Revenue growth accelerated to 16.6% year-over-year in 2026Q2, with gross margin expanding to 36.1% from 29.2% in 2024Q2, though EPS of $0.64 missed consensus of $0.87.
Corning Inc (GLW) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 16.96B | 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 % | 19.41% | 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 | 10.8B | 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 | 6.16B | 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 % | 36.32% | 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 | 3.54B | 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 | 2.32B | 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 | 1.14B | 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 | 2.62B | 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 % | 15.47% | 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 | 3.72B | 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 % | 21.91% | 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 % | 21.92% | 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) | 1.09B | 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 | 2.81B | 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 | -315M | -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 | 42M | 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 | 357M | 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 | -218M | -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 | 2.41B | 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 % | 14.18% | 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 | 332M | 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 % | 13.8% | 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 | 1.9B | 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 % | 11.2% | 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 % | 131.99% | 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) | 2.07B | 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 | 567M | 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) | 2.18 | 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 % | 134.04% | 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 | 873.44M | 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 | 860M | 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% |
Quick answers to the most common questions about buying GLW stock.
For fiscal year 2025, Corning Inc (GLW) reported total revenue of $15.63B. This represents a 328.0% increase compared to $3.65B in 1996.
Corning Inc (GLW) is profitable, generating $1.60B in net income for the fiscal year ending 2025 with a net profit margin of 10.2%.
Corning Inc (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 Inc (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.
Key Metrics
Top Statement Risk
AI optical demand concentration
Metrics are mathematically derived from official filings.
Accelerating Growth on AI Optical Demand
Revenue grew 16.6% year-over-year in 2026Q2 to $4.5B, accelerating from 0.2% in 2024Q2, driven by Optical Communications and AI data center buildouts, per recent financial statements.
The revenue trajectory shows a clear inflection from near-flat growth in early 2024 to double-digit expansion by 2025, with the latest quarter reaching 16.6% YoY. This acceleration appears tied to hyperscaler capex and fiber density requirements, as management's raised guidance suggests sustained demand. However, the durability of this growth depends on continued AI infrastructure spending, which may be cyclical.
Gross Margin Recovery from Cyclical Lows
Gross margin expanded from 29.2% in 2024Q2 to 36.1% in 2026Q2, reflecting improved capacity utilization and product mix, as reported in quarterly filings.
The gross margin recovery of nearly 700 basis points over eight quarters indicates that the high-fixed-cost furnace model is benefiting from higher volumes, particularly in Optical and Display. While still below peers like Emerson (52.8%), the improvement suggests pricing power in specialized glass and fiber products. Investors should monitor whether this margin level is sustainable as capacity additions come online.
Operating Leverage Emerging from Cost Discipline
Operating income grew from $186M in 2024Q2 to $698M in 2026Q2, with operating margin expanding from 5.7% to 15.5%, indicating strong operating leverage, per income statement data.
The operating margin expansion outpaced gross margin gains, suggesting that SG&A and R&D costs are growing slower than revenue. For instance, SG&A as a percentage of revenue declined from 14.3% in 2024Q2 to 13.5% in 2026Q2, while R&D remained around 6.6% of revenue. This implies that the company is scaling efficiently, though the recent Q2 EPS miss versus consensus hints at potential cost pressures that warrant monitoring.
Earnings Quality Clouded by One-Time Items
Net income swung from -$117M in 2024Q3 to $559M in 2026Q2, but the 2025Q1 net margin of 4.5% suggests volatility from non-operating items, as per reported figures.
The earnings path shows significant volatility, with a loss in 2024Q3 and a sharp recovery thereafter, likely influenced by tax benefits or one-time charges. Stock-based compensation has risen from $60M to $135M over the period, which dilutes EPS but is non-cash. The gap between GAAP and 'Core' earnings, particularly due to yen hedges, may obscure underlying profitability, so investors should focus on operational trends.
R&D and SG&A Discipline Amid Growth
R&D spending rose from $258M in 2024Q1 to $299M in 2026Q2, but as a percentage of revenue it declined from 8.6% to 6.6%, indicating cost leverage, based on financial data.
The company has maintained R&D investment in absolute terms, which is critical for its moat, yet the ratio to revenue has fallen, suggesting efficiency gains. SG&A has also grown but at a slower pace than revenue, contributing to margin expansion. However, the recent Q2 EPS miss may indicate that cost pressures are emerging, possibly from higher energy or raw material costs, which could pressure margins if revenue growth slows.
AI Hype vs. Cyclical Reality
Despite strong growth, the 2026Q2 EPS of $0.64 missed consensus of $0.87, suggesting margin pressure or higher costs that could undermine the AI narrative, per recent earnings reports.
The market's optimism on AI-driven optical demand may be overdone, as the company's own earnings miss indicates that revenue growth is not translating proportionally to profits. If hyperscaler capex moderates, the high fixed-cost structure could lead to rapid margin compression, as seen in 2024. Additionally, the elevated valuation (P/E ~45x) leaves little room for error, making the stock vulnerable to multiple compression if growth decelerates.