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O-I Glass (MX:OI)
:OI
Mexico Market
EarningsQ2 2026 Earnings Report

O-I Glass (OI) Q2 2026 Earnings Report

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MX:OI Q2 2026 EPS Results

Actual EPS$1.60
Consensus EPS$4.29
Beat/MissMissed by -$2.70
One Year Ago EPS$9.40

MX:OI Q2 2026 Revenue Results

Actual Revenue$29.58B
Expected Revenue$29.80B
Beat/MissMissed by -$217.00M
YoY Revenue Growth-2.23%

Earnings Announcement Details

QuarterQ2 2026
Date07/28/2026
TimeAfter Close
Conference CallTuesday, July 28, 2026
MX:OI Upcoming Earnings
O-I Glass's next earnings date is estimated for November 3, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

MX:OI Q2 2026 Earnings Call
0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026
Earnings Call Date:Jul 28, 2026|
% Change Since:
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Earnings Call Sentiment|Neutral
The call balanced clear operational and commercial progress — notably in the Americas, Fit to Win savings, new business wins (~2% of volume), stable liquidity, and plant-level energy improvements — against material near-term headwinds centered in Europe (sharp profit decline, lower prices, higher energy costs, furnace and restructuring disruptions), a steep drop in adjusted EPS, a goodwill impairment, and a lowered 2026 outlook. Management emphasized that the issues in Europe are transitional, reaffirmed the strategy, and realigned targets for 2026 and 2027 while keeping longer-term goals intact. Given the mix of strong execution in parts of the business and significant Europe-driven setbacks, the overall tone is cautious with confidence in medium-term recovery but acknowledgement of near-term challenges.
Company Guidance
The company narrowed 2026 guidance to adjusted EBITDA of $1.0–$1.1 billion (and removed adjusted earnings guidance because the effective tax rate is highly sensitive), expects roughly $200 million of Fit to Win savings in 2026 and at least $650 million over three years (with >$400 million already delivered since launch and $85 million YTD despite ~$30 million of direct inefficiencies and ~$45 million total disruption impact), and realigned 2027 targets to adjusted EBITDA of $1.2–$1.3 billion (including at least $150 million of incremental Fit to Win next year) while still maintaining the longer‑term $1.45 billion objective; management also cited Q2 net sales of about $1.7 billion (down ~2% YoY), shipments down ~4.5% YoY with June volumes flat, Americas segment operating profit of $165 million (up 22%, margin ~17.4%), Europe segment operating profit of $6 million (vs. $90 million prior), liquidity of $1.5 billion with no maturities until 2028, and that new business wins (~2% of annual volume) should contribute ~1–1.5% annualized run‑rate in H2 and ~2% in 2027.
Strong Americas Performance
Americas net sales ~$949M (up ~1% YoY) with segment operating profit up 22% YoY to $165M; margins expanded ~300 basis points to 17.4% — the highest Q2 profit in the Americas in the past 10 years despite a single furnace event and a 7% volume decline.
Fit to Win Progress and Targets
Fit to Win has generated more than $400M of net benefits since launch; delivered $85M in H1 2026 (net of $30M direct inefficiencies); revised 2026 savings target ~ $200M and a 3-year target of at least $650M, with an expected incremental $150M+ of benefits in 2027.
Stable Top Line and Strong Liquidity
Consolidated net sales were nearly $1.7B (down ~2% YoY) with June volumes flat year-over-year; liquidity of $1.5B, no debt maturities until 2028 and ample headroom on senior secured covenant.
Commercial Wins and Improving Volumes
New business wins represent approximately 2% of annual sales volume with contributions expected later in the year; June volumes were flat YoY and July performed in line with June, indicating sequential improvement; regional outperformance in Latin America (Andean group double-digit growth; Brazil up low single digits).
Operational Energy Efficiency Gains
New energy management systems delivering notable improvements in Europe, with some plants reporting 5%–7% year-over-year reductions in energy usage, supporting competitiveness and cost recovery initiatives.
Realigned 2027 EBITDA with Path to Original Target
2027 adjusted EBITDA realigned to $1.2B–$1.3B with at least $150M of incremental Fit to Win savings expected; company maintains that the original $1.45B target remains achievable over a longer timeframe.

MX:OI Earnings History

Report Date
Fiscal Quarter
Forecast / EPS
Last Year's EPS
EPS YoY Change
Press Release
Nov 03, 2026
2026 (Q3)
3.81 / -
8.512―
2026 (Q2)
4.29 / 1.60
9.398-83.02% (-7.80)
2026 (Q1)
1.88 / 0.89
7.093-87.50% (-6.21)
2025 (Q4)
3.37 / 3.55
-0.887500.00% (+4.43)
2025 (Q3)
7.36 / 8.51
-0.7091300.00% (+9.22)
2025 (Q2)
7.27 / 9.40
7.80320.45% (+1.60)
2025 (Q1)
4.31 / 7.09
7.98-11.11% (-0.89)
2024 (Q4)
-1.44 / -0.89
2.128-141.67% (-3.01)
2024 (Q3)
0.44 / -0.71
14.186-105.00% (-14.90)
2024 (Q2)
7.64 / 7.80
15.605-50.00% (-7.80)
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed