Corning (GLW) FY2016 results: revenue $9.4 billion, up 3.1% on the year
Corning Inc. (GLW) reported revenue of $9.4 billion for fiscal 2016, the year ended 31 December 2016, up 3.1% on the year before. Net income was $3.7 billion, up 176.0%, and diluted earnings per share $3.23. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2019.
Revenue
$9.4 billion
+3.1% on the year
FY2009FY2016
Operating margin
15.2%
14.5% a year earlier
FY2009FY2016
Net income
$3.7 billion
+176.0% on the year
FY2009FY2016
Diluted EPS
$3.23
+223.0% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
9,390
9,111
9,715
+3.1%
Cost of revenue
5,627
5,458
5,663
+3.1%
Gross profit
3,763
3,653
4,052
+3.0%
Gross margin
40.1%
40.1%
41.7%
Research and development
637
638
701
-0.2%
Selling, general and administrative
1,462
1,508
1,202
-3.1%
Operating income
1,424
1,322
1,931
+7.7%
Operating margin
15.2%
14.5%
19.9%
Pre-tax income
3,692
1,486
n/a
+148.5%
Income tax
-3.0
147
1,096
Effective tax rate
-0.1%
9.9%
n/a
Net income
3,695
1,339
2,472
+176.0%
Net margin
39.4%
14.7%
25.4%
Diluted EPS
$3.23
$1.00
$1.73
+223.0%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
2,537
2,829
4,709
-10.3%
Capital expenditure
1,130
1,250
1,076
-9.6%
Free cash flow
1,407
1,579
3,633
-10.9%
Free cash flow margin
15.0%
17.3%
37.4%
Cash from investing
3,662
-685
-962
Cash from financing
-5,322
-2,623
-2,586
Depreciation and amortisation
1,195
1,184
1,200
+0.9%
Share-based compensation
42.0
46.0
58.0
-8.7%
Buybacks
4,227
3,228
2,483
+30.9%
Dividends paid
645
679
591
-5.0%
Dividend per share
$0.54
$0.36
$0.52
+50.0%
Diluted shares, weighted
1,144m
1,343m
1,427m
-14.8%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
17,893
18,788
21,579
-4.8%
Non-controlling interest
67.0
75.0
73.0
-10.7%
Debt
3,902
4,462
3,263
-12.6%
Other liabilities
6,037
5,222
5,148
+15.6%
Total liabilities and equity
27,899
28,547
30,063
-2.3%
Fixed assets
12,546
12,648
12,766
-0.8%
Goodwill
1,577
1,380
1,150
+14.3%
Intangible assets
796
706
497
+12.7%
Investments
29.0
133
759
-78.2%
Cash and equivalents
5,291
4,500
5,309
+17.6%
Receivables
1,481
1,372
1,501
+7.9%
Inventory
1,471
1,385
1,322
+6.2%
Other assets
4,708
6,423
6,759
-26.7%
Total assets
27,899
28,547
30,063
-2.3%
10-K for the year ended 31 December 2016, filed 12 February 2019: the filing.