Adjusted EPS Growth
Adjusted earnings per share were $1.74 in the quarter, up 9% from $1.59 in the prior-year quarter, demonstrating underlying earnings momentum after adjusting for a prior-year one-time gain.
Record Adjusted EBITDA
Full-year adjusted EBITDA reached almost $2.1 billion in 2025 (vs. $1.9 billion in 2024), reflecting strong commercial and operational performance across the beverage and tinplate businesses (management cites an ~8% improvement in EBITDA).
Record Free Cash Flow
The company generated record free cash flow of $1.146 billion in 2025 compared to $814 million in 2024, a $332 million improvement (≈+40.8%), driven by EBITDA improvement and lower pension contributions.
Net Sales and Volume Trends
Net sales in the quarter were up 8% year-over-year, driven by a 3% increase in global beverage can volumes, $189 million of raw-material cost pass-through, and $58 million of favorable foreign exchange.
Strong European Beverage Performance
European beverage volumes increased 10% in the fourth quarter and for the full year, producing record segment income and materially contributing to full-year results; management expects continued growth in Europe.
Capital Allocation and Shareholder Returns
The company returned $625 million to shareholders in 2025 ( $505M share repurchases and $120M dividends) versus $336 million in 2024; Q4 repurchases were $191 million. Guidance assumes ~$650 million of buybacks baked into 2026 plan.
Balance Sheet / Leverage Target Achieved
Net leverage reached the company's target of approximately 2.5x in September 2025, improved from 2.7x in 2024, supporting disciplined capital deployment while maintaining investment flexibility.
Positive Forward Guidance and Capacity Investments
Company guided Q1 2026 adjusted EPS of $1.70–$1.80 and full-year adjusted EPS of $7.90–$8.30. Planned 2026 capital spending of ~$550 million (Brazil, Greece, Spain) to support growth; expected 2026 free cash flow ≈$900 million and maintained leverage target ~2.5x.
Segment Strengths and Cash-Generative Businesses
Transit Packaging continues to generate meaningful cash flow with double-digit to low-teens margins despite lower industrial activity; North American tinplate benefited from 5% food can volume growth, and 'Income and Other' was up 80% year-over-year.