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How Does Corning Make its Money?
Corning is a materials science innovator best known for making the glass on most smartphones (Gorilla Glass) and the optical fiber that carries the majority of the world’s data. The company has five reportable segments spanning display technologies, optical communications, specialty materials, environmental technologies, and life sciences. Founded in 1851, Corning has repeatedly reinvented itself — from Thomas Edison’s lightbulb glass to fiber optics to smartphone cover glass — and is now positioned as a key beneficiary of the AI buildout through surging demand for optical connectivity in data centers.
Corning (GLW) Business Model
Corning operates in the materials sector. Below is a summary of Corning’s revenue streams, how the company generates income, and the key financial metrics from its most recent annual report. This breakdown uses data from Corning’s 2024 fiscal year filings with the SEC.
Corning Competitors
Corning’s key competitors and comparable public companies in the materials sector include Apple and Broadcom. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Corning stacks up by comparing their revenue breakdown, margins, and growth metrics.
Revenue Breakdown
Corning’s total revenue in 2024 grew 5.5% year-over-year. Here is how their revenue breaks down by segment:
| Revenue Stream | 2024 | 2023 |
|---|---|---|
| Optical Communications | $4,900 | $3,900 |
| Display Technologies | $3,700 | $3,400 |
| Specialty Materials | $2,000 | $1,800 |
| Environmental Technologies | $1,700 | $1,600 |
| Life Sciences | $990 | $950 |
| Total | $13,290 | $12,600 |
All values in millions USD unless otherwise stated.
Income Statement Breakdown
Here is a summary of Corning’s income statement comparing 2024 to 2023:
| Item | 2024 | 2023 |
|---|---|---|
| Total Revenue | $13,290 | $12,600 |
| Cost of Revenue | $8,970 | $8,700 |
| Gross Profit | $4,320 | $3,900 |
| Operating Expenses | $2,600 | $2,500 |
| Operating Income | $1,720 | $1,400 |
| Net Income | $850 | $580 |
All values in millions USD.
Key Financial Metrics
Gross Margin: 32.5% — This tells us how much profit Corning keeps after direct costs of delivering their product or service.
Operating Margin: 12.9% — After accounting for all operating expenses like R&D, sales, and administration, this is the profit margin from core operations.
Revenue Growth: 5.5% — Year-over-year revenue growth from 2023 to 2024.
Is Corning Profitable?
Yes, Corning is profitable. The company reported net income of $850 on total revenue of $13,290.
Corning (GLW) Financial Summary
Corning (GLW) is a materials company that generated $13,290 in total revenue in fiscal year 2024. The company earned $850 in net income, making it profitable. For a deeper look at Corning’s revenue breakdown, business segments, and financial performance, review the detailed analysis above.