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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
O-I Glass
O-I Glass (OI) investor relations material
O-I Glass Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Oct, 2026
Executive summary
Q3 net sales were $1.623B, down 2% YoY; adjusted EBITDA fell to $234M from $329M and adjusted EPS was $(0.09) versus $0.48, as sharp European weakness outweighed Americas resilience.
Europe’s price pressure, elevated energy and freight costs, soft demand and unusually high tax rate weighed on earnings; Fit to Win delivered $50M of Q3 benefits.
Financial highlights
Q3 segment operating profit fell to $139M from $235M; gross profit was $195M versus $300M, and attributable net loss was $13M versus $30M income.
Adjusted EPS was $(0.09) versus $0.48; the Q3 adjusted effective tax rate was 142.3% versus 34.4% a year earlier.
9M net sales were $4.830B versus $4.926B; attributable net loss was $1.058B, including an $873M goodwill impairment, and adjusted EPS was $0.05 versus $1.41.
Fit to Win generated $50M of Q3 benefits, $135M year to date and $460M cumulatively; the 2026 benefit outlook was reduced to ~$180M from at least $200M.
9M operating cash flow used $35M versus $198M provided; Q3 operating cash flow was $165M versus $214M.
Outlook and guidance
2026 adjusted EBITDA guidance was cut to $925M-$950M from $1.0B-$1.1B; free cash flow use is forecast at ~$300M and year-end leverage at 4.5x-5.0x.
FY2026 sales volume is expected to decline 3%-4%; Q4 shipments are forecast flat to low-single-digit growth, and 2026 Fit to Win benefits are expected at ~$180M.
2026 operating cash flow is expected at ~$125M and CapEx at ~$425M; additional energy and freight inflation is estimated at $75M-$125M.
2027 targets were withdrawn pending year-end guidance; initial expectations include higher sales and adjusted EBITDA, stable volume, improved free cash flow, and at least $170M of Fit to Win benefits.
European gas coverage is 100% for Q4 2026 and over 90% for 2027; coverage limits exposure, though 2027 costs are expected to exceed 2026 levels.
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Latest events from O-I Glass
- Q2 2026 net loss of $972M from Europe impairment; Americas strong, guidance cut.OI
Q2 2026 - Cost transformation and category shifts drive profit growth and improved competitiveness.OI16th Annual Wells Fargo Industrials & Materials Conference
- 2026 outlook stable with strong cost savings and aEBITDA guidance of $1,125M–$1,225M.OIInvestor presentation
- All proposals passed with strong support and no shareholder questions were raised.OIAGM 2026
- Q1 2026 earnings and guidance fell on European energy costs, but cost actions support H2 recovery.OIQ1 2026
- Q2 2024 EPS fell to $0.44 as demand softened and furnace closures were announced.OIQ2 2024
- Targets $650M cost savings, premium growth to 40%, and $1.65B EBITDA by 2029.OIInvestor Day 2025
- Q1 adjusted EPS beat plan on strong sales and cost savings, but restructuring led to a net loss.OIQ1 2025
- 2025 outlook projects strong EPS and cash flow growth as cost initiatives offset market headwinds.OIQ4 2024
Next O-I Glass earnings date
Q4 20262 Feb, 2027
O-I Glass
Next O-I Glass earnings date
Q4 20262 Feb, 2027
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Frequently asked questions
O-I Glass, Inc., manufactures and sells glass containers to food and beverage manufacturers primarily in the Americas, Europe, and the Asia Pacific. It provides glass packaging for alcoholic beverages, including beer, flavored malt beverages, spirits and wine; carbonated soft drinks; food products; home healthcare products; tea and coffee products; tableware; cosmetics and perfumes; specialty products comprising candle jars, cosmetic jars and pharmacy containers; tobacco products consisting of cigarette filters, other tobacco related glass packaging products, premium spirit bottles for liquor brands, high-end glass bottles for luxury perfume brands, premium wine bottles for globally known wine brands, as well as offers various closure options. The company was founded in 1903 and is headquartered in Perrysburg, Ohio.