10-Q · August 4, 2026
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…
Earnings analysis · 10-Q
BALL earnings analysis
Filed November 3, 2026 · Our reading of the company's report
The latest report
Ball delivered strong third-quarter revenue of $4.188 billion, with global shipments up 4.7%, comparable operating earnings up 2.5% and comparable diluted EPS of $1.10. However, a $475 million pension settlement charge…
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Ball delivered strong third-quarter revenue of $4.188 billion, with global shipments up 4.7%, comparable operating earnings up 2.5% and comparable diluted EPS of $1.10. However, a $475 million pension settlement charge drove reported diluted EPS to negative $0.36, and nine-month free cash flow remained negative $439 million. Management maintained its targets for 10-plus percent 2026 comparable EPS growth and approximately $900 million of free cash flow, producing a mixed but stable outlook.
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.
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
- $-0.36
What stood out
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Higher volumes lifted underlying earnings
Third-quarter revenue was $4.188 billion, while global shipments increased 4.7%. Comparable operating earnings increased 2.5%, indicating volume growth supported underlying performance.
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Comparable EPS beat despite pension charge
Comparable diluted EPS was $1.10, above the $1.07 consensus estimate, although reported diluted EPS was negative $0.36 after a $475 million pension settlement charge.
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International markets and outlook improved
EMEA and South America improved during the quarter, while management maintained its outlook for 2026 comparable diluted EPS growth of 10-plus percent.
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Cash-flow and long-term targets maintained
Management continued to target approximately $900 million of 2026 free cash flow and reaffirmed its 4-to-6% long-term operating earnings growth objective.
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Share repurchases continued
Ball repurchased 2,655,559 shares in the third quarter, including 1,503,730 shares in September, and had $2.660 billion remaining under its repurchase authorization at September 30, 2026.
What to watch
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Large pension charge reduced GAAP EPS
Reported diluted EPS was negative $0.36 because of a $475 million pension settlement charge, demonstrating that significant one-time pension costs can materially reduce GAAP earnings.
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Nine-month free cash flow remained negative
Reported nine-month free cash flow was negative $439 million despite the approximately $900 million full-year target, leaving substantial cash generation required in the fourth quarter to achieve the outlook.
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Cost pass-through remains uncertain
The filing identifies inability to pass through increased costs as a risk; this is particularly relevant alongside the reported 2.5% increase in comparable operating earnings and ongoing North American cost pressure.
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Market and counterparty exposures persist
The filing states that no Item 1A risk-factor changes were required for the three months ended September 30, 2026, but it continues to identify commodity, interest-rate, currency and counterparty exposures as risks despite established risk-management procedures.
Management's outlook
Management maintained its outlook for 2026 comparable diluted EPS growth of 10-plus percent and approximately $900 million of free cash flow. The company also reiterated its 4-to-6% long-term operating earnings growth objective; no numeric revenue or EPS-level guidance range was provided.
Earlier filings 4
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…
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…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.