10-Q · April 29, 2026
O-I Glass reported a Q1 2026 net sales of $1.54 billion, surpassing the consensus estimate of $1.47 billion, but adjusted EPS of $0.05 fell short of the expected $0.11. The company experienced a significant increase in…
Earnings analysis · 10-Q
OI earnings analysis
Filed October 28, 2026 · Our reading of the company's report
The latest report
O-I Glass reported Q3 revenue of $1.623 billion, modestly below both the prior quarter's $1.67 billion and the year-ago quarter's $1.65 billion, while EPS was a $0.09 loss versus $0.14 expected. Europe remained the key…
Read full summary
O-I Glass reported Q3 revenue of $1.623 billion, modestly below both the prior quarter's $1.67 billion and the year-ago quarter's $1.65 billion, while EPS was a $0.09 loss versus $0.14 expected. Europe remained the key problem, with segment operating profit declining to $2 million from $95 million, although Americas operations were described as resilient. Management lowered 2026 adjusted EBITDA and free cash flow outlooks, withdrew 2027 targets, and the filing emphasizes elevated energy, geopolitical, supply-chain, liquidity and covenant risks.
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
- $-0.09
- Segment
- Europe: segment operating profit of $2 million versus $95 million in Q3 2025.
- Segment
- Americas: described as resilient; exact segment revenue and operating profit were not provided in the extracted filing text.
What stood out
-
Revenue declined sequentially and year over year
Q3 revenue was $1.623 billion, down approximately 2.8% from $1.67 billion in Q2 2026 and approximately 1.6% from $1.65 billion in Q3 2025.
-
EPS missed estimates despite sequential improvement
EPS was a $0.09 loss versus a $0.14 consensus estimate, a $0.23 per-share shortfall. EPS improved from a $6.33 loss in Q2 2026 but declined from $0.19 in Q3 2025.
-
Americas resilience offset Europe weakness
Americas operations remained resilient according to management, while Europe generated only $2 million of segment operating profit versus $95 million in Q3 2025.
-
Controls remained effective
The company maintained that disclosure controls were effective at the reasonable assurance level as of September 30, 2026, and reported no material changes in internal control over financial reporting during the quarter.
What to watch
-
Europe deterioration and cash-flow pressure
European segment operating profit fell to $2 million from $95 million in Q3 2025. The company also lowered 2026 adjusted EBITDA guidance to $925 million-$950 million from $1.0 billion-$1.1 billion and expects a free cash flow use of approximately $300 million.
-
Energy cost and availability exposure
Energy accounts for 10% to 20% of total manufacturing costs. The filing states that European natural gas prices above the derivative contract's price cap would leave the company bearing the full incremental cost above that cap.
-
Geopolitical, credit and covenant risk
The updated global economic and legal environment risk identifies potential effects from conflicts in the Middle East and between Russia and Ukraine, including tariff and supply-chain inflation, tighter credit, and covenant pressure. The company states that a significant weakening of its financial position or results could cause noncompliance with debt covenants.
-
Capital-project and legal execution risk
The filing highlights supply-chain disruption risk for capital projects, which could increase costs and delay project timelines. Separately, environmental proceedings are disclosed using a $1 million monetary-sanctions threshold.
Management's outlook
The company lowered 2026 adjusted EBITDA guidance to $925 million-$950 million from $1.0 billion-$1.1 billion and changed 2026 free cash flow guidance to a use of approximately $300 million from a use of $50 million-$150 million. The company withdrew its 2027 targets and expects to provide 2027 guidance with year-end results. No numeric EPS or revenue guidance was provided.
Earlier filings 4
10-K · February 12, 2026
O-I Glass’s 10-K emphasizes a three-horizon strategy anchored by the Fit to Win cost program (focused on footprint optimization and SG&A reductions), followed by a profitable growth phase and optionality for…
10-Q · November 5, 2025
O-I Glass reported third-quarter net sales of $1,653 million, down $26 million or 2% versus the prior-year quarter, while reportable segment operating profit rose to $235 million (up $91 million, +63%). The company…
10-Q · April 30, 2025
O-I Glass, Inc. reported Q1 2025 results with a revenue of $1.57 billion, reflecting a decrease from the prior year, alongside a reported EPS of -$0.10, missing prior-year earnings significantly. The company struggled…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.