O-I Glass, Inc. (NYSE: OI) reported considerably stronger full-year and fourth-quarter 2025 outcomes, supported by advantages from its “Match to Win” value program, steady topline efficiency and better free money circulate, in response to the corporate’s FY25 and This autumn 2025 earnings presentation dated Feb. 11, 2026.
Full-year 2025 efficiency
For full-year 2025, O-I Glass reported web gross sales of $6.43 billion, broadly steady in contrast with $6.53 billion in 2024. Regardless of comparatively flat volumes, profitability improved meaningfully. Adjusted EBITDA rose to $1.22 billion from $1.10 billion within the prior yr, lifting the adjusted EBITDA margin to 19.0% from 16.8%.
Adjusted earnings per share (aEPS) doubled to $1.60 from $0.81 in 2024. Free money circulate turned optimistic at $168 million, in contrast with a detrimental $128 million within the prior yr. Internet debt leverage improved to three.5x from 3.9x, reflecting stronger money technology and disciplined capital allocation.
The corporate stated its “Match to Win” program delivered $300 million of financial savings in 2025, exceeding the $250 million goal. O-I additionally elevated the three-year cumulative financial savings goal to no less than $750 million, from a previous goal of no less than $650 million.
This autumn 2025 outcomes
Within the fourth quarter, web gross sales had been $1.50 billion, barely decrease than $1.53 billion a yr earlier, as gross sales volumes declined about 6.5% yr on yr on a comparable foundation. Regardless of the amount decline, profitability improved. Adjusted EPS elevated to $0.20, in contrast with a lack of $0.05 in This autumn 2024.
Section working revenue rose 30% yr on yr to $177 million, with enchancment in each the Americas and Europe segments. Section working revenue margins expanded to 11.9% from 9.1% a yr earlier, reflecting working value actions and Match to Win advantages.
Section efficiency
In FY25, the Americas section recorded web gross sales of $3.64 billion, with section working revenue of $549 million, translating to a margin of 15.1%. The Europe section reported web gross sales of $2.69 billion and section working revenue of $297 million, with a margin of 11.0%. Administration highlighted that working value reductions greater than offset pricing and quantity pressures throughout areas.
Money circulate, capex and steadiness sheet
Free money circulate improved by practically $300 million yr on yr in 2025, pushed by increased earnings and tighter working capital management. Capital expenditure declined by about 30% yr on yr, supporting money technology. The corporate ended 2025 with web debt leverage of three.5x, shifting nearer to its medium-term goal vary.
O-I stated it continues to prioritize debt discount, disciplined capital spending and selective investments aligned with buyer demand and sustainability initiatives.
2026 outlook
For 2026, O-I Glass guided adjusted EBITDA of $1.25 billion to $1.30 billion, adjusted EPS of $1.65 to $1.90, and free money circulate of about $200 million. Administration expects Match to Win financial savings to proceed to accrue, supporting margin growth, at the same time as web worth headwinds and power contract resets in Europe weigh on near-term comparisons.
The corporate reaffirmed its 2027 Investor Day targets, together with adjusted EBITDA of no less than $1.45 billion, free money circulate of no less than 5% of gross sales, and web debt leverage of two.5x or decrease.
Abstract
O-I Glass delivered a marked enchancment in earnings and money circulate in 2025, pushed by value financial savings underneath its Match to Win program and disciplined capital administration, regardless of comparatively steady income and softer volumes. Fourth-quarter profitability improved throughout areas, and administration expects additional progress in 2026 as value initiatives proceed and leverage developments decrease.
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