Revenue Growth Fueled by Aluminum Pass-Through and Volume
Consolidated net sales increased 20% in Q2, with $542 million from price/mix mainly from higher aluminum prices and $65 million from higher volume.
Source: 10-Q Item 2 MD&A
Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Ball Corporation posted robust revenue growth in Q2 FY2026 as higher aluminum prices were passed through to customers and volumes expanded across all segments. The top-line surge, however, was not fully reflected in the bottom line, as cost of sales excluding depreciation rose to 83% of net sales from 81% last year, and SG&A climbed 19% partly due to a $27 million charge on ORG equity-linked notes. Operating cash flow remained negative at -$169 million for the first half but improved from the prior year, as working capital outflows persisted. The company continued its operational excellence initiatives and expects a pension settlement charge in Q3 FY2026 that will impact equity. Overall, Ball navigated commodity cost pass-through and margin pressures while maintaining steady net income growth.
EPS (Diluted)
$0.83
+9.21% YoY
Source: SEC XBRL
BALL's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 2 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026This filing | 1.03 | 1.00 | Beat +2.9% |
| Mar 2026 | 0.94 | 0.86 | Beat +8.8% |
| Dec 2025 | 0.91 | 0.91 | Miss -0.0% |
| Sep 2025 | 1.02 | 1.04 | Miss -2.3% |
Adjusted (non-GAAP) EPS of $1.03 versus the $1.00 analyst consensus — a +2.9% beat for Jun 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was $0.83.
3 reported segments · SEC XBRL
Segment revenue totals $3.84B; with $158M of reconciling items (corporate, unallocated and eliminations) it ties to the $4B of consolidated revenue on the income statement.
Compiled by AI from 10-Q Item 2 of this filing
Consolidated net sales increased 20% in Q2, with $542 million from price/mix mainly from higher aluminum prices and $65 million from higher volume.
Source: 10-Q Item 2 MD&A
Selling, general and administrative expenses rose 19% year-over-year due in part to a $27 million charge related to the fair value of ORG equity-linked notes.
Source: 10-Q Item 2 MD&A
Business consolidation and other activities resulted in $22 million of charges, including expenses for tariff contingencies and costs for previously announced facility closures.
Source: 10-Q Item 2 MD&A
The company spent $115 million on share buybacks in the first half of 2026, down from $1.02 billion a year earlier, with $2.82 billion remaining under authorization.
Source: 10-Q Item 2 MD&A
A planned buy-out of the U.K. defined benefit pension plan in Q3 2026 is expected to reclassify $454 million in unrecognized pension losses from accumulated other comprehensive income to expense.
Source: 10-Q Item 2 MD&A
Compiled by AI from 10-Q Item 2 of this filing · 1 high, 3 medium, 1 low
The company has a debt-to-equity ratio of 2.5, with $7.22 billion in total debt. The leverage ratio covenant is set to tighten to 4.5 times by March 2027, and elevated leverage could limit financial flexibility and increase vulnerability to rising interest rates.
Source: 10-Q Balance Sheet (XBRL) and 10-Q Item 2 MD&A
As a major aluminum purchaser, the company is exposed to price fluctuations. While customer contracts include pass-through provisions, timing differences in passing through cost changes can temporarily pressure margins and earnings, as seen in the current period.
Source: 10-Q Item 2 MD&A
Operating cash flow was negative $169 million in the first half of 2026, driven by working capital outflows of $1.01 billion. A one-day change in receivables, payables, or inventory days can impact cash flow by tens of millions, making liquidity sensitive to operational efficiency and payment terms.
Source: 10-Q Cash Flow Statement (XBRL) and 10-Q Item 2 MD&A
The anticipated buy-out of the U.K. pension plan in Q3 2026 will trigger a noncash settlement charge of $454 million, which will reduce retained earnings and book equity, potentially affecting financial ratios and perceived financial health.
Source: 10-Q Item 2 MD&A
Ball sells a significant portion of its products to major multinational companies and relies on a limited number of raw material suppliers. The loss or financial distress of a key customer or supplier could materially adversely affect business, cash flows, and results of operations.
Source: 10-Q Item 2 MD&A
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
EPS (Basic) $ | 0.83 $ | 0.77 $ | +7.79% |
EPS (Diluted) $ | 0.83 $ | 0.76 $ | +9.21% |
SG&A Expense $M | 163.00 $M | 137.00 $M | +18.98% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
Ball Corporation reported Q1 2026 EPS of $0.77 (up 22.2% YoY), with total assets growing 9.6% to $19.77B, though operating cash flow remained negative at -$777M amid elevated leverage with a debt-to-equity ratio of 2.53.
Ball Corporation's FY2025 filing shows a dramatic 74.6% drop in EPS to $3.33, offset by a near-tenfold surge in operating cash flow to $1.26B and a strengthened balance sheet with $1.21B in cash, reflecting a major business transformation year.