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Corning cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$516M in Q3 2026 · $2.5B over twelve months

Operating cash flow$1.1B
Capital spending−$545M
Free cash flow+$516M
Cash / net income1.4×
Cash conversion cycle91 days

Analysis

In Q3 2026, Corning generated $1.1B of operating cash flow and spent $545M on capital projects, leaving free cash flow of $516M. That is $66.0M more than in Q3 2025 ($450M).

Over the twelve months to Sep 30, 2026, operating cash flow was $4.2B; the largest uses were capital spending ($1.7B), dividends ($1.0B), net borrowing (+) / repaid (−) ($991M); besides operations, cash came from other financing ($455M), other investing ($248M); the cash balance rose by $903M.

Operating cash flow was $1.1B against net income of $746M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: payables +$464M, depreciation & amortization +$393M, inventory −$194M.

Its cash conversion cycle was 91 days (receivables 57 + inventory 107 − payables 73).

Free cash flow

Corning: free cash flow by quarterCorning: free cash flow by quarter$369MQ4 2024−$57.0MQ1 2025$400MQ2 2025$450MQ3 2025$620MQ4 2025$30.0MQ1 2026$1.3BQ2 2026$516MQ3 2026
Operating cash flow less capital spending.
Corning: operating cash flow against capital spendingCorning: operating cash flow against capital spendingOperating cash flowCapital spending$623M$254MQ4 2024$151M$208MQ1 2025$708M$308MQ2 2025$784M$334MQ3 2025$1.1B$432MQ4 2025$362M$332MQ1 2026$1.7B$422MQ2 2026$1.1B$545MQ3 2026
Latest (Q3 2026): Operating cash flow $1.1B, Capital spending $545M.

Capital allocation, year by year

Corning: where the cash came from (up) and went (down), by fiscal yearCorning: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $3.4BFY2021: Net borrowing −$851MFY2021: Shares issued $97.0MFY2021: Asset sales $120MFY2021: Capital spending −$1.6BFY2021: Buybacks −$274MFY2021: Dividends −$871M$3.6BFY2021FY2022: Operating cash flow $2.6BFY2022: Net borrowing $23.0MFY2022: Shares issued $40.0MFY2022: Asset sales $76.0MFY2022: Capital spending −$1.6BFY2022: Buybacks −$221MFY2022: Dividends −$932M$2.8BFY2022FY2023: Operating cash flow $2.0BFY2023: Net borrowing $598MFY2023: Shares issued $42.0MFY2023: Asset sales $67.0MFY2023: Capital spending −$1.4BFY2023: Dividends −$989M$2.7BFY2023FY2024: Operating cash flow $1.9BFY2024: Net borrowing −$144MFY2024: Shares issued $76.0MFY2024: Capital spending −$965MFY2024: Buybacks −$165MFY2024: Dividends −$986M$2.0BFY2024FY2025: Operating cash flow $2.7BFY2025: Net borrowing −$425MFY2025: Shares issued $41.0MFY2025: Capital spending −$1.3BFY2025: Buybacks −$163MFY2025: Dividends −$999M$2.7BFY2025
Over these 5 years operating cash flow totalled $12.7B; the largest uses were capital spending ($6.9B) and dividends ($4.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.5B
Debt$8.4B
Net debt$5.9B
Due within a year$804M

Corning funds itself: free cash flow was $2.5B over the last twelve months, and $2.5B of cash and investments stands against $8.4B of debt ($804M due within a year, 3.2× covered by cash).

Corning: debt maturities by year (FY2025)Corning: debt maturities by year (FY2025)$804MYear 1$401MYear 2$296MYear 3$302MYear 4$298MYear 5$6.4BAfter year 5
Principal due in each year as disclosed in the annual report, against $2.5B of cash and investments now.

Where the cash came from and went

Corning: sources (+) and uses (−) of cash, Q3 2026Corning: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.1BCapital spending−$545MNet borrowing (+) / repaid (−)−$270MDividends−$262MOther investing$102MOther financing−$49.0MCash drawn (+) / kept (−)−$40.0MNot reconciled$17.0MTaxes on employees’ shares−$15.0MShares issued$1.0M
Corning: sources (+) and uses (−) of cash, TTM to Q3 2026Corning: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$4.2BCapital spending−$1.7BDividends−$1.0BNet borrowing (+) / repaid (−)−$991MCash drawn (+) / kept (−)−$903MOther financing$455MTaxes on employees’ shares−$305MOther investing$248MShares issued$34.0MExchange rates$13.0M

From profit to cash

Corning: net income to operating cash flow, Q3 2026Corning: net income to operating cash flow, Q3 2026Net income$746MDepreciation & amortization$393MStock-based pay$48.0MDeferred taxes$56.0MReceivables−$161MInventory−$194MPayables$464MDeferred revenue−$43.0MPrepaid and other assets−$12.0MOther operating capital−$90.0MOperating cash flow$1.1B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026571077391
Q2 2026571067390
Q1 2026591097396
Q4 2025581056894
Q3 2025541107194
Q2 2025511106894
Q1 20255311365102
Q4 20245311061103

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.1B−$545M—−$262M−$270M$1.0M−$40.0M$516M
Q2 2026$1.7B−$422M—−$251M−$656M$9.0M−$732M$1.3B
Q1 2026$362M−$332M—−$244M$414M$14.0M−$213M$30.0M
Q4 2025$1.1B−$432M−$5.0M−$255M−$371M$10.0M$82.0M$620M
Q3 2025$784M−$334M−$25.0M−$241M−$3.0M$19.0M−$157M$450M
Q2 2025$708M−$308M−$33.0M−$261M−$232M$1.0M−$132M$400M
Q1 2025$151M−$208M−$100M−$242M−$47.0M$11.0M$409M−$57.0M
Q4 2024$623M−$254M−$30.0M−$249M−$13.0M$19.0M−$155M$369M

Corning: income statement and cash flow

Corning, Q3 2026: revenue $4.9B (+18% year over year), operating margin 18.8%. The chart follows the revenue to costs, profit and cash.

Corning: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.