Ball 10-Q 2026-06-30

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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, 2026

or

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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 July 31, 2026
Common Stock, without par value	​	BALL	​	NYSE	​	264,703,357 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, 2026

INDEX

​	​	Page****Number
PART I.	FINANCIAL INFORMATION	1
Item 1.	Financial Statements	1
​	Unaudited Condensed Consolidated Statements of Earnings for the Three and Six Months Ended June 30, 2026, and 2025	1
​	Unaudited Condensed Consolidated Statements of Comprehensive Earnings (Loss) for the Three and Six Months Ended June 30, 2026, and 2025	2
​	Unaudited Condensed Consolidated Balance Sheets at June 30, 2026, and December 31, 2025	3
​	Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026, and 2025	4
​	Notes to the Unaudited Condensed Consolidated Financial Statements
​	Note 1. Basis of Presentation	5
​	Note 2. Accounting Pronouncements	6
​	Note 3. Business Segment Information	6
​	Note 4. Acquisitions and Dispositions	9
​	Note 5. Revenue from Contracts with Customers	10
​	Note 6. Business Consolidation and Other Activities	11
​	Note 7. Supplemental Cash Flow Statement and Other Disclosures	11
​	Note 8. Receivables, Net	12
​	Note 9. Inventories, Net	12
​	Note 10. Property, Plant and Equipment, Net	12
​	Note 11. Goodwill	13
​	Note 12. Intangible Assets, Net	13
​	Note 13. Other Assets	13
​	Note 14. Leases	14
​	Note 15. Debt	14
​	Note 16. Taxes on Income	15
​	Note 17. Employee Benefit Obligations	15
​	Note 18. Equity and Accumulated Other Comprehensive Earnings (Loss)	16
​	Note 19. Earnings and Dividends Per Share	18
​	Note 20. Financial Instruments and Risk Management	19
​	Note 21. Contingencies	23
​	Note 22. Indemnifications and Guarantees	23
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32
Item 4.	Controls and Procedures	33
PART II.	OTHER INFORMATION	33

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PART I. FINANCIAL INFORMATION

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BALL CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

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​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended June 30,					​	Six Months Ended June 30,					​
($ in millions, except per share amounts)	​	2026		​ ​ ​	2025		​ ​ ​	2026		​ ​ ​	2025		​
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net sales	​	$	3,997	​	$	3,338	​	$	7,600	​	$	6,435	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Cost of sales (excluding depreciation and amortization)	​	​	(3,300)	​	​	(2,690)	​	​	(6,257)	​	​	(5,183)	​
Depreciation and amortization	​	​	(165)	​	​	(155)	​	​	(324)	​	​	(305)	​
Selling, general and administrative	​	​	(163)	​	​	(137)	​	​	(313)	​	​	(286)	​
Business consolidation and other activities	​	​	(22)	​	​	(12)	​	​	(33)	​	​	(25)	​
Interest income	​	​	10	​	​	5	​	​	20	​	​	12	​
Interest expense	​	​	(79)	​	​	(81)	​	​	(157)	​	​	(151)	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Earnings before taxes	​	​	278	​	​	268	​	​	536	​	​	497	​
Tax (provision) benefit	​	​	(65)	​	​	(61)	​	​	(127)	​	​	(114)	​
Equity in results of affiliates, net of tax	​	​	10	​	​	8	​	​	19	​	​	13	​
Earnings from continuing operations	​	​	223	​	​	215	​	​	428	​	​	396	​
Discontinued operations, net of tax	​	​	—	​	​	—	​	​	—	​	​	(2)	​
Net earnings	​	​	223	​	​	215	​	​	428	​	​	394	​
Net earnings attributable to noncontrolling interests	​	​	2	​	​	3	​	​	2	​	​	3	​
Net earnings attributable to Ball Corporation	​	$	221	​	$	212	​	$	426	​	$	391	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​
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Earnings per share:	​	​	​	​	​	​	​	​	​	​	​	​	​
Basic - continuing operations	​	$	0.83	​	$	0.77	​	$	1.60	​	$	1.41	​
Basic - discontinued operations	​	​	—	​	​	—	​	​	—	​	​	(0.01)	​
Total basic earnings per share	​	$	0.83	​	$	0.77	​	$	1.60	​	$	1.40	​
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Diluted - continuing operations	​	$	0.83	​	$	0.76	​	$	1.59	​	$	1.40	​
Diluted - discontinued operations	​	​	—	​	​	—	​	​	—	​	​	(0.01)	​
Total diluted earnings per share	​	$	0.83	​	$	0.76	​	$	1.59	​	$	1.39	​
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Weighted average shares outstanding: (000s)	​	​	​	​	​	​	​	​	​	​	​	​	​
Basic	​	​	265,777	​	​	276,102	​	​	265,778	​	​	279,677	​
Diluted	​	​	267,139	​	​	277,771	​	​	267,271	​	​	281,405	​

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See accompanying notes to the unaudited condensed consolidated financial statements.

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BALL CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)

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​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended June 30,					​	Six Months Ended June 30,
($ in millions)	​ ​ ​	2026		​ ​ ​	2025		​ ​ ​	2026		​ ​ ​	2025
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Net earnings	​	$	223	​	$	215	​	$	428	​	$	394
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Other comprehensive earnings (loss):	​	​	​	​	​	​	​	​	​	​	​	​
Currency translation adjustment	​	​	11	​	​	43	​	​	(10)	​	​	117
Pension and other postretirement benefits	​	​	11	​	​	(38)	​	​	22	​	​	(53)
Derivatives designated as hedges	​	​	62	​	​	(36)	​	​	82	​	​	(38)
Total other comprehensive earnings (loss)	​	​	84	​	​	(31)	​	​	94	​	​	26
Tax (provision) benefit	​	​	(20)	​	​	18	​	​	(27)	​	​	22
Total other comprehensive earnings (loss), net of tax	​	​	64	​	​	(13)	​	​	67	​	​	48
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Total comprehensive earnings	​	​	287	​	​	202	​	​	495	​	​	442
Comprehensive earnings attributable to noncontrolling interests	​	​	2	​	​	3	​	​	2	​	​	3
Comprehensive earnings attributable to Ball Corporation	​	$	285	​	$	199	​	$	493	​	$	439

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See accompanying notes to the unaudited condensed consolidated financial statements.

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BALL CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

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​	​	June 30,		​	December 31,
($ in millions)	​ ​ ​	2026		​ ​ ​	2025
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Assets	​	​	​	​	​	​
Current assets	​	​	​	​	​	​
Cash and cash equivalents	​	$	491	​	$	1,212
Receivables, net	​	​	3,262	​	​	2,606
Inventories, net	​	​	2,517	​	​	2,013
Other current assets	​	​	365	​	​	265
Current assets held for sale	​	​	16	​	​	17
Total current assets	​	​	6,651	​	​	6,113
Noncurrent assets	​	​	​	​	​	​
Property, plant and equipment, net	​	​	6,783	​	​	6,656
Goodwill	​	​	4,397	​	​	4,379
Intangible assets, net	​	​	908	​	​	982
Other assets	​	​	1,371	​	​	1,394
Total assets	​	$	20,110	​	$	19,524
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Liabilities and Equity	​	​	​	​	​	​
Current liabilities	​	​	​	​	​	​
Short-term debt and current portion of long-term debt	​	$	692	​	$	21
Accounts payable	​	​	4,549	​	​	4,452
Accrued employee costs	​	​	236	​	​	303
Other current liabilities	​	​	744	​	​	711
Total current liabilities	​	​	6,221	​	​	5,487
Noncurrent liabilities	​	​	​	​	​	​
Long-term debt	​	​	6,528	​	​	6,991
Employee benefit obligations	​	​	468	​	​	499
Deferred taxes	​	​	691	​	​	655
Other liabilities	​	​	436	​	​	471
Total liabilities	​	​	14,344	​	​	14,103
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Equity	​	​	​	​	​	​
Common stock (685,983,461 shares issued - 2026; 685,107,438 shares issued - 2025)	​	​	1,447	​	​	1,422
Retained earnings	​	​	12,538	​	​	12,219
Accumulated other comprehensive earnings (loss)	​	​	(802)	​	​	(869)
Treasury stock, at cost (421,377,635 shares - 2026; 419,733,252 shares - 2025)	​	​	(7,437)	​	​	(7,351)
Total Ball Corporation shareholders' equity	​	​	5,746	​	​	5,421
Noncontrolling interests	​	​	20	​	​	—
Total equity	​	​	5,766	​	​	5,421
Total liabilities and equity	​	$	20,110	​	$	19,524

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See accompanying notes to the unaudited condensed consolidated financial statements.

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Management’s discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial statements (consolidated financial statements) and accompanying notes included in Item 1 of this Quarterly Report on Form 10-Q, which include additional information about our accounting policies, practices and the transactions underlying our financial results. The preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires us to make estimates and assumptions that affect the reported amounts in our consolidated financial statements and the accompanying notes, including various claims and contingencies related to lawsuits, taxes, environmental and other matters arising during the normal course of business. We apply our best judgment, our knowledge of existing facts and circumstances and actions that we may undertake in the future in determining the estimates that affect our consolidated financial statements. We evaluate our estimates on an ongoing basis using our historical experience, as well as other factors we believe appropriate under the circumstances, such as current economic conditions, and adjust or revise our estimates as circumstances change. As future events and their effects cannot be determined with precision, actual results may differ from these estimates. Ball Corporation and its subsidiaries are referred to collectively as “Ball Corporation,” “Ball,” “the company,” “we” or “our” in the following discussion and analysis.

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OVERVIEW

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Business Overview and Industry Trends

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Ball Corporation is one of the world’s leading aluminum packaging suppliers. With a growth mindset and by pursuing operational excellence, we lean on our competitive strengths to reach our financial goals. We are focused on maintaining our strong financial position by listening to and partnering with our global customers, delivering operational efficiencies and an innovative product portfolio from our best-in-class manufacturing facilities and returning value to shareholders via share repurchases and dividends. In the aluminum packaging industry, sales and earnings can be increased by reducing costs, increasing prices, developing new products, expanding volume and making strategic acquisitions.

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We sell our aluminum packaging products mainly to large, multinational beverage, personal care and household products companies with which we have developed long-term relationships. This is evidenced by our high customer retention and our large number of long-term supply contracts. While we have a diversified customer base, we sell a significant portion of our packaging products to major companies and brands, as well as to numerous regional customers. The overall global aluminum packaging industry is growing and is expected to continue to grow in the medium to long term.

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We purchase our raw materials from relatively few suppliers. We also have exposure to inflation, in particular the rising costs of raw materials, as well as other direct cost inputs. We mitigate our exposure to the changes in the costs of aluminum through the inclusion of provisions in contracts covering the majority of our volume to pass-through aluminum price changes, as well as through the use of derivative instruments. The pass-through provisions generally result in proportional increases or decreases in sales and costs with a reduced impact, on net earnings; however, there may be timing differences of when the costs are passed through and amounts that are not fully passed through. Because of our customer and supplier concentration, our business, financial condition and results of operations could be adversely affected by the loss, insolvency or bankruptcy of a major customer or supplier or a change in a supply agreement with a major customer or supplier, although our contract provisions generally mitigate the risk of customer loss, and our long-term relationships represent a known, stable customer base.

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From time to time, we have evaluated and expect to continue to evaluate possible transactions that we believe will benefit the company and our shareholders, which may include strategic acquisitions, divestitures of parts of our company or equity investments. At any time, we may be engaged in discussions or negotiations at various stages of development with respect to one or more possible transactions or may have entered into non-binding letters of intent. As part of any such initiatives, we may participate in processes being run by other companies or leading our own activities.

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RESULTS OF CONSOLIDATED OPERATIONS

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Management’s discussion and analysis for our results of operations on a consolidated and segment basis include a quantification of factors that had a material impact. Other factors that did not have a material impact, but that are significant to understand the results, are qualitatively described.

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Geopolitical Conflicts

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Ball is monitoring current geopolitical conflicts across the globe and may experience increased costs for inputs such as energy and transportation, as well as aluminum, due to the negative impact on the global economy and reduction in supply. Ongoing conflicts have the potential to impact Ball across its global business, and it is not possible to accurately predict all future impacts. As such, current conflicts and the resulting effects have the potential to materially impact the company’s results of operations.

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Consolidated Sales and Earnings

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended June 30,					​	Six Months Ended June 30,					​	​
($ in millions)	​ ​ ​	2026		​ ​ ​	2025		​ ​ ​	2026		​ ​ ​	2025		​	​ ​ ​
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Net sales	​	$	3,997	​	$	3,338	​	$	7,600	​	$	6,435	​	​
Net earnings attributable to Ball Corporation	​	​	221	​	​	212	​	​	426	​	​	391	​	​
Net earnings attributable to Ball Corporation as a % of net sales	​	​	6	%	​	6	%	​	6	%	​	6	%	​

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Sales in the three months ended June 30, 2026, increased $659 million compared to the same period in 2025 primarily due to increases of $542 million from price/mix, mainly from higher aluminum prices, and $65 million from higher volume. Sales in the six months ended June 30, 2026, increased $1.17 billion compared to the same period in 2025 primarily due to increases of $898 million from price/mix, mainly from higher aluminum prices, $131 million from currency translation and $97 million from higher volume.

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Net earnings attributable to Ball Corporation for the three months ended June 30, 2026, increased $9 million compared to the same period in 2025 primarily due to increases from the results of the reportable segments discussed below. Net earnings attributable to Ball Corporation for the six months ended June 30, 2026, increased $35 million compared to the same period in 2025 primarily due to increases from the results of the reportable segments discussed below.

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The company has experienced a trend of rising aluminum input prices and is unable to predict the future change in aluminum input prices, including the associated positive or negative impacts it will have on our financial results from our risk management programs, which primarily include aluminum pass through provisions in our customer contracts and hedging strategies. Additionally, the company is pursuing operational excellence initiatives that are intended to reduce our fixed and variable costs to improve results in 2027 and beyond.

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Cost of Sales (Excluding Depreciation and Amortization)

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Cost of sales, excluding depreciation and amortization, was $3,300 million and $2,690 million for the three months ended June 30, 2026, and 2025, respectively, and $6,257 million and $5,183 million for the six months ended June 30, 2026, and 2025, respectively. These amounts represented 83 percent and 81 percent of consolidated net sales for the three months ended June 30, 2026, and 2025, respectively, and 82 percent and 81 percent of consolidated net sales for the six months ended June 30, 2026, and 2025, respectively. The increases of $610 million and $1,074 million for the three and six months ended June 30, 2026, respectively, were primarily due to higher raw materials costs of $506 million and $871 million, respectively, driven by higher aluminum prices and higher volumes.

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Depreciation and Amortization

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Depreciation and amortization expense was $165 million and $155 million for the three months ended June 30, 2026, and 2025, respectively, and $324 million and $305 million for the six months ended June 30, 2026, and 2025, respectively. These amounts represented 4 percent and 5 percent of consolidated net sales for the three months ended June 30, 2026, and 2025, respectively, and 4 percent and 5 percent of consolidated net sales for the six months ended June 30, 2026, and 2025, respectively.

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Selling, General and Administrative

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Selling, general and administrative was $163 million and $137 million for the three months ended June 30, 2026, and 2025, respectively, and $313 million and $286 million for the six months ended June 30, 2026, and 2025, respectively.

These amounts represented 4 percent of consolidated net sales for the three and six months ended June 30, 2026, and 2025. The increase for the six months ended June 30, 2026, was primarily due to a loss of $27 million recognized related to the fair value of the ORG equity-linked notes. Further details regarding equity-linked notes are provided in Note 13.

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Business Consolidation and Other Activities

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Business consolidation and other activities resulted in charges of $22 million and $12 million for the three months ended June 30, 2026, and 2025, respectively, and $33 million and $25 million for the six months ended June 30, 2026, and 2025, respectively. The 2026 amounts include expenses associated with tariff contingencies where the company is seeking recovery and costs for previously announced facility closures. The 2025 amounts include costs for previously announced facility closures and a loss related to the aluminum cups business transaction. The charges for the six months ended June 30, 2025, were partially offset by income from the receipt of insurance proceeds for replacement costs related to the 2023 fire at the company’s Verona, Virginia extruded aluminum slug manufacturing facility. Further details regarding business consolidation and other activities are provided in Note 6.

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Interest Income

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Interest income was $10 million and $5 million for the three months ended June 30, 2026, and 2025, respectively, and $20 million and $12 million for the six months ended June 30, 2026, and 2025, respectively.

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Interest Expense

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Interest expense was $79 million and $81 million for the three months ended June 30, 2026, and 2025, respectively, and $157 million and $151 million for the six months ended June 30, 2026, and 2025, respectively. Interest expense as a percentage of average borrowings decreased approximately 40 basis points from 4.5 percent for the three months ended June 30, 2025, to 4.1 percent for the three months ended June 30, 2026, and decreased approximately 50 basis points from 4.5 percent for the six months ended June 30, 2025, to 4.0 percent for the six months ended June 30, 2026. The decrease in interest expense for the three months ended June 30, 2026, was primarily driven by lower weighted average interest rates on outstanding debt during the year, partially offset by a higher amount of weighted average principal outstanding during the year. The interest expense increase for the six months ended June 30, 2026, was primarily driven by a higher amount of weighted average principal outstanding during the year, partially offset by a decrease from lower weighted average interest rates on outstanding debt during the year.

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Income Taxes

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The effective tax rate for the three and six months ended June 30, 2026, was 23.4 and 23.7 percent, respectively, compared to 22.8 and 22.9 percent for the same periods in 2025. The increases of 0.6 percentage points and 0.8 percentage points for the three and six months ended June 30, 2026, was primarily due to increased non-U.S. rate differences and U.S. taxes on foreign income net of credits. This was partially offset by the effects of state and local taxes. Similar impacts may occur in future periods, but given their inherent uncertainty, the company is unable to reasonably estimate their potential future impacts.

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RESULTS OF BUSINESS SEGMENTS

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Segment Results

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Ball’s operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below. As of first quarter of 2026, the manufacturing facilities in the beverage packaging, other non-reportable segment have been included in the beverage packaging, EMEA segment. In addition, the company made changes to its measure of profitability, comparable segment operating earnings, which better aligns to how the CODM assesses segment performance and resource allocation. The company’s segment results and disclosures for the three and six months ended June 30, 2025, have been retrospectively recast to conform to current year presentation. See Note 3 for further details on the changes to segment results.

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Beverage Packaging, North and Central America

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	Three Months Ended June 30,					​	Six Months Ended June 30,					​	​
($ in millions)	​ ​ ​	​	2026		​ ​ ​	2025		​ ​ ​	2026		​ ​ ​	2025		​ ​ ​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net sales	​	​	$	2,006	​	$	1,613	​	$	3,782	​	$	3,076	​	​
Comparable operating earnings	​	​	​	207	​	​	212	​	​	412	​	​	412	​	​
Comparable operating earnings as a % of segment net sales	​	​	​	10	%	​	13	%	​	11	%	​	13	%	​

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Ball acquired an aluminum beverage can manufacturing facility in Winter Haven, Florida, in the first quarter of 2025 as part of its acquisition of Florida Can Manufacturing. See Note 4 for further details on the acquisition.

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Segment sales for the three months and six months ended June 30, 2026, were $393 million and $706 million higher, respectively, compared to the same periods in 2025. The increase for the three months ended June 30, 2026, was primarily due to increases of $380 million from price/mix, mainly from higher aluminum prices, and higher volume. The increase for the six months ended June 30, 2026, was primarily due to increases of $651 million from price/mix, mainly from higher aluminum prices, and $55 million from higher volume.

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Comparable operating earnings for the three and six months ended June 30, 2026, were $5 million lower and flat, respectively, compared to the same periods in 2025. The decrease in comparable operating earnings for the three months ended June 30, 2026, was primarily due to higher costs of $44 million, primarily due to higher volumes, operating costs and plant start up costs, partially offset by $28 million from price/mix, including the timing of metal pass through to our customers. The results for the six months ended June 30, 2026, were primarily due to increases of $55 million from price/mix, including the timing of metal pass through to our customers, and $20 million from higher volume, fully offset by $74 million from higher costs, due to higher operating costs and plant start up costs.

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Beverage Packaging, EMEA

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended June 30,					​	Six Months Ended June 30,					​	​
($ in millions)	​ ​ ​	2026		​ ​ ​	2025		​ ​ ​	2026		​ ​ ​	2025		​ ​ ​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net sales	​	$	1,242	​	$	1,123	​	$	2,353	​	$	2,081	​	​
Comparable operating earnings	​	​	162	​	​	152	​	​	296	​	​	263	​	​
Comparable operating earnings as a % of segment net sales	​	​	13	%	​	14	%	​	13	%	​	13	%	​

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Ball acquired an 80 percent capital share of Benepack’s European beverage can manufacturing business from ORG Technology Co. Ltd. (ORG), during the first quarter of 2026. See Note 4 for further details on the acquisition.

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Segment sales for the three and six months ended June 30, 2026, were $119 million and $272 million higher, respectively, compared to the same periods in 2025. The increase for the three months ended June 30, 2026, was primarily due to increases of $57 million from price/mix, $27 million from higher volume and currency translation. The increase for the six months ended June 30, 2026, was primarily due to increases of $110 million from currency translation, $68 million from price/mix and $65 million from higher volume.

​

Comparable operating earnings for the three and six months ended June 30, 2026, were $10 million and $33 million higher, respectively, compared to the same periods in 2025. The increase for the three months ended June 30, 2026, was primarily due to increases of $58 million from price/mix and higher volume, partially offset by higher costs of $71 million. The increase for the six months ended June 30, 2026, was primarily due increases of $58 million from price/mix, $24 million from higher volume and currency translation, partially offset by higher costs of $79 million.

​

Beverage Packaging, South America

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended June 30,					​	Six Months Ended June 30,					​	​
($ in millions)	​ ​ ​	2026		​ ​ ​	2025		​ ​ ​	2026		​ ​ ​	2025		​ ​ ​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net sales	​	$	591	​	$	477	​	$	1,176	​	$	1,021	​	​
Comparable operating earnings	​	​	82	​	​	50	​	​	149	​	​	117	​	​
Comparable operating earnings as a % of segment net sales	​	​	14	%	​	10	%	​	13	%	​	11	%	​

​

Segment sales for the three and six months ended June 30, 2026, were $114 million and $155 million higher respectively, compared to the same periods in 2025. The increase for the three months ended June 30, 2026, was primarily due to higher price/mix of $93 million, mainly from higher aluminum prices, and higher volume. The increase for the six months ended June 30, 2026, was primarily due to higher price/mix of $149 million, mainly from higher aluminum prices.

​

Comparable operating earnings for the three and six months ended June 30, 2026, were $32 million higher, respectively, when compared to the same periods in 2025. The increase for the three months ended June 30, 2026, was primarily due to higher price/mix and higher volume. The increase for the six months ended June 30, 2026, was primarily due to higher price/mix of $47 million, partially offset by a decrease from higher costs of $24 million.

​

NEW ACCOUNTING PRONOUNCEMENTS

​

For information regarding recent accounting pronouncements, see Note 2 to the consolidated financial statements included within Item 1 of this report on Form 10-Q.

​

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

​

Cash Flows and Capital Expenditures

​

Our primary sources of liquidity are cash provided by operating activities and external borrowings. We believe that cash flows from operating activities and cash provided by short-term, long-term and committed revolver borrowings, when necessary, will be sufficient to meet our ongoing operating requirements, scheduled principal and interest payments on debt, dividend payments, anticipated share repurchases and anticipated capital expenditures. We have limited near-term debt maturities and our senior credit facilities are in place until 2030. The following table summarizes our cash flows:

​

​	​	​	​	​	​	​	​
​	​	Six Months Ended June 30,					​
($ in millions)	​ ​ ​	2026		​ ​ ​	2025		​ ​ ​
​	​	​	​	​	​	​	​
Cash flows provided by (used in) operating activities	​	$	(169)	​	$	(333)	​
Cash flows provided by (used in) investing activities	​	​	(437)	​	​	(391)	​
Cash flows provided by (used in) financing activities	​	​	(126)	​	​	88	​

​

Cash flows used in operating activities were $169 million in 2026, primarily driven by working capital outflow of $1.01 billion, partially offset by earnings from continuing operations of $428 million and a reconciling adjustment to operating cash flow of $324 million for depreciation and amortization. In a dynamic economic environment, payment terms with our customers and vendors become a more important element of total mix of information used to negotiate our contract terms. At June 30, 2026, a change of one day in days sales outstanding will impact cash flows provided by (used in) operating activities by $44 million, a change of one day in days payable outstanding will impact cash flows provided by (used in) operating activities by $37 million and a change of one day in days inventory on hand will impact cash flows provided by (used in) operating activities by $37 million.

​

Cash flows used in investing activities were $437 million in 2026, primarily driven by capital expenditures of $302 million, $76 million of cash consideration, net of cash acquired, for the acquisition of Benepack’s European beverage can manufacturing business and $52 million for the purchase of notes linked to the stock market performance of ORG. See Note 4 for further details on the acquisition. See Note 13 for further details on the equity-linked notes.

​

Cash flows used in financing activities were $126 million in 2026, primarily driven by outflows from the acquisition of treasury stock of $115 million and dividends paid to investors of $107 million, partially offset by a net inflow from long-term and short-term borrowing of $79 million. See Note 15 for further details on the company’s borrowings and additional amounts available.

​

We have entered into several regional accounts receivable factoring programs with various financial institutions for certain of our accounts receivable. The programs are accounted for as true sales of the receivables, with limited recourse to Ball, and had combined limits of approximately $1.73 billion and $1.82 billion at June 30, 2026, and December 31, 2025, respectively. A total of $216 million and $364 million were available for sale under these programs as of June 30, 2026, and December 31, 2025, respectively. The company has recorded expense related to its factoring programs of $10 million and $9 million for the three months ended June 30, 2026, and 2025, respectively, and $20 million and $19 million for the six months ended June 30, 2026, and 2025, respectively, and has presented these amounts in selling, general and administrative in its unaudited condensed consolidated statements of earnings.

​

The amount of obligations outstanding that the company confirmed as valid to the financial institutions under the company's regional supplier finance programs was $276 million and $424 million at June 30, 2026, and December 31, 2025, respectively. These amounts are classified within accounts payable on the unaudited condensed consolidated balance sheets, and the associated payments are reflected in the cash flows from operating activities section of the unaudited condensed consolidated statements of cash flows.

​

Contributions to the company’s defined benefit pension plans were $15 million in the first six months of 2026 and 2025, and such contributions are expected to be approximately $29 million for the full year of 2026. This estimate may change based on changes in the Pension Protection Act, actual plan asset performance and available company cash flow, among other factors. The company anticipates a “buy-out” for its U.K. defined benefit pension plan will occur in third quarter of 2026, which will trigger a pension settlement that will result in all plan balances, including accumulated pension components within other comprehensive income, being charged to expense as a noncash settlement charge. As of June 30, 2026, accumulated other comprehensive income included $454 million of unrecognized pension losses, expected to be recognized upon settlement.

​

The company expects that 2026 capital expenditures for property, plant and equipment will likely be in the range of $600 million. Approximately $299 million of capital expenditures for property, plant and equipment were contractually committed as of June 30, 2026, and the company intends to return approximately $210 million to shareholders in the form of dividends for the full year of 2026, inclusive of the cash dividend of 20 cents per share, payable September 15, 2026, to shareholders of record as of September 1, 2026.

​

As of June 30, 2026, approximately $345 million of our cash was held outside of the U.S. In the event that we would need to utilize any of the cash held outside of the U.S. for purposes within the U.S., there are no material legal or other economic restrictions regarding the repatriation of cash from any of the countries outside the U.S. where we have cash. The company believes its U.S. operating cash flows and cash on hand, as well as availability under its long-term multi-currency revolving credit facilities, short-term uncommitted credit facilities and accounts receivable factoring programs, will be sufficient to meet the cash requirements of the U.S. portion of our ongoing operations, scheduled principal and interest payments on U.S. debt, dividend payments, capital expenditures and other U.S. cash requirements. If non-U.S. funds are needed for our U.S. cash requirements and we are unable to provide the funds through intercompany financing arrangements, we may be required to repatriate funds from non-U.S. locations where the company has previously asserted indefinite reinvestment of funds outside the U.S.

​

Based on its indefinite reinvestment assertion, the company has not provided deferred taxes on earnings in certain non-U.S. subsidiaries because such earnings are intended to be indefinitely reinvested in its international operations. It is not practical to estimate the additional taxes that might become payable if these earnings were remitted to the U.S.

​

Share Repurchases

​

The company’s share repurchases totaled $115 million during the six months ended June 30, 2026, compared to $1.02 billion of repurchases during the same period of 2025. The company plans to continue capital return to shareholders via an estimated $600 million in share repurchases in 2026.

​

On January 29, 2025, the Board of Directors approved the repurchase by the company of up to $4.00 billion in shares of its common stock through the end of 2027. This repurchase authorization replaced all previous authorizations. At June 30, 2026, $2.82 billion remains available to be repurchased.

​

Debt Facilities and Other Activities

​

Given our cash flow projections and unused credit facilities that are available until November 2030, our liquidity is expected to meet our ongoing cash and debt service requirements. Total debt of $7.22 billion and $7.01 billion was outstanding at June 30, 2026, and December 31, 2025, respectively.

​

The company’s senior credit facilities include a $1.50 billion term loan and long-term multi-currency revolving facilities that mature in November 2030, which provide the company with up to U.S. dollar equivalent of $2.00 billion.

​

At June 30, 2026, approximately $1.71 billion was available under the company’s long-term multi-currency revolving facilities. The company also had approximately $942 million of short-term uncommitted credit facilities available at June 30, 2026, of which $43 million was outstanding and due on demand. At December 31, 2025, the company had $19 million outstanding under short-term uncommitted credit facilities.

​

While ongoing financial and economic conditions in certain areas may raise concerns about credit risk with counterparties to derivative transactions, the company mitigates its exposure by allocating the risk among various counterparties and limiting exposure to any one party. We also monitor the credit ratings of our suppliers, customers, lenders and counterparties on a regular basis.

​

We were in compliance with the leverage ratio requirement at June 30, 2026, and for all prior periods presented, and have met all debt payment obligations. The U.S. note agreements and bank credit agreement contain certain restrictions relating to dividend payments, share repurchases, investments, financial ratios, guarantees and the incurrence of additional indebtedness. The most restrictive of our debt covenants requires us to maintain a leverage ratio (as defined) of no greater than 5.0 times, which will change to 4.5 times as of March 31, 2027. As of June 30, 2026, the company could borrow an additional $2.40 billion under its long-term multi-currency committed revolving facilities and short-term uncommitted credit facilities. Additional details about our debt are available in Note 15 accompanying the consolidated financial statements within Item 1 of this report.

​

Benepack

​

In January 2026, the company acquired an 80 percent capital share of Benepack’s European beverage can manufacturing business from ORG Technology Co. Ltd. The business includes two manufacturing facilities, one in Belgium and one in Hungary, and is included in Ball’s beverage packaging, EMEA, segment. See Note 4 for further details.

​

CONTINGENCIES, INDEMNIFICATIONS AND GUARANTEES

​

Details of the company’s contingencies, legal proceedings, indemnifications and guarantees are available in Note 21 and Note 22 accompanying the consolidated financial statements within Item 1 of this report. The company is routinely subject to litigation incidental to operating its businesses and has been designated by various federal, state, and international environmental agencies as a potentially responsible party, along with numerous other companies, for the clean-up of several hazardous waste sites.

​

Guaranteed Securities

​

The company’s senior notes are guaranteed on a full and unconditional, joint and several basis by the issuer of the company’s senior notes and the subsidiaries that guarantee the notes (the obligor group). The entities that comprise the obligor group are 100 percent owned by the company. As described in the supplemental indentures governing the company’s existing senior notes, the senior notes are guaranteed by any of the company’s domestic subsidiaries that guarantee any other indebtedness of the company.

​

The following summarized financial information relates to the obligor group as of June 30, 2026, and December 31, 2025. Intercompany transactions, equity investments and other intercompany activity between obligor group subsidiaries have been eliminated from the summarized financial information. Investments in subsidiaries not forming part of the obligor group have also been eliminated.

​

​	​	​	​
​	​	Six Months Ended
($ in millions)	​	June 30, 2026
​	​	​	​
Net sales	​	$	3,720
Gross profit (a)	​	​	410
Net earnings	​	​	212
Net earnings attributable to Ball Corporation	​	​	212

(a)	Gross profit is shown after depreciation and amortization related to cost of sales of $83 million for the six months ended June 30, 2026.

​	​	​	​	​	​	​
​	​	June 30,		​	December 31,
($ in millions)	​ ​ ​	2026		​ ​ ​	2025
​	​	​	​	​	​	​
Current assets	​	$	2,889	​	$	2,222
Noncurrent assets	​	​	13,735	​	​	13,453
Current liabilities	​	​	4,500	​	​	3,399
Noncurrent liabilities	​	​	12,506	​	​	12,761

​

Included in the amounts disclosed in the table above, at June 30, 2026, and December 31, 2025, the obligor group held receivables due from other subsidiary companies of $552 million and $503 million, respectively, long-term notes receivable due from other subsidiary companies of $10.19 billion and $9.93 billion, respectively, payables due to other subsidiary companies of $1.21 billion and $1.09 billion, respectively, and long-term notes payable due to other subsidiary companies of $5.20 billion and $4.97 billion, respectively.

​

For the six months ended June 30, 2026, the obligor group recorded the following transactions with other subsidiary companies: sales to them of $401 million, net credits from them of $35 million, and net interest income from them of $141 million.

​

A description of the terms and conditions of the company’s debt guarantees is located in Note 22 of Item 1 of this report.

​

​

The company employs established risk management policies and procedures which seek to reduce the company’s commercial risk exposure to fluctuations in commodity prices, interest rates, currency exchange rates, net investments in foreign operations and prices of the company’s common stock with regard to common share repurchases and the company’s deferred compensation stock plan. However, there can be no assurance that these policies and procedures will be successful. Although the instruments utilized involve varying degrees of credit, market and interest risk, the counterparties to the agreements are expected to perform fully under the terms of the agreements. The company monitors counterparty credit risk, including lenders, on a regular basis, but Ball cannot be certain that all risks will be discerned or that its risk management policies and procedures will always be effective. Additionally, in the event of default under the company’s master derivative agreements, the non-defaulting party has the option to set off any amounts owed with regard to open derivative positions. Further details are available in Item 7A within Ball’s 2025 Annual Report on Form 10-K filed on February 19, 2026, and in Note 20 accompanying the consolidated financial statements included within Item 1 of this report.

​

Our chief executive officer and chief financial officer participated in management’s evaluation of our disclosure controls and procedures, as defined by the Securities and Exchange Commission (SEC), as of the end of the period covered by this report and concluded that our controls and procedures were effective. There were no changes to internal controls during the company’s second quarter of 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

​

FORWARD-LOOKING STATEMENTS

​

This report contains “forward-looking” statements concerning future events and financial performance. Words such as “expects,” “anticipates,” “estimates,” “will,” “believe,” “likely,” “continue,” “goal” and similar expressions typically identify forward looking statements, which are generally any statements other than statements of historical fact. For example, the forward-looking statements in this Form 10-Q include statements relating to our plans, expectations and intentions. Such statements are based on current expectations or views of the future and are subject to risks and uncertainties, which could cause actual results or events to differ materially from those expressed or implied. You should therefore not place undue reliance upon any forward-looking statements, and they should be read in conjunction with, and qualified in their entirety by, the cautionary statements referenced below. Ball undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Key factors, risks and uncertainties that could cause actual outcomes and results to be different are summarized in filings with the Securities and Exchange Commission, including Ball’s Form 10-K, which are available on Ball’s website and at www.sec.gov. Additional factors include among others: supply and demand constraints, fluctuations and changes in consumption patterns; availability/cost of raw materials, equipment, and logistics; competitive packaging, pricing and substitution; power and supply chain interruptions; customer and supplier consolidation; changes in major customer or supplier contracts or loss of a major customer or supplier; inability to pass-through increased costs; footprint adjustments and other manufacturing changes, including the opening and closing of facilities and lines; war, political instability, sanctions, and other uncertainties surrounding geopolitical events and governmental policies; changes in foreign exchange or tax rates; tariffs, trade actions, or other governmental actions; unfavorable mandatory deposit or packaging laws; regulatory actions or issues including those related to tax, environmental regulation, social and governance reporting, competition, health and workplace safety, including governmental actions or public concerns affecting products filled in Ball’s containers, or chemicals or substances used in raw materials or in the manufacturing process; changes in climate and extreme weather events; changes in senior management, succession, and the ability to attract and retain skilled labor; strikes; disease; pandemic; labor cost changes; technological developments and innovations; the ability to manage cyber threats; litigation; inflation; pension changes; changes in the rates of return on assets of Ball’s defined benefit retirement plans; reduced cash flow; interest rates affecting Ball’s debt; successful or unsuccessful joint ventures, acquisitions and divestitures, and their effects on Ball’s operating results and business generally.

​

​

PART II. OTHER INFORMATION

​

Item 1. Legal Proceedings

​

There were no events required to be reported under Item 1 for the three months ended June 30, 2026, except as discussed in Note 21 to the consolidated financial statements included within Part I, Item 1 of this report.

​

​

There were no changes required to be reported under Item 1A for the three months ended June 30, 2026.

​

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

​

The following table summarizes the company’s repurchases of its common stock during the second quarter of 2026.

​

​	​	​	​	​	​	​	​	​	​	​
Purchases of Securities
​	​ ​ ​	Total Number of Shares Purchased (a)	​ ​ ​	Average Price Paid per Share		​ ​ ​	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (a)	​ ​ ​	​	Maximum Value of Shares that May Yet Be Purchased Under the Plans or Programs (b)
​	​	​	​	​	​	​	​	​	​	​
April 1 to April 30, 2026	​	938	​	$	52.97	​	938	​	$	2,924,032,015
May 1 to May 31, 2026	​	380,275	​	​	55.96	​	380,275	​	​	2,902,752,248
June 1 to June 30, 2026	​	1,402,407	​	​	57.28	​	1,402,407	​	​	2,822,936,863
Total	​	1,783,620	​	​	​	​	1,783,620	​	​	​

(a)	Includes any open market purchases (on a trade-date basis), share repurchase agreements and/or shares retained by the company to settle employee withholding tax liabilities.

(b)	The company has an ongoing repurchase program for which shares are authorized from time to time by Ball’s Board of Directors. On January 29, 2025, the Board approved the repurchase by the company of up to $4.00 billion in shares of its common stock through the end of 2027. This repurchase authorization replaced all previous authorizations.

​

Item 3. Defaults Upon Senior Securities

​

There were no events required to be reported under Item 3 for the three months ended June 30, 2026.

​

Item 4. Mine Safety Disclosures

​

Not applicable.

​

​

There were no events required to be reported under Item 5 for the three months ended June 30, 2026.

​

​

​	​	​
3(i)	​	Articles of Incorporation of Ball Corporation as amended, (filed by incorporation by reference to the Quarterly Report on Form 10-Q for the quarter ended June 30, 2025) filed August 5, 2025.
​	​	​
3(ii)	​	Bylaws of Ball Corporation as amended, (filed by incorporation by reference to the Quarterly Report on Form 10-Q for the quarter ended June 30, 2025) filed August 5, 2025.
​	​	​
22	​	Obligor group subsidiaries of Ball Corporation
​	​	​
31.1	​ ​ ​	Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a) by Ronald J. Lewis, Chief Executive Officer of Ball Corporation.
​	​	​
31.2	​	Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a) by Daniel J. Rabbitt, Senior Vice President and Chief Financial Officer of Ball Corporation.
​	​	​
32.1	​	Certification pursuant to Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code by Ronald J. Lewis, Chief Executive Officer of Ball Corporation.
​	​	​
32.2	​	Certification pursuant to Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code by Daniel J. Rabbitt, Senior Vice President and Chief Financial Officer of Ball Corporation.
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101.INS	​	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
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101.SCH	​	Inline XBRL Taxonomy Extension Schema Document.
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101.CAL	​	Inline XBRL Taxonomy Extension Calculation Linkbase Document
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101.DEF	​	Inline XBRL Taxonomy Extension Definitions Linkbase Document
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101.LAB	​	Inline XBRL Taxonomy Extension Label Linkbase Document
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101.PRE	​	Inline XBRL Taxonomy Extension Presentation Linkbase Document
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104	​	The cover page of the company’s quarterly report on Form 10-Q for the quarter ended June 30, 2026, formatted in Inline XBRL (contained in Exhibit 101), the: (i) Unaudited Condensed Consolidated Statement of Earnings, (ii) Unaudited Condensed Statement of Comprehensive Earnings (Loss), (iii) Unaudited Condensed Consolidated Balance Sheet, (iv) Unaudited Condensed Consolidated Statement of Cash Flows and (v) Notes to the Unaudited Condensed Consolidated Financial Statements.

​

​

​

SIGNATURE

​

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

​

Ball Corporation
(Registrant)
​	​
​	​
By:	/s/ Daniel J. Rabbitt	​
​	Daniel J. Rabbitt	​
​	Senior Vice President and Chief Financial Officer	​
​	​	​
​	​	​
Date:	August 4, 2026	​

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