Revenue climbed to $4.2B with 24.2% growth, but gross margin of -1.8% in 2026Q3 versus 17.4% in 2026Q2 signals that pass-through pricing is not protecting profitability, warranting close monitoring.
Ball Corporation (BALL) annual income statement — 30-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 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 15.13B | 13.16B | 11.8B | 12.02B | 15.29B | 13.93B | 11.76B | 11.46B | 11.63B | 10.99B | 9.06B | 7.99B | 8.6B | 8.5B | 8.79B | 8.57B | 7.64B | 7.35B | 7.56B | 7.48B | 6.62B | 5.75B | 5.44B | 4.98B | 3.86B | 3.69B | 3.66B | 3.71B | 3B | 2.39B | 2.18B |
| Revenue Growth % | 19.42% | 11.55% | -1.84% | -21.39% | 9.75% | 18.49% | 2.64% | -1.52% | 5.81% | 21.32% | 13.41% | -7.08% | 1.19% | -3.31% | 2.58% | 12.19% | 3.97% | -2.86% | 1.15% | 12.89% | 15.13% | 5.72% | 9.31% | 28.97% | 4.69% | 0.58% | -1.15% | 23.75% | 25.42% | 9.34% | 6.77% |
| Cost of Goods Sold | 13.38B | 11.21B | 9.96B | 10.3B | 13.54B | 11.9B | 9.88B | 9.79B | 10.06B | 9.46B | 7.71B | 6.69B | 7.13B | 7.15B | 7.41B | 7.37B | 6.49B | 6.23B | 6.6B | 6.48B | 5.81B | 4.99B | 4.62B | 4.09B | 3.23B | 3.14B | 3.07B | 3.11B | 2.54B | 2B | 1.91B |
| COGS % of Revenue | - | 85.14% | 84.41% | 85.72% | 88.52% | 85.41% | 84.01% | 85.49% | 86.49% | 86.08% | 85.1% | 83.77% | 82.95% | 84.15% | 84.32% | 86.05% | 85.05% | 84.87% | 87.35% | 86.69% | 87.7% | 86.79% | 84.98% | 82.23% | 83.71% | 85.24% | 83.69% | 83.92% | 84.71% | 83.89% | 87.61% |
| Gross Profit | 1.75B | 1.96B | 1.84B | 1.72B | 1.75B | 2.03B | 1.88B | 1.66B | 1.57B | 1.53B | 1.35B | 1.3B | 1.47B | 1.35B | 1.38B | 1.2B | 1.14B | 1.11B | 956.6M | 995.2M | 814.3M | 759.6M | 817.1M | 884.2M | 628.5M | 543.9M | 597.6M | 596.2M | 458M | 384.8M | 270.6M |
| Gross Margin % | 11.6% | 14.86% | 15.59% | 14.28% | 11.48% | 14.59% | 15.99% | 14.51% | 13.51% | 13.92% | 14.9% | 16.23% | 17.05% | 15.85% | 15.68% | 13.95% | 14.95% | 15.13% | 12.65% | 13.31% | 12.3% | 13.21% | 15.02% | 17.77% | 16.29% | 14.76% | 16.31% | 16.08% | 15.29% | 16.11% | 12.39% |
| Gross Profit Growth % | - | 6.36% | 7.17% | -2.22% | -13.63% | 8.09% | 13.12% | 5.73% | 2.75% | 13.33% | 4.09% | -11.55% | 8.84% | -2.25% | 15.28% | 4.69% | 2.75% | 16.16% | -3.88% | 22.22% | 7.2% | -7.04% | -7.59% | 40.68% | 15.55% | -8.99% | 0.23% | 30.17% | 19.02% | 42.2% | -6.01% |
| Operating Expenses | 644M | 566M | 847M | 540M | 742M | 800M | 575M | 660M | 649M | 346M | 659M | 475.6M | 490.5M | 446.8M | 415.5M | 401.9M | 379M | 354.1M | 321.1M | 351.1M | 303.9M | 258.4M | 293.4M | 423.4M | 317.5M | 569.3M | 388.5M | 303.8M | 264.4M | 254.4M | 186.7M |
| OpEx % of Revenue | - | 4.3% | 7.18% | 4.49% | 4.85% | 5.74% | 4.89% | 5.76% | 5.58% | 3.15% | 7.27% | 5.95% | 5.7% | 5.26% | 4.73% | 4.69% | 4.96% | 4.82% | 4.25% | 4.7% | 4.59% | 4.49% | 5.39% | 8.51% | 8.23% | 15.44% | 10.6% | 8.19% | 8.83% | 10.65% | 8.55% |
| Selling, General & Admin | 463M | 566M | 847M | 532M | 687M | 744M | 528M | 616M | 617M | 319M | 631M | 449.6M | 463.9M | 415.6M | 388.7M | 379.6M | 356.8M | 328.5M | 288.2M | 323.7M | 281.4M | 233.8M | 267.9M | 221.6M | 165.9M | 135.6M | 138.9M | 140.9M | 119.4M | 136.9M | 93.2M |
| SG&A % of Revenue | - | 4.3% | 7.18% | 4.43% | 4.49% | 5.34% | 4.49% | 5.38% | 5.3% | 2.9% | 6.96% | 5.63% | 5.39% | 4.89% | 4.42% | 4.43% | 4.67% | 4.47% | 3.81% | 4.33% | 4.25% | 4.07% | 4.92% | 4.45% | 4.3% | 3.68% | 3.79% | 3.8% | 3.99% | 5.73% | 4.27% |
| Research & Development | 0 | 0 | 0 | 55M | 55M | 56M | 47M | 44M | 32M | 27M | 28M | 26M | 26.6M | 31.2M | 26.8M | 22.3M | 22.2M | 25.6M | 32.9M | 27.4M | 22.5M | 24.6M | 25.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | 0.46% | 0.36% | 0.4% | 0.4% | 0.38% | 0.28% | 0.25% | 0.31% | 0.33% | 0.31% | 0.37% | 0.3% | 0.26% | 0.29% | 0.35% | 0.44% | 0.37% | 0.34% | 0.43% | 0.47% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 0 | -47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 201.8M | 151.6M | 433.7M | 249.6M | 162.9M | 145M | 117.5M | 93.5M |
| Operating Income | 1.11B | 1.39B | 992M | 1.18B | 1.01B | 1.23B | 1.3B | 1B | 923M | 1.18B | 691M | 821.3M | 975.7M | 900.3M | 962.6M | 793.5M | 762.8M | 757.1M | 635.5M | 644.1M | 510.4M | 501.2M | 523.7M | 460.8M | 311M | -25.4M | 209.1M | 292.4M | 193.6M | 130.4M | 83.9M |
| Operating Margin % | 7.34% | 10.56% | 8.41% | 9.78% | 6.63% | 8.84% | 11.1% | 8.75% | 7.93% | 10.77% | 7.63% | 10.28% | 11.35% | 10.59% | 10.95% | 9.26% | 9.99% | 10.31% | 8.4% | 8.62% | 7.71% | 8.71% | 9.63% | 9.26% | 8.06% | -0.69% | 5.71% | 7.89% | 6.46% | 5.46% | 3.84% |
| Operating Income Growth % | - | 40.12% | -15.65% | 16.09% | -17.78% | -5.59% | 30.24% | 8.56% | -22.04% | 71.35% | -15.87% | -15.82% | 8.38% | -6.47% | 21.31% | 4.02% | 0.75% | 19.13% | -1.34% | 26.2% | 1.84% | -4.3% | 13.65% | 48.17% | 1324.41% | -112.15% | -28.49% | 51.03% | 48.47% | 55.42% | -23.52% |
| EBITDA | 1.76B | 2.01B | 1.61B | 1.86B | 1.69B | 1.93B | 1.97B | 1.68B | 1.63B | 1.91B | 1.14B | 1.11B | 1.26B | 1.2B | 1.25B | 1.09B | 1.03B | 1.04B | 932.9M | 925.1M | 763M | 714.7M | 738.8M | 666.3M | 460.2M | 127.1M | 368.2M | 455.3M | 338.6M | 247.9M | 177.4M |
| EBITDA Margin % | 11.61% | 15.29% | 13.66% | 15.49% | 11.02% | 13.87% | 16.78% | 14.66% | 13.97% | 17.4% | 12.62% | 13.85% | 14.61% | 14.12% | 14.17% | 12.78% | 13.47% | 14.19% | 12.34% | 12.38% | 11.52% | 12.43% | 13.58% | 13.39% | 11.93% | 3.45% | 10.05% | 12.28% | 11.3% | 10.38% | 8.12% |
| EBITDA Growth % | 3.35% | 24.81% | -13.43% | 10.5% | -12.78% | -2.08% | 17.44% | 3.38% | -15.05% | 67.22% | 3.36% | -11.92% | 4.7% | -3.64% | 13.79% | 6.45% | -1.34% | 11.73% | 0.84% | 21.25% | 6.76% | -3.26% | 10.88% | 44.78% | 262.08% | -65.48% | -19.13% | 34.47% | 36.59% | 39.74% | -5.84% |
| D&A (Non-Cash Add-back) | 646M | 622M | 620M | 686M | 672M | 700M | 668M | 678M | 702M | 729M | 453M | 285.5M | 280.9M | 299.9M | 282.9M | 301.1M | 265.5M | 285.2M | 297.4M | 281M | 252.6M | 213.5M | 215.1M | 205.5M | 149.2M | 152.5M | 159.1M | 162.9M | 145M | 117.5M | 93.5M |
| EBIT | 947M | 1.47B | 839M | 1.07B | 1.21B | 1.28B | 954M | 937M | 948M | 815M | 442M | 573.5M | 838.2M | 793M | 790M | 838.2M | 759.7M | 646.5M | 590.5M | 513.9M | 581.3M | 480M | 538.4M | 460.8M | 311M | -25.4M | 209.1M | 292.4M | 193.6M | 130.4M | 83.9M |
| Net Interest Income | -272M | -284M | -225M | -424M | -299M | -270M | -275M | -317M | -301M | -285M | -229M | -143M | -160M | -183.8M | -179.8M | -177.1M | -149.4M | -117.2M | -137.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 37M | 30M | 68M | 36M | 14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 309M | 314M | 293M | 460M | 313M | 270M | 275M | 317M | 301M | 285M | 229M | 143M | 160M | 183.8M | 179.8M | 177.1M | 149.4M | 117.2M | 137.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -464M | -235M | -429M | -542M | -122M | -198M | -624M | -395M | -285M | -639M | -551M | -471.4M | -327.8M | -316.1M | -368.3M | -123.6M | -38.4M | -205.9M | -168.2M | -266.7M | -48.8M | -122.1M | -88.5M | -141.1M | -75.6M | -88.3M | -95.2M | -123.3M | -152.8M | -40.1M | -63.6M |
| Pretax Income | 647M | 1.16B | 563M | 634M | 891M | 1.03B | 681M | 607M | 638M | 545M | 140M | 349.9M | 647.9M | 584.2M | 594.3M | 669.9M | 724.4M | 551.2M | 467.3M | 377.4M | 461.6M | 379.1M | 435.2M | 319.7M | 235.4M | -113.7M | 113.9M | 169.1M | 40.8M | 90.3M | 20.3M |
| Pretax Margin % | 4.27% | 8.78% | 4.77% | 5.27% | 5.83% | 7.42% | 5.79% | 5.3% | 5.48% | 4.96% | 1.54% | 4.38% | 7.53% | 6.87% | 6.76% | 7.82% | 9.49% | 7.5% | 6.18% | 5.05% | 6.97% | 6.59% | 8% | 6.42% | 6.1% | -3.08% | 3.11% | 4.56% | 1.36% | 3.78% | 0.93% |
| Income Tax | 134M | 240M | 133M | 146M | 159M | 156M | 99M | 71M | 185M | 165M | -126M | 47M | 150M | 149.6M | 172.2M | 201.3M | 175.8M | 159.8M | 147.4M | 95.7M | 131.6M | 106.2M | 143.4M | 100.1M | 83.9M | -9.7M | 42.8M | 64.9M | 8.8M | 32M | 7.2M |
| Effective Tax Rate % | 20.71% | 20.78% | 23.62% | 23.03% | 17.85% | 15.09% | 14.54% | 11.7% | 29% | 30.28% | -90% | 13.43% | 23.15% | 25.61% | 28.98% | 30.05% | 24.27% | 28.99% | 31.54% | 25.36% | 28.51% | 28.01% | 32.95% | 31.31% | 35.64% | 8.53% | 37.58% | 38.38% | 21.57% | 35.44% | 35.47% |
| Net Income | 531M | 912M | 4.01B | 707M | 719M | 878M | 585M | 566M | 454M | 374M | 263M | 281M | 470M | 406.8M | 396.3M | 444M | 468M | 387.9M | 319.5M | 281.3M | 329.6M | 272.1M | 302.1M | 229.9M | 156.1M | -99.2M | 68.2M | 104.2M | 16.6M | 58.3M | 24.2M |
| Net Margin % | 3.51% | 6.93% | 33.97% | 5.88% | 4.7% | 6.3% | 4.98% | 4.94% | 3.9% | 3.4% | 2.9% | 3.52% | 5.47% | 4.79% | 4.51% | 5.18% | 6.13% | 5.28% | 4.23% | 3.76% | 4.98% | 4.73% | 5.55% | 4.62% | 4.05% | -2.69% | 1.86% | 2.81% | 0.55% | 2.44% | 1.11% |
| Net Income Growth % | -21.91% | -77.25% | 466.9% | -1.67% | -18.11% | 50.09% | 3.36% | 24.67% | 21.39% | 42.21% | -6.41% | -40.21% | 15.54% | 2.65% | -10.74% | -5.13% | 20.65% | 21.41% | 13.58% | -14.65% | 21.13% | -9.93% | 31.41% | 47.28% | 257.36% | -245.45% | -34.55% | 527.71% | -71.53% | 140.91% | 230.11% |
| Net Income (Continuing) | 513M | 915M | 430M | 488M | 732M | 878M | 582M | 536M | 453M | 380M | 266M | 303M | 498M | 434.6M | 422.1M | 468.6M | 548.6M | 390.6M | 319.9M | 281.3M | 329.6M | 272.1M | 302.1M | 229.9M | 159.3M | -99.2M | 68.2M | 104.2M | 32M | 58.3M | 13.1M |
| Discontinued Operations | 1000K | 3M | 3.58B | 223M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 400K | -2.8M | -2.3M | -74.9M | -2.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.1M |
| Minority Interest | 20M | 0 | 68M | 68M | 66M | 58M | 62M | 70M | 104M | 105M | 106M | 10M | 206.5M | 191.4M | 175.4M | 158.9M | 140.1M | 1.7M | 1.5M | 1.1M | 1M | 5.1M | 6.4M | 6.2M | 5.6M | 9.7M | 14.9M | 19.7M | 24.4M | 51.7M | 7M |
| EPS (Diluted) | 2.01 | 3.30 | 13.00 | 2.23 | 2.25 | 2.65 | 1.75 | 1.66 | 1.29 | 1.12 | 0.70 | 1.00 | 1.65 | 1.37 | 1.27 | 1.32 | 1.27 | 1.02 | 0.83 | 0.69 | 0.79 | 0.62 | 0.66 | 0.50 | 0.34 | -0.23 | 0.17 | 0.17 | 0.03 | 0.11 | 0.04 |
| EPS Growth % | -19.92% | -74.62% | 482.96% | -0.89% | -15.09% | 51.43% | 5.42% | 28.68% | 15.18% | 60% | -30% | -39.39% | 20.44% | 7.87% | -3.79% | 3.94% | 24.51% | 22.89% | 20.29% | -12.66% | 27.42% | -6.06% | 32% | 47.06% | 247.83% | -235.69% | -0.29% | 398.53% | -69% | 158.82% | 209.82% |
| EPS (Basic) | - | 3.33 | 13.12 | 2.25 | 2.27 | 2.69 | 1.79 | 1.71 | 1.32 | 1.14 | 0.71 | 1.02 | 1.70 | 1.40 | 1.31 | 1.35 | 1.30 | 1.03 | 0.84 | 0.70 | 0.80 | 0.63 | 0.68 | 0.52 | 0.35 | -0.23 | 0.18 | 0.18 | 0.03 | 0.12 | 0.04 |
| Diluted Shares Outstanding | 263.82M | 275.97M | 308.21M | 317.02M | 320.01M | 331.62M | 333.9M | 340.12M | 352.32M | 356.99M | 322.88M | 281.97M | 284.86M | 298.45M | 316.17M | 337.18M | 367.08M | 379.96M | 388.08M | 411.04M | 419.8M | 438.93M | 455.16M | 457.1M | 460.81M | 438.59M | 362.32M | 616.11M | 487.28M | 510.34M | 501.18M |
| Basic Shares Outstanding | 263.82M | 274.26M | 305.46M | 314.77M | 316.43M | 325.99M | 327.14M | 331.1M | 344.8M | 350.27M | 316.54M | 274.6M | 277.02M | 291.89M | 309.3M | 330.55M | 361.49M | 375.14M | 383.43M | 404.74M | 413.35M | 431.03M | 443.38M | 446.84M | 450.83M | 438.59M | 343.39M | 574.92M | 487.28M | 482.61M | 486.86M |
| Dividend Payout Ratio | - | 24.12% | 6.09% | 35.64% | 35.33% | 26.08% | 33.85% | 32.16% | 30.18% | 34.49% | 31.56% | 25.62% | 15.47% | 18.49% | 15.59% | 10.29% | 7.65% | 9.64% | 11.74% | 14.43% | 12.44% | 15.62% | 12.88% | 11.66% | 13.07% | - | 31.67% | 21.59% | 136.75% | 39.28% | 94.21% |
Quick answers to the most common questions about buying BALL stock.
For fiscal year 2025, Ball Corporation (BALL) reported total revenue of $13.16B. This represents a 502.5% increase compared to $2.18B in 1996.
Ball Corporation (BALL) is profitable, generating $912.0M in net income for the fiscal year ending 2025 with a net profit margin of 6.9%.
Ball Corporation (BALL) reported an operating income of $1.39B, resulting in an operating profit margin of 10.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Ball Corporation (BALL) generated $1.96B in gross profit for the year, representing a gross profit margin of 14.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Aluminum pass-through margin compression
Metrics are mathematically derived from official filings.
Revenue Growth Rebounds After Stagnation
Based on reported quarterly figures, Ball's revenue growth turned from negative in 2024Q2 to roughly 20-24% in the most recent quarters, but the figures are inflated by aluminum pass-through pricing rather than volume alone.
The swing from flat-to-negative growth in 2024 to double-digit gains in 2026 suggests a recovery in shipments alongside higher metal costs being passed to customers. Because aluminum pricing is embedded in revenue, the headline growth rate likely overstates underlying demand, so investors should separate price from volume before extrapolating this trajectory.
Gross Margin Holds Near Fifteen Percent
Reported gross margins have clustered between roughly 14% and 18% over the ten quarters shown, with the most recent quarter turning negative at -1.8%, a figure that warrants investigation.
The stable mid-teens gross margin is consistent with a conversion-fee model in which Ball earns a manufacturing spread rather than capturing commodity value. The negative gross profit in 2026Q3 appears anomalous against the surrounding quarters and may reflect a timing mismatch in pass-through, a one-time charge, or a data issue requiring verification before drawing conclusions.
Operating Leverage Obscured by Reporting Gaps
Operating margin ranged from roughly 5% to 13% across the period, but the absence of reported SG&A in several quarters limits the ability to assess whether overhead is scaling efficiently.
Where SG&A is reported, operating income swings more than gross profit, suggesting meaningful sensitivity to overhead and non-recurring items rather than steady absorption gains. Data unavailable for several periods prevents a clean read on operating leverage, so this conclusion is tentative pending complete disclosure.
Net Income Volatile Versus Operating Trend
Reported EPS swung from $1.18 in 2025Q3 to a loss of $0.36 in 2026Q3, with net margin fluctuating between roughly -2% and 10%, indicating earnings that are highly sensitive to non-operating items.
The gap between operating and net results in several quarters suggests material interest, tax, or discontinued-operations effects, consistent with a leveraged balance sheet and the Aerospace divestiture. Stock-based compensation data is unavailable, so its contribution to earnings quality cannot be assessed from the provided figures.
Margin Compression Could Undermine Growth Narrative
The recent negative gross and operating results, alongside a reported 1.29 debt-to-equity figure, challenge the bullish earnings-beat narrative and may indicate that pass-through mechanisms are lagging commodity costs.
If aluminum and energy costs continue rising faster than contractual resets, the 14-18% gross margin band could compress further and erode the apparent momentum behind revenue growth. Investors should monitor whether the 2026Q3 loss reflects a transitory event or a sustained shift, and verify the debt-to-equity figure given its inconsistency with historical norms.