Ball Corporation (NYSE: BALL) reported higher earnings and revenue for the fourth quarter and full year 2025, supported by increased aluminum packaging shipments, improved operating performance and strong cash generation, the company said on Tuesday. The U.S.-based aluminum packaging maker said full-year net earnings attributable to the company were $912 million, compared with $4.01 billion a year earlier, when results included gains related to the divestiture of its aerospace business.
Full-year diluted earnings per share were $3.30, compared with $13.00 in 2024. Revenue for 2025 rose to $13.16 billion from $11.80 billion a year earlier, driven by higher shipment volumes and favorable pricing across key regions. The company said its results exclude the former aerospace business, which was sold in February 2024.
Fourth-quarter performance
For the fourth quarter ended December 31, Ball reported net earnings attributable to the company of $200 million, or $0.75 per diluted share, compared with a net loss of $32 million, or $0.11 per share, in the same period last year.
Quarterly sales increased to $3.35 billion from $2.88 billion a year earlier. The company said higher volumes and favorable price and mix contributed to the improvement.
On a comparable basis, which excludes certain non-recurring items, fourth-quarter diluted earnings per share rose to $0.91 from $0.84 a year earlier. Comparable net earnings for the quarter were $243 million, compared with $250 million in the prior-year period.
Full-year comparable results and cash flow
For the full year, comparable net earnings were $985 million, or $3.57 per diluted share, compared with $977 million, or $3.17 per share, in 2024.
Ball said global aluminum packaging shipments increased 4.1% in 2025 and 6.0% in the fourth quarter, reflecting broad-based demand across markets.
The company generated record adjusted free cash flow of $956 million during the year. Cash provided by operating activities totaled $1.26 billion, while capital expenditures were $474 million.
Ball returned $1.54 billion to shareholders in 2025 through share repurchases and dividends, it said.
Segment performance
The Beverage Packaging, North and Central America segment reported full-year comparable operating earnings of $772 million on sales of $6.29 billion, compared with $747 million on sales of $5.62 billion a year earlier. Volume growth and favorable pricing offset higher costs, the company said.
In Europe, the Middle East and Africa, comparable operating earnings rose to $495 million from $416 million, while sales increased to $3.98 billion from $3.47 billion, supported by higher volumes, pricing and currency effects.
The South America segment posted comparable operating earnings of $327 million, up from $296 million, with sales rising to $2.16 billion from $1.95 billion.
Acquisitions and outlook
During the year, Ball completed the acquisition of an 80% stake in Benepack, a European beverage can manufacturer with facilities in Belgium and Hungary, for approximately €184 million. The deal is expected to strengthen the company’s footprint in Europe.
Looking ahead, Ball said it expects comparable diluted earnings per share growth of more than 10% in 2026 and free cash flow of more than $900 million, citing operating leverage and a healthy balance sheet.
The company said it will continue to focus on sustainable aluminum packaging, operational efficiency and shareholder returns.