With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

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World's Most Admired Companies

Industries included in the sector are building materials, forest products, metals, and packaging.

Fortune Sector Leaders: Materials

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F500-2021-260-Ball

With its name seen on mason jars everywhere, the company has now become the world's leader in recyclable food containers and has even branched into aerospace technology.

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Known for its signature glass jars—which it actually doesn't produce itself, but licenses out—this Broomfield, Colo. company makes metal cans and packaging for the world's biggest food and beverage companies.

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This year's Fortune 500 marks the 64th running of the list.

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Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

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Ball Corporation is a supplier of aluminum packaging products such as extruded aluminum aerosol containers, reclosable aluminum bottles, aluminum cups, and aluminum slugs for the beverage, personal care, and household products industries in the United States, Brazil, and internationally. Ball is the world’s largest producer of aluminum beverage cans.

Q2 2026

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Q4 2024

Ball (BALL): Company Profile, Stock Price, News, Rankings

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Ball

ball

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brandon Podhoff, Head of Investor Relations.

Thank you, Christine. Good morning, everyone. This is Ball Corporation's conference call regarding the company's first quarter twenty twenty five results. The information provided during this call will contain forward looking statements. Actual results or outcomes may differ materially from those that may be expressed or implied.

We assume no obligation to update any forward looking statements made today. Some factors that could cause the results or outcomes to differ are described in the company's latest Form 10 ks, our most recent earnings release and Form eight ks and other company SEC filings as well as company news releases. If you do not already have our earnings release, it is available on our website at ball.com. Information regarding the use of non GAAP financial measures may also be found in the notes section of today's earnings release. In addition, the release includes a summary of non comparable items as well as a reconciliation of comparable net earnings and diluted earnings per share calculations.

References to net sales and comparable operating earnings in today's release and call do not include the company's former aerospace business. Prior year to date net earnings attributable to the corporation and comparable net earnings do include the performance of the company's aerospace business through the sale date of 02/16/2024. I would now like to turn the call over to our CEO, Dan Fisher.

Thank you, Brandon. Today, am joined on our call by Howard Yu, EVP and CFO. I will provide some brief introductory remarks. Howard will discuss first quarter financial performance and key metrics for 2025. And then we will finish up with closing comments and Q and A.

I want to take a minute and highlight the amazing work our employees and teams have done to give back to their communities. April was our Global Volunteer Month at Ball and our employees volunteered more than six forty hours of their time across 11 countries working to create a positive impact in the communities where we live and work. I want to thank all of our employees who devoted time in April to uplifting our communities. You truly represent our values of we care, we work and we win. Turning to business performance, we delivered strong first quarter results and returned $7.00 $8,000,000 to shareholders via share repurchases and dividend through today's call.

This performance reemphasizes our opportunity to deliver record adjusted free cash flow and comparable diluted earnings per share in 2025. Aluminum packaging continues to outperform other substrates across the globe, demonstrating the resilient and defensive nature of our global business. While we remain mindful of ongoing uncertainties related to tariffs and consumer pressures, particularly in The U. S, we are confident in our ability to proactively manage these challenges and sustain our positive momentum throughout the year to deliver 11% to 14 comparable diluted EPS growth. In EMEA, First Quarter volume remained strong as our customers continued to move their package mix to aluminum cans.

In South America, volume growth came in slightly ahead of our expectations driven by positive performance across each geography in which we operate. In North America, volume returned to growth despite a tough comp and economic pressure on the end consumer. Our regional performance culminated in Ball's global shipments being up 2.6% year over year in the first quarter of twenty twenty five. Looking to the rest of the year, our teams are focused on managing uncertainty, while leveraging the inherent resilient and defensiveness of our global portfolio. We remain laser focused on achieving our stated goal of 11% to 14% comparable diluted earnings per share growth in 2025 and are confident in our proven ability to execute through complexity and deliver value back to shareholders.

We continue to anticipate global volume growth in the 2% to 3% range and expect all of our businesses to perform in line with or ahead of the targets outlined at our twenty twenty four Investor Day. This reflects the strength of underlying global demand, the durability of our customer relationships and the operational consistency of our teams across markets. In EMEA, we continue to expect mid single digit volume growth in 2025 as the competitive advantages of aluminum packaging and low can penetration rates continue to drive share gains across the region. In South America, recovery in Argentina and Chile coupled with anticipated growth in Brazil is expected to drive volume growth above our 4% to 6% long term range in 2025. In our North American business, higher than expected volume growth across non alcoholic categories more than offset ongoing pressures in mass beer.

We remain confident in our ability to deliver volume growth in line with or slightly above the market in 2025. While we are closely monitoring end consumer health, we believe defensive nature of our portfolio combined with our strong customer alignment positions us well to navigate a potential economic slowdown. Lastly, on cups, during the first quarter, we announced the formation of Oasis Venture Holdings, a strategic partnership, which consists of the aluminum cup business, including its commercial, supply chain and manufacturing teams in the plant in Rome, Georgia. We are the minority partner and are excited about the long term potential for the business under this new structure. With that, I'll turn it over to Howard to talk about first quarter twenty twenty five results as well as key metrics for 2025.

Starting with our results. Twenty twenty five first quarter comparable diluted earnings per share was $0.76 versus $0.68 in the first quarter of twenty twenty four, an increase of 12%. First quarter comparable net earnings of $216,000,000 were driven by higher volumes, lower interest expense and cost management initiatives, which were able to nearly offset the earnings headwind from the sale of our aerospace business and lower interest income. In North And Central America, stronger than expected volume performance drove 2% increase in comparable operating earnings on a challenging comp. Our team executed exceptionally well, successfully improving operational efficiencies, effectively managing the impact of the two thirty two tariffs and mitigating risk despite a volatile environment.

Volume growth was largely driven by strength in energy drinks and non alcoholic beverages. While we believe there may have been some modest pull forward of orders ahead of anticipated tariffs, we assess this impact as minimal. We remain attentive to the ongoing geopolitical landscape and tariff developments and are actively managing these dynamics. In EMEA, First Quarter segment volume remained robust and segment comparable operating earnings increased 13%. Demand trends continue to be favorable reinforcing our confidence in achieving significant year over year comparable operating earnings growth in 2025, driven by ongoing operational efficiency improvements and sustained volume growth.

In South America, segment comparable operating earnings increased 25% supported by strong volume performance across all markets. We are encouraged by consumer conditions in Argentina, which continue to exhibit signs of recovery and the Brazilian market performed in line with our initial expectations, reflecting a stable operating environment. Our personal and home care business previously referred to as aerosol delivered mid single digit volume growth in the first quarter. We remain confident in the strength of this business and continue to expect volume growth to exceed our long term range in 2025. Moving on to additional key financial metrics and goals for 2025.

We anticipate year end 2025 net debt to comparable EBITDA to be 2.75 times. We will repurchase at least $1,300,000,000 worth of shares in 2025 and will remain aggressive in repurchasing our stock at what we believe is very attractive pricing. Through today's call, we have repurchased $651,000,000 worth of shares year to date. 2025 CapEx is expected to be slightly below D and A in the range of $600,000,000 We anticipate being able to deliver on our target of comparable net earnings equal to adjusted free cash flow in 2025. Relative to the estimated tax payment due to aerospace sale, we expect the remaining portion to be paid in 2025.

Our 2025 full year effective tax rate on comparable earnings is expected to be slightly above 22%, largely driven by lower year over year tax credits. Full year 2025 interest expense is expected to be in the range of $280,000,000 Full year 2025 reported adjusted corporate undistributed costs recorded in other non reportable are expected to be in the range of $150,000,000 And last week, Ball's Board declared our quarterly cash dividend. Looking forward, we remain highly focused on operational excellence and disciplined cost management and driving efficiency and productivity across the organization. At the same time, we are closely monitoring volatility in emerging markets and broader geopolitical developments. Thanks to the resilient and defensive nature of our business, combined with our proactive steps we have taken to strengthen our balance sheet, we are well positioned to navigate external uncertainty.

With a clear financial runway and strong operational foundation, we are activating initiatives that we believe will enable consistent high quality results and compounding shareholder returns over the long term. With that, I'll turn it back to Dan.

Thanks, Howard. Our business is performing well and we have taken meaningful steps to future proof our operations through long term contract renewals, strategic deleveraging and footprint optimization. Backed by the strength of our portfolio and the dedication of our teams, we are confident in our ability to achieve our financial goals of delivering 11% to 14% comparable EPS growth, generating adjusted free cash flow in line with comparable net earnings and returning substantial value to shareholders through large scale share repurchases and dividends in 2025. As we focus on execution in 2025, we have the opportunity to deliver record adjusted free cash flow and comparable diluted earnings per share. While external volatility has increased since we last spoke in February, particularly around tariffs and geopolitical dynamics, the resilience of our global footprint and our defensive business model give us confidence in our ability to navigate a wide range of outcomes.

We remain committed to meeting our customers where they are, providing affordable, innovative aluminum packaging solutions that support a world free from waste. Creating shareholder value remains our top priority. With the combination of consistent operational performance, disciplined financial management and significant share repurchase alongside dividends, we are confident we can drive meaningful compounding returns for shareholders in 2025 and beyond. We appreciate the work being done across the organization and extend our well wishes to our employees, customers, suppliers, stakeholders and everyone listening today. Thank you.

And with that Christine, we're ready for questions.

Thank you. We will now be conducting a question and answer session. Thank you. Our first question comes from the line of Ghansham Panjabi with Baird. Please proceed with your question.

Good morning, Dan and Howard. I guess first off in Europe and the consistency of volume growth there, obviously performing pretty much every other geography on the planet pretty consistently over time. Can you just sort of frame for us your supply position there? Where are you from a utilization standpoint? And where do you think the next leg of incremental growth will come from?

And then separate to that, was there any sort of pull forward that you could think of as it relates to that region specific to cross border shipments from Europe to The U. S. Ahead of tariffs?

The second question first, I would say no minimal Ghansham. How to characterize Europe for us, obviously we made a couple of pretty significant investments a couple of years ago, built a big facility in The Czech Republic, built a big one an hour outside of London. In both cases now, we've got third lines moving to invest the fourth lines in both. So we're growing at a nice rate. We've benefited from having made those investments and so we're able to scale those up.

We will be getting it's getting tight across Europe. We're going to have a little bit more out of pattern freight in peak season. You know this industry well given such a hot start we had and such a hot start everyone had. So we're in a good spot. We like the trajectory of the back half of the year.

We think there'll be continued growth going into 2026 and 2027. And we'll be looking to do some things hopefully incremental. Nothing significant and everything has been contemplated in terms of our CapEx to D and A envelope. So probably a higher priority on Europe for some incremental investment, nothing significant, certainly cautious to make sure that supply demand stays in balance and that's a marketplace where the labor laws, you got to get it right. You have to maintain real disciplined structure there.

Okay. Got it. And then as it relates to North America, you seem a little bit more or at least you have confidence as it relates to your growth relative to the industry for this year. Going back to the analyst meeting from June of last year, all the self improvement initiatives you outlined there to boost productivity, etcetera. Can you just give us a sense as to where those are tracking relative to your initial plan?

And how is that starting to reshape your sort of baseline as to operating leverage as volumes do start to come back this year in that region?

Yes. I don't expect margin expansion. Our ability to maintain what we have, I think is probably a better characterization of North America. In 2023 and 2024, a lot of heavy lifting in the NCA region. Where we are starting to see some improvements are in Europe and in South America in terms of some of the lean initiatives that are rolled out.

Obviously, we had to do things quickly from a fixed cost standpoint in North America. And we're further along in the journey in North America in our ball operating excellence in our ball business system. So you should see continued improvement. And I think with the efficiency gains in places like Europe that may enable us to spend less capital, but to step into the growth moving forward.

Our next question comes from the line of George Staphos with Bank of America. Please proceed with your question. Mr. Staphos, your line is live. Perhaps you have yourself on mute.

Our next question comes from the line of Stephan Diaz with Morgan Stanley. Please proceed with your question.

Hi, Dan, Howard, Brandon. Thanks for taking my questions.

Maybe just to begin, if you could just give us a little more details on how you're thinking about tariffs and the potential impact on demand. And maybe if you could particularly touch on your Mexico beer exposure and maybe what are you hearing from your customers there just given the extension of tariffs to cover the value of beer cans?

Yes. Maybe I'll start more broadly with North America. We the two thirty two that was rolled out mid March, excuse me, that's intact. Not a lot's changed. I think that's been well publicized.

Think about that in terms of $0.35 to zero one a can impact. That's really negligible in the grand scheme of economics. The LME has come off. So I think the total deliver economics, it's really not much. One particular customer that I think you mentioned that's in our portfolio, they are compliant with the MCA.

Yes, they have the two thirty two, but they're not experiencing much of any tariff impact coming across the border. And so for us right now, strong start to the year, still continuing to see a I've got a very constructive outlook on North America albeit uncertain. Demand relative to the Chinese tariff impacts is the one thing that is probably not agnostic to it's consistent across every industry. So that's the one we're looking at, but we haven't seen it. We haven't seen any different behavior from our customers.

We haven't seen any forecast change. I think the only thing that we're keeping our eye on kind of relative to the segment that you identified is there's certainly been ongoing challenges for brands or categories that are attached more broadly to the Hispanic customer, because they are not as visible commercially right now for a million reasons and some of them pretty political. So we're watching that. But even with that, that's been fairly persistent here throughout the first quarter and hasn't impacted our volumes to a degree in which we would alter our outlook for the year. So hopefully that gave you a little bit more context in how we're seeing it.

Yes, yes. No, that's very helpful and nice to hear that you're not really seeing an impact to your volumes from that so far. Maybe just sticking with North America, I understand you have less exposure versus peers to non alcoholic beverages. But how are you thinking about the potential cuts to Snap? And has this come up in conversations with your customers at all?

And if it has, what are they saying about it?

Yes. On the non alcoholic side of things, it's they're constantly reformulating those offerings to make sure that it finds a home, right, with the varying dietary concerns and or I guess the chemical challenges facing things like GLP etcetera. So I think they are reformulating products. They are launching new products. All of those seem to be meeting the customer where they're at.

I'm not overly concerned with some of the things you're talking about to make America healthy initiatives. Yes, I think it's still going to boil down to economics. And right now I think most of the large CPG customers that are in those areas are reformulating and innovating in an interesting way and a fast to market way that is enabling them to continue to grow.

Our next question comes from the line of Anthony Pettinari with Citi. Please proceed with your question.

Dan, hey, with volumes I think a little bit better than expected. I'm wondering if you could kind of characterize the promotional environment in your major markets as we get closer to the summer. Do you think customer promotions have been more successful than you would have thought? Or are they moving the needle on volumes? Or are there particular sizes or formats that are winning in the market or just any color there?

Yes. In North America particularly, right?

There have been some if you look at the energy segment, there have been more innovation in and around flavor profiles and a more deliberate effort to price things to move them. That's been much more constructive.

And you're seeing that in the energy segment returning to mid single digit, high single digit growth. We had had enough conversation with folks in that segment. They didn't like where they were back in the fourth quarter and second half of the year in terms of the growth trends. So, I think we made a conscious effort there and they're seeing that. Non alcoholic in general, think there's been enough innovation in that segment along with again more constructive pricing to drive volume.

You haven't seen that on the beer side, but I also kind of left '24 headed into '25 and are thinking our planning there will be much more conscious effort in peak season to see some activity in and around pricing to drive volume. So we're still anticipating some of that. But writ large and in my comments non alcoholics ahead of where we thought even with some of the planned innovations and the plan thinking to push volume and beer is a little behind. So I think more of the same in non alcoholic and a little bit more aggressive pricing to push volume in beer and that sets up a pretty healthy year for the industry.

Got it. Got it. That's very helpful. And then maybe just following up on that. I mean on the last earnings call, you announced the purchase of Florida can.

Can you give us sort of an update on that? And especially just how that asset kind of fits into what seems like a little bit of a stronger North American market?

Yes. We'll need that. We'll need the capacity. There's a couple of can sizes that are getting real tight. Unfortunately, asset does have those capabilities.

We'll see more of that impact into peak season. You see less of it now, right? Obviously, we're still building inventory getting ready for peak season. So you haven't needed the spot volume opportunity or the additional incremental growth that that presents. But you'll start to lean into it.

And as you said, getting off to a good industry start means we'll need that capacity sooner rather than later. It's ready to go. The assets are running. It's fully staffed. It's been integrated nicely into our system.

So now it's to your lane there. Yes, I mean we're looking forward to using that and running it full out here this summer.

Okay. That's very helpful. I'll turn it over.

Our next question comes from the line of Phil Ng with Jefferies. Please proceed with your question.

Hey, guys. Quarter and start to the year, so congrats. Volumes in North America was pretty strong, especially a tough comp from last year. Curious, how has the summer season been kind of shaping up in North America, order trends in April and May? The reason why I ask is because the brewers have still been calling pretty soft trends in North America and I think you called out some modest perhaps pre buy.

So does that kind of soften your demand trajectory call it 2Q and perhaps the back half of the year?

We're still seeing really positive constructive start here to April. I guess we're in May now. We didn't see much pre buy just to be clear. Maybe others called out a bit of that from the beer side. We didn't see that.

I'm hopeful for and it kind of builds off my last question is we started we entered '25 with pretty strong belief that non alcoholic segment energy in particular, they were going to innovate and they were going to go for volume. They were going to kind of moderate pricing in line with CPI, maybe even take a little less than that and go back and get that category to growth. And I think they've done a nice job at the start industry wide. The rest of the non alcohol category has innovated. They've done nice as well.

They've been really constructive on their pricing to push volume, meet the customer where they are from an affordability lens. And then beer, I still think there's going to be significant effort here in peak season to moderate price levels so they can move product. I don't think anybody is happy where mass beer is here through the first quarter. And I'm not surprised. They're going to have to use the affordability lens and push that.

And so more to come here in peak season. I'm cautiously optimistic if they can do that, we'll be a little ahead on the non alcohol and if that can catch up to be remotely in line with what we thought at the beginning of the year. I think it bodes for a really nice industry performance here over the back half of the year.

And is it realistic to assume low single digits North America the next few quarters this year still?

Yes, that's what we're we thought we'd do a little better kind of for us in particular, we thought we'd do a little better kind of Q2, Q3 versus prior year. And we got out a little ahead in Q1. So if that can maintain persist, I think you're kind of in that one to three range for industry and I believe we'll be right there. Obviously, have a little bit more weight on beer, but we also have a little more weight on energy. So, let's say those two things have netted out to be slightly more positive than we anticipated at this point in the year.

That's great. And then Europe certainly sounds like it's getting tighter. That an for pricing and as the kind of next contract kind of set up? And then similarly in North America maybe we're a little further away, but I think two of your competitors called out North America potentially getting tightening as well, especially in the summer selling season. Is that an opportunity for you to perhaps to pick up some share?

Because I suspect you among your bigger competitors in North America probably have a little more spare capacity. So is that an opportunity during the peak summer months?

Yes. Let me start with Europe First. Europe is when you look at the construction of the margin profile in Europe, everybody makes good gross profit. I mean, it's the best it's the best in the world. So pricing is not really the opportunity set.

And then of course it's not Europe, right? It's The U. K, it's Spain, it's there's a little bit more I think there's balance and there's solid competition in each one of these kind of siloed regions, if you will, sub regions within Europe. So we like our we'd much rather prefer growth on the existing margin in Europe and we'll try to make it up through efficiency gains. If we're going to expand margins, be rolling out kind of all business systems and becoming better operators throughout Pan Europe.

In North America, we're pretty tight. So we took out an awful lot of capacity. We did add the Florida can assets. We do have some 12 ounce capacity still hungover from kind of the Bud Light challenge, if you will, but not a lot. We've really we've tightened our system and it's reflected in our current margin profile.

So I would say we've got opportunity to grow at the rates we've outlined without adding capital. Obviously, we're going to put the new facility in the Northwest that should free up capacity in the Southwest. So, we've contemplated the next two to three years having what we need in order to step into the growth algorithm we laid out at Investor Day last year. But there's not a ton of upside. Maybe some spot pricing opportunities, maybe some spot market opportunities, having the right mix, having the right can size, those things could present opportunities for us, but not a bunch of excess capacity to step into.

Our next question comes from the line of Edlain Margariz with Mizuho. Please proceed with your question.

Thank you. Good morning, everyone. Mean, a quick one. You mentioned the 11% EPS growth for this year. Can you get there if volume falls short because of tariffs?

Or are there other levers you can pull to get to that growth number?

It's a great question. I guess, how far will volume fall, I guess would be the question. We're feeling really good about the low end based on what we see today. Here's how Here's how we're looking at tariffs right now. Very constructive start to the year.

We know what February is. Our customers know what February is. Our suppliers know. We're managing that. The wildcard will be the ongoing shock and awe strategy, how quickly does that translate into real identifiable trade deals.

I think once we see one or two trade deals show up, it starts to really enable us to frame these scenarios and work a problem set that's identifiable. So I'm hopeful that a couple of things are going to break loose in the next thirty to sixty days that we're going to know Japan, maybe Korea, Vietnam, things like that. You raised a good point on China that could be challenging, ongoing. But I think we're optimistic that we're going to start to see get some tea leaves here about what's really going to be in front of us. And then we've done a pretty good job with some significant challenges here over the last two to three years to manage those in a real constructive manner.

So I think that's right in front of us. So I think this uncertainty dissipates and it's uncertain today, but I think that window closes. And then the reality is we haven't been able to talk about this last couple of years, but this is a aluminum packaging. If people are going to spend less going out, if people are going to spend less traveling, we typically do well. We're resilient in a recession.

We're not inflationary resistant, but we're resilient in a recession. If that's where we're headed, depending on how steep it is, I think the range still holds. Obviously, higher to get to the top end. But then the counter or the positives would be a weaker dollar. Our fastest growing business, our most profitable business is Europe.

There's some currency tailwinds there. So, I think as we sit here today that's exactly the conversation I had with the Board last week. It's like I'm feeling like we're in this range and we can navigate it. Yes, I've got a lot of belief in the performance of the team after the last couple of years and what they can do. If we can have an identifiable problem, we typically sprint after it and solve it pretty effectively.

Our next question comes from the line of Josh Spector with UBS. Please proceed with your question.

Yes. Hi, good morning. I wanted to follow-up on the North And Central America segment. You had, I mean, low single digit volume growth and you had kind of similar, a little bit lower EBIT growth. I know last year, there was some pull forward.

So really just trying to think about the underlying EBIT growth that you had in that segment. And you pretty consistently have talked about 2% to 3% volume growth in that segment for the rest of the year. What's the type of EBIT leverage we should expect there as we go forward? Thanks.

Yes. I think it will be closely. We think about the two and one ratio as enterprise wide less region by region in terms of that leverage factor. You can have mix impacts quarter to quarter. You can have a number of other things manifest as you know.

So I think we'll be kind of holding our earnings profile margin, slight uptick in total comp dollars and some of this will just be mix related for the back half of the year on how much we go up.

Our next question comes from the line of George Staphos with Bank of America. Please proceed with your question.

Ball (BALL) Q1 2025 Earnings Call Transcript

Company Participants