At a glance
Corning Incorporated is worth $106.12B, about 67 times its fiscal 2025 earnings. Revenue grew 19.1% to $15.63B in fiscal 2025, with 10.2% kept as profit; over 5 years it has grown 6.7% a year. It pays a 0.91% dividend yield, and returned $5.60B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +39.5% over the past year with dividends reinvested and +30.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 36.7% in the 2020 crash (S&P 500: 33.7%) and 30.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 21 months after the lows.
The business in plain English
Corning is a materials-science manufacturer whose roots go back to a glass business founded in 1851. It uses its expertise in glass, ceramics and optical physics to make components that other companies build into networks, TVs, phones, cars and drug-research tools. It makes products in 14 countries. Most of its money comes from supplying these materials and parts to other businesses. Revenue was $15.6 billion in fiscal 2025.
Optical communications is the largest business, at about 40% of fiscal 2025 revenue. Corning invented low-loss optical fiber in 1970. It supplies fiber, cable and connectors to telecom carriers. It also supplies businesses and governments that run their own networks, including large data centers. Its 10-K says artificial intelligence (AI) is driving strong demand for fiber inside and between data centers. Display, at 19%, makes thin glass sheets (substrates) that panel makers turn into TV, laptop and monitor screens.
Specialty materials, at 14%, includes Gorilla Glass, the tough cover glass on phones, tablets and smartwatches. It also makes precision optics for chipmaking equipment. Automotive, at 11%, makes ceramic filters that cut exhaust emissions from cars and trucks, plus technical glass for vehicles. Life sciences products support drug discovery and delivery. They brought in about 6% of revenue. So did polycrystalline silicon, a material used in solar panels.
Price history
The interactive chart needs JavaScript.
GLW +39.5% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Optical Communications | $6.27B | 40.1% |
| Display products | $2.96B | 19% |
| Specialty material products | $2.19B | 14% |
| Automotive products | $1.78B | 11.4% |
| Life science products | $959.0M | 6.1% |
| Polycrystalline silicon products | $955.0M | 6.1% |
| All other products | $505.0M | 3.2% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $4.86B, up 18.4% from a year earlier, and net income was $680.0M (+58.1%).
- For fiscal 2025, revenue was $15.63B (+19.1% year over year; +6.7% a year from FY2020 to FY2025) with a 10.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.7% good |
|---|---|
| Operating margin | 14.6% watch |
| Free cash flow margin | 9% watch |
| Return on equity (FY2025) | 13.5% watch |
| Return on assets (FY2025) | 5.2% watch |
| Net cash (cash minus debt) | $-5.66B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $11.30B | $512.0M | $803.0M |
| FY2021 | $14.08B | $1.91B | $1.77B |
| FY2022 | $14.19B | $1.32B | $1.01B |
| FY2023 | $12.59B | $581.0M | $615.0M |
| FY2024 | $13.12B | $506.0M | $974.0M |
| FY2025 | $15.63B | $1.60B | $1.41B |
Valuation snapshot
| Market value | $106.12B |
|---|---|
| P/E ratio | 67.3 |
| Dividend yield | 0.91% |
Rank among 1514 US companies
Market value at each year end
Corning Incorporated’s market value went from $23.09B at the end of 2016 to $106.12B on Nov 2, 2026, about 4.6 times as much; since the end of 2025 it is up 41%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $106.12B | +41.4% |
| 2025 | $75.07B | +84.5% |
| 2024 | $40.69B | +56.6% |
| 2023 | $25.98B | -3.8% |
| 2022 | $27.02B | -15.0% |
| 2021 | $31.77B | +15.5% |
| 2020 | $27.50B | +22.8% |
| 2019 | $22.39B | -7.4% |
| 2018 | $24.18B | -13.0% |
| 2017 | $27.80B | +20.4% |
| 2016 | $23.09B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| GLW price data to Nov 2, 2026 | +41.4% | +39.5% | +68.6% | +30.4% | +21.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +41.5% |
| 2025 | +87.8% |
| 2024 | +60.6% |
| 2023 | -1.2% |
| 2022 | -11.6% |
| 2021 | +6.0% |
| 2020 | +27.6% |
| 2019 | -1.0% |
| 2018 | -3.3% |
| 2017 | +34.7% |
| 2016 | +36.4% |
| 2015 | -18.4% |
| 2014 | +31.2% |
| 2013 | +45.0% |
| 2012 | -0.1% |
| 2011 | -31.9% |
| 2010 | +1.2% |
| 2009 | +105.6% |
| 2008 | -59.8% |
| 2007 | +28.8% |
| 2006 | -4.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 61.3% over that stretch · deepest drop along the way 71.6%, back to its old high 74.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 35.9% over that stretch · deepest drop along the way 36.7%, back to its old high 2.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 17.3% over that stretch · deepest drop along the way 30.9%, back to its old high 20.6 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 14 sales ($57.5M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 9, 2026 | Wendell P Weeks Chairman, CEO and President, Director | sell | $18.6M |
| May 8, 2026 | Lewis A Steverson Vice Chairman, EVP and CLAO | sell | $5.4M |
| May 22, 2026 | Jaymin Amin SVP and Chief Tech. Officer | sell | $5.3M |
| May 7, 2026 | Edward A Schlesinger Exec. Vice President and CFO | sell | $4.2M |
| May 11, 2026 | Soumya Seetharam Senior Vice President & CDIO | sell | $4.1M |
Who owns it
Large shareholders (13G filings)
| Samsung Display Co., Ltd. | 7.94% | Aug 20, 2025 |
| Vanguard Capital Management | 6.77% | Mar 31, 2026 |
ETFs with the most weight in GLW
| TINT ProShares Smart Materials ETF | 5.01% |
| CTEX ProShares S&P Kensho Cleantech ETF | 2.86% |
| CNRG SPDR S&P Kensho Clean Power ETF | 2.43% |
| KNGZ First Trust S&P 500 Diversified Dividend Aristocrats ETF | 2.36% |
| TDIV First Trust NASDAQ Technology Dividend Index Fund | 1.5% |
| PEXL Pacer US Export Leaders ETF | 1.01% |
| LOPP Gabelli Love Our Planet & People ETF | 1% |
| TRFM AAM Transformers ETF | 0.79% |
What could go wrong
- Heavy reliance on fiber and display glass. The 10-K says Optical Communications and Display generate a significant amount of Corning's profits and cash flow. A sharp drop in prices, sales volumes or market share in either could seriously hurt results.
- A few large customers matter a lot. Corning's customer base is concentrated. Losing one or more key customers, or a big cut in their orders, could reduce future sales and cash flow.
- Factory and supply disruptions, especially in Asia. Display glass is made in China, South Korea and Taiwan, and some key materials come from one or a few suppliers. Earthquakes, typhoons, utility outages or geopolitical turmoil could halt output and delay deliveries.
- Trade fights between the U.S. and China. Corning makes optical fiber, display glass and other products in China and serves customers worldwide. Tariffs, slow export approvals or tighter U.S.–China trade restrictions could raise costs or limit where it makes and ships products.
- Patents and trade secrets may be copied. Corning's edge rests on patents and know-how, such as its fusion process for making display glass. If it can't enforce those rights, rivals could take market share. It may also face infringement claims.
- Swings in foreign exchange rates. Corning makes products in 14 countries and says it has significant exposure to currency movements, which can shift reported results. Its related derivatives (financial contracts) carry the risk that the other side fails to pay.
Recent events
- Quarterly results released
- Other company announcement
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Unregistered sale of shares; Investor presentation or announcement
- Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
For income and retirement investors
Corning pays a dividend, but it has not raised it every year. The dividend rose from $0.88 a share in 2020 to $1.12 in 2023, then stayed at $1.12 in 2024 and 2025. In fiscal 2025 it used about 63% of earnings and 71% of free cash flow (cash left after capital spending). In 2023 and 2024, dividends paid exceeded net income. The yield was 0.85% as of October 28, 2026, which is low after a steep rise in the share price. Buybacks totaled $823 million over 2021–2025. Even so, the share count rose 0.9% from October 2021 to July 2026.
The shares have fallen hard in downturns. They dropped about 72% in the 2008 financial crisis and took roughly six years to recover. They fell 37% in the 2020 COVID crash but recovered in under three months. In the 2022 market slump they lost 31% and needed about 21 months to recover. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Corning make money?
Corning makes money by supplying specialty glass, ceramics and optical parts to other manufacturers and network builders. Revenue was $15.6 billion in fiscal 2025. Optical communications, mainly fiber, cable and connectors for carriers and data centers, brought in about 40%. Display glass for TV and computer panels added 19%. Specialty materials such as Gorilla Glass added 14%, and automotive emissions filters and glass 11%. Life sciences and polycrystalline silicon products made up about 6% each.
Does Corning raise its dividend every year?
No. Corning raised its dividend from $0.88 per share in 2020 to $1.12 in 2023, then held it at $1.12 in 2024 and 2025. That works out to about 4.9% growth a year over the five years, but the increases did not come every year. In 2023 and 2024, when profits fell, the company paid more in dividends than it earned. In fiscal 2025, dividends took about 63% of earnings. The yield was 0.85% as of October 28, 2026.
Is Corning an AI stock?
Partly. Corning's 10-K says the rapid growth of artificial intelligence is driving strong demand for fiber and connectivity products inside and between data centers. Corning designed new products for that demand. They include SMF-28e Contour fiber, which is 40% smaller, and Contour Flow Cable, which fits double the fiber into the same cable diameter. Optical communications made up about 40% of fiscal 2025 revenue. The rest of the company depends on other markets, such as TVs, phones, cars and life sciences.
Is Corning stock expensive?
It trades at a high multiple of past profits. The price-to-earnings (P/E) ratio is the share price divided by a year's earnings per share. As of October 28, 2026, Corning's P/E was 71.7, based on fiscal 2025 earnings of $1.83 per share. Its market value was about $113 billion. The shares rose about 88% in 2025 and 51% in 2026 through October 28. A P/E this high usually means investors expect strong growth ahead. The stock has also been volatile, falling 14% over the six months to that date.
Who are Corning's largest shareholders?
Samsung Display and Vanguard have both reported owning more than 5% of Corning to the SEC. Samsung Display reported a 7.94% stake as of August 20, 2025. Vanguard Capital Management reported 6.77% as of March 31, 2026. Company insiders reported share sales in the year to October 28, 2026. The largest was about $18.6 million by Chairman and CEO Wendell P. Weeks on June 9, 2026.