O-I Glass Reports Full Year and Fourth Quarter 2025 Results
Rhea-AI Summary
O-I Glass (NYSE: OI) reported full-year 2025 results with net sales of $6.4B, adjusted EPS of $1.60, and free cash flow of $168M. Fit To Win delivered $300M of benefits in 2025 and cumulative three-year benefits were increased to at least $750M.
Segment operating profit rose to $846M (up $98M), Americas improved sharply while Europe declined. Company reaffirmed 2027 targets and provided 2026 guidance: adjusted EBITDA $1.25–1.30B, adjusted EPS $1.65–1.90, and free cash flow ~$200M, noting a ~$150M European energy cost step-up.
Positive
- Adjusted EPS of $1.60 in 2025 (near doubled vs 2024)
- Free cash flow improved to $168M from a $128M use
- Fit To Win delivered $300M of benefits in 2025
- Segment operating profit rose to $846M (+13%)
- Americas segment operating profit +40% to $549M
- Reaffirmed 2027 Investor Day targets and raised Fit To Win goal to $750M
Negative
- Reported loss before taxes of $49M for 2025
- Net loss per share widened to $0.84 in 2025
- Europe segment operating profit declined 17% to $297M
- Estimated $150M energy cost step-up in 2026 impacting EBITDA
- Net debt leverage remains elevated at 3.5x
Key Figures
Market Reality Check
Peers on Argus
OI fell 1.26% while key packaging peers were mixed: AMBP +1.23%, GEF +0.89%, SON -0.92%, SLGN -0.08%, SEE +0.02%. The reaction appears more stock-specific than sector-driven.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 04 | Q3 2025 earnings | Positive | +0.3% | Flat sales but sharply better margins, EPS swing to profit, guidance raised. |
| Jul 29 | Q2 2025 earnings | Positive | -12.5% | Strong adjusted EPS and raised guidance despite MAGMA exit and charges. |
| Apr 29 | Q1 2025 earnings | Neutral | +4.2% | Mixed EPS but solid Fit to Win progress and reaffirmed 2025 outlook. |
| Feb 04 | FY 2024 results | Negative | +2.8% | Weak 2024 performance with lower profit but more optimistic 2025 guidance. |
| Oct 29 | Q3 2024 earnings | Negative | -7.2% | Sales and profit decline, guidance cut and negative free cash flow outlook. |
Earnings releases have produced mixed reactions: some strong fundamental improvements were rewarded, while others with upbeat guidance still saw selloffs.
Over the last five earnings cycles, O-I moved from challenging 2024 results with declining sales and profit to a clear recovery path in 2025. Quarterly updates through Q1–Q3 2025 highlighted stable net sales around $1.6–$1.7 billion, improving segment profit, and growing “Fit to Win” savings, alongside higher adjusted EPS and raised guidance. Today’s full-year 2025 release continues that trajectory with higher adjusted earnings, stronger free cash flow, and reaffirmed forward targets.
Historical Comparison
Across the last five earnings releases, OI’s average move was -2.46%, showing that earnings days have often skewed negative, even when fundamentals improved.
Earnings releases show a transition from weak 2024 results toward improving 2025 profitability, with growing “Fit to Win” savings and rising adjusted EPS across Q1–Q3 leading into stronger full-year 2025 figures and higher forward targets.
Market Pulse Summary
This announcement highlights a clear turnaround: adjusted EPS nearly doubled to $1.60, segment operating profit increased to $846M, and free cash flow improved to $168M. Management reaffirmed longer-term 2027 targets and guided 2026 adjusted EBITDA to $1.25–$1.30B. Historically, earnings days have seen mixed share-price reactions, so investors may focus on how consistently O-I delivers Fit to Win savings, maintains margins, and converts earnings into cash flow across 2026.
Key Terms
non-gaap financial
ebitda financial
free cash flow financial
segment operating profit financial
AI-generated analysis. Not financial advice.
PERRYSBURG, Ohio, Feb. 10, 2026 (GLOBE NEWSWIRE) -- FOR IMMEDIATE RELEASE
- Significantly Improved 2025 Performance Driven By
$300 Million Fit To Win Benefits - Anticipate Stronger 2026 Results and Reaffirming O-I’s 2027 Investor Day Targets
- Increasing Cumulative Three-Year Fit To Win Benefit Target To At Least
$750 Million
O-I Glass, Inc. (“O-I”) (NYSE: OI) today reported financial results for the full year and fourth quarter ended December 31, 2025.
Full Year 2025 Results
| Net Sales $M | Net Earnings (Loss) Attributable To the Company Earnings Per Share | Earnings (Loss) Before Income Taxes $M | Cash Provided by Operating Activities $M | |||||||||||||||||
| FY25 | FY24 | FY25 | FY24 | FY25 | FY24 | FY25 | FY24 | |||||||||||||
| Reported | $6,426 | ( | ( | ( | $38 | $600 | $489 | |||||||||||||
| Adjusted Earnings Earnings Per Share (Diluted) | Segment Operating Profit $M | Free Cash Flow $M Source (Use) | ||||||||||||||||||
| FY25 | FY24 | FY25 | FY24 | FY25 | FY24 | |||||||||||||||
| Non-GAAP1 | $168 | ($128) | ||||||||||||||||||
| 2025 Guidance | n/a | |||||||||||||||||||
1 See discussion of Non-GAAP financial measures on pg.5 and below reconciliations.
“O-I delivered strong results in 2025, demonstrating the effectiveness of our strategy,” said Gordon Hardie, CEO of O-I Glass. “Although reported results were lower due to planned restructuring actions, our adjusted earnings nearly doubled versus 2024 driven by disciplined execution of Fit to Win.”
“We are making very solid progress against our strategic objectives, and our 2025 financial performance was consistent with our recent guidance. Net sales were relatively stable despite softer market demand, as we successfully navigated challenging market conditions and remained focused on optimizing our customer and product mix. This approach resulted in a more premium and resilient business portfolio. Fit to Win continues to be a core value driver for our business and delivered
“Looking ahead, we anticipate continued progress in 2026, including another year of substantial Fit to Win benefits, despite ongoing market uncertainty and muted demand. We are also reaffirming our 2027 Investor Day financial targets and increasing our cumulative Fit to Win benefits to at least
Net sales were
Loss before income taxes was
Segment operating profit was
- Americas: Segment operating profit was
$549 million , up from$392 million in the prior year, representing a 40 percent improvement as margins expanded 420 basis points. Better results were driven by lower operating costs from significant savings delivered through O‑I’s Fit to Win initiatives as well as favorable net price and insurance settlements, despite modestly lower sales volumes. - Europe: Segment operating profit was
$297 million , down from$356 million in the prior year, representing a 17 percent decrease as margins contracted 160 basis points. Results reflected unfavorable net price, modestly lower sales volumes and idle capacity, partially offset by favorable operating costs and benefits from Fit to Win initiatives.
Retained corporate and other costs were
O-I reported a net loss attributable to the company of
Adjusted earnings was
Cash provided by operating activities was
Free cash flow was
Total debt was
Fourth Quarter 2025 Results
| Net Sales $M | Net Loss Attributable to the Company Earnings Per Share | Earnings (Loss) Before Income Taxes $M | ||||||||||||||
| 4Q25 | 4Q24 | 4Q25 | 4Q24 | 4Q25 | 4Q24 | |||||||||||
| Reported | $1,500 | (0.90) | ( | ( | ( | |||||||||||
| Adjusted Earnings (Loss) Earnings Per Share (Diluted) | Segment Operating Profit $M | |||||||||||||||
| 4Q25 | 4Q24 | 4Q25 | 4Q24 | |||||||||||||
| Non – GAAP1 | ( | |||||||||||||||
1 See discussion of Non-GAAP financial measures on pg.5 and below reconciliations.
Net sales for the fourth quarter of 2025 were
The company reported a loss before income taxes of
Segment operating profit was
- Americas: Segment operating profit was
$134 million , up from$96 million in the fourth quarter of 2024, representing a 40 percent improvement as margins expanded 430 basis points. Performance improvement was driven by lower operating costs from significant savings delivered through O‑I’s Fit to Win initiatives, as well as favorable net price, despite lower sales volumes. - Europe: Segment operating profit was
$43 million , up from$40 million in the fourth quarter of 2024, representing an 8 percent increase as margins improved 60 basis points. Higher results reflected favorable operating costs due to higher production levels and benefits from Fit to Win initiatives which more than offset unfavorable net price and modestly lower sales volumes.
Retained corporate and other costs were
O-I reported a net loss attributable to the company of
Adjusted earnings was
2026 Outlook
| 2026 Guidance | 2025 Actual | ||
| Adjusted EBITDA ($M) | $1,218 | ||
| Adjusted Earnings Per Share | $1.60 | ||
| Free Cash Flow ($M) | ~ | $168 | |
O‑I anticipates 2026 adjusted EBITDA to be in the range of
Operationally, O‑I expects to benefit from at least
Management forecasts adjusted earnings per share in the range of
O‑I expects free cash flow to approximate
O-I’s outlook for 2026 reflects our confidence in the company’s operational resilience, strategic focus, and commitment to delivering sustainable value for shareholders.
Guidance primarily reflects the company’s current view of sales and production volume, mix, and working‑capital trends and does not reflect the potential impact of tariffs on U.S. imports or retaliatory tariffs on U.S. exports. The earnings and cash flow guidance ranges may not fully reflect uncertainty in macroeconomic conditions, currency rates, energy and raw material costs, supply‑chain disruptions, labor challenges, changes in immigration policy, or success in global profitability improvement initiatives, among other factors.
Conference Call Scheduled for February 11, 2026
O-I CEO Gordon Hardie and CFO John Haudrich will conduct a conference call to discuss the company’s latest results on Wednesday, February 11, 2026, at 8:00 a.m. ET. A live webcast of the conference call, including presentation materials, will be available on the O-I website, www.o-i.com/investors, in the News and Events section. A replay of the call will be available on the website for a year following the event.
Contact: Sasha Sekpeh, 567-336-5128 – O-I Investor Relations
O-I news releases are available on the O-I website at www.o-i.com.
O-I’s first quarter 2025 earnings conference call is currently scheduled for Wednesday, April 29, 2026, at 8:00 a.m. ET.
About O-I Glass
At O-I Glass, Inc. (NYSE: OI), we love glass and we’re proud to be one of the leading producers of glass bottles and jars around the globe. Glass is not only beautiful, it’s also pure and completely recyclable, making it the most sustainable rigid packaging material. Headquartered in Perrysburg, Ohio (USA), O-I is the preferred partner for many of the world’s leading food and beverage brands. We innovate in line with customers’ needs to create iconic packaging that builds brands around the world. Led by our diverse team of approximately 19,000 people across 64 plants in 18 countries, O-I achieved net sales of
Non-GAAP Financial Measures
The company uses certain non-GAAP financial measures, which are measures of its historical or future financial performance that are not calculated and presented in accordance with GAAP, within the meaning of applicable SEC rules. Management believes that its presentation and use of certain non-GAAP financial measures, including adjusted earnings, adjusted earnings per share, free cash flow, segment operating profit, segment operating profit margin, EBITDA, adjusted EBITDA, net debt, net debt leverage and adjusted effective tax rate provide relevant and useful supplemental financial information that is widely used by analysts and investors, as well as by management in assessing both consolidated and business unit performance. These non-GAAP measures are reconciled to the most directly comparable GAAP measures and should be considered supplemental in nature and should not be considered in isolation or be construed as being more important than comparable GAAP measures.
Adjusted earnings relates to net earnings (loss) attributable to the company, exclusive of items management considers not representative of ongoing operations and other adjustments because such items are not reflective of the company’s principal business activity, which is glass container production. Adjusted earnings are divided by weighted average shares outstanding (diluted) to derive adjusted earnings per share. Segment operating profit relates to earnings (loss) before interest expense, net, and before income taxes and is also exclusive of items management considers not representative of ongoing operations as well as certain retained corporate costs and other adjustments. Segment operating profit margin is calculated as segment operating profit divided by segment net sales. EBITDA refers to net earnings, excluding gains or losses from discontinued operations, interest expense, net, provision for income taxes, depreciation and amortization of intangibles. Adjusted EBITDA refers to EBITDA, exclusive of items management considers not representative of ongoing operations and other adjustments. Net debt leverage refers to total debt less cash divided by Adjusted EBITDA. Adjusted effective tax rate relates to provision for income taxes, exclusive of items management considers not representative of ongoing operations and other adjustments divided by earnings (loss) before income taxes, exclusive of items management considers not representative of ongoing operations and other adjustments. Management uses adjusted earnings, adjusted earnings per share, segment operating profit, segment operating profit margin, and adjusted effective tax rate to evaluate its period-over-period operating performance because it believes these provide useful supplemental measures of the results of operations of its principal business activity by excluding items that are not reflective of such operations. The above non-GAAP financial measures may be useful to investors in evaluating the underlying operating performance of the company’s business as these measures eliminate items that are not reflective of its principal business activity.
Net debt is defined as total debt less cash. Management uses net debt to analyze the liquidity of the company.
Further, free cash flow relates to cash provided by operating activities less cash payments for property, plant, and equipment. Management has historically used free cash flow to evaluate its period-over-period cash generation performance because it believes these have provided useful supplemental measures related to its principal business activity. It should not be inferred that the entire free cash flow amount is available for discretionary expenditures, since the company has mandatory debt service requirements and other non-discretionary expenditures that are not deducted from these measures. Management uses non-GAAP information principally for internal reporting, forecasting, budgeting and calculating compensation payments.
The company routinely posts important information on its website – www.o-i.com/investors.
Forward-Looking Statements
This press release contains “forward-looking” statements related to O-I Glass, Inc. (“O-I Glass” or the “company”) within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements reflect the company’s current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words “believe,” “expect,” “anticipate,” “will,” “could,” “would,” “should,” “may,” “plan,” “estimate,” “intend,” “predict,” “potential,” “continue,” “commit,” and the negatives of these words and other similar expressions generally identify forward-looking statements.
It is possible that the company’s future financial performance may differ from expectations due to a variety of factors including, but not limited to the following: (1) the company’s ability to achieve expected benefits from cost management, efficiency improvements, and profitability initiatives, such as its Fit to Win initiative, including expected impacts from production curtailments, reduction in force and furnace closures, (2) the general credit, financial, political, economic, legal and competitive conditions in markets and countries where the company has operations, including uncertainties related to economic and social conditions, trade policies and disputes, financial market conditions, disruptions in the supply chain, competitive pricing pressures, inflation or deflation, changes in tax rates, changes in laws or policies, legal proceedings involving the company, war, civil disturbance or acts of terrorism, natural disasters, public health issues and weather, (3) cost and availability of raw materials, labor, energy and transportation (including impacts related to the current Ukraine-Russia and Israel-Hamas conflicts and disruptions in supply of raw materials caused by transportation delays), (4) competitive pressures from other glass container producers and alternative forms of packaging or consolidation among competitors and customers, (5) changes in consumer preferences or customer inventory management practices, (6) the continuing consolidation of the company’s customer base, (7) risks related to the development, deployment and use of artificial intelligence technologies, (8) the company’s inability to improve glass melting technology in a cost-effective manner and introduce productivity, process and network optimization actions, (9) unanticipated supply chain and operational disruptions, including higher capital spending, (10) seasonality of customer demand, (11) the failure of the company’s joint venture partners to meet their obligations or commit additional capital to the joint venture, (12) labor shortages, labor cost increases or strikes, (13) the company’s ability to acquire or divest businesses, acquire and expand plants, integrate operations of acquired businesses and achieve expected benefits from acquisitions, divestitures or expansions, (14) the company’s ability to generate sufficient future cash flows to ensure the company’s goodwill is not impaired, (15) any increases in the underfunded status of the company’s pension plans, (16) any failure or disruption of the company’s information technology, or those of third parties on which the company relies, or any cybersecurity or data privacy incidents affecting the company or its third-party service providers, (17) risks related to the company’s indebtedness or changes in capital availability or cost, including interest rate fluctuations and the ability of the company to generate cash to service indebtedness and refinance debt on favorable terms, (18) risks associated with operating in foreign countries, (19) foreign currency fluctuations relative to the U.S. dollar, (20) changes in tax laws or global trade policies, (21) the company’s ability to comply with various environmental legal requirements, (22) risks related to recycling and recycled content laws and regulations, (23) risks related to climate-change and air emissions, including related laws or regulations and increased ESG scrutiny and changing expectations from stakeholders, and the other risk factors discussed in the company's filings with the Securities and Exchange Commission.
It is not possible to foresee or identify all such factors. Any forward-looking statements in this document are based on certain assumptions and analyses made by the company in light of its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate in the circumstances. Forward-looking statements are not a guarantee of future performance and actual results or developments may differ materially from expectations. While the company continually reviews trends and uncertainties affecting the company’s results of operations and financial condition, the company does not assume any obligation to update or supplement any particular forward-looking statements contained in this document.
Attachments
For more information, contact: Chris Manuel, Vice President of Investor Relations 567-336-2600 Chris.Manuel@o-i.com
FAQ
What were O-I (OI) full-year 2025 sales, adjusted EPS, and free cash flow?
How much did Fit To Win contribute to O-I's 2025 performance (OI)?
What is O-I's (OI) 2026 guidance for adjusted EBITDA, EPS, and free cash flow?
Why did O-I (OI) report a loss before taxes in 2025 despite improved adjusted results?
How did regional results differ for O-I (OI) in 2025 and Q4 2025?
