BALL
BALL · NYSEMetal Cans · Fiscal year ends Dec 31
BALL reported revenue of $13.2B in the fiscal year ended Dec 2025, up 11.6% from the year before. Net income was $915M. Operating cash flow of $1.3B less capital expenditure of $474M left free cash flow of $788M. Net debt was $5.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $13.8B | $13.4B | $12.1B | $11.8B | $13.2B |
| Research & development | $56M | $55M | $55M | – | – |
| Selling, general & admin | $593M | $555M | $532M | $647M | $566M |
| Operating income | $1.3B | $1.2B | $1.3B | – | – |
| Interest expense | $270M | $313M | $460M | $293M | $314M |
| Pre-tax income | $1B | $713M | $614M | $535M | $1.1B |
| Income tax | $156M | $138M | $146M | $133M | $240M |
| Net income | $878M | $732M | $711M | $4B | $915M |
| Diluted EPS | 2.65 | 2.25 | 2.23 | 13.00 | 3.30 |
| Diluted shares | 332M | 320M | 317M | 308M | 276M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $563M | $548M | $695M | $885M | $1.2B |
| Receivables | $2B | $2.1B | $1.7B | $1.7B | $2.1B |
| Inventory | $1.8B | $2.2B | $1.5B | $1.5B | $2B |
| Current assets | $5.2B | $5.5B | $4.9B | $4.8B | $6.1B |
| Goodwill | $4.4B | $4.2B | $4.3B | $4.2B | $4.4B |
| Total assets | $19.7B | $19.9B | $19.3B | $17.6B | $19.5B |
| Payables | $4.8B | $4.4B | $3.7B | $3.4B | $4.5B |
| Deferred revenue | $272M | $49M | $114M | $50M | $74M |
| Current liabilities | $6B | $7B | $6.2B | $4.8B | $5.5B |
| Short-term debt | $15M | $1.4B | $856M | $191M | $2M |
| Long-term debt | $7.7B | $7.5B | $7.5B | $5.3B | $7B |
| Total liabilities | $16B | $16.4B | $15.5B | $11.7B | $14.1B |
| Shareholders' equity | $3.6B | $3.5B | $3.8B | $5.9B | $5.4B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.8B | $301M | $1.9B | $115M | $1.3B |
| Capital expenditure | $1.7B | $1.7B | $1B | $484M | $474M |
| Free cash flow | $34M | −$1.4B | $818M | −$369M | $788M |
| Depreciation & amortisation | $700M | $594M | $605M | $611M | $622M |
| Stock-based compensation | $40M | $39M | $33M | $63M | $28M |
| Acquisitions | – | – | – | $74M | $159M |
| Share buybacks | $766M | $618M | $3M | $1.7B | $1.3B |
| Dividends paid | $229M | $254M | $252M | $244M | $220M |
| Dividend per share | 0.70 | 0.80 | 0.80 | 0.80 | 0.80 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −3.2% | −9.8% | −2.2% | 11.6% |
| Operating income growth (YoY) | – | −6.0% | 4.9% | – | – |
| EPS growth (YoY) | – | −15.1% | −0.9% | 483.0% | −74.6% |
| Operating margin | 9.3% | 9.1% | 10.6% | – | – |
| Net margin | 6.4% | 5.5% | 5.9% | 34.0% | 7.0% |
| Return on equityBlank when equity is negative | 24.2% | 21.1% | 18.9% | 68.5% | 16.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 9.4% | 9.4% | 9.7% | – | – |
| Free cash flow margin | 0.2% | −10.1% | 6.8% | −3.1% | 6.0% |
| Cash conversion (CFO ÷ net income) | 2.00x | 0.41x | 2.62x | 0.03x | 1.38x |
| Receivable days | 53 | 58 | 51 | 54 | 57 |
| Interest cover | 4.78x | 3.88x | 2.77x | – | – |
| Debt ÷ equity | 2.13x | 2.59x | 2.22x | 0.94x | 1.29x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $7.2B | $8.4B | $7.7B | $4.6B | $5.8B |
| Current ratio | 0.88x | 0.78x | 0.79x | 1.00x | 1.11x |
Recent filings
More in Metal Cans
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.