Ball (BALL) Q3 2026 earnings summary

Executive summary

• Q3 global aluminum packaging shipments rose 4.7% YoY; comparable operating earnings increased 2.5% to $451M and comparable diluted EPS rose 6.8% to $1.10.

• Nine-month comparable operating earnings rose 6.4% and comparable diluted EPS increased 14%; volume growth was 3.4%.

• FY2026 guidance remains on track for 10%+ comparable EPS growth and $900M free cash flow, supported by strong demand and contracted volumes.

Financial highlights

• Q3 net sales were $4.188B versus $3.379B; net loss attributable to Ball was $94M versus net earnings of $321M, primarily reflecting a $475M noncash U.K. pension settlement charge.

• Q3 comparable net earnings were $293M, or $1.10 per diluted share, versus $280M and $1.03; nine-month comparable operating earnings were $1.271B versus $1.194B.

• Nine-month operating cash flow was $20M; a $1.23B working-capital outflow contributed to the decline.

• Q3 included a roughly $20M metal timing gain expected to reverse in Q4; Millersburg startup costs were about $10M in Q3.

Outlook and guidance

• FY2026 comparable diluted EPS growth is expected to exceed 10%; Q4 is expected to bring strong volume growth and modest EPS growth.

• FY2026 free cash flow is forecast at $900M; capital expenditures are expected at $650M.

• FY2026 shareholder returns are targeted at at least $800M, including about $600M of repurchases and about $210M of dividends; the nine-month total was $431M.

• FY2026 Millersburg startup costs are expected near $25M; North America volume growth is expected at the low end of its 1%-3% long-term range.

• FY2026 effective tax rate on comparable earnings is expected at ~23.5%, interest expense at $310M and adjusted corporate undistributed costs at ~$165M.