Ball (US:BALL)2026-02-03 13:05Financial Performance - Full-year 2025 net earnings attributable to Ball Corporation were $912 million, with diluted earnings per share of $3.30 on sales of $13.16 billion, compared to $4.01 billion net earnings and $13.00 per share on $11.80 billion sales in 2024[4] - Fourth quarter 2025 net earnings were $200 million, or 75 cents per diluted share, on sales of $3.35 billion, a significant recovery from a net loss of $32 million in Q4 2024[4] - Full-year 2025 comparable net earnings were $985 million, or $3.57 per diluted share, compared to $977 million, or $3.17 per diluted share in 2024[5] - Earnings from continuing operations for the year ended December 31, 2025, were $915 million, compared to $430 million in 2024, representing a 113.5% increase[27] - Total basic earnings per share for the year 2025 were $3.33, up from $1.39 in 2024, reflecting a 139.5% increase[27] - Comparable diluted earnings per share for the fourth quarter of 2025 were $0.91, an increase from $0.84 in the same period of 2024[51] Cash Flow and Assets - The company generated record adjusted free cash flow of $956 million in 2025[7] - Cash provided by operating activities for the year 2025 was $1,262 million, significantly higher than $115 million in 2024[28] - Cash, cash equivalents, and restricted cash at the end of 2025 were $1,221 million, up from $931 million at the end of 2024[28] - Free cash flow for the year ended December 31, 2025, was $788 million, while adjusted free cash flow, accounting for cash taxes paid related to the Aerospace disposition, was $956 million[55] - Total cash provided by operating activities for the year ended December 31, 2025, was $1,262 million, with capital expenditures of $474 million[55] Shareholder Returns - Ball returned approximately $1.54 billion to shareholders through share repurchases and dividends in 2025[6] Segment Performance - Ball's beverage packaging segment in North and Central America reported comparable operating earnings of $772 million on sales of $6.29 billion for 2025, up from $747 million on $5.62 billion in 2024[9] - The EMEA beverage packaging segment saw comparable operating earnings rise to $495 million on sales of $3.98 billion in 2025, compared to $416 million on $3.47 billion in 2024[11] - Beverage packaging sales in North and Central America for Q4 2025 were $1,572 million, a 22% increase from $1,291 million in Q4 2024[41] - Comparable segment operating earnings for Beverage packaging, EMEA increased to $123 million in Q4 2025 from $90 million in Q4 2024, a 36.7% increase[41] Acquisitions and Divestitures - Ball completed the acquisition of an 80% stake in European beverage can manufacturer Benepack for approximately €184 million[13] - The company completed the acquisition of Florida Can Manufacturing for $160 million, enhancing its beverage packaging segment[39] - The divestiture of the aerospace business was completed for $5.6 billion, resulting in a pre-tax gain of $4.61 billion[40] - The company reported a gain of $81 million from the sale of its Saudi Arabian business during the year ended December 31, 2025[51] Future Outlook - For 2026, Ball expects comparable diluted earnings per share growth of over 10% and free cash flow greater than $900 million[7] - The company aims to advance sustainable aluminum packaging while driving long-term value creation and maintaining a focus on operational excellence[21] Financial Ratios - Comparable EBITDA for the year ended December 31, 2025, was $2,041 million, with a net debt of $5,800 million, resulting in an interest coverage ratio of 6.50x and a leverage ratio of 2.84x[55] Other Financial Information - The company incurred interest expenses of $314 million for the year ended December 31, 2025[55] - The company recorded a tax provision of $240 million for the year ended December 31, 2025[55] - The unrealized loss on equity-linked notes was $(1) million for the year ended December 31, 2025[55] - Business consolidation and other activities resulted in a net impact of $(41) million for the year ended December 31, 2025[55] - Total assets increased to $19,524 million in 2025 from $17,628 million in 2024, marking an increase of 10.7%[31]