Ball Corporation is a leading supplier of aluminum packaging for the beverage, personal care, and household products industries, and it also provides aerospace and other technologies and services. The company's operations are organized into three main reportable segments: beverage packaging in North and Central America, EMEA (Europe, Middle East, and Africa), and South America. In 2023, Ball's total consolidated net sales were $14.03 billion, with the packaging businesses contributing 86% of net sales and the aerospace business contributing the remaining 14% . The largest product line is aluminum beverage containers, which are sold globally to large multinational companies and regional customers. Ball also manufactures extruded aluminum aerosol containers, recloseable aluminum bottles, aluminum slugs, and aluminum cups . The company completed the divestiture of its aerospace business to BAE Systems, Inc. on February 16, 2024, marking a strategic shift and resulting in the aerospace business being reported as discontinued operations .
- Beverage Packaging in North and Central America - Supplies aluminum beverage containers to multinational and regional customers across North and Central America.
- Beverage Packaging in EMEA (Europe, Middle East, and Africa) - Provides aluminum beverage packaging solutions tailored for the EMEA region.
- Beverage Packaging in South America - Delivers aluminum beverage containers to clients throughout South America.
- Extruded Aluminum Aerosol Containers - Manufactures aluminum aerosol containers for personal care and household products.
- Recloseable Aluminum Bottles - Produces aluminum bottles with recloseable features for various beverage applications.
- Aluminum Slugs - Supplies aluminum slugs used in the production of various packaging products.
- Aluminum Cups - Offers durable and recyclable aluminum cups for beverage consumption.
- Aerospace (Discontinued Operations) - Previously provided aerospace technologies and services before divestiture to BAE Systems, Inc.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Daniel W. Fisher ExecutiveBoard | Chairman and CEO | Board Member at Cummins Inc. | Joined Ball in 2010. Held multiple leadership roles, including President and COO of Global Beverage Packaging. Became CEO in April 2022 and Chairman in April 2023. | View Report → |
Hannah Lim-Johnson Executive | SVP, Chief Legal Officer, and Corporate Secretary | None | Joined Ball in September 2023. Former Chief Legal Officer at Meritor, Inc. Extensive legal and corporate governance expertise. | |
Howard H. Yu Executive | EVP and CFO | None | Appointed CFO in February 2025. No prior roles at Ball Corporation mentioned in the documents. | |
Nate C. Carey Executive | VP and Controller | None | Joined Ball in 2014. Became VP and Controller in November 2017. Currently serves as Principal Accounting Officer. | |
Aaron Erter Board | Independent Director | None | Appointed as a Class I Director in June 2024. Former CEO of James Hardie Industries and PLZ Corp. Extensive leadership experience in industrial sectors. | |
Betty J. Sapp Board | Independent Director | None | Independent Director since 2019. Former Director of the National Reconnaissance Office (NRO). Expertise in defense and cybersecurity. | |
Dune E. Ives Board | Independent Director | Board Member at Green Sports Alliance | Independent Director since 2021. Former CEO of Lonely Whale and Vulcan Philanthropy executive. Expertise in sustainability and conservation. | |
John A. Bryant Board | Independent Director | Chairman of Flutter PLC; Board Member at Compass PLC, Coca-Cola Europacific Partners PLC, and Macy’s Inc. | Independent Director since 2018. Former CEO and Chairman of Kellogg Company. Extensive experience in financial and strategic planning. | |
Michael J. Cave Board | Independent Director | None | Independent Director since 2014. Former Senior VP at Boeing. Extensive experience in financial management and aerospace. | |
Pedro Henrique Mariani Board | Independent Director | CEO and Board Member at Banco Bocom BBM | Independent Director since 2020. Formerly involved in Ball’s Brazilian joint venture. Extensive financial and business leadership experience. | |
Stuart A. Taylor II Board | Lead Independent Director | CEO of The Taylor Group LLC; Board Member at Hillenbrand, Inc. and Wabash National Corporation | Independent Director since 1999. Elected Lead Independent Director in 2019. Extensive investment banking experience. |
- Given the softer-than-anticipated volume performance in South America due to your exposure to Argentina, what specific actions are you taking to mitigate this risk and improve performance in that region?
- With the adjustments to North American capacity over the past few years, how does your current capacity compare to 2019, and do you foresee further changes in capacity based on current demand trends?
- Considering the decline in domestic beer volumes and challenges in the premium light beer segment, how are you adapting your product mix and customer strategies to drive volume growth in these areas?
- Excluding the nearly $40 million R&D tax credit benefit from last year, can you provide more insight into your underlying earnings growth in Q3 and the sustainability of that growth moving forward?
- You mentioned being in the early stages of your operational excellence initiatives; can you quantify the expected financial impact of these efficiencies over the next few years and discuss any potential challenges in achieving these targets?
Research analysts who have asked questions during BALL earnings calls.
Anthony Pettinari
Citigroup Inc.
7 questions for BALL
Arun Viswanathan
RBC Capital Markets
7 questions for BALL
Edlain Rodriguez
Mizuho Securities
7 questions for BALL
George Staphos
Bank of America
7 questions for BALL
Ghansham Panjabi
Robert W. Baird & Co.
7 questions for BALL
Stefan Diaz
Morgan Stanley
7 questions for BALL
Christopher Parkinson
Wolfe Research
6 questions for BALL
Jeffrey Zekauskas
JPMorgan Chase & Co.
6 questions for BALL
Philip Ng
Jefferies
6 questions for BALL
Niccolo Piccini
Truist Securities
4 questions for BALL
Anojja Shah
UBS Group AG
3 questions for BALL
Michael Roxland
Truist Securities
3 questions for BALL
Richard Carlson
Wells Fargo
3 questions for BALL
Joshua Spector
UBS
2 questions for BALL
Michael Leithead
Barclays
2 questions for BALL
John Dunigan
Jefferies
1 question for BALL
Josh Spector
UBS Group
1 question for BALL
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Anheuser-Busch InBev and affiliates | Long-term supply contract | All | 16% of consolidated net sales in 2024 , i.e. $1,887 million (approx) , 15% in 2023 , and 15% in 2022. |
Coca-Cola Bottlers' Sales & Services Company LLC and affiliates | Long-term supply contract | All | 13% of consolidated net sales in 2024 , i.e. $1,533 million (approx) , 13% in 2023 , and 13% in 2022. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Florida Can Manufacturing | 2025 | Ball Corporation acquired Florida Can Manufacturing in February 2025 for $160 million in cash to bolster its Beverage Packaging, North and Central America segment; the facility in Winter Haven is expected to generate $25–35 million in EBITDA annually from early 2027, enhancing sustainable packaging efficiency. |
Alucan Entec, S.A. | 2024 | Ball Corporation completed the acquisition of Alucan Entec, S.A. in late October 2024, paying a total of €82 million (approximately $88 million) with an initial cash payment and deferred additional consideration; the deal adds manufacturing facilities in Belgium and Spain, strengthening its global extruded aluminum aerosol and bottle business and supporting sustainable packaging growth. |
Recent press releases and 8-K filings for BALL.
- Ball reported 4.2% beverage can volume growth, 5.1% comparable operating earnings increase, and 12.1% comparable diluted EPS growth, with comparable net earnings of $277 million in Q3 2025.
- Year-to-date, Ball has returned $1.35 billion to shareholders via share repurchases and dividends, and plans at least $1.3 billion more in share buybacks in 2025.
- The company reiterates full-year 2025 guidance of 12%–15% comparable EPS growth, expects global volume to exceed its 2%–3% long-term range, and sees all segments performing in line with or ahead of targets.
- CFO guidance includes year-end net debt/EBITDA slightly above 2.75×, CapEx below D&A, adjusted free cash flow roughly equal to comparable net earnings, full-year interest expense of $320 million, and an effective tax rate just above 22%.
- Ball delivered 4.2% volume growth, 5.1% increase in comparable operating earnings, and 12.1% rise in comparable diluted EPS, achieving $277 million of comparable net earnings in Q3 2025.
- By region, North & Central America comparable operating earnings rose 3.5%, EMEA increased 14.8%, and South America grew 2.6%, with mid-single-digit volume gains across all markets.
- Management reaffirmed full-year 2025 targets of 12%–15% comparable EPS growth, global volume growth above the long-term 2%–3% range, and expects all segments to perform in line with or ahead of long-term targets.
- Through Q3, Ball has returned $1.35 billion to shareholders via buybacks and dividends, will repurchase at least $1.3 billion in 2025 (with $1.2 billion already executed), and anticipates year-end net debt/EBITDA slightly above 2.75×; CapEx is expected below depreciation.
- GAAP diluted EPS of $1.18 vs. $0.65 in Q3 2024; comparable diluted EPS of $1.02, up 12.1% YoY
- Net sales of $3.38 billion vs. $3.08 billion in Q3 2024, with global aluminum packaging shipments up 3.9%
- North & Central America segment comparable operating earnings of $210 million on sales of $1.64 billion; volumes grew mid-single digits
- Returned $1.27 billion to shareholders via share repurchases and dividends through nine months, on track for at least $1.5 billion by year-end
- Ball reported Q3 2025 U.S. GAAP diluted EPS of $1.18 versus $0.65 in Q3 2024; comparable diluted EPS rose 12.1% to $1.02 from $0.91.
- Third-quarter net sales were $3.38 billion, up from $3.08 billion a year ago.
- Global aluminum packaging shipments increased 3.9% year-over-year.
- Returned $1.27 billion to shareholders via share repurchases and dividends in the first nine months and remains on track to return at least $1.5 billion by year-end.
- Reaffirmed 2025 objectives: 12–15% comparable EPS growth, increased EVA, strong free cash flow and continued shareholder returns.
- Ball Corp sold 41% of its 51% stake in Ball United Arab Can Manufacturing Company to ORG Technology for approximately USD $70 million, deconsolidating the JV and retaining a 10% ownership interest.
- The transaction deepens Ball’s multi-year relationship with ORG by combining Ball’s global can innovation and customer reach with ORG’s regional execution and manufacturing scale.
- Sale proceeds and ongoing minority stake align with Ball’s strategy to maintain a disciplined, returns-oriented portfolio and strengthen flexibility for core growth investments.
- On August 14, 2025, Ball Corporation completed an underwritten public offering of $750 million aggregate principal amount of 5.500% Senior Notes due 2033 under its Base Indenture (Nov. 27, 2015) and an Eighteenth Supplemental Indenture.
- The Notes bear interest at 5.500% per annum, payable semi-annually on January 1 and July 1 (first payment January 1, 2026), mature on September 15, 2033, and are redeemable at the issuer’s option (make-whole premium before June 15, 2033; at par thereafter) with a 101% change-of-control repurchase feature.
- The Notes are senior unsecured obligations of the Company, fully and unconditionally guaranteed on a senior unsecured basis by substantially all domestic subsidiaries (no guarantees by foreign subsidiaries).
- The Indenture includes customary covenants and events of default, and limitations on incurrence of liens and sale-leaseback transactions.
- On August 7, 2025, Ball Corporation entered into an underwriting agreement for an offering of $750 million aggregate principal amount of 5.500% Senior Notes due 2033, expected to close on August 14, 2025.
- The notes are priced to the public at 100% of principal with a 5.500% coupon (yield 5.500%) and mature on September 15, 2033, paying interest January 1 and July 1 (commencing January 1, 2026).
- Net proceeds will be used for general corporate purposes, including refinancing or repayment of borrowings under its U.S. dollar and multi-currency revolving credit facilities.
- Dan Rabbit appointed Interim CFO, bringing 25+ transaction experience to the role since August 2025.
- Q2 comparable diluted EPS of $0.90 vs. $0.74 in Q2 2024 (+22%) and comparable net earnings of $249 million; global beverage can shipments up 4.3% year-over-year.
- Reaffirmed full-year 2025 guidance of 12% to 15% comparable diluted EPS growth and now expect global volume growth above the long-term 2–3% range, with mid-single-digit in EMEA, above 4–6% in South America, and near the top of 1–3% in North America.
- Through Q2 returned $1.13 billion to shareholders; plan to repurchase at least $1.3 billion of shares in 2025, target year-end net debt/EBITDA of 2.75x, and CapEx of ≈$600 million with free cash flow aligned to net earnings.
- Ball Corporation will repurchase $250 million of its outstanding common stock in an accelerated share repurchase agreement with Crédit Agricole CIB, commencing June 16, 2025.
- The transaction uses cash on hand and available borrowings, with final share counts based on the volume-weighted average price and customary market-price adjustments.
- This buyback is part of Ball’s plan to return at least $1.5 billion to shareholders by year-end.
- Ball reported 2024 net sales of $11.80 billion (excluding its divested aerospace business) and employs 16,000 people worldwide.
- Howard Yu will step down as CFO effective June 30, 2025 under a mutual agreement, with severance benefits and continuing RSU vesting arrangements.
- Interim CFO Daniel Rabbitt is named, and the company reaffirms its full-year EPS growth outlook of 11-14%, aiming to generate strong free cash flow and long‑term shareholder value.