Free cash flow generation remains highly erratic, evidenced by a swing from a negative 30.3% FCF margin in 2024Q1 to a positive 20.6% in 2025Q4, driven largely by volatile working capital cycles.
| 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 |
|---|
| Cash from Operations | 771M | 600M | 489M | 818M | 154M | 687M | 457M | 405M | 791M | 721M | 751M | 608M | 675M | 682M | 575M | 503M | 592M | 800M | 707.6M | 636.4M | 150.3M | 503.8M | 609.9M | 353.1M | 603.1M | 538.1M | 364.8M | 563M | 647.3M | 445.2M | 317.8M |
| Operating CF Margin % | - | 9.34% | 7.49% | 11.51% | 2.25% | 10.81% | 7.5% | 6.05% | 11.5% | 10.5% | 11.21% | 9.88% | 9.95% | 9.79% | 8.21% | 6.84% | 8.93% | 11.32% | 8.97% | 8.29% | 2% | 7.01% | 9.74% | 5.78% | 10.47% | 8.95% | 6.57% | 10.19% | 12.2% | 9.56% | 8.26% |
| Operating CF Growth % | 100.46% | 22.7% | -40.22% | 431.17% | -77.58% | 50.33% | 12.84% | -48.8% | 9.71% | -3.99% | 23.52% | -9.93% | -1.03% | 18.61% | 14.31% | -15.03% | -26% | 13.06% | 11.19% | 323.42% | -70.17% | -17.4% | 72.73% | -41.45% | 12.08% | 47.51% | -35.2% | -13.02% | 45.4% | 40.09% | 25.81% |
| Net Income | -186M | 5M | -88M | -103M | 627M | 142M | 264M | -379M | 169M | 205M | 237M | -47M | 195M | 215M | 220M | -490M | -36M | 197.8M | 251.5M | 1.34B | -27.5M | -621.6M | 171.5M | -990.8M | 9.4M | 360.7M | -269.7M | 299.1M | 122.1M | 272.4M | 191.1M |
| Depreciation & Amortization | 490M | 489M | 486M | 483M | 454M | 401M | 468M | 499M | 507M | 501M | 491M | 424M | 448M | 397M | 412M | 422M | 391M | 395.9M | 459.9M | 460.9M | 509.2M | 524M | 474.8M | 525.2M | 480.7M | 543.7M | 549.5M | 545.3M | 463.9M | 343.5M | 271.6M |
| Stock-Based Compensation | 26M | 25M | 14M | 43M | 33M | 0 | 0 | 0 | 27M | 18M | 11M | 15M | 21M | 11M | 11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -59M | -65M | 7M | 25M | 22M | 5M | -5M | 7M | -9M | -12M | -4M | 12M | 51M | -3M | -5M | -42M | -56M | 51.9M | 21M | 3.2M | 10.8M | -75M | -93.3M | -182.6M | -94.6M | 227.3M | -243.8M | 110.8M | -17.4M | 83.9M | 77.5M |
| Other Non-Cash Items | -44M | 126M | 195M | 558M | -1.08B | 111M | -89M | 454M | 5M | -128M | -139M | 116M | -170M | 13M | -91M | 236M | 579M | 468.8M | 361.4M | -131.8M | 7.9M | -269.6M | -197.3M | 1.1B | 629.1M | -522.4M | 445.1M | -269M | 228.9M | -58.3M | -165.2M |
| Working Capital Changes | 385M | 20M | -125M | -188M | 95M | 28M | -181M | -176M | 15M | -89M | 90M | 88M | 117M | -26M | 8M | -107M | -152M | -14.3M | -296.2M | -56.6M | -500.5M | 18.3M | 154.9M | -95M | 48.1M | -67.1M | -116.3M | -122.4M | -136.1M | -91.8M | -57.2M |
| Change in Receivables | 0 | 57M | 14M | 151M | -83M | -146M | -132M | -48M | 43M | -37M | -32M | -14M | 59M | 18M | 213M | -609M | 12M | -184.5M | 130.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 41M | 35M | 0 | -61M | -32M | 75M | -26M | -29M | 2M | 16M | -13M | -26M | -30M | -74M | -92M | -29M | 151.9M | -74.1M | 0 | -31.2M | 73M | 106.7M | 0 | -70.4M | 43.2M | -50.9M | -46.9M | -69.7M | 17.9M | 10.9M |
| Change in Payables | 0 | -45M | -95M | -102M | 146M | 161M | -67M | -62M | 67M | 69M | -58M | 100M | 103M | 128M | -53M | 145M | 17M | 32.6M | -56.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -387M | -368M | -620M | -683M | -97M | -220M | 93M | -437M | -698M | -351M | -417M | -2.75B | -455M | -402M | -221M | -426M | -1.31B | -418M | -377.2M | 1.44B | -177.9M | -248.7M | 338.8M | -201.8M | -474.6M | -111.2M | -464.1M | -347.3M | -4.23B | -551M | -822.1M |
| Capital Expenditures | -104M | 0 | -617M | -688M | -539M | -398M | -311M | -426M | -536M | -441M | -454M | -402M | -369M | -361M | -290M | -285M | -503M | -427.6M | -361.7M | -292.5M | -320.3M | -404.1M | -461.8M | -431.5M | -496M | -531.9M | -481.4M | -684.4M | -4.27B | -471.3M | -831.3M |
| CapEx % of Revenue | 1.63% | 6.72% | 9.45% | 9.68% | 7.86% | 6.26% | 5.11% | 6.37% | 7.79% | 6.42% | 6.77% | 6.53% | 5.44% | 5.18% | 4.14% | 3.87% | 7.58% | 6.05% | 4.59% | 3.81% | 4.26% | 5.62% | 7.37% | 7.06% | 8.61% | 8.85% | 8.67% | 12.39% | 80.54% | 10.12% | 21.62% |
| Acquisitions | 0 | 0 | 26M | 1M | 98M | 180M | 404M | -212M | -175M | -39M | -56M | -2.35B | -114M | -4M | -5M | -144M | -817M | 8M | -15.5M | 1.76B | 15.1M | -11.6M | -630.3M | 0 | -17.6M | -184.6M | -77.1M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -283M | -368M | -29M | 4M | 344M | -2M | 0 | 201M | 13M | 129M | 93M | 5M | 28M | -37M | 74M | 3M | 6M | 1.6M | -15.5M | -23.3M | 127.3M | 167M | 1.43B | 66.7M | 39M | 605.3M | 94.4M | 337.1M | 41.1M | -79.7M | 9.2M |
| Cash from Financing | -236M | -250M | -8M | -27M | 6M | -273M | -557M | 68M | -53M | -392M | -228M | 2.06B | -70M | -321M | -339M | -323M | 547M | 114.2M | -315.7M | -1.97B | -9M | -273.1M | -837.9M | -122.4M | -157.3M | -496.7M | 23.1M | -213.2M | 3.64B | 182.3M | 563.5M |
| Debt Issued (Net) | -143M | -147M | 76M | 81M | -29M | -200M | -475M | 215M | 140M | -370M | -218M | 2.27B | 7M | -272M | -321M | -252M | 778M | 155.1M | -279.6M | -2.01B | 23.6M | -173.6M | -783.5M | 63.1M | -44M | -384.2M | 59.2M | 30.3M | 2.57B | -156.8M | 553.6M |
| Equity Issued (Net) | -30M | -40M | -40M | -40M | -40M | -40M | -3M | -42M | -163M | -5M | 5M | -99M | -32M | -33M | -23M | 5M | -194M | 7M | 14.5M | 62.8M | 8M | 21M | 27.4M | 3.6M | 6.8M | -2.8M | -14.6M | -221M | 1.08B | 503.8M | 12.8M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -8M | -31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -35M | 0 | -62.2M | -5.4M | -21.5M | -21.5M | -21.5M | -21.5M | -21.5M | -21.5M | -21.5M | -21.5M | -21.5M | 0 | 0 | 0 |
| Share Repurchases | -30M | -40M | -40M | -40M | -40M | -40M | -3M | -42M | -163M | -5M | 0 | -100M | -32M | -33M | -27M | 0 | -199M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.2M | -17.2M | -225.6M | 0 | 0 | 0 |
| Other Financing | -63M | -63M | -44M | -68M | 75M | -33M | -71M | -74M | -30M | -17M | -15M | -112M | -45M | -16M | 5M | -76M | -37M | -47.9M | 4.4M | -600K | -19.1M | -99M | -60.3M | -167.6M | -98.6M | -88.2M | 0 | -1M | -10.4M | -164.7M | -2.9M |
| Net Change in Cash | -107M | 25M | -179M | 140M | 48M | 162M | 12M | 39M | 20M | 0 | 93M | -113M | 129M | -48M | 31M | -240M | -172M | 432.2M | -8.2M | 165M | -23.9M | -31.3M | 114.5M | 37M | -29.2M | -74.1M | -27.4M | -14.3M | 53.2M | 57.3M | 51.5M |
| Free Cash Flow | 474M | 168M | -128M | 130M | -385M | 289M | 146M | -21M | 255M | 280M | 297M | 206M | 306M | 321M | 285M | 218M | 89M | 372.4M | 345.9M | 343.9M | -170M | 99.7M | 148.1M | -78.4M | 107.1M | 6.2M | -116.6M | -121.4M | -3.63B | -26.1M | -513.5M |
| FCF Margin % | 7.41% | 2.61% | -1.96% | 1.83% | -5.62% | 4.55% | 2.4% | -0.31% | 3.71% | 4.08% | 4.43% | 3.35% | 4.51% | 4.61% | 4.07% | 2.96% | 1.34% | 5.27% | 4.39% | 4.48% | -2.26% | 1.39% | 2.36% | -1.28% | 1.86% | 0.1% | -2.1% | -2.2% | -68.34% | -0.56% | -13.35% |
| FCF Growth % | 867.35% | 231.25% | -198.46% | 133.77% | -233.22% | 97.95% | 795.24% | -108.24% | -8.93% | -5.72% | 44.17% | -32.68% | -4.67% | 12.63% | 30.73% | 144.94% | -76.1% | 7.66% | 0.58% | 302.29% | -270.51% | -32.68% | 288.9% | -173.2% | 1627.42% | 105.32% | 3.95% | 96.65% | -13794.25% | 94.92% | -1556.45% |
| FCF per Share | 3.10 | 1.09 | -0.83 | 0.84 | -2.42 | 1.80 | 0.92 | -0.14 | 1.57 | 1.70 | 1.82 | 1.28 | 1.84 | 1.94 | 1.72 | 1.33 | 0.53 | 2.18 | 2.04 | 2.05 | -1.12 | 0.66 | 0.99 | -0.53 | 0.73 | 0.04 | -0.86 | -0.72 | -20.82 | -0.19 | -4.15 |
| FCF Conversion (FCF/Net Income) | -2.55x | -4.65x | -4.61x | -7.94x | 0.26x | 4.61x | 1.84x | -1.01x | 3.08x | 4.01x | 3.59x | -8.22x | 4.69x | 3.71x | 3.13x | -0.99x | -12.60x | 4.94x | 2.74x | 0.47x | -5.47x | -0.90x | 2.59x | -0.36x | -1.31x | 1.51x | -1.35x | 1.89x | 5.99x | 2.65x | 1.66x |
| Interest Paid | 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 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 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 | 0 | 0 | 0 | 0 | 0 |
Volatile working capital cycles
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios frequently swinging into negative territory, such as the -2.91x observed in 2025Q4, suggesting that reported earnings are poor proxies for actual cash generation capabilities.
The persistent divergence between net income and operating cash flow indicates that non-cash charges and significant working capital swings are masking the underlying cash-generating capacity of the business. Investors should monitor whether this volatility is a structural feature of the company's legacy liability management or a symptom of operational inefficiency.
Based on recent SEC filings, O-I Glass exhibits extreme FCF margin volatility, ranging from a negative 30.3% in 2024Q1 to a positive 20.6% in 2025Q4, which underscores the difficulty in maintaining consistent cash flow generation amidst fluctuating demand and heavy capital intensity.
The erratic FCF trajectory suggests that the company's cash flow is highly sensitive to seasonal working capital requirements and the timing of large-scale maintenance projects. This lack of predictability complicates the assessment of the company's ability to self-fund its long-term strategic initiatives like the MAGMA technology rollout.
According to historical data, capital expenditures as a percentage of revenue have remained elevated, peaking at 13.6% in 2023Q4, which reflects the ongoing necessity of furnace relining and the high capital intensity inherent in the glass manufacturing business model.
The high level of maintenance CapEx relative to revenue suggests that a significant portion of cash flow is effectively 'pre-committed' to sustaining existing operations rather than growth. This structural requirement limits the company's financial flexibility and may explain the persistent pressure on free cash flow during periods of lower capacity utilization.
As evidenced by quarterly cash flow statements, working capital changes are a primary driver of cash flow variance, with swings as large as $309M in 2025Q4, indicating that inventory management and collection cycles are significantly impacting the company's short-term liquidity position.
The substantial fluctuations in working capital suggest that the company may be struggling to align its production schedules with volatile end-market demand. This dynamic warrants further investigation into whether these swings represent temporary inventory build-ups or more permanent challenges in managing the supply chain efficiently.
Based on reported figures, capital deployment has been largely restricted to consistent share repurchases of $10M per quarter, despite the company's negative net income and the significant cash requirements needed to address legacy liabilities and maintain its aging furnace infrastructure.
The decision to continue share repurchases while facing negative net margins and high capital intensity appears counterintuitive and may indicate a management focus on supporting equity valuation. Investors should monitor whether this allocation strategy remains sustainable given the company's strained balance sheet and the need for ongoing investment in modular manufacturing.
Quick answers to the most common questions about buying OI stock.
O-I Glass, Inc. (OI) generated $600.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
O-I Glass, Inc. (OI) generated $168.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
O-I Glass, Inc. (OI) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, O-I Glass, Inc. (OI) spent $40.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.