Corning Incorporated (GLW) financials
NYSE · Technology · Hardware, Equipment & Parts · 67,200 employees · CEO Wendell Weeks
- Price
- $123.31 -4.32%
- Market cap
- $106B
- Enterprise value
- $112B
- Last report
- Q3 '26 filed 2026-10-29
- Next report
- 2027-01-27
Revenue (TTM)$17.7B+18.8% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)16.6%+3.2 pp vs a year agoOperating income $2.95B
Net income (TTM)$2.15B+57.4% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$2.46B+111.8% vs a year agoCapex $1.73B
Diluted EPS (TTM)$2.48+57.0% vs a year agoSum of the last 4 quarters
Net cash-$5.66B+24.9% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $106B EV $112B
- Revenue
- $17.7B Trailing 12 months
- Revenue growth
- +24% FY2026 consensus
- Profit margin
- 12.1% Net income / revenue, TTM
- P/E
- 49.3× Forward 36.7× (FY2026)
- P/S
- 6.0× Price / sales, TTM
- EV / EBITDA
- 23.7× TTM
- Free cash flow
- $2.46B Trailing 12 months
- Net income
- $2.15B Trailing 12 months
- Revenue estimate
- $19.4B FY2026 consensus
- Earnings
- 2027-01-27
- Dividend
- $1.12 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Revenue growth slowing: 18.4% year on yearQ3 '26 revenue $4.86B, against an average of 19.5% over the four quarters before.
- Operating margin 16.6% (TTM), +3.2 pp on a year agoOperating income grew 47.3% while revenue grew 18.8%.
- Capex 9.8% of revenue (a year ago 7.4%)$1.73B invested in the last 4 quarters (+56.8% on a year earlier). Free cash flow $2.46B = 114.5% of net income.
- Returned $1.02B to shareholders = 41.3% of free cash flowBuybacks $5M (a year earlier $222M), dividends $1.01B, stock-based pay $368M (TTM).
- Diluted share count up 1.3% in a year871M diluted shares in Q3 '26, 860M a year earlier.
- Net debt $5.66BCash + short-term investments $2.54B, debt incl. leases $8.2B; a year ago net debt $7.54B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $4.86B | $4.1B | +18.4% |
| Gross margin | 37.3% | 37.1% | +0.2 pp |
| Operating income | $911M | $589M | +54.7% |
| Operating margin | 18.8% | 14.4% | +4.4 pp |
| Net income | $680M | $430M | +58.1% |
| Diluted EPS | $0.78 | $0.50 | +56.0% |
| Operating cash flow | $1.06B | $784M | +35.3% |
| Capex | $545M | $334M | +63.2% |
| Free cash flow | $516M | $450M | +14.7% |
| R&D | $314M | $280M | +12.1% |
| Stock-based compensation | $48M | $99M | -51.5% |
Revenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Optical Communications | $2.38B | +44.0% | 75.8% | – | – | |
| Optical communications products | – | – | – | – | – | |
| Electronics glass and advanced optics products | – | – | – | – | – | |
| Display Technologies | – | – | – | – | – | |
| Specialty Materials | – | – | – | – | – | |
| Automotive products | – | – | – | – | – | |
| Automotive Products | $471M | +4.0% | 15.0% | – | – | |
| Polycrystalline silicon and solar products | – | – | – | – | – | |
| All Other | $41M | -48.1% | 1.3% | – | – | |
| Polycrystalline Silicon | – | – | – | – | – | |
| Life Sciences | $247M | +2.5% | 7.9% | – | – | |
| Life Sciences products | – | – | – | – | – | |
| All other products | – | – | – | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $4.19B
- Capex
- -$1.73B
- Buybacks
- -$5M
- Dividends
- -$1.01B
- Acquisitions
- $0
- Net debt issued
- -$950M
- Stock-based compensation
- $368M
- Free cash flow
- $2.46B
- Returned to shareholders / FCF
- 41.3%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 49.3× | 44.2× | 20.5× – 80.5× |
| EV / EBITDA | 23.7× | 14.4× | 8.7× – 22.5× |
| EV / Sales | 6.3× | 3.3× | 2.3× – 5.4× |
| Price / FCF | 43.2× | 36.2× | 17.4× – 53.3× |
| Price / Book | 7.8× | 3.4× | 2.2× – 6.4× |
| FCF yield | 2.3% | 3.2% | 1.9% – 5.8% |
| Return on invested capital | 8.6% | 5.0% | 2.9% – 7.5% |
| Return on equity | 17.3% | 9.9% | 4.7% – 15.5% |
Analysts
Consensus target $167.71 (+36.0%)
range $132.00 – $200.00 · rating Buy
Strong buy0
Buy21
Hold14
Sell2
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $19.4B | +24.1% | $3.36 | +81.6% | 36.7× | 9 |
| FY2027 | $23.4B | +20.6% | $4.50 | +34.1% | 27.4× | 11 |
| FY2028 | $28.4B | +21.4% | $6.16 | +36.8% | 20.0× | 7 |
| FY2029 | $33.6B | +18.4% | $7.32 | +18.8% | 16.8× | 2 |
| FY2030 | $39.7B | +18.1% | $9.07 | +23.9% | 13.6× | 4 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 300 figures Corning Inc tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $2.49B | $2.03B | +22.8% | $1.98B | $1.47B | +34.4% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $3.1B | $2.51B | +23.6% | $2.78B | $2.05B | +35.4% |
| Accounts Receivable, Allowance for Credit Loss, Current | $28M | $29M | -3.4% | $27M | $33M | -18.2% |
| Accrued Income Taxes, Current | $77M | $85M | -9.4% | $98M | $109M | -10.1% |
| Accrued Liabilities, Current | $3.16B | $2.74B | +15.5% | $2.85B | $3.12B | -8.8% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $16B | $15.2B | +5.4% | $15.2B | $14.5B | +5.1% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$1.93B | -$2.02B | +4.2% | -$2.11B | -$2.54B | +17.2% |
| Additional Paid in Capital, Common Stock | $18.7B | $17.5B | +6.8% | $17.6B | $17.3B | +1.8% |
| Adjustments to Additional Paid in Capital, Warrant Issued | $796M2026-06-30 | – | – | – | – | – |
| Amortization of Intangible Assets | $22M | $27M | -18.5% | $110M | $121M | -9.1% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 15M | 1M | +1,400.0% | 0 | 0 | – |
| AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | $1M2025-09-30 | $41M | -97.6% | -$11M2024-12-31 | $54M | -120.4% |
| Assets | $34.1B | $29.9B | +14.1% | $31B | $27.7B | +11.7% |
| Assets, Current | $11.3B | $8.68B | +30.7% | $8.94B | $7.99B | +11.8% |
| Business Combination, Contingent Consideration, Liability, Noncurrent | $132M | $150M | -12.0% | $136M | – | – |
| Capital Expenditures Incurred but Not yet Paid | – | – | – | $241M | $149M | +61.7% |
| Cash and Cash Equivalents, at Carrying Value | $2.54B | $1.65B | +53.9% | $1.53B | $1.77B | -13.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $2.55B | $1.65B | +54.8% | $1.57B | $1.77B | -11.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $40M | $157M | -74.5% | -$202M | -$11M | -1,736.4% |
| Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 18M2026-05-06 | – | – | – | – | – |
| Common Stock, Dividends, Per Share, Declared | $0.562026-06-30 | $0.56 | 0.0% | $1.12 | $1.12 | 0.0% |
| Common Stock, Par or Stated Value Per Share | $0.50 | $0.50 | 0.0% | $0.50 | $0.50 | 0.0% |
| Common Stock, Shares Authorized | 3.8B | 3.8B | 0.0% | 3.8B | 3.8B | 0.0% |
| Common Stock, Shares, Issued | 1.9B | 1.8B | +5.6% | 1.8B | 1.8B | 0.0% |
| Common Stock, Value, Issued | $927M | $924M | +0.3% | $924M | $921M | +0.3% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $66M | $40M | +65.0% | $146M | $86M | +69.8% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.07B | $347M | +208.1% | $2.03B | $11M | +18,390.9% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $1.14B | $387M | +193.3% | $2.18B | $97M | +2,147.4% |
| Contract with Customer, Liability | $2.7B | $1.1B | +145.5% | $1.5B | $1.1B | +36.4% |
| Contract with Customer, Liability, Current | $501M | $177M | +183.1% | $160M | $127M | +26.0% |
| Contract with Customer, Liability, Noncurrent | $2.2B | $887M | +148.0% | $1.34B | $983M | +35.8% |
| Contract with Customer, Liability, Revenue Recognized | $51M | $42M | +21.4% | $177M | $0 | – |
| Cost of Revenue | $3.05B | $2.58B | +18.0% | $10B | $8.84B | +13.2% |
| Current Federal Tax Expense (Benefit) | – | – | – | $339M | $6M | +5,550.0% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $300M | $242M | +24.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $26M | $6M | +333.3% |
| Debt, Current | $933M | $812M | +14.9% | $804M | $326M | +146.6% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$324M | -$63M | -414.3% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$12M | $36M | -133.3% |
| Deferred Income Tax Assets, Net | $1.62B | $1.3B | +24.6% | $1.52B | $1.13B | +34.1% |
| Deferred Income Tax Expense (Benefit) | $56M | -$110M | +150.9% | -$355M | -$33M | -975.8% |
| Deferred Income Tax Liabilities, Net | $238M | $164M | +45.1% | $149M | $137M | +8.8% |
| Deferred Income, Current | $231M2026-03-31 | $205M | +12.7% | $226M | $190M | +18.9% |
| Deferred Income, Noncurrent | $506M2026-03-31 | $599M | -15.5% | $549M | $643M | -14.6% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$19M | -$6M | -216.7% |
| Deferred Tax Assets, Gross | $8.03B2025-12-31 | $1.68B | +378.0% | $8.03B | $1.68B | +378.0% |
| Deferred Tax Assets, Net | $1.37B2025-12-31 | $993M | +37.6% | $1.37B | $993M | +37.6% |
| Deferred Tax Assets, Net of Valuation Allowance | $1.83B2025-12-31 | $1.51B | +21.4% | $1.83B | $1.51B | +21.4% |
| Deferred Tax Assets, Operating Loss Carryforwards | $6.24B2025-12-31 | $213M | +2,829.1% | $6.24B | $213M | +2,829.1% |
| Deferred Tax Assets, Other | $322M2025-12-31 | $246M | +30.9% | $322M | $246M | +30.9% |
| Deferred Tax Assets, Other Tax Carryforwards | $6.32B2025-12-31 | $218M | +2,800.5% | $6.32B | $218M | +2,800.5% |
| Deferred Tax Assets, Tax Credit Carryforwards | $84M2025-12-31 | $5M | +1,580.0% | $84M | $5M | +1,580.0% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | $326M2025-12-31 | $291M | +12.0% | $326M | $291M | +12.0% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Postretirement Benefits | $83M2025-12-31 | $90M | -7.8% | $83M | $90M | -7.8% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other | $428M2025-12-31 | $375M | +14.1% | $428M | $375M | +14.1% |
| Deferred Tax Assets, Valuation Allowance | $6.2B2025-12-31 | $173M | +3,485.0% | $6.2B | $173M | +3,485.0% |
| Deferred Tax Liabilities, Intangible Assets | $101M2025-12-31 | $110M | -8.2% | $101M | $110M | -8.2% |
| Deferred Tax Liabilities, Leasing Arrangements | $204M2025-12-31 | $192M | +6.3% | $204M | $192M | +6.3% |
| Deferred Tax Liabilities, Net | $463M2025-12-31 | $514M | -9.9% | $463M | $514M | -9.9% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $158M2025-12-31 | $212M | -25.5% | $158M | $212M | -25.5% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01