Revenue growth of 18.6% in 2026Q3 appears largely inflationary, as gross margin fell to 11.6% from 14.2% in 2024Q3 despite SG&A held flat near $70-84M per quarter, leaving operating margin at 6.7% and net margin at just 2.6% amid an implied ~$70M quarterly interest drag.
Ardagh Metal Packaging S.A. (AMBP) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 6.26B | 5.5B | 4.91B | 4.81B | 4.69B | 4.05B | 3.45B | 3.34B | 3.34B |
| Revenue Growth % | 17.04% | 12% | 1.99% | 2.62% | 15.63% | 17.5% | 3.2% | 0.18% | - |
| Cost of Goods Sold | 5.49B | 4.82B | 4.28B | 4.34B | 4.16B | 3.44B | 2.9B | 2.83B | 2.81B |
| COGS % of Revenue | - | 87.61% | 87.16% | 90.15% | 88.78% | 84.81% | 84.12% | 84.69% | 84.12% |
| Gross Profit | 764M | 681M | 630M | 474M | 526M | 616M | 548M | 512M | 530M |
| Gross Margin % | 12.21% | 12.39% | 12.84% | 9.85% | 11.22% | 15.19% | 15.88% | 15.31% | 15.88% |
| Gross Profit Growth % | - | 8.1% | 32.91% | -9.89% | -14.61% | 12.41% | 7.03% | -3.4% | - |
| Operating Expenses | 445M | 437M | 428M | 398M | 350M | 569M | 338M | 314M | 384M |
| OpEx % of Revenue | - | 7.95% | 8.72% | 8.27% | 7.46% | 14.03% | 9.79% | 9.39% | 11.5% |
| Selling, General & Admin | 325M | 299M | 288M | 255M | 212M | 418M | 189M | 165M | 149M |
| SG&A % of Revenue | - | 5.44% | 5.87% | 5.3% | 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 | 4M | 138M | 140M | 143M | 138M | 151M | 149M | 149M | 0 |
| Operating Income | 319M | 244M | 202M | 76M | 176M | 47M | 210M | 198M | 228M |
| Operating Margin % | 5.1% | 4.44% | 4.12% | 1.58% | 3.75% | 1.16% | 6.09% | 5.92% | 6.83% |
| Operating Income Growth % | - | 20.79% | 165.79% | -56.82% | 274.47% | -77.62% | 6.06% | -13.16% | - |
| EBITDA | 776M | 707M | 651M | 494M | 535M | 390M | 525M | 488M | 512M |
| EBITDA Margin % | 12.4% | 12.86% | 13.26% | 10.27% | 11.41% | 9.62% | 15.21% | 14.59% | 15.34% |
| EBITDA Growth % | 6.89% | 8.6% | 31.78% | -7.66% | 37.18% | -25.71% | 7.58% | -4.69% | - |
| D&A (Non-Cash Add-back) | 457M | 463M | 449M | 418M | 359M | 343M | 315M | 290M | 284M |
| EBIT | 251M | 244M | 180M | 90M | 369M | -62M | 289M | 159M | 228M |
| Net Interest Income | -182M | -240M | -170M | -161M | -113M | -126M | -155M | -191M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 170M | 171M |
| Interest Expense | 182M | 240M | 170M | 161M | 113M | 126M | 155M | 174M | 0 |
| Other Income/Expense | -250M | -240M | -192M | -147M | 80M | -235M | -70M | -213M | -253M |
| Pretax Income | 69M | 4M | 10M | -71M | 256M | -188M | 140M | -15M | -25M |
| Pretax Margin % | 1.1% | 0.07% | 0.2% | -1.48% | 5.46% | -4.64% | 4.06% | -0.45% | -0.75% |
| Income Tax | 11M | -7M | 13M | -21M | 19M | 22M | 29M | 25M | 50M |
| Effective Tax Rate % | 15.94% | -175% | 130% | 29.58% | 7.42% | -11.7% | 20.71% | -166.67% | -200% |
| Net Income | 58M | 11M | -3M | -50M | 237M | -210M | 111M | -40M | -75M |
| Net Margin % | 0.93% | 0.2% | -0.06% | -1.04% | 5.05% | -5.18% | 3.22% | -1.2% | -2.25% |
| Net Income Growth % | 262.5% | 466.67% | 94% | -121.1% | 212.86% | -289.19% | 377.5% | 46.67% | - |
| Net Income (Continuing) | 58M | 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) | 0.10 | -0.02 | -0.05 | -0.12 | 0.38 | -0.39 | 0.18 | -0.07 | -0.12 |
| EPS Growth % | 676.67% | 60% | 58.33% | -131.58% | 197.44% | -316.67% | 371.49% | 44.75% | - |
| EPS (Basic) | - | -0.02 | -0.05 | -0.12 | 0.38 | -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 | 597.7M | 597.7M | 597.6M | 601M | 538.8M | 603.28M | 603.28M | 603.28M |
| Dividend Payout Ratio | - | 2381.82% | - | - | 105.91% | - | - | - | - |
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 $244.0M, resulting in an operating profit margin of 4.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Ardagh Metal Packaging S.A. (AMBP) generated $681.0M in gross profit for the year, representing a gross profit margin of 12.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Growth driven by metal pass-through inflation
Revenue Acceleration Masks Metal Inflation
AMBP's quarterly revenue growth accelerated from near-zero in 2024Q2 (0.3%) to approximately 18.6% by 2026Q3, reaching $1.7B per quarter; however, per accounting nuances disclosed in AMBP's filings, headline revenue includes aluminum pass-through costs, meaning true metal-neutral organic growth is likely far more modest than headline figures suggest.
The sharp acceleration from ~1% to ~18% growth across the ten-quarter window correlates with rising LME aluminum prices and expanded capacity rather than a step-change in underlying demand. Because AMBP operates as a conversion business where the commodity metal flows through revenue and COGS symmetrically, investors should apply a metal-neutral adjustment before attributing this trajectory to genuine volume or share gains. That said, the sustained double-digit growth does imply capacity additions in the US and Brazil are being absorbed, which is constructive for utilization-driven fixed-cost leverage.
Gross Margin Volatility Exposes Spread Fragility
AMBP's gross margin ranged from a trough of 8.6% (2025Q4) to a peak of 14.2% (2024Q3), a volatile band that signals limited pricing power over short-term cost pass-through lags, with the most recent quarter at 11.6% materially below Ball's 14.9% and Crown's 18.3% peer benchmarks.
The margin oscillation—particularly the sharp Q4 2025 compression to 8.6% followed by recovery to 11.6–11.9% by mid-2026—suggests the contractual cost-recovery mechanisms are imperfectly synchronized with aluminum and energy price swings, creating quarterly earnings unpredictability. AMBP's structurally lower gross margin versus Ball and Crown likely reflects a less favorable specialty-can mix and greater exposure to the price-sensitive Brazilian market. A sustained move above 13% would suggest specialty mix gains are taking hold; failure to do so would imply the conversion premium is being structurally capped by regional competitive dynamics.
Overhead Discipline Partially Offsets Margin Squeeze
SG&A spending has been held within a narrow $67–84M range across all ten quarters despite revenue growing from $1.3B to $1.7B, producing modest operating margin expansion from 3.4% (2024Q4) to 6.7% (2026Q3), though this still trails peers by 300–650 basis points.
The dollar stability of SG&A against a ~30% revenue increase demonstrates meaningful overhead leverage, which is the primary reason operating income roughly doubled from $46M in 2025Q4 to $114M in 2026Q3. However, the operating margin remains structurally compressed relative to Ball (10.6%) and Crown (13.2%), indicating that the incremental gross profit from higher volumes is being largely consumed by cost-of-goods inflation rather than flowing through to the operating line. Investors should monitor whether continued revenue growth without commensurate SG&A increases can push operating margins toward high-single-digit territory, or whether input cost volatility will continue to cap that leverage.
Net Income Durability Remains Unproven
AMBP's net income has swung between -$16M (2025Q4) and $44M (2026Q3), with diluted EPS ranging from -$0.03 to $0.07, and the gap between operating income ($114M in 2026Q3) and net income ($44M) implies roughly $70M in quarterly interest and non-operating drag on a business generating just 2.6% net margins.
The persistent and sizable wedge between operating and net income—operating income was $114M but net income only $44M in the latest quarter—suggests a heavy debt-servicing burden consistent with AMBP's SPAC-era leverage, which consumes nearly two-thirds of operating profit. The company also recorded zero R&D expenditure across all ten quarters, which may be appropriate for a conversion-based manufacturer but raises questions about long-term product differentiation investment versus Ball's specialty-can innovation spend. Seasonality adds further noise: Q1 has produced negative EPS in every year shown (2025Q1: -$0.02; 2026Q1: -$0.01), so annualized run-rate earnings based on peak quarters would overstate normalized profitability.
Revenue Growth May Be Inflationary Illusion
The 12–19% revenue growth that appears impressive on a headline basis may largely reflect aluminum price inflation passing through the P&L rather than real volume gains; gross margin actually declined from 14.2% (2024Q3) to 11.6% (2026Q3), implying the company is processing more dollars of metal without capturing incremental conversion value.
If aluminum-driven revenue inflation accounts for a meaningful share of the top-line acceleration, AMBP's true organic growth rate could be in the low-to-mid single digits—closer to peer Crown's 4.8%—making the current valuation premium for growth unwarranted. The simultaneous gross margin compression (down ~260 basis points over two years) is consistent with a scenario where input costs are rising faster than conversion spreads can be repriced, which is the classic short-seller thesis on pass-through manufacturers. Brazil overcapacity, flagged as a persistent risk, could further pressure pricing in a market representing a material share of AMBP's Americas segment, potentially turning the current operating leverage narrative into negative leverage if utilization rates decline.
Q1 2026 Trough Signals Operational Turn
The 2026Q1 trough—gross margin of 9.5%, operating income of $60M, and a net loss of $5M—appears to mark the bottom of a margin compression cycle, with the subsequent two quarters showing gross margins recovering to 11.6–11.9% and operating income nearly doubling to $114–119M by Q3.
The sequential recovery from the Q1 2026 low is the most significant recent inflection, suggesting either improved energy cost recovery in Europe, better specialty-can mix realization, or favorable capacity absorption from recent expansions. However, comparing Q3 2026 to the prior-year Q3 2025 shows gross margin actually declined (11.6% vs. 13.6%) even as revenue grew 18.6%, which complicates the recovery narrative—the improvement may be partly seasonal rather than structural. Whether this inflection proves durable depends on whether AMBP can sustain the SG&A efficiency demonstrated in 2026Q3 ($70M on $1.7B revenue) while preventing input cost volatility from re-compressing spreads in upcoming winter quarters.