Selected Financial Data
since 2005
Income Statement
Corning Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net sales | Operating income | Net income (loss) attributable to Corning Incorporated |
|---|---|---|---|
| Dec 31, 2023 | 12,588) | 890) | 581) |
| Dec 31, 2022 | 14,189) | 1,438) | 1,316) |
| Dec 31, 2021 | 14,082) | 2,112) | 1,906) |
| Dec 31, 2020 | 11,303) | 509) | 512) |
| Dec 31, 2019 | 11,503) | 1,306) | 960) |
| Dec 31, 2018 | 11,290) | 1,575) | 1,066) |
| Dec 31, 2017 | 10,116) | 1,630) | (497) |
| Dec 31, 2016 | 9,390) | 1,391) | 3,695) |
| Dec 31, 2015 | 9,111) | 1,322) | 1,339) |
| Dec 31, 2014 | 9,715) | 1,931) | 2,472) |
| Dec 31, 2013 | 7,819) | 1,371) | 1,961) |
| Dec 31, 2012 | 8,012) | 1,321) | 1,728) |
| Dec 31, 2011 | 7,890) | 1,694) | 2,805) |
| Dec 31, 2010 | 6,632) | 1,801) | 3,558) |
| Dec 31, 2009 | 5,395) | 391) | 2,008) |
| Dec 31, 2008 | 5,948) | 1,520) | 5,257) |
| Dec 31, 2007 | 5,860) | 1,081) | 2,150) |
| Dec 31, 2006 | 5,174) | 846) | 1,855) |
| Dec 31, 2005 | 4,579) | 592) | 585) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial performance from 2005 to 2023 exhibits a long-term expansion in scale, characterized by steady revenue growth punctuated by periods of significant volatility in operational and net profitability.
- Revenue Trajectory
- Net sales increased from $4.58 billion in 2005 to a peak of $14.19 billion in 2022. This growth represents a substantial increase in market reach over nearly two decades, although the trend was not linear. Notable contractions occurred in 2009 and most recently in 2023, where sales fell to $12.59 billion.
- Operating Income and Margin Stability
- Operating income demonstrated higher variance than net sales. While the figure reached a peak of $2.11 billion in 2021, it suffered sharp declines in 2009 ($391 million), 2020 ($509 million), and 2023 ($890 million). The disconnect between revenue and operating income, particularly in 2020 when sales remained above $11 billion while operating income dropped significantly, suggests periods of increased operational costs or external economic pressures.
- Net Income Volatility
- Net income attributable to the company showed extreme fluctuations, often diverging from operating results. A significant peak occurred in 2008 with $5.26 billion, far exceeding the operating income of that year, which indicates the influence of non-operating gains or tax adjustments. Conversely, a net loss of $497 million was recorded in 2017. In the most recent triennium, net income has trended downward, moving from $1.91 billion in 2021 to $581 million in 2023.
- Profitability Correlations
- A comparative analysis of the three metrics reveals that while the company successfully scaled its top-line revenue, bottom-line profitability remained susceptible to non-recurring items and operational swings. The contraction observed across all three metrics in 2023 suggests a synchronized decline in both market demand and operational efficiency.
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Balance Sheet: Assets
Corning Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2023 | 7,212) | 28,500) |
| Dec 31, 2022 | 7,453) | 29,499) |
| Dec 31, 2021 | 7,659) | 30,154) |
| Dec 31, 2020 | 8,004) | 30,775) |
| Dec 31, 2019 | 7,463) | 28,898) |
| Dec 31, 2018 | 7,034) | 27,505) |
| Dec 31, 2017 | 8,827) | 27,494) |
| Dec 31, 2016 | 9,048) | 27,899) |
| Dec 31, 2015 | 8,269) | 28,547) |
| Dec 31, 2014 | 10,238) | 30,063) |
| Dec 31, 2013 | 8,891) | 28,478) |
| Dec 31, 2012 | 9,695) | 29,375) |
| Dec 31, 2011 | 8,677) | 27,848) |
| Dec 31, 2010 | 8,859) | 25,833) |
| Dec 31, 2009 | 5,521) | 21,295) |
| Dec 31, 2008 | 4,619) | 19,256) |
| Dec 31, 2007 | 5,294) | 15,215) |
| Dec 31, 2006 | 4,798) | 13,065) |
| Dec 31, 2005 | 3,860) | 11,207) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The asset trajectory of the organization is characterized by two distinct phases: a period of aggressive expansion from 2005 to 2014, followed by a phase of consolidation and gradual contraction between 2015 and 2023.
- Total Assets Growth and Stabilization
- Total assets exhibited a sustained upward trend for the first decade of the observed period, rising from 11,207 million US$ in 2005 to a peak of 30,063 million US$ in 2014. This represents a significant expansion of the balance sheet. Following 2014, total assets entered a period of relative stability, fluctuating between 27,494 million US$ and 30,775 million US$. A slight downward trend is noted in the final three years, with assets decreasing from 30,154 million US$ in 2020 to 28,500 million US$ by the end of 2023.
- Current Assets Volatility and Trend
- Current assets grew more rapidly in proportion to total assets during the initial growth phase, increasing from 3,860 million US$ in 2005 to a peak of 10,238 million US$ in 2014. After 2014, current assets experienced a more pronounced decline than total assets. Since the 2014 peak, current assets have trended downward, closing at 7,212 million US$ in 2023, which is a reduction of approximately 29.6% from the peak value.
- Asset Composition and Liquidity Shift
- An analysis of the relationship between current assets and total assets reveals a shift in the balance sheet structure. From 2005 through 2014, current assets consistently represented approximately 34% of total assets. However, in the subsequent period, this ratio declined. By 2023, current assets accounted for approximately 25.3% of total assets, indicating a decrease in the proportion of liquid assets relative to the total asset base.
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Balance Sheet: Liabilities and Stockholders’ Equity
Corning Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Long-term debt and short-term borrowings | Total Corning Incorporated shareholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2023 | 4,319) | 16,632) | 7,526) | 11,551) |
| Dec 31, 2022 | 5,175) | 17,224) | 6,911) | 12,008) |
| Dec 31, 2021 | 4,806) | 17,609) | 7,044) | 12,333) |
| Dec 31, 2020 | 3,767) | 17,327) | 7,972) | 13,257) |
| Dec 31, 2019 | 3,521) | 15,901) | 7,740) | 12,907) |
| Dec 31, 2018 | 3,311) | 13,619) | 5,998) | 13,792) |
| Dec 31, 2017 | 3,209) | 11,724) | 5,128) | 15,698) |
| Dec 31, 2016 | 2,751) | 9,939) | 3,902) | 17,893) |
| Dec 31, 2015 | 2,814) | 9,684) | 4,482) | 18,788) |
| Dec 31, 2014 | 2,324) | 8,411) | 3,263) | 21,579) |
| Dec 31, 2013 | 1,746) | 7,267) | 3,293) | 21,162) |
| Dec 31, 2012 | 1,956) | 7,842) | 3,458) | 21,486) |
| Dec 31, 2011 | 2,097) | 6,719) | 2,391) | 21,078) |
| Dec 31, 2010 | 1,986) | 6,407) | 2,319) | 19,375) |
| Dec 31, 2009 | 1,539) | 5,700) | 2,004) | 15,543) |
| Dec 31, 2008 | 2,052) | 5,765) | 1,605) | 13,443) |
| Dec 31, 2007 | 2,512) | 5,673) | 1,537) | 9,496) |
| Dec 31, 2006 | 2,319) | 5,774) | 1,716) | 7,246) |
| Dec 31, 2005 | 2,370) | 5,677) | 1,807) | 5,487) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial structure of the organization has undergone a significant transformation between 2005 and 2023, transitioning from a position of high equity and low leverage to one characterized by increased liabilities and a substantial reduction in shareholders' equity.
- Liability Trends
- Total liabilities remained relatively stable between 2005 and 2009, fluctuating around 5.7 billion USD. A sustained upward trajectory began in 2010, with total liabilities increasing to 17.6 billion USD by 2020. While a slight contraction occurred between 2020 and 2023, bringing the total to 16.6 billion USD, the overall liability profile remains nearly triple the 2005 baseline. Current liabilities followed a similar pattern, remaining under 2.5 billion USD until 2014, after which they climbed to a peak of 5.17 billion USD in 2022 before receding to 4.3 billion USD in 2023.
- Debt and Borrowings
- Long-term debt and short-term borrowings exhibited a marked increase over the analyzed period. From 2005 to 2011, borrowings were maintained between 1.5 billion and 2.4 billion USD. A significant escalation occurred after 2014, with debt levels rising from 3.26 billion USD to a peak of 7.97 billion USD in 2020. This suggests an increased reliance on debt financing to fund operations or capital expenditures during the mid-to-late period of the analysis.
- Shareholders' Equity Dynamics
- Shareholders' equity experienced a period of rapid expansion from 2005 to 2012, growing from 5.48 billion USD to a peak of 21.48 billion USD. However, this trend reversed after 2012, initiating a long-term decline. Equity decreased steadily over the subsequent decade, falling to 11.55 billion USD by 2023. This represents a decline of approximately 46% from the 2012 peak.
- Solvency and Leverage Analysis
- The relationship between debt and equity shifted fundamentally over the 18-year period. In 2005, the organization maintained a conservative capital structure where equity significantly outweighed total liabilities. By 2023, the ratio inverted, with total liabilities exceeding shareholders' equity. The simultaneous rise in total borrowings and the erosion of equity indicate a strategic shift toward higher financial leverage and a reduction in the equity cushion available to absorb potential losses.
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Cash Flow Statement
Corning Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2023 | 2,005) | (1,000) | (883) |
| Dec 31, 2022 | 2,615) | (1,355) | (1,649) |
| Dec 31, 2021 | 3,412) | (1,419) | (2,452) |
| Dec 31, 2020 | 2,180) | (1,310) | (729) |
| Dec 31, 2019 | 2,031) | (1,891) | (47) |
| Dec 31, 2018 | 2,919) | (2,887) | (1,995) |
| Dec 31, 2017 | 2,004) | (1,710) | (1,624) |
| Dec 31, 2016 | 2,521) | 3,662) | (5,306) |
| Dec 31, 2015 | 2,809) | (685) | (2,603) |
| Dec 31, 2014 | 4,709) | (962) | (2,586) |
| Dec 31, 2013 | 2,787) | (1,004) | (2,063) |
| Dec 31, 2012 | 3,206) | (2,628) | (115) |
| Dec 31, 2011 | 3,189) | (2,056) | (980) |
| Dec 31, 2010 | 3,835) | (1,769) | (2) |
| Dec 31, 2009 | 2,077) | (1,370) | (15) |
| Dec 31, 2008 | 2,128) | (1,699) | (798) |
| Dec 31, 2007 | 2,077) | (561) | (539) |
| Dec 31, 2006 | 1,803) | (2,181) | 180) |
| Dec 31, 2005 | 1,939) | (1,712) | 147) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow profile from 2005 to 2023 demonstrates a consistent ability to generate positive cash flow from core operations, which has been primarily utilized to fund capital investments and financing obligations. While operating cash flows have exhibited volatility, they have remained positive throughout the entire period, providing the necessary liquidity to sustain the organization's investment and financing strategies.
- Operating Cash Flow Trends
- Net cash provided by operating activities remained relatively stable between 2005 and 2009, averaging approximately 2 billion US$. A significant increase was observed in 2010, reaching 3.8 billion US$, with a subsequent peak in 2014 at 4.7 billion US$. Following this peak, a general downward trend occurred, punctuated by a recovery to 3.4 billion US$ in 2021, before declining again to 2.0 billion US$ by the end of 2023.
- Investing Cash Flow Trends
- Investing activities were characterized by consistent net cash outflows for the majority of the period, reflecting ongoing capital expenditures. A notable exception occurred in 2016, where a substantial cash inflow of 3.66 billion US$ was recorded, indicating a significant divestiture or asset sale. Aside from this anomaly, outflows have generally fluctuated between 1 billion US$ and 2.9 billion US$, with a slight reduction in the magnitude of outflows observed between 2020 and 2023.
- Financing Cash Flow Trends
- Financing activities transitioned from modest net inflows in 2005 and 2006 to a sustained period of net outflows starting in 2007. The most significant financing outflow occurred in 2016, totaling 5.3 billion US$, which coincided with the peak in investing cash inflows, suggesting a strategic use of liquidated assets to reduce debt or return capital to shareholders. From 2017 through 2023, financing activities continued to result in net cash outflows, though the scale has varied from a low of 47 million US$ in 2019 to a high of 2.45 billion US$ in 2021.
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Per Share Data
Corning Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2023 | 0.69 | 0.68 | 1.12 |
| Dec 31, 2022 | 1.56 | 1.54 | 1.08 |
| Dec 31, 2021 | 1.30 | 1.28 | 0.96 |
| Dec 31, 2020 | 0.54 | 0.54 | 0.88 |
| Dec 31, 2019 | 1.11 | 1.07 | 0.80 |
| Dec 31, 2018 | 1.19 | 1.13 | 0.72 |
| Dec 31, 2017 | -0.66 | -0.66 | 0.62 |
| Dec 31, 2016 | 3.53 | 3.23 | 0.54 |
| Dec 31, 2015 | 1.02 | 1.00 | 0.36 |
| Dec 31, 2014 | 1.82 | 1.73 | 0.52 |
| Dec 31, 2013 | 1.35 | 1.34 | 0.39 |
| Dec 31, 2012 | 1.16 | 1.15 | 0.32 |
| Dec 31, 2011 | 1.80 | 1.77 | 0.23 |
| Dec 31, 2010 | 2.28 | 2.25 | 0.20 |
| Dec 31, 2009 | 1.30 | 1.28 | 0.20 |
| Dec 31, 2008 | 3.37 | 3.32 | 0.20 |
| Dec 31, 2007 | 1.37 | 1.34 | 0.10 |
| Dec 31, 2006 | 1.20 | 1.16 | 0.00 |
| Dec 31, 2005 | 0.40 | 0.38 | 0.00 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The per share financial performance from 2005 to 2023 is characterized by significant volatility in earnings contrasted with a disciplined, long-term growth strategy for dividend distributions.
- Earnings Per Share (EPS) Performance
- Basic and diluted earnings per share exhibited substantial fluctuations over the analyzed period. Peak earnings were recorded in 2008, with Basic EPS reaching 3.37, and again in 2016, with Basic EPS at 3.53. A significant contraction occurred in 2017, when Basic EPS fell to -0.66, marking the only recorded instance of negative earnings in the series. Subsequent years showed a recovery in 2018 and 2019, followed by a period of instability, ending with a Basic EPS of 0.69 in 2023.
- Dividend Distribution Trends
- Dividend payments per share demonstrate a consistent upward trajectory. Since payments commenced in 2007 at 0.10, the dividend has grown to 1.12 by 2023. Although a temporary reduction occurred in 2015, where the dividend decreased from 0.52 to 0.36, the overarching trend remained positive. The steady growth in dividends persists despite the volatility observed in annual earnings, suggesting a commitment to increasing shareholder returns over time.
- Earnings and Dividend Correlation
- A divergence is observable between the volatility of earnings and the stability of dividend growth. In years of exceptionally high EPS, such as 2008 and 2016, dividends were not increased proportionally to the earnings spikes. Conversely, during the earnings trough of 2017, the dividend per share continued to increase from 0.54 to 0.62. This pattern indicates that the dividend policy is decoupled from short-term annual earnings fluctuations, relying instead on a long-term growth mandate.
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