Ball Corporation (NYSE: BALL) reported solid non-GAAP financial performance for the full year ended December 31, 2025, supported by steady operating earnings, disciplined cost management and strong cash generation, according to its non-GAAP financial disclosures. Q4 2025 Non-GAAP Final
The aluminum packaging maker said comparable net earnings for 2025 totaled $985 million, compared with U.S. GAAP net earnings attributable to the company of $912 million. On a non-GAAP basis, comparable diluted earnings per share were $3.57 for the year, reflecting the exclusion of non-recurring items such as business consolidation charges, amortization of acquired intangibles and other adjustments.
Comparable operating earnings and EBITDA
For the year, Ball reported comparable operating earnings of $1.55 billion, providing a measure of underlying operating performance before interest, taxes and certain non-comparable items.
Comparable earnings before interest, taxes, depreciation and amortization (EBITDA) reached $2.04 billion in 2025. The company said this metric reflects earnings strength across its packaging operations after adjusting for items that are not considered part of core operations.
Interest expense for the year was $314 million, resulting in an interest coverage ratio of 6.5 times, based on comparable EBITDA. The ratio indicates the company’s capacity to meet interest obligations from operating earnings.
Debt and leverage position
At the end of 2025, Ball reported total debt of $7.01 billion, offset by $1.21 billion in cash and cash equivalents. This resulted in net debt of $5.8 billion.
The company’s leverage ratio, measured as net debt to comparable EBITDA, stood at 2.84 times. Ball said it uses this metric internally to monitor credit quality and balance sheet strength.
Cash flow generation
Ball generated $1.26 billion in cash from operating activities during 2025. Capital expenditures totaled $474 million, leading to free cash flow of $788 million for the year.
After adjusting for $168 million in cash taxes paid related to the aerospace disposition, adjusted free cash flow reached $956 million, marking a record level for the company.
Management uses free cash flow measures to assess liquidity, fund strategic investments, and support shareholder returns, including dividends and share repurchases, the company said.
Reconciliation to GAAP results
Ball’s non-GAAP results exclude several items that affected reported GAAP earnings. These included $41 million related to business consolidation and other activities, $135 million in amortization of acquired Rexam intangibles, and $19 million in debt refinancing and other costs. The company also adjusted for $42 million in non-comparable tax items and a $3 million gain related to the aerospace disposal.
After these adjustments, comparable net earnings were higher than GAAP net earnings, providing what the company described as a clearer view of ongoing operating performance.
Financial management approach
Ball said it relies on non-GAAP measures such as comparable operating earnings, comparable EBITDA and free cash flow to evaluate performance, plan capital allocation and manage leverage.
The company emphasized that non-GAAP measures should be considered alongside, and not as a substitute for, U.S. GAAP financial results.
Ball supplies aluminum packaging for beverage, personal care and household products markets and continues to focus on operational efficiency, cash generation and balance sheet discipline as part of its long-term financial strategy.
