Ball Reports Strong First Quarter 2026 Results
Rhea-AI Summary
Ball (NYSE: BALL) reported strong first quarter 2026 results on May 5, 2026. On a U.S. GAAP basis, first-quarter diluted EPS was $0.77 vs. $0.63 a year ago on sales of $3.60 billion. Comparable diluted EPS was $0.94 vs. $0.77, up 22.1%.
Comparable operating earnings were $387 million (up 9.9%). Global aluminum packaging shipments rose 0.8%. The company remains on track to return at least $800 million to shareholders and expects 2026 comparable EPS growth of 10%+ and free cash flow > $900 million.
AI-generated analysis. Not financial advice.
Positive
- Comparable EPS +22.1% to $0.94
- Comparable operating earnings $387 million (+9.9%)
- Sales increased to $3.60 billion
- On track to return ≥ $800 million to shareholders
- 2026 target: 10%+ comparable EPS growth and FCF > $900M
Negative
- Higher input and operating costs partially offsetting profit gains
- Beverage packaging South America: volume down mid-single digits
- Reclassification and acquisitions create comparability changes across segments
News Market Reaction – BALL
On the day this news was published, BALL declined 6.27%, reflecting a notable negative market reaction. Argus tracked a trough of -2.2% from its starting point during tracking. Our momentum scanner triggered 27 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $1.04B from the company's valuation, bringing the market cap to $15.54B at that time. Trading volume was above average at 1.6x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Key packaging peers like CCK, AVY, AMCR, IP and SW all showed negative price changes alongside BALL’s -0.65% move, but no peers appeared in momentum scans and no same‑day peer news was flagged, pointing to a stock‑specific earnings focus rather than a sector‑wide move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 04 | Q3 2025 earnings | Positive | +1.5% | Q3 2025 EPS and shipment growth with reiterated EPS and cash flow targets. |
| Aug 05 | Q2 2025 earnings | Positive | -5.8% | Q2 2025 EPS beat, higher sales, shipment growth and raised EPS guidance. |
| May 06 | Q1 2025 earnings | Positive | -0.3% | Q1 2025 comparable EPS and sales growth with strong capital returns. |
| Feb 04 | FY 2024 results | Negative | -6.9% | Mixed FY 2024 with strong full-year EPS but Q4 net loss and segment variability. |
| Oct 31 | Q3 2024 earnings | Positive | -7.7% | Q3 2024 EPS growth and shareholder returns despite volume challenges. |
Earnings reports have generally highlighted EPS and shipment growth, but shares more often traded down than up on these releases.
Recent history shows Ball repeatedly reporting EPS growth and strong shareholder returns. Prior earnings releases on Nov 4, 2025, Aug 5, 2025, and May 6, 2025 all featured higher comparable EPS and shipment gains, with several guidance raises. Nonetheless, three of the last five earnings events saw negative next‑day moves, indicating that strong fundamentals have not consistently translated into positive price reactions.
Historical Comparison
Across the last five earnings or results releases, Ball’s average next‑day move was -3.83%, despite generally positive EPS and shipment trends, showing a tendency for markets to fade good news.
The earnings series highlights steady comparable EPS gains, rising aluminum packaging shipments, and substantial shareholder returns, with guidance often reiterating or improving multi‑year EPS growth and free cash flow objectives.
Market Pulse Summary
The stock moved -6.3% in the session following this news. A negative reaction despite robust Q1 metrics would fit Ball’s pattern of cautious earnings-day trading, where the last five results averaged a -3.83% move. The quarter delivered higher sales of $3.60B and comparable EPS of $0.94, yet markets have often focused on risks such as input costs, regional volume trends, or execution versus guidance, creating scope for short-term weakness after otherwise solid reports.
Key Terms
u.s. gaap financial
comparable operating earnings financial
free cash flow financial
eva financial
AI-generated analysis. Not financial advice.
Highlights
- First quarter
U.S. GAAP total diluted earnings per share of77 cents vs.63 cents in 2025 - First quarter comparable diluted earnings per share of
94 cents vs.77 cents in 2025, an increase of22.1% - First quarter comparable operating earnings of
$387 million $352 million 9.9% - Global aluminum packaging shipments increased
0.8% in the first quarter - On track to return at least
$800 million - In 2026, expect comparable diluted earnings per share growth of 10-plus percent and free cash flow greater than
$900 million - Focused 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 beyond
On a
Non-GAAP Financial Performance
Ball's first quarter 2026 comparable net earnings were
"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
Beverage packaging, North and
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
Beverage packaging, EMEA, segment comparable operating earnings for first quarter 2026 were
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,
Beverage packaging,
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
"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
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 Call
For 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
Ball Corporation | ||||||
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 | 7 | ||||
Interest expense | (78) | (70) | ||||
Earnings before taxes | 258 | 229 | ||||
Tax (provision) benefit | (62) | (53) | ||||
Equity in results of affiliates, net of tax | 9 | 5 | ||||
Earnings from continuing operations | 205 | 181 | ||||
Discontinued 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 | $ | 0.64 | ||
Basic - discontinued operations | — | (0.01) | ||||
Total basic earnings per share | $ | 0.77 | $ | 0.63 | ||
Diluted - continuing operations | $ | 0.77 | $ | 0.64 | ||
Diluted - discontinued operations | — | (0.01) | ||||
Total diluted earnings per share | $ | 0.77 | $ | 0.63 | ||
Weighted average shares outstanding (000s): | ||||||
Basic | 265,778 | 283,292 | ||||
Diluted | 267,411 | 285,067 | ||||
Ball Corporation | ||||||
Unaudited Condensed Consolidated Statements of Cash Flows | ||||||
Three Months Ended | ||||||
March 31, | ||||||
($ in millions) | 2026 | 2025 | ||||
Cash Flows from Operating Activities: | ||||||
Net earnings | $ | 205 | $ | 179 | ||
Depreciation and amortization | 159 | 150 | ||||
Business consolidation and other activities | 11 | 13 | ||||
Deferred tax provision (benefit) | (1) | (29) | ||||
Gain on Aerospace disposal | — | 2 | ||||
Pension 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 | — | 1 | ||||
Derivative settlements | (18) | 12 | ||||
Other, net | (52) | 20 | ||||
Cash provided by (used in) investing activities | (306) | (207) | ||||
Cash Flows from Financing Activities: | ||||||
Changes in borrowings, net | 650 | 1,007 | ||||
Acquisitions of treasury stock | (1) | (555) | ||||
Dividends | (54) | (57) | ||||
Other, net | 10 | 1 | ||||
Cash provided by (used in) financing activities | 605 | 396 | ||||
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | 6 | 12 | ||||
Change in cash, cash equivalents and restricted cash | (472) | (464) | ||||
Cash, cash equivalents and restricted cash - beginning of period | 1,221 | 931 | ||||
Cash, cash equivalents and restricted cash - end of period | $ | 749 | $ | 467 | ||
Ball Corporation | ||||||
Unaudited Condensed Consolidated Balance Sheets | ||||||
March 31, | ||||||
($ in millions) | 2026 | 2025 | ||||
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents | $ | 730 | $ | 449 | ||
Receivables, net | 2,904 | 2,637 | ||||
Inventories, net | 2,223 | 1,642 | ||||
Other current assets | 345 | 212 | ||||
Current assets held for sale | 17 | 100 | ||||
Total current assets | 6,219 | 5,040 | ||||
Property, plant and equipment, net | 6,796 | 6,377 | ||||
Goodwill | 4,410 | 4,241 | ||||
Intangible assets, net | 947 | 1,062 | ||||
Other 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 | $ | 583 | ||
Payables and other accrued liabilities | 4,773 | 4,240 | ||||
Current liabilities held for sale | — | 22 | ||||
Total current liabilities | 5,559 | 4,845 | ||||
Long-term debt | 7,021 | 6,134 | ||||
Other long-term liabilities | 1,571 | 1,491 | ||||
Equity | 5,619 | 5,569 | ||||
Total liabilities and equity | $ | 19,770 | $ | 18,039 | ||
Ball Corporation
Notes to the Condensed Financial Statements (First Quarter 2026)
1.
Business Segment Information
Ball'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-
Beverage packaging, North and
Beverage packaging,
Beverage packaging,
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
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
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
Ball Corporation Notes to the Condensed Financial Statements (First Quarter 2026) | ||||||
Three Months Ended | ||||||
March 31, | ||||||
($ in millions) | 2026 | 2025 | ||||
Net sales | ||||||
Beverage packaging, North and | $ | 1,776 | $ | 1,463 | ||
Beverage packaging, EMEA | 1,111 | 958 | ||||
Beverage packaging, | 585 | 544 | ||||
Reportable segment sales | 3,472 | 2,965 | ||||
Other | 131 | 132 | ||||
Net sales | $ | 3,603 | $ | 3,097 | ||
Comparable segment operating earnings | ||||||
Beverage packaging, North and | $ | 205 | $ | 200 | ||
Beverage packaging, EMEA | 134 | 111 | ||||
Beverage packaging, | 67 | 67 | ||||
Reportable segment comparable operating earnings | 406 | 378 | ||||
Other (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 | |||||
(b) | For further details regarding reconciling items refer to the summary of reconciling items table at the end of section 2. Non- | |||||
2. Non-
Non-
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
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
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-
Please see the company's website for further details of the company's non-
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 | $ | 179 | ||
Business consolidation and other activities (1) | 11 | 13 | ||||
Intangible amortization | 37 | 36 | ||||
Unrealized (gain) loss on equity-linked notes (2) | 14 | — | ||||
Non-comparable tax items | (16) | (11) | ||||
(Gain) loss on Aerospace disposal | — | 2 | ||||
Comparable Net Earnings | $ | 251 | $ | 219 | ||
Comparable 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 | |
(2) | As of March 31, 2026, Ball holds |
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 | $ | 179 | ||
Discontinued operations, net of tax | — | 2 | ||||
Earnings from continuing operations | 205 | 181 | ||||
Equity in results of affiliates, net of tax | (9) | (5) | ||||
Tax provision (benefit) | 62 | 53 | ||||
Earnings before taxes | 258 | 229 | ||||
Reconciling 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) | 6.48 | x | |||||||||||
Leverage (Net Debt/Comparable EBITDA) | 3.39 | x | |||||||||||
(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 | — | — | 19 | ||||||||
Factoring fee expense | 38 | 10 | 10 | 38 | ||||||||
FX (gain) loss | (31) | (7) | (19) | (43) | ||||||||
Intangible amortization | 149 | 36 | 37 | 150 | ||||||||
Interest expense | 314 | 70 | 78 | 322 | ||||||||
Interest income | (30) | (7) | (10) | (33) | ||||||||
Stock-based compensation expense | 26 | 8 | 6 | 24 | ||||||||
Unrealized (gain) loss on equity-linked notes | (1) | — | 14 | 13 | ||||||||
Other, net | — | — | 2 | 2 | ||||||||
Reconciling 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- | |||||||||||||||
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 | $ | 1,463 | $ | 1,613 | $ | 1,638 | $ | 1,572 | $ | 6,286 | |||||
Beverage packaging, EMEA | 958 | 1,123 | 1,125 | 1,026 | 4,232 | ||||||||||
Beverage packaging, | 544 | 477 | 508 | 633 | 2,162 | ||||||||||
Reportable segment sales | 2,965 | 3,213 | 3,271 | 3,231 | 12,680 | ||||||||||
Other | 132 | 125 | 108 | 116 | 481 | ||||||||||
Net sales | $ | 3,097 | $ | 3,338 | $ | 3,379 | $ | 3,347 | $ | 13,161 | |||||
Comparable segment operating earnings | |||||||||||||||
Beverage packaging, North and | $ | 200 | $ | 212 | $ | 215 | $ | 165 | $ | 792 | |||||
Beverage packaging, EMEA | 111 | 152 | 164 | 137 | 564 | ||||||||||
Beverage packaging, | 67 | 50 | 77 | 121 | 315 | ||||||||||
Reportable segment comparable operating earnings | 378 | 414 | 456 | 423 | 1,671 | ||||||||||
Other (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 | $ | 912 | |||||
Business consolidation and other activities | 13 | 12 | (78) | 12 | (41) | ||||||||||
Intangible amortization | 36 | 38 | 37 | 38 | 149 | ||||||||||
Unrealized (gain) loss on equity-linked notes | — | — | 3 | (4) | (1) | ||||||||||
Debt refinancing and other costs | — | — | — | 19 | 19 | ||||||||||
Non-comparable tax items | (11) | (12) | (4) | (19) | (46) | ||||||||||
(Gain) loss on Aerospace disposal | 2 | 1 | 1 | (1) | 3 | ||||||||||
Comparable Net Earnings | $ | 219 | $ | 251 | $ | 280 | $ | 245 | $ | 995 | |||||
Comparable 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 | $ | 912 | |||||
Net earnings attributable to noncontrolling interests, net of tax | — | 3 | — | — | 3 | ||||||||||
Discontinued operations, net of tax | 2 | — | 1 | (3) | — | ||||||||||
Earnings from continuing operations | 181 | 215 | 322 | 197 | 915 | ||||||||||
Equity in results of affiliates, net of tax | (5) | (8) | (7) | (7) | (27) | ||||||||||
Tax provision (benefit) | 53 | 61 | 76 | 50 | 240 | ||||||||||
Earnings before taxes | 229 | 268 | 391 | 240 | 1,128 | ||||||||||
Reconciling 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) | 6.51 | x | ||
Leverage (Net Debt/Comparable EBITDA) | 2.83 | x | ||
(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 | 19 | ||||||||||
Factoring fee expense | 10 | 9 | 9 | 10 | 38 | ||||||||||
FX (gain) loss | (7) | (6) | (9) | (9) | (31) | ||||||||||
Intangible amortization | 36 | 38 | 37 | 38 | 149 | ||||||||||
Interest expense | 70 | 81 | 85 | 78 | 314 | ||||||||||
Interest income | (7) | (5) | (8) | (10) | (30) | ||||||||||
Stock-based compensation expense | 8 | 10 | 5 | 3 | 26 | ||||||||||
Unrealized (gain) loss on equity-linked notes | — | — | 3 | (4) | (1) | ||||||||||
Other, net | — | (5) | 5 | — | — | ||||||||||
Reconciling items, net | $ | 123 | $ | 134 | $ | 49 | $ | 137 | $ | 443 | |||||
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SOURCE Ball Corporation