Gross margins have experienced significant compression, falling from 19.6% in 2024Q1 to 12.9% in 2026Q1, reflecting the high fixed-cost burden of the company's manufacturing model.
| 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 | 6.4B | 6.43B | 6.53B | 7.11B | 6.86B | 6.36B | 6.09B | 6.69B | 6.88B | 6.87B | 6.7B | 6.16B | 6.78B | 6.97B | 7B | 7.36B | 6.63B | 7.07B | 7.88B | 7.68B | 7.52B | 7.19B | 6.26B | 6.11B | 5.76B | 6.01B | 5.55B | 5.52B | 5.31B | 4.66B | 3.85B |
| Revenue Growth % | -1.61% | -1.61% | -8.08% | 3.63% | 7.85% | 4.37% | -8.97% | -2.7% | 0.12% | 2.49% | 8.87% | -9.26% | -2.63% | -0.47% | -4.87% | 10.93% | -6.13% | -10.38% | 2.68% | 2.07% | 4.64% | 14.79% | 2.5% | 6.08% | -4.21% | 8.31% | 0.53% | 4.08% | 13.91% | 21.14% | 2.19% |
| Cost of Goods Sold | 5.37B | 5.32B | 5.49B | 5.61B | 5.64B | 5.27B | 5.12B | 5.52B | 5.59B | 5.74B | 5.49B | 5.05B | 5.53B | 5.64B | 5.63B | 5.98B | 5.28B | 5.58B | 6.21B | 5.97B | 6.08B | 5.72B | 4.92B | 4.92B | 4.41B | 4.22B | 3.81B | 3.75B | 3.61B | 3.32B | 2.83B |
| COGS % of Revenue | - | 82.74% | 84% | 78.94% | 82.31% | 82.84% | 84.04% | 82.54% | 81.34% | 83.51% | 81.92% | 81.97% | 81.53% | 80.9% | 80.37% | 81.26% | 79.65% | 79% | 78.74% | 77.76% | 80.87% | 79.55% | 78.53% | 80.47% | 76.62% | 70.15% | 68.62% | 67.92% | 68.06% | 71.33% | 73.66% |
| Gross Profit | 1.03B | 1.11B | 1.04B | 1.5B | 1.21B | 1.09B | 972M | 1.17B | 1.28B | 1.13B | 1.21B | 1.11B | 1.25B | 1.33B | 1.37B | 1.38B | 1.35B | 1.48B | 1.68B | 1.71B | 1.44B | 1.47B | 1.34B | 1.19B | 1.35B | 1.79B | 1.74B | 1.77B | 1.69B | 1.34B | 1.01B |
| Gross Margin % | 16.05% | 17.26% | 16% | 21.06% | 17.69% | 17.16% | 15.96% | 17.46% | 18.66% | 16.49% | 18.08% | 18.03% | 18.47% | 19.1% | 19.63% | 18.74% | 20.35% | 21% | 21.26% | 22.24% | 19.13% | 20.45% | 21.47% | 19.53% | 23.38% | 29.85% | 31.38% | 32.08% | 31.94% | 28.67% | 26.34% |
| Gross Profit Growth % | - | 6.12% | -30.15% | 23.33% | 11.18% | 12.24% | -16.78% | -8.96% | 13.24% | -6.52% | 9.19% | -11.41% | -5.86% | -3.13% | -0.36% | 2.15% | -9.02% | -11.49% | -1.83% | 18.64% | -2.09% | 9.31% | 12.71% | -11.39% | -24.97% | 3.01% | -1.65% | 4.56% | 26.88% | 31.83% | -3.77% |
| Operating Expenses | 476M | 476M | 525M | 683M | 628M | 552M | 972M | 505M | 553M | 562M | 568M | 540M | 586M | 568M | 600M | 627M | 554M | 965.5M | 578.5M | 586.4M | 628.6M | 1.69B | 1.13B | -6.06B | 908.4M | 693.7M | 1.91B | 1.11B | 1.3B | 750.5M | 516.9M |
| OpEx % of Revenue | - | 7.41% | 8.04% | 9.61% | 9.16% | 8.68% | 15.96% | 7.55% | 8.04% | 8.18% | 8.48% | 8.77% | 8.64% | 8.15% | 8.57% | 8.52% | 8.35% | 13.66% | 7.34% | 7.64% | 8.36% | 23.49% | 18.12% | -99.1% | 15.77% | 11.54% | 34.4% | 20.13% | 24.47% | 16.11% | 13.44% |
| Selling, General & Admin | 432M | 434M | 450M | 559M | 516M | 507M | 429M | 437M | 483M | 502M | 503M | 476M | 523M | 506M | 555M | 556M | 492M | 506.4M | 511.9M | 520.6M | 564.8M | 523.7M | 435.9M | 391.9M | 867.3M | 652.5M | 1.31B | 529.1M | 798.3M | 378.1M | 188.6M |
| SG&A % of Revenue | - | 6.75% | 6.89% | 7.87% | 7.53% | 7.98% | 7.04% | 6.53% | 7.02% | 7.31% | 7.51% | 7.73% | 7.71% | 7.26% | 7.93% | 7.56% | 7.42% | 7.17% | 6.49% | 6.78% | 7.51% | 7.28% | 6.96% | 6.41% | 15.06% | 10.85% | 23.66% | 9.58% | 15.04% | 8.12% | 4.9% |
| Research & Development | 37M | 42M | 80M | 92M | 79M | 82M | 75M | 68M | 70M | 60M | 65M | 64M | 63M | 62M | 62M | 71M | 62M | 58.8M | 66.6M | 65.8M | 63.8M | 29.8M | 25.4M | 47.6M | 41.1M | 41.2M | 46.7M | 37.5M | 36.4M | 28.9M | 56.7M |
| R&D % of Revenue | - | 0.65% | 1.22% | 1.29% | 1.15% | 1.29% | 1.23% | 1.02% | 1.02% | 0.87% | 0.97% | 1.04% | 0.93% | 0.89% | 0.89% | 0.96% | 0.93% | 0.83% | 0.84% | 0.86% | 0.85% | 0.41% | 0.41% | 0.78% | 0.71% | 0.69% | 0.84% | 0.68% | 0.69% | 0.62% | 1.47% |
| Other Operating Expenses | 1000K | 0 | -5M | 32M | 33M | -37M | 468M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -271M | 0 | 0 | 0 | 0 | 0 | 0 | 1.14B | 673.4M | -6.5B | 0 | 0 | 549.5M | 545.3M | 463.9M | 343.5M | 271.6M |
| Operating Income | 551M | 633M | 520M | 813M | 585M | 539M | 0 | 663M | 709M | 530M | 605M | 570M | 598M | 763M | 774M | 752M | 560M | 918.7M | 1.1B | 1.12B | 810.9M | -218.6M | 210.3M | 7.25B | 438.3M | 1.1B | -167.6M | 659.9M | 396M | 585.1M | 496.2M |
| Operating Margin % | 8.61% | 9.85% | 7.96% | 11.44% | 8.53% | 8.48% | - | 9.91% | 10.31% | 7.72% | 9.03% | 9.26% | 8.81% | 10.95% | 11.06% | 10.22% | 8.44% | 13% | 13.93% | 14.6% | 10.78% | -3.04% | 3.36% | 118.63% | 7.61% | 18.31% | -3.02% | 11.95% | 7.46% | 12.56% | 12.9% |
| Operating Income Growth % | - | 21.73% | -36.04% | 38.97% | 8.53% | - | -100% | -6.49% | 33.77% | -12.4% | 6.14% | -4.68% | -21.63% | -1.42% | 2.93% | 34.29% | -39.04% | -16.34% | -2.08% | 38.29% | 470.95% | -203.95% | -97.1% | 1553.87% | -60.2% | 757.04% | -125.4% | 66.64% | -32.32% | 17.92% | -13.27% |
| EBITDA | 1.04B | 1.12B | 1.01B | 1.3B | 1.04B | 988M | 1.09B | 1.11B | 1.15B | 970M | 1.03B | 994M | 1.05B | 1.16B | 1.19B | 1.17B | 951M | 1.31B | 1.56B | 1.58B | 1.32B | 305.4M | 685.1M | 7.77B | 919M | 1.64B | 381.9M | 1.21B | 859.9M | 928.6M | 767.8M |
| EBITDA Margin % | 16.27% | 17.46% | 15.4% | 18.24% | 15.15% | 15.54% | 17.83% | 16.54% | 16.71% | 14.12% | 15.4% | 16.15% | 15.42% | 16.65% | 16.94% | 15.96% | 14.34% | 18.6% | 19.76% | 20.61% | 17.55% | 4.25% | 10.94% | 127.23% | 15.95% | 27.35% | 6.88% | 21.82% | 16.21% | 19.93% | 19.97% |
| EBITDA Growth % | 9.35% | 11.53% | -22.38% | 24.74% | 5.16% | -9.02% | -1.9% | -3.66% | 18.45% | -6.01% | 3.82% | -4.97% | -9.83% | -2.19% | 1.02% | 23.45% | -27.66% | -15.62% | -1.54% | 19.86% | 332.25% | -55.42% | -91.19% | 745.93% | -44.13% | 330.71% | -68.31% | 40.16% | -7.4% | 20.94% | -5.23% |
| D&A (Non-Cash Add-back) | 490M | 489M | 486M | 483M | 454M | 449M | 468M | 444M | 440M | 440M | 427M | 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 |
| EBIT | 286M | 292M | 373M | 409M | 1.04B | 548M | 618M | 50M | 538M | 543M | 628M | 519M | 537M | 763M | 567M | -92M | 675M | 536M | 811.4M | 1.01B | 606.7M | 692.1M | 840.6M | -438M | 5.76B | 5.35B | 95.1M | 659.9M | 396M | 585.1M | 496.2M |
| Net Interest Income | -342M | -341M | -335M | -342M | -239M | -216M | -265M | -311M | -261M | -268M | -272M | -251M | -230M | -229M | -239M | -303M | -236M | -204M | -214.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10M | 9M | 11M | 13M | 28.6M | 38.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 342M | 341M | 335M | 342M | 239M | 216M | 265M | 311M | 261M | 268M | 272M | 251M | 230M | 239M | 248M | 314M | 249M | 221.7M | 253M | 0 | 0 | 0 | 685.2M | 0 | 438.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -672M | -682M | -482M | -746M | 220M | -207M | 353M | -924M | -358M | -514M | -386M | -281M | -368M | -295M | -47M | -1.16B | -390M | -296.4M | -539.7M | -502.3M | -464.1M | -910.7M | -630.3M | -7.69B | -456.6M | -460.7M | -246M | -175.3M | -207.2M | -164.2M | -200.2M |
| Pretax Income | -121M | -49M | 38M | 67M | 805M | 332M | 353M | -261M | 277M | 275M | 356M | 59M | 287M | 335M | 328M | -406M | 424M | 325.3M | 558.4M | 506.6M | 142.6M | -218.6M | 210.3M | -1.12B | 16.6M | 647.1M | -413.6M | 484.6M | 188.8M | 420.9M | 296M |
| Pretax Margin % | -1.89% | -0.76% | 0.58% | 0.94% | 11.74% | 5.22% | 5.8% | -3.9% | 4.03% | 4% | 5.31% | 0.96% | 4.23% | 4.81% | 4.69% | -5.52% | 6.39% | 4.6% | 7.08% | 6.6% | 1.9% | -3.04% | 3.36% | -18.27% | 0.29% | 10.76% | -7.45% | 8.77% | 3.56% | 9.04% | 7.7% |
| Income Tax | 40M | 54M | 126M | 152M | 178M | 167M | 89M | 118M | 108M | 70M | 119M | 106M | 92M | 120M | 108M | 85M | 129M | 127.5M | 236.7M | 147.8M | 126.5M | 367.1M | 5.9M | -125.7M | -18.3M | 286.4M | -143.9M | 185.5M | 66.7M | 148.5M | 104.9M |
| Effective Tax Rate % | -33.06% | -110.2% | 331.58% | 226.87% | 22.11% | 50.3% | 25.21% | -45.21% | 38.99% | 25.45% | 33.43% | 179.66% | 32.06% | 35.82% | 32.93% | -20.94% | 30.42% | 39.19% | 42.39% | 29.17% | 88.71% | -167.93% | 2.81% | 11.26% | -110.24% | 44.26% | 34.79% | 38.28% | 35.33% | 35.28% | 35.44% |
| Net Income | -186M | -129M | -106M | -103M | 584M | 149M | 249M | -400M | 257M | 180M | 209M | -74M | 144M | 184M | 184M | -510M | -47M | 161.8M | 258.3M | 1.34B | -27.5M | -558.6M | 235.5M | -990.8M | -460.2M | 356.6M | -269.7M | 298.3M | 108M | 167.9M | 191.1M |
| Net Margin % | -2.91% | -2.01% | -1.62% | -1.45% | 8.52% | 2.34% | 4.09% | -5.98% | 3.74% | 2.62% | 3.12% | -1.2% | 2.12% | 2.64% | 2.63% | -6.93% | -0.71% | 2.29% | 3.28% | 17.46% | -0.37% | -7.77% | 3.76% | -16.21% | -7.99% | 5.93% | -4.86% | 5.4% | 2.04% | 3.6% | 4.97% |
| Net Income Growth % | 3.63% | -21.7% | -2.91% | -117.64% | 291.95% | -40.16% | 162.25% | -255.64% | 42.78% | -13.88% | 382.43% | -151.39% | -21.74% | 0% | 136.08% | -985.11% | -129.05% | -37.36% | -80.73% | 4974.91% | 95.08% | -337.2% | 123.77% | -115.3% | -229.05% | 232.22% | -190.41% | 176.2% | -35.68% | -12.14% | 13.01% |
| Net Income (Continuing) | -161M | -103M | -88M | -85M | 627M | 165M | 264M | -379M | 169M | 205M | 237M | 162M | 215M | 348M | 220M | -491M | 297M | 197.8M | 321.7M | 358.8M | 16.1M | -585.7M | 204.4M | -330.1M | -200K | 356.6M | -269.7M | 299.1M | 122.1M | 272.4M | 191.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 7M | 0 | -3M | 113M | 0 | 0 | 0 | 0 | -18M | 0 | 0 | 327M | -65.8M | 0 | -59.5M | 0 | 0 | -32.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 151M | 126M | 135M | 111M | 107M | 104M | 97M | 114M | 119M | 109M | 108M | 117M | 147M | 174M | 153M | 211M | 198.2M | 252.8M | 251.7M | 206.8M | 181.5M | 169.6M | 161.1M | 141.9M | 159.3M | 172.9M | 194.9M | 240.6M | 246.5M | 194.7M |
| EPS (Diluted) | -1.22 | -0.84 | -0.69 | -0.67 | 3.67 | 0.93 | 1.57 | -2.44 | 1.59 | 1.10 | 1.28 | -0.46 | 0.87 | 1.11 | 1.11 | -3.12 | -0.28 | 0.95 | 1.52 | 7.99 | -0.18 | -3.70 | 1.43 | -6.74 | -3.14 | 2.30 | -2.00 | 1.78 | 0.62 | 1.24 | 1.58 |
| EPS Growth % | 3.17% | -21.74% | -2.99% | -118.26% | 294.62% | -40.76% | 164.34% | -253.46% | 44.55% | -14.06% | 378.26% | -152.87% | -21.62% | 0% | 135.58% | -1014.29% | -129.47% | -37.5% | -80.98% | 4538.89% | 95.14% | -358.74% | 121.22% | -114.65% | -236.52% | 215% | -212.36% | 187.1% | -50% | -21.52% | 12.86% |
| EPS (Basic) | - | -0.84 | -0.69 | -0.67 | 3.76 | 0.95 | 1.59 | -2.44 | 1.60 | 1.11 | 1.29 | -0.46 | 0.87 | 1.11 | 1.12 | -3.12 | -0.29 | 0.96 | 1.55 | 8.55 | -0.18 | -3.70 | 1.45 | -6.74 | -3.14 | 2.30 | -2.00 | 1.79 | 0.62 | 1.25 | 1.58 |
| Diluted Shares Outstanding | 152.68M | 153.55M | 154.62M | 154.65M | 158.99M | 160.31M | 158.78M | 155.25M | 162.09M | 164.65M | 162.82M | 161.17M | 166.05M | 165.83M | 165.77M | 163.69M | 167.08M | 170.54M | 169.68M | 167.77M | 152.07M | 150.91M | 149.68M | 146.92M | 146.56M | 155.04M | 134.85M | 167.58M | 174.19M | 135.4M | 123.68M |
| Basic Shares Outstanding | 152.68M | 153.55M | 154.62M | 154.65M | 155.31M | 157.15M | 156.81M | 155.25M | 160.13M | 162.74M | 161.86M | 161.17M | 164.72M | 164.43M | 164.47M | 163.69M | 164.27M | 167.69M | 163.18M | 154.22M | 152.07M | 150.91M | 147.96M | 146.92M | 146.56M | 155.04M | 134.85M | 166.65M | 174.19M | 134.32M | 120.95M |
| Dividend Payout Ratio | - | - | - | - | - | - | 3.21% | - | - | - | - | - | - | - | - | - | - | 38.44% | 19.2% | - | - | - | - | - | - | 6.03% | - | 7.21% | - | - | - |
Persistent negative net margins
As indicated by the most recent quarterly data, O-I Glass has experienced a consistent revenue decline, with the 2026Q1 figure of $1.5B representing a 1.7% year-over-year contraction, reflecting ongoing challenges in maintaining volume growth across its primary Americas and European beverage packaging segments.
The persistent negative revenue growth suggests that the company is struggling to offset volume declines with pricing actions in a competitive beverage market. Investors should monitor whether this trend is a result of structural shifts in consumer preference or temporary destocking cycles that may continue to pressure the top line.
According to the provided income statement data, gross margins have fluctuated significantly, dropping from a peak of 19.6% in 2024Q1 to 12.9% in 2026Q1, highlighting the sensitivity of the company's high-fixed-cost furnace operations to shifts in capacity utilization and input cost volatility.
The compression in gross margins appears to be a direct consequence of operating leverage in reverse, where lower production volumes fail to absorb the heavy fixed costs of glass manufacturing. This volatility suggests that the company lacks the pricing power necessary to fully pass through energy and raw material cost spikes during periods of soft demand.
Based on reported financial statements, O-I Glass has struggled to maintain positive net income, recording a net loss of $73.0M in 2026Q1, which underscores the impact of non-operating items and legacy liabilities on the company's bottom-line performance and overall earnings quality.
The frequent swings between profitability and significant net losses suggest that GAAP earnings are heavily influenced by non-recurring charges, likely related to legacy asbestos liabilities and furnace maintenance. Analysts should exercise caution when evaluating EPS, as these periodic impairments mask the underlying operational cash-generating capability of the business.
Analysis of the cost structure reveals that COGS remains stubbornly high relative to revenue, consistently hovering around 85-87% of sales, which limits the company's ability to improve profitability through traditional SG&A expense discipline or R&D optimization in the current demand environment.
The high proportion of COGS relative to revenue confirms that the business remains tethered to its capital-intensive furnace footprint, which requires continuous operation regardless of market demand. This rigid cost structure implies that any meaningful improvement in profitability will likely require a fundamental shift in manufacturing technology rather than simple cost-cutting measures.
While management emphasizes the potential of MAGMA technology, the income statement data suggests that the company's current operating model is under significant pressure, with net margins remaining negative for the majority of the last ten quarters, raising questions about long-term capital sustainability.
Short-sellers may focus on the persistent inability to generate consistent net income, which could indicate that the company's competitive moat is being eroded by more efficient packaging alternatives. The reliance on debt to fund operations while margins remain compressed warrants further investigation into the company's long-term solvency and ability to fund necessary furnace relining cycles.
Quick answers to the most common questions about buying OI stock.
For fiscal year 2025, O-I Glass, Inc. (OI) reported total revenue of $6.43B. This represents a 67.1% increase compared to $3.85B in 1996.
O-I Glass, Inc. (OI) reported a net loss of $129.0M for the fiscal year ending 2025.
O-I Glass, Inc. (OI) reported an operating income of $633.0M, resulting in an operating profit margin of 9.9%. This margin reflects the operational efficiency of the business before interest and taxes.
O-I Glass, Inc. (OI) generated $1.11B in gross profit for the year, representing a gross profit margin of 17.3%. This demonstrates the company's core pricing power and production efficiency.