Ball Corp
NYSE:BALL
Ball Corp
Ball Corporation's journey began in 1880 when five brothers in Buffalo, New York, embarked on a venture that would eventually revolutionize the packaging industry. Initially known for producing wood-jacketed tin cans, the company quickly pivoted to manufacturing glass jars, which became a staple in kitchens across America. Over time, Ball Corp. shifted its focus from glass to metal, a move that proved prescient as demand for sustainable and recyclable packaging materials surged. Today, Ball is a leader in producing aluminum beverage cans—a product that forms the backbone of its operations. The company has embedded itself in the global supply chain, not just through innovation in packaging but by setting industry standards in sustainability, as aluminum is infinitely recyclable.
The mechanics of how Ball Corp. makes money are elegantly straightforward yet strategically sophisticated. The company designs and manufactures a vast range of containers for beverage, personal care, and household products, servicing global giants in the beverage and consumer goods sectors. This involves continuous collaboration with clients to ensure packaging meets both aesthetic desires and ecological standards, an approach that solidifies long-term partnerships. Additionally, Ball Corp. has diversified its portfolio with its aerospace division, which focuses on designing advanced systems and technologies for national defense, intelligence, and civilian space exploration. Through a combination of high-quality manufacturing, strategic partnerships, and a commitment to sustainability, Ball Corp. has fortified its position as a formidable player in both the packaging and aerospace industries.
Ball Corporation's journey began in 1880 when five brothers in Buffalo, New York, embarked on a venture that would eventually revolutionize the packaging industry. Initially known for producing wood-jacketed tin cans, the company quickly pivoted to manufacturing glass jars, which became a staple in kitchens across America. Over time, Ball Corp. shifted its focus from glass to metal, a move that proved prescient as demand for sustainable and recyclable packaging materials surged. Today, Ball is a leader in producing aluminum beverage cans—a product that forms the backbone of its operations. The company has embedded itself in the global supply chain, not just through innovation in packaging but by setting industry standards in sustainability, as aluminum is infinitely recyclable.
The mechanics of how Ball Corp. makes money are elegantly straightforward yet strategically sophisticated. The company designs and manufactures a vast range of containers for beverage, personal care, and household products, servicing global giants in the beverage and consumer goods sectors. This involves continuous collaboration with clients to ensure packaging meets both aesthetic desires and ecological standards, an approach that solidifies long-term partnerships. Additionally, Ball Corp. has diversified its portfolio with its aerospace division, which focuses on designing advanced systems and technologies for national defense, intelligence, and civilian space exploration. Through a combination of high-quality manufacturing, strategic partnerships, and a commitment to sustainability, Ball Corp. has fortified its position as a formidable player in both the packaging and aerospace industries.
Record Year: Ball delivered record adjusted free cash flow of $956 million and record comparable diluted EPS of $3.57, up 13% from 2024.
Strong Volume Growth: Global beverage can volumes grew 6% in Q4 and 4.1% for the full year, with North America up 4.8% and EMEA and South America also delivering strong growth.
Shareholder Returns: Ball returned $1.54 billion to shareholders in 2025 through share repurchases and dividends, reducing shares outstanding by 16% over two years.
Guidance Affirmed: Management reiterated its long-term goal of 10%+ annual EPS growth and expects to deliver at least $900 million in free cash flow in 2026.
Capacity Expansion: Ball closed the acquisition of two Benepack can plants in Europe and is bringing new capacity online in Oregon, though start-up costs will be a temporary headwind in 2026.
Operating Leverage: EMEA achieved record profit per can and exceptional operating leverage; North America is capacity constrained until new Oregon plant ramps in 2027.
Cost Management: More than three-quarters of Ball’s targeted $500 million in cost savings have already been delivered, with further savings expected by 2026.
