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Ball (BALL) investor relations material
Ball Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 net sales rose to $3.34B, up 13% year-over-year, with net earnings from continuing operations up 34% to $212M, driven by higher volume, price/mix, and currency translation.
Diluted EPS for Q2 2025 was $0.76 (GAAP) and $0.90 (comparable), up from $0.51 and $0.74 year-over-year.
$1.13B returned to shareholders via repurchases and dividends in H1 2025; at least $1.3B planned for 2025.
Completed divestiture of aerospace business in February 2024, resulting in a $4.61B pre-tax gain and strategic shift to packaging.
Global aluminum packaging shipments increased 4.1%–4.3% in Q2 2025, with aluminum packaging outpacing other substrates.
Financial highlights
Q2 2025 comparable diluted EPS was $0.90, up 22% from $0.74 in Q2 2024.
Q2 2025 net sales: $3.34B (Q2 2024: $2.96B); H1 2025: $6.44B (H1 2024: $5.83B).
Q2 2025 net earnings attributable to continuing operations: $212M (Q2 2024: $158M); comparable net earnings: $249M.
Free cash flow for H1 2025 was $(510)M; adjusted free cash flow $(491)M; operating cash flow was negative $333M, mainly due to working capital outflows.
Capital expenditures for H1 2025 were $177M; $160M used for the Florida Can Manufacturing acquisition.
Outlook and guidance
Full-year 2025 comparable diluted EPS growth guidance raised to 12–15%.
At least $1.3B in share repurchases planned for 2025; dividend payments expected to total $220M.
2025 CapEx expected around $600M, slightly below D&A; effective tax rate slightly above 22%.
Year-end 2025 net debt to comparable EBITDA targeted at ~2.75x.
Management remains mindful of geopolitical uncertainties and market volatility in H2 2025.
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Frequently asked questions
Canning Experts
Ball Corporation is an American company most famous for its production of various types of jars used for home canning and preservation. The company is headquartered in Westminster, Colorado, and is today one of the largest manufacturers of recyclable food and drink containers, working with some of the most influential beverage companies in the world. The company has been traded on the NYSE since 1973.
Over 150 Years of History
Ball Corporation has roots tracing back to the late 19th century and began as a small enterprise producing wooden-jacketed tin cans for paint and kerosene. Founded in 1880 by five Ball brothers in Buffalo, New York, the company quickly recognized the growing demand for glass containers. By 1884, Ball Corporation had transitioned into the production of glass fruit jars, which became commonly known as "Ball jars."
Throughout the 20th century, Ball Corporation continued to innovate and diversify. While maintaining its foothold in the glass container business, the company expanded into aerospace and defense technologies during the mid-20th century. In recent decades, Ball has shifted its focus entirely to become a significant player in the production of aluminum beverage cans and similar products. The company also operated an aerospace division for several years, although this segment of the business was acquired by BAE Systems in 2023.
Packaging
Ball Corporation is arguably the most important player metal packaging industry, more often than not setting the status quo within the industry. Predominantly, their packaging solutions cater to the beverage sector, providing a wide range of aluminum cans suitable for different beverages, including soft drinks, beers, and teas. Their product portfolio encompasses standard can sizes, as well as specialized shapes and configurations to meet whatever requirements their customers might have In addition to beverage containers, Ball manufactures aluminum packaging for food items and certain household and personal care products. The company's emphasis on research and development has led to the introduction of innovations, such as resealable aluminum containers and optimized lightweight designs that aim to reduce material consumption.
Working With The Biggest Names in the Beverage Industry
Ball supplies aluminum packaging and bottling services for some of the biggest names in the industry. Due to their cutting-edge techniques, experience, and strategically located packaging plants, companies like Monster, PepsiCo., Coca-Cola, and many other behemoths of the industry choose to work with Ball.
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