O-I Glass Inc.
10/27/2026 | Press release | Distributed by Public on 10/27/2026 14:46
Business/Financial Results (Form 8-K)
O-I GLASS, INC.
Condensed Consolidated Results of Operations
(Dollars in millions, except per share amounts)
|
Three months ended September 30 |
Nine months ended September 30 |
|||||||||||||||
| Unaudited | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net sales | $ | 1,623 | $ | 1,653 | $ | 4,830 | $ | 4,926 | ||||||||
| Cost of goods sold | (1,428 | ) | (1,353 | ) | (4,222 | ) | (4,047 | ) | ||||||||
| Gross profit | 195 | 300 | 608 | 879 | ||||||||||||
| Selling and administrative expense | (88 | ) | (105 | ) | (261 | ) | (318 | ) | ||||||||
| Research, development and engineering expense | (7 | ) | (8 | ) | (26 | ) | (33 | ) | ||||||||
| Interest expense, net | (86 | ) | (91 | ) | (251 | ) | (257 | ) | ||||||||
| Equity earnings | 23 | 31 | 78 | 82 | ||||||||||||
| Other expense, net (incl. goodwill impairment) | (3 | ) | (69 | ) | (994 | ) | (270 | ) | ||||||||
| Earnings (loss) before income taxes | 34 | 58 | (846 | ) | 83 | |||||||||||
| Provision for income taxes | (39 | ) | (21 | ) | (195 | ) | (57 | ) | ||||||||
| Net earnings (loss) | (5 | ) | 37 | (1,041 | ) | 26 | ||||||||||
| Net earnings attributable to noncontrolling interests | (8 | ) | (7 | ) | (17 | ) | (17 | ) | ||||||||
| Net income (loss) attributable to the Company | $ | (13 | ) | $ | 30 | $ | (1,058 | ) | $ | 9 | ||||||
| Basic earnings per share: | ||||||||||||||||
| Net income (loss) attributable to the Company | $ | (0.08 | ) | $ | 0.19 | $ | (6.90 | ) | $ | 0.06 | ||||||
| Weighted average shares outstanding (thousands) | 153,812 | 153,571 | 153,335 | 153,757 | ||||||||||||
| Diluted earnings per share: | ||||||||||||||||
| Net income (loss) attributable to the Company | $ | (0.08 | ) | $ | 0.19 | $ | (6.90 | ) | $ | 0.06 | ||||||
| Diluted average shares (thousands) | 153,812 | 155,215 | 153,335 | 155,406 | ||||||||||||
O-I GLASS, INC.
Condensed Consolidated Balance Sheets
(Dollars in millions)
| Unaudited | September 30, | December 31, | September 30, | |||||||||
| 2026 | 2025 | 2025 | ||||||||||
| Assets | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | $ | 379 | $ | 759 | $ | 556 | ||||||
| Trade receivables, net | 867 | 601 | 891 | |||||||||
| Inventories | 944 | 1,002 | 982 | |||||||||
| Prepaid expenses and other current assets | 297 | 239 | 231 | |||||||||
| Total current assets | 2,487 | 2,601 | 2,660 | |||||||||
| Property, plant and equipment, net | 3,397 | 3,447 | 3,441 | |||||||||
| Goodwill, net | 580 | 1,487 | 1,480 | |||||||||
| Intangibles, net | 168 | 188 | 193 | |||||||||
| Other assets | 1,369 | 1,520 | 1,484 | |||||||||
| Total assets | $ | 8,001 | $ | 9,243 | $ | 9,258 | ||||||
| Liabilities and Share Owners' Equity | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable | $ | 1,099 | $ | 1,201 | $ | 1,081 | ||||||
| Short-term loans and long-term debt due within one year | 183 | 162 | 170 | |||||||||
| Other liabilities | 657 | 726 | 742 | |||||||||
| Total current liabilities | 1,939 | 2,089 | 1,993 | |||||||||
| Long-term debt | 4,736 | 4,837 | 4,946 | |||||||||
| Other long-term liabilities | 790 | 872 | 849 | |||||||||
| Share owners' equity | 536 | 1,445 | 1,470 | |||||||||
| Total liabilities and share owners' equity | $ | 8,001 | $ | 9,243 | $ | 9,258 | ||||||
O-I GLASS, INC.
Condensed Consolidated Cash Flows
(Dollars in millions)
| Unaudited |
Three months ended September 30 |
Nine months ended September 30 |
||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Cash flows from operating activities: | ||||||||||||||||
| Net earnings (loss) | $ | (5 | ) | $ | 37 | $ | (1,041 | ) | $ | 26 | ||||||
| Non-cash charges (credits) | ||||||||||||||||
| Depreciation and amortization | 124 | 123 | 365 | 361 | ||||||||||||
| Deferred tax provision (benefit) | 3 | (30 | ) | 14 | (36 | ) | ||||||||||
| Pension expense | 9 | 8 | 26 | 23 | ||||||||||||
| Stock-based compensation expense | 5 | 4 | 10 | 12 | ||||||||||||
| Goodwill impairment | 873 | |||||||||||||||
| Change in European valuation allowance on deferred tax assets | 96 | |||||||||||||||
| Restructuring, asset impairment and related charges | 5 | 60 | 60 | 255 | ||||||||||||
| Legacy environmental charge | 4 | |||||||||||||||
| (Gain) loss on sale of joint venture and miscellaneous assets | (11 | ) | (1 | ) | 34 | (7 | ) | |||||||||
| Cash payments | ||||||||||||||||
| Pension contributions | (6 | ) | (11 | ) | (21 | ) | (25 | ) | ||||||||
| Cash paid for restructuring activities | (51 | ) | (31 | ) | (141 | ) | (109 | ) | ||||||||
| Legacy environmental settlement paid | (17 | ) | (17 | ) | ||||||||||||
| Change in components of working capital (a) | 156 | 97 | (225 | ) | (238 | ) | ||||||||||
| Other, net (b) | (64 | ) | (25 | ) | (85 | ) | (51 | ) | ||||||||
| Cash provided by (utilized in) operating activities | 165 | 214 | (35 | ) | 198 | |||||||||||
| Cash flows from investing activities: | ||||||||||||||||
| Cash payments for property, plant and equipment | (81 | ) | (100 | ) | (318 | ) | (339 | ) | ||||||||
| Net cash proceeds on sale of joint venture and misc. assets | 17 | 8 | 24 | 26 | ||||||||||||
| Net cash receipts (payments) from hedging activities | 4 | (2 | ) | 4 | ||||||||||||
| Cash utilized in investing activities | (64 | ) | (88 | ) | (296 | ) | (309 | ) | ||||||||
| Cash flows from financing activities: | ||||||||||||||||
| Changes in borrowings, net | (62 | ) | (15 | ) | (31 | ) | (21 | ) | ||||||||
| Shares repurchased | (10 | ) | (10 | ) | (30 | ) | ||||||||||
| Payment of finance fees | (12 | ) | (7 | ) | (12 | ) | ||||||||||
| Net cash receipts (payments) for hedging activity | 1 | (17 | ) | 3 | (23 | ) | ||||||||||
| Distributions to non-controlling interests | (2 | ) | (12 | ) | (10 | ) | ||||||||||
| Other, net (c) | (4 | ) | (7 | ) | ||||||||||||
| Cash utilized in financing activities | (61 | ) | (56 | ) | (61 | ) | (103 | ) | ||||||||
| Effect of exchange rate fluctuations on cash | (1 | ) | 12 | 36 | ||||||||||||
| Change in cash | 40 | 69 | (380 | ) | (178 | ) | ||||||||||
| Cash at beginning of period | 339 | 487 | 759 | 734 | ||||||||||||
| Cash at end of period | $ | 379 | $ | 556 | $ | 379 | $ | 556 | ||||||||
| (a) | The Company uses various factoring programs to sell certain receivables to financial institutions as part of managing its cash flows. At September 30, 2026, December 31, 2025 and September 30, 2025, the amount of receivables sold by the Company was $457 million, $531 million and $452 million, respectively. For the nine months ended September 30, 2026 and 2025, the Company's use of its factoring programs resulted in an increase of $74 million and $83 million to cash utilized in operating activities, respectively. |
| (b) | Other, net includes other non-cash charges plus other changes in non-current assets and liabilities. |
| (c) | Other, net includes share settlement activity |
O-I GLASS, INC.
Reportable Segment Information and Reconciliation to Earnings Before Income Taxes
(Dollars in millions)
| Unaudited |
Three months ended September 30 |
Nine months ended September 30 |
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| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Net sales: | ||||||||||||||||
| Americas | $ | 970 | $ | 940 | $ | 2,790 | $ | 2,756 | ||||||||
| Europe | 634 | 688 | 1,993 | 2,095 | ||||||||||||
| Reportable segment totals | 1,604 | 1,628 | 4,783 | 4,851 | ||||||||||||
| Other | 19 | 25 | 47 | 75 | ||||||||||||
| Net sales | $ | 1,623 | $ | 1,653 | $ | 4,830 | $ | 4,926 | ||||||||
| Earnings (loss) before income taxes | $ | 34 | $ | 58 | $ | (846 | ) | $ | 83 | |||||||
| Items excluded from segment operating profit: | ||||||||||||||||
| Retained corporate costs and other | 27 | 26 | 81 | 80 | ||||||||||||
| Items not considered representative of ongoing operations (a) | (8 | ) | 60 | 965 | 249 | |||||||||||
| Interest expense, net | 86 | 91 | 251 | 257 | ||||||||||||
| Segment operating profit (b): | $ | 139 | $ | 235 | $ | 451 | $ | 669 | ||||||||
| Americas | $ | 137 | $ | 140 | $ | 444 | $ | 416 | ||||||||
| Europe | 2 | 95 | 7 | 253 | ||||||||||||
| Reportable segment totals | $ | 139 | $ | 235 | $ | 451 | $ | 669 | ||||||||
| Ratio of earnings before income taxes to net sales | 2.1% | 3.5% | -17.5% | 1.7% | ||||||||||||
| Segment operating profit margin (c): | ||||||||||||||||
| Americas | 14.1% | 14.9% | 15.9% | 15.1% | ||||||||||||
| Europe | 0.3% | 13.8% | 0.4% | 12.1% | ||||||||||||
| Reportable segment margin totals | 8.7% | 14.4% | 9.4% | 13.8% | ||||||||||||
| (a) | Reference reconciliation for adjusted earnings. |
| (b) | Segment operating profit consists of consolidated earnings before interest income, interest expense,net, and provision for income taxes and excludes amounts related to certain items that management considers not representative of ongoing operations as well as certain retained corporate costs and other adjustments. |
| The Company presents information on segment operating profit because management believes that it provides investors with a measure of operating performance separate from the level of indebtedness or other related costs of capital. The most directly comparable GAAP financial measure to segment operating profit is earnings before income taxes. The Company presents segment operating profit because management uses the measure, in combination with net sales and selected cash flow information, to evaluate performance and to allocate resources. | |
| (c) | Segment operating profit margin is segment operating profit divided by segment net sales. |
O-I GLASS, INC.
Reconciliation for Adjusted Earnings
(Dollars in millions, except per share amounts)
The reconciliation below describes the items that management considers not representative of ongoing operations.
Unaudited
|
Three months ended September 30 |
Nine months ended September 30 |
|||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Net income( loss) attributable to the Company | $ | (13 | ) | $ | 30 | $ | (1,058 | ) | $ | 9 | ||||||
| Items impacting other income (expense), net: | ||||||||||||||||
| Goodwill impairment | 873 | |||||||||||||||
| Restructuring, asset impairment and other charges | 3 | 61 | 58 | 252 | ||||||||||||
| Legacy environmental charge | 4 | |||||||||||||||
| Loss (gain) on sale of joint venture and miscellaneous assets | (11 | ) | (1 | ) | 34 | (7 | ) | |||||||||
| Items impacting interest expense: | ||||||||||||||||
| Charges for note repurchase premiums and write-off of deferred finance fees and related charges | 7 | 1 | 7 | |||||||||||||
| Items impacting income tax: | ||||||||||||||||
| Change in European valuation allowance on deferred tax assets | 96 | |||||||||||||||
| European investment tax incentive | (22 | ) | ||||||||||||||
| Deferred tax benefits | (21 | ) | (21 | ) | ||||||||||||
| Net expense (benefit) for income tax on items above | 2 | (1 | ) | (1 | ) | (4 | ) | |||||||||
| Items impacting net earnings attributable to noncontrolling interests: | ||||||||||||||||
| Net impact of noncontrolling interests on items above | 4 | 5 | ||||||||||||||
| Total adjusting items (non-GAAP) | $ | (2 | ) | $ | 45 | $ | 1,066 | $ | 209 | |||||||
| Adjusted earnings (loss) (non-GAAP) | $ | (15 | ) | $ | 75 | $ | 8 | $ | 219 | |||||||
| Diluted average shares (thousands) | 153,812 | 155,215 | 153,335 | 155,406 | ||||||||||||
| Net income (loss) attributable to the Company (diluted) | $ | (0.08 | ) | $ | 0.19 | $ | (6.90 | ) | $ | 0.06 | ||||||
| Adjusted earnings (loss) per share (non-GAAP) (a) | $ | (0.09 | ) | $ | 0.48 | $ | 0.05 | $ | 1.41 | |||||||
| (a) | For purposes of computing adjusted earnings per share, the diluted average shares (in thousands) are 154,740 for the three months ended September 30, 2026. |
| For purposes of computing adjusted earnings per share, the diluted average shares (in thousands) are 154,810 for the nine months ended September 30, 2026. |
The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measure, adjusted earnings, for the periods ending after September 30, 2026 to its most directly comparable GAAP financial measure, net earnings (loss) attributable to the Company, because management cannot reliably predict all of the necessary components of this GAAP financial measure without unreasonable efforts. Net earnings (loss) attributable to the Company includes several significant items, such as restructuring charges, asset impairment charges, charges for the write-off of finance fees, and the income tax effect on such items. The decisions and events that typically lead to the recognition of these and other similar items are complex and inherently unpredictable, and the amount recognized for each item can vary significantly. Accordingly, the Company is unable to provide a reconciliation of adjusted earnings to net earnings (loss) attributable to the Company or address the probable significance of the unavailable information, which could be material to the Company's future financial results.
O-I GLASS, INC.
Changes in Net Sales and Segment Operating Profit for Reportable Segments
(Dollars in millions)
Unaudited
| Three months ended September 30 | ||||||||||||
| Americas | Europe | Total | ||||||||||
| Net sales for reportable segments- 2025 | $ | 940 | $ | 688 | $ | 1,628 | ||||||
| Effects of changing foreign currency rates (a) | 42 | (7 | ) | 35 | ||||||||
| Price | 15 | (26 | ) | (11 | ) | |||||||
| Sales volume & mix | (27 | ) | (21 | ) | (48 | ) | ||||||
| Total reconciling items | 30 | (54 | ) | (24 | ) | |||||||
| Net sales for reportable segments- 2026 | $ | 970 | $ | 634 | $ | 1,604 | ||||||
| Three months ended September 30 | ||||||||||||
| Americas | Europe | Total | ||||||||||
| Segment operating profit - 2025 | $ | 140 | $ | 95 | $ | 235 | ||||||
| Effects of changing foreign currency rates (a) | 10 | (3 | ) | 7 | ||||||||
| Net price (net of cost inflation) | (6 | ) | (91 | ) | (97 | ) | ||||||
| Sales volume & mix | (10 | ) | (4 | ) | (14 | ) | ||||||
| Operating costs | 3 | 5 | 8 | |||||||||
| Total reconciling items | (3 | ) | (93 | ) | (96 | ) | ||||||
| Segment operating profit - 2026 | $ | 137 | $ | 2 | $ | 139 | ||||||
| Nine months ended September 30 | ||||||||||||
| Americas | Europe | Total | ||||||||||
| Net sales for reportable segments- 2025 | $ | 2,756 | $ | 2,095 | $ | 4,851 | ||||||
| Effects of changing foreign currency rates (a) | 143 | 72 | 215 | |||||||||
| Price | 74 | (94 | ) | (20 | ) | |||||||
| Sales volume & mix | (183 | ) | (80 | ) | (263 | ) | ||||||
| Total reconciling items | 34 | (102 | ) | (68 | ) | |||||||
| Net sales for reportable segments- 2026 | $ | 2,790 | $ | 1,993 | $ | 4,783 | ||||||
| Nine months ended September 30 | ||||||||||||
| Americas | Europe | Total | ||||||||||
| Segment operating profit - 2025 | $ | 416 | $ | 253 | $ | 669 | ||||||
| Effects of changing foreign currency rates (a) | 27 | 1 | 28 | |||||||||
| Net price (net of cost inflation) | 26 | (252 | ) | (226 | ) | |||||||
| Sales volume & mix | (35 | ) | (13 | ) | (48 | ) | ||||||
| Operating costs | 10 | 18 | 28 | |||||||||
| Total reconciling items | 28 | (246 | ) | (218 | ) | |||||||
| Segment operating profit - 2026 | $ | 444 | $ | 7 | $ | 451 | ||||||
| (a) | Currency effect on net sales and segment operating profit determined by using 2026 foreign currency exchange rates to translate 2025 local currency results. |
Unaudited
O-I GLASS, INC.
Reconciliation to Free Cash Flow
(Dollars in millions)
| Previous Forecast | Current Forecast | |||||||||||
| Year Ended | for Year Ended | for Year Ended | ||||||||||
| December 31, 2025 | December 31, 2026 | December 31, 2026 | ||||||||||
| Cash provided by operating activities | $ | 600 | $ | 275 to 375 | $ | 125 | ||||||
| Cash payments for property, plant and equipment | (432) | (425) | (425) | |||||||||
| Free cash flow (non-GAAP) | $ | 168 | $ | (50) to (150) | $ | (300) | ||||||
The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measure, free cash flow, for all periods after 2026 to its most directly comparable U.S. GAAP financial measure, cash provided by operating activities, without unreasonable effort. This is due to potentially high variability, complexity and low visibility, in the relevant future periods, of components of cash provided by operating activities and cash spent on property, plant and equipment, as well as items that would be excluded from cash provided by operating activities. The variability of these excluded items and other components of cash provided by operating activities may have a significant, and potentially unpredictable, impact on the Company's future financial results.
O-I GLASS, INC.
Reconciliation to Adjusted EBITDA
(Dollars in millions)
| Quarter Ended | Year Ended | Quarter Ended | ||||||||||
| September 30, 2025 | December 31, 2025 | September 30, 2026 | ||||||||||
| Net Income (Loss) | $ | 37 | $ | (103) | $ | (5) | ||||||
| Interest expense (net) | 91 | 341 | 86 | |||||||||
| Provision for income taxes | 21 | 54 | 39 | |||||||||
| Depreciation | 98 | 391 | 101 | |||||||||
| Amortization of intangibles | 22 | 88 | 21 | |||||||||
| EBITDA | 269 | 771 | 242 | |||||||||
| Items not considered representative of ongoing operations | 60 | 447 | (8) | |||||||||
| Adjusted EBITDA (non-GAAP) | $ | 329 | $ | 1,218 | $ | 234 | ||||||
For the periods ending after September 30, 2026, the Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measure, adjusted EBITDA, to its most directly comparable U.S. GAAP financial measure, net loss attributable to the Company, because management cannot reliably predict all of the necessary components of this U.S. GAAP financial measure without unreasonable efforts. Net loss attributable to the Company includes several significant items, such as restructuring, asset impairment and other charges, charges for the write-off of finance fees, and the income tax effect on such items. The decisions and events that typically lead to the recognition of these and other similar non-GAAP adjustments are inherently unpredictable as to if and when they may occur. The inability to provide a reconciliation is due to that unpredictability and the related difficulties in assessing the potential financial impact of the non-GAAP adjustments. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to the Company's future financial results.
O-I GLASS, INC.
Reconciliation to Adjusted EBITDA, Net Debt and Leverage Ratio
(Dollars in millions)
| Unaudited |
Year Ended December 31, 2025 |
|||||||||||
| Net Loss | $ | (103) | ||||||||||
| Interest expense (net) | 341 | |||||||||||
| Provision for income taxes | 54 | |||||||||||
| Depreciation | 391 | |||||||||||
| Amortization of intangibles | 88 | |||||||||||
| EBITDA | 771 | |||||||||||
| Items not considered representative of ongoing operations | 447 | |||||||||||
| Adjusted EBITDA (non-GAAP) | $ | 1,218 | ||||||||||
| Total debt | $ | 4,999 | ||||||||||
| Less cash | 759 | |||||||||||
| Net debt (non-GAAP) | $ | 4,240 | ||||||||||
| Leverage ratio (Net debt divided by Adjusted EBITDA) | 3.5 | |||||||||||
For the periods ending after September 30, 2026, the Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measure, leverage ratio, which is defined as total debt less cash divided by Adjusted EBITDA, to its most directly comparable U.S. GAAP financial measure, Net earnings, because management cannot reliably predict all of the necessary components of this U.S. GAAP financial measure without unreasonable efforts. Net earnings includes several significant items, such as restructuring, asset impairment and other charges, charges for the write-off of finance fees, and the income tax effect on such items. The decisions and events that typically lead to the recognition of these and other similar non-GAAP adjustments are inherently unpredictable as to if and when they may occur. The inability to provide a reconciliation is due to that unpredictability and the related difficulties in assessing the potential financial impact of the non-GAAP adjustments. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to the Company's future financial results.
O-I GLASS, INC.
Reconciliation to Total Liquidity
(Dollars in millions)
|
As of September 30, 2026 |
||||||||||||
| Revolving Credit Facility Capacity (non-GAAP) | $ | 1,154 | ||||||||||
| Plus Cash | 379 | |||||||||||
| Total Liquidity (non-GAAP) | $ | 1,533 | ||||||||||
O-I Glass Inc. published this content on October 27, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on October 27, 2026 at 20:46 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]