Short answer
Corning Inc. (GLW) filed its fiscal 2025 10-K annual report with the SEC on Feb 12, 2026. It reported revenue of $15.6B (+19.1% year over year) and net income of $1.6B.
- Top risk flagged: Regulatory risk from environmental laws tightening CO2 emission targets, possibly increasing manufacturing costs or restricting production
FY2025 key financial metrics · XBRL
- Revenue
- $15.6B
- +19.1% YoY
- Net income
- $1.6B
- +215.4% YoY
- Operating margin
- 14.6%
- +5.9 pp YoY
- Gross margin
- 36.0%
- +3.4 pp YoY
- EPS (diluted)
- $1.83
- +215.5% YoY
- ROE
- 13.5%
- +8.8 pp YoY
- Operating cash flow
- $2.7B
- +39.0% YoY
Source: XBRL data from the Corning Inc. (GLW) FY2025 10-K on SEC EDGAR. USD.
Corning Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model focused on materials science and specialty glass for technology-driven industrial applications, as reflected by board expertise
- No new products, services, or segments explicitly introduced or highlighted in this year's filing text
- Emphasis on board diversity with appointment of Ami Badani in 2025, enhancing AI, semiconductor, and business transformation expertise
- Equity compensation plan with 2.53 million securities outstanding options and 17.03 million securities available for future issuance as of Dec 31, 2025
- No amendments or waivers to Code of Ethics in 2025, maintaining consistent ethics governance for executives and directors
Management Discussion & Analysis
- Revenue $15.6B, up 19% YoY (+$2.5B) driven by Optical Communications (+$1.6B), Specialty Materials (+$193M), and Hemlock/Emerging (+$363M)
- Operating margin improved: Gross margin 36% vs 33% (+3 points); SG&A 14% vs 15%; R&D 7% vs 8%
- Best segment: Optical Communications net income $1.05B (+71%); worst segment: Hemlock and Emerging net loss $26M vs $42M income
- Core net income $2.2B (+29%), core EPS $2.52 vs $1.96; Cash flow details limited but capex implied by growth and capacity ramp-up; no explicit buybacks/dividends data provided
- 2026 outlook: Q1 core sales $4.2B-$4.3B; Springboard plan achieved $4B incremental core sales and 20% core operating margin, targets ahead of schedule; risks include forex and capacity ramp costs
Risk Factors
- Regulatory risk from environmental laws tightening CO2 emission targets, possibly increasing manufacturing costs or restricting production
- Geopolitical exposure: Asia Pacific plant concentration vulnerable to trade restrictions, political instability, or natural disasters impacting operations
- Supply chain risk: dependence on single or limited suppliers with long lead-times for key materials, risking production delays and customer order cancellations
- Market disruption risk from telecom capex fluctuations impacting Optical Communications segment’s demand and profitability
- Financial risk from customer concentration with top 3 customers accounting for up to 61% of segment net sales, risking substantial sales loss if lost
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