Ball : Non-GAAP Measures PDF Q1 2026
BALL
Published on 05/05/2026 at 06:13 am EDT
During the first quarter of 2026, the company amended its definitions of Comparable Operating Earnings and Comparable Earnings Before Interest, Taxes, Depreciation and Amortization. Comparable Operating Earnings now excludes interest income, total amortization expense, factoring fee expense, foreign exchange gain (loss), stock-based compensation expense, unrealized gain (loss) from equity-linked notes and other items included in the reconciling table above. The company also amended its definition of Comparable Net Earnings to now exclude total amortization expense. The prior year amounts associated with these definitions have been recast to conform with the current year's definition and presentation.
We use Comparable EBITDA, Comparable Operating Earnings, Comparable Net Earnings and Comparable Diluted Earnings Per Share internally to evaluate the company's operating performance. Ball management uses Interest Coverage (Comparable EBITDA to interest expense) and Leverage (Net Debt to Comparable EBITDA) as metrics to monitor the credit quality of Ball Corporation. Management internally uses free cash flow measures to: (1) evaluate the company's liquidity, (2) evaluate strategic investments, (3) plan stock buyback and dividend levels and (4) evaluate the company's ability to incur and service debt. Note that when non-U.S. GAAP measures exclude amortization of intangibles, the measures include the revenue of the acquired entities and all other expenses unless otherwise stated and the acquired assets contribute to revenue generation.
Please see the company's website for further details of the company's non-U.S. GAAP financial measures, including prior year quarterly and annual amounts that have been recast to conform with current definitions above, at https://www.ball.com/investors under the "Financial Results" tab.
($ in millions, except ratios)
Year Ended
March 31,
2026
Net earnings attributable to Ball Corporation
$
938
Net earnings attributable to noncontrolling interests, net of tax
3
Discontinued operations, net of tax
(2)
Earnings from continuing operations
939
Equity in results of affiliates, net of tax
(31)
Tax provision (benefit)
249
Earnings before taxes
1,157
Reconciling items, net (a)
449
Comparable Operating Earnings
1,606
Depreciation and amortization
631
Intangible amortization
(150)
Comparable EBITDA
$
2,087
Interest expense
$
(322)
Total debt at period end
$
7,807
Cash and cash equivalents
(730)
Net Debt
$
7,077
Interest Coverage (Comparable EBITDA/Interest Expense)
6.48
x
Leverage (Net Debt/Comparable EBITDA)
3.39
x
(a) For further details regarding reconciling items refer to the table at end this section.
Twelve
Less: Three
Add: Three
Months Ended
Months Ended
Months Ended
Year Ended
December 31,
March 31,
March 31,
March 31,
($ in millions, except ratios)
2025
2025
2026
2026
Net earnings attributable to Ball Corporation
$
912
$
179
$
205
$
938
Net earnings attributable to noncontrolling interests, net of tax
3
-
-
3
Discontinued operations, net of tax
-
2
-
(2)
Earnings from continuing operations
915
181
205
939
Equity in results of affiliates, net of tax
(27)
(5)
(9)
(31)
Tax provision (benefit)
240
53
62
249
Earnings before taxes
1,128
229
258
1,157
Reconciling items, net (a)
443
123
129
449
Comparable Operating Earnings
1,571
352
387
1,606
Depreciation and amortization
622
150
159
631
Intangible amortization
(149)
(36)
(37)
(150)
Comparable EBITDA
$
2,044
$
466
$
509
$
2,087
Interest expense
$
(314)
$
(70)
$
(78)
$
(322)
Total debt at period end
$
7,807
Cash and cash equivalents
(730)
Net Debt
$
7,077
Interest Coverage (Comparable EBITDA/Interest Expense)
6.48
x
Leverage (Net Debt/Comparable EBITDA)
3.39
x
(a) For further details regarding reconciling items refer to the table at end this section.
Three Months Ended
March 31,
($ in millions, except per share amounts)
2026
2025
Net earnings attributable to Ball Corporation
$
205
$
179
Business consolidation and other activities
11
13
Intangible amortization
37
36
Unrealized (gain) loss on equity-linked notes
14
-
Non-comparable tax items
(16)
(11)
(Gain) loss on Aerospace disposal
-
2
Comparable Net Earnings
$
251
$
219
Comparable Diluted Earnings Per Share
$
0.94
$
0.77
Three Months Ended
March 31,
($ in millions)
2026
2025
Net earnings attributable to Ball Corporation
$
205
$
179
Discontinued operations, net of tax
-
2
Earnings from continuing operations
205
181
Equity in results of affiliates, net of tax
(9)
(5)
Tax provision (benefit)
62
53
Earnings before taxes
258
229
Reconciling items, net (a)
129
123
Comparable Operating Earnings
$
387
$
352
(a) For further details regarding reconciling items refer to the table at end this section.
Three Months Ended
March 31,
($ in millions)
2026
Total cash provided by (used in) operating activities
$
(777)
Less: Capital expenditures
(161)
Free Cash Flow
(938)
Add: Cash taxes paid for Aerospace disposition
(104)
Adjusted Free Cash Flow
$
(1,042)
Twelve
Less: Three
Add: Three
Months Ended
Months Ended
Months Ended
Year Ended
December 31,
March 31,
March 31,
March 31,
($ in millions, except ratios)
2025
2025
2026
2026
Business consolidation and other activities
(41)
13
11
(43)
Debt refinancing and other costs
19
-
-
19
Factoring fee expense
38
10
10
38
FX (gain) loss
(31)
(7)
(19)
(43)
Intangible amortization
149
36
37
150
Interest expense
314
70
78
322
Interest income
(30)
(7)
(10)
(33)
Stock-based compensation expense
26
8
6
24
Unrealized (gain) loss on equity-linked notes
(1)
-
14
13
Other, net
-
-
2
2
Reconciling items, net
433
123
129
449
Disclaimer
Ball Corporation published this content on May 05, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 05, 2026 at 10:12 UTC.