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OI

O-I Glass, Inc.

OI

O-I Glass, Inc. • NYSE
$13.48 ▲ 0.22% (+0.03)
Market Cap $2.07 B
52w High $16.04
52w Low $9.23
Dividend Yield 0%
P/E -14.34
Volume 856.92K
Outstanding Shares 153.83M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.653B ▼ $118M ▼ $30M ▲ 1.815% ▲ $0.2 ▲ $275M ▲
Q2-2025 $1.706B ▲ $124M ▼ $-5M ▲ -0.293% ▲ $-0.03 ▲ $212M ▼
Q1-2025 $1.567B ▲ $128M ▼ $-16M ▲ -1.021% ▲ $-0.1 ▲ $217M ▲
Q4-2024 $1.529B ▼ $138M ▲ $-154M ▼ -10.072% ▼ $-1 ▼ $67M ▼
Q3-2024 $1.679B $130M $-80M -4.765% $-0.52 $157M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $556M ▲ $9.258B ▲ $7.788B ▼ $1.327B ▲
Q2-2025 $487M ▲ $9.179B ▲ $7.81B ▲ $1.236B ▲
Q1-2025 $424M ▼ $8.729B ▲ $7.48B ▲ $1.114B ▲
Q4-2024 $734M ▼ $8.654B ▼ $7.449B ▼ $1.079B ▼
Q3-2024 $755M $9.372B $7.891B $1.348B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $37M ▲ $214M ▲ $-88M ▲ $-56M ▼ $69M ▲ $214M ▲
Q2-2025 $2M ▲ $155M ▲ $-101M ▲ $-14M ▲ $63M ▲ $51M ▲
Q1-2025 $-12M ▲ $-171M ▼ $-120M ▼ $-33M ▲ $-310M ▼ $-306M ▼
Q4-2024 $-149M ▼ $318M ▲ $-114M ▲ $-192M ▼ $-21M ▼ $210M ▲
Q3-2024 $-77M $191M $-126M $4M $84M $55M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Alcoholic Beverages
Alcoholic Beverages
 $1.03Bn ▲$930.00M ▼$980.00M ▲$1.07Bn ▲
Food And Other
Food And Other
 $350.00M ▲$330.00M ▼$330.00M ▲$340.00M ▲
Nonalcoholic Beverage
Nonalcoholic Beverage
 $260.00M ▲$230.00M ▼$230.00M ▲$280.00M ▲

Five-Year Company Overview

Income Statement

Income Statement O-I’s sales have been fairly steady over the last several years, but profits have been much more volatile. Margins improved nicely through 2022, then narrowed again as costs, restructuring, or other pressures weighed on results. The company has swung from solid profits earlier in the period to losses in the last two years, which suggests that execution, pricing, and cost control are key swing factors. Overall, this is a mature business with stable demand but earnings that can change meaningfully year to year.

Balance Sheet

Balance Sheet The balance sheet shows a capital‑intensive business with significant debt and a relatively modest equity base. Leverage has come down from very stressed levels earlier in the period, but it is still on the high side, leaving less room for error if profits weaken. Asset levels have been broadly stable, while equity improved for a few years and then stepped back again with recent losses. Financial flexibility is better than it was, but still not especially strong for a cyclical, energy‑sensitive manufacturer.

Cash Flow

Cash Flow Cash generation has been uneven, with some years of healthy operating cash flow and other years where working capital and other items have been a drag. Free cash flow has flipped between positive and negative as the company invests heavily in new plants and technologies. This points to a business in an investment phase: spending more today to upgrade its asset base, with the hope of better efficiency and returns later. In the near term, however, that investment load tightens the cash cushion and raises execution risk.

Competitive Edge

Competitive Edge O-I holds a leading global position in glass packaging, supported by its large scale, wide plant network, and deep relationships with major food and beverage brands. These long-term customer ties and multi-year contracts make the business relatively sticky and help defend volumes. At the same time, the company operates in a competitive, cost-sensitive market and faces ongoing pressure from alternative packaging materials like cans and plastics. Its advantage depends on maintaining high service levels, cost efficiency, and sustainability credentials versus peers.

Innovation and R&D

Innovation and R&D The company is making a sizable strategic bet on innovation, especially around its modular MAGMA furnaces, ULTRA lightweight bottles, and trials of biofuel technologies. These initiatives aim to cut energy use, lower emissions, reduce glass weight, and make production more flexible and closer to customers. If they scale successfully, they could improve costs, environmental impact, and customer stickiness, reinforcing the moat. However, this is still a multi-year rollout with technology, cost, and implementation risk, so benefits are not yet fully proven in the financials.

Summary

O-I is a leading glass packaging producer in the middle of a significant transformation. The core business has stable demand but cyclical and sometimes lumpy profitability, and the balance sheet still carries meaningful debt. Heavy investment in new technology and plants is pressuring near-term cash flow but could set up better efficiency and sustainability over time. The key questions going forward are whether the company can translate its innovation program into consistently stronger margins and cash generation while keeping leverage under control and defending its strong competitive position.

NEWS

November 25, 2025 · 4:05 PM UTC

O-I Glass to Present at Citi's 2025 Basic Materials Conference

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November 4, 2025 · 4:20 PM UTC

O-I Glass Reports Third Quarter 2025 Results

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October 7, 2025 · 4:15 PM UTC

O-I Glass Announces Third Quarter 2025 Earnings Conference Call and Webcast

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