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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Ball
Ball (BALL) investor relations material
Ball Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Feb, 2026
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.
What is the strategic rationale for recent portfolio changes?
What are the primary drivers of higher costs?
How does the EVA mindset guide capital allocation?
NACA volume growth drivers 2025 vs 2026 outlook
Benepack acquisition: 2026 earnings contribution
2x operating leverage: How to overcome 2026 headwinds
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Profits fell across most segments, but energy shipping and a major acquisition stood out.
Next Ball earnings date
Q1 20265 May, 2026
Ball
Next Ball earnings date
Q1 20265 May, 2026
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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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