BALL
Updated: 24/09/2026, 10:31:29
Ball Corporation serves as a global provider of aluminum packaging solutions for a broad spectrum of industries, including beverages, personal care items, and household goods. Its extensive reach covers the United States, Brazil, and numerous international markets. The company's operations are strategically divided into four primary business segments: Beverage Packaging for North and Central America; Beverage Packaging for Europe, the Middle East, and Africa; Beverage Packaging for South America; and its dedicated Aerospace division. Within its packaging enterprise, Ball is a key manufacturer and supplier of aluminum beverage containers, catering to producers of carbonated soft drinks, beer, energy drinks, and other liquid products. Its product line also encompasses extruded aluminum aerosol containers, innovative reclosable aluminum bottles, aluminum cups, and aluminum slugs. Beyond packaging, Ball Corporation maintains a substantial presence in the aerospace sector. Here, it develops advanced spacecraft, intricate sensors and instruments, sophisticated radio frequency systems, and other cutting-edge technologies. These specialized offerings support civil, commercial, and national security aerospace initiatives. Its aerospace portfolio includes defense hardware, tactical antenna and video solutions, space hardware for both operational and civilian applications, and comprehensive systems engineering services. The company also undertakes the design, production, and rigorous testing of satellites, remote sensing devices, and associated ground control hardware and software, in addition to providing launch vehicle integration and satellite operational support. Furthermore, Ball supplies highly specialized components to government agencies and their prime contractors, such as target identification, warning, and attitude control systems; cryogenic systems with integrated sensor cooling devices; star trackers; and fast-steering mirrors. Established in 1880, Ball Corporation's corporate headquarters are located in Westminster, Colorado.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
N/A
FY — · Reported
Net income
0.9B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
0.8B
FY 2025 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
1.3B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Global aluminum packaging supplier
Leading global aluminum packaging supplier; 2025 net sales $13.16B; HQ Westminster, Colorado; NYSE: BALL
“Ball Corporation and its consolidated subsidiaries (collectively, Ball, the company, we or our) is one of the world’s leading suppliers of aluminum packaging for the beverage, personal care and household products industries.”
Core business is aluminum beverage packaging
Majority of consolidated net sales from sale of beverage containers
“The majority of our consolidated net sales were from the sale of beverage containers”
Three reportable segments
Three segments since Q1 2024: Beverage Packaging NCA, EMEA, South America (after aerospace divestiture Feb 16, 2024)
“On February 16, 2024, the company completed the divestiture of its aerospace business. Effective as of the first quarter of 2024, the company reports its financial performance in three reportable segments”
Segment structure reference in financial statements
Business segment information disclosed in Note 3 of FY2025 10-K
“Note 3. Business Segment Information”
Customer base
Long-term relationships with large multinational beverage, personal care and household products companies; high customer retention; numerous regional customers
“We sell our aluminum packaging products globally to large multinational beverage, personal care and household products companies with which we have developed long-term relationships.”
Product lines
Aluminum beverage containers (largest), extruded aerosol containers, recloseable aluminum bottles, aluminum slugs
“Our largest product line is aluminum beverage containers and we also produce extruded aluminum aerosol containers, recloseable aluminum bottles across multiple consumer categories and aluminum slugs.”
53% of 2025 net sales outside the U.S.
~53% of consolidated net sales from outside the U.S. in FY2025
“We derived approximately 53 percent of our consolidated net sales from outside of the U.S. for the year ended December 31, 2025.”
Non-USD currency exposure, primarily euro plus emerging markets
Significant net assets, debt and income in non-USD currencies, primarily euro, plus Argentina, Egypt, Turkey and other emerging markets
“primarily the euro, as well as the currencies of Argentina, Egypt, Turkey and other emerging markets”
Aluminum raw material sourcing and price risk
Purchases aluminum from several sources; price tied to LME; some contracts lack pass-through
“commodity price fluctuations (particularly aluminum on the London Metal Exchange)”
Concentrated raw material suppliers
Raw materials purchased from relatively few suppliers; aluminum pass-through provisions cover majority of volumes
“We purchase our raw materials from relatively few suppliers. We also have exposure to inflation, in particular the rising costs of raw materials, as well as other direct cost inputs.”
Employees
~16,000 employees at end of 2025, including ~5,000 in the U.S.
“At the end of 2025, the company and its subsidiaries employed approximately 16,000 employees, including approximately 5,000 employees in the U.S.”
Florida Can Manufacturing acquisition
Acquired Winter Haven, FL can facility via Florida Can Manufacturing acquisition in Q1 2025; permanently ceased Kent, WA production Q1 2024
“Ball acquired an aluminum beverage can manufacturing facility in Winter Haven, Florida, in the first quarter of 2025 as part of its acquisition of Florida Can Manufacturing”
Business consolidation activities 2025
2025: $81M gain on Saudi Arabian business sale, facility closures, aluminum cups loss; 2024: $233M noncash aluminum cups charge
“The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction.”
Aluminum price pass-through
Aluminum price changes passed through in contracts covering majority of volumes; 2025 raw material costs +$1.09B from higher aluminum prices and higher volume
“The pass-through provisions generally result in proportional increases or decreases in sales and costs with a greatly reduced impact, if any, on net earnings; however, there may be timing differences of when the costs are passed through.”
Total debt of $7.01 billion at Dec 31, 2025
$7.01 billion of debt at December 31, 2025
“The company had $7.01 billion of debt at December 31, 2025.”
FY2025 consolidated net sales
Net sales of $13,161M in 2025 vs $11,795M in 2024 and $12,062M in 2023
“Net sales $ 13,161 $ 11,795 $ 12,062”
Auditor tenure and opinion
PwC issued unqualified opinions on the financial statements and ICFR as of December 31, 2025; auditor since at least 1962
“We have served as the Company’s auditor since at least 1962.”
Diluted EPS from continuing operations
Diluted EPS from continuing operations of $3.30 in 2025 vs $1.37 (2024) and $1.53 (2023)
“Diluted - continuing operations $ 3.30 $ 1.37 $ 1.53”
Hedging program scope
Derivatives hedge commodity prices, interest rates, currency exchange rates, net investments in foreign operations and own stock for the deferred compensation plan
“The company uses derivative financial instruments for the purpose of hedging commercial risk exposures to fluctuations in commodity prices, interest rates, currency exchange rates, net investments in foreign operations and prices of the company’s common stock”
Share repurchases reduced share count
Treasury stock increased to 419.7M shares (from 394.8M); weighted average basic shares fell from 305.5M to 274.3M
“Treasury stock, at cost (419,733,252 shares - 2025; 394,790,362 shares - 2024)”
Substitute packaging competition
Competition from PET bottles in U.S./Europe and glass beer bottles in Brazil
“Competition from plastic carbonated soft drink bottles is particularly intense in the U.S. and Europe, and there is competition from glass beer bottles in Brazil.”
Intense packaging competition; basis of competition
Competition on price, innovation, sustainability, service and quality amid potential surplus capacity
“The principal methods of competition in the general packaging industry are price, innovation, sustainability, service and quality.”
High leverage consequences
Significant debt levels could limit cash flow, acquisitions, financing and flexibility
“requiring more of our cash flows from operations to be dedicated to the payment of principal and interest on our indebtedness”
Fixed-price contracts limit raw material cost pass-through
Some contracts prohibit pass-through of raw material cost increases
“In the Americas, Europe and Asia, some contracts do not allow us to pass along increased raw material costs”
Goodwill impairment risk
Significant goodwill balance could be impaired if reporting unit fair values decline
“This decline could lead to an impairment of all or a significant portion of the goodwill balance”
Overcapacity and regional operating loss risk
Regional overcapacity may lower prices; possible regional operating losses
“overcapacity, which often leads to lower prices, may develop over time in certain regions in which we operate”
Aluminum prices (LME-linked) directly drive input costs and margins; supply and tariff risks disclosed.
“We purchase aluminum and other raw materials and packaging supplies, including dunnage, from several sources.”
Aluminum is the core input for all Ball packaging products; costs rise/fall with aluminum prices but pass-through provisions in the majority of contracts mitigate earnings impact.
“We mitigate our exposure to the changes in the costs of aluminum through the inclusion of provisions in contracts covering the majority of our volumes to pass-through aluminum price changes”
Majority of sales to a limited number of major customers; loss or reduced purchasing would materially hurt sales.
“Because we depend on a relatively limited number of major customers, our business, financial condition or results of operations could be adversely affected”
Significant portion of packaging products sold to major companies and brands under long-term supply contracts with high customer retention.
“While we have a diversified customer base, we sell a significant portion of our packaging products to major companies and brands”
53% of net sales outside the U.S. expose results to trade policies, tariffs, FX and political instability.
“We derived approximately 53 percent of our consolidated net sales from outside of the U.S. for the year ended December 31, 2025.”
Significant proportion of net assets, debt and income in euro; managed with derivatives.
“particularly our exposure to fluctuations in the euro to U.S. dollar exchange rate”
Narrow product range: business depends on broad consumer acceptance of aluminum containers and demand for filled beverages.
“broad acceptance by consumers of aluminum containers for a wide variety of beverages is critical to our future success”
Concentrated supplier base creates exposure to loss, insolvency or bankruptcy of a major supplier.
“Because of our customer and supplier concentration, our business, financial condition and results of operations could be adversely affected by the loss, insolvency or bankruptcy of a major customer or supplier”
PET CSD bottles are a key substitute, particularly intense in the U.S. and Europe.
“Competition from plastic carbonated soft drink bottles is particularly intense in the U.S. and Europe”
CBP tariff classification challenge could result in additional duties, interest and penalties; no reserve recorded.
“the company believes it is reasonably possible any such additional tariffs, interest and penalties could be owed”
Increases in raw material costs, including potential increases due to tariffs, sanctions or trade actions, could materially affect results.
“Increases in raw material costs, including potential increases due to tariffs, sanctions, or other trade actions, could have a material adverse effect”
Consumers increasingly choose brands on sustainability credentials and packaging design regulations are rising; aluminum cans are well positioned due to recycling rates and recycled content; accelerating substrate shift to aluminum is a strategic pillar.
“Today’s consumers are increasingly choosing brands based on their sustainability credentials and packaging design regulations are increasing around the world. Aluminum cans are well positioned to meet both trends”
Higher aluminum prices drove $579 million of 2025 price/mix sales increase, inflating revenue despite pass-through neutralizing earnings impact.
“$579 million from price mix, primarily from higher aluminum prices”
2025 cost of sales rose $1.09 billion from higher raw materials costs driven by higher aluminum prices and volume; company notes explicit exposure to inflation and rising raw material costs.
“The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume”
Increasing packaging design regulations worldwide both create regulatory exposure for customers and position aluminum favorably; Ball aligns 2030 goals with customer climate targets and regulatory requirements.
“Ball aluminum packaging unlocks the full potential of packaging to help our customers convey their purpose to consumers, while limiting regulatory exposure.”
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