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Dec 31, 2025
O-I Glass Q4 2025 Earnings Report
O-I Glass reported its financial results for the fourth quarter and full year ended December 31, 2025.
Key Takeaways
O-I Glass delivered strong results in 2025, with adjusted earnings nearly doubling versus 2024, driven by disciplined execution of its Fit to Win strategy which delivered $300 million in benefits. The company's financial performance was consistent with recent guidance, despite softer market demand and relatively stable net sales. Segment operating profit improved significantly, and free cash flow saw a substantial increase.
Net sales for Q4 2025 were $1.5 billion, stable compared to the prior year period, with flat average selling prices and favorable foreign currency translation offsetting a moderate decline in sales volumes.
The company reported a net loss attributable to the company of $0.90 per share in Q4 2025, compared to a net loss of $1.00 per share in Q4 2024.
Adjusted earnings per share for Q4 2025 were $0.20, a significant improvement from an adjusted net loss of $0.05 per share in the prior year quarter.
Segment operating profit increased by 30% to $177 million in Q4 2025, driven by lower operating costs and benefits from Fit to Win initiatives.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
O-I Glass anticipates continued progress in 2026, with adjusted EBITDA expected to be in the range of $1.25 billion to $1.30 billion, representing up to a 7% increase over 2025 levels. Adjusted earnings per share are projected to be between $1.65 and $1.90, and free cash flow is expected to approximate $200 million.
Positive Outlook
- Anticipated adjusted EBITDA growth of up to 7% over 2025 levels, despite an estimated $150 million step-up in energy costs.
- Expected incremental Fit To Win benefits of at least $275 million, driving improved performance.
- Management forecasts adjusted earnings per share to improve by up to 19% over 2025.
- Free cash flow is expected to increase by nearly 20% compared to 2025, reaching approximately $200 million.
- Reaffirming 2027 Investor Day financial targets and increasing cumulative Fit to Win benefit target to at least $750 million.
Challenges Ahead
- Estimated $150 million step-up in energy costs following the expiration of favorable European energy contracts at the end of 2025.
- Ongoing market uncertainty and muted demand are expected to persist.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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