The EPS miss vs consensus is the headline negative, but the strong YoY growth and maintained guidance provide a floor. Watch the earnings call for commentary on volume trends, aluminum cost pass-through, and the Benepack integration. The elevated net debt (3.39x leverage) and negative FCF in Q1 are watch items, but the company's guidance for >$900M FCF for the full year suggests a back-half-weighted cash flow profile.
Price Chart
Executive Summary
Ball Corp reported Q1 2026 comparable diluted EPS of $0.94, a 22.1% YoY increase from $0.77, on sales of $3.60B (+16.3% YoY). However, comparable EPS of $0.94 missed the consensus estimate of $1.00 by 6.2%, and the company maintained its 2026 guidance for 10%-plus EPS growth and FCF >$900M, which was already known. The strong YoY growth was driven by higher volumes and the Benepack acquisition, but the headline miss vs consensus tempers the positive narrative.
Key Financial Metrics
Key Facts
- Q1 2026 comparable diluted EPS of $0.94 vs $0.77 YoY, +22.1%
- Q1 2026 GAAP diluted EPS of $0.77 vs $0.63 YoY
- Revenue of $3.603B vs $3.097B YoY, +16.3%
- Comparable operating earnings of $387M vs $352M YoY, +9.9%
- Comparable EPS of $0.94 missed consensus estimate of $1.00 by 6.2%
- Global aluminum packaging shipments increased 0.8% in Q1
- Maintained 2026 guidance: comparable EPS growth of 10%-plus, FCF >$900M
- On track to return at least $800M via buybacks and dividends in 2026
- Net debt increased to $7.077B from $5.800B at year-end 2025, leverage ratio 3.39x
- Operating cash flow was -$777M in Q1, driven by working capital build
Financial Impact
Comparable EPS of $0.94 missed consensus by $0.06 (-6.2%), but grew 22.1% YoY. Revenue of $3.603B exceeded the $3.56B consensus by 1.2%.
Risk Factors
- EPS miss of 6.2% vs consensus may pressure the stock in the near term
- Net debt increased to $7.077B, leverage at 3.39x, up from 2.83x at year-end
- Negative operating cash flow of -$777M in Q1 due to working capital build
- Global aluminum packaging shipment growth was only 0.8%, suggesting volume headwinds
- South America segment volume declined mid-single digit percent
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000009389-26-000107 |
| Document: ball-20260505x8k.htm | 0000009389-26-000107 |
| Document: 0000009389-26-000107-index-headers.html | 0000009389-26-000107 |
| Document: 0000009389-26-000107-index.html | 0000009389-26-000107 |
| Document: 0000009389-26-000107.txt | 0000009389-26-000107 |
| 8-K Data (Synthetic) | 0000009389-26-000107 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 9, 2026 23d ago | 8-K | $60.29 $61.26 | ▲ +1.61% | ▲ +2.27% | $56.37 (−6.50%) |
Aug 26, 2026 5w ago | Institutional Cluster | $64.05 $63.30 | ▼ −1.17% | ▼ −1.05% | $56.37 (−11.99%) |
Aug 4, 2026 8w ago | 8-K | $63.75 $62.90 | ▼ −1.33% | ▼ −1.23% | $56.37 (−11.58%) |
Jul 6, 2026 12w ago | Press Release | $62.66 $60.46 | ▼ −3.51% | ▼ −4.06% | $56.37 (−10.04%) |
May 5, 2026 21w ago | 8-K | $57.11 $57.72 | ▲ +1.07% | ▼ −0.92% | $56.37 (−1.30%) |
Mar 17, 2026 28w ago | DEFA14A | $59.90 $60.75 | ▲ +1.42% | ▲ +2.13% | $56.37 (−5.89%) |
Mar 2, 2026 30w ago | Insider Cluster | $66.42 $62.39 | ▲ +6.07% | ▲ +4.86% | $56.37 (+15.13%) |
US Market Status
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