Ball (BALL) financial statements
Ball reported revenue of $13.2B in fiscal 2025, up 4.2% a year over 9 years.
Net income was $912M.
Free cash flow was $788M, and the company returned $220M in dividends and $1.3B in net buybacks.
The diluted share count fell 15% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Ball's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.1B | $11.0B | $11.6B | $11.5B | $11.8B | $13.8B | $13.4B | $12.1B | $11.8B | $13.2B |
| Cost of revenue | — | $8.7B | $9.3B | $9.2B | $9.3B | $11.1B | $11.1B | $9.8B | $9.4B | $10.6B |
| Gross profit | $1.4B | $1.8B | $1.8B | $1.8B | $2.5B | $2.7B | $2.2B | $2.3B | $2.4B | $2.6B |
| Research and development | $28M | $27M | $32M | $44M | $47M | $56M | $55M | $55M | — | — |
| Selling, general and admin | $512M | $514M | $478M | $417M | $525M | $593M | $555M | $532M | $647M | $566M |
| Operating income | $463M | $802M | $935M | $932M | $1.0B | $1.3B | $1.2B | $1.3B | — | — |
| Interest expense | $229M | $285M | $301M | $317M | $275M | $270M | $313M | $460M | $293M | $314M |
| Pre-tax income | $125M | $514M | $633M | $608M | $687M | $1.0B | $713M | $614M | $535M | $1.1B |
| Income tax | -$126M | $165M | $185M | $71M | $99M | $156M | $138M | $146M | $133M | $240M |
| Net income | $263M | $374M | $454M | $566M | $585M | $878M | $719M | $707M | $4.0B | $912M |
| EPS (diluted) | $0.81 | $1.05 | $1.29 | $1.66 | $1.76 | $2.65 | $2.25 | $2.23 | $13.00 | $3.30 |
| Diluted shares | 323M | 357M | 352M | 340M | 333M | 332M | 320M | 317M | 308M | 276M |
| Gross margin | 15.7% | 16.0% | 15.5% | 15.5% | 20.9% | 19.7% | 16.8% | 19.1% | 20.7% | 19.6% |
| Operating margin | 5.1% | 7.3% | 8.0% | 8.1% | 8.5% | 9.3% | 9.1% | 10.6% | — | — |
| Net margin | 2.9% | 3.4% | 3.9% | 4.9% | 5.0% | 6.4% | 5.4% | 5.9% | 34.0% | 6.9% |
Balance sheet
Fiscal years, from Ball's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $597M | $448M | $721M | $1.8B | $1.4B | $563M | $548M | $695M | $885M | $1.2B |
| Receivables | $1.5B | $1.6B | $1.8B | $1.6B | $1.7B | $2.6B | $2.6B | $2.1B | $2.2B | $2.6B |
| Inventory | $1.4B | $1.5B | $1.3B | $1.3B | $1.4B | $1.8B | $2.2B | $1.5B | $1.5B | $2.0B |
| Total current assets | $3.7B | $3.8B | $3.9B | $4.9B | $4.7B | $5.2B | $5.5B | $4.9B | $4.8B | $6.1B |
| Property, plant and equipment | $4.4B | $4.6B | $4.5B | $4.5B | $5.4B | $6.5B | $7.1B | $6.7B | $6.2B | $6.7B |
| Goodwill | $5.1B | $4.9B | $4.5B | $4.4B | $4.5B | $4.4B | $4.2B | $4.2B | $4.2B | $4.4B |
| Total assets | $16.2B | $17.2B | $16.6B | $17.4B | $18.3B | $19.7B | $19.9B | $19.3B | $17.6B | $19.5B |
| Total current liabilities | $3.0B | $4.1B | $4.1B | $5.6B | $4.4B | $6.0B | $7.0B | $6.2B | $4.8B | $5.5B |
| Long-term debt | $7.3B | $6.5B | $6.5B | $6.3B | $7.8B | $7.7B | $7.5B | $7.5B | $5.3B | $7.0B |
| Total liabilities | $12.6B | $13.1B | $13.0B | $14.3B | $14.9B | $16.0B | $16.4B | $15.5B | $11.7B | $14.1B |
| Shareholders' equity | $3.4B | $3.9B | $3.5B | $2.9B | $3.3B | $3.6B | $3.5B | $3.8B | $5.9B | $5.4B |
| Net debt | $6.9B | $6.5B | $6.0B | $6.0B | $6.4B | $7.2B | $8.4B | $7.9B | $4.8B | $5.8B |
Cash flow
Fiscal years, from Ball's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $193M | $1.5B | $1.6B | $1.5B | $1.4B | $1.8B | $301M | $1.9B | $115M | $1.3B |
| Capital spending | $606M | $556M | $816M | $598M | $1.1B | $1.7B | $1.7B | $1.0B | $484M | $474M |
| Free cash flow | -$413M | $922M | $750M | $950M | $319M | $34M | -$1.4B | $818M | -$369M | $788M |
| Stock-based compensation | $35M | $46M | $75M | $37M | $43M | $40M | $39M | $33M | $63M | $28M |
| Dividends paid | $83M | $129M | $137M | $182M | $198M | $229M | $254M | $252M | $244M | $220M |
| Share buybacks (net) | -$107M | -$103M | -$739M | -$964M | -$57M | -$766M | -$618M | -$3M | -$1.7B | -$1.3B |
| Net borrowing | -$231M | -$861M | -$178M | $1.1B | -$262M | $98M | $1.4B | -$440M | -$2.9B | $1.2B |
| Free cash flow margin | -4.6% | 8.4% | 6.4% | 8.3% | 2.7% | 0.2% | -10.1% | 6.8% | -3.1% | 6.0% |
| Dividends per share | $0.26 | $0.36 | $0.39 | $0.54 | $0.59 | $0.69 | $0.79 | $0.79 | $0.79 | $0.80 |
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Open BALL in InvestinglyQuestions
What was Ball's revenue in 2025?
$13.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Ball generate?
$788M in fiscal 2025 (operating cash flow minus capital spending).
From Ball's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.