Ball Reports Strong Fourth Quarter and Full-Year 2025 Results
Ball Reports Strong Fourth Quarter and Full-Year 2025 Results |
| [03-February-2026] |
Highlights
WESTMINSTER, Colo., Feb. 3, 2026 /PRNewswire/ -- Ball Corporation (NYSE: BALL) today reported full-year and fourth quarter 2025 results. References to net sales and comparable operating earnings in today's release do not include the company's former aerospace business. Year-over-year net earnings attributable to the corporation and comparable net earnings do include the performance of the company's former aerospace business through the sale date of February 16, 2024. U.S. GAAP Financial Performance On a U.S. GAAP basis, the company reported full-year 2025 net earnings attributable to the corporation of $912 million, or total diluted earnings per share of $3.30, on sales of $13.16 billion, compared to $4.01 billion net earnings attributable to the corporation, or total diluted earnings per share of $13.00, on sales of $11.80 billion in 2024. Ball's fourth quarter 2025 net earnings attributable to the corporation, on a U.S. GAAP basis, was $200 million, or total diluted earnings per share of 75 cents, on sales of $3.35 billion compared to net loss attributable to the corporation of $32 million, or total diluted loss per share of 11 cents, on sales of $2.88 billion in the fourth quarter of 2024. Non-GAAP Financial Performance Ball's full-year 2025 comparable net earnings were $985 million, or $3.57 per diluted share compared to $977 million, or $3.17 per diluted share in 2024. Ball's fourth quarter 2025 comparable net earnings were $243 million, or 91 cents per diluted share compared to $250 million, or 84 cents per diluted share in 2024. "We closed the year with a strong fourth quarter where across our businesses we delivered robust volume growth and operating earnings, capping off a record year for Ball. Our success reflects disciplined execution and the strength of the Ball Business System, serving our customers, empowering our people and culture, and driving operational excellence every shift, every day. These pillars enabled us to meet our 2025 expectations, achieve record earnings per share, and return approximately $1.54 billion to shareholders through share repurchases and dividends," said Ron Lewis, chief executive officer. Details of reportable segment comparable operating earnings, business consolidation and other activities, business segment descriptions and other non-comparable items can be found in the notes to the unaudited condensed consolidated financial statements that accompany this news release. References to volume data represent units shipped. Beverage Packaging, North and Central America Beverage packaging, North and Central America, segment comparable operating earnings for full-year 2025 were $772 million on sales of $6.29 billion compared to $747 million on sales of $5.62 billion in 2024. For the fourth quarter 2025, segment comparable operating earnings were $159 million on sales of $1.57 billion compared to $142 million on sales of $1.29 billion during the same period in 2024. Full-year and fourth quarter 2025 sales reflect higher volume and favorable price/mix primarily driven by the contractual pass through of higher aluminum costs for the year. Full-year segment comparable operating earnings increased year-over-year due to higher volume and favorable price/mix, partially offset by higher costs. Fourth quarter segment comparable operating earnings increased year-over-year driven mostly by higher volume and favorable price/mix, partially offset by higher costs. Fourth quarter segment volume increased a high-single digit percentage culminating in a full-year segment volume increase of 4.8 percent. Beverage Packaging, EMEA Beverage packaging, EMEA, segment comparable operating earnings for full-year 2025 were $495 million on sales of $3.98 billion compared to $416 million on sales of $3.47 billion in 2024. For the fourth quarter, segment comparable operating earnings were $123 million on sales of $971 million compared to $90 million on sales of $826 million during the same period in 2024. Full-year sales reflect higher year-over-year volume, favorable price/mix and currency translation. Fourth quarter sales reflect higher year-over-year volume and favorable currency translation. Full-year segment comparable operating earnings reflect higher volume, favorable price/mix and currency translation partially offset by higher costs. Fourth quarter segment comparable operating earnings increased year-over-year driven by higher volume and currency translation partially offset by higher costs. Fourth quarter segment volume increased high-single digit percent culminating in full-year segment volume increasing 5.5 percent. In late January the company completed the acquisition of a majority stake in European beverage can manufacturer Benepack's businesses, consisting of its two production facilities in Belgium and Hungary. Benepack is a regional producer of aluminum beverage cans serving both international and local customers across Western and Eastern Europe. Under the terms of the agreements, Ball acquired an 80 percent stake, for a total consideration of approximately €184 million, an attractive purchase price that reflects the strategic geographic fit and high-quality footprint of the Benepack business. Beverage Packaging, South America Beverage packaging, South America, segment comparable operating earnings for full-year 2025 were $327 million on sales of $2.16 billion compared to $296 million on sales of $1.95 billion in 2024. For the fourth quarter, comparable segment operating earnings were $127 million on sales of $633 million compared to $126 million on sales of $563 million during the same period in 2024. Full-year and fourth quarter 2025 sales reflect higher volume and favorable price/mix. Full-year and fourth quarter segment comparable operating earnings increased year-over-year due to higher volume and favorable price/mix partially offset by higher costs. Fourth quarter segment volume increased high-single digit percent culminating in full-year segment volume increasing 4.2 percent. Non-reportable Non-reportable is comprised of undistributed corporate expenses, net of corporate interest income, the results of the company's global personal & home care (formerly aerosol packaging) business and beverage can manufacturing facilities in India and Myanmar. On March 21, 2025, Ball closed on a transaction for the aluminum cups business, which resulted in Ball deconsolidating the business. The financial results of the aluminum cups business are presented in other non-reportable through the date of the transaction. On August 27, 2025, the company sold 41 percent of its 51 percent ownership interest in Ball United Arab Can Manufacturing Company, which resulted in Ball deconsolidating the business and retaining a 10 percent ownership interest. The financial results of the Saudi Arabian business are presented in other non-reportable through the date of the transaction. Full-year results reflect lower comparable operating earnings for the aluminum packaging businesses in other non-reportable, partially offset by lower year-over-year undistributed corporate expenses. Fourth quarter results reflect lower comparable operating earnings for the aluminum packaging businesses in other non-reportable, including higher year-over-year undistributed corporate expenses. Outlook "Our strong fourth quarter capped a year of disciplined financial execution guided by our EVA mindset. In 2025, we generated a record $956 million of adjusted free cash flow, kept capital expenditures below our GAAP depreciation and amortization target, and returned $1.54 billion to shareholders through share repurchases and dividends. Looking ahead to 2026, we expect continued momentum with operating leverage, a healthy balance sheet, and the ability to deliver consistent EPS growth in line with our long-term algorithm, while continuing to return value to shareholders," said Dan Rabbitt, senior vice president and chief financial officer. "Our strategy is clear and built for the long term: stay close to our customers, empower and motivate our people and drive operational excellence and profitable growth through the Ball Business System. These pillars create fuel for growth and position us to deliver consistent results in a dynamic environment. As we look to 2026 and beyond, we remain confident in the growth of aluminum packaging and, viewed through our EVA mindset, we are confident in our ability to achieve our long-term algorithm of 10-plus percent annual EPS growth while continuing to return significant value to shareholders," Lewis said. About Ball Corporation Ball Corporation supplies innovative, sustainable aluminum packaging solutions for beverage, personal care and household products customers. Ball Corporation employs 16,000 people worldwide and reported 2025 net sales of $13.16 billion, which excludes the divested aerospace business. For more information, visit www.ball.com, or connect with us on LinkedIn or Instagram. Conference Call Details Ball Corporation Fourth Quarter 2025 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
Ball Corporation 1. U.S. GAAP Measures Business Segment Information Ball's operations are organized and reviewed by management along its product lines and geographical areas. On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. Beverage packaging, North and Central America: Consists of operations in the U.S., Canada and Mexico that manufacture and sell aluminum beverage containers throughout those countries. Beverage packaging, Europe, Middle East and Africa (EMEA): Consists of operations in numerous countries throughout Europe, as well as Egypt and Turkey, that manufacture and sell aluminum beverage containers throughout those countries. Beverage packaging, South America: Consists of operations in Brazil, Argentina, Paraguay and Chile that manufacture and sell aluminum beverage containers throughout most of South America. Other consists of a non-reportable operating segment (beverage packaging, other) that manufactures and sells aluminum beverage containers in India and Myanmar; a non-reportable operating segment that manufactures and sells extruded aluminum aerosol containers and recloseable aluminum bottles across multiple consumer categories as well as aluminum slugs (personal & home care or PHC) throughout North America, South America and Europe; undistributed corporate expenses; and intercompany eliminations and other business activities. On August 27, 2025, the company sold 41 percent of its 51 percent ownership interest in Ball United Arab Can Manufacturing Company for total cash consideration of $74 million, which resulted in Ball deconsolidating the business and retaining a 10 percent ownership interest. A gain of $86 million was recognized upon sale, and is presented in business consolidation and other activities in the unaudited condensed consolidated statements of earnings in the third quarter of 2025 and the retained ownership interest is reported in other assets as an equity method investment on the unaudited condensed consolidated balance sheet. Ball reduced the gain by $5 million during the fourth quarter in business consolidation and other activities in the unaudited condensed consolidated statement of earnings for the three months ended and the year ended December 31, 2025. The financial results of the Saudi Arabian business, which were a part of the beverage packaging, other, non-reportable operating segment, are presented in Other in the table below through the date of the transaction and as of December 31, 2024, the assets and liabilities of the Saudi Arabian business were presented as current assets held for sale and current liabilities held for sale on the consolidated balance sheet. The company also has investments in operations in Guatemala, Panama, the U.S., Vietnam and Saudi Arabia that are accounted for under the equity method of accounting and, accordingly, those results are not included in segment sales or earnings. In the fourth quarter of 2024, Ball's Board of Directors provided approval for the company to form a strategic partnership for the aluminum cups business in early 2025. As a result, Ball recorded a noncash impairment charge in the fourth quarter of 2024 of $233 million to adjust the carrying value of the disposal group of our aluminum cups business to its estimated fair value less cost to sell. This charge was included in business consolidation and other activities in the consolidated statement of earnings for the year ended December 31, 2024. The remaining assets and liabilities were presented as current assets held for sale and current liabilities held for sale on the consolidated balance sheet as of December 31, 2024. On March 21, 2025, Ball and Ayna.AI LLC (Ayna) executed a Unit Purchase Agreement to form a strategic partnership in which Ball owns a 49 percent interest, which resulted in Ball deconsolidating the business. The financial results of the aluminum cups business are presented in Other in the table below through the date of the transaction. Ball's interest in the entity, Oasis Venture Holdings LLC ("Oasis"), is accounted for under the equity method of accounting. Ball recorded an additional loss of $8 million related to the transaction in business consolidation and other activities in the unaudited condensed consolidated statement of earnings for the year ended December 31, 2025. In February 2025, the company closed on the acquisition of Florida Can Manufacturing for cash consideration of $160 million. The business is comprised of an aluminum beverage can manufacturing facility located in Winter Haven, Florida, and is included in Ball's beverage packaging, North and Central America, segment. The transaction strengthens the segment's supply network and enhances its ability to meet growing customer demand for sustainable beverage packaging solutions in the region. In the third quarter of 2023, Ball entered into a Stock Purchase Agreement with BAE Systems, Inc. (BAE) and, for the limited purposes set forth therein, BAE Systems plc, to sell all outstanding equity interests in Ball's aerospace business. On February 16, 2024, the company completed the divestiture of the aerospace business for a purchase price of $5.6 billion, subject to working capital adjustments and other customary closing adjustments under the terms of the agreement. In the third quarter of 2025, Ball finalized the customary closing adjustments with BAE, resulting in an immaterial adjustment. The divestiture resulted in a pre-tax gain of $4.61 billion. Completion of the divestiture resulted in the removal of the aerospace business from the company's obligor group, as the business no longer guarantees the company's senior notes and senior credit facilities.
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. Comparable Earnings Before Interest, Taxes, Depreciation and Amortization (Comparable EBITDA) - Comparable EBITDA is earnings before interest expense, taxes, depreciation and amortization, business consolidation and other non-comparable items. We use Comparable EBITDA, Comparable Operating Earnings, Comparable Net Earnings and Comparable Diluted Earnings Per Share internally to evaluate the company's operating performance. Ball management uses Interest Coverage (Comparable EBITDA to interest expense) and Leverage (Net Debt to Comparable EBITDA) as metrics to monitor the credit quality of Ball Corporation. Management internally uses free cash flow measures to: (1) evaluate the company's liquidity, (2) evaluate strategic investments, (3) plan stock buyback and dividend levels and (4) evaluate the company's ability to incur and service debt. Note that when non-U.S. GAAP measures exclude amortization of acquired Rexam intangibles, the measures include the revenue of the acquired entities and all other expenses unless otherwise stated and the acquired assets contribute to revenue generation. Please see the company's website for further details of the company's non-U.S. GAAP financial measures at www.ball.com/investors under the "Financial Results" tab.
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Company Codes: NYSE:BALL | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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