Ball (BALL) Q2 2026 earnings summary

Executive summary

• Global beverage can volumes grew 4.3% year-over-year in Q2 2026, outpacing the can market in all operating regions.

• Comparable diluted EPS rose 14.4% year-over-year to $1.03, exceeding the long-term target of 10%+ annual growth.

• Comparable operating earnings increased 7.7% year-over-year to $433 million.

• Integration of Benepack in EMEA and ramp-up of the Millersburg facility are progressing, with Millersburg expected to be fully operational in 2027.

• Returned $222 million to shareholders in the first half of 2026, on track for $800 million in returns for the full year.

Financial highlights

• Q2 2026 global beverage can volumes increased 4.3% year-over-year.

• Comparable operating earnings were $433 million, up 7.7% from Q2 2025.

• Q2 2026 net sales reached $3.997 billion, up from $3.338 billion in Q2 2025.

• South America delivered mid-teens volume growth and strong operational performance.

• EMEA segment benefited from Benepack acquisition, with Q2 sales of $1.24 billion and operating earnings of $162 million.

Outlook and guidance

• 2026 guidance reaffirmed: 10%+ comparable diluted EPS growth, free cash flow above $900 million, and $800 million capital return to shareholders.

• Effective tax rate expected at ~23.5%; interest expense at $310 million; capex at ~$600 million.

• Net debt to comparable EBITDA targeted at 2.7x by year-end 2026.

• Startup costs for Millersburg facility expected to total $35 million in 2026, with $30 million in the second half; no startup costs expected in 2027.

• Volume growth for 2026 expected at the low end of long-term ranges in North America (1%-3%) and South America (4%-6%), and above the top end in EMEA (3%-5%).