Corning (GLW) FY2023 results: revenue $12.6 billion, down 11.3% on the year
Corning Inc. (GLW) reported revenue of $12.6 billion for fiscal 2023, the year ended 31 December 2023, down 11.3% on the year before. Net income was $581 million, down 55.9%, and diluted earnings per share $0.68. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2024.
Revenue
$12.6 billion
-11.3% on the year
FY2016FY2023
Operating margin
7.1%
10.1% a year earlier
FY2016FY2023
Net income
$581 million
-55.9% on the year
FY2016FY2023
Diluted EPS
$0.68
-55.8% on the year
FY2016FY2023
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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
2,005
2,615
3,412
-23.3%
Capital expenditure
1,390
1,604
1,637
-13.3%
Free cash flow
615
1,011
1,775
-39.2%
Free cash flow margin
4.9%
7.1%
12.6%
Cash from investing
-1,000
-1,355
-1,419
Cash from financing
-883
-1,649
-2,452
Depreciation and amortisation
1,369
1,452
1,481
-5.7%
Share-based compensation
218
175
190
+24.6%
Buybacks
n/a
221
274
Dividends paid
989
932
871
+6.1%
Dividend per share
$1.12
$1.08
$0.96
+3.7%
Diluted shares, weighted
859m
857m
844m
+0.2%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
11,551
12,008
12,333
-3.8%
Non-controlling interest
317
267
212
+18.7%
Debt
7,526
6,911
7,044
+8.9%
Operating lease liabilities
846
795
691
+6.4%
Other liabilities
8,260
9,518
9,874
-13.2%
Total liabilities and equity
28,500
29,499
30,154
-3.4%
Fixed assets
14,630
15,371
15,804
-4.8%
Goodwill
2,380
2,394
2,421
-0.6%
Intangible assets
905
1,029
1,148
-12.1%
Investments
n/a
n/a
328
Cash and equivalents
1,779
1,671
2,148
+6.5%
Receivables
1,572
1,721
2,004
-8.7%
Inventory
2,666
2,904
2,481
-8.2%
Other assets
4,568
4,409
3,820
+3.6%
Total assets
28,500
29,499
30,154
-3.4%
10-K for the year ended 31 December 2023, filed 12 February 2024: the filing.