Record Adjusted Free Cash Flow
Adjusted free cash flow reached $956 million in 2025, a new company record and a 2.4x increase year-over-year.
Record Comparable Diluted EPS
Comparable diluted earnings per share were a record $3.57 in 2025, up 13% versus 2024.
Strong Volume Growth and Market Outperformance
Global shipped volumes were up 6% in Q4 and 4.1% for the full year 2025; Ball outpaced the can market in multiple regions (e.g., North & Central America volumes +4.8% FY, EMEA +5.5% FY, South America +4.2% FY).
Material Shareholder Returns
Returned $1.54 billion to shareholders in 2025 via $1.32 billion of share repurchases and dividends; shares outstanding reduced to 265 million (a 16% reduction over 2 years).
Segment Profitability and Operating Leverage
Fourth-quarter comparable operating earnings up 6.8% and full-year comparable earnings up 5.6%; EMEA segment comparable operating earnings rose 36.7% in Q4 and 19% for FY 2025, with profit-per-can expansion of more than 30% since 2019 in EMEA and North America.
Strategic M&A to Expand Footprint
Closed acquisition of 2 Benepack beverage can facilities in Europe to strengthen regional footprint; Benepack expected to do ~ $1.7 billion of volumes in the near term with attractive EVA potential.
Disciplined Capital Allocation and Financial Targets
Management reiterated 10%+ comparable diluted EPS growth algorithm for 2026, expects free cash flow > $900 million in 2026, will repurchase at least $600 million of shares and return ~$800 million total to shareholders in 2026; capex expected to be in line with depreciation.
Balance Sheet and Leverage Discipline
Net debt to EBITDA ended 2025 at 2.8x and management targets reducing leverage toward ~2.5x over time while still returning capital to shareholders; 2026 year-end net debt/EBITDA guidance ~2.7x.