Cover and table of contents

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Cover and table of contents

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

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FORM 10-Q

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☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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For the Quarterly Period Ended June 30, 2025

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☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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Commission file number 001-07349

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BALL CORPORATION

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State of Indiana (State or other jurisdiction of incorporation or organization)35-0160610 (I.R.S. Employer Identification No.)

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9200 West 108th Circle Westminster**,** CO (Address of registrant’s principal executive office)80021 (Zip Code)

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Registrant’s telephone number, including area code: 303**/**469-3131

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Securities registered pursuant to section 12(b) of the Act:

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Class​Trading Symbol​Name of Exchange​Outstanding at August 1, 2025
Common Stock, without par value​BALL​NYSE​272,148,895 shares

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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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Large accelerated filer ☒Accelerated filer ◻
Non-accelerated filer ◻Smaller reporting company◻
​Emerging growth company ◻

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ⌧

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Ball Corporation

QUARTERLY REPORT ON FORM 10-Q

For the period ended June 30, 2025

INDEX

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PART I.FINANCIAL INFORMATION1
Item 1.Financial Statements1
​Unaudited Condensed Consolidated Statements of Earnings for the Three and Six Months Ended June 30, 2025 and 20241
​Unaudited Condensed Consolidated Statements of Comprehensive Earnings (Loss) for the Three and Six Months Ended June 30, 2025 and 20242
​Unaudited Condensed Consolidated Balance Sheets at June 30, 2025, and December 31, 20243
​Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 20244
​Notes to the Unaudited Condensed Consolidated Financial Statements
​Note 1. Basis of Presentation5
​Note 2. Accounting Pronouncements6
​Note 3. Business Segment Information6
​Note 4. Acquisitions and Dispositions9
​Note 5. Revenue from Contracts with Customers11
​Note 6. Business Consolidation and Other Activities12
​Note 7. Supplemental Cash Flow Statement and Other Disclosures12
​Note 8. Receivables, Net13
​Note 9. Inventories, Net13
​Note 10. Property, Plant and Equipment, Net13
​Note 11. Goodwill14
​Note 12. Intangible Assets, Net14
​Note 13. Other Assets14
​Note 14. Leases15
​Note 15. Debt15
​Note 16. Taxes on Income16
​Note 17. Employee Benefit Obligations16
​Note 18. Equity and Accumulated Other Comprehensive Earnings (Loss)18
​Note 19. Earnings and Dividends Per Share20
​Note 20. Financial Instruments and Risk Management20
​Note 21. Contingencies25
​Note 22. Indemnifications and Guarantees26
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations28
Item 3.Quantitative and Qualitative Disclosures About Market Risk36
Item 4.Controls and Procedures36
PART II.OTHER INFORMATION37

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PART I. FINANCIAL INFORMATION

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Next: Item 1. FINANCIAL STATEMENTS