Corning (GLW) 10-K Summary — Year Ended Dec 31, 2023
Corning Incorporated, with over 170 years of history, leverages its expertise in glass science, ceramic science, and optical physics to serve industries such as optical communications and mobile consumer electronics. In the most recent fiscal year, the company experienced a decline in revenue compared to the previous year.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
Corning Incorporated, with over 170 years of history, leverages its expertise in glass science, ceramic science, and optical physics to serve industries such as optical communications and mobile consumer electronics. In the most recent fiscal year, the company experienced a decline in revenue compared to the previous year.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$12.6B
Revenue reported for the fiscal year.
Operating income
$890M
Income from operations reported for the year.
Net income
$581M
Net income reported for the year.
Operating cash flow
$2B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $14.1B | n/a |
| Dec 31, 2022 | $14.2B | +0.8% |
| Dec 31, 2023 | $12.6B | -11.3% |
Business overview
Corning is a materials science and manufacturing company specializing in glass, ceramics, and optical physics. It develops category-defining products for markets including optical communications, mobile consumer electronics, display, automotive, solar, semiconductor, and life sciences. Key offerings include damage-resistant cover glass and precision glass for displays.
Financial performance
Revenue declined compared to the prior year, reflecting weaker demand in certain end markets. Operating income and net income were reported, and cash flow from operations remained positive. The company maintained its focus on long-term investments despite the revenue downturn.
Material risks
The filing includes a section on risk factors but does not provide specific details within the supplied context. General risks for a materials science company may include technology shifts and market competition.
Liquidity and capital
The filing mentions liquidity and capital resources but does not elaborate on specific sources or uses within the supplied context. The overall financial position appears to be stable.
What to watch
Investors should monitor Corning's performance in its optical communications and mobile consumer electronics markets for signs of recovery or further decline.