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FY2025 Q4
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Ball Corporation earnings call
Buzzberg read
Ball expects 2026 EPS growth of at least 10%
Ball Corporation delivered a record 2025, with EPS up 13%, adjusted free cash flow of $956M, and strong volume growth across all regions. Management guided to another year of 10%+ EPS growth in 2026, supported by strategic capacity additions and cost optimization, while navigating temporary tariff costs and new plant startup headwinds. Global volume growth: 4.1% in FY2025, with North America up 4.8%, EMEA up 5.5%, and South America up 4.2%.
Buzzberg read Ball expects 2026 EPS growth of at least 10% Ball Corporation delivered a record 2025, with EPS up 13%, adjusted free cash flow of $956M, and strong volume growth across all regions. Management guided to another year of 10%+ EPS growth in 2026, supported by strategic capacity additions and cost optimization, while navigating temporary tariff costs and new plant startup headwinds. Global volume growth: 4.1% in FY2025, with North America up 4.8%, EMEA up 5.5%, and South America up 4.2%. Read full analysisCollapse analysis
Ball Corporation delivered a record 2025, with EPS up 13%, adjusted free cash flow of $956M, and strong volume growth across all regions. Management guided to another year of 10%+ EPS growth in 2026, supported by strategic capacity additions and cost optimization, while navigating temporary tariff costs and new plant startup headwinds. Global volume growth: 4.1% in FY2025, with North America up 4.8%, EMEA up 5.5%, and South America up 4.2%.
- Fourth-quarter volumes accelerated: global +6%, with North America and EMEA both in high-single digits.
- Acquired two BenePak can plants in Europe, expanding capacity in Belgium and Hungary; expect flat earnings contribution in 2026, ramping in 2027.
- North America is capacity constrained until the new Millersburg, Oregon plant ramps up in the back half of 2026.
NORTH_AMERICA Revenue$11.25BReported
Revenue$3.347BReported
EPS$0.91Reported
Gross margin14.61%Reported
6 grounded callouts
What matters now
The highest-signal changes from the call.
Supply
New Millersburg plant and tariff costs create $35M headwind in 2026
Supply
North America capacity constrained until Millersburg ramps up
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Growth
BenePak acquisition to add volume growth above long-term range in EMEA
Financials
Ball delivered $956 million adjusted free cash flow in 2025
Buybacks
Ball committed to share repurchases of 4% to 6% annually
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| NORTH_AMERICA Revenue | $11.25B | Reported |
| Revenue | $3.347B | Reported |
| EPS | $0.91 | Reported |
| Gross margin | 14.61% | Reported |
| Operating margin | 10.13% | Reported |
| Free cash flow | $1.041B | Reported |
Forward-looking
Forward guidance
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| Capex | FY2026 | $1.2B–$1.3B | $1.25B | Guided |
| EPS | FY2026 | $3.90 | $3.90 | Guided |
| EPSNORTH_AMERICA | FY2026 | $0.10 | $0.10 | Guided |
| Free cash flow | FY2026 | $0.9B | $0.9B | Guided |
AI, capex & demand read
Management read
Confident
Management expressed strong confidence in record 2025 results and reiterated their 2026 algorithm of 10%+ EPS growth, emphasizing strategic momentum and operational strength.
Investment and capacity
Management discussed bringing new capacity online in Millersburg, Oregon to support contracted growth, with startup costs beginning in the back half of 2026. They also completed the acquisition of two European plants (BenePak) to enhance regional footprint. Capital spending in 2026 is expected to be in line with depreciation and amortization, and they are focused on disciplined EVA-based capital a
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External signals
Supply-chain alpha · 3returns since call
Ball is capacity-constrained in North America until the new Millersburg plant ramps up, limiting volume growth to the low end of its guidance range.
Evidence
“As it relates to 2026, for North America specifically, quite frankly, we're sold out, and we are a bit capacity constrained until we can get our Millersburg asset up and running.”
The BenePak acquisition adds capacity in Europe for roughly $1.7B units, but earnings will be flat in 2026 as the plants are brought into the network.
Evidence
“This year, we think it's going to do around about a billion seven of... 1.7 billion, excuse me, of volumes. And operating earnings, the comparable operating earnings are really projected to be pretty close to flat.”
Tariff costs on aluminum ends are impacting North America margins in 2026, but are being transitioned as part of the cost structure.
Evidence
“Tariffs are certainly something that every company is monitoring, but as we sit here today, there's no direct impact on our business beyond the ends piece that we've mentioned, and it is a pass-through, as you say.”
Methodology & coverage
Management-only analysis. All 1 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.