Revenue has declined for ten consecutive quarters, with Q2 2026 down 2.2% to $1.7B, while gross margin compressed to 12.8% from 17.5% a year earlier, reflecting persistent cost pressures and negative operating leverage.
O-I Glass, Inc. (OI) 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 | 6.36B | 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 % | -1.85% | -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 | 5.42B | 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 | 942M | 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 % | 14.81% | 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 | 436M | 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 | 401M | 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 | 35M | 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 | 0 | 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 | 506M | 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 % | 7.95% | 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 | 998M | 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 % | 15.69% | 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 % | 4.39% | 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) | 492M | 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 | 259M | 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 | -343M | -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 | 343M | 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 | -1.46B | -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 | -955M | -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 % | -15.01% | -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 | 172M | 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 % | -18.01% | -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 | -1.15B | -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 % | -18.13% | -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 % | -352.16% | -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) | -1.13B | -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 | 156M | 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) | -7.53 | -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 % | -355.76% | -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 | 153.09M | 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 | 153.09M | 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% | - | - | - |
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.
Key Metrics
Top Statement Risk
European operational deterioration
Metrics are mathematically derived from official filings.
Revenue Stagnation Amidst Persistent Decline
Revenue has contracted year-over-year for ten consecutive quarters, with the latest quarter showing a 2.2% decline to $1.7B, according to OI's income statement data. This persistent negative growth suggests structural demand challenges rather than cyclical noise.
The consistent negative revenue growth across all quarters, ranging from -1.3% to -13.0%, indicates a prolonged demand downturn, likely driven by destocking in the beverage industry and competitive pressures. The modest sequential uptick in Q2 2026 to $1.7B from $1.5B in Q1 may reflect seasonal factors, but the year-over-year decline persists. Investors should monitor whether the Americas' strength, attributed to the 'Fit to Win' program, can offset European weakness, as the overall trend remains negative.
Gross Margin Compression Signals Cost Pressures
Gross margin fell to 12.8% in Q2 2026, down from 17.5% a year earlier, as reported in OI's financial statements. This 470-basis-point decline highlights significant cost pressures, likely from energy volatility and lower utilization.
The gross margin trajectory shows a clear deterioration from 19.6% in Q1 2024 to 12.8% in Q2 2026, with only a brief recovery in mid-2025. This suggests that pass-through mechanisms for energy and raw material costs are lagging, and the high fixed-cost structure amplifies the impact of lower volumes. The margin compression is more severe than peers like Silgan (17.7%) and Aptar (29.6%), indicating OI's cost structure is particularly vulnerable to input cost spikes. The success of MAGMA technology in reducing energy intensity will be critical to reversing this trend.
Operating Leverage Reverses as Fixed Costs Bite
Operating income swung from $179M in Q1 2024 to $130M in Q2 2026, with operating margin compressing from 11.2% to 7.8%, based on OI's reported figures. This reflects negative operating leverage as fixed furnace costs absorb lower volumes.
The decline in operating margin from 11.2% to 7.8% over the period, despite a relatively stable revenue base, indicates that SG&A and R&D costs have not scaled down proportionally. Notably, SG&A in Q2 2026 was $75M, down from $113M in Q1 2024, but the drop in gross profit was steeper, causing operating leverage to work in reverse. The company's high fixed-cost structure means that any further volume decline could exacerbate margin erosion, while the 'Fit to Win' program's cost savings appear insufficient to offset the top-line weakness.
Net Losses Clouded by One-Time Charges
Net income plunged to -$972M in Q2 2026, a dramatic swing from -$5M in Q2 2025, as per OI's income statement. This likely includes significant non-cash impairments or legacy liability charges, obscuring underlying operational performance.
The massive net loss in Q2 2026, with EPS of -$6.33, contrasts sharply with the operating income of $130M, indicating substantial below-the-line items. These may relate to asbestos liabilities or asset impairments, as suggested by the company's history. The negative net margin of -58.3% is not indicative of ongoing operations, but the persistence of losses in other quarters (e.g., -$138M in Q4 2025) suggests recurring charges. Investors should adjust for these items to assess normalized earnings power, but the trend of negative net income across most quarters is concerning.
Cost Discipline Fails to Offset Revenue Decline
COGS as a percentage of revenue rose to 87.2% in Q2 2026 from 82.5% in Q2 2025, according to OI's financial data. This indicates that cost reduction efforts have not kept pace with revenue contraction, pressuring gross margins.
While SG&A has been reduced from $113M in Q1 2024 to $75M in Q2 2026, a 34% cut, COGS has remained sticky, reflecting the high fixed-cost nature of furnace operations. The increase in COGS ratio suggests that energy and labor costs are not flexing downward with volumes, and pass-through clauses may be lagging. R&D spending has also been cut from $21M to $9M, which could undermine long-term innovation like MAGMA. The 'Fit to Win' program appears to be delivering some SG&A savings, but the core cost structure remains a drag on profitability.
Q2 2026 Marks a Deteriorating Inflection
Q2 2026 stands out as a critical inflection point, with net income collapsing to -$972M and EPS at -$6.33, as reported in OI's latest quarterly results. This quarter likely reflects a combination of operational headwinds and significant one-time charges.
The magnitude of the Q2 2026 loss, despite a modest revenue increase from Q1, suggests a major discontinuity, possibly driven by European operational challenges and asset impairments. The CEO's commentary about 'acting decisively' in Europe implies potential restructuring charges that could further pressure near-term earnings. This inflection may mark the beginning of a turnaround if management successfully rationalizes capacity, but the immediate impact is a severe deterioration in profitability. The lasting impact will depend on whether the Americas' strength can be replicated in Europe and whether MAGMA can reduce cost volatility.
What Could Invalidate the Turnaround Thesis
The persistent negative net margins and revenue declines, with Q2 2026 net margin at -58.3%, suggest that OI's challenges may be structural, not cyclical, according to reported financials. Short-sellers could argue that the 'Fit to Win' savings are insufficient and European issues are deep-rooted.
The data shows no quarter with positive net income since Q2 2024, and even then, the margin was a thin 3.3%. This pattern indicates that the company's cost structure and demand environment are fundamentally misaligned. The reliance on one-time adjustments to explain losses is concerning, as recurring charges suggest ongoing legacy liabilities. If European demand continues to weaken and energy costs remain volatile, the company may face a liquidity crunch given its high leverage. The market's optimism about MAGMA may be premature, as the technology's commercial viability is unproven and capital expenditures could strain cash flow.