glw-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________________________ To ____________________________

Commission file number: 1-3247

CORNING INCORPORATED

(Exact name of registrant as specified in its charter)

New York

16-0393470

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

One Riverfront Plaza, Corning, New York

14831

(Address of principal executive offices)

(Zip Code)

607-974-9000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.50 par value per share

GLW

New York Stock Exchange

3.875% Notes due 2026

GLW26

New York Stock Exchange

4.125% Notes due 2031

GLW31

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes

☒

☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes

☒

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☒

Accelerated Filer

☐

Non-Accelerated Filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act. ☐

If securities are registered pursuant to Section 12(b) of the Exchange Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

☐

☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class

Outstanding as of April 24, 2025

Corning’s Common Stock, $0.50 par value per share

856,471,447 shares

Table of Contents

INDEX


PART I – FINANCIAL INFORMATION
			Page
Item 1. Financial Statements

Consolidated Statements of Income			3

Consolidated Statements of Comprehensive Income (Loss)			4

Consolidated Balance Sheets			5

Consolidated Statements of Cash Flows			6

Consolidated Statements of Changes in Shareholders’ Equity			7

Notes to Consolidated Financial Statements			8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			21

Item 3. Quantitative and Qualitative Disclosures About Market Risk			35

Item 4. Controls and Procedures			35

PART II – OTHER INFORMATION

Item 1. Legal Proceedings			36

Item 1A. Risk Factors			36

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			36

Item 5. Other Information			36

Item 6. Exhibits			37

Signatures			38

Table of Contents


Consolidated Statements of Income			Corning Incorporated and Subsidiary Companies
(Unaudited; in millions, except per share amounts)


	Three months ended March 31,
	2025		2024
Net sales	$	3,452	$	2,975
Cost of sales	2,238		1,982

Gross margin	1,214		993

Operating expenses:
Selling, general and administrative expenses	471		451
Research, development and engineering expenses	270		258
Amortization of purchased intangibles	28		30

Operating income	445		254

Interest income	12		12
Interest expense	(82)		(83)
Translated earnings contract (loss) gain, net (Note 11)	(101)		39
Other (expense) income, net	(34)		74

Income before income taxes	240		296
Provision for income taxes (Note 3)	(55)		(71)

Net income	185		225

Net income attributable to non-controlling interest	(28)		(16)

Net income attributable to Corning Incorporated	$	157	$	209

Earnings per common share available to common shareholders:
Basic (Note 4)	$	0.18	$	0.25
Diluted (Note 4)	$	0.18	$	0.24

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents


Consolidated Statements of Comprehensive Income (Loss)			Corning Incorporated and Subsidiary Companies
(Unaudited; in millions)


	Three months ended March 31,
	2025		2024
Net income	$	185	$	225

Foreign currency translation adjustments and other (Note 12)	161		(330)
Unamortized (losses) gains and prior service costs for postretirement benefit plans	(5)		2
Realized and unrealized gains on derivatives	27		1
Other comprehensive income (loss), net of tax	183		(327)

Comprehensive income (loss)	368		(102)

Comprehensive income attributable to non-controlling interest	(28)		(16)

Comprehensive income (loss) attributable to Corning Incorporated	$	340	$	(118)

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents


Consolidated Balance Sheets			Corning Incorporated and Subsidiary Companies
(Unaudited; in millions, except share and per share amounts)


	March 31, 2025		December 31, 2024
Assets

Current assets:
Cash and cash equivalents	$	1,359	$	1,768
Trade accounts receivable, net of doubtful accounts - $31 and $33	2,045		2,053
Inventories (Note 5)	2,896		2,724
Other current assets	1,344		1,447
Total current assets	7,644		7,992

Property, plant and equipment, net of accumulated depreciation - $14,523 and $14,492	13,360		13,359
Goodwill	2,371		2,363
Other intangible assets, net	732		752
Deferred income taxes (Note 3)	1,183		1,130
Other assets	2,104		2,139

Total Assets	$	27,394	$	27,735

SEC Form 10-Q filed by Corning Incorporated