$GLW

CORNING INC /NY

CIK:0000024741|SEC Filings

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 4,505	$ 3,862	$ 8,649	$ 7,314
Cost of sales	2,877	2,470	5,493	4,708
Gross margin	1,628	1,392	3,156	2,606
Operating expenses:
Selling, general and administrative expenses	608	515	1,196	986
Research, development and engineering expenses	299	276	577	546
Amortization of purchased intangibles	23	28	46	56
Operating income	698	573	1,337	1,018
Interest income	12	5	21	17
Interest expense	(94)	(83)	(186)	(165)
Translated earnings contract gain, net	90	131	74	30
Other expense, net	(57)	(42)	(68)	(76)
Income before income taxes	649	584	1,178	824
Provision for income taxes (Note 11)	(40)	(84)	(161)	(139)
Net income	609	500	1,017	685
Net income attributable to non-controlling interest	(50)	(31)	(87)	(59)
Net income attributable to Corning Incorporated	$ 559	$ 469	$ 930	$ 626
Earnings per common share available to common shareholders:
Basic (Note 15) (in dollars per share)	$ 0.65	$ 0.55	$ 1.08	$ 0.73
Diluted (Note 15) (in dollars per share)	$ 0.64	$ 0.54	$ 1.06	$ 0.72

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Net income	$ 1,017	$ 685
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	702	603
Amortization of purchased intangibles	46	56
Share-based compensation expense	250	117
Translation (gain) loss on foreign denominated debt, net	(5)	70
Deferred tax benefit	(101)	(39)
Translated earnings contract gain, net	(74)	(30)
Changes in assets and liabilities:
Trade accounts receivable	(255)	(203)
Inventories	(377)	(238)
Other current assets	(144)	(105)
Accounts payable and other current liabilities	195	(59)
Customer deposits and government incentives	709	43
Deferred income	(102)	(70)
Other, net	218	29
Net cash provided by operating activities	2,079	859
Cash Flows from Investing Activities:
Capital expenditures	(754)	(516)
Proceeds from government incentives	8
Realized gains on translated earnings contracts and other	278	107
Premiums paid on hedging contracts	(102)	(34)
Other, net	8	(23)
Net cash used in investing activities	(562)	(466)
Cash Flows from Financing Activities:
Repayments of debt	(691)	(279)
Proceeds from issuance of debt and short-term borrowings	449	285
Proceeds from cross currency swap		24
Proceeds from warrants	500
Payments of employee withholding tax on stock awards	(279)	(70)
Proceeds from exercise of stock options	23	12
Purchases of common stock for treasury		(133)
Dividends paid	(495)	(503)
Other, net	(79)	(32)
Net cash used in financing activities	(572)	(696)
Effect of exchange rates on cash		26
Net increase (decrease) in cash and cash equivalents and restricted cash	945	(277)
Cash and cash equivalents and restricted cash at beginning of period	1,566	1,768
Cash and cash equivalents and restricted cash at end of period	2,511	1,491
Restricted cash included in other current assets	7
Cash and cash equivalents at end of period	$ 2,504	$ 1,491

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 2,504	$ 1,526
Trade accounts receivable, net of doubtful accounts - $29 and $27	2,932	2,779
Inventories (Note 3)	3,426	3,077
Other current assets (Note 5)	2,055	1,554
Total current assets	10,917	8,936
Property, plant and equipment, net of accumulated depreciation - $15,460 and $15,229	14,927	14,825
Goodwill	2,476	2,489
Other intangible assets, net	610	657
Deferred income taxes (Note 11)	1,610	1,515
Other assets (Note 5)	2,416	2,554
Total Assets	32,956	30,976
Current liabilities:
Current portion of long-term debt and short-term borrowings (Note 6)	668	804
Accounts payable	2,361	1,979
Other accrued liabilities (Notes 5 and 8)	2,992	2,845
Total current liabilities	6,021	5,628
Long-term debt (Note 6)	7,756	7,630
Postretirement benefits other than pensions (Note 7)	325	314
Other liabilities (Notes 5 and 8)	5,727	5,097
Total liabilities	19,829	18,669
Commitments and contingencies (Note 8)
Shareholders’ equity: (Note 12)
Common stock – Par value $0.50 per share; Shares authorized 3.8 billion; Shares issued: 1.9 billion and 1.8 billion	927	924
Additional paid-in capital – common stock	18,636	17,580
Retained earnings	16,747	16,551
Treasury stock, at cost; Shares held: 994 million and 992 million	(21,429)	(21,143)
Accumulated other comprehensive loss	(2,321)	(2,105)
Total Corning Incorporated shareholders’ equity	12,560	11,807
Non-controlling interest	567	500
Total equity	13,127	12,307
Total Liabilities and Equity	$ 32,956	$ 30,976