.97% | -14.71% | -55.84% | 20.31% | 137.04% | -49.53% | -5.31% | 271.21% | -120.43% | 223% | -42.2% | 29.1% | 16.52% | -35.03% | -21.33% | 75.78% | -61.45% | 147.76% | 15.52% | 205.26% | 123.6% | -631.82% | 84.17% | 76.4% | -1302.04% | -16.95% | 210.53% | -9.52% | 152.1% | 213.03% |
| EPS (Basic) | - | 1.86 | 0.59 | 0.69 | 1.56 | 1.30 | 0.54 | 1.23 | 1.19 | -0.66 | 3.53 | 1.02 | 1.82 | 1.35 | 1.16 | 1.80 | 2.28 | 1.30 | 3.37 | 1.37 | 1.20 | 0.40 | -1.61 | -0.22 | -1.39 | -5.89 | 0.49 | 0.62 | 0.19 | 0.21 | 0.08 |
| Diluted Shares Outstanding | 862.79M | 860M | 869M | 859M | 857M | 844M | 772M | 899M | 941M | 895M | 1.14B | 1.34B | 1.43B | 1.46B | 1.51B | 1.58B | 1.58B | 1.57B | 1.58B | 1.57B | 1.6B | 1.54B | 1.39B | 1.01B | 1.03B | 933.62M | 877.03M | 877.03M | 694.5M | 694.8M | 686.1M |
| Basic Shares Outstanding | 862.79M | 860M | 853M | 848M | 843M | 828M | 761M | 776M | 941M | 895M | 1.02B | 1.22B | 1.3B | 1.45B | 1.49B | 1.56B | 1.56B | 1.55B | 1.56B | 1.57B | 1.55B | 1.46B | 1.39B | 1.01B | 1.03B | 933.62M | 859.18M | 835.19M | 694.5M | 694.8M | 686.1M |
| Dividend Payout Ratio | - | 62.59% | 194.86% | 170.22% | 70.82% | 45.7% | 153.71% | 77.29% | 64.26% | - | 17.46% | 50.71% | 23.91% | 28.86% | 28.85% | 12.57% | 8.8% | 15.54% | 5.95% | 7.35% | - | - | - | - | - | - | 19.72% | 34.3% | 39.95% | 38.15% | 95.22% |
Cyclical demand and utilization
According to recent quarterly financial disclosures, Corning has achieved a notable revenue acceleration, with year-over-year growth reaching 20.0% in 2026Q1, marking a significant recovery from the stagnant performance observed in early 2024 when top-line growth hovered near zero percent.
The recent double-digit growth suggests a successful pivot toward high-density optical interconnects, likely benefiting from AI-driven data center infrastructure spending. Investors should monitor whether this trajectory represents a structural shift in demand or merely a cyclical catch-up following the inventory digestion phases of the previous fiscal year.
As reported in the company's income statements, gross margins have expanded from a cyclical low of 29.2% in 2024Q2 to 36.9% in 2026Q1, illustrating the high sensitivity of Corning's fusion-draw manufacturing process to fluctuations in factory capacity utilization rates.
The improvement in gross margin appears to validate the company's high-fixed-cost operating model, where incremental volume directly translates to better absorption of furnace energy and maintenance expenses. Sustaining these margins will likely depend on the company's ability to maintain high utilization across its specialized glass-melting facilities amidst volatile consumer electronics demand.
Based on the provided income statement data, operating income has scaled significantly from $186 million in 2024Q2 to $639 million in 2026Q1, indicating that the company is successfully leveraging its fixed cost base as revenue growth accelerates across its core business segments.
The expansion of operating margins from 5.7% to 15.4% over the same period suggests that management has maintained disciplined control over SG&A expenses while scaling production. This trend implies that the company is effectively capturing operating leverage, provided that the current revenue growth trajectory remains intact.
Financial filings indicate that while R&D spending has remained relatively consistent near $278 million per quarter, SG&A costs have shown variability, peaking at $624 million in 2025Q3 before moderating to $588 million in 2026Q1, reflecting management's efforts to balance innovation investment with operational efficiency.
The stability of R&D investment underscores the company's commitment to maintaining its proprietary fusion-draw moat, which is essential for long-term competitiveness. However, the fluctuations in SG&A warrant further investigation to determine if these costs are tied to variable project-based optical deployments or structural overhead increases.
While recent figures show a robust 20% revenue increase, skeptics might argue that this performance is heavily reliant on a temporary surge in AI-related optical demand, potentially masking underlying weakness in the more mature and cyclical Display and Specialty Materials segments.
The reliance on high-density optical interconnects for growth may leave the company vulnerable if data center capital expenditure cycles decelerate or if consumer electronics replacement cycles remain sluggish. Investors should be cautious about extrapolating current growth rates, as the company's historical sensitivity to Asian panel-maker utilization remains a persistent risk factor.
Quick answers to the most common questions about buying GLW stock.
For fiscal year 2025, Corning Incorporated (GLW) reported total revenue of $15.63B. This represents a 328.0% increase compared to $3.65B in 1996.
Corning Incorporated (GLW) is profitable, generating $1.60B in net income for the fiscal year ending 2025 with a net profit margin of 10.2%.
Corning Incorporated (GLW) reported an operating income of $2.33B, resulting in an operating profit margin of 14.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Corning Incorporated (GLW) generated $5.51B in gross profit for the year, representing a gross profit margin of 35.3%. This demonstrates the company's core pricing power and production efficiency.