Ball (BALL) Financials

$56.57 +0.06 (+0.11%)

As of 03:58 PM Eastern

Annual Income Statements for Ball

This table shows Ball's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	281	263	374	454	566	585	878	719	707	4,008	912
Consolidated Net Income / (Loss)	303	266	380	453	536	582	878	732	711	4,014	915
Net Income / (Loss) Continuing Operations	303	266	380	453	536	582	878	582	488	430	915
Total Pre-Tax Income	346	125	514	633	608	687	1,008	713	614	535	1,128
Total Operating Income	606	463	802	935	932	1,003	1,291	1,030	1,038	1,183	1,431
Total Gross Profit	1,537	1,765	2,266	2,306	2,271	2,458	2,726	2,250	2,308	2,441	2,578
Total Revenue	7,997	9,061	10,983	11,635	11,474	11,781	13,811	13,372	12,062	11,795	13,161
Operating Revenue	7,997	9,061	10,983	11,635	11,474	11,781	13,811	13,372	12,062	11,795	13,161
Total Cost of Revenue	6,460	7,296	8,717	9,329	9,203	9,323	11,085	11,122	9,754	9,354	10,583
Operating Cost of Revenue	6,460	7,296	8,717	9,329	9,203	9,323	11,085	11,122	9,754	9,354	10,583
Total Operating Expenses	931	1,302	1,464	1,371	1,339	1,455	1,435	1,220	1,270	1,258	1,147
Selling, General & Admin Expense	450	512	514	478	417	525	593	555	532	647	566
Depreciation Expense	286	453	729	702	678	668	700	594	605	611	622
Restructuring Charge	195	337	221	191	244	262	142	71	133	-	-41
Total Other Income / (Expense), net	-260	-338	-288	-302	-324	-316	-283	-317	-424	-648	-303
Interest Expense	260	338	288	302	324	316	283	331	460	296	333
Interest & Investment Income	-	-	-	-	-	-	-	14	36	68	30
Income Tax Expense	47	-126	165	185	71	99	156	138	146	133	240
Other Gains / (Losses), net	4.00	15	31	5.00	-1.00	-6.00	26	7.00	20	28	27
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	150	223	3,584	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	22	3.00	6.00	-1.00	-30	-3.00	0.00	13	4.00	6.00	3.00
Basic Earnings per Share	$1.02	$0.83	$1.07	$1.32	$1.71	$1.79	$2.69	$2.27	$2.25	$13.12	$3.33
Weighted Average Basic Shares Outstanding	274.60M	316.54M	350.27M	344.80M	331.10M	326.26M	325.99M	316.43M	314.78M	305.46M	274.26M
Diluted Earnings per Share	$1.00	$0.81	$1.05	$1.29	$1.66	$1.76	$2.65	$2.25	$2.23	$13.00	$3.30
Weighted Average Diluted Shares Outstanding	281.97M	322.88M	356.99M	352.32M	340.12M	332.82M	331.62M	320.01M	317.02M	308.21M	275.97M
Weighted Average Basic & Diluted Shares Outstanding	137.10M	316.90M	349.50M	334.34M	325.77M	327.93M	0.00	314.42M	315.64M	282.82M	266.08M
Cash Dividends to Common per Share	$0.26	$0.26	$0.37	$0.40	$0.55	$0.60	$0.70	$0.80	$0.80	$0.80	$0.80

This table shows Ball's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	203	154	3,685	158	197	-32	179	212	321	200	205
Consolidated Net Income / (Loss)	204	154	3,686	159	199	-30	179	215	321	200	205
Net Income / (Loss) Continuing Operations	133	102	79	159	193	-1.00	181	215	322	197	205
Total Pre-Tax Income	175	134	101	200	227	7.00	229	268	391	240	258
Total Operating Income	285	226	170	251	365	-49	292	344	468	327	326
Total Gross Profit	599	599	591	602	657	591	604	648	678	648	646
Total Revenue	3,111	2,903	2,874	2,959	3,082	2,880	3,097	3,338	3,379	3,347	3,603
Operating Revenue	3,111	2,903	2,874	2,959	3,082	2,880	3,097	3,338	3,379	3,347	3,603
Total Cost of Revenue	2,512	2,304	2,283	2,357	2,425	2,289	2,493	2,690	2,701	2,699	2,957
Operating Cost of Revenue	2,512	2,304	2,283	2,357	2,425	2,289	2,493	2,690	2,701	2,699	2,957
Total Operating Expenses	314	373	421	351	292	640	312	304	210	321	320
Selling, General & Admin Expense	133	127	237	139	142	155	149	137	130	150	150
Depreciation Expense	152	156	158	152	150	151	150	155	158	159	159
Restructuring Charge	29	90	26	60	-	-	13	12	-78	12	11
Total Other Income / (Expense), net	-110	-92	-69	-51	-138	56	-63	-76	-77	-87	-68
Interest Expense	122	109	95	69	67	65	70	81	85	97	78
Interest & Investment Income	12	-	26	18	14	-	7.00	5.00	8.00	10	10
Income Tax Expense	45	39	27	49	42	15	53	61	76	50	62
Other Gains / (Losses), net	3.00	7.00	5.00	8.00	8.00	7.00	5.00	8.00	7.00	7.00	9.00
Net Income / (Loss) Discontinued Operations	71	52	3,607	0.00	6.00	-29	-2.00	0.00	-1.00	3.00	0.00
Basic Earnings per Share	$0.64	$0.50	$11.70	$0.51	$0.65	$0.26	$0.63	$0.77	$1.18	$0.75	$0.77
Weighted Average Basic Shares Outstanding	314.98M	314.78M	314.95M	309.27M	302.41M	305.46M	283.29M	276.10M	271.09M	274.26M	265.78M
Diluted Earnings per Share	$0.64	$0.48	$11.61	$0.51	$0.65	$0.23	$0.63	$0.76	$1.18	$0.73	$0.77
Weighted Average Diluted Shares Outstanding	317.30M	317.02M	317.39M	311.96M	305.22M	308.21M	285.07M	277.77M	272.89M	275.97M	267.41M
Weighted Average Basic & Diluted Shares Outstanding	315.30M	315.64M	310.38M	303.57M	298.43M	282.82M	277.42M	272.15M	267.99M	266.08M	266.25M
Cash Dividends to Common per Share	$0.20	$0.20	$0.20	$0.20	$0.20	$0.20	$0.20	$0.20	$0.20	-	$0.20

This table details how cash moves in and out of Ball's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	33	-1,776	-148	269	1,078	-425	-802	-21	152	221	290
Net Cash From Operating Activities	1,007	193	1,478	1,566	1,548	1,432	1,760	301	1,863	115	1,262
Net Cash From Continuing Operating Activities	1,007	193	1,478	1,566	1,548	1,432	1,760	301	1,863	115	1,262
Net Income / (Loss) Continuing Operations	303	266	380	453	536	582	878	732	711	4,014	915
Consolidated Net Income / (Loss)	303	266	380	453	536	582	878	732	711	4,014	915
Depreciation Expense	286	453	729	702	678	668	700	672	686	620	622
Non-Cash Adjustments To Reconcile Net Income	195	337	221	286	244	262	-74	-53	111	-4,246	-81
Changes in Operating Assets and Liabilities, net	223	-863	148	125	90	-80	256	-1,050	355	-273	-194
Net Cash From Investing Activities	-2,721	-1,283	-545	-206	-422	-1,181	-1,639	-786	-1,053	5,003	-656
Net Cash From Continuing Investing Activities	-2,721	-1,283	-545	-206	-422	-1,181	-1,639	-786	-1,053	5,003	-656
Purchase of Property, Plant & Equipment	-528	-606	-556	-816	-598	-1,113	-1,726	-1,651	-1,045	-484	-474
Acquisitions	-29	-3,368	-2.00	0.00	0.00	-69	-	0.00	0.00	-74	-159
Purchase of Investments	-16	-252	-	-	-	-	-	-	12	138	-99
Divestitures	1.00	2,938	-	539	160	-17	112	759	0.00	5,422	32
Other Investing Activities, net	-2,149	5.00	13	71	16	18	-25	106	-20	1.00	44
Net Cash From Financing Activities	1,737	-387	-1,073	-1,040	-46	-602	-894	485	-662	-4,790	-344
Net Cash From Continuing Financing Activities	1,737	-387	-1,073	-1,040	-46	-602	-894	485	-662	-4,790	-344
Repayment of Debt	-2,615	-4,615	-1,817	-1,667	-1,738	-2,899	-749	-3,494	-2,458	-3,484	-5,486
Repurchase of Common Equity	-136	-107	-103	-739	-945	-57	-766	-618	-3.00	-1,712	-1,321
Payment of Dividends	-72	-83	-129	-137	-182	-198	-229	-254	-252	-244	-220
Issuance of Debt	4,524	4,370	949	1,475	2,819	2,552	850	4,851	2,051	650	6,683
Effect of Exchange Rate Changes	10	-299	-8.00	-51	-2.00	-74	-29	-21	4.00	-107	28

This table details how cash moves in and out of Ball's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	381	-639	1,015	-377	96	-513	-464	-149	261	642	-472
Net Cash From Operating Activities	766	736	-1,247	252	610	500	-665	332	384	1,211	-777
Net Cash From Continuing Operating Activities	766	736	-1,247	252	610	500	-665	332	384	1,211	-777
Net Income / (Loss) Continuing Operations	204	154	3,686	159	199	-30	179	215	321	200	205
Consolidated Net Income / (Loss)	204	154	3,686	159	199	-30	179	215	321	200	205
Depreciation Expense	173	177	167	152	150	151	150	155	158	159	159
Non-Cash Adjustments To Reconcile Net Income	43	63	-4,679	55	77	301	8.00	5.00	-98	4.00	4.00
Changes in Operating Assets and Liabilities, net	346	342	-421	-114	184	78	-1,002	-43	3.00	848	-1,145
Net Cash From Investing Activities	-222	-227	5,292	-88	-23	-178	-207	-184	-183	-82	-306
Net Cash From Continuing Investing Activities	-222	-227	5,292	-88	-23	-178	-207	-184	-183	-82	-306
Purchase of Property, Plant & Equipment	-222	-215	-154	-106	-117	-107	-81	-96	-127	-170	-161
Acquisitions	-	-	0.00	-	-	-	-159	1.00	-1.00	-	-75
Purchase of Investments	-	-	-	-	-	-	12	-	-	-10	-18
Divestitures	-	-	5,422	-	-	-	1.00	3.00	22	6.00	0.00
Other Investing Activities, net	-	-12	24	18	94	3.00	20	-92	12	92	-52
Net Cash From Financing Activities	-154	-1,152	-2,978	-518	-502	-792	396	-308	52	-484	605
Net Cash From Continuing Financing Activities	-154	-1,152	-2,978	-518	-502	-792	396	-308	52	-484	605
Repayment of Debt	-91	-1,440	-3,183	27	-46	-282	-342	-1,366	-1,262	-2,516	-420
Repurchase of Common Equity	-	-	-182	-483	-396	-651	-555	-467	-84	-215	-1.00
Payment of Dividends	-63	-63	-63	-62	-60	-59	-57	-55	-54	-54	-54
Issuance of Debt	-	351	450	-	-	200	1,350	1,580	1,452	2,301	1,080
Effect of Exchange Rate Changes	-9.00	4.00	-52	-23	11	-43	12	11	8.00	-3.00	6.00

This table presents Ball's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	9,697	16,173	17,169	16,554	17,360	18,252	19,714	19,909	19,303	17,628	19,524
Total Current Assets	2,184	3,653	3,758	3,940	4,884	4,675	5,223	5,489	4,883	4,841	6,113
Cash & Equivalents	224	597	448	721	1,798	1,366	563	548	695	885	1,212
Accounts Receivable	885	1,491	1,634	1,802	1,631	1,738	2,560	2,594	2,057	2,166	2,606
Inventories, net	898	1,413	1,526	1,271	1,274	1,353	1,795	2,179	1,531	1,477	2,013
Other Current Assets	177	152	150	146	181	218	305	168	231	169	265
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	369	144	17
Plant, Property, & Equipment, net	2,686	4,387	4,610	4,542	0.00	0.00	6,502	7,053	0.00	0.00	0.00
Total Noncurrent Assets	4,827	8,133	8,801	8,072	12,476	13,577	7,989	7,367	14,420	12,787	13,411
Goodwill	2,177	5,095	4,933	4,475	4,419	4,484	4,378	4,235	4,250	4,172	4,379
Intangible Assets	195	1,934	2,462	2,188	2,002	1,883	1,688	1,417	1,248	1,080	982
Other Noncurrent Operating Assets	301	1,104	1,406	1,409	6,055	7,210	1,923	1,715	8,069	7,535	8,050
Total Liabilities & Shareholders' Equity	9,697	16,173	17,169	16,554	17,360	18,252	19,714	19,909	19,303	17,628	19,524
Total Liabilities	8,436	12,632	13,123	12,992	14,341	14,915	16,029	16,382	15,466	11,698	14,103
Total Current Liabilities	2,142	2,969	4,107	4,095	5,577	4,444	5,953	7,008	6,185	4,847	5,487
Short-Term Debt	77	222	453	219	1,480	17	15	1,408	1,065	361	21
Accounts Payable	1,501	2,033	2,762	3,095	3,136	3,430	4,759	4,383	3,661	3,418	4,452
Current Employee Benefit Liabilities	229	315	352	289	285	347	349	236	245	303	303
Other Current Liabilities	335	399	540	492	676	650	830	981	779	725	711
Total Noncurrent Liabilities	6,294	9,663	9,016	8,897	8,764	10,471	10,076	9,374	9,281	6,851	8,616
Long-Term Debt	4,974	7,310	6,518	6,510	6,337	7,783	7,722	7,540	7,504	5,312	6,991
Noncurrent Deferred & Payable Income Tax Liabilities	173	439	695	645	561	634	665	540	421	594	655
Noncurrent Employee Benefit Liabilities	1,147	1,497	1,463	1,455	1,486	1,613	1,205	847	735	577	499
Other Noncurrent Operating Liabilities	-	417	340	287	380	441	484	447	384	368	471
Total Equity & Noncontrolling Interests	1,261	3,541	4,046	3,562	3,019	3,337	3,685	3,527	3,837	5,930	5,421
Total Preferred & Common Equity	1,251	3,435	3,941	3,458	2,949	3,275	3,627	3,461	3,769	5,862	5,421
Total Common Equity	1,251	3,435	3,941	3,458	2,949	3,275	3,627	3,461	3,769	5,862	5,421
Common Stock	962	1,038	1,084	1,157	1,178	1,167	1,220	1,260	1,312	1,395	1,422
Retained Earnings	4,557	4,739	4,987	5,341	5,803	6,192	6,843	7,309	7,763	11,527	12,219
Treasury Stock	-3,628	-1,401	-1,474	-	-	-3,130	-3,854	-4,429	-4,390	-6,057	-7,351
Accumulated Other Comprehensive Income / (Loss)	-640	-941	-656	-835	-910	-954	-582	-679	-916	-1,003	-869
Noncontrolling Interest	10	106	105	104	70	62	58	66	68	68	0.00

This table presents Ball's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	20,171	19,932	19,303	19,898	18,961	18,824	17,628	18,039	18,608	18,721	19,770
Total Current Assets	5,435	5,408	4,883	6,524	5,752	5,607	4,841	5,040	5,252	5,347	6,219
Cash & Equivalents	955	1,335	695	1,719	1,346	1,440	885	449	296	568	730
Accounts Receivable	2,291	2,059	2,057	3,050	2,711	2,655	2,166	2,637	2,897	2,696	2,904
Inventories, net	1,982	1,688	1,531	1,498	1,426	1,385	1,477	1,642	1,732	1,856	2,223
Other Current Assets	207	326	231	225	229	113	169	212	216	207	345
Other Current Nonoperating Assets	-	-	369	-	-	-	144	100	111	20	17
Plant, Property, & Equipment, net	7,280	7,264	0.00	6,634	6,547	6,550	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	7,456	7,260	14,420	6,740	6,662	6,667	12,787	12,999	13,356	13,374	13,551
Goodwill	4,269	4,222	4,250	4,211	4,190	4,244	4,172	4,241	4,381	4,377	4,410
Intangible Assets	1,366	1,315	1,248	1,199	1,159	1,138	1,080	1,062	1,056	1,014	947
Other Noncurrent Operating Assets	1,821	1,723	8,069	1,330	1,313	1,285	7,535	7,696	7,919	7,983	8,194
Total Liabilities & Shareholders' Equity	20,171	19,932	19,303	19,898	18,961	18,824	17,628	18,039	18,608	18,721	19,770
Total Liabilities	16,266	15,924	15,466	12,521	11,978	12,069	11,698	12,470	13,331	13,269	14,151
Total Current Liabilities	6,926	6,715	6,185	5,384	4,889	5,124	4,847	4,845	5,259	4,839	5,559
Short-Term Debt	2,245	2,108	1,065	281	276	452	361	583	548	344	786
Accounts Payable	3,433	3,294	3,661	3,257	3,174	3,261	3,418	3,226	3,523	3,494	3,812
Current Employee Benefit Liabilities	267	310	245	257	266	308	303	210	247	273	230
Other Current Liabilities	981	1,003	779	1,589	1,173	1,103	725	804	916	728	731
Total Noncurrent Liabilities	9,340	9,209	9,281	7,137	7,089	6,945	6,851	7,625	8,072	8,430	8,592
Long-Term Debt	7,507	7,483	7,504	5,519	5,517	5,353	5,312	6,134	6,479	6,864	7,021
Noncurrent Deferred & Payable Income Tax Liabilities	524	445	421	591	590	592	594	580	560	590	683
Noncurrent Employee Benefit Liabilities	840	813	735	645	624	630	577	541	557	521	462
Other Noncurrent Operating Liabilities	469	468	384	382	358	370	368	370	476	455	426
Total Equity & Noncontrolling Interests	3,905	4,008	3,837	7,377	6,983	6,755	5,930	5,569	5,277	5,452	5,619
Total Preferred & Common Equity	3,836	3,938	3,769	7,308	6,913	6,683	5,862	5,501	5,206	5,446	5,600
Total Common Equity	3,836	3,938	3,769	7,308	6,913	6,683	5,862	5,501	5,206	5,446	5,600
Common Stock	1,291	1,304	1,312	1,352	1,370	1,384	1,395	1,401	1,414	1,422	1,437
Retained Earnings	7,533	7,673	7,763	11,386	11,481	11,618	11,527	11,649	11,806	12,073	12,370
Treasury Stock	-4,406	-4,397	-4,390	-4,537	-5,017	-5,407	-6,057	-6,607	-7,059	-7,137	-7,341
Accumulated Other Comprehensive Income / (Loss)	-582	-642	-916	-893	-921	-912	-1,003	-942	-955	-912	-866
Noncontrolling Interest	69	70	68	69	70	72	68	68	71	6.00	19

This table displays calculated financial ratios and metrics derived from Ball's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-6.69%	13.31%	21.21%	5.94%	-1.38%	2.68%	17.23%	-3.18%	-9.80%	-2.21%	11.58%
EBITDA Growth	-20.36%	2.69%	67.14%	6.92%	-1.65%	3.79%	19.15%	-14.52%	1.29%	-19.78%	48.45%
EBIT Growth	-27.77%	-23.60%	73.22%	16.58%	-0.32%	7.62%	28.71%	-20.22%	0.78%	-26.49%	87.55%
NOPAT Growth	-18.71%	77.53%	-41.43%	21.52%	24.39%	4.29%	27.11%	-23.88%	-4.75%	-27.54%	26.73%
Net Income Growth	-39.16%	-12.21%	42.86%	19.21%	18.32%	8.58%	50.86%	-16.63%	-2.87%	464.56%	-77.20%
EPS Growth	-39.16%	-12.21%	29.63%	22.86%	28.68%	6.02%	50.57%	-15.09%	-0.89%	482.96%	-74.62%
Operating Cash Flow Growth	-0.49%	-80.83%	665.80%	5.95%	-1.15%	-7.49%	22.91%	-82.90%	518.94%	-93.83%	997.39%
Free Cash Flow Firm Growth	-21.84%	-795.64%	108.05%	267.79%	-18.40%	-90.74%	-97.45%	-7,511.82%	756.06%	-28.05%	-62.63%
Invested Capital Growth	-6.71%	166.29%	0.89%	-9.45%	-5.56%	8.11%	11.14%	9.84%	-6.42%	-4.90%	5.56%
Revenue Q/Q Growth	-2.76%	8.61%	2.08%	0.48%	-0.73%	3.36%	4.32%	-13.59%	12.41%	-0.19%	3.68%
EBITDA Q/Q Growth	-0.56%	13.93%	16.16%	-8.80%	0.19%	5.76%	5.29%	-18.99%	15.94%	-17.87%	21.12%
EBIT Q/Q Growth	-1.25%	7.42%	28.32%	-13.10%	0.87%	9.86%	6.96%	-26.74%	27.21%	-26.49%	32.38%
NOPAT Q/Q Growth	1.06%	-23.87%	21.69%	8.50%	-4.97%	11.19%	8.07%	-31.73%	33.80%	-27.60%	35.17%
Net Income Q/Q Growth	-7.17%	-4.66%	39.19%	-2.16%	-3.42%	20.00%	8.66%	-24.77%	15.99%	-4.38%	33.58%
EPS Q/Q Growth	-7.17%	-4.66%	38.16%	-4.44%	-1.19%	14.29%	8.61%	-23.99%	14.95%	-1.89%	17.86%
Operating Cash Flow Q/Q Growth	5.01%	939.13%	7.88%	-11.07%	29.54%	15.76%	-10.34%	-54.39%	12.77%	-67.24%	129.04%
Free Cash Flow Firm Q/Q Growth	-10.12%	4.71%	-58.25%	16.30%	88.15%	-85.17%	-95.13%	-265.11%	558.89%	-42.54%	504.61%
Invested Capital Q/Q Growth	-5.46%	-7.06%	-0.65%	-2.55%	-9.31%	-1.22%	0.21%	0.15%	-8.99%	-4.43%	-7.19%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	19.22%	19.48%	20.63%	19.82%	19.79%	20.86%	19.74%	16.83%	19.13%	20.70%	19.59%
EBITDA Margin	11.15%	10.11%	13.94%	14.07%	14.03%	14.18%	14.42%	12.73%	14.29%	11.73%	15.60%
Operating Margin	7.58%	5.11%	7.30%	8.04%	8.12%	8.51%	9.35%	7.70%	8.61%	6.47%	10.87%
EBIT Margin	7.58%	5.11%	7.30%	8.04%	8.12%	8.51%	9.35%	7.70%	8.61%	6.47%	10.87%
Profit (Net Income) Margin	3.79%	2.94%	3.46%	3.89%	4.67%	4.94%	6.36%	5.47%	5.89%	34.03%	6.95%
Tax Burden Percent	87.57%	212.80%	73.93%	71.56%	88.16%	84.72%	87.10%	102.66%	115.80%	750.28%	81.12%
Interest Burden Percent	57.10%	27.00%	64.09%	67.70%	65.24%	68.49%	78.08%	69.22%	59.15%	70.12%	78.83%
Effective Tax Rate	13.58%	-100.80%	32.10%	29.23%	11.68%	14.41%	15.48%	19.35%	23.78%	24.86%	21.28%
Return on Invested Capital (ROIC)	12.85%	12.90%	5.18%	6.57%	8.85%	9.13%	10.58%	7.29%	6.85%	5.27%	10.33%
ROIC Less NNEP Spread (ROIC-NNEP)	5.04%	-0.91%	2.73%	3.24%	4.07%	4.69%	7.45%	6.02%	5.83%	62.57%	6.28%
Return on Net Nonoperating Assets (RNNOA)	11.38%	-1.82%	4.84%	5.34%	7.44%	9.19%	14.43%	13.01%	12.46%	76.93%	5.80%
Return on Equity (ROE)	24.23%	11.08%	10.02%	11.91%	16.29%	18.31%	25.01%	20.30%	19.31%	82.20%	16.12%
Cash Return on Invested Capital (CROIC)	19.80%	-77.89%	4.29%	16.49%	14.57%	1.33%	0.03%	-2.08%	13.49%	10.29%	4.92%
Operating Return on Assets (OROA)	7.02%	3.58%	4.81%	5.55%	5.50%	5.63%	6.80%	5.20%	5.29%	4.13%	7.70%
Return on Assets (ROA)	3.51%	2.06%	2.28%	2.69%	3.16%	3.27%	4.63%	3.69%	3.63%	21.74%	4.93%
Return on Common Equity (ROCE)	22.14%	10.81%	9.74%	11.58%	15.86%	17.93%	24.58%	19.95%	18.96%	81.05%	16.03%
Return on Equity Simple (ROE_SIMPLE)	24.22%	7.74%	9.64%	13.10%	18.18%	17.77%	24.21%	21.15%	18.86%	68.47%	0.00%
Net Operating Profit after Tax (NOPAT)	524	930	545	662	823	858	1,091	831	791	573	1,127
NOPAT Margin	6.55%	10.26%	4.96%	5.69%	7.17%	7.29%	7.90%	6.21%	6.56%	4.86%	8.56%
Net Nonoperating Expense Percent (NNEP)	7.81%	13.82%	2.45%	3.33%	4.78%	4.44%	3.13%	1.27%	1.02%	-57.31%	4.04%
Return On Investment Capital (ROIC_SIMPLE)	8.30%	8.40%	4.94%	6.43%	7.60%	7.71%	9.55%	6.66%	6.38%	4.94%	9.06%
Cost of Revenue to Revenue	80.78%	80.52%	79.37%	80.18%	80.21%	79.14%	80.26%	83.17%	80.87%	79.30%	80.41%
SG&A Expenses to Revenue	5.63%	5.65%	4.68%	4.11%	3.63%	4.46%	4.29%	4.15%	4.41%	5.49%	4.30%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	11.64%	14.37%	13.33%	11.78%	11.67%	12.35%	10.39%	9.12%	10.53%	14.23%	8.72%
Earnings before Interest and Taxes (EBIT)	606	463	802	935	932	1,003	1,291	1,030	1,038	763	1,431
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	892	916	1,531	1,637	1,610	1,671	1,991	1,702	1,724	1,383	2,053
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.61	1.75	3.11	4.22	6.77	8.85	8.16	4.50	4.72	2.95	3.07
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	28.31	277.58
Price to Revenue (P/Rev)	0.56	0.66	1.12	1.25	1.74	2.46	2.14	1.16	1.48	1.46	1.27
Price to Earnings (P/E)	16.08	22.90	32.82	32.13	35.25	49.52	33.70	21.65	25.17	4.31	18.26
Dividend Yield	1.57%	1.51%	1.23%	0.93%	0.90%	0.68%	0.76%	1.61%	1.41%	1.46%	1.51%
Earnings Yield	6.22%	4.37%	3.05%	3.11%	2.84%	2.02%	2.97%	4.62%	3.97%	23.21%	5.48%
Enterprise Value to Invested Capital (EV/IC)	1.83	1.25	1.79	2.16	2.88	3.63	3.39	2.01	2.31	2.08	2.00
Enterprise Value to Revenue (EV/Rev)	0.90	1.44	1.72	1.78	2.27	3.01	2.67	1.80	2.13	1.88	1.71
Enterprise Value to EBITDA (EV/EBITDA)	8.07	14.26	12.35	12.64	16.18	21.22	18.49	14.12	14.93	16.00	10.94
Enterprise Value to EBIT (EV/EBIT)	11.88	28.21	23.57	22.14	27.94	35.36	28.52	23.33	24.79	29.00	15.69
Enterprise Value to NOPAT (EV/NOPAT)	13.75	14.05	34.71	31.28	31.64	41.31	33.74	28.93	32.53	38.59	19.93
Enterprise Value to Operating Cash Flow (EV/OCF)	7.15	67.68	12.79	13.22	16.82	24.77	20.92	79.83	13.81	192.39	17.79
Enterprise Value to Free Cash Flow (EV/FCFF)	8.93	0.00	41.86	12.46	19.22	282.67	11,496.59	0.00	16.53	19.75	41.85
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.01	2.13	1.72	1.89	2.59	2.34	2.10	2.54	2.23	0.96	1.29
Long-Term Debt to Equity	3.94	2.06	1.61	1.83	2.10	2.33	2.10	2.14	1.96	0.90	1.29
Financial Leverage	2.26	2.00	1.77	1.65	1.83	1.96	1.94	2.16	2.14	1.23	0.92
Leverage Ratio	6.91	5.39	4.39	4.43	5.15	5.60	5.41	5.49	5.32	3.78	3.27
Compound Leverage Factor	3.94	1.45	2.82	3.00	3.36	3.84	4.22	3.80	3.15	2.65	2.58
Debt to Total Capital	80.02%	68.02%	63.27%	65.39%	72.14%	70.04%	67.74%	71.73%	69.07%	48.89%	56.40%
Short-Term Debt to Total Capital	1.22%	2.00%	4.11%	2.13%	13.66%	0.15%	0.13%	11.29%	8.58%	3.11%	0.17%
Long-Term Debt to Total Capital	78.80%	66.02%	59.16%	63.26%	58.48%	69.88%	67.61%	60.44%	60.49%	45.78%	56.23%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.16%	0.96%	0.95%	1.01%	0.65%	0.56%	0.51%	0.53%	0.55%	0.59%	0.00%
Common Equity to Total Capital	19.82%	31.02%	35.77%	33.60%	27.21%	29.41%	31.75%	27.74%	30.38%	50.52%	43.60%
Debt to EBITDA	5.66	8.22	4.55	4.11	4.86	4.67	3.89	5.26	4.97	4.10	3.42
Net Debt to EBITDA	3.00	7.57	4.26	3.67	3.74	3.85	3.60	4.94	4.57	3.46	2.83
Long-Term Debt to EBITDA	5.58	7.98	4.26	3.98	3.94	4.66	3.88	4.43	4.35	3.84	3.41
Debt to NOPAT	9.65	8.10	12.80	10.17	9.50	9.09	7.09	10.77	10.83	9.90	6.22
Net Debt to NOPAT	5.10	7.46	11.98	9.08	7.31	7.49	6.57	10.11	9.95	8.35	5.15
Long-Term Debt to NOPAT	9.50	7.86	11.97	9.84	7.70	9.07	7.08	9.08	9.48	9.27	6.21
Altman Z-Score	2.02	1.40	1.74	2.00	2.09	2.48	2.47	1.83	1.97	2.61	2.54
Noncontrolling Interest Sharing Ratio	8.66%	2.42%	2.78%	2.75%	2.64%	2.08%	1.71%	1.72%	1.82%	1.39%	0.60%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.02	1.23	0.92	0.96	0.88	1.05	0.88	0.78	0.79	1.00	1.11
Quick Ratio	0.52	0.70	0.51	0.62	0.61	0.70	0.52	0.45	0.44	0.63	0.70
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	807	-5,612	452	1,661	1,355	125	3.20	-237	1,557	1,120	537
Operating Cash Flow to CapEx	190.72%	31.85%	265.83%	191.91%	258.86%	128.66%	101.97%	18.23%	178.28%	23.76%	266.24%
Free Cash Flow to Firm to Interest Expense	3.10	-16.60	1.57	5.50	4.18	0.40	0.01	-0.72	3.39	3.78	1.61
Operating Cash Flow to Interest Expense	3.87	0.57	5.13	5.19	4.78	4.53	6.22	0.91	4.05	0.39	3.79
Operating Cash Flow Less CapEx to Interest Expense	1.84	-1.22	3.20	2.48	2.93	1.01	0.12	-4.08	1.78	-1.25	2.37
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.93	0.70	0.66	0.69	0.68	0.66	0.73	0.68	0.62	0.64	0.71
Accounts Receivable Turnover	8.68	7.63	7.03	6.77	6.68	6.99	6.43	5.19	5.19	5.59	5.52
Inventory Turnover	6.75	6.31	5.93	6.67	7.23	7.10	7.04	5.60	5.26	6.22	6.06
Fixed Asset Turnover	3.13	2.56	2.44	2.54	0.00	0.00	0.00	1.97	0.00	0.00	0.00
Accounts Payable Turnover	4.55	4.13	3.64	3.19	2.95	2.84	2.71	2.43	2.43	2.64	2.69
Days Sales Outstanding (DSO)	42.04	47.86	51.93	53.90	54.60	52.19	56.79	70.34	70.37	65.34	66.17
Days Inventory Outstanding (DIO)	54.09	57.81	61.53	54.72	50.47	51.42	51.83	65.21	69.42	58.69	60.18
Days Payable Outstanding (DPO)	80.26	88.40	100.39	114.58	123.56	128.53	134.82	150.01	150.51	138.11	135.72
Cash Conversion Cycle (CCC)	15.87	17.26	13.07	-5.97	-18.49	-24.92	-26.20	-14.46	-10.72	-14.09	-9.36
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,934	10,476	10,569	9,570	9,038	9,771	10,859	11,927	11,161	10,614	11,204
Invested Capital Turnover	1.96	1.26	1.04	1.16	1.23	1.25	1.34	1.17	1.04	1.08	1.21
Increase / (Decrease) in Invested Capital	-283	6,542	93	-999	-532	733	1,088	1,068	-766	-547	590
Enterprise Value (EV)	7,201	13,063	18,902	20,699	26,042	35,465	36,816	24,030	25,736	22,124	22,455
Market Capitalization	4,518	6,022	12,274	14,587	19,953	28,969	29,584	15,564	17,794	17,268	16,655
Book Value per Share	$9.18	$19.65	$11.26	$10.19	$9.01	$10.01	$11.20	$11.03	$11.95	$19.64	$20.23
Tangible Book Value per Share	($8.22)	($20.56)	($9.87)	($9.45)	($10.61)	($9.45)	($7.53)	($6.98)	($5.48)	$2.04	$0.22
Total Capital	6,312	11,073	11,017	10,291	10,836	11,137	11,422	12,475	12,406	11,603	12,433
Total Debt	5,051	7,532	6,971	6,729	7,817	7,800	7,737	8,948	8,569	5,673	7,012
Total Long-Term Debt	4,974	7,310	6,518	6,510	6,337	7,783	7,722	7,540	7,504	5,312	6,991
Net Debt	2,673	6,935	6,523	6,008	6,019	6,434	7,174	8,400	7,874	4,788	5,800
Capital Expenditures (CapEx)	528	606	556	816	598	1,113	1,726	1,651	1,045	484	474
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-105	309	-344	-657	-1,011	-1,118	-1,278	-659	-932	-530	-565
Debt-free Net Working Capital (DFNWC)	119	906	104	64	787	248	-715	-111	-237	355	647
Net Working Capital (NWC)	42	684	-349	-155	-693	231	-730	-1,519	-1,302	-6.00	626
Net Nonoperating Expense (NNE)	221	664	165	209	287	276	213	99	80	-3,441	212
Net Nonoperating Obligations (NNO)	2,673	6,935	6,523	6,008	6,019	6,434	7,174	8,400	7,324	4,684	5,783
Total Depreciation and Amortization (D&A)	286	453	729	702	678	668	700	672	686	620	622
Debt-free, Cash-free Net Working Capital to Revenue	-1.31%	3.41%	-3.13%	-5.65%	-8.81%	-9.49%	-9.25%	-4.93%	-7.73%	-4.49%	-4.29%
Debt-free Net Working Capital to Revenue	1.49%	10.00%	0.95%	0.55%	6.86%	2.11%	-5.18%	-0.83%	-1.96%	3.01%	4.92%
Net Working Capital to Revenue	0.53%	7.55%	-3.18%	-1.33%	-6.04%	1.96%	-5.29%	-11.36%	-10.79%	-0.05%	4.76%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.05	$0.00	$1.07	$1.32	$1.71	$1.79	$2.69	$2.27	$2.25	$13.12	$3.33
Adjusted Weighted Average Basic Shares Outstanding	137.30M	0.00	350.27M	344.80M	331.10M	326.26M	325.99M	316.43M	314.78M	305.46M	274.26M
Adjusted Diluted Earnings per Share	$1.99	$0.00	$1.05	$1.29	$1.66	$1.76	$2.65	$2.25	$2.23	$13.00	$3.30
Adjusted Weighted Average Diluted Shares Outstanding	140.98M	0.00	356.99M	352.32M	340.12M	332.82M	331.62M	320.01M	317.02M	308.21M	275.97M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	141.71M	0.00	350.44M	334.34M	325.77M	327.93M	0.00	314.42M	315.64M	282.82M	266.08M
Normalized Net Operating Profit after Tax (NOPAT)	692	560	695	797	1,039	1,083	1,211	888	893	889	1,094
Normalized NOPAT Margin	8.66%	6.18%	6.32%	6.85%	9.05%	9.19%	8.77%	6.64%	7.40%	7.54%	8.31%
Pre Tax Income Margin	4.33%	1.38%	4.68%	5.44%	5.30%	5.83%	7.30%	5.33%	5.09%	4.54%	8.57%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.33	1.37	2.78	3.10	2.88	3.17	4.56	3.11	2.26	2.58	4.30
NOPAT to Interest Expense	2.01	2.75	1.89	2.19	2.54	2.72	3.86	2.51	1.72	1.94	3.38
EBIT Less CapEx to Interest Expense	0.30	-0.42	0.85	0.39	1.03	-0.35	-1.54	-1.88	-0.02	0.94	2.87
NOPAT Less CapEx to Interest Expense	-0.02	0.96	-0.04	-0.51	0.70	-0.81	-2.24	-2.48	-0.55	0.30	1.96
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	23.76%	31.20%	33.95%	30.24%	33.96%	34.02%	26.08%	34.70%	35.44%	6.08%	24.04%
Augmented Payout Ratio	68.65%	71.43%	61.05%	193.38%	210.26%	43.81%	113.33%	119.13%	35.87%	48.73%	168.42%

This table displays calculated financial ratios and metrics derived from Ball's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	266,077,175.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	266,077,175.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.77
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-21.26%	84.79%	-3.59%	-3.52%	-0.93%	-0.79%	7.76%	12.81%	9.64%	16.22%	16.34%
EBITDA Growth	-32.65%	142.77%	-16.17%	-6.28%	-6.11%	-74.69%	31.16%	23.82%	45.58%	-11.31%	9.73%
EBIT Growth	-45.51%	5,550.00%	-26.59%	-3.46%	-1.75%	-121.68%	71.76%	37.05%	67.14%	-17.63%	11.64%
NOPAT Growth	-55.73%	5,622.28%	-31.55%	-9.79%	40.50%	-65.05%	80.18%	40.21%	26.75%	157.06%	10.36%
Net Income Growth	-48.22%	175.00%	1,947.78%	-8.09%	-2.45%	-119.48%	-95.14%	35.22%	61.31%	766.67%	14.53%
EPS Growth	-48.39%	152.63%	1,973.21%	-7.27%	1.56%	-52.08%	-94.57%	49.02%	81.54%	217.39%	22.22%
Operating Cash Flow Growth	340.23%	40.19%	-353.45%	-60.38%	-20.37%	-32.07%	46.67%	31.75%	-37.05%	142.20%	-16.84%
Free Cash Flow Firm Growth	75.91%	186.95%	391.06%	540.41%	1,115.78%	-34.90%	-107.18%	-117.74%	-140.47%	-454.96%	-519.21%
Invested Capital Growth	2.98%	-6.42%	-10.83%	-10.33%	-9.44%	-4.90%	2.91%	4.67%	8.70%	5.56%	7.82%
Revenue Q/Q Growth	1.43%	-6.69%	-1.00%	2.96%	4.16%	-6.55%	7.53%	7.78%	1.23%	-0.95%	7.65%
EBITDA Q/Q Growth	6.51%	-12.01%	-9.93%	11.02%	6.70%	-76.28%	333.33%	12.90%	25.45%	-22.36%	-0.21%
EBIT Q/Q Growth	9.62%	-20.70%	-13.27%	28.06%	11.55%	-117.50%	695.92%	17.81%	36.05%	-30.13%	-0.31%
NOPAT Q/Q Growth	0.78%	-24.32%	-10.37%	31.96%	56.97%	-81.17%	300.75%	18.40%	41.90%	-31.34%	-4.33%
Net Income Q/Q Growth	17.92%	-24.51%	2,293.51%	-95.69%	25.16%	-115.08%	696.67%	20.11%	49.30%	-37.69%	2.50%
EPS Q/Q Growth	16.36%	-25.00%	2,318.75%	-95.61%	27.45%	-64.62%	173.91%	20.63%	55.26%	-38.14%	5.48%
Operating Cash Flow Q/Q Growth	20.44%	-3.92%	-269.43%	120.21%	142.06%	-18.03%	-233.00%	149.92%	15.66%	215.36%	-164.16%
Free Cash Flow Firm Q/Q Growth	57.97%	746.42%	65.36%	-1.97%	-3.07%	-58.57%	-118.01%	-145.25%	-121.17%	43.78%	-103.05%
Invested Capital Q/Q Growth	-3.45%	-8.99%	2.37%	-0.32%	-2.49%	-4.43%	10.79%	1.39%	1.26%	-7.19%	13.16%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	19.25%	20.63%	20.56%	20.34%	21.32%	20.52%	19.50%	19.41%	20.07%	19.36%	17.93%
EBITDA Margin	14.72%	13.88%	12.63%	13.62%	13.95%	3.54%	14.27%	14.95%	18.53%	14.52%	13.46%
Operating Margin	9.16%	7.79%	6.82%	8.48%	11.84%	-1.70%	9.43%	10.31%	13.85%	9.77%	9.05%
EBIT Margin	9.16%	7.79%	6.82%	8.48%	9.09%	-1.70%	9.43%	10.31%	13.85%	9.77%	9.05%
Profit (Net Income) Margin	6.56%	5.30%	128.25%	5.37%	6.46%	-1.04%	5.78%	6.44%	9.50%	5.98%	5.69%
Tax Burden Percent	116.57%	114.93%	3,649.51%	79.50%	87.67%	-428.57%	78.17%	80.22%	82.10%	83.33%	79.46%
Interest Burden Percent	61.40%	59.29%	51.53%	79.68%	81.07%	-14.29%	78.42%	77.91%	83.55%	73.39%	79.14%
Effective Tax Rate	25.71%	29.10%	26.73%	24.50%	18.50%	214.29%	23.14%	22.76%	19.44%	20.83%	24.03%
Return on Invested Capital (ROIC)	6.04%	5.77%	4.93%	6.30%	9.76%	2.11%	7.51%	8.47%	12.22%	9.33%	7.69%
ROIC Less NNEP Spread (ROIC-NNEP)	5.95%	5.69%	58.78%	5.84%	8.20%	0.67%	6.63%	7.55%	11.20%	8.21%	7.04%
Return on Net Nonoperating Assets (RNNOA)	13.08%	12.14%	69.76%	7.08%	9.60%	0.83%	5.24%	6.80%	10.07%	7.57%	8.34%
Return on Equity (ROE)	19.12%	17.91%	74.69%	13.38%	19.37%	2.94%	12.75%	15.27%	22.29%	16.90%	16.03%
Cash Return on Invested Capital (CROIC)	1.96%	13.49%	17.44%	16.76%	16.69%	10.29%	2.93%	1.86%	-1.14%	4.92%	1.88%
Operating Return on Assets (OROA)	4.92%	4.79%	4.08%	5.14%	5.54%	-1.09%	5.97%	6.80%	9.37%	6.92%	6.54%
Return on Assets (ROA)	3.52%	3.26%	76.65%	3.25%	3.94%	-0.67%	3.66%	4.25%	6.42%	4.23%	4.11%
Return on Common Equity (ROCE)	18.77%	17.59%	73.76%	13.21%	19.11%	2.89%	12.62%	15.10%	22.15%	16.80%	15.91%
Return on Equity Simple (ROE_SIMPLE)	15.57%	0.00%	57.70%	60.80%	62.82%	0.00%	9.22%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	212	160	144	190	297	56	224	266	377	259	248
NOPAT Margin	6.81%	5.52%	5.00%	6.40%	9.65%	1.94%	7.25%	7.96%	11.16%	7.73%	6.87%
Net Nonoperating Expense Percent (NNEP)	0.09%	0.08%	-53.86%	0.46%	1.56%	1.43%	0.89%	0.92%	1.02%	1.13%	0.64%
Return On Investment Capital (ROIC_SIMPLE)	1.56%	1.29%	1.09%	1.48%	2.37%	0.48%	1.83%	2.16%	2.98%	2.08%	1.84%
Cost of Revenue to Revenue	80.75%	79.37%	79.44%	79.66%	78.68%	79.48%	80.50%	80.59%	79.93%	80.64%	82.07%
SG&A Expenses to Revenue	4.28%	4.37%	7.34%	4.70%	4.61%	5.38%	4.81%	4.10%	3.85%	4.48%	4.16%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	10.09%	12.85%	13.74%	11.86%	9.47%	22.22%	10.07%	9.11%	6.21%	9.59%	8.88%
Earnings before Interest and Taxes (EBIT)	285	226	196	251	280	-49	292	344	468	327	326
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	458	403	363	403	430	102	442	499	626	486	485
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.90	4.72	2.86	2.70	3.17	2.95	2.98	3.37	2.91	3.07	3.32
Price to Tangible Book Value (P/TBV)	0.00	0.00	11.01	11.94	16.30	28.31	82.69	0.00	288.24	277.58	76.48
Price to Revenue (P/Rev)	1.43	1.48	1.75	1.58	1.79	1.46	1.36	1.42	1.25	1.27	1.36
Price to Earnings (P/E)	25.24	25.17	4.96	4.45	5.06	4.31	32.61	31.60	23.31	18.26	19.81
Dividend Yield	1.64%	1.41%	1.20%	1.35%	1.19%	1.46%	1.54%	1.43%	1.59%	1.51%	1.35%
Earnings Yield	3.96%	3.97%	20.16%	22.48%	19.78%	23.21%	3.07%	3.16%	4.29%	5.48%	5.05%
Enterprise Value to Invested Capital (EV/IC)	1.93	2.31	2.19	2.04	2.31	2.08	1.93	2.04	1.86	2.00	2.03
Enterprise Value to Revenue (EV/Rev)	2.21	2.13	2.10	1.96	2.17	1.88	1.89	1.97	1.77	1.71	1.88
Enterprise Value to EBITDA (EV/EBITDA)	15.92	14.93	15.15	14.26	15.23	16.00	15.26	15.39	13.27	10.94	12.25
Enterprise Value to EBIT (EV/EBIT)	29.01	24.79	25.91	24.21	24.70	29.00	25.66	24.92	20.81	15.69	17.53
Enterprise Value to NOPAT (EV/NOPAT)	40.03	32.53	34.53	32.82	32.38	38.59	33.75	32.53	27.00	19.93	22.34
Enterprise Value to Operating Cash Flow (EV/OCF)	14.33	13.81	28.12	45.76	73.05	192.39	32.58	31.37	40.83	17.79	22.33
Enterprise Value to Free Cash Flow (EV/FCFF)	100.15	16.53	11.85	11.49	13.15	19.75	66.84	112.20	0.00	41.85	111.80
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.39	2.23	0.79	0.83	0.86	0.96	1.21	1.33	1.32	1.29	1.39
Long-Term Debt to Equity	1.87	1.96	0.75	0.79	0.79	0.90	1.10	1.23	1.26	1.29	1.25
Financial Leverage	2.20	2.14	1.19	1.21	1.17	1.23	0.79	0.90	0.90	0.92	1.18
Leverage Ratio	5.29	5.32	3.61	3.59	3.60	3.78	2.93	3.06	3.08	3.27	3.38
Compound Leverage Factor	3.25	3.16	1.86	2.86	2.92	-0.54	2.30	2.39	2.57	2.40	2.67
Debt to Total Capital	70.53%	69.07%	44.02%	45.34%	46.22%	48.89%	54.67%	57.11%	56.94%	56.40%	58.15%
Short-Term Debt to Total Capital	15.50%	8.58%	2.13%	2.16%	3.60%	3.11%	4.75%	4.45%	2.72%	0.17%	5.85%
Long-Term Debt to Total Capital	55.03%	60.49%	41.88%	43.18%	42.62%	45.78%	49.93%	52.66%	54.22%	56.23%	52.29%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.51%	0.55%	0.52%	0.55%	0.57%	0.59%	0.55%	0.58%	0.05%	0.00%	0.14%
Common Equity to Total Capital	28.96%	30.38%	55.46%	54.11%	53.21%	50.52%	44.77%	42.31%	43.02%	43.60%	41.71%
Debt to EBITDA	6.45	4.97	3.51	3.56	3.45	4.10	4.51	4.44	4.25	3.42	3.72
Net Debt to EBITDA	5.55	4.57	2.47	2.73	2.59	3.46	4.21	4.25	3.92	2.83	3.38
Long-Term Debt to EBITDA	5.03	4.35	3.34	3.39	3.18	3.84	4.12	4.09	4.05	3.41	3.35
Debt to NOPAT	16.22	10.83	7.99	8.20	7.33	9.90	9.98	9.38	8.65	6.22	6.79
Net Debt to NOPAT	13.96	9.95	5.62	6.29	5.51	8.35	9.32	8.98	7.97	5.15	6.16
Long-Term Debt to NOPAT	12.65	9.48	7.61	7.81	6.76	9.27	9.12	8.65	8.24	6.21	6.11
Altman Z-Score	1.62	1.84	2.50	2.51	2.63	2.46	2.42	2.41	2.41	2.35	2.45
Noncontrolling Interest Sharing Ratio	1.85%	1.82%	1.24%	1.28%	1.32%	1.39%	1.06%	1.15%	0.64%	0.60%	0.78%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.81	0.79	1.21	1.18	1.09	1.00	1.04	1.00	1.11	1.11	1.12
Quick Ratio	0.51	0.44	0.89	0.83	0.80	0.63	0.64	0.61	0.67	0.70	0.65
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-143	926	1,532	1,502	1,455	603	-109	-266	-589	-331	-672
Operating Cash Flow to CapEx	345.05%	342.33%	-809.74%	237.74%	521.37%	467.29%	-820.99%	345.83%	302.36%	712.35%	-482.61%
Free Cash Flow to Firm to Interest Expense	-1.17	8.50	16.12	21.76	21.72	9.28	-1.55	-3.29	-6.93	-3.41	-8.62
Operating Cash Flow to Interest Expense	6.28	6.75	-13.13	3.65	9.10	7.69	-9.50	4.10	4.52	12.48	-9.96
Operating Cash Flow Less CapEx to Interest Expense	4.46	4.78	-14.75	2.12	7.36	6.05	-10.66	2.91	3.02	10.73	-12.03
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.54	0.62	0.60	0.61	0.61	0.64	0.63	0.66	0.68	0.71	0.72
Accounts Receivable Turnover	4.35	5.19	4.26	4.74	5.01	5.59	4.23	4.42	4.74	5.52	4.93
Inventory Turnover	4.54	5.26	5.21	5.55	6.10	6.22	6.09	6.27	6.28	6.06	5.72
Fixed Asset Turnover	1.53	0.00	1.73	1.71	1.71	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	2.26	2.43	2.78	2.86	2.86	2.64	2.95	2.96	3.01	2.69	3.14
Days Sales Outstanding (DSO)	83.95	70.37	85.66	77.05	72.80	65.34	86.36	82.56	76.93	66.17	73.99
Days Inventory Outstanding (DIO)	80.32	69.42	70.09	65.77	59.86	58.69	59.92	58.23	58.14	60.18	63.85
Days Payable Outstanding (DPO)	161.54	150.51	131.18	127.51	127.69	138.11	123.71	123.49	121.18	135.72	116.27
Cash Conversion Cycle (CCC)	2.74	-10.72	24.57	15.31	4.97	-14.09	22.57	17.30	13.89	-9.36	21.57
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	12,264	11,161	11,426	11,390	11,106	10,614	11,759	11,922	12,072	11,204	12,679
Invested Capital Turnover	0.89	1.04	0.99	0.98	1.01	1.08	1.04	1.06	1.10	1.21	1.12
Increase / (Decrease) in Invested Capital	355	-766	-1,388	-1,312	-1,158	-547	333	532	966	590	920
Enterprise Value (EV)	23,670	25,736	25,055	23,198	25,640	22,124	22,708	24,371	22,499	22,455	25,682
Market Capitalization	15,344	17,794	20,905	18,681	21,203	17,268	16,372	17,569	15,853	16,655	18,586
Book Value per Share	$12.50	$11.95	$23.20	$22.27	$22.02	$19.64	$19.45	$18.77	$20.01	$20.23	$21.05
Tangible Book Value per Share	($5.08)	($5.48)	$6.03	$5.04	$4.29	$2.04	$0.70	($0.83)	$0.20	$0.22	$0.91
Total Capital	13,599	12,406	13,177	12,776	12,560	11,603	12,286	12,304	12,660	12,433	13,426
Total Debt	9,591	8,569	5,800	5,793	5,805	5,673	6,717	7,027	7,208	7,012	7,807
Total Long-Term Debt	7,483	7,504	5,519	5,517	5,353	5,312	6,134	6,479	6,864	6,991	7,021
Net Debt	8,256	7,874	4,081	4,447	4,365	4,788	6,268	6,731	6,640	5,800	7,077
Capital Expenditures (CapEx)	222	215	154	106	117	107	81	96	127	170	161
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-534	-932	-298	-207	-505	-530	329	245	284	-565	716
Debt-free Net Working Capital (DFNWC)	801	-237	1,421	1,139	935	355	778	541	852	647	1,446
Net Working Capital (NWC)	-1,307	-1,302	1,140	863	483	-6.00	195	-7.00	508	626	660
Net Nonoperating Expense (NNE)	7.71	6.22	-3,542	31	98	86	45	51	56	59	43
Net Nonoperating Obligations (NNO)	8,256	7,324	4,049	4,407	4,351	4,684	6,190	6,645	6,620	5,783	7,060
Total Depreciation and Amortization (D&A)	173	177	167	152	150	151	150	155	158	159	159
Debt-free, Cash-free Net Working Capital to Revenue	-4.98%	-7.73%	-2.49%	-1.75%	-4.27%	-4.49%	2.74%	1.98%	2.24%	-4.29%	5.24%
Debt-free Net Working Capital to Revenue	7.47%	-1.96%	11.89%	9.61%	7.91%	3.01%	6.47%	4.36%	6.71%	4.92%	10.58%
Net Working Capital to Revenue	-12.18%	-10.79%	9.54%	7.28%	4.09%	-0.05%	1.62%	-0.06%	4.00%	4.76%	4.83%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.64	$0.50	$11.70	$0.51	$0.65	$0.26	$0.63	$0.77	$1.18	$0.75	$0.77
Adjusted Weighted Average Basic Shares Outstanding	314.98M	314.78M	314.95M	309.27M	302.41M	305.46M	283.29M	276.10M	271.09M	274.26M	265.78M
Adjusted Diluted Earnings per Share	$0.64	$0.48	$11.61	$0.51	$0.65	$0.23	$0.63	$0.76	$1.18	$0.73	$0.77
Adjusted Weighted Average Diluted Shares Outstanding	317.30M	317.02M	317.39M	311.96M	305.22M	308.21M	285.07M	277.77M	272.89M	275.97M	267.41M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	315.30M	315.64M	310.38M	303.57M	298.43M	282.82M	277.42M	272.15M	267.99M	266.08M	266.25M
Normalized Net Operating Profit after Tax (NOPAT)	233	224	163	235	297	-34	234	275	314	268	256
Normalized NOPAT Margin	7.50%	7.72%	5.66%	7.94%	9.65%	-1.19%	7.57%	8.24%	9.30%	8.02%	7.11%
Pre Tax Income Margin	5.63%	4.62%	3.51%	6.76%	7.37%	0.24%	7.39%	8.03%	11.57%	7.17%	7.16%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.34	2.07	2.06	3.64	4.18	-0.75	4.17	4.25	5.51	3.37	4.18
NOPAT to Interest Expense	1.74	1.47	1.51	2.75	4.44	0.86	3.21	3.28	4.44	2.67	3.18
EBIT Less CapEx to Interest Expense	0.52	0.10	0.44	2.10	2.43	-2.40	3.01	3.06	4.01	1.62	2.12
NOPAT Less CapEx to Interest Expense	-0.08	-0.50	-0.11	1.21	2.69	-0.78	2.05	2.10	2.94	0.92	1.11
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	41.11%	35.44%	5.98%	5.97%	5.91%	6.08%	46.94%	41.03%	32.85%	24.04%	23.06%
Augmented Payout Ratio	41.76%	35.87%	10.29%	21.79%	31.18%	48.73%	458.19%	408.53%	289.34%	168.42%	104.57%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways for Ball Corp (BALL) from the last four years of quarterly results, based on the provided income statements, cash flow statements, and balance sheets. The focus is on trends in revenue, profitability, cash generation, and balance-sheet dynamics that could impact investors.

Revenue growth in late 2025: Q4 2025 operating revenue reached 3.347 billion, up about 16% from Q4 2024 (2.883 billion). This suggests a rebound in top-line growth versus the prior year.
Gross margin relatively stable: Latest quarters show gross margins in the ~19–20% range (e.g., Q3 2025 gross profit 678 million on 3.379 billion revenue; Q4 2025 gross profit 648 million on 3.347 billion revenue), indicating ongoing profitability on product mix and pricing.
Strong cash generation with solid free cash flow in Q4 2025: Net cash from continuing operating activities was about 1.211 billion, and capital expenditures were 170 million, yielding roughly 1.04 billion of free cash flow for the period.
Dividend per share maintained: Cash dividends per share remained at 0.20 dollars, signaling ongoing shareholder returns and capital allocation discipline.

Balance sheet leverage remains sizable but manageable: As of the latest quarter, long-term debt sits around 6.86–6.97 billion and total liabilities around 13.27 billion, with total equity near 5.45 billion. This implies a leverage posture common in the packaging/industrial space, but still worth watching as debt levels respond to capex and working capital needs.
Asset growth and liquidity patterns: Total assets have trended higher (around 18.0–18.7 billion across recent quarters), with cash in the neighborhood of 0.56–0.57 billion in mid-2025. This points to a gradually expanding balance sheet with improving liquidity, though cash levels are not extremely large relative to liabilities.

Margin is hurting in Q4 2025: Operating margin declined to about 9.8% in Q4 2025 (327 million operating income on 3.347 billion revenue) versus higher margins in some earlier quarters (e.g., Q3 2025). The drop was driven by SG&A of about 150 million and a 12 million restructuring charge, indicating near-term margin pressure.
Quarterly net income volatility: Net income to common dropped from about 321 million in Q3 2025 to 200 million in Q4 2025, highlighting quarterly profitability volatility that investors should monitor going forward.
Financing activity suggests debt-funded growth: In the latest quarter, the company issued about 2.301 billion in debt, but net cash from financing activities was negative (~-484 million), indicating reliance on debt to fund activities and possible liquidity-risk considerations if cash generation sours.

05/26/26 06:58 PM ETAI Generated. May Contain Errors.

Ball Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Ball's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Ball's net income appears to be on an upward trend, with a most recent value of $915 million in 2025, rising from $303 million in 2015. The previous period was $4.01 billion in 2024. See Ball's forecast for analyst expectations on what's next for the company.

Ball's total operating income in 2025 was $1.43 billion, based on the following breakdown:

Total Gross Profit: $2.58 billion
Total Operating Expenses: $1.15 billion

Over the last 10 years, Ball's total revenue changed from $8.00 billion in 2015 to $13.16 billion in 2025, a change of 64.6%.

Ball's total liabilities were at $14.10 billion at the end of 2025, a 20.6% increase from 2024, and a 67.2% increase since 2015.

In the past 10 years, Ball's cash and equivalents has ranged from $224 million in 2015 to $1.80 billion in 2019, and is currently $1.21 billion as of their latest financial filing in 2025.

Over the last 10 years, Ball's book value per share changed from 9.18 in 2015 to 20.23 in 2025, a change of 120.4%.

Related Companies

Financial statements for NYSE:BALL last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Ball (BALL) Financials

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Ball (BALL) Financials

Annual Income Statements for Ball

Quarterly Income Statements for Ball

Annual Cash Flow Statements for Ball

Quarterly Cash Flow Statements for Ball

Annual Balance Sheets for Ball

Quarterly Balance Sheets for Ball

Annual Metrics And Ratios for Ball

Quarterly Metrics And Ratios for Ball

Financials Breakdown Chart

Key Financial Trends

Ball Financials - Frequently Asked Questions

When does Ball's fiscal year end?

How has Ball's net income changed over the last 10 years?

What is Ball's operating income?

How has Ball's revenue changed over the last 10 years?

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How has Ball's book value per share changed over the last 10 years?

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