Ball (BALL) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 results with comparable diluted EPS of $3.57, strong global volume growth, and outperformance versus the can market in all regions.

• Delivered record adjusted free cash flow and returned $1.54 billion to shareholders via buybacks and dividends.

• Completed strategic acquisitions in Europe (Benepack) and North America (Florida Can), enhancing regional footprint and future growth.

• Strategy focused on operational excellence, customer partnerships, and disciplined EVA-based capital allocation.

• Secured key multi-year customer contracts and integrated major acquisitions.

Financial highlights

• Global shipped beverage volumes grew 4.1% in 2025, with Q4 up 6%.

• Record comparable diluted EPS of $3.57, up 13% year-over-year.

• Adjusted free cash flow reached $956 million, 2.4x higher year-over-year.

• $1.54 billion returned to shareholders; share count reduced by 16% since 2023.

• Full-year net earnings were $912 million on $13.16 billion sales.

Outlook and guidance

• Targeting over 10% comparable diluted EPS growth and free cash flow above $900 million in 2026.

• 2026 operating assumptions: 23.5% effective tax rate, $320 million interest expense, ~$600 million capex, net leverage ~2.7x.

• Aiming to return $800 million to shareholders in 2026 as proceeds from the Aerospace sale are fully utilized.

• North America volume growth at low end of 1%-3% range until Millersburg plant ramps up.

• EMEA and South America expected to deliver volume growth above 3%-5% and at low end of 4%-6% range, respectively.