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Ball Corporation

Ball CorporationBALLEarnings & Financial Report

NYSE · Materials · Metal, Glass & Plastic Containers

Ball Corporation is a leading global provider of innovative, sustainable aluminum packaging solutions for beverage, personal care, and household product brands. It also operates an aerospace segment that delivers advanced technologies, systems, and services to government and commercial customers worldwide, prioritizing environmental responsibility and product reliability across all operations.

What changed in Ball Corporation's 10-K — 2024 vs 2025

Top changes in Ball Corporation's 2025 10-K

167 paragraphs added · 201 removed · 138 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

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The compensation of many of our employees is tied to the company’s performance through our EVA®-based incentive programs. ​ Sustainability ​ At Ball Corporation, we deliver circular aluminum packaging solutions and exist to unlock the infinite potential of aluminum to advance a world free from waste. ​ Our approach to sustainability has evolved over the past 20 years.
The compensation of many of our employees is tied to the company’s performance through our EVA®-based and other incentive programs. ​ Sustainability ​ At Ball Corporation, we deliver circular aluminum packaging solutions and exist to unlock the infinite potential of aluminum to advance a world free from waste. ​ Our approach to sustainability has evolved over the past 20 years.
Much like in other parts of the world, the aluminum beverage container competes aggressively with other packaging materials used by the beer and carbonated soft drink industries. The glass bottle is heavily utilized in the packaged beer industry, while the PET container is utilized in the carbonated soft drink, beer, juice and water industries.
Much like in other parts of the world, the aluminum beverage container competes with other packaging materials used by the beer and soft drink industries. The glass bottle is heavily utilized in the packaged beer industry, while the PET container is utilized in the carbonated soft drink, beer, juice and water industries.
In North and Central America, a diverse base of more than six global suppliers provide almost all of our aluminum can and end sheet requirements . ​ Beverage containers are sold based on price, quality, service, innovation and sustainability in a highly competitive market, which is relatively capital intensive and characterized by facilities that run more or less continuously in order to operate profitably.
In North and Central America, a diverse base of more than seven global suppliers provide almost all of our aluminum can and end sheet requirements . ​ Beverage containers are sold based on price, quality, service, innovation and sustainability in a highly competitive market, which is relatively capital intensive and characterized by facilities that run more or less continuously in order to operate profitably.
Additional financial information related to each of our segments is included in Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations, and in Note 3 to the consolidated financial statements within Item 8 of this Annual Report on Form 10-K (annual report). ​ Beverage Packaging, North and Central America, Segment ​ Beverage packaging, North and Central America, is Ball’s largest segment, accounting for 48 percent of consolidated net sales in 2024.
Additional financial information related to each of our segments is included in Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations, and in Note 3 to the consolidated financial statements within Item 8 of this Annual Report on Form 10-K (annual report). ​ Beverage Packaging, North and Central America, Segment ​ Beverage packaging, North and Central America, is Ball’s largest segment, accounting for 48 percent of consolidated net sales in 2025.
As Ball looks to 2025, the focus remains on driving higher engagement and advancing team effectiveness to sustain a culture of collaboration and innovation. Total Rewards ​ Our global total rewards philosophy enables business performance by offering comprehensive total rewards that attract, retain and motivate our employees and promote their overall wellbeing.
As Ball looks to 2026, the focus remains on driving higher engagement and advancing team effectiveness to sustain a culture of collaboration and innovation. Total Rewards ​ Our global total rewards philosophy enables business performance by offering comprehensive total rewards that attract, retain and motivate our employees and promote their overall wellbeing.
The company also maintains a website at www.ball.com/investors on which it provides a link to access Ball’s SEC reports free of charge, under the link “Financial Results.” ​ 10 Table of Contents The company has established written Ball Corporation Corporate Governance Guidelines; a Ball Corporation Executive Officers and Board of Directors Business Ethics Statement; a Business Ethics Code of Conduct; and charters for its Audit Committee, Nominating/Corporate Governance Committee, Human Resources Committee and Finance Committee.
The company also maintains a website at www.ball.com/investors on which it provides a link to access Ball’s SEC reports free of charge, under the link “Financial Results.” ​ The company has established written Ball Corporation Corporate Governance Guidelines; a Ball Corporation Executive Officers and Board of Directors Business Ethics Statement; a Business Ethics Code of Conduct; and charters for its Audit Committee, Nominating/Corporate Governance Committee, Human Resources Committee and Finance Committee.
Aluminum beverage containers are primarily sold under multi-year supply contracts to fillers of carbonated soft drinks, beer, energy drinks and other beverages. ​ Aluminum beverage containers and ends are produced at 16 manufacturing facilities in the U.S., one in Canada and two in Mexico.
Aluminum beverage containers are primarily sold under multi-year supply contracts to fillers of carbonated soft drinks, beer, energy drinks and other beverages. ​ Aluminum beverage containers and ends are produced at 17 manufacturing facilities in the U.S., one in Canada and two in Mexico.
There are 10 manufacturing facilities that manufacture these products – six in Europe and one each in Canada, Brazil, Mexico and India. Included within the PHC facility count are facilities in Lummen, Belgium and Llinars del Vallés, Spain that the company acquired in late-October 2024 through the acquisition of the entire share capital of Alucan Entec, S.A.
There are 9 manufacturing facilities that manufacture these products – six in Europe and one each in Canada, Brazil and Mexico. Included within the PHC facility count are facilities in Lummen, Belgium and Llinars del Vallés, Spain that the company acquired in late-October 2024 through the acquisition of the entire share capital of Alucan Entec, S.A.
Our operations consist of 12 facilities—9 in Brazil and one each in Argentina, Chile and Paraguay. For the countries where we operate, the South American aluminum beverage container market is approximately 43 billion containers, and we are the largest producer in this region with an estimated 45 percent of South American shipments in 2024.
Our operations consist of 12 facilities—9 in Brazil and one each in Argentina, Chile and Paraguay. For the countries where we operate, the South American aluminum beverage container market is approximately 43 billion containers, and we are the largest producer in this region with an estimated 46 percent of South American shipments in 2025.
These postings will appear on the company’s website at www.ball.com/investors, under the link “Governance.” ​ Nothing on our website, including postings to the “Governance” and “Financial Results” pages, or the Ball Corporation Combined Annual and Sustainability Report, or sections thereof, shall be deemed incorporated by reference into this annual report. ​
These postings will appear on the company’s website at www.ball.com/investors, under the link “Governance.” ​ Nothing on our website, including postings to the “Governance” and “Financial Results” pages, or the Ball Corporation Combined Annual and Sustainability Report, or sections thereof, shall be deemed incorporated by reference into this annual report. ​ 10 Table of Contents
Four companies currently manufacture substantially all of the aluminum beverage containers in the regions served by our beverage packaging, South America, segment. The company’s South American beverage facilities shipped approximately 19 billion aluminum beverage containers in 2024. ​ Historically, sales volumes of beverage containers in South America tend to be highest during the period from September through December.
Four companies currently manufacture substantially all of the aluminum beverage containers in the regions served by our beverage packaging, South America, segment. The company’s South American beverage facilities shipped approximately 20 billion aluminum beverage containers in 2025. ​ Historically, sales volumes of beverage containers in South America tend to be highest during the period from September through December.
Our EMEA beverage facilities, shipped 36 billion aluminum beverage containers in 2024. ​ Historically, sales volumes of metal beverage containers in EMEA tend to be highest during the period from May through August, with a smaller increase in demand leading up to the winter holiday season in the U.K.
Our EMEA beverage facilities, shipped 38 billion aluminum beverage containers in 2025. ​ Historically, sales volumes of metal beverage containers in EMEA tend to be highest during the period from May through August, with a smaller increase in demand leading up to the winter holiday season in the U.K.
At the end of 2024, the company and its subsidiaries employed approximately 16,000 employees, including approximately 5,000 employees in the U.S.
At the end of 2025, the company and its subsidiaries employed approximately 16,000 employees, including approximately 5,000 employees in the U.S.
Beginning in 2025, we have introduced a common enterprise-wide approach for enabling individual performance and delivering competitive incentive rewards, which are key to advancing our business and strengthening our One Ball winning culture. Our short-term incentive plan for salaried employees will reward individual 7 Table of Contents performance as well as company performance, thereby encouraging a high-performing culture.
Beginning in 2025, we introduced a common enterprise-wide approach for enabling individual performance and delivering competitive incentive rewards, which are key to advancing our business and strengthening our One Ball winning culture. Our short-term incentive plan for salaried employees will reward individual performance as well as company performance, thereby encouraging a high-performing culture.
In addition, the aluminum beverage container competes aggressively with other packaging materials which include meaningful industry positions by the glass bottle in the packaged beer industry and the polyethylene terephthalate (PET) bottle in the carbonated soft drink and water industries. ​ 8 Table of Contents We limit our exposure to changes in the cost of aluminum as a result of the inclusion of provisions in most of our aluminum beverage container sales contracts to pass-through aluminum price changes, as well as through the use of derivative instruments. ​ Beverage Packaging, EMEA, Segment ​ The beverage packaging, EMEA, segment accounted for 29 percent of Ball’s consolidated net sales in 2024.
In addition, the aluminum beverage container competes with other packaging materials which include meaningful industry positions by the glass bottle in the packaged beer industry and the polyethylene terephthalate (PET) bottle in the carbonated soft drink and water industries. ​ We limit our exposure to changes in the cost of aluminum as a result of the inclusion of provisions in most of our aluminum beverage container sales contracts to pass-through aluminum price changes, as well as through the use of derivative instruments. ​ Beverage Packaging, EMEA, Segment ​ The beverage packaging, EMEA, segment accounted for 30 percent of Ball’s consolidated net sales in 2025.
Amid these changes, the company prioritized keeping employees informed and engaged, underscoring its commitment to fostering trust and unity across the organization. An employee engagement survey conducted in October 2024 demonstrated the resilience of Ball's workforce. With an impressive global response rate of 81 percent, the survey revealed strong alignment with the company’s vision and values.
Amid changes, the company prioritized keeping employees informed and engaged, underscoring its commitment to fostering trust and unity across the organization. An employee engagement survey conducted in September 2025 demonstrated the resilience of Ball's workforce. With an impressive global response rate of 87 percent, the survey revealed strong alignment with the company’s vision and values.
Ball also has investments in the U.S., Guatemala, Panama and Vietnam that are accounted for using the equity method of accounting and, accordingly, those results are not included in segment sales or earnings.
Ball also has investments in the U.S., Guatemala, Panama, Vietnam and Saudi Arabia that are accounted for using the equity method of accounting 7 Table of Contents and, accordingly, those results are not included in segment sales or earnings.
See Note 4 for further details regarding this acquisition. The PHC market in which we operate shipped approximately 8.2 billion units in 2024 and we are one of the major producers in this market with shipments of 1.5 billion aluminum PHC containers, representing approximately 19 percent of total shipments in the market.
See Note 4 for further details regarding this acquisition. The PHC market in which we operate shipped approximately 6.8 billion units in 2025 and we are one of the major producers in this market with shipments of 1.5 billion aluminum PHC containers, representing approximately 21 percent of total shipments in the market.
We limit our exposure to changes in the cost of aluminum as a result of the inclusion of provisions in most of our aluminum beverage container sales contracts to pass-through aluminum price changes, as well as through the use of derivative instruments. ​ Beverage Packaging, South America, Segment ​ The beverage packaging, South America, segment accounted for 17 percent of Ball’s consolidated net sales in 2024.
We limit our exposure to changes in the cost of aluminum as a result of the inclusion of provisions in most of our aluminum beverage container sales contracts to pass-through aluminum price changes, as well as through the use of derivative instruments. ​ 8 Table of Contents Beverage Packaging, South America, Segment ​ The beverage packaging, South America, segment accounted for 16 percent of Ball’s consolidated net sales in 2025.
Additionally, Ball has ownership interests in an equity method investment in Vietnam. ​ Personal & Home Care ​ Our personal & home care (PHC) operations manufacture and sell extruded aluminum aerosol containers, recloseable aluminum bottles across multiple consumer categories, and aluminum slugs, which represented less than 5 percent of Ball’s consolidated net sales in 2024.
See Note 4 for further details. ​ Additionally, Ball has ownership interests in an equity method investment in Vietnam. ​ Personal & Home Care ​ Our personal & home care (PHC) operations manufacture and sell extruded aluminum aerosol containers, recloseable aluminum bottles across multiple consumer categories, and aluminum slugs, which represented less than 5 percent of Ball’s consolidated net sales in 2025.
By leveraging our competitive advantages of bringing our scale to sustainability, the power of our partnerships and the unmatched talent of our people we will deliver on our promise of We Care… We Work… We Win… ​ We maintain a clear and disciplined financial strategy focused on executing an efficient operating model to deliver comparable diluted earnings per share growth in excess of 10 percent per annum over the long-term, maximize cash flow, increase Economic Value Added (EVA®) dollars and return value to shareholders. ​ The cash generated by our businesses is used primarily: (1) to finance the company’s operations, (2) to service the company’s debt, (3) to return value to our shareholders via stock buybacks and dividend payments, and (4) to fund organic or inorganic growth investments.
We Win. ​ We maintain a clear and disciplined financial strategy focused on executing an efficient operating model to deliver comparable diluted earnings per share growth in excess of 10 percent per annum over the long-term, maximize cash flow, increase Economic Value Added (EVA®) dollars and return value to shareholders. ​ The cash generated by our businesses is used primarily: (1) to finance the company’s operations, (2) to service the company’s debt, (3) to return value to our shareholders via stock buybacks and dividend payments, and (4) to fund organic or inorganic growth investments.
Our environmental, health and safety function and our operations executives partner to consistently reinforce policies and procedures that are designed to reduce workplace risks and ensure safe methods of plant production, including through regular training and reporting on injuries and lost-time incidents.
Our environmental, health and safety function and our operations executives partner to consistently reinforce policies and procedures that are designed to reduce workplace risks and ensure safe methods of plant production, including through regular training and reporting on injuries and lost-time incidents. 2025 marked another year of strong progress in Ball’s global safety performance.
This includes aligning our own 2030 Sustainability Goals and strategy to our customers’ climate-related targets, sustainability goals and regulatory requirements. ​ 4 Table of Contents We focus our sustainability efforts on environmental, social and governance impacts. Our vision is to advance sustainability through aluminum packaging.
This includes aligning our own 2030 Sustainability Goals and strategy to our customers’ climate-related targets, sustainability goals and regulatory requirements. ​ 4 Table of Contents Our vision is to advance sustainability through aluminum packaging.
Over the past decade, we have expanded our talent management organization with dedicated acquisition and development functions, implementing rigorous hiring processes and standardized assessments to align with our cultural values and strategic goals. Embedded in our approach is the “Inspire, Connect, Achieve” leadership framework, which defines clear behaviors for people leaders to drive performance and cultural alignment.
Our talent management organization has dedicated acquisition and development functions, with standard hiring processes, assessments, and investment in development planning to align with our cultural values and strategic goals. Embedded in our approach is the “Inspire, Connect, Achieve” leadership framework, which defines clear behaviors for people leaders to drive performance and cultural alignment.
Because recycling aluminum saves resources and uses significantly less energy than primary aluminum production, we are innovating and collaborating with our customers, supply chain, industry groups and other public and private partners to establish and financially support initiatives to increase recycling rates around the world.
We are committed to moving toward a truly circular economy, where materials can be, and actually are, used again and again. ​ Because recycling aluminum saves resources and uses significantly less energy than primary aluminum production, we are innovating and collaborating with our customers, supply chain, industry groups and other public and private partners to establish and financially support initiatives to increase recycling rates around the world.
These initiatives reflect our commitment to investing in our employees’ development, enhancing their skills and cultivating a culture of continuous learning and growth. Employee Engagement In 2024, Ball Corporation faced a year of transformation, introducing a new operating model and brand identity.
These initiatives reflect our commitment to investing in our employees’ development, enhancing their skills and cultivating a culture of continuous learning and growth. 6 Table of Contents Employee Engagement In 2025, Ball Corporation faced a year of transformation, with senior leadership changes and further adoption of the operating model and brand identity.
To complement this, our performance enablement approach prioritizes employee growth and continuous improvement. The performance enablement methodology encourages regular, meaningful performance conversations between managers and employees, while actively mitigating bias and fostering a fair and enriching developmental experience.
The performance enablement methodology encourages regular, meaningful performance conversations between managers and employees, while actively mitigating bias and fostering a fair and enriching developmental experience.
While we have a diversified customer base, we sell a significant portion of our packaging products to major companies and brands, as well as to numerous regional customers.
This is evidenced by our high customer retention and large number of long-term supply contracts. While we have a diversified customer base, we sell a significant portion of our packaging products to major companies and brands, as well as to numerous regional customers.
Details of collective bargaining agreements are included within Item 1A, Risk Factors of this annual report. ​ Our Culture ​ Embracing our rich 145-year history, we are a company that respects and values each of our employees and their collective desire to deliver value to all our stakeholders.
Details of collective bargaining agreements are included within Item 1A, Risk Factors of this annual report. ​ Our Culture ​ Embracing our rich 146-year history, we are a company that respects each of our employees and are guided and motivated by our values of We Care. We Work. We Win.
This is exhibited through our commitment to achieve a science-based 55 percent reduction in our greenhouse gas (GHG) footprint by 2030 and net zero carbon emissions prior to 2050.
This is exhibited through our commitment to achieve a science-based 55 percent reduction in our greenhouse gas (GHG) footprint by 2030 and net zero carbon emissions prior to 2050. To help reach this target our teams around the world focus on continuously driving operational and supply chain excellence.
In South America, two global suppliers provide virtually all our aluminum can and end sheet requirements with certain requirements also being imported from Asia. ​ We limit our exposure to changes in the cost of aluminum as a result of the inclusion of provisions in most of our aluminum beverage container sales contracts to pass-through aluminum price changes, as well as through the use of derivative instruments. ​ 9 Table of Contents Other ​ Other consists of a non-reportable operating segment (beverage packaging, other) that manufactures and sells aluminum beverage containers in India, Saudi Arabia and Myanmar; a non-reportable operating segment that manufactures and sells extruded aluminum aerosol containers and recloseable aluminum bottles across multiple consumer categories as well as aluminum slugs (personal & home care, formerly aerosol packaging) throughout North America, South America, Europe, and Asia; a non-reportable operating segment that manufactures and sells aluminum cups (aluminum cups); undistributed corporate expenses; and intercompany eliminations and other business activities. ​ Beverage Packaging, Other ​ Our aluminum beverage packaging operations in the beverage packaging, other, segment consist of four facilities – two in India and one each in Saudi Arabia and Myanmar.
The aluminum beverage container competes with other packaging materials which include meaningful industry positions by the glass bottle in the packaged beer industry and the polyethylene terephthalate (PET) bottle in the carbonated soft drink and water industries. ​ We limit our exposure to changes in the cost of aluminum as a result of the inclusion of provisions in most of our aluminum beverage container sales contracts to pass-through aluminum price changes, as well as through the use of derivative instruments. ​ Other ​ Other consists of a non-reportable operating segment (beverage packaging, other) that manufactures and sells aluminum beverage containers in India and Myanmar; a non-reportable operating segment that manufactures and sells extruded aluminum aerosol containers and recloseable aluminum bottles across multiple consumer categories as well as aluminum slugs (personal & home care, formerly aerosol packaging) throughout North America, South America, Europe, and Asia; undistributed corporate expenses; and intercompany eliminations and other business activities. ​ Beverage Packaging, Other ​ Our aluminum beverage packaging operations in the beverage packaging, other, segment consist of three facilities – two in India and one in Myanmar.
At December 31, 2024, the assets and liabilities of the aluminum cups operating segment are presented as current assets held for sale and current liabilities held for sale on the consolidated balance sheet.
The financial results of the aluminum cups business are presented in Other in the tables below through the date of the transaction and the assets and liabilities of the business were presented as current assets held for sale and current liabilities held for sale on the consolidated balance sheet as of December 31, 2024.
As of 2023, Ball beverage cans contained 70 percent recycled content on average globally. Aluminum packaging unlocks the full potential of packaging to help customers convey their purpose to consumers, while limiting regulatory exposure.
Ball aluminum packaging unlocks the full potential of packaging to help our customers convey their purpose to consumers, while limiting regulatory exposure.
In addition, Ball earned a MSCI AAA ESG rating, 5 Table of Contents received a Gold Medal in recognition of overall sustainability achievements through EcoVadis and was recognized as one of America’s Most Responsible Companies by Newsweek. ​ Human Capital and Employees ​ Ball Corporation’s people are its greatest asset and we are proud to outline the material aspects of our human capital program.
Ball earned a MSCI AAA ESG rating, received a Gold Medal in recognition of overall sustainability achievements through EcoVadis and has been listed on the North American Dow Jones Sustainability Index for 6 years in a row. ​ Human Capital and Employees ​ Ball Corporation’s people are its greatest asset and we are proud to outline the material aspects of our human capital program.
For the countries in which we currently operate, the aluminum beverage container market is approximately 93 billion containers, and we are the largest producer with an estimated 39 percent of shipments in this region. The markets served by our beverage packaging, EMEA, segment, including Egypt and Turkey, are highly regional in terms of sales growth rates and packaging mix.
Our EMEA region operations include 19 facilities throughout Europe and one facility each in Cairo, Egypt, and Manisa, Turkey . For the countries in which we currently operate, the aluminum beverage container market is approximately 97 billion containers, and we are the largest producer with an estimated 39 percent of shipments in this region.
Five global aluminum suppliers provide almost all of our aluminum can and end sheet requirements. The company minimizes its exchange rate risk using derivative and supply contracts in local currencies.
The company minimizes its exchange rate risk using derivative and supply contracts in local currencies.
These efforts ensure we maintain a high-performing, engaged workforce ready to achieve our long-term objectives. 6 Table of Contents Training and Development ​ We are committed to fostering a culture of continuous learning and development, equipping our employees with the skills and resources needed to thrive in a rapidly evolving business environment.
Training and Development ​ We are committed to fostering a culture of continuous learning and development, equipping our employees with the skills and resources needed to thrive in a rapidly evolving business environment. To complement this, our performance enablement approach prioritizes employee growth and continuous improvement.
All of the beverage containers produced by Ball in the U.S., Canada and Mexico are made of aluminum.
Historically, sales volumes of metal beverage containers in North America tend to be highest during the period from April through September. All of the beverage containers produced by Ball in the U.S., Canada and Mexico are made of aluminum.
Our commitment extends beyond our walls and includes purchasing aluminum from Aluminum Stewardship Initiative (ASI) certified sustainable sources and reducing value chain emissions, all in order to facilitate the achievement of Ball and its customers’ sustainability targets. ​ Today’s consumers are increasingly choosing brands based on their sustainability credentials.
This drives process optimization, including products designed for optimum metal efficiency, real time monitoring to improve energy efficiency and reuse of water, as well as the reduction of waste and spoilage within our manufacturing plants. ​ Although, our commitment extends beyond our walls and includes purchasing aluminum from Aluminum Stewardship Initiative (ASI) certified suppliers, sourcing Cradle to Cradle Material Health certified inks and coatings, and reducing value chain emissions, all in order to facilitate the achievement of Ball and its customers’ sustainability targets. ​ Today’s consumers are increasingly choosing brands based on their sustainability credentials and packaging design regulations are increasing around the world.
We sponsor a variety of health and wellbeing programs designed to support all aspects of our employees’ wellbeing, including their physical, emotional, social and financial health.
Through the active engagement of employees worldwide, we achieved a 19 percent reduction in our total recordable incident rate (“TRIR” ), lowering it to 0.98 and surpassing our 2030 target. ​ We sponsor a variety of health and wellbeing programs designed to support all aspects of our employees’ wellbeing, including their physical, emotional, social and financial health.
Our sustainable, aluminum packaging products are produced for a variety of end uses and are manufactured in facilities around the world. In 2024, our total consolidated net sales were $11.80 billion. In the third quarter of 2023, Ball entered into a Stock Purchase Agreement (Agreement) with BAE Systems, Inc.
Our sustainable, aluminum packaging products are produced for a variety of end uses and are manufactured in facilities around the world.
Ball, the largest producer in the region, shipped approximately 48 billion aluminum beverage containers in North and Central America in 2024, which represented approximately 34 percent of the aggregate shipments in these countries. Historically, sales volumes of metal beverage containers in North America tend to be highest during the period from April through September.
Five companies manufacture substantially all of the aluminum beverage containers in the U.S., Canada and Mexico. Ball, the largest producer in the region, shipped approximately 50 billion aluminum beverage containers in North and Central America in 2025, which represented approximately 36 percent of the aggregate shipments in these countries.
Ball permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024. ​ According to publicly available information and company estimates, the North American aluminum beverage container industry represents approximately 138 billion units. Five companies manufacture substantially all of the aluminum beverage containers in the U.S., Canada and Mexico.
In the first quarter of 2025, Ball acquired Florida Can Manufacturing, which consisted of one manufacturing facility in Winter Haven, Florida, see Note 4 for details. ​ According to publicly available information and company estimates, the North American aluminum beverage container industry represents approximately 139 billion units.
Our aluminum can and end sheet requirements are provided by several suppliers. Our manufacturing facility in Saudi Arabia, Ball United Arab Can Manufacturing Company, is an investment 51 percent owned by Ball and consolidated in our results.
Our aluminum can and end sheet requirements are provided by several suppliers. ​ On August 27, 2025, the company sold 41 percent of its 51 percent ownership interest in Ball United Arab Can Manufacturing Company, which resulted in Ball deconsolidating the business and retaining a 10 percent ownership interest.
Our aluminum PHC requirements are provided by several suppliers. ​ Aluminum Cups ​ At December 31, 2024, the assets and liabilities of the aluminum cups operating segment are presented as current assets held for sale and current liabilities held for sale on the consolidated balance sheet.
The financial results of the Saudi Arabian business, which were a part of the beverage packaging, other, non-reportable operating segment, are presented in Other in the tables below through the date of the transaction and as of December 31, 2024, the assets and liabilities of the Saudi Arabian business were presented as current assets held for sale and current liabilities held for sale on the consolidated balance sheet.
We work together to create effective collection and recycling systems, and educate consumers about the sustainability and circularity benefits of aluminum packaging. ​ At Ball, we believe our people and our culture enable our success and make it possible for us to deliver on our promises to customers, investors, communities and all of our stakeholders.
We work together to create effective collection and recycling systems and educate consumers about the sustainability and circularity benefits of aluminum packaging. ​ The company’s focus towards sustainability has been recognized by external organizations.
Four companies manufacture substantially all of the metal beverage containers in EMEA.
The markets served by our beverage packaging, EMEA, segment, including Egypt and Turkey, are highly regional in terms of sales growth rates and packaging mix. Four companies manufacture substantially all of the metal beverage containers in EMEA.
These trends are evolving, however, as customers, regulators and non-governmental organizations continue to press for more sustainable packaging in the wake of the global pollution crisis. More and more brands are choosing aluminum beverage packaging because of its closed-loop recyclability and other sustainability credentials.
These trends are evolving, however, as customers, regulators and non-governmental organizations continue to press for more sustainable packaging. ​ Raw material supply contracts in this region generally have longer term agreements. Six global aluminum suppliers provide almost all of our aluminum can and end sheet requirements.
Since 2015, we have had a dedicated focus on inclusion, recognizing that a diverse workforce enhances innovation, collaboration, and business outcomes.
Since 2015, we have maintained a focused approach to inclusion, recognizing the role that a broad range of perspectives can play in supporting innovation, collaboration, and business outcomes.
See Note 4 for further details. ​ Our largest product line is aluminum beverage containers and we also produce extruded aluminum aerosol containers, recloseable aluminum bottles across multiple consumer categories, aluminum slugs and aluminum cups.
In 2025, our total consolidated net sales were $13.16 billion. ​ Our largest product line is aluminum beverage containers and we also produce extruded aluminum aerosol containers, recloseable aluminum bottles across multiple consumer categories and aluminum slugs. ​ We sell our aluminum packaging products globally to large multinational beverage, personal care and household products companies with which we have developed long-term relationships.
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(BAE) and, for the limited purposes set forth therein, BAE Systems plc, to sell all outstanding equity interests in Ball’s aerospace business to BAE. On February 16, 2024, the company completed the divestiture of the aerospace business.
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By leveraging our competitive advantages of bringing our scale to sustainability, the power of our partnerships and the unmatched talent of our people we will win alongside our customers. Our strategy comprises four pillars: executing every day, staying close to our customers, accelerating the substrate shift to aluminum and managing complexity to our advantage.
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See Note 4 for further details. ​ We sell our aluminum packaging products globally to large multinational beverage, personal care and household products companies with which we have developed long-term relationships. This is evidenced by our high customer retention and large number of long-term supply contracts.
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Together, these pillars form a clear framework that enables us to outperform in dynamic markets, serve our customers and create long-term value for those who count on us. How we work is guided by our operating model called the Ball Business System and by our values of We Care. We Work.
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In addition, Ball is committed to hiring, training and retaining a highly qualified and high-performing employee population to work in our manufacturing facilities and offices, and we do so with the intention of having a skilled and engaged workforce. ​ Our innovation and manufacturing teams around the world focus on continuously driving operational excellence in support of Ball’s resource efficiency goals.
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Aluminum cans are well positioned to meet both trends due to circularity credentials, such as favorable recycling rates and recycled content. In 2023 the global aluminum recycling rate was 75 percent and, as of 2024, Ball beverage cans contained 74 percent recycled content on average.
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This drives process optimization, including products designed for optimum metal efficiency, real time monitoring to improve energy efficiency and reuse of water, as well as the reduction of waste and spoilage within our manufacturing plants.
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Purposefully at the center of the Ball Business System is our people and culture – the heartbeat of our organization. We are driving a culture where everyone has the opportunity to contribute to our shared success, realize their leadership potential and grow as individuals.
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Ball customers understand this growing priority and their unique position in impacting the environment, especially through the packaging materials they use. In addition, with growing packaging design regulations around the world, aluminum cans are well positioned to incur low compliance costs due to circularity credentials, such as favorable recycling rates and recycled content.
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Our nine Ball Global Networks provide employees with opportunities to celebrate each other’s differences, create safe and accommodating work environments and inspire one another. Our Ball spirit is also evident outside of our walls through the ways we support the communities where we live and work with employees donating more than 24,000 hours to charitable causes last year.
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We are committed to moving toward a truly circular economy, where materials can be, and actually are, used again and again. ​ Aluminum cans, bottles and cups are an attractive option for sustainability-conscious brands with commitments to real world recyclability and increasing their usage of recycled materials in consumer packaging.
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We are committed to a safe and fulfilling work environment where our Ball team members demonstrate hard work and teamwork, with low egos and high collaboration.
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Aluminum containers are designed to be recycled without losing quality and retain a high economic value, pushing aluminum collection, sorting and recycling rates to the highest of any beverage packaging material.
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We lead with integrity and are inspired to make a difference for our customers, communities and company. ​ Belonging, Inclusion & Diversity ​ At Ball, fostering a workplace where employees are supported and able to contribute effectively is an important part of our business.
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That is why 75 percent of all aluminum ever produced is still in use today. ​ At a global 71 percent recycling rate with low yield losses and high product-to-product recycling loops, aluminum beverage packaging is the leader not only in recycling, but in circularity.
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In recent years, this focus has expanded to include Belonging, reflecting our efforts to support an environment where employees feel respected and engaged. ​ 5 Table of Contents In 2025, we expanded the reach of the Global Inclusion Council establishing Regional Inclusion Committees to support local engagement and implementation of BI&D (“Belonging, Inclusion and Diversity”) initiatives across our global operations.
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We are working hard to create a culture and environment in which zero injuries become the reality, so everyone working for or within Ball gets home safe and healthy to their families and friends every day.
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Leaders across our business segments remain responsible for fostering inclusive workplace practices and maintaining a highly qualified workforce. We also conducted a Workplace Inclusion Scan across our global plants and facilities to assess accessibility and inclusivity.
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We continue to invest in hiring, training and retaining our employees at every level across the organization to ensure we have the right people with the right skills in the right roles, and are providing them with opportunities to advance their careers.
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The results of this assessment are being used to help identify opportunities for improvement and to inform future actions related to workplace accessibility and employee experience. ​ Our approach to BI&D is integrated into our broader talent and business strategy.
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This includes a global Belonging, Inclusion and Diversity (BI&D) strategy, which ensures we have a sustainable workforce, and foster a safe and inclusive work environment where everyone feels they belong and are valued for their differences and contributions.
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We continue to strengthen our succession planning through a disciplined, enterprise-wide approach that integrates targeted development experiences and formal development planning to build a robust pipeline of future leaders. These efforts ensure we maintain a high-performing, engaged workforce ready to achieve our long-term objectives.
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A focus on BI&D among individuals and teams helps to unleash ideas and fuel innovation, driving growth and economic value throughout our global organization. ​ A healthy and sustainable business also depends on thriving communities.
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In South America, two global suppliers provide virtually all our aluminum can and end sheet requirements with certain requirements also being imported from Asia.
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Ball’s commitment to the communities where we live and operate is an integral part of our corporate culture, as we continue to support organizations, programs and civic initiatives that advance sustainable livelihoods. Community engagement is how our company and our employees enrich the places where we live and work beyond providing jobs, benefits and paying local taxes.
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Our aluminum PHC requirements are provided by several suppliers. ​ 9 Table of Contents Aluminum Cups ​ On March 21, 2025, Ball closed on a transaction for its aluminum cups business, which resulted in Ball deconsolidating the business.
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Through the Ball Foundation, corporate giving, employee giving and volunteerism, we invest in the future of the communities that sustain us. Each year Ball and its employees donate, volunteer and support non-profit organizations centered on building sustainable communities through recycling, education, and disaster preparedness and relief initiatives. ​ The company’s focus towards sustainability has been recognized by external organizations.
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For the seventh year in a row, Ball received an A- score in CDP’s climate change program.
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We embrace our diversity and are “one Ball” in valuing: ​ ● Leading with integrity; ● Working to create an enduring impact; and ● Winning through our customer focus ​ Belonging, Inclusion & Diversity ​ At Ball, fostering a workplace where every employee feels valued and empowered to contribute their best work has been an essential part of our success.
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In 2024, we expanded this focus to include Belonging, reinforcing our commitment to creating an environment where all employees feel respected, connected, and supported in their professional growth. ​ Our Global Inclusion Council, sponsored by our Chief Executive Officer and Chief Human Resources Officer, serves as a platform for collaboration and alignment on key Belonging, Inclusion & Diversity (BI&D) priorities.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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While we sometimes enter into agreements limiting our exposure, any such agreements may not offer complete protection from this risk. ​ 14 Table of Contents The global credit, financial and economic environment could have a negative impact on our results of operations, financial position or cash flows. ​ The overall credit, financial and economic environment could have significant negative effects on our operations, including: ​ ● the creditworthiness of customers, suppliers and counterparties could deteriorate resulting in a financial loss or a disruption in our supply of raw materials; ● volatile market performance could affect the fair value of our pension assets, potentially requiring us to make significant additional contributions to our defined benefit pension plans to maintain prescribed funding levels; ● a significant weakening of our financial position or operating results could result in noncompliance with our debt covenants; and ● reduced cash flows from our operations could adversely affect our ability to execute our long-term strategy to repurchase our stock and invest in our businesses. ​ Changes in U.S. generally accepted accounting principles (U.S.
While we sometimes enter into agreements limiting our exposure, any such agreements may not offer complete protection from this risk. ​ The global credit, financial and economic environment could have a negative impact on our results of operations, financial position or cash flows. ​ The overall credit, financial and economic environment could have significant negative effects on our operations, including: ​ ● the creditworthiness of customers, suppliers and counterparties could deteriorate resulting in a financial loss or a disruption in our supply of raw materials; ● volatile market performance could affect the fair value of our pension assets, potentially requiring us to make significant additional contributions to our defined benefit pension plans to maintain prescribed funding levels; ● a significant weakening of our financial position or operating results could result in noncompliance with our debt covenants; and ● reduced cash flows from our operations could adversely affect our ability to execute our long-term strategy to repurchase our stock and invest in our businesses. ​ 14 Table of Contents Changes in U.S. generally accepted accounting principles (U.S.
Requirements of worldwide governmental authorities with respect to manufacturing, manufacturing facility locations within the jurisdiction, product content and safety, climate change, workplace safety and health, environmental, expropriation of assets and other standards could adversely affect our ability to manufacture or sell our products, and the ability of our customers and suppliers to manufacture and sell their products.
Requirements and restrictions of worldwide governmental authorities with respect to manufacturing, manufacturing facility locations within the jurisdiction, product content and safety, climate change, workplace safety and health, environmental, expropriation of assets and other standards could adversely affect our ability to manufacture or sell our products, and the ability of our customers and suppliers to manufacture and sell their products.
The delayed timing in recovering the pass-through of increasing raw material costs may also impact our short-term profitability and certain costs due to price increases or supply chain inefficiencies may be unrecoverable, which would also impact our profitability. ​ 13 Table of Contents Net earnings and net assets could be materially affected by an impairment of goodwill. ​ We have a significant amount of goodwill recorded on our consolidated balance sheet as of December 31, 2024.
The delayed timing in recovering the pass-through of increasing raw material costs may also impact our short-term profitability and certain costs due to price increases or supply chain inefficiencies may be unrecoverable, which would also impact our profitability. ​ 13 Table of Contents Net earnings and net assets could be materially affected by an impairment of goodwill. ​ We have a significant amount of goodwill recorded on our consolidated balance sheet as of December 31, 2025.
These circumstances have placed significant demands on our management as well as our financial and operational resources, and present several challenges, including: ​ ● rebalancing manufacturing capacity, maintaining quality and optimizing production; ● identifying, attracting and retaining qualified personnel; ● developing and retaining our global sales, marketing and administrative infrastructure and capabilities; ● increasing our regulatory compliance capabilities, particularly in new lines of business; ● optimizing our expertise in a number of disciplines, including marketing, licensing, and merchandising; and ● implementing appropriate operational, financial and IT systems and internal controls. ​ Our business, operating results and financial condition are subject to particular risks in certain regions of the world. ​ We may experience an operating loss in one or more regions of the world for one or more periods, which could have a material adverse effect on our business, operating results or financial condition.
These circumstances have placed significant demands on our management as well as our financial and operational resources, and present several challenges, including: ​ ● rebalancing manufacturing capacity, maintaining quality and optimizing production; ● identifying, attracting and retaining qualified personnel; ● developing and retaining our global sales, marketing and administrative infrastructure and capabilities; ● increasing our regulatory compliance capabilities, particularly in new lines of business; ● addressing climate related risks and opportunities; ● optimizing our expertise in a number of disciplines, including marketing, licensing, and merchandising; and ● implementing appropriate operational, financial and IT systems and internal controls. ​ Our business, operating results and financial condition are subject to particular risks in certain regions of the world. ​ We may experience an operating loss in one or more regions of the world for one or more periods, which could have a material adverse effect on our business, operating results or financial condition.
Our ability to manage such operational fluctuations and to maintain adequate long-term strategies in the face of such developments will be critical to our continued growth and profitability. ​ The loss of a key customer, or a reduction in its requirements, could have a significant negative impact on our sales. ​ We sell a majority of our packaging products to a relatively limited number of major beverage, personal care and household product companies, some of which operate in multiple geographical markets we serve. ​ Although the majority of our customer contracts are long-term, these contracts, unless they are renewed, expire in accordance with their respective terms and are terminable under certain circumstances, such as our failure to meet quality, volume or market pricing requirements.
Our ability to manage such operational fluctuations and to maintain adequate long-term strategies in the face of such developments will be critical to our continued growth and profitability. ​ The loss of a key customer, or an adverse change in its requirements, could have a significant negative impact on our sales. ​ We sell a majority of our packaging products to a relatively limited number of major beverage, personal care and household product companies, some of which operate in multiple geographical markets we serve. ​ Although the majority of our customer contracts are long-term, these contracts, unless they are renewed, expire in accordance with their respective terms and are terminable under certain circumstances, such as our failure to meet quality, volume or market pricing requirements.
Reasons for this include, but are not limited to, the following: ​ ● political and economic instability; ● governments’ restrictive trade policies; ● the imposition or rescission of duties, tariffs, taxes or government royalties; ● exchange rate risks; ● inflation of direct input costs; ● virus and disease outbreaks and responses thereto; and ● difficulties in enforcement of contractual obligations and intellectual property rights. ​ We are exposed to exchange rate fluctuations. ​ The company’s financial results are exposed to currency exchange rate fluctuations and a significant proportion of assets, liabilities and earnings are denominated in non-U.S. dollar currencies.
Reasons for this include, but are not limited to, the following: ​ ● political and economic instability; ● the continuation or escalation of global conflicts; ● governments’ restrictive trade policies; ● the imposition or rescission of duties, tariffs, taxes or government royalties; ● exchange rate risks; ● inflation of direct input costs; ● virus and disease outbreaks and responses thereto; and ● difficulties in enforcement of contractual obligations and intellectual property rights. ​ We are exposed to exchange rate fluctuations. ​ The company’s financial results are exposed to currency exchange rate fluctuations and a significant proportion of assets, liabilities and earnings are denominated in non-U.S. dollar currencies.
To mitigate these risks, the Company is working with its suppliers to require them to remove PFAS-containing coatings from our products. 16 Table of Contents ​ Earnings and cash flows can be impacted by changes in tax laws. ​ As a U.S.-based multinational business, the company is subject to income tax in the U.S. and numerous jurisdictions outside the U.S., as well as recent OECD, European Commission and other trans-national initiatives that seek to impose minimum tax thresholds on most multi-national companies.
To mitigate these risks, the company is working with its suppliers to require them to remove PFAS-containing coatings from our products. ​ Earnings and cash flows can be impacted by changes in tax laws. ​ As a U.S.-based multinational business, the company is subject to income tax in the U.S. and numerous jurisdictions outside the U.S., as well as recent OECD, European Commission and other trans-national initiatives that seek to impose minimum tax thresholds on most multi-national companies.
If demand for glass and PET bottles increases relative to aluminum containers, or the demand for aluminum containers does not develop as expected, our business, results of operations, cash flows and financial condition could be materially adversely affected. ​ 12 Table of Contents Our business, financial condition, cash flows and results of operations are subject to risks resulting from broader geographic operations. ​ We derived approximately 54 percent of our consolidated net sales from outside of the U.S. for the year ended December 31, 2024.
If demand for glass and PET bottles increases relative to aluminum containers, or the demand for aluminum containers does not develop as expected, our business, results of operations, cash flows and financial condition could be materially adversely affected. ​ 12 Table of Contents Our business, financial condition, cash flows and results of operations are subject to risks resulting from broader geographic operations. ​ We derived approximately 53 percent of our consolidated net sales from outside of the U.S. for the year ended December 31, 2025.
Data privacy and protection laws are evolving and present increasing compliance challenges, which may increase our costs, affect our competitiveness and could expose us to substantial fines or other penalties. ​ Human capital risks ​ If we fail to retain key management and personnel, we may be unable to implement our key objectives. ​ We believe our future success depends, in part, on our experienced management team.
Data privacy and protection laws are evolving and present increasing compliance challenges, which may increase our costs, affect our competitiveness and could expose us to substantial fines or other penalties. ​ 17 Table of Contents Human capital risks ​ If we fail to retain key management and personnel, we may be unable to implement our key objectives. ​ We believe our future success depends, in part, on our experienced management team.
We primarily use derivative instruments to manage our currency exposures and, as a result, we experience gains and losses on these derivative positions, which are offset by the impact of currency fluctuations on existing assets and liabilities. ​ We are vulnerable to fluctuations and disruptions in the supply and price of raw materials. ​ We purchase aluminum and other raw materials and packaging supplies, including dunnage, from several sources.
We primarily use derivative instruments to manage our currency exposures and, as a result, we experience gains and losses on these derivative positions, which are offset by the impact of currency fluctuations on existing assets and liabilities. ​ We are vulnerable to fluctuations and disruptions in the supply and price of raw materials, including increases in tariffs on imported goods. ​ We purchase aluminum and other raw materials and packaging supplies, including dunnage, from several sources.
The compliance costs associated with current and proposed laws and potential regulations could be substantial, and any failure or alleged failure to comply with these laws or regulations could lead to litigation or governmental action, all of which could adversely affect our financial condition or results of operations. ​ Our business faces the potential of increased regulation on some of the raw materials utilized in our packaging operations. ​ Our operations are subject to federal, state, provincial and local laws and regulations in multiple jurisdictions relating to some of the raw materials, including epoxy-based coatings utilized in our container making process.
The compliance costs associated with current and proposed laws and potential regulations could be substantial, and any failure or alleged failure to comply with these laws or regulations could lead to litigation, governmental action or reputational damage, all of which could adversely affect our financial condition or results of operations. ​ Our business faces the potential of increased regulation on some of the raw materials utilized in our packaging operations. ​ Our operations are subject to federal, state, provincial and local laws and regulations in multiple jurisdictions relating to some of the raw materials utilized in our container making process.
In addition, various U.S. states have passed or are contemplating legislation restricting, and the EU is reviewing a proposal to restrict, the use of materials that contain intentionally added per- and polyfluoroalkyl substances (PFAS), which may require the company to continue to incur costs to convert existing coatings to accommodate PFAS-free coatings.
Various U.S. states have passed or are contemplating legislation restricting, and the EU is reviewing a proposal to restrict, the use of materials that contain intentionally added per- and polyfluoroalkyl substances (PFAS), which may require the company to continue to incur costs to convert 16 Table of Contents existing coatings to accommodate PFAS-free coatings.
Because we depend on a relatively limited number of major customers, our business, financial condition or results of operations could be adversely affected by the loss of any of these 11 Table of Contents customers, a reduction in the purchasing levels of these customers, a strike or work stoppage by a significant number of these customers’ employees or an adverse change in the terms of the supply agreements with these customers. ​ We have a significant level of debt that could have important consequences for our business and any investment in our securities. ​ The company had $5.69 billion of interest-bearing debt at December 31, 2024.
Because we depend on a relatively limited number of major customers, our business, financial condition or results of operations could be adversely affected by the loss of any of these customers, a reduction in the purchasing levels of these customers, a strike or work stoppage by a significant number of these customers’ employees or an adverse change in the terms of the supply agreements with these customers. 11 Table of Contents We have a significant level of debt that could have important consequences for our business and any investment in our securities. ​ The company had $7.01 billion of debt at December 31, 2025.
Unforeseen losses of key members of our management team without appropriate succession and/or compensation planning could make it difficult for us to manage our business and meet our objectives. 17 Table of Contents ​ Prolonged work stoppages at facilities with union employees could jeopardize our financial position. ​ As of December 31, 2024, 13 percent of our North American employees and 27 percent of our European employees were covered by collective bargaining agreements.
Unforeseen losses of key members of our management team without appropriate succession and/or compensation planning could make it difficult for us to manage our business and meet our objectives. ​ Prolonged work stoppages at facilities with union employees could jeopardize our financial position. ​ As of December 31, 2025, 20 percent of our North American employees and 33 percent of our European employees were covered by collective bargaining agreements.
If general market conditions deteriorate in portions of our business, we could experience a significant decline in the fair value of our reporting units. This decline could lead to an impairment of all or a significant portion of the goodwill balance, which could materially affect our U.S.
We are required at least annually to test the recoverability of goodwill. If general market conditions deteriorate in portions of our business, we could experience a significant decline in the fair value of our reporting units. This decline could lead to an impairment of all or a significant portion of the goodwill balance, which could materially affect our U.S.
As of December 31, 2024, the company had no material weaknesses. ​ We face risks related to health epidemics, pandemics and other outbreaks, which could adversely affect our business. ​ Health epidemics, pandemics and other outbreaks could give rise to circumstances that cause one or more of the following risk factors to occur: ​ ● We could lose key customers, customers could become insolvent or have a reduction in demand for our products and services; ● We could be subject to changes in laws and governmental regulations that adversely affect our business and operations; ● We could be subject to adverse fluctuations in currency exchange rates; ● We might lose key management and operating personnel; ● We may be subject to disruptions in the supply or price of our raw materials; ● We may face prolonged work stoppages at our facilities; ● We may be impacted by government budget constraints or government shutdowns; ● Our pension plan investments may not perform as expected, and we may be required to make additional contributions to our pension plans which would otherwise be available for other general corporate purposes; ● Our access to capital markets may be restricted, which could adversely affect our short-term liquidity and prevent us from fulfilling our obligations under the notes issued pursuant to our bond indentures; 15 Table of Contents ● We may be subject to increased information technology (IT) security threats and reduced network access availability; ● Our operations and those of our principal customers and suppliers could be designated as non-essential in key markets; and ● A material weakness in our internal control over financial reporting or a material misstatement in our financial statements could occur. ​ Governmental and regulatory risks ​ Changes in laws and governmental regulations may adversely affect our business and operations. ​ We and our customers and suppliers are subject to various federal, state, provincial and local laws and regulations, which have been increasing in number and complexity.
As of December 31, 2025, the company had no material weaknesses. ​ We face risks related to health epidemics, pandemics and other outbreaks, which could adversely affect our business. ​ Health epidemics, pandemics and other outbreaks could give rise to circumstances that cause one or more of the following risk factors to occur: ​ ● We could lose key customers, customers could become insolvent or have a reduction in demand for our products and services; ● We could be subject to changes in laws and governmental regulations that adversely affect our business and operations; ● We could be subject to adverse fluctuations in currency exchange rates; ● We might lose key management and operating personnel; ● We may be subject to disruptions in the supply or price of our raw materials; ● We may face prolonged work stoppages at our facilities; ● Our pension plan investments may not perform as expected, and we may be required to make additional contributions to our pension plans which would otherwise be available for other general corporate purposes; ● Our access to capital markets may be restricted, which could adversely affect our short-term liquidity and prevent us from fulfilling our obligations under the notes issued pursuant to our bond indentures; ● We may be subject to increased information technology (IT) security threats and reduced network access availability; ● Our operations and those of our principal customers and suppliers could be designated as non-essential in key markets; and ● A material weakness in our internal control over financial reporting or a material misstatement in our financial statements could occur. ​ 15 Table of Contents Investment Risks ​ Our investments in acquisitions, joint ventures and new developments may include risks that could have an adverse impact on our business. ​ We make investments in the growth of our business through the development of new facilities, the improvement of existing facilities, the acquisition of assets or securities of other businesses and through joint venture arrangements.
The compliance and reporting aspects of these regulations may result in incremental costs to the company. ​ While deposit systems and other container-related legislation have been adopted in some jurisdictions, similar legislation has been defeated in public referenda and legislative bodies in many others.
In addition, we face risks arising from compliance with and enforcement of numerous and complex federal, state, provincial and local laws and regulations. ​ While deposit systems and other container-related legislation have been adopted in some jurisdictions, similar legislation has been defeated in public referenda and legislative bodies in many others.
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We are required at least annually to test the recoverability of goodwill. The recoverability test of goodwill is based on the current fair value of our identified reporting units. Fair value measurement requires assumptions and estimates of many critical factors, including revenue and market growth, operating cash flows and discount rates.
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For example, in September 2025, we received notice from the U.S. Customs and Border Protection challenging the tariff classification and applicable rate of duty of certain aluminum imports asserting additional duties and tariffs are payable, as well our use of certain exemptions. We intend to vigorously defend the matter.
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In addition, we face risks arising from compliance with and enforcement of numerous and complex federal, state, provincial and local laws and regulations. ​ Enacted regulatory developments regarding the reporting and use of “conflict minerals” mined from the Democratic Republic of the Congo and adjoining countries could affect the sourcing, availability and price of minerals used in the manufacture of certain of our products.
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While the outcome of this matter is uncertain at this time, the company believes it is reasonably possible any such additional tariffs, interest and penalties could be owed and impact our results of operations. The company is unable to develop a reasonable estimate of loss at this time. The company has not recorded a reserve.
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As a result, there may only be a limited pool of suppliers who provide conflict-free materials, and we cannot give assurance that we will be able to obtain such products in sufficient quantities or at competitive prices.
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The realization of the expected benefits of these investments is based in part on our ability to cost effectively execute our development plans and, in certain instances, to integrate these investments with our business operations.
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Also, because our supply chains are complex, we may face reputational challenges with our customers and other stakeholders if we are unable to sufficiently verify the origins of all materials used in the products that we sell.
Added
If we fail to execute our development plans in a cost effective or timely manner or fail to integrate the investments with our existing operations, our internal controls over financial reporting or our information systems, we may experience increases in costs of operations, loss of customers or suppliers, difficulties servicing our debt obligations and our financial performance may not meet shareholder expectations.
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Scientific evidence evaluated by regulatory agencies in the U.S., Canada, Europe, Japan, Australia and New Zealand has consistently shown these coatings to be safe for food contact at current levels, and these regulatory agencies have stated that human exposure to BPA from epoxy-based container coatings is well below safe exposure limits set by government bodies worldwide.
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In addition, our final estimates of the fair value of any assets or liabilities acquired with the investments may be materially different from our initial estimates and the company may not fully realize the anticipated benefits of the investments. ​ Our investments in joint ventures include investments in companies that we may not control.
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A significant change in these regulatory agency statements, adverse information concerning BPA or other chemicals present in our coatings, or rulings made within certain federal, state, provincial and local jurisdictions could have a material adverse effect on our business, financial condition or results of operations.
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The performance of these investments may change as a result of decisions that are made by our joint venture partners who have control over these joint ventures. In addition, we may be obligated under the joint venture arrangement to assume certain costs, perform certain services or make additional capital investments.
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Ball recognizes that significant interest exists in non-epoxy based coatings, and we have been proactively working with coatings suppliers and our customers to transition to alternative coatings.
Added
If we are unable to realize the benefits of our joint venture and other investments, our business, our operating results and the financial condition of our business could be materially adversely affected. ​ Governmental and regulatory risks ​ Changes in laws and governmental regulations may adversely affect our business and operations. ​ We and our customers and suppliers are subject to various federal, state, provincial and local laws and regulations, which have been increasing in number and complexity.
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Federal, state and local regulations imposing taxes and restrictions on our customers products could adversely impact the purchasing levels by our customers.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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To date, we have not identified any cybersecurity incidents that have affected, or are reasonably likely to affect, our business, operations, or financial condition. ​ Governance ​ Ball’s Chief Information Security Director (CISD) reports to the Senior Vice President and Chief Information Officer (CIO) and leads the company’s cybersecurity team.
To date, we have not identified any cybersecurity incidents that have materially affected, or are reasonably likely to materially affect, our business, operations, or financial condition. ​ Governance ​ Ball’s Chief Information Security Director (CISD) reports to the Senior Vice President and Chief Information Officer (CIO) and leads the company’s cybersecurity team.
Ball partners closely with a strong network of external partners, including conducting annual assessments of the cyber risk management program against the NIST CSF. ​ Our information security team has established and implemented formal processes and policies to assess, identify, and manage risks arising from cybersecurity threats, including those associated with our internal operations and the use of third-party service providers.
Ball partners closely with a strong network of third-party security partners, including conducting annual assessments of the cyber risk management program against the NIST CSF. ​ Our information security team has established and implemented formal processes and policies to assess, identify, and manage risks arising from cybersecurity threats, including those associated with our internal operations and the use of 18 Table of Contents third-party service providers.
Our collaboration with these third-parties includes regular audits, 18 Table of Contents threat assessments, and consultation on cyber enhancements. In addition, we also augment and extend our cyber team using a select few trusted third-party partners that are integrated as members of our global operations.
Our collaboration with these third-parties includes regular audits, vulnerability scans, penetration tests, threat assessments, and consultation on cyber enhancements. In addition, we also augment and extend our cyber team using a select few trusted third-party partners that are integrated as members of our global operations.
We continually refine our approach to address evolving cybersecurity regulations, identify potential and emerging security risks, and implement strategies to manage these risks. Ball has developed an incident response plan that includes a cyber incident materiality assessment with appropriate leadership governance.
We continually refine our approach to address evolving cybersecurity regulations, identify potential and emerging security risks (including AI-driven phishing and supply chain attacks), and implement strategies to manage these risks. Ball has developed an incident response plan that includes a cyber incident materiality assessment with appropriate leadership governance.
This provides us with expanded global threat intel and enhances our ability to deliver continuous global cyber operations 24/7. ​ We are aware that there are potential cybersecurity risks associated with third-party service providers. Prior to engaging with third-party providers, Ball conducts thorough security assessments.
This provides us with expanded global security monitoring and cyber operations 24/7. ​ We are aware that there are potential cybersecurity risks associated with third-party service providers. Prior to engaging with third-party providers, Ball conducts thorough security assessments. We monitor for third-party cyber incidents and manage any third-party cyber incidents under our incident response plan and processes.
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We monitor for third-party cyber incidents and manage any third-party cyber incidents under our incident response plan and processes.

Item 2. Properties

Properties — owned and leased real estate

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In addition to the facilities listed, the company leases other warehousing space. ​ Beverage packaging, North and Central America, locations: ● Bowling Green, Kentucky ● Conroe, Texas ● Fairfield, California ● Findlay, Ohio ● Fort Atkinson, Wisconsin ● Fort Worth, Texas ● Glendale, Arizona ● Golden, Colorado ● Goodyear, Arizona ● Kapolei, Hawaii ● Monterrey, Mexico ● Monticello, Indiana ● Pittston, Pennsylvania 19 Table of Contents ● Queretaro, Mexico ● Rome, Georgia ● Saratoga Springs, New York ● Tampa, Florida ● Whitby, Ontario, Canada ● Williamsburg, Virginia ​ Beverage packaging, EMEA, locations: ● Belgrade, Serbia ● Bierne, France ● Cabanillas del Campo, Spain ● Cairo, Egypt ● Ejpovice, Czech Republic ● Fosie, Sweden ● Fredericia, Denmark ● Gelsenkirchen, Germany ● Kettering, United Kingdom ● La Selva, Spain ● Lublin, Poland ● Ludesch, Austria ● Manisa, Turkey ● Mantsala, Finland ● Milton Keynes, United Kingdom ● Mont, France ● Nogara, Italy ● Pilsen, Czech Republic ● Wakefield, United Kingdom ● Waterford, Ireland ● Widnau, Switzerland ​ Beverage packaging, South America, locations: ● Aguas Claras, Brazil ● Asuncion, Paraguay ● Brasilia, Brazil ● Buenos Aires, Argentina ● Extrema, Brazil ● Frutal, Brazil ● Jacarei, Sao Paulo, Brazil ● Manaus, Brazil ● Pouso Alegre, Brazil ● Recife, Brazil ● Santiago, Chile ● Tres Rios, Rio de Janeiro, Brazil ​ Beverage packaging, Other, locations: ● Dammam, Saudi Arabia (presented as held for sale as of December 31, 2024 on the consolidated balance sheet) ● Mumbai, India ● Sri City, India ● Yangon, Myanmar ​ 20 Table of Contents Personal & home care locations: ● Ahmedabad, India (presented as held for sale as of December 31, 2024 on the consolidated balance sheet) ● Beaurepaire, France ● Bellegarde, France ● Devizes, United Kingdom ● Itupeva, Brazil ● Llinars del Vallés, Spain ● Lummen, Belgium ● San Luis Potosí, Mexico ● Sherbrooke, Quebec, Canada ● Velim, Czech Republic Aluminum cups location: ● Rome, Georgia (presented as held for sale as of December 31, 2024 on the consolidated balance sheet) ​
In addition to the facilities listed, the company leases other warehousing space. ​ Beverage packaging, North and Central America, locations: ● Bowling Green, Kentucky ● Conroe, Texas ● Fairfield, California ● Findlay, Ohio ● Fort Atkinson, Wisconsin 19 Table of Contents ● Fort Worth, Texas ● Glendale, Arizona ● Golden, Colorado ● Goodyear, Arizona ● Kapolei, Hawaii ● Monterrey, Mexico ● Monticello, Indiana ● Pittston, Pennsylvania ● Queretaro, Mexico ● Rome, Georgia ● Saratoga Springs, New York ● Tampa, Florida ● Whitby, Ontario, Canada ● Williamsburg, Virginia ● Winter Haven, Florida ​ Beverage packaging, EMEA, locations: ● Belgrade, Serbia ● Bierne, France ● Cabanillas del Campo, Spain ● Cairo, Egypt ● Ejpovice, Czech Republic ● Fosie, Sweden ● Fredericia, Denmark ● Gelsenkirchen, Germany ● Kettering, United Kingdom ● La Selva, Spain ● Lublin, Poland ● Ludesch, Austria ● Manisa, Turkey ● Mantsala, Finland ● Milton Keynes, United Kingdom ● Mont, France ● Nogara, Italy ● Pilsen, Czech Republic ● Wakefield, United Kingdom ● Waterford, Ireland ● Widnau, Switzerland ​ Beverage packaging, South America, locations: ● Aguas Claras, Brazil ● Asuncion, Paraguay ● Brasilia, Brazil ● Buenos Aires, Argentina ● Extrema, Brazil ● Frutal, Brazil ● Jacarei, Sao Paulo, Brazil ● Manaus, Brazil ● Pouso Alegre, Brazil ● Recife, Brazil ● Santiago, Chile ● Tres Rios, Rio de Janeiro, Brazil ​ Beverage packaging, Other, locations: ● Mumbai, India ● Sri City, India ● Yangon, Myanmar Personal & home care locations: ● Beaurepaire, France ● Bellegarde, France 20 Table of Contents ● Devizes, United Kingdom ● Itupeva, Brazil ● Llinars del Vallés, Spain ● Lummen, Belgium ● San Luis Potosí, Mexico ● Sherbrooke, Quebec, Canada ● Velim, Czech Republic ​

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Item 4. Mine Safety Disclosures 21 ​ ​ ​ PART II. ​ ​ ​ ​ Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21 Item 6. [Reserved] 22 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 23 ​ Forward-Looking Statements 32 Item 7A.
Item 4. Mine Safety Disclosures 21 ​ ​ ​ PART II. ​ ​ ​ ​ Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21 Item 6. [Reserved] 22 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 23 ​ Forward-Looking Statements 31 Item 7A.
Financial Statements and Supplementary Data 35 ​ Report of Independent Registered Public Accounting Firm (PCAOB ID 238 ) 35 ​ Consolidated Statements of Earnings for the Years Ended December 31, 2024, 2023 and 2022 37 ​ Consolidated Statements of Comprehensive Earnings (Loss) for the Years Ended December 31, 2024, 2023 and 2022 38 ​ Consolidated Balance Sheets at December 31, 2024 and 2023 39 ​ Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022 40 ​ Consolidated Statements of Shareholders’ Equity for the Years Ended December 31, 2024 2023 and 2022 41 ​ Notes to the Consolidated Financial Statements 42 ​ Note 1.
Financial Statements and Supplementary Data 34 ​ Report of Independent Registered Public Accounting Firm (PCAOB ID 238 ) 34 ​ Consolidated Statements of Earnings for the Years Ended December 31, 2025, 2024 and 2023 36 ​ Consolidated Statements of Comprehensive Earnings (Loss) for the Years Ended December 31, 2025, 2024 and 2023 37 ​ Consolidated Balance Sheets at December 31, 2025 and 2024 38 ​ Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023 39 ​ Consolidated Statements of Shareholders’ Equity for the Years Ended December 31, 2025, 2024 and 2023 40 ​ Notes to the Consolidated Financial Statements 41 ​ Note 1.
Quantitative and Qualitative Disclosures About Market Risk 33 Item 8.
Quantitative and Qualitative Disclosures About Market Risk 32 Item 8.
Critical and Significant Accounting Policies 42 ​ Note 2. Accounting Pronouncements 52 ​ Note 3. Business Segment Information 53 ​ Note 4. Acquisitions and Dispositions 56 ​ Note 5. Revenue from Contracts with Customers 60 ​ Note 6. Business Consolidation and Other Activities 60 ​ Note 7. Supplemental Cash Flow Statement Disclosures 61 ​ Note 8.
Significant Accounting Policies 41 ​ Note 2. Accounting Pronouncements 49 ​ Note 3. Business Segment Information 50 ​ Note 4. Acquisitions and Dispositions 53 ​ Note 5. Revenue from Contracts with Customers 56 ​ Note 6. Business Consolidation and Other Activities 56 ​ Note 7. Supplemental Cash Flow Statement Disclosures 57 ​ Note 8. Receivables, Net 58 ​ Note 9.
Receivables, Net 62 ​ Note 9. Inventories, Net 62 ​ Note 10. Property, Plant and Equipment, Net 63 ​ Note 11. Goodwill 63 ​ Note 12. Intangibles Assets, Net 63 ​ Note 13. Other Assets 64 ​ Note 14. Leases 64 ​ Note 15. Debt and Interest Costs 66 ​ Note 16. Taxes on Income 67 ​ Note 17.
Inventories, Net 59 ​ Note 10. Property, Plant and Equipment, Net 59 ​ Note 11. Goodwill 59 ​ Note 12. Intangible Assets, Net 60 ​ Note 13. Other Assets 60 ​ Note 14. Leases 61 ​ Note 15. Debt and Interest Costs 63 ​ Note 16. Taxes on Income 65 ​ Note 17. Employee Benefit Obligations 70 ​ Note 18.
Employee Benefit Obligations 71 ​ Note 18. Shareholders’ Equity 80 ​ Note 19. Stock-Based Compensation Programs 81 ​ Note 20. Earnings Per Share 83 ​ Table of Contents ​ Note 21. Financial Instruments and Risk Management 84 ​ Note 22. Contingencies 90 ​ Note 23. Indemnifications and Guarantees 90 ​ Note 24. Quarterly Results of Operations (Unaudited) 92
Shareholders’ Equity 79 ​ Note 19. Stock-Based Compensation Programs 80 ​ Note 20. Earnings Per Share 82 ​ Table of Contents ​ Note 21. Financial Instruments and Risk Management 82 ​ Note 22. Contingencies 88 ​ Note 23. Indemnifications and Guarantees 89

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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The graph assumes $100 was invested on December 31, 2019, and that all dividends were reinvested.
The graph assumes $100 was invested on December 31, 2020, and that all dividends were reinvested.
This repurchase authorization replaced the April 24, 2024, authorization. ​ 21 Table of Contents Shareholder Return Performance ​ The line graph below compares the annual percentage change in Ball Corporation’s cumulative total shareholder return on its common stock with the cumulative total return of the Dow Jones Containers & Packaging Index and the S&P Composite 500 Stock Index for the five-year period ended December 31, 2024.
This repurchase authorization replaced all previous authorizations . 21 Table of Contents ​ Shareholder Return Performance ​ The line graph below compares the annual percentage change in Ball Corporation’s cumulative total shareholder return on its common stock with the cumulative total return of the Dow Jones Containers & Packaging Index and the S&P Composite 500 Stock Index for the five-year period ended December 31, 2025.
On January 29, 2025, the Board of Directors approved the repurchase by the company of up to a total of $4.00 billion in shares of its common stock.
(b) The company has an ongoing repurchase program for which shares are authorized from time to time by Ball’s Board of Directors. On January 29, 2025, the Board approved the repurchase by the company of up to $4.00 billion in shares of its common stock through the end of 2027.
There were 8,354 common shareholders of record on February 18, 2025. ​ Common Stock Repurchases ​ The following table summarizes the company’s repurchases of its common stock during the fourth quarter of 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases of Securities ($ in millions) Total Number of Shares Purchased (a) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (a) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (b) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 1 to October 31, 2024 ​ 1,893,489 ​ $ 66.04 ​ 1,893,489 ​ 27,117,752 November 1 to November 30, 2024 ​ 3,865,124 ​ ​ 61.50 ​ 3,865,124 ​ 23,252,628 December 1 to December 31, 2024 ​ 4,972,167 ​ ​ 58.32 ​ 4,972,167 ​ 18,280,461 Total ​ 10,730,780 ​ ​ ​ ​ 10,730,780 ​ ​ (a) Includes any open market purchases (on a trade-date basis), share repurchase agreements and/or shares retained by the company to settle employee withholding tax liabilities.
There were 7,385 common shareholders of record on February 17, 2026. ​ Common Stock Repurchases ​ The following table summarizes the company’s repurchases of its common stock during the fourth quarter of 2025. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases of Securities ​ ​ ​ ​ Total Number of Shares Purchased (a) ​ ​ ​ Average Price Paid per Share ​ ​ ​ Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (a) ​ ​ ​ ​ Maximum Value of Shares that May Yet Be Purchased Under the Plans or Programs (b) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 1 to October 31, 2025 ​ 1,856,168 ​ $ 48.95 ​ 1,856,168 ​ $ 3,049,987,369 November 1 to November 30, 2025 ​ 2,314,651 ​ ​ 48.40 ​ 2,314,651 ​ ​ 2,939,112,414 December 1 to December 31, 2025 ​ 285,600 ​ ​ 49.28 ​ 285,600 ​ ​ 2,925,127,964 Total ​ 4,456,419 ​ ​ ​ ​ 4,456,419 ​ ​ ​ (a) Includes any open market purchases (on a trade-date basis), share repurchase agreements and/or shares retained by the company to settle employee withholding tax liabilities.
The Dow Jones Containers & Packaging Index total return has been weighted by market capitalization. ​ ​ Total Return Analysis ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12/31/2019 ​ 12/31/2020 ​ 12/31/2021 ​ 12/31/2022 ​ 12/31/2023 ​ 12/31/2024 BALL ​ $ 100.00 ​ $ 145.19 ​ $ 151.18 ​ $ 81.29 ​ $ 92.79 ​ $ 90.04 S&P 500 ​ ​ 100.00 ​ ​ 118.40 ​ ​ 152.39 ​ ​ 124.79 ​ ​ 157.59 ​ ​ 197.02 DJ US Containers & Packaging ​ ​ 100.00 ​ ​ 121.14 ​ ​ 134.41 ​ ​ 110.49 ​ ​ 118.91 ​ ​ 136.67 ​ Source: Bloomberg ​
The Dow Jones Containers & Packaging Index total return has been weighted by market capitalization. ​ ​ Total Return Analysis ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12/31/2020 ​ 12/31/2021 ​ 12/31/2022 ​ 12/31/2023 ​ 12/31/2024 ​ 12/31/2025 BALL ​ $ 100.00 ​ $ 104.13 ​ $ 55.99 ​ $ 63.91 ​ $ 62.01 ​ $ 60.52 S&P 500 ​ ​ 100.00 ​ ​ 128.71 ​ ​ 105.40 ​ ​ 133.10 ​ ​ 166.40 ​ ​ 196.16 DJ US Containers & Packaging ​ ​ 100.00 ​ ​ 110.96 ​ ​ 91.21 ​ ​ 98.16 ​ ​ 112.83 ​ ​ 99.86 ​ Source: Bloomberg ​
Removed
(b) On April 24, 2024, Ball’s Board of Directors approved the repurchase by the company of up to a total of 40 million shares of its common stock. This repurchase authorization replaced all previous authorizations.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Management’s Discussion and Analysis of Financial Condition and Results of Operations of the company’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed on February 20, 2024, for a comparison of our 2023 results of operations to the 2022 results. On February 16, 2024, the company completed the divestiture of its aerospace business.
Management’s Discussion and Analysis of Financial Condition and Results of Operations of the company’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed on February 20, 2025, for a comparison of our 2024 results of operations to the 2023 results. On February 16, 2024, the company completed the divestiture of its aerospace business.
As described in the supplemental indentures governing the company’s existing senior notes, the senior notes are guaranteed by any of the company’s domestic subsidiaries that guarantee any other indebtedness of the company. ​ The following summarized financial information relates to the obligor group as of and for the years ended December 31, 2024 and 2023.
As described in the supplemental indentures governing the company’s existing senior notes, the senior notes are guaranteed by any of the company’s domestic subsidiaries that guarantee any other indebtedness of the company. ​ The following summarized financial information relates to the obligor group as of and for the years ended December 31, 2025 and 2024.
The assumptions used in accounting for the company’s defined benefit plans and how they have changed over time, as well as the sensitivity of the plans to changes in their related assumptions, can be found in Note 17 to the consolidated financial statements within Item 8 of this annual report. ​ 27 Table of Contents FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES ​ Cash Flows and Capital Expenditures ​ Our primary sources of liquidity are cash provided by operating activities and external borrowings.
The assumptions used in accounting for the company’s defined benefit plans and how they have changed over time, as well as the sensitivity of the plans to changes in their related assumptions, can be found in Note 17 to the consolidated financial statements within Item 8 of this annual report. ​ FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES ​ Cash Flows and Capital Expenditures ​ Our primary sources of liquidity are cash provided by operating activities and external borrowings.
We also monitor the credit ratings of our suppliers, customers, lenders and counterparties on a regular basis. ​ We were in compliance with the leverage ratio requirement at December 31, 2024, and for all prior years presented, and have met all debt payment obligations.
We also monitor the credit ratings of our suppliers, customers, lenders and counterparties on a regular basis. ​ We were in compliance with the leverage ratio requirement at December 31, 2025, and for all prior years presented, and have met all debt payment obligations.
We further intend to utilize our operating cash flows, when available, to repurchase Ball common stock or fund acquisitions that meet our rate of return criteria. ​ We have committed contracts to purchase raw materials and we align these purchase commitments with long-term sales contracts with our customers such that any commitment to purchase aluminum and other direct materials corresponds to a contractual sale.
We further intend to utilize our operating cash flows, when available, to repurchase Ball common stock or fund acquisitions that meet our rate of return criteria. 29 Table of Contents ​ We have committed contracts to purchase raw materials and we align these purchase commitments with long-term sales contracts with our customers such that any commitment to purchase aluminum and other direct materials corresponds to a contractual sale.
These aluminum purchase commitments include pass-through provisions which generally result in proportional changes in both sales and costs of sales ; however, there may be timing differences of when the costs are passed through . ​ The company’s growth and asset maintenance plans require capital expenditures over the coming years, which will be funded by operating cash flows and external borrowings.
These sales contracts include pass-through provisions which generally result in proportional changes in both sales and costs of sales ; however, there may be timing differences of when the costs are passed through . ​ The company’s growth and asset maintenance plans require capital expenditures over the coming years, which will be funded by operating cash flows and external borrowings.
The company has recorded $44 million, $93 million and $64 million of expense related to its factoring programs in 2024, 2023 and 2022, respectively, and has presented these amounts in selling, general and administrative in its consolidated statements of earnings. ​ The company has several regional supplier finance programs with various financial institutions that act as the paying agent for certain payables of the company.
The company has recorded $38 million, $44 million and $93 million of expense related to its factoring programs in 2025, 2024 and 2023, respectively, and has presented these amounts in selling, general and administrative in its consolidated statements of earnings. ​ The company has several regional supplier finance programs with various financial institutions that act as the paying agent for certain payables of the company.
The plan was frozen on April 5, 2024. See Note 17 for further details. ​ Other Liquidity Measures ​ The company expects that 2025 capital expenditures for property, plant and equipment will likely be in the range of $600 million and we intend to return approximately $220 million to shareholders in the form of dividends.
The plan was frozen on April 5, 2024. See Note 17 for further details. ​ ​ Other Liquidity Measures ​ The company expects that 2026 capital expenditures for property, plant and equipment will likely be in the range of $600 million and we intend to return approximately $210 million to shareholders in the form of dividends.
These amounts represented 5 percent and 4 percent of consolidated net sales for the years ended 2024 and 2023, respectively.
These amounts represented 4 percent and 5 percent of consolidated net sales for the years ended 2025 and 2024, respectively.
The U.S. note agreements and bank credit agreement contain certain restrictions relating to dividend payments, share repurchases, investments, financial ratios, guarantees and the incurrence of additional indebtedness. The most restrictive of our debt covenants requires us to maintain a leverage ratio (as defined) of no greater than 5.0 times, which will change to 4.5 times as of September 30, 2025.
The U.S. note agreements and bank credit agreement contain certain restrictions relating to dividend payments, share repurchases, investments, financial ratios, guarantees and the incurrence of additional indebtedness. The most restrictive of our debt covenants requires us to maintain a leverage ratio (as defined) of no greater than 4.5 times.
As of December 31, 2024, the company could borrow an additional $2.35 billion under its long-term multi-currency committed revolving facilities and short-term uncommitted credit facilities. Additional details about our debt are available in Note 15 accompanying the consolidated financial statements within Item 8 of this annual report.
As of December 31, 2025, the company could borrow an additional $2.66 billion, without violating its debt covenants, under its long-term multi-currency committed revolving facilities and short-term uncommitted credit facilities. Additional details about our debt are available in Note 15 accompanying the consolidated financial statements within Item 8 of this annual report.
It is not practical to estimate the additional taxes that might become payable if these earnings were remitted to the U.S. ​ Share Repurchases ​ The company’s share repurchases were $1.71 billion in 2024 and $3 million in 2023.
It is not practical to estimate the additional taxes that might become payable if these earnings were remitted to the U.S. ​ Share Repurchases ​ The company’s share repurchases were $1.32 billion in 2025 and $1.71 billion in 2024.
The following table summarizes our cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ($ in millions) 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows provided by (used in) operating activities ​ $ 115 ​ $ 1,863 ​ $ 301 Cash flows provided by (used in) investing activities ​ ​ 5,003 ​ ​ (1,053) ​ ​ (786) Cash flows provided by (used in) financing activities ​ ​ (4,790) ​ ​ (662) ​ ​ 485 ​ Cash flows from the historical aerospace reportable segment are presented within each cash flow statement category in the consolidated statements of cash flows.
The following table summarizes our cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ($ in millions) ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows provided by (used in) operating activities ​ $ 1,262 ​ $ 115 ​ $ 1,863 Cash flows provided by (used in) investing activities ​ ​ (656) ​ ​ 5,003 ​ ​ (1,053) Cash flows provided by (used in) financing activities ​ ​ (344) ​ ​ (4,790) ​ ​ (662) ​ Cash flows from the historical aerospace reportable segment are presented within each cash flow statement category in the consolidated statements of cash flows.
The programs are accounted for as true sales of the receivables, with limited recourse to Ball, and had combined limits of approximately $1.60 billion and $2.00 billion at December 31, 2024 and 2023, respectively. A total of $428 million and $350 million were available for sale under these programs as of December 31, 2024 and 2023, respectively.
The programs are accounted for as true sales of the receivables, with limited recourse to Ball, and had combined limits of approximately $1.82 billion and $1.60 billion at December 31, 2025 and 2024, respectively. A total of $364 million and $428 million were available for sale under these programs as of December 31, 2025 and 2024, respectively.
This estimate may change based on changes in the Pension Protection Act, actual plan asset performance and available company cash flow, among other factors. ​ As of December 31, 2024, approximately $416 million of our cash was held outside of the U.S.
This estimate may change based on changes in the Pension Protection Act, actual plan asset performance and available company cash flow, among other factors. ​ As of December 31, 2025, approximately $1.00 billion of our cash was held outside of the U.S.
While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. ​ 25 Table of Contents RESULTS OF BUSINESS SEGMENTS ​ Segment Results ​ Ball’s operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below. ​ Beverage Packaging, North and Central America ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ($ in millions) ​ 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ $ 5,619 ​ $ 5,963 ​ $ 6,696 ​ Comparable operating earnings ​ ​ ​ 747 ​ ​ 710 ​ ​ 642 ​ Comparable operating earnings as a % of segment net sales ​ ​ ​ 13 % ​ 12 % ​ 10 % ​ Ball permanently ceased production at its aluminum beverage can manufacturing facility in St.
While these items are expected to recur, the potential magnitude of each item is uncertain. ​ Further details of taxes on income are provided in Note 16 to the consolidated financial statements within Item 8 of this annual report. ​ RESULTS OF BUSINESS SEGMENTS ​ Segment Results ​ Ball’s operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below. ​ 25 Table of Contents Beverage Packaging, North and Central America ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ($ in millions) ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ $ 6,286 ​ $ 5,619 ​ $ 5,963 ​ Comparable operating earnings ​ ​ ​ 772 ​ ​ 747 ​ ​ 710 ​ Comparable operating earnings as a % of segment net sales ​ ​ ​ 12 % ​ 13 % ​ 12 % ​ Ball acquired an aluminum beverage can manufacturing facility in Winter Haven, Florida, in the first quarter of 2025 as part of its acquisition of Florida Can Manufacturing and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington, in the first quarter of 2024.
The company also had approximately $978 million of short-term uncommitted credit facilities available at December 31, 2024, of which $37 million was outstanding and due on demand.
The company also had approximately $998 million of short-term uncommitted credit facilities available at December 31, 2025, of which $19 million was outstanding and due on demand.
The amount of obligations outstanding that the company confirmed as valid to the financial institutions under the company's programs was $423 million and $703 million at December 31, 2024 and 28 Table of Contents 2023, respectively.
The amount of obligations outstanding that the company confirmed as valid to the financial institutions under the company's programs was $424 million and $423 million at December 31, 2025 and 2024, respectively.
Interest expense as a percentage of average borrowings decreased by approximately 10 basis points from 4.9 percent in 2023 to 4.8 percent in 2024.
Interest expense as a percentage of average borrowings decreased by approximately 30 basis points from 4.8 percent in 2024 to 4.5 percent in 2025.
Intercompany transactions, equity investments and other intercompany activity between obligor group subsidiaries have been eliminated from the summarized financial information. Investments in subsidiaries not forming part of the obligor group have also been eliminated.
Intercompany transactions, equity investments and other intercompany activity between obligor group subsidiaries have been eliminated from the summarized financial information.
However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​ Cost of Sales (Excluding Depreciation and Amortization) ​ Cost of sales, excluding depreciation and amortization, was $9,354 million in 2024 compared to $9,754 million in 2023.
However, net sales attributable to the historical aerospace reportable segment are not included in the net sales figures in the table above. ​ Cost of Sales (Excluding Depreciation and Amortization) ​ Cost of sales, excluding depreciation and amortization, was $10.58 billion in 2025 compared to $9.35 billion in 2024.
At December 31, 2023, the company had $196 million of committed short-term loans outstanding and $13 million outstanding under short-term uncommitted credit facilities. 29 Table of Contents ​ While ongoing financial and economic conditions in certain areas may raise concerns about credit risk with counterparties to derivative transactions, the company mitigates its exposure by allocating the risk among various counterparties and limiting exposure to any one party.
At December 31, 2024, the company had $109 million of committed short-term loans outstanding and a $24 million short-term finance lease outstanding. ​ While ongoing financial and economic conditions in certain areas may raise concerns about credit risk with counterparties to derivative transactions, the company mitigates its exposure by allocating the risk among various counterparties and limiting exposure to any one party.
The interest expense decrease was primarily driven by a decrease of $160 million from a smaller amount of weighted average principal outstanding during the year, resulting mainly from the use of proceeds from the aerospace disposal, and a decrease of $7 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company’s effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2024 effective income tax rate was 24.9 percent compared to 23.8 percent for 2023.
The interest expense increase was primarily driven by an increase of $42 million from a higher amount of weighted average principal outstanding during the year, resulting mainly from the issuance of new notes, partially offset by a decrease of $21 million from lower weighted average interest rates on outstanding debt during the year. ​ Tax Provision ​ The company’s effective tax rate is affected by recurring items such as income earned in non-U.S. jurisdictions with tax rates that differ from the U.S. tax rate and by discrete items that may occur in any given year but are not consistent from year to year. ​ The 2025 effective income tax rate was 21.3 percent compared to 24.9 percent for 2024.
The company plans to continue capital return to shareholders via an estimated $1.3 billion in share repurchases in 2025. ​ On April 24, 2024, Ball’s Board of Directors approved the repurchase by the company of up to a total of 40 million shares of its common stock. This repurchase authorization replaced all previous authorizations.
The company plans to continue capital return to shareholders via an estimated $600 million in share repurchases in 2026. ​ On January 29, 2025, the Board of Directors approved the repurchase by the company of up to a total of $4.00 billion in shares of its common stock. This repurchase authorization replaced all previous authorizations.
The increase was primarily due to higher compensation costs of $93 million, which included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business. ​ Business Consolidation and Other Activities ​ Business consolidation and other activities resulted in charges of $420 million in 2024 compared to charges of $133 million in 2023.
The decrease was primarily due to 2024 including $82 million of incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business. ​ Business Consolidation and Other Activities ​ Business consolidation and other activities resulted in income of $41 million in 2025 compared to charges of $420 million in 2024.
Contributions to the company’s defined benefit pension plans were $32 million and $42 million for the years ended 2024 and 2023, respectively, inclusive of contributions in 2023 to the Salaried Employees of Ball Aerospace & Technologies Corp. Pension Plan. Contributions are expected to be approximately $32 million for the full year of 2025.
Contributions to the company’s defined benefit pension plans were $43 million and $32 million for the years ended 2025 and 2024, respectively. Contributions are expected to be approximately $29 million for the full year of 2026.
Approximately $244 million of capital expenditures were contractually committed as of December 31, 2024. Maturities for Ball’s long-term debt are disclosed in Note 15 to the consolidated financial statements within Item 8 of this annual report. Repayments of debt and other operational cash requirements will also be funded by operating cash flows and external borrowings.
Approximately $320 million of capital expenditures were contractually committed as of December 31, 2025. Maturities for Ball’s long-term debt are disclosed in Note 15 to the consolidated financial statements within Item 8 of this annual report.
These amounts represented 4 percent and 1 percent of consolidated net sales for 2024 and 2023, respectively. The amounts in 2024 primarily include a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its estimated fair value less cost to sell and facility shutdown costs.
The 2024 amounts primarily relate to a $233 million noncash charge to adjust the carrying value of the aluminum cups business to its fair value less cost to sell and facility shutdown costs.
Additional factors that might affect: a) Ball’s packaging segments include product capacity, supply, and demand constraints and fluctuations and changes in consumption patterns; availability/cost of raw materials, equipment, and logistics; competitive packaging, pricing and substitution; changes in climate and weather and related events such as drought, wildfires, storms, hurricanes, tornadoes and floods; footprint adjustments and other manufacturing changes, including the opening and closing of facilities and lines; failure to achieve synergies, productivity improvements or cost reductions; unfavorable mandatory deposit or packaging laws; customer and supplier consolidation; power and supply chain interruptions; changes in major customer or supplier contracts or loss of a major customer or supplier; inability to pass-through increased costs; war, political instability and sanctions, including relating to the situation in Russia and Ukraine and its impact on Ball’s supply chain and its ability to operate in Europe, the Middle East and Africa regions generally; changes in foreign exchange or tax rates; and tariffs, trade actions, or other governmental actions, including business restrictions and orders affecting goods produced by Ball or in its supply chain, including imported raw materials; and b) Ball as a whole include those listed above plus: the extent to which sustainability-related opportunities arise and can be capitalized upon; changes in senior management, succession, and the ability to attract and retain skilled labor; regulatory actions or issues including those related to tax, environmental, social and governance reporting, competition, environmental, health and workplace safety, including U.S.
Additional important factors include among others: supply and demand constraints, fluctuations and changes in consumption patterns; availability/cost of raw materials, equipment, and logistics; competitive packaging, pricing and substitution; power and supply chain interruptions; customer and supplier consolidation; changes in major customer or supplier contracts or loss of a major customer or supplier; inability to pass-through increased costs; footprint adjustments and other manufacturing changes, including the opening and closing of facilities and lines; failure to achieve synergies, productivity improvements or cost reductions; war, political instability, sanctions, and other uncertainties surrounding geopolitical events and governmental policies including relating to the situation in Russia and Ukraine and its impact on Ball’s operations in Europe, the Middle East and Africa regions; changes in foreign exchange or tax rates; tariffs, trade actions, or other governmental actions; unfavorable mandatory deposit or packaging laws; regulatory actions or issues including those related to tax, environmental regulation, social and governance reporting, competition, health and workplace safety, including governmental actions or public concerns affecting products filled in Ball’s containers, or chemicals or substances used in raw materials or in the manufacturing process; changes in climate and weather and related events such as drought, wildfires, storms, hurricanes, tornadoes and floods; the extent to which sustainability-related opportunities arise and can be capitalized upon; changes in senior management, succession, and the ability to attract and retain skilled labor; strikes; disease; pandemic; labor cost changes; technological developments and innovations; the ability to manage cyber threats; litigation; inflation; pension changes; changes in the rates of return on assets of Ball’s defined benefit retirement plans; reduced cash flow; interest rates affecting Ball’s debt; successful or unsuccessful joint ventures, acquisitions and divestitures, and their effects on Ball’s operating results and business generally. ​ 31 Table of Contents
Such statements are based on current expectations or views of the future and are subject to risks and uncertainties, which could cause actual results or events to differ materially from those expressed or implied.
Such statements are based on current expectations or views of the future and are subject to risks and uncertainties, which could cause actual results or events to differ materially from those expressed or implied. Ball undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
It remains uncertain how long any of these conditions may last or how severe any of them may become. ​ Consolidated Sales and Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ($ in millions) 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 11,795 ​ $ 12,062 ​ $ 13,372 ​ Net earnings attributable to Ball Corporation ​ ​ 4,008 ​ ​ 707 ​ ​ 719 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 34 % ​ 6 % ​ 5 % ​ Sales in 2024 decreased $267 million compared to 2023 primarily due to decreases of $213 million from lower sales prices and $70 million from lost volume as a result of the 2023 fire at the company’s Verona, Virginia extruded aluminum slug manufacturing facility. ​ Net earnings attributable to Ball Corporation in 2024 increased $3.30 billion compared to 2023 primarily due to increases of $3.36 billion from discontinued operations, net of tax, $129 million from the results of the reportable segments discussed below, $167 million from lower interest expense and $42 million from higher interest income in corporate undistributed expenses, net, partially offset by increases in costs of $287 million from business consolidation and other activities and $82 million from incremental compensation cost from the successful sale of the aerospace business . ​ When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations.
As a result of the divestiture, prior periods disclosed herein reflect the aerospace business’ financial results as discontinued operations. ​ Consolidated Sales and Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ($ in millions) ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 13,161 ​ $ 11,795 ​ $ 12,062 ​ Net earnings attributable to Ball Corporation ​ ​ 912 ​ ​ 4,008 ​ ​ 707 ​ Net earnings attributable to Ball Corporation as a % of net sales ​ ​ 7 % ​ 34 % ​ 6 % ​ Sales in 2025 increased $1.37 billion compared to 2024 primarily due to increases of $713 million from higher volume , $579 million from price mix, primarily from higher aluminum prices, and $177 million from currency translation. ​ Net earnings attributable to Ball Corporation in 2025 decreased $3.10 billion compared to 2024 primarily due to decreases of $3.58 billion from discontinued operations, net of tax, $107 million from a higher provision for income taxes and $41 million from lower interest income in corporate undistributed expenses, net, partially offset by decreases in costs of $461 million from business consolidation and other activities, $82 million from lower incremental compensation costs related to the successful sale of the aerospace business in 2024 and $135 million from the results of the reportable segments discussed below . ​ When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are now reported as discontinued operations.
We currently estimate a total cash tax of $875 million for the sale of the aerospace business. See Note 4 for further details. In a dynamic economic environment, payment terms with our customers and vendors become a more important element of total mix of information used to negotiate our contract terms.
In a dynamic economic environment, payment terms with our customers and vendors become a more important element of total mix of information used to negotiate our contract terms.
This repurchase authorization replaced the April 24, 2024, authorization. ​ Debt Facilities and Refinancing ​ Given our cash flow projections and unused credit facilities that are available until June 2027, our liquidity is strong and is expected to meet our ongoing cash and debt service requirements.
At December 31, 2025, $2.93 billion remains available to be repurchased . ​ Debt Facilities and Refinancing ​ Given our cash flow projections and unused credit facilities that are available until June 2030, our liquidity is strong and is expected to meet our ongoing cash and debt service requirements.
These amounts represented less than 1 percent of consolidated net sales for the years ended 2024 and 2023. The increase in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business. ​ Interest Expense ​ Interest expense was $293 million in 2024 compared to $460 million in 2023.
The decrease in interest income was primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business. ​ Interest Expense ​ Interest expense was $314 million in 2025 compared to $293 million in 2024.
See Note 4 for further details. ​ Saudi Arabia ​ In November 2024, the company entered into an agreement to sell 41 percent of its share in Ball United Arab Can Manufacturing Company, which will trigger deconsolidation upon closing of the transaction.
In 2024 and 2025, we entered into and designated net investment hedges against the net assets of our euro denominated operations. See Note 21 for further details. ​ Saudi Arabia ​ In August 2025, the company sold 41 percent of its share in Ball United Arab Can Manufacturing Company, which resulted in deconsolidation upon closing of the transaction.
Additionally, in the first quarter of 2024, Ball repaid at maturity the outstanding 0.875% euro denominated senior notes due in the amount of $817 million and prepaid $700 million of the Term A loan outstanding balance. ​ The company’s senior credit facilities include a $1.35 billion term loan and long-term, multi-currency revolving facilities that mature in June 2027, which provide the company with up to the U.S. dollar equivalent of $1.75 billion.
The company’s senior credit facilities include a $1.50 billion term loan and long-term multi-currency revolving facilities that mature in November 2030, which provide the company with up to U.S. dollar equivalent of $2.00 billion. On November 17, 2025, Ball redeemed all of the outstanding principal of the $750 million of 6.875% senior notes due in March 2028.
Depreciation and amortization, capital expenditures and significant operating and investing noncash items of the aerospace discontinued operation are presented in Note 4 . ​ Cash flows provided by operating activities were $115 million in 2024, primarily driven by earnings from continuing operations of $430 million, along with reconciling adjustments to operating cash flows of $620 million for depreciation and amortization and a $233 million noncash impairment charge on the aluminum cups business, partially offset by $766 million of income taxes paid related to the sale of the aerospace business and the company’s decision to reduce its use of factoring by $476 million.
Depreciation and amortization, capital expenditures and significant operating and investing noncash items of the aerospace discontinued operation are presented in Note 4 . ​ Cash flows provided by operating activities were $1.26 billion in 2025, primarily driven by earnings from continuing operations of $915 million, along with reconciling adjustments to operating cash flows of $478 million and working capital outflows of $131 million.
The company has no material off-balance sheet arrangements. ​ 30 Table of Contents CONTINGENCIES, INDEMNIFICATIONS AND GUARANTEES ​ Details of the company’s contingencies, legal proceedings, indemnifications and guarantees are available in Note 22 and Note 23 to the consolidated financial statements within Item 8 of this annual report.
Repayments of debt and other operational cash requirements will also be funded by operating cash flows and external borrowings. ​ CONTINGENCIES, INDEMNIFICATIONS AND GUARANTEES ​ Details of the company’s contingencies, legal proceedings, indemnifications and guarantees are available in Note 22 and Note 23 to the consolidated financial statements within Item 8 of this annual report.
Words such as “expects,” “anticipates,” “estimates,” “will,” “believe,” “continue,” “goal” and similar expressions typically identify forward looking statements, which are generally any statements other than statements of historical fact.
F orward-looking statements are generally statements that express or imply an expectation or belief concerning future events or financial performance. Words such as “expects,” “anticipates,” “estimates,” “will,” “believe,” “continue,” “goal” and similar expressions typically identify forward looking statements.
At December 31, 2024, days inventory outstanding was 58 days; therefore, a change of one day in days inventory on hand will impact cash flows provided by (used in) operating activities by $25 million. ​ Cash flows provided by investing activities were $5.00 billion in 2024, primarily driven by the initial cash proceeds received at close from the sale of the aerospace business of $5.42 billion, partially offset by capital expenditures of $484 million. ​ Cash flows used in financing activities were $4.79 billion in 2024, primarily driven by net repayments of long-term borrowings of $2.86 billion, repurchases of common stock of $1.71 billion and common stock dividends of $244 million.
At December 31, 2025, a change of one day in days sales outstanding will impact cash flows provided by (used in) operating activities by $37 million, a change of one day in days payable outstanding will impact cash flows provided by (used in) operating activities by $30 million and a change of one day in days inventory on hand will impact cash flows provided by (used in) operating activities by $30 million. ​ Cash flows used in investing activities were $656 million in 2025, primarily driven by capital expenditures of $474 million, $160 million of cash consideration used for the acquisition of Florida Can Manufacturing and $99 million of derivative settlements, partially offset by $32 million from dispositions. ​ 27 Table of Contents Cash flows used in financing activities were $344 million in 2025, primarily driven by net borrowings of long-term and short-term borrowings of $1.23 billion, offset by repurchases of common stock of $1.32 billion and dividends of $220 million.
As compared with the statutory U.S. federal income tax rate of 21 percent, the 2024 effective income tax rate was reduced by 2.1 percent for the impact of state and local taxes. This reduction was offset by an increase of 5.8 percent for currency exchange on revaluation of deferred tax balances.
As compared with the statutory U.S. federal income tax rate of 21 percent, the 2025 effective income tax rate was reduced by 4.2 percent for the impact of tax holidays and by 2.0 percent for the sale of the Saudi Arabian business.
The amounts in 2023 included facility shutdown costs, a foreign exchange loss associated with the company’s Argentina business and transaction costs related to the sale of the aerospace business. Further details regarding business consolidation and other activities are provided in Note 6 . ​ Interest Income ​ Interest income was $68 million in 2024 compared to $36 million in 2023.
Further details regarding business consolidation and other activities are provided in Note 6 . ​ Interest Income ​ Interest income was $30 million in 2025 compared to $68 million in 2024. These amounts represented less than 1 percent of consolidated net sales for the years ended 2025 and 2024.
We took actions to normalize inventory levels and reduce fixed and variable costs in 2024 and 2023. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $611 million in 2024 compared to $605 million in 2023. These amounts represented 5 percent of consolidated net sales for the years ended 2024 and 2023.
These amounts represented 5 percent of consolidated net sales for the years ended 2025 and 2024. ​ 24 Table of Contents Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $566 million in 2025 compared to $647 million in 2024.
GAAP is available in Item 8 of this annual report. ​ CRITICAL ACCOUNTING POLICIES AND ESTIMATES ​ For information regarding the company’s critical and significant accounting policies, as well as recent accounting pronouncements, see Note 1 and Note 2 to the consolidated financial statements within Item 8 of this annual report. ​ The company considers certain accounting estimates to be critical, as their application is made in accordance with generally accepted accounting principles that involve a significant level of estimation uncertainty and have had, or are reasonably likely to have, a material impact on the financial condition or results of operations.
See Note 4 for further details on the acquisition. ​ Segment sales in 2025 were $667 million higher compared to 2024 primarily due to increases of $291 million from higher volume and $375 million from price/mix. ​ Comparable operating earnings in 2025 were $25 million higher compared to 2024 primarily due to an increase of $98 million from higher volumes, partially offset by decreases of $49 million from higher costs and $23 million from price/mix . ​ Beverage Packaging, EMEA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ($ in millions) ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 3,983 ​ $ 3,466 ​ $ 3,395 ​ Comparable operating earnings ​ ​ 495 ​ ​ 416 ​ ​ 354 ​ Comparable operating earnings as a % of segment net sales ​ ​ 12 % ​ 12 % ​ 10 % ​ Segment sales in 2025 were $517 million higher compared to 2024 primarily due to increases of $251 million from higher volume, $171 million from currency translation and $103 million from price/mix . ​ Comparable operating earnings in 2025 were $79 million higher compared to 2024 primarily due to increases of $75 million from higher volume and $42 million from price/mix, partially offset by $62 million higher costs. ​ Beverage Packaging, South America ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ($ in millions) ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 2,162 ​ $ 1,951 ​ $ 1,960 ​ Comparable operating earnings ​ ​ 327 ​ ​ 296 ​ ​ 266 ​ Comparable operating earnings as a % of segment net sales ​ ​ 15 % ​ 15 % ​ 14 % ​ Segment sales in 2025 were $211 million higher compared to 2024 primarily due to increases of $136 million from higher volume and $73 million from price/mix. ​ Comparable operating earnings in 2025 were $31 million higher compared to 2024 primarily due to an increase of $52 million from higher volume and $39 million from price/mix, partially offset by a decrease of $60 million from higher costs. ​ CRITICAL ACCOUNTING POLICIES AND ESTIMATES ​ For information regarding the company’s significant accounting policies, as well as recent accounting pronouncements, see Note 1 and Note 2 to the consolidated financial statements within Item 8 of this annual report. ​ 26 Table of Contents The company considers certain accounting estimates to be critical, as their application is made in accordance with generally accepted accounting principles that involve a significant level of estimation uncertainty and have had, or are reasonably likely to have, a material impact on the financial condition or results of operations.
These amounts represented 79 percent and 81 percent of consolidated net sales for the years ended 2024 and 2023, 24 Table of Contents respectively. The decrease year-over-year was primarily due to lower manufacturing costs, including lower aluminum costs of $281 million, and lower freight expenses of $53 million.
These amounts represented 80 percent and 79 percent of consolidated net sales for the years ended 2025 and 2024, respectively.
As such, the following summarized financial information of the obligor group as of and for the year ended December 31, 2024, does not include results and balance sheet information of the historical aerospace reportable segment. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ($ in millions) ​ 2024 2023 ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 6,708 ​ $ 8,962 Gross profit (a) ​ ​ 807 ​ ​ 1,074 Net earnings ​ ​ 3,824 ​ ​ 493 Net earnings attributable to Ball Corporation ​ ​ 3,824 ​ ​ 493 (a) Gross profit is shown after depreciation and amortization related to cost of sales of $189 million and $272 million for the years ended December 31, 2024 and 2023, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ($ in millions) 2024 2023 ​ ​ ​ ​ ​ ​ ​ Current assets ​ $ 2,144 ​ $ 2,339 Noncurrent assets ​ ​ 14,698 ​ ​ 15,955 Current liabilities ​ ​ 4,096 ​ ​ 5,163 Noncurrent liabilities ​ ​ 8,415 ​ ​ 10,857 ​ 31 Table of Contents Included in the amounts disclosed in the tables above, at December 31, 2024 and 2023, the obligor group held receivables due from other subsidiary companies of $440 million and $768 million, respectively, long-term notes receivable due from other subsidiary companies of $10.03 billion and $10.20 billion, respectively, payables due to other subsidiary companies of $1.79 billion and $1.83 billion, respectively, and long-term notes payable due to other subsidiary companies of $2.20 billion and $2.32 billion, respectively. ​ For the years ended December 31, 2024 and 2023, the obligor group recorded the following transactions with other subsidiary companies: sales to them of $1.23 billion and $1.13 billion, respectively, net credits from them of $75 million and $38 million, respectively, and net interest income from them of $336 million and $344 million, respectively.
Investments in subsidiaries not forming part of the obligor group have also been eliminated. ​ ​ ​ ​ ​ ​ ​ Year Ended ($ in millions) ​ December 31, 2025 ​ ​ ​ ​ Net sales ​ $ 6,372 Gross profit (a) ​ ​ 853 Net earnings ​ ​ 405 Net earnings attributable to Ball Corporation ​ ​ 405 (a) Gross profit is shown after depreciation and amortization related to cost of sales of $164 million for the year ended December 31, 2025. ​ ​ ​ ​ ​ ​ ​ December 31, ($ in millions) ​ ​ ​ 2025 ​ ​ ​ ​ Current assets ​ $ 2,222 Noncurrent assets ​ ​ 13,453 Current liabilities ​ ​ 3,399 Noncurrent liabilities ​ ​ 12,761 ​ 30 Table of Contents Included in the amounts disclosed in the tables above, at December 31, 2025, the obligor group held receivables due from other subsidiary companies of $503 million, long-term notes receivable due from other subsidiary companies of $9.93 billion, payables due to other subsidiary companies of $1.09 billion and long-term notes payable due to other subsidiary companies of $4.97 billion. ​ For the years ended December 31, 2025, the obligor group recorded the following transactions with other subsidiary companies: sales to them of $736 million, net credits from them of $68 million, and net interest income from them of $250 million. ​ A description of the terms and conditions of the company’s debt guarantees is located in Note 23 to the consolidated financial statements within Item 8 of this annual report. ​ FORWARD-LOOKING STATEMENTS ​ This report and other public filings, earnings news releases, quarterly earnings conference calls and other written and oral communications made by Ball contain statements which are not historical facts and constitute “forward-looking” statements as that term is used in the Private Securities Litigation Reform Act of 1995 (the “Reform Act”).
Removed
As a result of the divestiture, prior periods disclosed herein reflect the aerospace business’ financial results as discontinued operations. ​ Global Economic Environment ​ Recent data has indicated that the rate of inflation is slowing in the majority of regions where we operate.
Added
The increase year-over-year was primarily due to higher manufacturing costs, including higher raw materials costs of $1.09 billion, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segments below. ​ Depreciation and Amortization ​ Depreciation and amortization expense was $622 million in 2025 compared to $611 million in 2024.
Removed
That said, current and future inflationary effects may continue to be impacted by, among other things, supply chain disruptions, governmental stimulus or fiscal and monetary policies, changes in interest rates, tariffs, and changing demand for certain goods and services.
Added
These amounts represented less than 1 percent and 4 percent of consolidated net sales for 2025 and 2024, respectively. The amounts in 2025 primarily include an $81 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups transaction.
Removed
We cannot predict with any certainty the impact that interest rates, a global or any regional recession, or higher inflation may have on our customers or suppliers.
Added
This reduction was offset by an increase of 2.4 percent for non-U.S. tax rate differences, 2.0 percent for direct withholding taxes, net of credits, and 1.3 percent for state and local income taxes.
Removed
Additionally, we are unable to predict the potential effects that any future pandemic, hyperinflation in Argentina and Egypt, or the continuation or escalation of global conflicts, including the conflict between Russia and Ukraine and the instability in the Middle East and Myanmar, and related sanctions or market disruptions, may have on our business.
Added
We have estimated a total cash tax of $830 million for the sale of the aerospace business, of which $766 million was paid in 2024 and $168 million was paid in 2025. In January 2026, the company received a refund of $104 million related to these payments. See Note 4 for further details.
Removed
The increase compared to the same period in 2023 was primarily due to the company’s larger depreciable asset base. ​ Selling, General and Administrative ​ Selling, general and administrative (SG&A) was $647 million in 2024 compared to $532 million in 2023.
Added
Total debt of $7.01 billion and $5.69 billion was outstanding at December 31, 2025 and 2024, respectively. ​ 28 Table of Contents On November 25, 2025 Ball refinanced its existing senior credit facilities which were previously amended in 2022.
Removed
Paul, Minnesota in the first quarter of 2023, permanently ceased production at its aluminum beverage can manufacturing facility in Wallkill, New York in the third quarter of 2023, permanently discontinued plans to construct a beverage can plant in North Las Vegas in the third quarter of 2023 and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington in the first quarter of 2024. ​ Segment sales in 2024 were $344 million lower compared to 2023 primarily due to decreases of $193 million from price/mix and $150 million from lower volume. ​ Comparable operating earnings in 2024 were $37 million higher compared to 2023 primarily due to increases of $66 million from price/mix and $61 million from lower costs, partially offset by decreases of $51 million from lower volume and $32 million from income recognized in 2023 from the termination of a long term power supply contract that offset higher energy costs. ​ Beverage Packaging, EMEA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ($ in millions) ​ 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 3,466 ​ $ 3,395 ​ $ 3,854 ​ Comparable operating earnings ​ ​ 416 ​ ​ 354 ​ ​ 358 ​ Comparable operating earnings as a % of segment net sales ​ ​ 12 % ​ 10 % ​ 9 % ​ Segment sales in 2024 were $71 million higher compared to 2023 primarily due to an increase of $104 million from higher volume, partially offset by a decrease of $21 million resulting mainly from lower aluminum prices. ​ Comparable operating earnings in 2024 were $62 million higher compared to 2023 primarily due to increases of $40 million from price/mix and $44 million from higher volume, partially offset by higher costs. ​ Beverage Packaging, South America ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ($ in millions) ​ 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 1,951 ​ $ 1,960 ​ $ 2,108 ​ Comparable operating earnings ​ ​ 296 ​ ​ 266 ​ ​ 275 ​ Comparable operating earnings as a % of segment net sales ​ ​ 15 % ​ 14 % ​ 13 % ​ Segment sales in 2024 were $9 million lower compared to 2023 primarily due to a decrease of $22 million from price/mix partially offset by a higher volume of $13 million. ​ 26 Table of Contents Comparable operating earnings in 2024 were $30 million higher compared to 2023 primarily due to an increase of $12 million from price/mix and $16 million from lower costs. ​ Management Performance Measures ​ Management internally uses various measures to evaluate company performance such as comparable operating earnings (earnings before interest expense, taxes and business consolidation and other non-comparable items); comparable net earnings (net earnings attributable to Ball Corporation before business consolidation and other non-comparable items after tax); comparable diluted earnings per share (comparable net earnings divided by diluted weighted average shares outstanding); return on average invested capital (net operating earnings after tax over the relevant performance period divided by average invested capital over the same period); economic value added (EVA®) dollars (net operating earnings after tax less a capital charge on average invested capital employed); earnings before interest expense, taxes, depreciation and amortization (EBITDA); and diluted earnings per share.
Added
On December 15, 2025, Ball redeemed all of the outstanding principal of the $256 million of 4.875% senior notes due in March 2026. ​ In August 2025, Ball issued $750 million of 5.50% senior notes due in 2033 and repaid the outstanding U.S. dollar revolving credit facility due in 2027 in the amount of $600 million, as well as the outstanding multi-currency revolving credit facility due in 2027 of $100 million. ​ In July 2025, Ball repaid at maturity the outstanding 5.25% senior notes due in the amount of $189 million. ​ In May 2025, Ball issued €850 million of 4.25% senior notes due in 2032 and repaid a portion of the U.S. dollar revolving credit facility due in 2027 in the amount of $500 million, as well as the outstanding multi-currency revolving credit facility due in 2027 of $200 million. ​ At December 31, 2025, approximately $1.95 billion was available under the company’s long-term, multi-currency committed revolving credit facilities.
Removed
In addition, management uses operating cash flows, free cash flow (cash flows from operating activities less capital expenditures; and, it may be adjusted for additional items that affect comparability between periods) and adjusted free cash flow (free cash flow adjusted for payments made for income tax liabilities related to the aerospace disposition and other material dispositions) as measures to evaluate the company’s liquidity.
Added
Forward-looking statements are not guarantees of future performance, and you should therefore not place undue reliance upon such statements.
Removed
We believe this information is also useful to investors as it provides insight into the earnings and cash flow criteria that management uses to make strategic decisions.
Added
Rather, these statements involve estimates, assumptions uncertainties and known and unknown risks, many of which are outside our control, and such statements are therefore qualified in their entirety by reference to the factors listed below and the risks discussed in Item 1A, Risk Factors and elsewhere in this report.
Removed
These financial measures may be adjusted at times for items that affect comparability between periods, including business consolidation and other non-comparable items. ​ Nonfinancial measures used in the packaging businesses include production efficiency and spoilage rates; quality control figures; environmental, health and safety statistics; production and sales volume data; asset utilization rates and measures of sustainability.
Removed
References to sales volume data represent units shipped. ​ Many of the above noted financial measurements are presented on a non-U.S. GAAP basis and should be considered in connection with the consolidated financial statements within Item 8 of this annual report. Non-U.S.
Removed
GAAP measures should not be considered in isolation and should not be considered superior to, or a substitute for, financial measures calculated in accordance with U.S. GAAP. A presentation of earnings in accordance with U.S.
Removed
We have limited near-term debt maturities and our senior credit facilities are in place until 2027.
Removed
At December 31, 2024, days sales outstanding, net of factored receivables, was 68 days; therefore, a change of one day in days sales outstanding will impact cash flows provided by (used in) operating activities by $32 million.
Removed
At December 31, 2024, days payable outstanding was 130 days; therefore, a change of one day in days payable outstanding will impact cash flows provided by (used in) operating activities by $25 million.
Removed
The combined limit and available for sale amount as of December 31, 2023, included $160 million and $97 million, respectively, associated with receivable factoring programs included within the historical aerospace reportable segment.
Removed
On January 29, 2025, the Board of Directors approved the repurchase by the company of up to a total of $4.00 billion in shares of its common stock.
Removed
Total interest-bearing debt of $5.69 billion and $8.62 billion was outstanding at December 31, 2024 and 2023, respectively. ​ On February 14, 2024, Ball announced a public tender of the $1.00 billion 5.25% senior notes due July 2025 and the $750 million 4.875% senior notes due March 2026.
Removed
On March 14, 2024, $811 million of the $1.00 billion 5.25% senior notes and $494 million of the $750 million 4.875% senior notes were validly tendered and accepted.
Removed
At December 31, 2024, approximately $1.73 billion was available under the company’s long-term, multi-currency committed revolving credit facilities. In addition to these facilities, the company had $109 million of committed short-term loans outstanding and a $24 million short-term finance lease outstanding.
Removed
In 2024, we entered into and designated net investment hedges against the net assets of our euro denominated operations.
Removed
See Note 21 for further details. ​ Aluminum Cups ​ At December 31, 2024, the assets and liabilities of the aluminum cups operating segment are presented as current assets held for sale and current liabilities held for sale on the consolidated balance sheet.
Removed
The results and balance sheet information of the historical aerospace reportable segment are included in the following summarized financial information of the obligor group as of and for the year ended December 31, 2023, as the guarantees of the aerospace business legal entities were in effect through that date.
Removed
On February 16, 2024, the company completed the divestiture of the aerospace business.
Removed
During the years ended December 31, 2024 and 2023, the obligor group received dividends from other subsidiary companies of $54 million and $814 million, respectively. ​ A description of the terms and conditions of the company’s debt guarantees is located in Note 23 to the consolidated financial statements within Item 8 of this annual report. ​ FORWARD-LOOKING STATEMENTS ​ This report contains “forward-looking” statements concerning future events and financial performance.
Removed
You should therefore not place undue reliance upon any forward-looking statements, and they should be read in conjunction with, and qualified in their entirety by, the cautionary statements referenced below. Ball undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Removed
Key factors, risks and uncertainties that could cause actual outcomes and results to be different are summarized in filings with the Securities and Exchange Commission, including Exhibit 99 in Ball’s Form 10-K, which are available on Ball’s website and at www.sec.gov.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Second, we use certain derivative instruments, including option and forward contracts, as economic and cash flow hedges of commodity price risk where there are material differences between sales and purchase contracted pricing and volume. ​ Considering the effects of derivative instruments, the company’s ability to pass-through certain raw material costs through contractual provisions, the market’s ability to accept price increases and the company’s commodity price exposures under its contract terms, a hypothetical 10 percent adverse change in the company’s aluminum prices would result in an estimated $2 million after-tax reduction in net earnings over a one-year period.
Second, we use certain derivative instruments, including option and forward contracts, as economic and cash flow hedges of commodity price risk where there are material differences between contracted sales and purchase pricing. ​ Considering the effects of derivative instruments, the company’s ability to pass-through certain raw material costs through contractual provisions, the market’s ability to accept price increases and the company’s commodity price exposures under its contract terms, a hypothetical 10 percent adverse change in the company’s aluminum prices would result in an estimated $3 million after-tax reduction in net earnings over a one-year period.
Actual results may vary based on actual changes in market prices and rates and the timing of these changes. ​ 33 Table of Contents Currency Exchange Rate Risk ​ Our objective in managing exposure to currency fluctuations is to limit the exposure of cash flows and earnings from changes associated with currency exchange rate changes through the use of various derivative contracts.
Actual results may vary based on actual changes in market prices and rates and the timing of these changes. ​ 32 Table of Contents Currency Exchange Rate Risk ​ Our objective in managing exposure to currency fluctuations is to limit the exposure of cash flows and earnings from changes associated with currency exchange rate changes through the use of various derivative contracts.
Sales contracts are negotiated with customers to reflect cost changes and, where there is not an exchange pass-through arrangement, the company may use derivative instruments to manage significant currency exposures. ​ Considering the company’s derivative financial instruments outstanding at December 31, 2024, and the various currency exposures, a hypothetical 10 percent reduction (U.S. dollar strengthening) in currency exchange rates compared to the U.S. dollar would result in an estimated $19 million after-tax reduction in net earnings over a one-year period.
Sales contracts are negotiated with customers to reflect cost changes and, where there is not an exchange pass-through arrangement, the company may use derivative instruments to manage significant currency exposures. ​ Considering the company’s derivative financial instruments outstanding at December 31, 2025, and the various currency exposures, a hypothetical 10 percent reduction (U.S. dollar strengthening) in currency exchange rates compared to the U.S. dollar would result in an estimated $15 million after-tax reduction in net earnings over a one-year period.
A hypothetical 10 percent adverse change in the U.S. dollar’s currency exchange rates would increase our forecasted average debt balance by approximately $73 million.
A hypothetical 10 percent adverse change in the U.S. dollar’s currency exchange rates would increase our forecasted average debt balance by approximately $164 million.
Interest rate instruments held by the company at December 31, 2024, included pay-fixed interest rate swaps and options which effectively convert variable rate obligations to fixed-rate instruments. ​ Based on our interest rate exposure at December 31, 2024, assumed floating rate debt levels throughout the next 12 months and the effects of our existing derivative instruments, a 100-basis point increase in interest rates would result in an estimated $1 million after-tax reduction in net earnings over a one-year period.
Interest rate instruments held by the company at December 31, 2025, included pay-fixed interest rate swaps which effectively convert variable rate obligations to fixed-rate instruments. ​ Based on our interest rate exposure at December 31, 2025, assumed floating rate debt levels throughout the next 12 months and the effects of our existing derivative instruments, a 100-basis point increase in interest rates would result in an estimated $7 million after-tax reduction in net earnings over a one-year period.
As of December 31, 2024, the company had three fixed-for-fixed cross currency swaps outstanding, with notional amounts totaling € 1.05 billion. A hypothetical 10 percent adverse change in the related foreign currency exchange rate would result in an estimated $62 million after-tax currency translation adjustment loss in other comprehensive earnings (loss). ​ ​ 34 Table of Contents
As of December 31, 2025, the company had three fixed-for-fixed cross currency swaps outstanding, with notional amounts totaling € 1.05 billion. A hypothetical 10 percent adverse change in the related foreign currency exchange rate would result in an estimated $67 million after-tax currency translation adjustment loss in other comprehensive earnings (loss). ​ ​ 33 Table of Contents
The company’s objective in managing exposure to net investments in foreign operations is to limit the foreign exchange translation risk associated with its net investments in non-U.S. Dollar foreign entities. The company uses fixed-for-fixed cross currency swaps to achieve this objective.
The company’s objective in managing exposure to net investments in foreign operations is to limit the foreign exchange translation risk associated with its net investments in non-U.S. Dollar foreign entities. The company uses fixed-for-fixed cross currency swaps and designated foreign currency denominated debt instruments to achieve this objective.
Actual results may vary based on actual changes in market prices and rates and the timing of these changes. ​ Although Ball's functional currency in Argentina is the U.S. dollar, a portion of its transactions are denominated in pesos.
Actual results may vary based on actual changes in market prices and rates and the timing of these changes. ​ Net Investments in Foreign Operations Risk ​ The company is exposed to changes in foreign currencies impacting its net investments held in foreign subsidiaries.
Removed
The terms include fixed, floating or pass-through aluminum component pricing.
Removed
During the fourth quarter of 2023, Argentina suddenly devalued its peso relative to the U.S. dollar as one of the economic policies implemented by the new government with the goal of stabilizing and growing the economy.
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As a result, Ball recorded a $22 million devaluation charge in business consolidation and other activities in the consolidated statement of earnings for the year ended December 31, 2023. ​ The Egypt economy became highly inflationary at September 30, 2024, due to the country’s three year cumulative inflation rate exceeding 100 percent.
Removed
As such, effective October 1, 2024, the company’s Egyptian business will be accounted for as operating in a highly inflationary economy. ​ Net Investments in Foreign Operations Risk ​ The company is exposed to changes in foreign currencies impacting its net investments held in foreign subsidiaries.

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