Ball (BALL) FY2025 results: revenue $13.2 billion, up 11.6% on the year

Ball is one of the world's largest suppliers of aluminium packaging for the beverage, personal care and household products industries. It was organised in 1880 and incorporated in Indiana in 1922, and it is headquartered in Westminster, Colorado. Its largest product line is aluminium beverage containers, alongside extruded aluminium aerosol containers, recloseable aluminium bottles and aluminium slugs. Packaging is sold globally to large multinational beverage, personal care and household products companies under long-term supply contracts, with regional customers alongside them. In February 2024 it sold its aerospace business, reported as a discontinued operation for all periods, and from the first quarter of 2024 it has reported three segments: beverage packaging in North and Central America, in Europe, the Middle East and Africa, and in South America.

North and Central America

The largest segment was 48% of consolidated net sales in 2025, selling containers mainly under multi-year contracts to fillers of carbonated soft drinks, beer, energy drinks and other beverages. Containers and ends are produced at 17 plants in the United States, one in Canada and two in Mexico, and the segment holds three equity method investments; in the first quarter of 2025 Ball acquired Florida Can Manufacturing at Winter Haven, Florida. The regional industry runs to approximately 139 billion units a year and five companies make substantially all of them; Ball is the largest producer and shipped approximately 50 billion containers in 2025, approximately 36% of the total. Volumes are usually highest from April through September, everything Ball makes in the region is aluminium, and more than seven global suppliers provide almost all of its can and end sheet.

Europe, the Middle East and Africa

The segment was 30% of consolidated net sales in 2025, operating 19 facilities across Europe plus one each in Cairo and Manisa, Turkey. In the countries where it operates the market runs to approximately 97 billion containers and Ball is the largest producer with an estimated 39% of shipments, having shipped 38 billion containers in 2025, with four companies making substantially all the metal containers in the region. Volumes are usually highest from May through August, with a smaller lift before the winter holidays in the United Kingdom. Raw material contracts there generally run longer, six global suppliers provide almost all can and end sheet, and exchange rate risk is managed with derivatives and local currency supply contracts.

South America and the rest

South America was 16% of consolidated net sales in 2025, with 12 facilities, nine in Brazil and one each in Argentina, Chile and Paraguay. The market runs to approximately 43 billion containers, Ball is the largest producer at an estimated 46% of shipments and shipped approximately 20 billion in 2025, with four companies making substantially all of them; volumes are usually highest from September through December and two global suppliers provide virtually all can and end sheet, with some imported from Asia. Outside the three segments sit beverage packaging in India and Myanmar, run from three facilities, and the personal and home care business, which makes aerosol containers, recloseable bottles and slugs at nine plants, six in Europe and one each in Canada, Brazil and Mexico, including two acquired with Alucan Entec in late October 2024; that market shipped approximately 6.8 billion units in 2025 and Ball shipped 1.5 billion, approximately 21%, at less than 5% of consolidated net sales.

Competing and selling

Beverage containers are sold on price, quality, service, new product work and sustainability in a highly competitive market that is relatively capital intensive, where plants must run more or less continuously to operate profitably. Aluminium also competes with other materials, notably glass bottles in packaged beer and polyethylene terephthalate bottles in carbonated soft drinks and water. Exposure to aluminium prices is limited by pass-through provisions in most sales contracts and by derivatives. The company points to recycling as its case for the substrate: the global aluminium recycling rate was 75% in 2023 and Ball beverage cans carried 74% recycled content on average as of 2024.

Recent moves and people

On 21 March 2025 Ball closed a transaction for its aluminium cups business and deconsolidated it. On 27 August 2025 it sold 41% of its 51% interest in Ball United Arab Can Manufacturing, deconsolidating that business and keeping a 10% stake. At the end of 2025 the company and its subsidiaries employed approximately 16,000 people, approximately 5,000 of them in the United States.

From Ball Corporation's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 19 February 2026: read the full 10-K.