GLW · Forward model · Glass Innovations · Bull case
What has to happen in Glass Innovations
Model as of
This page changes Glass Innovations inside the complete GLW model. Every other vertical, corporate programme and valuation assumption stays in the selected portfolio case.
Shares this vertical and portfolio case. Slider and horizon edits stay in your browser.
Glass Innovations
Basis quarter$1.46B
Final quarter$1.54B
Implied CAGR+1%
Final revenue mix15%
Display glass for televisions, monitors and notebooks, plus Gorilla Glass cover materials and semiconductor-related glass - the former Display Technologies and Specialty Materials segments, combined effective Q1 2026. The most profitable segment at a 40.81% EBITDA margin and the most nearly flat at +1.4% year over year. Its job in the model is to be a large, stable, high-margin base, not a growth line.
Last four quarters
2025 Q3
$1.56B
Reported
2025 Q4
$1.50B
Reported
2026 Q1
$1.42B
Reported
2026 Q2
$1.46B
Reported
Display glassSpecialty and mobile consumer electronics cover materialsSemiconductor-related materials
Sequential growth
+0.4%/qtr
decaying toward +0.4%
Deseasonalised trend. The four deseasonalised quarters to 2026 Q2 run 1454, 1522, 1517, 1454 - flat; 0.4%/qtr is the FY2024-FY2025 line.
Glass Innovations
Latest: $1.54B (2030Q4E)
| Period | Value |
|---|---|
| 2024Q1 | $1.33B |
| 2024Q2 | $1.51B |
| 2024Q3 | $1.56B |
| 2024Q4 | $1.49B |
| 2025Q1 | $1.41B |
| 2025Q2 | $1.44B |
| 2025Q3 | $1.56B |
| 2025Q4 | $1.50B |
| 2026Q1 | $1.42B |
| 2026Q2 | $1.46B |
| 2026Q3E | $1.53B |
| 2026Q4E | $1.44B |
| 2027Q1E | $1.38B |
| 2027Q2E | $1.49B |
| 2027Q3E | $1.56B |
| 2027Q4E | $1.47B |
| 2028Q1E | $1.40B |
| 2028Q2E | $1.51B |
| 2028Q3E | $1.58B |
| 2028Q4E | $1.49B |
| 2029Q1E | $1.42B |
| 2029Q2E | $1.53B |
| 2029Q3E | $1.61B |
| 2029Q4E | $1.51B |
| 2030Q1E | $1.44B |
| 2030Q2E | $1.56B |
| 2030Q3E | $1.64B |
| 2030Q4E | $1.54B |
Assumptions & reasoning
- The only vertical carrying seasonality. Ratio-to-centred-four-quarter-moving-average over 2023 Q1 - 2026 Q2 gives a 0.137 signal against a 0.067 largest window spread, and the two most recent Q3 windows agree at 1.054 and 1.055. The conservative factor set is used, which drops the 1.121 window of 2023 Q3 inflated by that year's display price increases.
- With seasonality present the engine deseasonalises the basis quarter before the driver runs, so the 0.4% growthQoQ is a deseasonalised trend rate, not a sequential change. The basis quarter divides by the Q2 factor of 1.012.
- This is the segment carrying a currency-basis discontinuity. Effective 1 April 2026 Corning replaced its constant-currency adjustment with an adjustment for hedged exposures and did not recast prior periods; it states the restatement would have raised prior-period growth rates for this segment and been immaterial elsewhere. Order of magnitude is roughly $50m on a $1,463m line, so the pre-2026 Q2 history here sits on a slightly different basis than the basis quarter.
- The 2023 figures Corning reports for Display Technologies plus Specialty Materials sum exactly to the recast FY2024 Glass Innovations total (3,872 + 2,018 = 5,890), which is what proves the combination - but the other three segments were not recast to 2023, so the model's shared history window starts at 2024 Q1.