Corning (GLW) FY2021 results: revenue $14.1 billion, up 24.6% on the year
Corning Inc. (GLW) reported revenue of $14.1 billion for fiscal 2021, the year ended 31 December 2021, up 24.6% on the year before. Net income was $1.9 billion, up 272.3%, and diluted earnings per share $1.28. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2022.
Revenue
$14.1 billion
+24.6% on the year
FY2014FY2021
Operating margin
15.0%
4.5% a year earlier
FY2014FY2021
Net income
$1.9 billion
+272.3% on the year
FY2014FY2021
Diluted EPS
$1.28
+137.0% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
3,412
2,180
2,031
+56.5%
Capital expenditure
1,637
1,377
1,978
+18.9%
Free cash flow
1,775
803
53.0
+121.0%
Free cash flow margin
12.6%
7.1%
0.5%
Cash from investing
-1,419
-1,310
-1,891
Cash from financing
-2,452
-729
-47.0
Depreciation and amortisation
1,481
1,520
1,503
-2.6%
Share-based compensation
190
207
56.0
-8.2%
Buybacks
274
105
940
+161.0%
Dividends paid
871
787
742
+10.7%
Dividend per share
$0.96
$0.88
$0.80
+9.1%
Diluted shares, weighted
844m
772m
899m
+9.3%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
12,333
13,257
12,907
-7.0%
Non-controlling interest
212
191
90.0
+11.0%
Debt
7,044
7,972
7,729
-11.6%
Operating lease liabilities
691
633
450
+9.2%
Finance lease liabilities
n/a
163
271
Other liabilities
9,874
8,559
7,451
+15.4%
Total liabilities and equity
30,154
30,775
28,898
-2.0%
Fixed assets
15,804
15,742
15,337
+0.4%
Goodwill
2,421
2,460
1,935
-1.6%
Intangible assets
1,148
1,308
1,185
-12.2%
Investments
328
435
n/a
-24.6%
Cash and equivalents
2,148
2,672
2,434
-19.6%
Receivables
2,004
2,133
1,836
-6.0%
Inventory
2,481
2,438
2,320
+1.8%
Other assets
3,820
3,587
3,851
+6.5%
Total assets
30,154
30,775
28,898
-2.0%
10-K for the year ended 31 December 2021, filed 14 February 2022: the filing.