Strong Q1 2026 earnings and cash flow outlook at Ball Corporation (NYSE: BALL)
Rhea-AI Filing Summary
Ball Corporation reported stronger first quarter 2026 results, with U.S. GAAP net earnings of $205 million on sales of $3.60 billion, up from $179 million on $3.10 billion a year earlier. Diluted earnings per share rose to $0.77 from $0.63.
Comparable net earnings were $251 million, or $0.94 per diluted share, versus $219 million and $0.77 in 2025, a 22.1% EPS increase. Comparable operating earnings grew to $387 million from $352 million, and global aluminum packaging shipments increased 0.8%. Management expects 2026 comparable diluted EPS growth of more than 10%, free cash flow above $900 million, and plans to return at least $800 million to shareholders through buybacks and dividends.
Positive
- Double-digit earnings growth and strong guidance: Q1 2026 comparable diluted EPS increased 22.1% year over year to $0.94, and management expects 2026 comparable EPS growth above 10% with free cash flow over $900 million and at least $800 million returned to shareholders.
Negative
- None.
Insights
Ball posts double-digit earnings growth and signals robust 2026 cash generation.
Ball Corporation delivered first quarter 2026 U.S. GAAP net earnings of $205 million on sales of $3.60 billion, up from $179 million on $3.10 billion in 2025. Comparable diluted EPS rose from $0.77 to $0.94, a stated increase of 22.1%, supported by higher volume and price/mix across key beverage packaging segments.
Segment data show broadly stable to improving profitability: North and Central America comparable operating earnings increased to $205 million, EMEA to $134 million, while South America held at $67 million. Interest coverage based on Comparable EBITDA is 6.48x and leverage is 3.39x as of March 31, 2026, indicating a solid credit profile within management’s framework.
Management guides to 2026 comparable diluted EPS growth of more than 10%, free cash flow above $900 million, and intends to return at least $800 million via share repurchases and dividends. First quarter free cash flow was negative $938 million, reflecting seasonal working capital and capital spending, so subsequent quarters and the full-year cash flow versus the >$900 million target will be important to interpret execution against these objectives.
8-K Event Classification
Key Figures
Key Terms
Comparable Operating Earnings financial
Comparable EBITDA financial
Free Cash Flow financial
Adjusted Free Cash Flow financial
Leverage financial
equity-linked notes financial
Earnings Snapshot
For 2026, Ball expects comparable diluted EPS growth of more than 10 percent and free cash flow greater than $900 million, and plans to return at least $800 million to shareholders.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
Current Report
Pursuant to Section 13 or 15(d) of the
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Ball Corporation
Current Report on Form 8-K
Dated May 5, 2026
Item 2.02. Results of Operations and Financial Condition
On May 5, 2026, Ball Corporation (“Ball") issued a press release and will hold a conference call regarding its financial results for the first quarter ended March 31, 2026. The release is furnished as Exhibit 99.1 to this Form 8-K.
The Company’s results and earnings information regarding its first quarter, as well as information regarding the use of non-U.S. GAAP financial measures, are set forth in the attached press release dated May 5, 2026, and attached hereto as Exhibit 99.1. Certain non-U.S. GAAP measures will be used in Ball’s earnings conference for the first quarter of 2026. These non-U.S. GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with U.S. GAAP, and the financial results calculated in accordance with U.S. GAAP and reconciliations to these results should be carefully evaluated.
The information in Item 2.02 of this Current Report shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the "Exchange Act") or otherwise subject to the liability of that section, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01Financial Statements and Exhibits
Exhibits.
The following are furnished as exhibits to this report:
Exhibit 99.1 | Ball Corporation Press Release Dated May 5, 2026 | |
Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Ball Corporation
Form 8-K
May 5, 2026
EXHIBIT INDEX | ||
Description | Exhibit | |
Ball Corporation Press Release Dated May 5, 2026 | 99.1 | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BALL CORPORATION | |||
(Registrant) | |||
By: | /s/ Daniel J. Rabbitt | ||
Daniel J. Rabbitt | |||
Title: Senior Vice President and Chief Financial Officer | |||
Date: May 5, 2026
 News Release For Immediate Release www.ball.com | Investor Contact: Brandon Potthoff Media Contact: Jennifer Livingston |
Ball Reports Strong First Quarter 2026 Results
Highlights ●First quarter U.S. GAAP total diluted earnings per share of 77 cents vs. 63 cents in 2025 ●First 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 quarter ●On track to return at least $800 million through share buybacks and dividends to shareholders by year-end ●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 |
WESTMINSTER, Colo., May 5, 2026 – 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.
1
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.
2
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 70 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 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."
3
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.
# # #
4
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 | | | 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 |
5
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 | | $ | 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 |
6
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 | | $ | 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 |
7
Ball Corporation
Notes to the Condensed Financial Statements (First Quarter 2026)
1. U.S. GAAP Measures
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-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.
8
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 Central America | | $ | 1,776 | | $ | 1,463 |
Beverage packaging, EMEA | | | 1,111 | | | 958 |
Beverage packaging, South America | | | 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 Central America | | $ | 205 | | $ | 200 |
Beverage packaging, EMEA | | | 134 | | | 111 |
Beverage packaging, South America | | | 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 $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
9
Ball Corporation
Notes to the Condensed Financial Statements (First Quarter 2026)
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 | | $ | 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 Verona, Virginia extruded aluminum slug manufacturing facility.
| (2) | As of March 31, 2026, Ball holds $87 million of investments that are linked to the common stock of ORG Technology Co. Ltd. (ORG). Unrealized gains and losses resulting from changes in fair value of the investment are removed from Comparable Net Earnings to provide a clearer view of Ball’s ongoing operations. |
10
Ball Corporation
Notes to the Condensed Financial Statements (First Quarter 2026)
A summary of the effects of reconciling items on earnings before taxes is as follows:
| | Three Months Ended | ||||
| | March 31, | ||||
($ 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. |
11
Ball Corporation
Notes to the Condensed Financial Statements (First Quarter 2026)
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) |
12
Ball Corporation
Notes to the Condensed Financial Statements (First Quarter 2026)
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 | | $ | 6,286 |
Beverage packaging, EMEA | | | 958 | | | 1,123 | | | 1,125 | | | 1,026 | | | 4,232 |
Beverage packaging, South America | | | 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 Central America | | $ | 200 | | $ | 212 | | $ | 215 | | $ | 165 | | $ | 792 |
Beverage packaging, EMEA | | | 111 | | | 152 | | | 164 | | | 137 | | | 564 |
Beverage packaging, South America | | | 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 |
13
Ball Corporation
Notes to the Condensed Financial Statements (First Quarter 2026)
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. |
14
Ball Corporation
Notes to the Condensed Financial Statements (First Quarter 2026)
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 |
15