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 data reveals notable fluctuations in sales, operating income, and net income over the observed period. Net sales exhibit a general upward trend from 2005 to 2022, rising from $4,579 million to a peak of approximately $14,189 million, indicating consistent growth with some variability. A slight decline is observed in 2023, where net sales decreased to $12,588 million, which may warrant closer scrutiny regarding market conditions or operational challenges in that year.
Operating income shows more variability compared to net sales. Starting at $592 million in 2005, operating income increases substantially in subsequent years, peaking at $1,931 million in 2014. However, fluctuations are apparent, with intermittent declines such as the fall to $391 million in 2009 and a noticeable drop to $509 million in 2020, which could suggest periods of increased costs, investments, or market pressures affecting profitability. Despite the volatility, operating income generally remains positive, with a significant recovery observed in 2021 reaching $2,112 million.
Net income attributable to the company shows considerable volatility throughout the period. Initial values begin at $585 million in 2005 and surge impressively to $5,257 million in 2008, demonstrating a strong profit increase early on. However, this figure fluctuates markedly, including a negative net income of -$497 million in 2017, indicating a loss that year possibly linked to extraordinary items or operational setbacks. Post-2017, net income returns to positive territory but remains inconsistent, with the lowest recorded profit in 2020 at $512 million. The net income figures suggest periods of significant earnings volatility, aligning with operating income trends but exhibiting greater swings, which may reflect impacts beyond operating activities such as financing or tax influences.
Overall, while the company achieved growth in net sales across the time horizon, profitability as represented by operating and net income showed more volatility. This pattern highlights potential risks or episodic challenges in maintaining consistent profitability despite expanding revenues. The decline in sales and operating income in the later years, especially 2023, signals an area for further analysis to identify root causes and strategize appropriate operational or market responses.
Balance Sheet: Assets
Corning Inc., selected items from assets, long-term trends
US$ 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).
An analysis of the annual financial data reveals several notable trends in the company's asset composition over the periods presented.
- Current Assets
- The current assets showed an overall upward trajectory from 2005 to 2010, increasing from $3,860 million to a peak of $8,859 million. This growth reflects an enhancement in liquid or short-term assets available to the company. However, from 2011 onward, current assets experienced fluctuations with some declines and recoveries but generally trended downward, reaching $7,212 million by 2023. The intermittent declines, such as the drop seen around 2014 and again post-2018, suggest periods of reduced liquidity or short-term resource availability.
- Total Assets
- Total assets consistently increased from $11,207 million in 2005 to a high of approximately $30,775 million in 2020, indicating expansion in the company’s overall asset base. This growth tended to plateau and slightly reverse after 2020, with values declining gradually to $28,500 million by 2023. The total asset growth outpaced that of current assets, implying increased investment in long-term or non-current assets. The stability and peak around 2020-2021 suggest a matured asset base, with minor contraction thereafter possibly due to asset disposals, depreciation, or strategic shifts in asset allocation.
- Asset Composition Insights
- The divergence in trends between current and total assets over time highlights a gradual shift in the asset mix towards greater non-current assets. After strong growth in current assets up to 2010, the relative stabilization and decreases thereafter alongside sustained total asset growth suggest increased investment in property, plant, equipment, or other long-term assets. This pattern may indicate a strategic focus on capital investments or shifts in operational structures. The slight decline in both current and total assets in the most recent years warrants monitoring to assess impacts on liquidity and overall financial strength.
Balance Sheet: Liabilities and Stockholders’ Equity
Corning Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ 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).
- Current liabilities
- The current liabilities demonstrate some fluctuations over the analyzed period. Initially, from 2005 to 2009, there is a general decline from 2,370 million USD to 1,539 million USD, suggesting an improvement in short-term obligations or a change in working capital management. However, starting from 2010, current liabilities generally increase, reaching a peak of 5,175 million USD in 2022 before slightly decreasing to 4,319 million USD in 2023. This upward trend in recent years indicates growing short-term debt or obligations, which may warrant scrutiny to ensure that liquidity is adequately managed.
- Total liabilities
- Total liabilities remain relatively stable in the range of approximately 5,600 to 5,800 million USD through 2005 to 2009, but show a steady upward trend starting in 2010. From 2010 onwards, liabilities climb consistently, peaking at 17,609 million USD in 2021 before marginally declining to 16,632 million USD by 2023. This pronounced increase over the last decade points to higher leverage or expanded financing, which could reflect growth initiatives or increased operational scale.
- Long-term debt and short-term borrowings
- Long-term debt and short-term borrowings initially exhibit a moderate trend, fluctuating between 1,537 million USD (2007) and 2,319 million USD (2010). Following this period, there is a marked upward trajectory, reaching 7,972 million USD in 2020. Subsequently, debt slightly decreases to 6,911 million USD in 2021 and then increases again to 7,526 million USD in 2023. The overall rise in borrowings indicates more reliance on external financing, which may be linked to capital expenditures, acquisitions, or other strategic investments.
- Total shareholders’ equity
- Shareholders’ equity experiences consistent growth from 5,487 million USD in 2005 to a peak of 21,486 million USD in 2012. Following this peak, equity declines steadily to 11,551 million USD by 2023. This downturn over the last decade may reflect factors such as share repurchases, dividend payments, accumulated losses, or other adjustments reducing equity value. The contrast between rising liabilities and declining equity could result in increased financial leverage and higher risk.
- Overall observations
- The data highlights a shift towards greater financial leverage, with total liabilities and debt levels rising notably since 2010 while equity decreases. Current liabilities' upward trend in recent years also suggests increased short-term financial commitments. The combination of growing debts and diminishing equity could affect financial stability and risk profile, indicating a need for careful management of capital structure and liquidity. These trends may stem from strategic decisions on financing growth, but they warrant close monitoring to ensure sustainable financial health.
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 analysis of the cash flow activities over the period reveals distinct patterns in operating, investing, and financing cash flows.
- Operating Activities
- Net cash provided by operating activities shows overall variability with a general range between approximately 1.8 billion and 4.7 billion US dollars. The peak is observed in 2014 at 4.7 billion, indicating a strong operating cash flow generation for that year. There are fluctuations from year to year without a consistent upward or downward trend over the entire period. The final years exhibit moderate values with some decline evident in 2023 compared to earlier peak years.
- Investing Activities
- Net cash used in investing activities is predominantly negative throughout the entire period, reflecting typical capital expenditure or acquisitions exceeding disposals. There are occasional years with less negative or even positive values, such as 2016 with a positive inflow of 3.6 billion US dollars, likely indicating divestitures or asset sales. The general pattern confirms continuous investment in assets or strategic initiatives, with large outflows in most years, especially pronounced in the period from 2006 to 2012 and again in the latter years.
- Financing Activities
- The net cash provided by or used in financing activities shows substantial variability, with both positive and negative values. Early years show minor positive cash flows; however, from 2007 onwards, there are several years of significant negative financing cash flow, suggesting debt repayments, dividend payments, share buybacks, or other financing outflows. The most considerable cash outflows occur between 2010 and 2016, with a notable peak in outflows around 2015. In recent years, some reduction in outflows can be seen, although financing activities remain predominantly cash-consuming.
Overall, the data indicate consistent positive cash generation from operating activities, balanced by substantial investing outflows reflective of ongoing capital deployment. Financing activities have generally absorbed significant cash, with occasional fluctuations. The trends suggest a company actively managing growth and capital structure, focusing on operational strength, while making considerable investments and returning value or managing debt through financing outflows.
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.
- Basic Earnings Per Share (EPS)
- The basic EPS demonstrates considerable volatility throughout the period. Initial values show gradual growth from 0.4 US$ in 2005 to a peak of 3.37 US$ in 2008. This surge is followed by a sharp decline to 1.3 US$ in 2009. Subsequently, the EPS exhibits fluctuations with a recovery to 3.53 US$ in 2016 before dropping into negative territory at -0.66 US$ in 2017. In the most recent years, EPS recovers to 1.56 US$ by 2021 but decreases again to 0.69 US$ by 2023. Overall, this pattern indicates periods of strong profitability interspersed with instability, including a notable loss in 2017.
- Diluted Earnings Per Share (EPS)
- The diluted EPS closely follows the trend of basic EPS with slightly lower values, as expected due to the inclusion of potential dilution from securities. It peaks at 3.32 US$ in 2008 and mirrors the basic EPS recovery and decline pattern thereafter. The negative value of -0.66 US$ in 2017 is consistent, suggesting that dilution did not significantly alter the loss scenario that year. The diluted EPS returns to positive values afterward but remains subject to variability, ending at 0.68 US$ in 2023.
- Dividend Per Share
- Dividend payments per share began being recorded in 2007 at 0.1 US$ and generally show an upward trajectory over the years. The dividend increased steadily from 0.2 US$ in 2008-2010 to 1.12 US$ in 2023, albeit with some fluctuations. Notably, dividends increased consistently from 0.36 US$ in 2015 to 1.12 US$ in 2023, demonstrating a commitment to returning value to shareholders despite fluctuations in earnings. The steady rise in dividends indicates relative confidence in the company's cash flow and financial stability over the long term.