GLW · Forward model · Springboard 2030 case

The Springboard 2030 case, 18 quarters out

Model as of 2026-08-29

Each segment is projected from its own operating driver, rolled up into consolidated cash flow, and discounted back to a fair value per share. The assumptions below are editable — change them and every number on this page moves with them.

Every revenue figure in this model is on Corning's non-GAAP CORE basis, because that is the basis of the reported segment table: the five segments sum to $4,738m in 2026 Q2, not to the $4,505m of GAAP net sales, and the $233m difference is the adjustment for hedged exposures. Guidance and the Nasdaq consensus are on the same core basis. Anyone reconciling these verticals against the GAAP revenue in our stored series will find that gap and it is not a modelling error. The five verticals are Corning's own reported segments and sum exactly to disclosed core sales in every one of the ten quarters shown. History starts at 2024 Q1 because the Automotive and Solar segments only exist on this definition from the 2026 Q1 recast exhibit backwards to 2024; Optical Communications and Glass Innovations have disclosed 2023 quarters but the other three do not, and padding them with zeros would invent a consolidated 2023 that never happened. Segment EBITDA margins and capex intensities are DERIVED from the 10-Q segment table by adding depreciation back to segment pretax income; they are not disclosed margins, and segment income is struck after a notional tax and before corporate unallocated amounts, which is why a 1.96% corporate overhead line bridges the five segments to core EBITDA. All forward growth rates, margin glides, capital intensities and the exit multiple are ASSUMED. Corning has published no segment-level 2028 or 2030 target - the Springboard milestones are consolidated only - so the allocation of the plan across segments is a modelling judgement, stated as such in the Springboard 2030 case rather than presented as guidance.

Where each case comes from

From cash flow to fair value

The projected path

The published model's 18 quarters. The horizon and sliders above do not change this table.

Every row is projected. A year-over-year change is shown only where the quarter it compares against exists — an em dash means there is no comparable quarter, not a flat year.

Model revisions

Assumptions are marked to reality as each quarter prints. Every change is appended here, with the fair value the model produced at the time, so the model's own history stays visible.