10-Q · May 5, 2026
Ball Corporation reported strong Q1 2026 results, with revenues of $3.60 billion, up 16% year-over-year, and net earnings of $205 million, reflecting a consistent growth trajectory. However, EPS was $0.77, missing the…
Earnings analysis · 10-Q
BALL earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Ball delivered strong Q2 top-line growth, with revenue rising 20% year over year to $3.997 billion and GAAP EPS increasing to $0.83 from $0.76. The increase was substantially aluminum-price pass-through, however, as…
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Ball delivered strong Q2 top-line growth, with revenue rising 20% year over year to $3.997 billion and GAAP EPS increasing to $0.83 from $0.76. The increase was substantially aluminum-price pass-through, however, as gross margin fell to approximately 17.4% and operating margin to approximately 8.7%; North America profit also declined. EMEA and South America operating-profit gains, continued shareholder-return plans, and adequate facility liquidity are offsets, but negative first-half operating cash flow, working-capital consumption, higher debt, and prospective pension settlement expense temper the setup.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.83
What stood out
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Revenue rose 20% on price/mix and volume
Q2 net sales rose $659 million year over year to $3.997 billion, versus $3.338 billion. Price/mix added $542 million, primarily higher aluminum prices, while volume added $65 million.
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EPS increased, but margins compressed
GAAP diluted EPS was $0.83, up from $0.76 in Q2 2025, while revenue increased from $3.60 billion in Q1 2026 to $3.997 billion in Q2. Gross margin was approximately 17.4%, down from 17.9% in Q1 and 19.4% a year ago; operating margin was approximately 8.7%, down from 9.1% in Q1 and 10.3% a year ago.
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EMEA profit and sales advanced
EMEA sales increased $119 million to $1.242 billion and comparable operating earnings increased $10 million. The segment benefited from $57 million of price/mix, $27 million of volume, and currency translation; Benepack's two facilities were acquired in Q1 2026.
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South America delivered strongest profit gain
South America sales increased $114 million year over year and comparable operating earnings increased $32 million, driven by higher price/mix of $93 million and higher volume.
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Capital-return capacity remains substantial
Ball expects 2026 capex of approximately $600 million and plans approximately $600 million of share repurchases. It had $2.823 billion remaining under its authorization at June 30, 2026.
What to watch
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North America profit declined despite sales growth
North and Central America sales rose $393 million to $2.006 billion, but comparable operating earnings fell $5 million as $44 million of higher volume, operating and plant-startup costs more than offset $28 million of price/mix benefit.
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Aluminum costs compressed gross margin
Cost of sales excluding D&A rose $610 million to $3.300 billion and reached 83% of sales, from 81% a year earlier, primarily reflecting $506 million of higher raw-material costs driven by aluminum prices and higher volume.
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Working-capital use and debt increased
Six-month operating cash flow was negative $169 million, including a $1.01 billion working-capital outflow; investing cash outflow was $437 million, including $302 million of capex. Total debt increased to $7.22 billion from $7.01 billion at December 31, 2025.
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No formal risk updates; tariff exposure persists
The filing reports no Item 1A risk-factor changes for Q2 2026. However, Ball recorded $22 million of quarterly business-consolidation and other charges, including tariff contingencies for which it seeks recovery and costs of prior facility closures.
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Potential Q3 noncash pension settlement charge
Management anticipates a U.K. pension-plan buyout in Q3 2026. The settlement is expected to recognize the $454 million of accumulated unrecognized pension losses in other comprehensive income as a noncash expense.
Management's outlook
The 10-Q does not provide a numeric EPS or revenue range. Management expects 2026 property, plant and equipment capex to be approximately $600 million, plans approximately $600 million of 2026 share repurchases, and expects liquidity to meet ongoing requirements; the earnings release maintained 2026 comparable EPS growth of 10-plus percent and free cash flow above $900 million.
Earlier filings 4
10-K · February 19, 2026
Ball Corporation reported total consolidated net sales of $13.16 billion in 2025 and emphasizes a strategy centered on scale + sustainability with four operational pillars (executing every day; staying close to…
10-Q · November 4, 2025
Ball reported a stronger Q3 with net sales of $3,379 million (up $297 million or +9.6% vs $3,082 million in Q3 2024) and expanded profitability: earnings before taxes rose to $391 million (vs $227 million) and diluted…
10-Q · August 5, 2025
Ball reported a strong Q2 top line with net sales of $3,338 million (up $379 million or +12.8% vs $2,959 million in Q2 2024) and expanded operating profitability. Comparable reportable segment operating earnings rose to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.