Corning
Corning is vital to progress – in the industries we help advance and in the world we share.
10-K, Feb 12, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0000024741-26-000124 · filed Feb 12, 2026
Business
How does Corning make money?
Telecommunication Products is 35.4% of revenue.
Source and method
Revenue by revenue types, FY2022.
annual report FY2022 · 0001437749-23-003123 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($14.2B).
- Telecommunication Products: $5.0B · 35.4%
- Display Products: $2.8B · 19.9%
- Specialty Glass Products: $2.0B · 14.1%
- Environmental Substrate And Filter Products: $1.5B · 10.5%
- Polycrystalline Silicon: $1.2B · 8.4%
- Life Science Products: $1.2B · 8.4%
- Other: $471M · 3.3%
What is left of every $100?
Of every $100 in revenue, $10 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $15.6B
- Gross profit: $5.6B
- Operating income: $2.3B
- Net income: $1.6B
- Free cash flow: not reported (not reported for this fiscal year, nothing estimated)
Where do customers sit?
No revenue-by-region breakdown in the latest annual report's XBRL data.
In the company’s words ›
“With a 175-year track record of life-changing inventions, Corning applies its unparalleled expertise in glass science, ceramic science and optical physics, along with its deep manufacturing and engineering capabilities to develop category-defining products that transform industries and enhance people’s lives.”
“Our materials science and manufacturing expertise, boundless curiosity and commitment to purposeful invention place us at the center of the way the world works, learns and lives.”
“In addition, our sustained investment in research, development and engineering capabilities means we are always ready to solve the toughest challenges alongside our customers.”
Item 1 · Business · 10-K · 0000024741-26-000124 · filed Feb 12, 2026
Where did the growth actually come from?
Segments were redrawn between FY2016 and FY2022.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
2 reasons in the company’s own words.
Revenue +19%
“Net sales for the year ended December 31, 2025 increased by $2.5 billion, or 19%, when compared to the same period in 2024.”
Item 7 · MD&A · 10-K · 0000024741-26-000124 · filed Feb 12, 2026
Number check (revenue): stated $2.5B matches the stored change ($2.5B, ±10%)
Revenue: $15.6B FY2025 · +19.1% vs FY2024 · KPIs
Position (in the company’s words)
“We maintain a leadership position in the segment’s principal product groups, which include carrier and enterprise networks.”
Item 1 · Business · 10-K · 0000024741-26-000124 · filed Feb 12, 2026
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
2 of 2 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 19% to $15.6B.
Revenue grew 17% YoY to $4.5B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 8.4%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
14.6% operating margin, up from 8.7%.
36.0% gross margin, up from 32.6%.
Operating income grew 101% to $2.3B.
Net income grew 215% to $1.6B.
R&D was flat at $800M.
SG&A grew 9.9% to $2.1B.
EPS diluted grew 216% to $1.83.
15.5% operating margin, up from 14.8%.
36.1% gross margin, up from 36.0%.
Operating income grew 22% YoY to $698M.
Net income grew 19% YoY to $559M.
SG&A grew 18% YoY to $608M.
EPS diluted grew 19% YoY to $0.64.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Operating cash flow grew 39% to $2.7B.
Buybacks fell 1.2% to $163M.
Stock-based compensation grew 4.8% to $286M.
Operating cash flow grew 143% YoY to $1.7B.
Buybacks fell 83% YoY to $5.0M.
Stock-based compensation grew 114% YoY to $135M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$1.5B cash vs $8.4B debt.
Total debt grew 17% to $8.4B.
Interest expense grew 2.1% to $336M.
Total assets grew 12% to $31.0B.
Equity grew 10% to $11.8B.
Cash grew 68% YoY to $2.5B.
Total debt grew 12% YoY to $8.4B.
Interest expense grew 13% YoY to $94.0M.
Total assets grew 15% YoY to $33.0B.
Equity grew 13% YoY to $12.6B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
Who does Corning depend on?
No customer above the disclosure threshold.
Risks
What could go wrong?
3 of 21 risk factors, one per theme.
Supply chain and manufacturing
“Increases in the price of commodities, raw materials, utilities, labor or other inputs that we or our suppliers use in manufacturing and supplying products, components and parts, along with logistics and other related costs, may lead to higher production and shipping costs for our products, parts and components.”
Item 1A · Risk Factors · 10-K · 0000024741-26-000124 · filed Feb 12, 2026
Competition
“Corning’s ability to generate profits and operating cash flow could be significantly impacted by the profitability of these businesses, which are subject to pricing pressure, industry competition, potential over-capacity or under capacity, development of new technologies and operational and regulatory risks.”
Item 1A · Risk Factors · 10-K · 0000024741-26-000124 · filed Feb 12, 2026
Trade, government policy and geopolitics
“Our products and operations are also subject to regulation by U.S. and non‐U.S. regulatory agencies, such as the U.S. Federal Trade Commission.”
Item 1A · Risk Factors · 10-K · 0000024741-26-000124 · filed Feb 12, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Samsung Display Co., Ltd. holds 7.94%.
Samsung Display Co., Ltd.7.94%
13G/A · as of Aug 20, 2025 · filed Sep 10, 2025
Vanguard Capital Management LLC6.77%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
BlackRock Inc.7.1% (then)
13G/A · filed Jan 26, 2024 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
4 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.10.4%
65.8M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC8.1%
50.8M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp6.5%
41.1M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Jpmorgan Chase & Co5.7%
36.0M shares · 13F filed Aug 12, 2026 · share of 13F-reported
Capital Research Global Investors3.9%
24.7M shares · 13F filed Aug 12, 2026 · share of 13F-reported
2,671 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding.
Insiders, last 12 months (Form 4, open market)
0 purchases · 34 sales · $112M sold
Grants, gifts and tax withholding counted separately · window Oct 15, 2025 – Oct 15, 2026
All metrics
All metrics · 32 SEC metrics, FY2016–FY2025
Income statement 9
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Interest expense | ||||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
| SG&A | ||||||||||
Balance sheet 10
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | not reported | not reported | not reported | not reported | ||||||
| Current liabilities | ||||||||||
| Current portion of long-term debt | ||||||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | ||||||||||
| Short-term debt (balance sheet line) | ||||||||||
| Total assets | ||||||||||
| Total debt calc. | ||||||||||
| Total liabilities & equity | ||||||||||
Cash flow 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | not reported | |||||||||
| Interest paid | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 5
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| NCI income | not reported | not reported | not reported | not reported | ||||||
| Other income (incl. interest) calc. | ||||||||||
| Pretax income | ||||||||||
| Short-term borrowings / commercial paper | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | ||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values