Revenue growth accelerated to 18.6% in 2026Q1, yet gross margins remain compressed at 9.5%, reflecting ongoing difficulties in achieving sustainable profitability within the competitive packaging sector.
| Sales/Revenue | 5.73B | 5.5B | 4.91B | 4.81B | 4.69B | 4.05B | 3.45B | 3.34B | 3.34B |
| Revenue Growth % | 13.86% | 12% | 1.99% | 2.62% | 15.63% | 17.5% | 3.2% | 0.18% | - |
| Cost of Goods Sold | 5.16B | 4.94B | 4.28B | 4.34B | 4.16B | 3.44B | 2.9B | 2.83B | 2.81B |
| COGS % of Revenue | - | 89.83% | 87.16% | 90.15% | 88.78% | 84.81% | 84.12% | 84.69% | 84.12% |
| Gross Profit | 573M | 559M | 630M | 474M | 526M | 616M | 548M | 512M | 530M |
| Gross Margin % | 9.99% | 10.17% | 12.84% | 9.85% | 11.22% | 15.19% | 15.88% | 15.31% | 15.88% |
| Gross Profit Growth % | - | -11.27% | 32.91% | -9.89% | -14.61% | 12.41% | 7.03% | -3.4% | - |
| Operating Expenses | 291M | 283M | 428M | 398M | 350M | 569M | 338M | 314M | 384M |
| OpEx % of Revenue | - | 5.15% | 8.72% | 8.27% | 7.46% | 14.03% | 9.79% | 9.39% | 11.5% |
| Selling, General & Admin | 291M | 283M | 288M | 246M | 212M | 418M | 189M | 165M | 149M |
| SG&A % of Revenue | - | 5.15% | 5.87% | 5.11% | 4.52% | 10.31% | 5.48% | 4.93% | 4.46% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 140M | 152M | 138M | 151M | 149M | 149M | 0 |
| Operating Income | 282M | 276M | 202M | 76M | 176M | 47M | 210M | 198M | 228M |
| Operating Margin % | 4.92% | 5.02% | 4.12% | 1.58% | 3.75% | 1.16% | 6.09% | 5.92% | 6.83% |
| Operating Income Growth % | - | 36.63% | 165.79% | -56.82% | 274.47% | -77.62% | 6.06% | -13.16% | - |
| EBITDA | 753M | 739M | 651M | 494M | 535M | 390M | 525M | 488M | 512M |
| EBITDA Margin % | 13.13% | 13.44% | 13.26% | 10.27% | 11.41% | 9.62% | 15.21% | 14.59% | 15.34% |
| EBITDA Growth % | 25.08% | 13.52% | 31.78% | -7.66% | 37.18% | -25.71% | 7.58% | -4.69% | - |
| D&A (Non-Cash Add-back) | 471M | 463M | 449M | 418M | 359M | 343M | 315M | 290M | 284M |
| EBIT | 233M | 276M | 180M | 90M | 384M | -62M | 289M | 159M | 228M |
| Net Interest Income | -215M | -209M | -210M | -156M | -132M | -126M | -155M | -191M | 0 |
| Interest Income | 0 | 0 | -5M | 5M | 0 | 0 | 0 | 170M | 171M |
| Interest Expense | 215M | 209M | 205M | 161M | 132M | 126M | 155M | 174M | 0 |
| Other Income/Expense | -273M | -272M | -192M | -147M | 80M | -235M | -70M | -213M | -253M |
| Pretax Income | 9M | 4M | 10M | -71M | 256M | -188M | 140M | -15M | -25M |
| Pretax Margin % | 0.16% | 0.07% | 0.2% | -1.48% | 5.46% | -4.64% | 4.06% | -0.45% | -0.75% |
| Income Tax | -2M | -7M | 13M | -21M | 19M | 22M | 29M | 25M | 50M |
| Effective Tax Rate % | -22.22% | -175% | 130% | 29.58% | 7.42% | -11.7% | 20.71% | -166.67% | -200% |
| Net Income | 11M | 11M | -3M | -50M | 237M | -210M | 111M | -40M | -75M |
| Net Margin % | 0.19% | 0.2% | -0.06% | -1.04% | 5.05% | -5.18% | 3.22% | -1.2% | -2.25% |
| Net Income Growth % | 175% | 466.67% | 94% | -121.1% | 212.86% | -289.19% | 377.5% | 46.67% | - |
| Net Income (Continuing) | 11M | 11M | -3M | -50M | 237M | -210M | 111M | -40M | -75M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 8M | 8M | 6M | 6M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.02 | -0.02 | -0.05 | -0.12 | 0.39 | -0.39 | 0.18 | -0.07 | -0.12 |
| EPS Growth % | 75.71% | 59.29% | 62.33% | -130.77% | 200% | -316.67% | 371.49% | 44.75% | - |
| EPS (Basic) | - | -0.02 | -0.05 | -0.12 | 0.39 | -0.39 | 0.18 | -0.07 | -0.12 |
| Diluted Shares Outstanding | 597.7M | 597.7M | 597.7M | 597.6M | 601M | 538.8M | 603.28M | 603.28M | 603.28M |
| Basic Shares Outstanding | 597.7M | 597.73M | 597.7M | 597.6M | 601M | 538.8M | 603.28M | 603.28M | 603.28M |
| Dividend Payout Ratio | - | 2381.82% | - | - | 105.91% | - | - | - | - |
High interest expense burden
According to recent quarterly financial statements, AMBP achieved a notable revenue growth rate of 18.6% in 2026Q1, marking a significant acceleration from the low single-digit growth observed throughout 2024, suggesting that recent capacity expansion efforts are finally beginning to translate into meaningful top-line volume gains.
The recent surge in revenue appears to be driven by the successful scaling of regional manufacturing footprints, particularly in the Americas. Investors should monitor whether this growth is sustainable or if it reflects a temporary spike in pass-through aluminum pricing rather than genuine underlying volume expansion.
As reported in the company's latest filings, the gross margin of 9.5% in 2026Q1 remains well below the levels seen in mid-2024, indicating that the firm struggles to maintain pricing power amidst the high fixed-cost nature of its specialized beverage can production facilities.
The inability to consistently expand gross margins above 10% suggests that AMBP operates as a conversion-heavy business with limited ability to pass through inflationary pressures without significant lag. This thin margin profile leaves the company highly vulnerable to fluctuations in regional energy costs and aluminum premiums.
Based on the provided income statement data, operating income scaled to $60.0M in 2026Q1, yet the operating margin of 4.0% suggests that SG&A expenses continue to absorb a significant portion of the gross profit, limiting the company's ability to generate meaningful bottom-line profitability.
The lack of significant operating leverage implies that the company's overhead structure is not yet optimized for its current revenue scale. Analysts should investigate whether the current SG&A levels are necessary for ongoing expansion or if they represent an inefficient cost base that requires further rationalization.
As evidenced by the net loss of $5.0M in 2026Q1, AMBP's earnings quality appears compromised by high interest expenses and non-operating costs, which frequently offset the operating income generated by the core manufacturing business, leading to inconsistent and often negative bottom-line results for shareholders.
The persistent gap between operating income and net income suggests that the company's capital structure is a primary drag on performance. Investors should be cautious, as the reliance on debt to fund capacity expansion appears to be creating a structural hurdle that prevents consistent profitability.
While revenue growth has accelerated to 18.6%, the persistent net losses and thin gross margins suggest that the current expansion strategy may be value-destructive, as the company appears to be trading long-term profitability for market share in a highly competitive and capital-intensive beverage packaging industry.
Short-sellers may focus on the company's inability to convert revenue growth into positive net income, which may indicate that the 'plastic-to-can' secular shift is not providing the expected margin tailwinds. The risk of overcapacity in key regions like Brazil remains a significant threat to future pricing power.
Quick answers to the most common questions about buying AMBP stock.
For fiscal year 2025, Ardagh Metal Packaging S.A. (AMBP) reported total revenue of $5.50B. This represents a 64.7% increase compared to $3.34B in 2018.
Ardagh Metal Packaging S.A. (AMBP) is profitable, generating $11.0M in net income for the fiscal year ending 2025 with a net profit margin of 0.2%.
Ardagh Metal Packaging S.A. (AMBP) reported an operating income of $276.0M, resulting in an operating profit margin of 5.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Ardagh Metal Packaging S.A. (AMBP) generated $559.0M in gross profit for the year, representing a gross profit margin of 10.2%. This demonstrates the company's core pricing power and production efficiency.