Corning (GLW) FY2022 results: revenue $14.2 billion, up 0.8% on the year
Corning Inc. (GLW) reported revenue of $14.2 billion for fiscal 2022, the year ended 31 December 2022, up 0.8% on the year before. Net income was $1.3 billion, down 31.0%, and diluted earnings per share $1.54. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2023.
Revenue
$14.2 billion
+0.8% on the year
FY2015FY2022
Operating margin
10.1%
15.0% a year earlier
FY2015FY2022
Net income
$1.3 billion
-31.0% on the year
FY2015FY2022
Diluted EPS
$1.54
+20.3% on the year
FY2015FY2022
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
FY2022
FY2021
FY2020
On the year
Last 8 years
Operating cash flow
2,615
3,412
2,180
-23.4%
Capital expenditure
1,604
1,637
1,377
-2.0%
Free cash flow
1,011
1,775
803
-43.0%
Free cash flow margin
7.1%
12.6%
7.1%
Cash from investing
-1,355
-1,419
-1,310
Cash from financing
-1,649
-2,452
-729
Depreciation and amortisation
1,452
1,481
1,520
-2.0%
Share-based compensation
175
190
207
-7.9%
Buybacks
221
274
105
-19.3%
Dividends paid
932
871
787
+7.0%
Dividend per share
$1.08
$0.96
$0.88
+12.5%
Diluted shares, weighted
857m
844m
772m
+1.5%
Balance sheet
$ million
FY2022
FY2021
FY2020
On the year
Last 8 years
Shareholders' equity
12,008
12,333
13,257
-2.6%
Non-controlling interest
267
212
191
+25.9%
Debt
6,911
7,044
7,972
-1.9%
Operating lease liabilities
795
691
633
+15.1%
Finance lease liabilities
n/a
n/a
163
Other liabilities
9,518
9,874
8,559
-3.6%
Total liabilities and equity
29,499
30,154
30,775
-2.2%
Fixed assets
15,371
15,804
15,742
-2.7%
Goodwill
2,394
2,421
2,460
-1.1%
Intangible assets
1,029
1,148
1,308
-10.4%
Investments
n/a
328
435
Cash and equivalents
1,671
2,148
2,672
-22.2%
Receivables
1,721
2,004
2,133
-14.1%
Inventory
2,904
2,481
2,438
+17.0%
Other assets
4,409
3,820
3,587
+15.4%
Total assets
29,499
30,154
30,775
-2.2%
10-K for the year ended 31 December 2022, filed 13 February 2023: the filing.