Corning (GLW) FY2015 results: revenue $9.1 billion, down 6.2% on the year
Corning Inc. (GLW) reported revenue of $9.1 billion for fiscal 2015, the year ended 31 December 2015, down 6.2% on the year before. Net income was $1.3 billion, down 45.8%, and diluted earnings per share $1.00. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2016.
Revenue
$9.1 billion
-6.2% on the year
FY2008FY2015
Operating margin
14.5%
19.9% a year earlier
FY2008FY2015
Net income
$1.3 billion
-45.8% on the year
FY2008FY2015
Diluted EPS
$1.00
-42.2% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
9,111
9,715
7,819
-6.2%
Cost of revenue
5,458
5,663
4,495
-3.6%
Gross profit
3,653
4,052
3,324
-9.8%
Gross margin
40.1%
41.7%
42.5%
Research and development
638
701
613
-9.0%
Selling, general and administrative
1,508
1,202
1,126
+25.5%
Operating income
1,322
1,931
1,371
-31.5%
Operating margin
14.5%
19.9%
17.5%
Pre-tax income
1,486
n/a
n/a
Income tax
147
1,096
512
-86.6%
Effective tax rate
9.9%
n/a
n/a
Net income
1,339
2,472
1,961
-45.8%
Net margin
14.7%
25.4%
25.1%
Diluted EPS
$1.00
$1.73
$1.34
-42.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
2,829
4,709
2,787
-39.9%
Capital expenditure
1,250
1,076
1,019
+16.2%
Free cash flow
1,579
3,633
1,768
-56.5%
Free cash flow margin
17.3%
37.4%
22.6%
Cash from investing
-685
-962
-1,004
Cash from financing
-2,623
-2,586
-2,063
Depreciation and amortisation
1,184
1,200
1,002
-1.3%
Share-based compensation
46.0
58.0
54.0
-20.7%
Buybacks
3,228
2,483
1,516
+30.0%
Dividends paid
679
591
566
+14.9%
Dividend per share
$0.36
$0.52
$0.39
-30.8%
Diluted shares, weighted
1,343m
1,427m
1,462m
-5.9%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
18,788
21,579
21,162
-12.9%
Non-controlling interest
75.0
73.0
49.0
+2.7%
Debt
4,462
3,263
3,293
+36.7%
Other liabilities
5,222
5,148
3,974
+1.4%
Total liabilities and equity
28,547
30,063
28,478
-5.0%
Fixed assets
12,648
12,766
9,801
-0.9%
Goodwill
1,380
1,150
1,002
+20.0%
Intangible assets
706
497
540
+42.1%
Investments
133
759
531
-82.5%
Cash and equivalents
4,500
5,309
4,704
-15.2%
Receivables
1,372
1,501
1,253
-8.6%
Inventory
1,385
1,322
1,270
+4.8%
Other assets
6,423
6,759
9,377
-5.0%
Total assets
28,547
30,063
28,478
-5.0%
10-K for the year ended 31 December 2015, filed 12 February 2016: the filing.