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BALL Corp

BALL
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Business Summary

Ball Corporation is one of the world's leading suppliers of aluminum packaging for the beverage, personal care and household products industries. The company's largest product line is aluminum beverage containers, and it also produces extruded aluminum aerosol containers, recloseable aluminum bottles, and aluminum slugs. In 2025, total consolidated net sales were $13.16 billion . The company operates in a highly competitive market characterized by capital-intensive facilities that run more or less continuously. The aluminum beverage container competes with glass bottles in the packaged beer industry and polyethylene terephthalate (PET) bottles in the carbonated soft drink and water industries.

Ball is the largest producer in the North American aluminum beverage container industry, which represents approximately 139 billion units , with Ball shipping approximately 50 billion aluminum beverage containers in North and Central America in 2025, representing approximately 36 percent of aggregate shipments. In the EMEA region, the market is approximately 97 billion containers, and Ball is the largest producer with an estimated 39 percent of shipments. In South America, the market is approximately 43 billion containers, and Ball is the largest producer with an estimated 46 percent of South American shipments. Primary competitors include four companies that manufacture substantially all of the metal beverage containers in each region. The company's significant customers include Anheuser-Busch InBev and affiliates (15 percent of net sales), Coca-Cola Bottlers' Sales & Services Company LLC and affiliates (14 percent ), and Red Bull GmbH and affiliates (11 percent ).

Ball generates revenue by manufacturing and selling aluminum packaging products globally to large multinational beverage, personal care and household products companies. The company sells primarily under multi-year supply contracts, with high customer retention and a large number of long-term supply contracts. Revenue is recognized either over time for unique products with no alternative use or at a point in time for generic products. The company limits its exposure to changes in the cost of aluminum through pass-through provisions in most sales contracts and through derivative instruments.

Ball reports in three reportable segments: beverage packaging, North and Central America; beverage packaging, EMEA; and beverage packaging, South America. The beverage packaging, North and Central America segment accounted for 48 percent of consolidated net sales in 2025, with net sales of $6,286 million and comparable operating earnings of $772 million . The segment includes 17 manufacturing facilities in the U.S., one in Canada, and two in Mexico, plus interests in three equity method investments. The beverage packaging, EMEA segment accounted for 30 percent of consolidated net sales, with net sales of $3,983 million and comparable operating earnings of $495 million , operating 19 facilities throughout Europe and one each in Egypt and Turkey. The beverage packaging, South America segment accounted for 16 percent of consolidated net sales, with net sales of $2,162 million and comparable operating earnings of $327 million , operating 12 facilities in Brazil, Argentina, Chile, and Paraguay.

Other operations include a non-reportable beverage packaging segment in India and Myanmar, and a personal and home care (PHC) segment that manufactures extruded aluminum aerosol containers, recloseable aluminum bottles, and aluminum slugs, which represented less than 5 percent of consolidated net sales in 2025. The PHC market shipped approximately 6.8 billion units in 2025, and Ball shipped 1.5 billion aluminum PHC containers, representing approximately 21 percent of total shipments. Ball also has equity method investments in the U.S., Guatemala, Panama, Vietnam, and Saudi Arabia.

In February 2025, Ball acquired Florida Can Manufacturing for cash consideration of $160 million , adding a facility in Winter Haven, Florida. On March 21, 2025, Ball closed a transaction for its aluminum cups business, deconsolidating the business and retaining a 49 percent interest in Oasis Venture Holdings LLC, recording an additional loss of $8 million . On August 27, 2025, Ball sold 41 percent of its 51 percent ownership in Ball United Arab Can Manufacturing Company for total cash consideration of $71 million , recognizing a gain of $81 million . In January 2026, subsequent to year-end, Ball acquired an 80 percent capital share of Benepack's European beverage can manufacturing business for total consideration of $218 million (€184 million), paying $95 million (€80 million) in cash. The company repurchased $1.32 billion of common stock in 2025 and paid dividends of $220 million . On January 29, 2025, the Board approved the repurchase of up to $4.00 billion in shares through the end of 2027.

Net sales in 2025 increased $1.37 billion compared to 2024, primarily due to increases of $713 million from higher volume, $579 million from price mix, and $177 million from currency translation. Net earnings attributable to Ball Corporation were $912 million in 2025, compared to $4,008 million in 2024, which included $3,584 million from discontinued operations related to the aerospace divestiture. Comparable operating earnings for the reportable segments increased by $135 million year-over-year. Cash provided by operating activities was $1,262 million in 2025.

Business Outlook

Management's financial strategy is focused on delivering comparable diluted earnings per share growth in excess of 10 percent per annum over the long-term . The company expects 2026 capital expenditures for property, plant and equipment to likely be in the range of $600 million . The company intends to return approximately $210 million to shareholders in the form of dividends in 2026 and plans to continue capital return to shareholders via an estimated $600 million in share repurchases in 2026.

A key growth vector is the acquisition of Benepack's European beverage can manufacturing business, which closed in January 2026 for total consideration of $218 million (€184 million). The investment is intended to further optimize the company's European manufacturing network, as the two facilities in Belgium and Hungary are well positioned to serve growing customer demand for sustainable packaging in the region. The acquisition of Florida Can Manufacturing for $160 million in February 2025 strengthens the North and Central America segment's supply network and enhances its ability to meet growing customer demand for sustainable beverage packaging solutions. The company also continues to pursue the substrate shift to aluminum, driven by sustainability trends, with the global aluminum recycling rate at 75 percent in 2023 and Ball beverage cans containing 74 percent recycled content on average as of 2024.

The company's margin trajectory is supported by comparable operating earnings growth across all three reportable segments. In 2025, comparable operating earnings for beverage packaging, North and Central America increased by $25 million to $772 million , for EMEA increased by $79 million to $495 million , and for South America increased by $31 million to $327 million . Cost of sales, excluding depreciation and amortization, was $10.58 billion in 2025, representing 80 percent of net sales, compared to 79 percent in 2024. The company is focused on driving operational and supply chain excellence, including process optimization, real-time monitoring to improve energy efficiency, and reduction of waste and spoilage.

The company expects 2026 capital expenditures for property, plant and equipment to likely be in the range of $600 million . Approximately $320 million of capital expenditures were contractually committed as of December 31, 2025. The company has committed contracts to purchase raw materials aligned with long-term sales contracts. Contributions to the company's defined benefit pension plans are expected to be approximately $29 million for the full year of 2026. At December 31, 2025, approximately $1.00 billion of cash was held outside of the U.S.

The company plans to continue capital return to shareholders via an estimated $600 million in share repurchases in 2026 and intends to return approximately $210 million to shareholders in the form of dividends. At December 31, 2025, $2.93 billion remains available to be repurchased under the $4.00 billion authorization approved on January 29, 2025. The company's financial strategy is focused on maximizing cash flow, increasing Economic Value Added (EVA) dollars, and returning value to shareholders.

The company faces structural headwinds including intense competition from substitute products, particularly PET bottles and glass bottles. In the U.S. and Europe, competition from plastic carbonated soft drink bottles is particularly intense, and there is competition from glass beer bottles in Brazil. The company derived approximately 53 percent of consolidated net sales from outside of the U.S. for the year ended December 31, 2025, exposing it to political and economic instability, exchange rate risks, and inflation of direct input costs. The company also faces risks from fluctuations in the supply and price of raw materials, including potential increases due to tariffs, sanctions, or other trade actions. In September 2025, Ball received notice from U.S. Customs and Border Protection challenging the tariff classification of certain aluminum imports, asserting additional duties and tariffs are payable.

The company faces execution risks related to managing change and growth, including rebalancing manufacturing capacity, maintaining quality, and optimizing production. The loss of a key customer could have a significant negative impact on sales, as the company sells a majority of packaging products to a relatively limited number of major beverage, personal care, and household product companies. The company had $7.01 billion of debt at December 31, 2025, which could increase vulnerability to adverse economic conditions and require more cash flows to be dedicated to debt service. As of December 31, 2025, 20 percent of North American employees and 33 percent of European employees were covered by collective bargaining agreements, and a prolonged work stoppage could have a material adverse effect.

Risk Factors

The company faces significant customer concentration risk, with Anheuser-Busch InBev and affiliates representing 15 percent of net sales, Coca-Cola Bottlers' Sales & Services Company LLC and affiliates representing 14 percent , and Red Bull GmbH and affiliates representing 11 percent in 2025. The loss of any of these customers could materially adversely affect results. The company had $7.01 billion of debt at December 31, 2025, which could increase vulnerability to adverse economic conditions and limit flexibility. The company is exposed to raw material price risk, particularly aluminum, and in September 2025 received notice from U.S. Customs and Border Protection challenging the tariff classification of certain aluminum imports, asserting additional duties and tariffs are payable, the outcome of which is uncertain. The company derived approximately 53 percent of consolidated net sales from outside the U.S., exposing it to exchange rate fluctuations, political instability, and inflation. As of December 31, 2025, 20 percent of North American employees and 33 percent of European employees were covered by collective bargaining agreements, and a prolonged work stoppage could have a material adverse effect.

Management Priorities

Management's message emphasizes the company's transformation into a pure-play aluminum packaging supplier following the divestiture of the aerospace business, completed on February 16, 2024. The strategic priorities emphasized are executing every day, staying close to customers, accelerating the substrate shift to aluminum, and managing complexity to advantage. Management maintains a clear and disciplined financial strategy focused on delivering comparable diluted earnings per share growth in excess of 10 percent per annum over the long-term , maximizing cash flow, increasing Economic Value Added (EVA) dollars, and returning value to shareholders. The company plans to continue capital return to shareholders via an estimated $600 million in share repurchases in 2026 and intends to return approximately $210 million to shareholders in the form of dividends. Management also highlights the company's commitment to sustainability, including a science-based 55 percent reduction in greenhouse gas footprint by 2030 and net zero carbon emissions prior to 2050.

View Source Annual Report on SEC.gov ↗

References

  1. [1] Item 1, Business
  2. [2] Item 1, Business — Beverage Packaging, North and Central America
  3. [3] Item 1, Business — Beverage Packaging, North and Central America
  4. [4] Item 1, Business — Beverage Packaging, North and Central America
  5. [5] Item 1, Business — Beverage Packaging, EMEA
  6. [6] Item 1, Business — Beverage Packaging, EMEA
  7. [7] Item 1, Business — Beverage Packaging, South America
  8. [8] Item 1, Business — Beverage Packaging, South America
  9. [9] Item 8, Note 3 — Business Segment Information
  10. [10] Item 8, Note 3 — Business Segment Information
  11. [11] Item 8, Note 3 — Business Segment Information
  12. [12] Item 1, Business — Beverage Packaging, North and Central America
  13. [13] Item 7, MD&A — Results of Business Segments
  14. [14] Item 7, MD&A — Results of Business Segments
  15. [15] Item 1, Business — Beverage Packaging, EMEA
  16. [16] Item 7, MD&A — Results of Business Segments
  17. [17] Item 7, MD&A — Results of Business Segments
  18. [18] Item 1, Business — Beverage Packaging, South America
  19. [19] Item 7, MD&A — Results of Business Segments
  20. [20] Item 7, MD&A — Results of Business Segments
  21. [21] Item 1, Business — Personal & Home Care
  22. [22] Item 1, Business — Personal & Home Care
  23. [23] Item 1, Business — Personal & Home Care
  24. [24] Item 1, Business — Personal & Home Care
  25. [25] Item 8, Note 4 — Acquisitions and Dispositions
  26. [26] Item 8, Note 4 — Acquisitions and Dispositions
  27. [27] Item 8, Note 4 — Acquisitions and Dispositions
  28. [28] Item 8, Note 4 — Acquisitions and Dispositions
  29. [29] Item 8, Note 4 — Acquisitions and Dispositions
  30. [30] Item 8, Note 4 — Acquisitions and Dispositions
  31. [31] Item 7, MD&A — Share Repurchases
  32. [32] Item 7, MD&A — Cash Flows and Capital Expenditures
  33. [33] Item 5, Market for Registrant's Common Equity
  34. [34] Item 7, MD&A — Consolidated Sales and Earnings
  35. [35] Item 7, MD&A — Consolidated Sales and Earnings
  36. [36] Item 7, MD&A — Consolidated Sales and Earnings
  37. [37] Item 7, MD&A — Consolidated Sales and Earnings
  38. [38] Item 8, Consolidated Statements of Earnings
  39. [39] Item 8, Consolidated Statements of Earnings
  40. [40] Item 8, Note 4 — Acquisitions and Dispositions
  41. [41] Item 7, MD&A — Consolidated Sales and Earnings
  42. [42] Item 7, MD&A — Cash Flows and Capital Expenditures
  43. [43] Item 1, Business — Our Strategy
  44. [44] Item 7, MD&A — Other Liquidity Measures
  45. [45] Item 7, MD&A — Other Liquidity Measures
  46. [46] Item 7, MD&A — Share Repurchases
  47. [47] Item 8, Note 4 — Acquisitions and Dispositions
  48. [48] Item 8, Note 4 — Acquisitions and Dispositions
  49. [49] Item 1, Business — Sustainability
  50. [50] Item 1, Business — Sustainability
  51. [51] Item 7, MD&A — Results of Business Segments
  52. [52] Item 7, MD&A — Results of Business Segments
  53. [53] Item 7, MD&A — Results of Business Segments
  54. [54] Item 7, MD&A — Results of Business Segments
  55. [55] Item 7, MD&A — Results of Business Segments
  56. [56] Item 7, MD&A — Results of Business Segments
  57. [57] Item 7, MD&A — Cost of Sales
  58. [58] Item 7, MD&A — Cost of Sales
  59. [59] Item 7, MD&A — Cost of Sales
  60. [60] Item 7, MD&A — Other Liquidity Measures
  61. [61] Item 7, MD&A — Other Liquidity Measures
  62. [62] Item 7, MD&A — Cash Flows and Capital Expenditures
  63. [63] Item 7, MD&A — Cash Flows and Capital Expenditures
  64. [64] Item 7, MD&A — Share Repurchases
  65. [65] Item 7, MD&A — Other Liquidity Measures
  66. [66] Item 7, MD&A — Share Repurchases
  67. [67] Item 5, Market for Registrant's Common Equity
  68. [68] Item 1A, Risk Factors
  69. [69] Item 1A, Risk Factors
  70. [70] Item 1A, Risk Factors — Human capital risks
  71. [71] Item 1A, Risk Factors — Human capital risks
  72. [72] Item 8, Note 3 — Business Segment Information
  73. [73] Item 8, Note 3 — Business Segment Information
  74. [74] Item 8, Note 3 — Business Segment Information
  75. [75] Item 1A, Risk Factors
  76. [76] Item 1A, Risk Factors
  77. [77] Item 1A, Risk Factors — Human capital risks
  78. [78] Item 1A, Risk Factors — Human capital risks
  79. [79] Item 1, Business — Our Strategy
  80. [80] Item 7, MD&A — Share Repurchases
  81. [81] Item 7, MD&A — Other Liquidity Measures
  82. [82] Item 8, Consolidated Statements of Earnings
  83. [83] Item 8, Consolidated Statements of Earnings
  84. [84] Item 8, Consolidated Statements of Earnings
  85. [85] Item 8, Consolidated Statements of Earnings
  86. [86] Item 8, Consolidated Statements of Earnings
  87. [87] Item 8, Consolidated Statements of Earnings
  88. [88] Item 8, Consolidated Statements of Earnings
  89. [89] Item 8, Consolidated Statements of Earnings
  90. [90] Item 8, Consolidated Statements of Earnings
  91. [91] Item 8, Consolidated Statements of Earnings
  92. [92] Item 8, Consolidated Statements of Earnings
  93. [93] Item 8, Consolidated Statements of Earnings
  94. [94] Item 8, Consolidated Statements of Earnings
  95. [95] Item 8, Consolidated Statements of Earnings
  96. [96] Item 8, Consolidated Statements of Earnings
  97. [97] Item 7, MD&A — Cost of Sales
  98. [98] Item 8, Consolidated Statements of Earnings
  99. [99] Item 7, MD&A — Cost of Sales
  100. [100] Item 8, Consolidated Statements of Earnings
  101. [101] Item 8, Consolidated Statements of Earnings
  102. [102] Item 8, Consolidated Statements of Earnings
  103. [103] Item 8, Consolidated Statements of Earnings
  104. [104] Item 7, MD&A — Selling, General and Administrative
  105. [105] Item 8, Consolidated Statements of Earnings
  106. [106] Item 8, Consolidated Statements of Earnings
  107. [107] Item 8, Note 4 — Acquisitions and Dispositions
  108. [108] Item 8, Consolidated Statements of Earnings
  109. [109] Item 8, Consolidated Statements of Earnings
  110. [110] Item 7, MD&A — Tax Provision
  111. [111] Item 7, MD&A — Tax Provision
  112. [112] Item 8, Consolidated Statements of Cash Flows
  113. [113] Item 8, Consolidated Statements of Cash Flows
  114. [114] Item 8, Consolidated Balance Sheets
  115. [115] Item 8, Consolidated Balance Sheets
  116. [116] Item 7, MD&A — Results of Business Segments
  117. [117] Item 7, MD&A — Results of Business Segments
  118. [118] Item 7, MD&A — Results of Business Segments
  119. [119] Item 7, MD&A — Results of Business Segments
  120. [120] Item 7, MD&A — Results of Business Segments
  121. [121] Item 7, MD&A — Results of Business Segments

Analysis on 6/21/2026