O-I Glass
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O-I Glass (OI) investor relations material

O-I Glass Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary11 Feb, 2026

Executive summary

  • 2025 results showed significant improvement, with adjusted EPS nearly doubling year-over-year and free cash flow rebounding to $168 million, driven by $300 million in Fit to Win benefits that exceeded targets and raised the cumulative goal to at least $750 million by 2027.

  • Segment operating profit increased, with Americas up 40% and Europe up 8% in Q4, and overall segment profit rising 30% year-over-year.

  • The company reaffirmed its 2027 financial targets, including adjusted EBITDA above $1,450 million, margin in the low 20%s, and leverage below 2.5x.

  • The business portfolio was optimized for premium and resilience, with a strategic focus on cost savings and operational efficiency.

Financial highlights

  • Net sales for 2025 were $6.4 billion, down slightly from $6.5 billion in 2024, with adjusted EBITDA rising to $1,218 million and margin expanding to 19.0%.

  • Adjusted EPS for 2025 was $1.60, up from $0.81 in 2024, and free cash flow improved to $168 million from $(128) million.

  • Net debt leverage improved to 3.5x from 3.9x, with a target of 2.5x by 2027.

  • Segment operating profit increased 13% to $846 million, with a 170 basis point margin improvement.

  • Cash provided by operating activities was $600 million, up from $489 million in 2024.

Outlook and guidance

  • 2026 guidance projects adjusted EBITDA of $1.25–$1.3 billion, up to 7% growth, and adjusted EPS of $1.65–$1.90, up to 19% above 2025, with free cash flow expected to reach $200 million.

  • Leverage ratio is expected to decline to the low 3x range by year-end 2026 and below 2.5x by 2027.

  • Free cash flow is expected to approximate $200 million, with CapEx around $450 million and restructuring cash costs of about $150 million.

  • First quarter 2026 will be the most challenging comparison due to prior year tariff prebuying and insurance recovery.

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Frequently asked questions

O-I Glass, Inc., manufactures and sells glass containers to food and beverage manufacturers primarily in the Americas, Europe, and the Asia Pacific. It provides glass packaging for alcoholic beverages, including beer, flavored malt beverages, spirits and wine; carbonated soft drinks; food products; home healthcare products; tea and coffee products; tableware; cosmetics and perfumes; specialty products comprising candle jars, cosmetic jars and pharmacy containers; tobacco products consisting of cigarette filters, other tobacco related glass packaging products, premium spirit bottles for liquor brands, high-end glass bottles for luxury perfume brands, premium wine bottles for globally known wine brands, as well as offers various closure options. The company was founded in 1903 and is headquartered in Perrysburg, Ohio.

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