Ball (BL8) Q3 2026 Earnings Report

The call was strongly positive overall. Ball reported solid global volume growth, significant year-to-date EPS growth, record company and EMEA comparable operating earnings, strong South American performance, a highly contracted 2027 position, continued customer demand and confidence in delivering more than 10% comparable diluted EPS growth in 2026. The principal challenges were North American earnings pressure, Millersburg start-up costs, operational friction from tight capacity, a working capital headwind and the expected reversal of a third-quarter metal benefit, but management characterized these issues as manageable within the reiterated outlook.

Ball expects 2026 comparable diluted EPS growth of 10-plus percent, global volume growth above the long-term 2% to 3% target, North and Central America volume growth at the low end of the long-term 1% to 3% range, EMEA volume growth above the top end of the long-term 3% to 5% range, and South America volume growth in the middle of the long-term 4% to 6% range; Millersburg start-up costs are expected to total approximately $25 million, CapEx is expected to be $650 million, free cash flow is expected to be in the range of $900 million, the effective tax rate on comparable earnings is expected to be slightly above 23%, interest expense is expected to be in the range of $310 million, reported adjusted corporate undistributed costs are expected to be in the range of $165 million, year-end net debt to comparable EBITDA is expected to be 2.7x, and Ball will repurchase at least $600 million of shares, bringing total capital return to shareholders to approximately $800 million; fourth-quarter expectations are for strong volume growth, modest EPS growth, and metal pass-through timing to reverse, while long-term comparable operating earnings growth is targeted at 4% to 6% annually and 2027 CapEx is expected to be somewhere midpoint to a little above next year in the 80% to 120% band.