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4 weeks ago
Ball Reports Strong First Quarter 2026 ResultsMay 5, 2026 6:00 AM
PR Newswire (US) HighlightsFirst quarter U.S. GAAP total diluted earnings per share of 77 cents vs. 63 cents in 2025First quarter comparable diluted earnings per share of 94 cents vs. 77 cents in 2025, an increase of 22.1%First quarter comparable operating earnings of $387 million vs. $352 million in 2025, an increase of 9.9% Global aluminum packaging shipments increased 0.8% in the first quarterOn track to return at least $800 million through share buybacks and dividends to shareholders by year-endIn 2026, expect comparable diluted earnings per share growth of 10-plus percent and free cash flow greater than $900 millionFocused on advancing sustainable aluminum packaging while driving 10-plus percent comparable diluted EPS growth, increasing EVA, generating strong free cash flow, and sustaining long-term value creation in 2026 and beyondWESTMINSTER, Colo., May 5, 2026 /PRNewswire/ -- Ball Corporation (NYSE: BALL) today reported first quarter 2026 results.U.S. GAAP Financial Performance
On a U.S. GAAP basis, the company reported first quarter 2026 net earnings attributable to the corporation of $205 million or total diluted earnings per share of 77 cents, on sales of $3.60 billion, compared to $179 million net earnings attributable to the corporation, or total diluted earnings per share of 63 cents, on sales of $3.10 billion in 2025.Non-GAAP Financial Performance
Ball's first quarter 2026 comparable net earnings were $251 million, or 94 cents per diluted share compared to $219 million, or 77 cents per diluted share in 2025."Ball delivered strong first-quarter results, growing comparable EPS more than 20 percent versus the first quarter of 2025. Higher volumes and operating earnings were driven by our solid financial position, streamlined operating model and disciplined growth strategy. While we remain vigilant amid the current geopolitical and macroeconomic environment, we are well-positioned to execute and achieve our 2026 objectives. Continued operational excellence, coupled with investments in innovation and sustainability, supports manufacturing efficiency, customer success and long-term value creation for shareholders," said Ron Lewis, chief executive officer.First-quarter 2026 and 2025 results reflect changes to the company's segment reporting structure implemented to better align with segment leadership and how the business is managed. As a result, plants previously included in the beverage packaging, other non-reportable segment are now reported within the Beverage packaging, EMEA segment. In addition, the company updated its measures of profitability, comparable operating earnings and comparable net earnings, to better align with how management evaluates segment performance and allocates resources. These updates are intended to more clearly distinguish operating performance at the segment level from corporate-level financing decisions, improving transparency, accountability, and alignment with how management evaluates performance and allocates capital.Details of reportable segment comparable operating earnings, business consolidation and other activities, business segment descriptions and other non-comparable items can be found in the notes to the unaudited condensed consolidated financial statements that accompany this news release. References to volume data represent units shipped.Beverage Packaging, North and Central America
Beverage packaging, North and Central America, segment comparable operating earnings for first quarter 2026 were $205 million on sales of $1.78 billion compared to $200 million on sales of $1.46 billion during the same period in 2025. First quarter sales reflect higher volume and price/mix, primarily attributable to higher aluminum prices.First quarter segment comparable operating earnings increased year-over-year due primarily to higher volume and price/mix, partially offset by higher costs. Year-over-year first quarter segment volume increased low-single digit percent.Beverage Packaging, EMEA
Beginning this quarter, results for the acquired Benepack business, including two production facilities located in Belgium and Hungary, have been included in the Beverage packaging, EMEA segment as of the acquisition date in January 2026. In addition, current and historical quarterly results for the company's existing facilities in Mumbai, India, Sri City, India and Yangon, Myanmar, as well as results from the former Saudi Arabian business, have been reclassified into the segment.Beverage packaging, EMEA, segment comparable operating earnings for first quarter 2026 were $134 million on sales of $1.11 billion compared to $111 million on sales of $958 million during the same period in 2025. First quarter sales reflect higher year-over-year shipments and currency translation.First quarter comparable operating earnings reflect higher volume and currency translation. Year-over-year first quarter segment volume increased low-single digit percent.Beverage Packaging, South America
Beverage packaging, South America, segment comparable operating earnings for first quarter 2026 were $67 million on sales of $585 million compared to $67 million on sales of $544 million during the same period in 2025. First quarter sales reflect higher prices, primarily attributable to higher aluminum prices, partially offset by lower volume.First quarter segment comparable operating earnings were flat year-over-year driven by higher price/mix, offset by higher costs and lower volume. Year-over-year first quarter segment volume decreased mid-single digit percent.Non-reportable
Non-reportable is comprised of undistributed corporate expenses and the results of the company's global personal & home care business.On March 21, 2025, Ball closed on a transaction for the aluminum cups business, which resulted in Ball deconsolidating the business. The financial results of the aluminum cups business are presented in other non-reportable through the date of the transaction.On August 27, 2025, the company sold 41 percent of its 51 percent ownership interest in Ball United Arab Can Manufacturing Company, which resulted in Ball deconsolidating the business and retaining a 10 percent ownership interest. The financial results of the Saudi Arabian business are presented in other non-reportable through the date of the transaction.First quarter results reflect lower year-over-year undistributed corporate expenses.Outlook
"Our global business remains resilient, supported by passthrough mechanisms that continue to perform as intended in a dynamic environment. We remain on track to deliver our free cash flow objectives for the year, driven by business performance and our strong financial position. This performance supports our expectation to return at least $800 million to shareholders in 2026, while maintaining the flexibility to invest in long-term, sustainable EVA growth projects. Our strong financial foundation remains central to delivering consistent returns and long-term value," said Dan Rabbitt, senior vice president and chief financial officer."Our strategy is anchored in long-term value creation: partnering closely with customers, fostering a empowered and engaged workforce, and driving profitable growth through disciplined execution. Enabled by the Ball Business System, this approach supports consistent performance. We remain confident in the growth of aluminum packaging, and, through our EVA-driven framework, in our ability to deliver our long-term target of greater than 10 percent annual EPS growth while continuing to return significant value to shareholders," Lewis said.About Ball Corporation
Ball Corporation (NYSE: Ball) is the global leader in sustainable aluminum packaging solutions, serving a robust portfolio of customers in the beverage, personal care and household products industries. With 16,000 employees in more than 65 manufacturing plants and facilities worldwide, Ball reported 2025 net sales of $13.16 billion. For more information, visit www.ball.com, or connect with us on LinkedIn or Instagram.Conference Call Details
Ball Corporation (NYSE: BALL) will hold its first quarter 2026 earnings call today at 6:30 a.m. Mountain Time (8:30 a.m. Eastern). The North American toll-free number for the call is +1 877-497-9071. International callers should dial +1 201-689-8727. Please use the following URL for a webcast of the live call:Ball Corporation First Quarter 2026 Earnings CallFor those unable to listen to the live call, a webcast replay and written transcript of the call will be posted within 48 hours of the call's conclusion to Ball's website at www.ball.com/investors under "news & presentations."Forward-Looking Statement
This release contains "forward-looking" statements concerning future events and financial performance. Words such as "expects," "anticipates," "estimates," "will," "believe," "continue," "goal" and similar expressions typically identify forward looking statements, which are generally any statements other than statements of historical fact. For example, the forward-looking statements in this news release include statements relating to our plans, strategies, objectives, commitments and guidance. Such statements are based on current expectations or views of the future and are subject to risks and uncertainties, which could cause actual results or events to differ materially from those expressed or implied. You should therefore not place undue reliance upon any forward-looking statements, and they should be read in conjunction with, and qualified in their entirety by, the cautionary statements referenced below. Ball undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Key factors, risks and uncertainties that could cause actual outcomes and results to be different are summarized in filings with the Securities and Exchange Commission, including Ball's Form 10-K, which are available on Ball's website and at www.sec.gov. Additional factors include among others: supply and demand constraints, fluctuations and changes in consumption patterns; availability/cost of raw materials, equipment, and logistics; competitive packaging, pricing and substitution; power and supply chain interruptions; customer and supplier consolidation; changes in major customer or supplier contracts or loss of a major customer or supplier; inability to pass-through increased costs; footprint adjustments and other manufacturing changes, including the opening and closing of facilities and lines; failure to achieve synergies, productivity improvements or cost reductions; war, political instability, sanctions, and other uncertainties surrounding geopolitical events and governmental policies including relating to the situation in Russia and Ukraine and its impact on Ball's operations in Europe, the Middle East and Africa regions; changes in foreign exchange or tax rates; tariffs, trade actions, or other governmental actions; unfavorable mandatory deposit or packaging laws; regulatory actions or issues including those related to tax, environmental regulation, social and governance reporting, competition, health and workplace safety, including governmental actions or public concerns affecting products filled in Ball's containers, or chemicals or substances used in raw materials or in the manufacturing process; changes in climate and weather and related events such as drought, wildfires, storms, hurricanes, tornadoes and floods; the extent to which sustainability-related opportunities arise and can be capitalized upon; changes in senior management, succession, and the ability to attract and retain skilled labor; strikes; disease; pandemic; labor cost changes; technological developments and innovations; the ability to manage cyber threats; litigation; inflation; pension changes; changes in the rates of return on assets of Ball's defined benefit retirement plans; reduced cash flow; interest rates affecting Ball's debt; successful or unsuccessful joint ventures, acquisitions and divestitures, and their effects on Ball's operating results and business generally. Ball Corporation
Condensed Financial Statements (First Quarter 2026)
Unaudited Condensed Consolidated Statements of Earnings
Three Months Ended
March 31,($ in millions, except per share amounts)
2026
2025
Net sales
$3,603
$3,097
Cost of sales (excluding depreciation and amortization)
(2,957)
(2,493)Depreciation and amortization
(159)
(150)Selling, general and administrative
(150)
(149)Business consolidation and other activities
(11)
(13)Interest income
10
7Interest expense
(78)
(70)
Earnings before taxes
258
229Tax (provision) benefit
(62)
(53)Equity in results of affiliates, net of tax
9
5Earnings from continuing operations
205
181Discontinued operations, net of tax
—
(2)
Net earnings
205
179
Net earnings attributable to noncontrolling interests, net of tax
—
—
Net earnings attributable to Ball Corporation
$205
$179
Earnings per share:
Basic - continuing operations
$0.77
$0.64Basic - discontinued operations
—
(0.01)Total basic earnings per share
$0.77
$0.63
Diluted - continuing operations
$0.77
$0.64Diluted - discontinued operations
—
(0.01)Total diluted earnings per share
$0.77
$0.63
Weighted average shares outstanding (000s):
Basic
265,778
283,292Diluted
267,411
285,067 Ball Corporation
Condensed Financial Statements (First Quarter 2026)
Unaudited Condensed Consolidated Statements of Cash Flows
Three Months Ended
March 31,($ in millions)
2026
2025
Cash Flows from Operating Activities:
Net earnings
$205
$179Depreciation and amortization
159
150Business consolidation and other activities
11
13Deferred tax provision (benefit)
(1)
(29)Gain on Aerospace disposal
—
2Pension contributions
(7)
(7)Other, net
7
(86)Changes in working capital components, net of acquisitions and dispositions
(1,151)
(887)Cash provided by (used in) operating activities
(777)
(665)Cash Flows from Investing Activities:
Capital expenditures
(161)
(81)Business acquisitions, net of cash acquired
(75)
(159)Business dispositions, net of cash sold
—
1Derivative settlements
(18)
12Other, net
(52)
20Cash provided by (used in) investing activities
(306)
(207)Cash Flows from Financing Activities:
Changes in borrowings, net
650
1,007Acquisitions of treasury stock
(1)
(555)Dividends
(54)
(57)Other, net
10
1Cash provided by (used in) financing activities
605
396Effect of currency exchange rate changes on cash, cash equivalents and restricted cash
6
12Change in cash, cash equivalents and restricted cash
(472)
(464)Cash, cash equivalents and restricted cash - beginning of period
1,221
931Cash, cash equivalents and restricted cash - end of period
$749
$467 Ball Corporation
Condensed Financial Statements (First Quarter 2026)
Unaudited Condensed Consolidated Balance Sheets
March 31,($ in millions)
2026
2025
Assets
Current assets
Cash and cash equivalents
$730
$449Receivables, net
2,904
2,637Inventories, net
2,223
1,642Other current assets
345
212Current assets held for sale
17
100Total current assets
6,219
5,040Property, plant and equipment, net
6,796
6,377Goodwill
4,410
4,241Intangible assets, net
947
1,062Other assets
1,398
1,319
Total assets
$19,770
$18,039
Liabilities and Equity
Current liabilities
Short-term debt and current portion of long-term debt
$786
$583Payables and other accrued liabilities
4,773
4,240Current liabilities held for sale
—
22Total current liabilities
5,559
4,845Long-term debt
7,021
6,134Other long-term liabilities
1,571
1,491Equity
5,619
5,569
Total liabilities and equity
$19,770
$18,039Ball Corporation
Notes to the Condensed Financial Statements (First Quarter 2026)1. U.S. GAAP MeasuresBusiness Segment InformationBall's operations are organized and reviewed by management along its product lines and geographical areas and presented in the three reportable segments outlined below. During the first quarter of 2026, the company implemented changes to its segment reporting structure to align with segment leadership and how the business is managed by the chief operating decision maker (CODM). As a result, the company's plants in the beverage packaging, other non-reportable segment are now included in the beverage packaging, EMEA segment. In addition, the company made changes to its measure of profitability, comparable operating earnings, which better aligns to how the CODM assesses segment performance and resource allocation. See section 2. Non-U.S. GAAP Measures for further details. The company's segment results and disclosures for the three months ended March 31, 2025, have been retrospectively recast to conform to current year presentation.Beverage packaging, North and Central America: Consists of operations in the U.S., Canada and Mexico that manufacture and sell aluminum beverage containers throughout those countries.Beverage packaging, Europe, Middle East and Africa (EMEA): Consists of operations in numerous countries throughout Europe, as well as Egypt, Turkey, India and Myanmar, that manufacture and sell aluminum beverage containers throughout those countries.Beverage packaging, South America: Consists of operations in Brazil, Argentina, Paraguay and Chile that manufacture and sell aluminum beverage containers throughout most of South America.Other consists of a non-reportable operating segment that manufactures and sells extruded aluminum aerosol containers and recloseable aluminum bottles across multiple consumer categories as well as aluminum slugs (personal & home care or PHC) throughout North America, South America and Europe; undistributed corporate expenses; and intercompany eliminations and other business activities.In January 2026, the company acquired an 80 percent capital share of Benepack's European beverage can manufacturing business from ORG Technology Co. Ltd. (ORG). ORG will retain a 20 percent ownership interest in the business. The business includes two manufacturing facilities, one in Belgium and one in Hungary, and is included in Ball's beverage packaging, EMEA, segment. The investment further optimizes the company's European manufacturing network as the facilities are well positioned to serve the growing demand of customers for sustainable packaging in the region.On August 27, 2025, the company sold 41 percent of its 51 percent ownership interest in Ball United Arab Can Manufacturing Company, which resulted in Ball deconsolidating the business and retaining a 10 percent ownership interest. The financial results of the Saudi Arabian business, which were a part of the beverage packaging, other, non-reportable operating segment, are now presented in beverage packaging, EMEA in the tables below through the date of the transaction.On March 21, 2025, Ball and Ayna.AI LLC (Ayna) executed a Unit Purchase Agreement to form a strategic partnership in which Ball owns a 49 percent interest, which resulted in Ball deconsolidating the aluminum cups business. The financial results of the business are presented in Other in the table below through the date of the transaction.The company also has investments in operations in Guatemala, Panama, the U.S., Vietnam and Saudi Arabia that are accounted for under the equity method of accounting and, accordingly, those results are not included in segment sales or comparable operating earnings.Ball CorporationNotes to the Condensed Financial Statements (First Quarter 2026)
Three Months Ended
March 31,($ in millions)
2026
2025
Net sales
Beverage packaging, North and Central America
$1,776
$1,463Beverage packaging, EMEA
1,111
958Beverage packaging, South America
585
544Reportable segment sales
3,472
2,965Other
131
132Net sales
$3,603
$3,097
Comparable segment operating earnings
Beverage packaging, North and Central America
$205
$200Beverage packaging, EMEA
134
111Beverage packaging, South America
67
67Reportable segment comparable operating earnings
406
378Other (a)
(19)
(26)Comparable operating earnings
$387
$352
Reconciling items, net (b)
$(129)
$(123)
Earnings before taxes
$258
$229
(a)Includes undistributed corporate expenses, net, of $38 million and $43 million for the three months ended March 31, 2026 and 2025, respectively. (b)For further details regarding reconciling items refer to the summary of reconciling items table at the end of section 2. Non-U.S. GAAP Measures.2. Non-U.S. GAAP Measures Non-U.S. GAAP Measures – Non-U.S. GAAP measures should not be considered in isolation. They should not be considered superior to, or a substitute for, financial measures calculated in accordance with U.S. GAAP and may not be comparable to similarly titled measures of other companies. Presentations of earnings and cash flows presented in accordance with U.S. GAAP are available in the company's earnings releases and quarterly and annual regulatory filings. Information reconciling forward-looking U.S. GAAP measures to non-U.S. GAAP measures is not available without unreasonable effort due to the high variability, complexity and low visibility with respect to certain special items, including restructuring charges, business consolidation and other activities, gains and losses related to acquisition and divestiture of businesses, the ultimate outcome of certain legal or tax proceedings and other non-comparable items. These items are uncertain, depend on various factors and could be material to our results computed in accordance with U.S. GAAP.During the first quarter of 2026, the company amended its definitions of Comparable Operating Earnings and Comparable Earnings Before Interest, Taxes, Depreciation and Amortization. Comparable Operating Earnings now excludes interest income, total amortization expense, factoring fee expense, foreign exchange gain (loss), stock-based compensation expense, unrealized gain (loss) from equity-linked notes and other items included in the reconciling table below. The company also amended its definition of Comparable Net Earnings to now exclude total amortization expense. The prior year amounts associated with these definitions have been recast to conform with the current year's definition and presentation.Comparable Earnings Before Interest, Taxes, Depreciation and Amortization (Comparable EBITDA) - Comparable EBITDA is Comparable Operating Earnings before depreciation and amortization.Comparable Operating Earnings - Comparable Operating Earnings is earnings before, business consolidation, factoring fee expense, foreign exchange gain (loss), intangible amortization, interest expense, interest income, stock-based compensation, taxes, unrealized gain (loss) on equity-linked notes and other items.Comparable Net Earnings - Comparable Net Earnings is net earnings attributable to Ball Corporation before business consolidation, amortization and other non-comparable items after tax.Comparable Diluted Earnings Per Share - Comparable Diluted Earnings Per Share is Comparable Net Earnings divided by diluted weighted average shares outstanding.Net Debt - Net Debt is total debt less cash and cash equivalents, which are derived directly from the company's financial statements.Free Cash Flow - Free Cash Flow is typically derived directly from the company's cash flow statements and is defined as cash flows from operating activities less capital expenditures; and, it may be adjusted for additional items that affect comparability between periods. Free Cash Flow is not a defined term under U.S. GAAP, and it should not be inferred that the entire free cash flow amount is available for discretionary expenditures.Adjusted Free Cash Flow - Adjusted Free Cash Flow is defined as Free Cash Flow adjusted for payments made for income tax liabilities related to the Aerospace disposition and other material dispositions. Adjusted Free Cash Flow is not a defined term under U.S. GAAP, and it should not be inferred that the entire Adjusted Free Cash Flow amount is available for discretionary expenditures.We use Comparable EBITDA, Comparable Operating Earnings, Comparable Net Earnings and Comparable Diluted Earnings Per Share internally to evaluate the company's operating performance. Ball management uses Interest Coverage (Comparable EBITDA to interest expense) and Leverage (Net Debt to Comparable EBITDA) as metrics to monitor the credit quality of Ball Corporation. Management internally uses free cash flow measures to: (1) evaluate the company's liquidity, (2) evaluate strategic investments, (3) plan stock buyback and dividend levels and (4) evaluate the company's ability to incur and service debt. Note that when non-U.S. GAAP measures exclude amortization of intangibles, the measures include the revenue of the acquired entities and all other expenses unless otherwise stated and the acquired assets contribute to revenue generation.Please see the company's website for further details of the company's non-U.S. GAAP financial measures, including prior year quarterly and annual amounts that have been recast to conform with current definitions above, at www.ball.com/investors under the "Financial Results" tab.A summary of the effects of non-comparable items on after tax earnings is as follows:
Three Months Ended
March 31,($ in millions, except per share amounts)
2026
2025
Net earnings attributable to Ball Corporation
$205
$179Business consolidation and other activities (1)
11
13Intangible amortization
37
36Unrealized (gain) loss on equity-linked notes (2)
14
—Non-comparable tax items
(16)
(11)(Gain) loss on Aerospace disposal
—
2Comparable Net Earnings
$251
$219Comparable Diluted Earnings Per Share
$0.94
$0.77
(1)The charges for the three months ended March 31, 2026, were primarily composed of costs for previously announced facility closures.
The charges for the three months ended March 31, 2025, were primarily composed of the loss related to the aluminum cups business transaction and costs for previously announced facility closures. These charges were partially offset by income from the receipt of insurance proceeds for replacement costs related to the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility.
(2)As of March 31, 2026, Ball holds $87 million of investments that are linked to the common stock of ORG Technology Co. Ltd. (ORG). Unrealized gains and losses resulting from changes in fair value of the investment are removed from Comparable Net Earnings to provide a clearer view of Ball's ongoing operations. A summary of the effects of reconciling items on earnings before taxes is as follows:
Three Months Ended
March 31,($ in millions)
2026
2025
Net earnings attributable to Ball Corporation
$205
$179Discontinued operations, net of tax
—
2Earnings from continuing operations
205
181Equity in results of affiliates, net of tax
(9)
(5)Tax provision (benefit)
62
53Earnings before taxes
258
229Reconciling items, net (a)
129
123 Comparable Operating Earnings
$387
$352
(a)For further details regarding reconciling items refer to the summary of reconciling items table at end this section. A summary of Comparable EBITDA, Net Debt, Interest Coverage and Leverage is as follows:
Twelve
Less: Three
Add: Three
Months Ended
Months Ended
Months Ended
Year Ended
December 31,
March 31,
March 31,
March 31,
($ in millions, except ratios)
2025
2025
2026
2026
Net earnings attributable to Ball Corporation
$912
$179
$205
$938
Net earnings attributable to noncontrolling interests, net of tax
3
—
—
3
Discontinued operations, net of tax
—
2
—
(2)
Earnings from continuing operations
915
181
205
939
Equity in results of affiliates, net of tax
(27)
(5)
(9)
(31)
Tax provision (benefit)
240
53
62
249
Earnings before taxes
1,128
229
258
1,157
Reconciling items, net (a)
443
123
129
449
Comparable Operating Earnings
1,571
352
387
1,606
Depreciation and amortization
622
150
159
631
Intangible amortization
(149)
(36)
(37)
(150)
Comparable EBITDA
$2,044
$466
$509
$2,087
Interest expense
$(314)
$(70)
$(78)
$(322)
Total debt at period end
$7,807
Cash and cash equivalents
(730)
Net Debt
$7,077
Interest Coverage (Comparable EBITDA/Interest Expense)
6.48xLeverage (Net Debt/Comparable EBITDA)
3.39x
(a)For further details regarding reconciling items refer to the summary of reconciling items table at end this section. A summary of reconciling items for the tables referenced above is as follows:
Twelve
Less: Three
Add: Three
Months Ended
Months Ended
Months Ended
Year Ended
December 31,
March 31,
March 31,
March 31,($ in millions)
2025
2025
2026
2026
Business consolidation and other activities
(41)
13
11
(43)Debt refinancing and other costs
19
—
—
19Factoring fee expense
38
10
10
38FX (gain) loss
(31)
(7)
(19)
(43)Intangible amortization
149
36
37
150Interest expense
314
70
78
322Interest income
(30)
(7)
(10)
(33)Stock-based compensation expense
26
8
6
24Unrealized (gain) loss on equity-linked notes
(1)
—
14
13Other, net
—
—
2
2Reconciling items, net
443
123
129
449 A summary of free cash flow and adjusted free cash flow is as follows:
Three Months Ended
March 31,($ in millions)
2026
Total cash provided by (used in) operating activities
$(777)Less: Capital expenditures
(161)Free Cash Flow
(938)Add: Cash taxes paid for Aerospace disposition
(104)Adjusted Free Cash Flow
$(1,042) 3. Non-U.S. GAAP Measures Recast for 2025 Full Year Results (unaudited)
Business Segment Information:
First
Second
Third
Fourth
Full
Quarter
Quarter
Quarter
Quarter
Year($ in millions, except ratios)
2025
2025
2025
2025
2025
Net sales
Beverage packaging, North and Central America
$1,463
$1,613
$1,638
$1,572
$6,286Beverage packaging, EMEA
958
1,123
1,125
1,026
4,232Beverage packaging, South America
544
477
508
633
2,162Reportable segment sales
2,965
3,213
3,271
3,231
12,680Other
132
125
108
116
481Net sales
$3,097
$3,338
$3,379
$3,347
$13,161
Comparable segment operating earnings
Beverage packaging, North and Central America
$200
$212
$215
$165
$792Beverage packaging, EMEA
111
152
164
137
564Beverage packaging, South America
67
50
77
121
315Reportable segment comparable operating earnings
378
414
456
423
1,671Other (a)
(26)
(12)
(16)
(46)
(100)Comparable operating earnings
$352
$402
$440
$377
$1,571
Reconciling items, net (a)
$(123)
$(134)
$(49)
$(137)
$(443)
Earnings before taxes
$229
$268
$391
$240
$1,128
(a)For further details regarding reconciling items refer to the summary of reconciling items table at end this section. A summary of the effects of non-comparable items on after tax earnings is as follows:
First
Second
Third
Fourth
Full
Quarter
Quarter
Quarter
Quarter
Year($ in millions, except per share amounts)
2025
2025
2025
2025
2025
Net earnings attributable to Ball Corporation
$179
$212
$321
$200
$912Business consolidation and other activities
13
12
(78)
12
(41)Intangible amortization
36
38
37
38
149Unrealized (gain) loss on equity-linked notes
—
—
3
(4)
(1)Debt refinancing and other costs
—
—
—
19
19Non-comparable tax items
(11)
(12)
(4)
(19)
(46)(Gain) loss on Aerospace disposal
2
1
1
(1)
3Comparable Net Earnings
$219
$251
$280
$245
$995Comparable Diluted Earnings Per Share
$0.77
$0.90
$1.03
$0.91
$3.61 A summary of the effects of reconciling items on earnings before taxes is as follows:
First
Second
Third
Fourth
Full
Quarter
Quarter
Quarter
Quarter
Year($ in millions)
2025
2025
2025
2025
2025
Net earnings attributable to Ball Corporation
$179
$212
$321
$200
$912Net earnings attributable to noncontrolling interests, net of tax
—
3
—
—
3Discontinued operations, net of tax
2
—
1
(3)
—Earnings from continuing operations
181
215
322
197
915Equity in results of affiliates, net of tax
(5)
(8)
(7)
(7)
(27)Tax provision (benefit)
53
61
76
50
240Earnings before taxes
229
268
391
240
1,128Reconciling items, net (a)
123
134
49
137
443 Comparable Operating Earnings
$352
$402
$440
$377
$1,571
(a)For further details regarding reconciling items refer to the summary of reconciling items table at end this section. A summary of Comparable EBITDA, Net Debt, Interest Coverage and Leverage is as follows:
Year Ended
December 31,
($ in millions, except ratios)
2025
Net earnings attributable to Ball Corporation
$912
Net earnings attributable to noncontrolling interests, net of tax
3
Earnings from continuing operations
915
Equity in results of affiliates, net of tax
(27)
Tax provision (benefit)
240
Earnings before taxes
1,128
Reconciling items, net (a)
443
Comparable Operating Earnings
1,571
Depreciation and amortization
622
Intangible amortization
(149)
Comparable EBITDA
$2,044
Interest expense
$(314)
Total debt at period end
$7,012
Cash and cash equivalents
(1,212)
Net Debt
$5,800
Interest Coverage (Comparable EBITDA/Interest Expense)
6.51xLeverage (Net Debt/Comparable EBITDA)
2.83x
(a)For further details regarding reconciling items refer to the summary of reconciling items table at end this section. A summary of reconciling items for the tables referenced above is as follows:
First
Second
Third
Fourth
Full
Quarter
Quarter
Quarter
Quarter
Year($ in millions)
2025
2025
2025
2025
2025
Business consolidation and other activities
13
12
(78)
12
(41)Debt refinancing and other costs
—
—
—
19
19Factoring fee expense
10
9
9
10
38FX (gain) loss
(7)
(6)
(9)
(9)
(31)Intangible amortization
36
38
37
38
149Interest expense
70
81
85
78
314Interest income
(7)
(5)
(8)
(10)
(30)Stock-based compensation expense
8
10
5
3
26Unrealized (gain) loss on equity-linked notes
—
—
3
(4)
(1)Other, net
—
(5)
5
—
—Reconciling items, net
$123
$134
$49
$137
$443 View original content to download multimedia:https://www.prnewswire.com/news-releases/ball-reports-strong-first-quarter-2026-results-302762242.htmlSOURCE Ball Corporation Original: Ball Reports Strong First Quarter 2026 Results
US Market News
4 months ago
Ball Reports Strong Fourth Quarter and Full-Year 2025 ResultsFebruary 3, 2026 6:00 AM
PR Newswire (US)
HighlightsFull-year and fourth quarter U.S. GAAP diluted earnings per share of $3.30 and 75 cents, respectivelyFull-year and fourth quarter comparable diluted earnings per share of $3.57 and 91 cents, respectivelyFull-year and fourth quarter global aluminum packaging shipments up 4.1% and 6.0%, respectivelyReturned $1.54 billion to shareholders via share repurchases and dividends in 2025Generated record adjusted free cash flow of $956 million in 2025Completed acquisition of majority stake in European beverage can manufacturer BenepackIn 2026, expect comparable diluted earnings per share growth of 10-plus percent and free cash flow greater than $900 millionFocused on advancing sustainable aluminum packaging while driving 10–plus percent comparable diluted EPS growth, increasing EVA, generating strong free cash flow, and sustaining long–term value creation in 2026 and beyondWESTMINSTER, Colo., Feb. 3, 2026 /PRNewswire/ -- Ball Corporation (NYSE: BALL) today reported full-year and fourth quarter 2025 results. References to net sales and comparable operating earnings in today's release do not include the company's former aerospace business. Year-over-year net earnings attributable to the corporation and comparable net earnings do include the performance of the company's former aerospace business through the sale date of February 16, 2024.U.S. GAAP Financial PerformanceOn a U.S. GAAP basis, the company reported full-year 2025 net earnings attributable to the corporation of $912 million, or total diluted earnings per share of $3.30, on sales of $13.16 billion, compared to $4.01 billion net earnings attributable to the corporation, or total diluted earnings per share of $13.00, on sales of $11.80 billion in 2024. Ball's fourth quarter 2025 net earnings attributable to the corporation, on a U.S. GAAP basis, was $200 million, or total diluted earnings per share of 75 cents, on sales of $3.35 billion compared to net loss attributable to the corporation of $32 million, or total diluted loss per share of 11 cents, on sales of $2.88 billion in the fourth quarter of 2024.Non-GAAP Financial PerformanceBall's full-year 2025 comparable net earnings were $985 million, or $3.57 per diluted share compared to $977 million, or $3.17 per diluted share in 2024. Ball's fourth quarter 2025 comparable net earnings were $243 million, or 91 cents per diluted share compared to $250 million, or 84 cents per diluted share in 2024."We closed the year with a strong fourth quarter where across our businesses we delivered robust volume growth and operating earnings, capping off a record year for Ball. Our success reflects disciplined execution and the strength of the Ball Business System, serving our customers, empowering our people and culture, and driving operational excellence every shift, every day. These pillars enabled us to meet our 2025 expectations, achieve record earnings per share, and return approximately $1.54 billion to shareholders through share repurchases and dividends," said Ron Lewis, chief executive officer.Details of reportable segment comparable operating earnings, business consolidation and other activities, business segment descriptions and other non-comparable items can be found in the notes to the unaudited condensed consolidated financial statements that accompany this news release. References to volume data represent units shipped.Beverage Packaging, North and Central AmericaBeverage packaging, North and Central America, segment comparable operating earnings for full-year 2025 were $772 million on sales of $6.29 billion compared to $747 million on sales of $5.62 billion in 2024. For the fourth quarter 2025, segment comparable operating earnings were $159 million on sales of $1.57 billion compared to $142 million on sales of $1.29 billion during the same period in 2024.Full-year and fourth quarter 2025 sales reflect higher volume and favorable price/mix primarily driven by the contractual pass through of higher aluminum costs for the year. Full-year segment comparable operating earnings increased year-over-year due to higher volume and favorable price/mix, partially offset by higher costs. Fourth quarter segment comparable operating earnings increased year-over-year driven mostly by higher volume and favorable price/mix, partially offset by higher costs. Fourth quarter segment volume increased a high-single digit percentage culminating in a full-year segment volume increase of 4.8 percent.Beverage Packaging, EMEABeverage packaging, EMEA, segment comparable operating earnings for full-year 2025 were $495 million on sales of $3.98 billion compared to $416 million on sales of $3.47 billion in 2024. For the fourth quarter, segment comparable operating earnings were $123 million on sales of $971 million compared to $90 million on sales of $826 million during the same period in 2024.Full-year sales reflect higher year-over-year volume, favorable price/mix and currency translation. Fourth quarter sales reflect higher year-over-year volume and favorable currency translation. Full-year segment comparable operating earnings reflect higher volume, favorable price/mix and currency translation partially offset by higher costs. Fourth quarter segment comparable operating earnings increased year-over-year driven by higher volume and currency translation partially offset by higher costs. Fourth quarter segment volume increased high-single digit percent culminating in full-year segment volume increasing 5.5 percent.In late January the company completed the acquisition of a majority stake in European beverage can manufacturer Benepack's businesses, consisting of its two production facilities in Belgium and Hungary. Benepack is a regional producer of aluminum beverage cans serving both international and local customers across Western and Eastern Europe. Under the terms of the agreements, Ball acquired an 80 percent stake, for a total consideration of approximately €184 million, an attractive purchase price that reflects the strategic geographic fit and high-quality footprint of the Benepack business.Beverage Packaging, South AmericaBeverage packaging, South America, segment comparable operating earnings for full-year 2025 were $327 million on sales of $2.16 billion compared to $296 million on sales of $1.95 billion in 2024. For the fourth quarter, comparable segment operating earnings were $127 million on sales of $633 million compared to $126 million on sales of $563 million during the same period in 2024.Full-year and fourth quarter 2025 sales reflect higher volume and favorable price/mix. Full-year and fourth quarter segment comparable operating earnings increased year-over-year due to higher volume and favorable price/mix partially offset by higher costs. Fourth quarter segment volume increased high-single digit percent culminating in full-year segment volume increasing 4.2 percent.Non-reportable Non-reportable is comprised of undistributed corporate expenses, net of corporate interest income, the results of the company's global personal & home care (formerly aerosol packaging) business and beverage can manufacturing facilities in India and Myanmar.On March 21, 2025, Ball closed on a transaction for the aluminum cups business, which resulted in Ball deconsolidating the business. The financial results of the aluminum cups business are presented in other non-reportable through the date of the transaction.On August 27, 2025, the company sold 41 percent of its 51 percent ownership interest in Ball United Arab Can Manufacturing Company, which resulted in Ball deconsolidating the business and retaining a 10 percent ownership interest. The financial results of the Saudi Arabian business are presented in other non-reportable through the date of the transaction.Full-year results reflect lower comparable operating earnings for the aluminum packaging businesses in other non-reportable, partially offset by lower year-over-year undistributed corporate expenses. Fourth quarter results reflect lower comparable operating earnings for the aluminum packaging businesses in other non-reportable, including higher year-over-year undistributed corporate expenses.Outlook"Our strong fourth quarter capped a year of disciplined financial execution guided by our EVA mindset. In 2025, we generated a record $956 million of adjusted free cash flow, kept capital expenditures below our GAAP depreciation and amortization target, and returned $1.54 billion to shareholders through share repurchases and dividends. Looking ahead to 2026, we expect continued momentum with operating leverage, a healthy balance sheet, and the ability to deliver consistent EPS growth in line with our long-term algorithm, while continuing to return value to shareholders," said Dan Rabbitt, senior vice president and chief financial officer."Our strategy is clear and built for the long term: stay close to our customers, empower and motivate our people and drive operational excellence and profitable growth through the Ball Business System. These pillars create fuel for growth and position us to deliver consistent results in a dynamic environment. As we look to 2026 and beyond, we remain confident in the growth of aluminum packaging and, viewed through our EVA mindset, we are confident in our ability to achieve our long-term algorithm of 10-plus percent annual EPS growth while continuing to return significant value to shareholders," Lewis said.About Ball CorporationBall Corporation supplies innovative, sustainable aluminum packaging solutions for beverage, personal care and household products customers. Ball Corporation employs 16,000 people worldwide and reported 2025 net sales of $13.16 billion, which excludes the divested aerospace business. For more information, visit www.ball.com, or connect with us on LinkedIn or Instagram.Conference Call Details
Ball Corporation (NYSE: BALL) will hold its fourth quarter 2025 earnings call today at 7 a.m. Mountain Time (9 a.m. Eastern). The North American toll-free number for the call is +1 877-497-9071. International callers should dial +1 201-689-8727. Please use the following URL for a webcast of the live call:Ball Corporation Fourth Quarter 2025 Earnings CallFor those unable to listen to the live call, a webcast replay and written transcript of the call will be posted within 48 hours of the call's conclusion to Ball's website at www.ball.com/investors under "news & presentations."Forward-Looking Statement
This release contains "forward-looking" statements concerning future events and financial performance. Words such as "expects," "anticipates," "estimates," "will," "believe," "continue," "goal" and similar expressions typically identify forward looking statements, which are generally any statements other than statements of historical fact. For example, the forward-looking statements in this news release include statements relating to our plans, strategies, objectives, commitments and guidance. Such statements are based on current expectations or views of the future and are subject to risks and uncertainties, which could cause actual results or events to differ materially from those expressed or implied. You should therefore not place undue reliance upon any forward-looking statements, and they should be read in conjunction with, and qualified in their entirety by, the cautionary statements referenced below. Ball undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Key factors, risks and uncertainties that could cause actual outcomes and results to be different are summarized in filings with the Securities and Exchange Commission, including Exhibit 99 in Ball's Form 10-K, which are available on Ball's website and at www.sec.gov. Additional factors that might affect: a) Ball's packaging segments include product capacity, supply, and demand constraints and fluctuations and changes in consumption patterns; availability/cost of raw materials, equipment, and logistics; competitive packaging, pricing and substitution; changes in climate and weather and related events such as drought, wildfires, storms, hurricanes, tornadoes and floods; footprint adjustments and other manufacturing changes, including the opening and closing of facilities and lines; failure to achieve synergies, productivity improvements or cost reductions; unfavorable mandatory deposit or packaging laws; customer and supplier consolidation; power and supply chain interruptions; changes in major customer or supplier contracts or loss of a major customer or supplier; inability to pass-through increased costs; war, political instability and sanctions, including relating to the situation in Russia and Ukraine and its impact on Ball's supply chain and its ability to operate in Europe, the Middle East and Africa regions generally; changes in foreign exchange or tax rates; and tariffs, trade actions, or other governmental actions, including business restrictions and orders affecting goods produced by Ball or in its supply chain, including imported raw materials; and b) Ball as a whole include those listed above plus: the extent to which sustainability-related opportunities arise and can be capitalized upon; changes in senior management, succession, and the ability to attract and retain skilled labor; regulatory actions or issues including those related to tax, environmental, social and governance reporting, competition, environmental, health and workplace safety, including U.S. Federal Drug Administration and other actions or public concerns affecting products filled in Ball's containers, or chemicals or substances used in raw materials or in the manufacturing process; technological developments and innovations; the ability to manage cyber threats; litigation; strikes; disease; pandemic; labor cost changes; inflation; rates of return on assets of Ball's defined benefit retirement plans; pension changes; uncertainties surrounding geopolitical events and governmental policies; reduced cash flow; interest rates affecting Ball's debt; successful or unsuccessful joint ventures, acquisitions and divestitures, and their effects on Ball's operating results and business generally. Ball CorporationCondensed Financial Statements (Fourth Quarter 2025)
Unaudited Condensed Consolidated Statements of Earnings
Three Months Ended
Year Ended
December 31,
December 31,($ in millions, except per share amounts)
2025
2024
2025
2024
Net sales
$3,347
$2,880
$13,161
$11,795
Cost of sales (excluding depreciation and amortization)
(2,699)
(2,289)
(10,583)
(9,354)Depreciation and amortization
(159)
(151)
(622)
(611)Selling, general and administrative
(150)
(129)
(566)
(647)Business consolidation and other activities
(12)
(249)
41
(420)Interest income
10
10
30
68Interest expense
(78)
(65)
(314)
(293)Debt refinancing and other costs
(19)
—
(19)
(3)
Earnings before taxes
240
7
1,128
535Tax (provision) benefit
(50)
(15)
(240)
(133)Equity in results of affiliates, net of tax
7
7
27
28Earnings from continuing operations
197
(1)
915
430Discontinued operations, net of tax
3
(29)
—
3,584
Net earnings
200
(30)
915
4,014
Net earnings attributable to noncontrolling interests, net of tax
—
2
3
6
Net earnings attributable to Ball Corporation
$200
$(32)
$912
$4,008
Earnings per share:
Basic - continuing operations
$0.74
$(0.01)
$3.33
$1.39Basic - discontinued operations
0.01
(0.10)
—
11.73Total basic earnings per share
$0.75
$(0.11)
$3.33
$13.12
Diluted - continuing operations
$0.74
$(0.01)
$3.30
$1.37Diluted - discontinued operations
0.01
(0.10)
—
11.63Total diluted earnings per share
$0.75
$(0.11)
$3.30
$13.00
Weighted average shares outstanding (000s):
Basic
266,789
295,356
274,263
305,459Diluted
268,314
295,356
275,972
308,206 Ball CorporationCondensed Financial Statements (Fourth Quarter 2025)
Unaudited Condensed Consolidated Statements of Cash Flows
Year Ended
December 31,($ in millions)
2025
2024
Cash Flows from Operating Activities:
Net earnings
$915
$4,014Depreciation and amortization
622
620Business consolidation and other activities
(41)
420Deferred tax provision (benefit)
60
143Gain on Aerospace disposal
3
(4,634)Pension contributions
(43)
(32)Other, net
(123)
135Changes in working capital components, net of acquisitions and dispositions
(131)
(551) Cash provided by (used in) operating activities
1,262
115Cash Flows from Investing Activities:
Capital expenditures
(474)
(484)Business acquisitions, net of cash acquired
(159)
(74)Business dispositions, net of cash sold
32
5,422Derivative settlements
(99)
138Other, net
44
1 Cash provided by (used in) investing activities
(656)
5,003Cash Flows from Financing Activities:
Changes in borrowings, net
1,228
(2,859)Acquisitions of treasury stock
(1,321)
(1,712)Dividends
(220)
(244)Other, net
(31)
25 Cash provided by (used in) financing activities
(344)
(4,790)Effect of currency exchange rate changes on cash, cash equivalents and restricted cash
28
(107)Change in cash, cash equivalents and restricted cash
290
221Cash, cash equivalents and restricted cash - beginning of period (a)
931
710Cash, cash equivalents and restricted cash - end of period
$1,221
$931
(a) As of December 31, 2024, $32 million of cash was presented in current assets held for sale on the unaudited condensed consolidated balance sheet. Ball CorporationCondensed Financial Statements (Fourth Quarter 2025)
Unaudited Condensed Consolidated Balance Sheets
December 31,($ in millions)
2025
2024
Assets
Current assets
Cash and cash equivalents
$1,212
$885Receivables, net
2,606
2,166Inventories, net
2,013
1,477Other current assets
265
169Current assets held for sale
17
144Total current assets
6,113
4,841Property, plant and equipment, net
6,656
6,173Goodwill
4,379
4,172Intangible assets, net
982
1,080Other assets
1,394
1,362
Total assets
$19,524
$17,628
Liabilities and Equity
Current liabilities
Short-term debt and current portion of long-term debt
$21
$361Payables and other accrued liabilities
5,466
4,446Current liabilities held for sale
—
40Total current liabilities
5,487
4,847Long-term debt
6,991
5,312Other long-term liabilities
1,625
1,539Equity
5,421
5,930
Total liabilities and equity
$19,524
$17,628 Ball Corporation
Notes to the Condensed Financial Statements (Fourth Quarter 2025)1. U.S. GAAP MeasuresBusiness Segment InformationBall's operations are organized and reviewed by management along its product lines and geographical areas.On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented.Beverage packaging, North and Central America: Consists of operations in the U.S., Canada and Mexico that manufacture and sell aluminum beverage containers throughout those countries.Beverage packaging, Europe, Middle East and Africa (EMEA): Consists of operations in numerous countries throughout Europe, as well as Egypt and Turkey, that manufacture and sell aluminum beverage containers throughout those countries.Beverage packaging, South America: Consists of operations in Brazil, Argentina, Paraguay and Chile that manufacture and sell aluminum beverage containers throughout most of South America.Other consists of a non-reportable operating segment (beverage packaging, other) that manufactures and sells aluminum beverage containers in India and Myanmar; a non-reportable operating segment that manufactures and sells extruded aluminum aerosol containers and recloseable aluminum bottles across multiple consumer categories as well as aluminum slugs (personal & home care or PHC) throughout North America, South America and Europe; undistributed corporate expenses; and intercompany eliminations and other business activities.On August 27, 2025, the company sold 41 percent of its 51 percent ownership interest in Ball United Arab Can Manufacturing Company for total cash consideration of $74 million, which resulted in Ball deconsolidating the business and retaining a 10 percent ownership interest. A gain of $86 million was recognized upon sale, and is presented in business consolidation and other activities in the unaudited condensed consolidated statements of earnings in the third quarter of 2025 and the retained ownership interest is reported in other assets as an equity method investment on the unaudited condensed consolidated balance sheet. Ball reduced the gain by $5 million during the fourth quarter in business consolidation and other activities in the unaudited condensed consolidated statement of earnings for the three months ended and the year ended December 31, 2025. The financial results of the Saudi Arabian business, which were a part of the beverage packaging, other, non-reportable operating segment, are presented in Other in the table below through the date of the transaction and as of December 31, 2024, the assets and liabilities of the Saudi Arabian business were presented as current assets held for sale and current liabilities held for sale on the consolidated balance sheet.The company also has investments in operations in Guatemala, Panama, the U.S., Vietnam and Saudi Arabia that are accounted for under the equity method of accounting and, accordingly, those results are not included in segment sales or earnings.In the fourth quarter of 2024, Ball's Board of Directors provided approval for the company to form a strategic partnership for the aluminum cups business in early 2025. As a result, Ball recorded a noncash impairment charge in the fourth quarter of 2024 of $233 million to adjust the carrying value of the disposal group of our aluminum cups business to its estimated fair value less cost to sell. This charge was included in business consolidation and other activities in the consolidated statement of earnings for the year ended December 31, 2024. The remaining assets and liabilities were presented as current assets held for sale and current liabilities held for sale on the consolidated balance sheet as of December 31, 2024. On March 21, 2025, Ball and Ayna.AI LLC (Ayna) executed a Unit Purchase Agreement to form a strategic partnership in which Ball owns a 49 percent interest, which resulted in Ball deconsolidating the business. The financial results of the aluminum cups business are presented in Other in the table below through the date of the transaction. Ball's interest in the entity, Oasis Venture Holdings LLC ("Oasis"), is accounted for under the equity method of accounting. Ball recorded an additional loss of $8 million related to the transaction in business consolidation and other activities in the unaudited condensed consolidated statement of earnings for the year ended December 31, 2025.In February 2025, the company closed on the acquisition of Florida Can Manufacturing for cash consideration of $160 million. The business is comprised of an aluminum beverage can manufacturing facility located in Winter Haven, Florida, and is included in Ball's beverage packaging, North and Central America, segment. The transaction strengthens the segment's supply network and enhances its ability to meet growing customer demand for sustainable beverage packaging solutions in the region.In the third quarter of 2023, Ball entered into a Stock Purchase Agreement with BAE Systems, Inc. (BAE) and, for the limited purposes set forth therein, BAE Systems plc, to sell all outstanding equity interests in Ball's aerospace business. On February 16, 2024, the company completed the divestiture of the aerospace business for a purchase price of $5.6 billion, subject to working capital adjustments and other customary closing adjustments under the terms of the agreement. In the third quarter of 2025, Ball finalized the customary closing adjustments with BAE, resulting in an immaterial adjustment. The divestiture resulted in a pre-tax gain of $4.61 billion. Completion of the divestiture resulted in the removal of the aerospace business from the company's obligor group, as the business no longer guarantees the company's senior notes and senior credit facilities.
Three Months Ended
Year Ended
December 31,
December 31,($ in millions)2025
2024
2025
2024
Net sales
Beverage packaging, North and Central America$1,572
$1,291
$6,286
$5,619Beverage packaging, EMEA
971
826
3,983
3,466Beverage packaging, South America
633
563
2,162
1,951Reportable segment sales
3,176
2,680
12,431
11,036Other
171
200
730
759Net sales$3,347
$2,880
$13,161
$11,795
Comparable segment operating earnings
Beverage packaging, North and Central America$159
$142
$772
$747Beverage packaging, EMEA
123
90
495
416Beverage packaging, South America
127
126
327
296Reportable segment comparable operating earnings
409
358
1,594
1,459Reconciling items
Other (a)
(26)
(3)
(39)
(69)Business consolidation and other activities
(12)
(249)
41
(420)Amortization of acquired Rexam intangibles
(34)
(34)
(135)
(139)Interest expense
(78)
(65)
(314)
(293)Debt refinancing and other costs
(19)
—
(19)
(3)Earnings before taxes$240
$7
$1,128
$535
(a) Includes undistributed corporate expenses, net, of $53 million and $26 million for the three months ended December 31, 2025 and 2024, respectively, and $155 million and $175 million for the year ended December 31, 2025 and 2024, respectively. Undistributed corporate expenses, net, includes corporate interest income of $6 million for the three months ended December 31, 2024, and $1 million and $42 million for the year ended December 31, 2025 and 2024, respectively. For the year ended December 31, 2024, undistributed corporate expenses, net, includes $82 million of incremental compensation cost from the successful sale of the aerospace business. Discontinued Operations
The following table presents components of discontinued operations, net of tax.
Three Months Ended December 31,
Year Ended December 31,($ in millions)
2025
2024
2025
2024
Net sales
$—
$—
$—
$261
Cost of sales (excluding depreciation and amortization)
—
—
—
(214)Depreciation and amortization
—
—
—
(9)Selling, general and administrative
—
—
—
(11)Interest expense
—
—
—
—Gain (loss) on disposition
1
(60)
(3)
4,634Tax (provision) benefit
2
31
3
(1,077)Discontinued operations, net of tax
$3
$(29)
$—
$3,5842. Non-U.S. GAAP MeasuresNon-U.S. GAAP Measures – Non-U.S. GAAP measures should not be considered in isolation. They should not be considered superior to, or a substitute for, financial measures calculated in accordance with U.S. GAAP and may not be comparable to similarly titled measures of other companies. Presentations of earnings and cash flows presented in accordance with U.S. GAAP are available in the company's earnings releases and quarterly and annual regulatory filings. Information reconciling forward-looking U.S. GAAP measures to non-U.S. GAAP measures is not available without unreasonable effort due to the high variability, complexity and low visibility with respect to certain special items, including restructuring charges, business consolidation and other activities, gains and losses related to acquisition and divestiture of businesses, the ultimate outcome of certain legal or tax proceedings and other non-comparable items. These items are uncertain, depend on various factors and could be material to our results computed in accordance with U.S. GAAP.Comparable Earnings Before Interest, Taxes, Depreciation and Amortization (Comparable EBITDA) - Comparable EBITDA is earnings before interest expense, taxes, depreciation and amortization, business consolidation and other non-comparable items.
Comparable Operating Earnings - Comparable Operating Earnings is earnings before interest expense, taxes, business consolidation and other non-comparable items.
Comparable Net Earnings - Comparable Net Earnings is net earnings attributable to Ball Corporation before business consolidation and other non-comparable items after tax.
Comparable Diluted Earnings Per Share - Comparable Diluted Earnings Per Share is Comparable Net Earnings divided by diluted weighted average shares outstanding.
Net Debt - Net Debt is total debt less cash and cash equivalents, which are derived directly from the company's financial statements.
Free Cash Flow - Free Cash Flow is typically derived directly from the company's cash flow statements and is defined as cash flows from operating activities less capital expenditures; and, it may be adjusted for additional items that affect comparability between periods. Free Cash Flow is not a defined term under U.S. GAAP, and it should not be inferred that the entire free cash flow amount is available for discretionary expenditures.
Adjusted Free Cash Flow - Adjusted Free Cash Flow is defined as Free Cash Flow adjusted for payments made for income tax liabilities related to the Aerospace disposition and other material dispositions. Adjusted Free Cash Flow is not a defined term under U.S. GAAP, and it should not be inferred that the entire Adjusted Free Cash Flow amount is available for discretionary expenditures.We use Comparable EBITDA, Comparable Operating Earnings, Comparable Net Earnings and Comparable Diluted Earnings Per Share internally to evaluate the company's operating performance. Ball management uses Interest Coverage (Comparable EBITDA to interest expense) and Leverage (Net Debt to Comparable EBITDA) as metrics to monitor the credit quality of Ball Corporation. Management internally uses free cash flow measures to: (1) evaluate the company's liquidity, (2) evaluate strategic investments, (3) plan stock buyback and dividend levels and (4) evaluate the company's ability to incur and service debt. Note that when non-U.S. GAAP measures exclude amortization of acquired Rexam intangibles, the measures include the revenue of the acquired entities and all other expenses unless otherwise stated and the acquired assets contribute to revenue generation.Please see the company's website for further details of the company's non-U.S. GAAP financial measures at www.ball.com/investors under the "Financial Results" tab.A summary of the effects of non-comparable items on after tax earnings is as follows:
Three Months Ended
Year Ended
December 31,
December 31,($ in millions, except per share amounts)
2025
2024
2025
2024
Net earnings attributable to Ball Corporation
$200
$(32)
$912
$4,008Business consolidation and other activities (1)
12
249
(41)
420Amortization of acquired Rexam intangibles
34
34
135
139Unrealized (gain) loss on equity-linked notes (2)
(4)
—
(1)
—Debt refinancing and other costs
19
—
19
3Non-comparable tax items
(17)
(61)
(42)
959(Gain) loss on Aerospace disposal
(1)
60
3
(4,634)Aerospace disposition compensation (3)
—
—
—
82Comparable Net Earnings
$243
$250
$985
$977Comparable Diluted Earnings Per Share
$0.91
$0.84
$3.57
$3.17
(1)The income for the year ended December 31, 2025, was primarily composed of the $81 million gain on the sale of the Saudi Arabian business. The income for the year ended was partially offset by the additional loss on the cups transaction and costs for previously announced facility closures.
The charges for the three months and year ended December 31, 2024, were primarily composed of a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell, costs related to plant closures in beverage packaging, South America, and beverage packaging, North and Central America, and the company's activities to establish its new operating model. For the three months and year ended December 31, 2024, $14 million and $161 million, respectively, of costs were recorded for plant closures, primarily for employee severance and benefits, costs to scrap assets or write them down to their sellable value, accelerated depreciation and other shutdown costs. Additionally in 2024, the company restructured its operating model and recorded charges primarily related to employee severance, employee benefits and other related items. The charges in 2024 were partially offset by income from the receipt of insurance proceeds for replacement costs related to the 2023 fire at the company's Verona, Virginia, extruded aluminum slug manufacturing facility.
(2)Ball purchased $99 million of investments that are linked to the common stock of ORG Technology Co. Ltd. (ORG). Unrealized gains and losses resulting from changes in fair value of the investment are removed from Comparable Net Earnings to provide a clearer view of Ball's ongoing operations.
(3)The charge for the year ended December 31, 2024, was composed of incremental compensation costs from the successful sale of the aerospace business, which consisted of cash bonuses and stock-based compensation. This amount was recorded in selling, general and administrative in the unaudited condensed consolidated statement of earnings. A summary of the effects of non-comparable items on earnings before taxes is as follows:
Three Months Ended
Year Ended
December 31,
December 31,($ in millions)
2025
2024
2025
2024
Net earnings attributable to Ball Corporation
$200
$(32)
$912
$4,008Net earnings attributable to noncontrolling interests, net of tax
—
2
3
6Discontinued operations, net of tax
(3)
29
—
(3,584)Earnings from continuing operations
197
(1)
915
430Equity in results of affiliates, net of tax
(7)
(7)
(27)
(28)Tax provision (benefit)
50
15
240
133Earnings before taxes
240
7
1,128
535Interest expense
78
65
314
293Debt refinancing and other costs
19
—
19
3Business consolidation and other activities
12
249
(41)
420Unrealized (gain) loss on equity-linked notes
(4)
—
(1)
—Aerospace disposition compensation
—
—
—
82Amortization of acquired Rexam intangibles
34
34
135
139 Comparable Operating Earnings
$379
$355
$1,554
$1,472 A summary of Comparable EBITDA, Net Debt, Interest Coverage and Leverage is as follows:
Year Ended
December 31,
($ in millions, except ratios)
2025
Net earnings attributable to Ball Corporation
$912
Net earnings attributable to noncontrolling interests, net of tax
3
Earnings from continuing operations
915
Equity in results of affiliates, net of tax
(27)
Tax provision (benefit)
240
Earnings before taxes
1,128
Interest expense
314
Debt refinancing and other costs
19
Business consolidation and other activities
(41)
Unrealized (gain) loss on equity-linked notes
(1)
Amortization of acquired Rexam intangibles
135
Comparable Operating Earnings
1,554
Depreciation and amortization
622
Amortization of acquired Rexam intangibles
(135)
Comparable EBITDA
$2,041
Interest expense
$(314)
Total debt at period end
$7,012
Cash and cash equivalents
(1,212)
Net Debt
$5,800
Interest Coverage (Comparable EBITDA/Interest Expense)
6.50xLeverage (Net Debt/Comparable EBITDA)
2.84x A summary of free cash flow and adjusted free cash flow is as follows:
Year Ended
December 31,($ in millions)
2025
Total cash provided by (used in) operating activities
$1,262Less: Capital expenditures
(474)Free Cash Flow
788Add: Cash taxes paid for Aerospace disposition
168Adjusted Free Cash Flow
$956
View original content to download multimedia:https://www.prnewswire.com/news-releases/ball-reports-strong-fourth-quarter-and-full-year-2025-results-302676998.htmlSOURCE Ball Corporation
Original: Ball Reports Strong Fourth Quarter and Full-Year 2025 Results
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