O-I Glass, Inc. /DE/
For the period ended Jun 30, 2026. Filed Jul 29, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Jul 29, 2026
OI$5.17-4.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-04-29.
0001104659-26-051576
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-29.
0001104659-26-088166
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 73 previous paragraphs and 109 current paragraphs.
37 unchanged; 32 reworded; 27 added; 2 removed; 2 previous and 13 current paragraphs rearranged.
Tables are not compared: 10 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (27)
Current report
Segment operating profit of reportable segments in the second quarter of 2026 was $54 million lower compared to the same period in the prior year, primarily due to lower net prices (net of cost inflation) and lower sales volumes, partially offset by lower operating costs and the favorable impact of foreign currency translation. Operating costs were favorably impacted by benefits from the Company’s Fit to Win initiative, partially offset byfurnace events and operational disruptions following recent plant restructuring actions and other costs.
Current report
Net interest expense in the second quarter of 2026 increased $1 million compared to the second quarter of 2025.
Current report
Results of Operations — Second Quarter of 2026 Compared with Second Quarter of 2025
Current report
Europe: Net sales in Europe in the second quarter of 2026 were $704 million compared to $741 million in the second quarter of 2025, a decrease of $37 million, or approximately 5%. Lower average selling prices in Europe decreased net sales by $32 million in the second quarter of 2026. Glass container shipments decreased by approximately 2% in the second quarter of 2026, which decreased net sales by approximately $10 million. The Company believes that lower net sales in the second quarter of 2026 were due to operational disruptions following recent plant restructuring actions, which limited sales opportunities. Favorable effects of foreign currency exchange rate changes increased net sales by $5 million in the second quarter of 2026 compared to the same period in the prior year, as the Euro slightly strengthened compared to the U.S. dollar.
Current report
In addition, operating costs in the second quarter of 2026 were $16 million lower than in the same period in the prior year, primarily due to approximately $19 million in savings from the Company’s Fit to Win initiative, partially offset by $3 million from costs related to a furnace event and other items.
Current report
Europe: Segment operating profit in Europe was $6 million in the second quarter of 2026 compared to $90 million in the second quarter of 2025, a decrease of $84 million, or approximately 93%. Lower net selling prices (net of cost inflation) decreased segment operating profit by $85 million in the second quarter of 2026 compared to the same quarter in 2025 due to elevated competitive pressures and a step-up in energy costs following the expiration of favorable energy contracts at the end of 2025 and higher costs stemming from the Middle East conflicts. The impact of lower shipments discussed above decreased segment operating profit by approximately $1 million.
Current report
Net interest expense in the second quarter of 2026 was $86 million compared to $85 million in the second quarter of 2025.
Current report
Executive Overview — Six months ended June 30, 2026 and 2025
Current report
Loss before income taxes changed by $906 million in the first six months of 2026 compared to earnings before income taxes in the same period in 2025. This change was primarily due to agoodwill impairmentand lower segment operating profit in Europe.
Current report
Net interest expense in the first six months of 2026 decreased $1 million compared to the same period in 2025.
Current report
For the first six months of 2026, the Company recorded net loss attributable to the Company of $1,046 million, or $6.83 per share, compared to a net loss attributable to the Company of $20 million, or $0.13 per share, in the first six months of 2025. As discussed below, net loss attributable to the Company in 2026 and 2025 included items that management considers not representative of ongoing operations and other adjustments. These items increased net loss attributable to the Company by $1,067 million, or $6.97 per share, in the first half of 2026 and increased net loss attributable to the Company by $165 million, or $1.06 per share, in the first half of 2025.
Current report
Net Sales
Current report
The Company’s net sales in the first half of 2026 were $3,207 million compared with $3,273 million in the first half of 2025, a decrease of $66 million, or approximately 2%. Average selling prices declined, which decreased net sales by $9 million in the first six months of 2026. Glass container shipments, in tons, were down approximately 7% in the first half of 2026 (down approximately 6% excluding the impact of a divestiture), which decreased net sales by
Current report
Loss before income taxes was $880 million in the first six months of 2026 compared to earnings before income taxes of $26 million in the first six months of 2025, a change of $906 million. This change was primarily due to a goodwill impairment and lower segment operating profit in Europe.
Current report
Segment operating profit of reportable segments in the first half of 2026 was $313 million, compared to $434 million in the first half of 2025, a decrease of $121 million, or 28%. This decrease wasprimarily due to lower net prices (net of cost inflation) and lower sales volumes. Operating costs were lower and favorably impacted by approximately $91 million of benefits from the Company’s Fit to Win initiative (consistent with management’s expectations), partially offset by approximately $71 million related to temporary production curtailments, furnace events and operational disruptions following recent plant restructuring actions and other costs. Favorable foreign currency exchange rates increased segment operating profit by $22 million in the first half of 2026 compared to the same period in the prior year.
Current report
Partially offsetting this was the benefit of $13 million of lower operating costs in the first half of 2026 compared to the same period in 2025, driven by approximately $54 million of benefits from the Fit to Win initiative. These benefits were partially offset by approximately $41 million related to operational disruptions following recent plant restructuring actions, two furnace events, temporary production curtailments to balance supply and demand and other higher costs. The effects of foreign currency exchange rates increased segment operating profit by $5 million in the first six months of 2026.
Current report
Interest Expense, Net
Current report
Net interest expense in the first six months of 2026 was $165 million compared to $166 million in the first six months of 2025.
Current report
Provision for Income Taxes
Current report
The Company’s effective tax rate from operations for the six months ended June 30, 2026 was (18%) compared to 139% for the six months ended June 30, 2025. The effective tax rate for the first half of 2026 differed from the first half of 2025 due to non-deductible goodwill impairment charges, the additional $96 million change in European valuation allowance on deferred tax assets and a change in the mix of geographic earnings in the second quarter of 2026.
Current report
For the first six months of 2026, the Company recorded a net loss attributable to the Company of $1,046 million, or $6.83 per share, compared to a net loss attributable to the Company of $20 million, or $0.13 per share, in the first six months of 2025. Net loss attributable to the Company in the first half of 2026 and 2025 included items that management considers not representative of ongoing operations and other adjustments as set forth in the following table (dollars in millions).
Current report
Charge for Goodwill Impairment
Current report
As part of its on-going assessment of goodwill, the Company determined that indicators of impairment occurred during the second quarter of 2026, including a significant reduction of its share price and lower projected earnings and cash flow from its European operations. The Company's business in Europe has experienceda combination of softer demand and an increasingly competitive market backdrop, which pressured price amid low-capacity utilization. In the second quarter of 2026, higher operating costs associated with recent plant restructuring actions in Europe also impacted operations more negatively. Higher global energy costs in Europe are also expected in future periods driven by the conflicts in the Middle East. These factors, combined with the narrow difference between the estimated fair value and carrying value of the Europe reporting unit as of December 31, 2025, resulted in the Company performing an interim impairment analysis during the second quarter of 2026. As a result, the Company recorded a non-cash impairment charge of $873 million in the second quarter of 2026, which was equal to the excess of the Europe reporting unit's carrying value over its fair value and resulted in a complete impairment of Europe’s goodwill balance. Goodwill related to the Company’s Latin America reporting unit (Americas segment) was determined to not be impaired as a result of the interim impairment analysis, and no goodwill remains on the Company's North America reporting unit.
Current report
See Note 5 to the Condensed Consolidated Financial Statements for further information.
Current report
See Note 7 to the Condensed Consolidated Financial Statements for further information.
Current report
In May 2026, the Company issued $500 million aggregate principal amount of senior notes that bear interest at 9.500% and mature on June 1, 2033. The senior notes were issued via private placements and are guaranteed by certain of the Company’s subsidiaries. The net proceeds, after deducting debt issuance costs, were used to repurchase and redeem the aggregate principal amounts described in the May 2026 redemption below.
Current report
In May 2026, the Company redeemed $612 million aggregate principal amount of the outstanding 6.625% Senior Notes due 2027. The redemption was funded in part with the proceeds from the May 2026 senior notes issuances described above. The Company recorded approximately $1 million of additional interest charges related to this senior note redemption for the write-off of unamortized finance fees.
Removed paragraphs (2)
Previous report
Net interest expense in the first quarter of 2026 decreased $2 million compared to the first quarter of 2025.
Previous report
Net interest expense in the first quarter of 2026 was $79 million compared to $81 million in the first quarter of 2025.
Reworded paragraphs (32)
Previous wording
Financial information for the three months ended March 31, 2026 and 2025 regarding the Company’s reportable segments is as follows (dollars in millions):
Current wording
Financial information for the three and six months ended June 30, 2026 and 2025 regarding the Company’s reportable segments is as follows (dollars in millions):
Previous wording
Net sales in the first quarter of 2026 decreased $27 million, or approximately 2%, compared to the same period in the prior year, primarily due to the impact from lower sales volumes and lower average selling prices, partially offset by favorable foreign currency translation.
Current wording
Net sales in the second quarter of 2026 decreased $38 million, or approximately 2%, compared to the same period in the prior year, primarily due to the impact from lower sales volumes, partially offset by slightly higher average selling prices and favorable foreign currency translation.
Previous wording
Loss before income taxes changed by $71 million in the first quarter of 2026 compared to earnings before income taxes in the same quarter in 2025. This change was primarily due to lower segment operating profit in Europe.
Current wording
Loss before income taxes changed by $834 million in the second quarter of 2026 compared to earnings before income taxes in the same quarter in 2025. This change was primarily due to agoodwill impairment andlower segment operating profit in Europe.
Previous wording
In the first quarter of 2026, the Company recorded net loss attributable to the Company of $73 million, or $0.48 per share, compared to a net loss attributable to the Company of $16 million, or $0.10 per share, in the first quarter of 2025. As discussed below, net loss attributable to the Company in 2026 and 2025 included items that management considers not representative of ongoing operations and other adjustments. These items increased net loss attributable to the Company by $81 million, or $0.53 per share, in the first quarter of 2026 and increased net loss attributable to the Company by $79 million, or $0.50 per share, in the first quarter of 2025.
Current wording
In the second quarter of 2026, the Company recorded net loss attributable to the Company of $972 million, or $6.33 per share, compared to a net loss attributable to the Company of $5 million, or $0.03 per share, in the second quarter of 2025. As discussed below, net loss attributable to the Company in 2026 and 2025 included items that management considers not representative of ongoing operations and other adjustments. These items increased net loss attributable to the Company by $986 million, or $6.42 per share, in the second quarter of 2026 and increased net loss attributable to the Company by $86 million, or $0.56 per share, in the second quarter of 2025.
Previous wording
The Company’s net sales in the first quarter of 2026 were $1,540 million compared with $1,567 million in the first quarter of 2025, a decrease of $27 million, or approximately 2%. Average selling prices declined, which decreased net sales by $13 million in the first quarter of 2026. Glass container shipments, in tons, were down approximately 9% in the first quarter of 2026 (down approximately 8% excluding the impact of a divestiture), which decreased net sales by approximately $131 million compared to the same period in the prior year. The Company believes that several factors contributed to lower volumes in the first quarter of 2026, including softer demand in the beer, wine and spirits categories, tougher comparisons as the first quarter of 2025 likely benefitted from higher demand ahead of new U.S. tariffs and competitive pressures, primarily in Europe. Favorable foreign currency exchange rates increased net sales by $130 million in the first quarter of 2026 compared to the same period in the prior year. Other sales were approximately $13 million lower in the first quarter of 2026 than in the same quarter in the prior year, driven by the divestiture of a plant in the fourth quarter of 2025 in the former Asia Pacific region.
Current wording
The Company’s net sales in the second quarter of 2026 were $1,668 million compared with $1,706 million in the second quarter of 2025, a decrease of $38 million, or approximately 2%. Glass container shipments, in tons, were down approximately 5% in the second quarter of 2026 (down approximately 4.5% excluding the impact of a divestiture), which decreased net sales by approximately $84 million compared to the same period in the prior year. Average selling prices slightly increased, which increased net sales by $4 million in the second quarter of 2026. The Company believes that several factors contributed to lower volumes in the second quarter of 2026, including softer demand, challenging prior year comparisons, and constrained sales opportunities resulting from several furnace events and operational disruptions following recent plant restructuring actions. Demand trends improved sequentially through the second quarter with June 2026 sales volumes being flat with June 2025. Food and non-alcoholic beverage glass container sales continue to perform better than beer, wine and spirits sales. Favorable foreign currency exchange rates increased net sales by $49 million in the second quarter of 2026 compared to the same period in the prior year. Other sales were approximately $7 million lower in the second quarter of 2026 than in the same quarter in the prior year, driven by the divestiture of a plant in the fourth quarter of 2025 in the former Asia Pacific region.
Previous wording
Americas: Net sales in the Americas in the first quarter of 2026 were $871 million compared to $873 million in the first quarter of 2025, a decrease of $2 million, or less than 1%. Higher selling prices in the region increased net sales by $23 million in the first quarter of 2026. Glass container shipments were approximately 9% lower in the first quarter of 2026, which decreased net sales by approximately $82 million, due to challenging prior year comparisons and soft
Current wording
Americas: Net sales in the Americas in the second quarter of 2026 were $949 million compared to $943 million in the second quarter of 2025, an increase of $6 million, or less than 1%. Higher selling prices in the region increased net sales by $36 million in the second quarter of 2026. Glass container shipments were approximately 7% lower in the second quarter of 2026, which decreased net sales by approximately $74 million, due to challenging prior year comparisons, softer demand, exiting some unprofitable business and the impact of a furnace event, which constrained sales opportunities. The favorable effects of foreign currency exchange rate changes increased net sales by $44 million in the second quarter of 2026 compared to the same period in 2025, as the Brazilian Real, Colombian Peso and Mexican Peso strengthened compared to the U.S. dollar.
Previous wording
Loss before income taxes was $53 million in the first quarter of 2026 compared to earnings before income taxes of $18 million in the first quarter of 2025, a change of $71 million. This change was primarily due to lower segment operating profit in Europe.
Current wording
Loss before income taxes was $827 million in the second quarter of 2026 compared to earnings before income taxes of $7 million in the second quarter of 2025, a change of $834 million. This change was primarily due to agoodwill impairment andlower segment operating profit in Europe.
Previous wording
Segment operating profit of reportable segments in the first quarter of 2026 was $142 million, compared to $209 million in the first quarter of 2025, a decrease of $67 million, or 32%. This decrease wasprimarily due to lower net prices (net of cost inflation) and lower sales volumes. Operating costs were slightly lower and favorably impacted by approximately $38 million of benefits from the Company’s Fit to Win initiative (consistent with management’s expectations), partially offset by approximately $30 million related to temporary production curtailments, several external disruptions in the Americas, temporary expenses associated with plant closures in Europe and other higher costs and the nonrecurrence of a $7 million insurance settlement in the first quarter of 2025. Favorable foreign currency exchange rates increased segment operating profit by $13 million in the first quarter of 2026 compared to the same quarter in the prior year.
Current wording
Segment operating profit of reportable segments in the second quarter of 2026 was $171 million, compared to $225 million in the second quarter of 2025, a decrease of $54 million, or 24%. This decrease wasprimarily due to lower net prices (net of cost inflation) and lower sales volumes. Operating costs were lower and favorably impacted by approximately $53 million of benefits from the Company’s Fit to Win initiative (consistent with management’s expectations), partially offset by approximately $34 million related to temporary production curtailments, furnace events and operational disruptions following recent plant restructuring actions and other costs. Favorable foreign currency exchange rates increased segment operating profit by $9 million in the second quarter of 2026 compared to the same quarter in the prior year.
Previous wording
in a $11 million increase to segment operating profit in the first quarter of 2026. The effects of foreign currency exchange rates increased segment operating profit by $7 million in the first quarter of 2026.
Current wording
Americas: Segment operating profit in the Americas was $165 million in the second quarter of 2026, compared to $135 million in the second quarter of 2025, an increase of $30 million, or approximately 22%. Higher selling prices exceeded higher cost inflation and resulted in a $21 million increase to segment operating profit in the second quarter of 2026. The impact of lower shipments discussed above decreased segment operating profit by $17 million in the second quarter of 2026 compared to the same quarter in 2025. The effects of foreign currency exchange rates increased segment operating profit by $10 million in the second quarter of 2026.
Previous wording
Partially offsetting this was the benefit of $10 million of lower operating costs in the first quarter of 2026 compared to the same quarter in 2025, driven by approximately $20 million of benefits from the Fit to Win initiatives. These benefits were partially offset by approximately $10 million related to temporary expenses associated with plant closures in Europe and other higher costs. The effects of foreign currency exchange rates increased segment operating profit by $6 million in the first quarter of 2026.
Current wording
Partially offsetting this was the benefit of $3 million of lower operating costs in the second quarter of 2026 compared to the same quarter in 2025, driven by approximately $34 million of benefits from the Fit to Win initiative. These benefits were partially offset by approximately $31 million related to higher operating costs associated with recent plant restructuring actions, two furnace events and other higher costs. The effects of foreign currency exchange rates decreased segment operating profit by $1 million in the second quarter of 2026.
Previous wording
The Company’s effective tax rate from operations for the first quarter of 2026 was (34%) compared to 167% for the first quarter of 2025. The effective tax rate for the first quarter of 2026 differed from the first quarter of 2025 due to pretax earnings changing from pretax income in 2025 to a pretax loss in 2026 and a change in the mix of geographic earnings.
Current wording
The Company’s effective tax rate from operations for the second quarter of 2026 was (17%) compared to 86% for the second quarter of 2025. The effective tax rate for the second quarter of 2026 differed from the second quarter of 2025 due to non-deductible goodwill impairment charges, the additional $96 million change in European valuation allowance on deferred tax assets and a change in the mix of geographic earnings in the second quarter of 2026.
Previous wording
For the first quarter of 2026, the Company recorded a net loss attributable to the Company of $73 million, or $0.48 per share, compared to a net loss attributable to the Company of $16 million, or $0.10 per share, in the first quarter of 2025. Net loss attributable to the Company in the first quarter of 2026 and 2025 included items that management considers not representative of ongoing operations and other adjustments as set forth in the following table (dollars in millions).
Current wording
For the second quarter of 2026, the Company recorded a net loss attributable to the Company of $972 million, or $6.33 per share, compared to a net loss attributable to the Company of $5 million, or $0.03 per share, in the second quarter of 2025. Net loss attributable to the Company in the second quarter of 2026 and 2025 included items that management considers not representative of ongoing operations and other adjustments as set forth in the following table (dollars in millions).
Previous wording
Segment operating profit of reportable segments in the first quarter of 2026 was $67 million lower compared to the same period in the prior year, primarily due to lower net prices (net of cost inflation) and lower sales volumes, partially offset by slightly lower operating costs and the favorable impact of foreign currency translation. Operating costs were favorably impacted by benefits from the Company’s Fit to Win initiatives, partially offset by temporary production curtailments andseveral external disruptions in the Americas, temporary expenses associated with plant closures in Europe and the nonrecurrence of an insurance settlement in the first quarter of 2025.
Current wording
Segment operating profit of reportable segments in the first half of 2026 was $121 million lower compared to the same period in the prior year, primarily due to lower net prices (net of cost inflation) and lower sales volumes, partially offset by lower operating costs and the favorable impact of foreign currency translation. Operating costs were favorably impacted by benefits from the Company’s Fit to Win initiative, partially offset by temporary production curtailments and furnace events and operational disruptions following recent plant restructuring actions and other costs.
Previous wording
Results of Operations — First Quarter of 2026 Compared with First Quarter of 2025
Current wording
Results of Operations — First Six Months of 2026 Compared with First Six Months of 2025
Previous wording
demand in the beer and wine categories and ongoing customer inventory adjustments in spirits. Sales trends were more stable in the food and non-alcoholic beverage categories. Sales volumes in the first quarter of 2026 throughout the segment were down in North America and Mexico and up in South America compared to the first quarter of 2025. The favorable effects of foreign currency exchange rate changes increased net sales by $57 million in the first quarter of 2026 compared to the same period in 2025, as the Brazilian Real, Colombian Peso and Mexican Peso strengthened compared to the U.S. dollar.
Current wording
Americas: Net sales in the Americas in the first six months of 2026 were $1,819 million compared to $1,816 million in the first six months of 2025, an increase of $3 million, or less than 1%. Higher selling prices in the region increased net sales by $59 million in the first half of 2026. Glass container shipments were approximately 8% lower in the first six months of 2026, which decreased net sales by approximately $156 million, due to challenging prior year comparisons, soft demand in the beer and wine categories, ongoing customer inventory adjustments in spirits and a furnace event that constrained sales opportunities. Sales trends were more stable in the food and non-alcoholic beverage categories. Sales volumes in the first half of 2026 throughout the segment were down in North America and Mexico and up in South America compared to the same period in 2025. The favorable effects of foreign currency exchange rate changes increased net sales by $100 million in the first six months of 2026 compared to the same period in 2025, as the Brazilian Real, Colombian Peso and Mexican Peso strengthened compared to the U.S. dollar.
Previous wording
Europe: Net sales in Europe in the first quarter of 2026 were $655 million compared to $667 million in the first quarter of 2025, a decrease of $12 million, or approximately 2%. Lower average selling prices in Europe decreased net sales by $36 million in the first quarter of 2026. Glass container shipments decreased by approximately 7% in the first quarter of 2026, which decreased net sales by approximately $49 million. The Company believes that net sales in the first quarter of 2026 were adversely impacted by competitive price pressure in select markets and tougher comparisons, as the first quarter of 2025 likely benefitted from higher demand ahead of new U.S. tariffs. Lower shipments were most pronounced to wine customers across Southern Europe. Favorable effects of foreign currency exchange rate changes increased net sales by $73 million in the first quarter of 2026 compared to the same period in the prior year, as the Euro strengthened compared to the U.S. dollar.
Current wording
Europe: Net sales in Europe in the first six months of 2026 were $1,359 million compared to $1,407 million in the first six months of 2025, a decrease of $48 million, or approximately 3%. Lower average selling prices in Europe decreased net sales by $68 million in the first half of 2026. Glass container shipments decreased by approximately 4% in the first half of 2026, which decreased net sales by approximately $59 million. The Company believes that net sales in the first six months of 2026 were adversely impacted by competitive price pressure in select markets, tougher comparisons, as the first half of 2025 likely benefitted from higher demand ahead of new U.S. tariffs, and operational disruptions following recent plant restructuring actions that constrained sales opportunities. Lower shipments were most pronounced to wine customers across Southern Europe. Favorable effects of foreign currency exchange rate changes increased net sales by $79 million in the first half of 2026 compared to the same period in the prior year, as the Euro strengthened compared to the U.S. dollar.
Previous wording
Americas: Segment operating profit in the Americas was $142 million in the first quarter of 2026, compared to $141 million in the first quarter of 2025, an increase of $1 million, or less than 1%. The impact of lower shipments discussed above, partially offset by an improved mix, decreased segment operating profit by $8 million in the first quarter of 2026 compared to the same quarter in 2025. Higher selling prices exceeded higher cost inflation and resulted
Current wording
Americas: Segment operating profit in the Americas was $307 million in the first six months of 2026, compared to $276 million in the first six months of 2025, an increase of $31 million, or approximately 11%. Higher selling prices exceeded higher cost inflation and resulted in a $32 million increase to segment operating profit in the first half of 2026. The impact of lower shipments discussed above, partially offset by an improved mix, decreased segment operating profit by $25 million in the first half of 2026 compared to the same period in 2025. The effects of foreign currency exchange rates increased segment operating profit by $17 million in the first six months of 2026.
Previous wording
In addition, operating costs in the first quarter of 2026 were $9 million higher than in the same period in the prior year, primarily due to approximately $20 million from temporary production curtailments to balance supply and demand and several external disruptions, including extreme weather in North America, civil unrest in Mexico and a natural gas pipeline outage in Peru, and the nonoccurrence of a $7 million insurance settlement recorded in the first quarter of 2025, partially offset by approximately $18 million in savings from the Company’s Fit To Win initiatives.
Current wording
In addition, operating costs in the first half of 2026 were $7 million lower than in the same period in the prior year, primarily due to approximately $37 million in savings from the Company’s Fit to Win initiative. These benefits were partially offset by approximately $30 million from temporary production curtailments to balance supply and demand, several external disruptions, including extreme weather in North America, civil unrest in Mexico and a natural gas pipeline outage in Peru, costs incurred related to a furnace event and the nonoccurrence of a $7 million insurance settlement recorded in the first half of 2025.
Previous wording
Europe: Segment operating profit in Europe was $0 in the first quarter of 2026 compared to $68 million in the first quarter of 2025, a decrease of $68 million. Lower net selling prices (net of cost inflation) decreased segment operating profit by $76 million in the first quarter of 2026 compared to the same quarter in 2025 due to a step-up in energy costs following the expiration of favorable energy contracts at the end of 2025 and elevated competitive pressures. The impact of lower shipments discussed above decreased segment operating profit by approximately $8 million.
Current wording
Europe: Segment operating profit in Europe was $6 million in the first six months of 2026 compared to $158 million in the first six months of 2025, a decrease of $152 million, or approximately 96%. Lower net selling prices (net of cost inflation) decreased segment operating profit by $161 million in the first half of 2026 compared to the same period in 2025 due to a step-up in energy costs following the expiration of favorable energy contracts at the end of 2025 and elevated competitive pressures. The impact of lower shipments discussed above decreased segment operating profit by approximately $9 million.
Previous wording
Retained corporate costs and other for the first quarter of 2026 were $32 million compared to $30 million in the first quarter of 2025. These costs increased in the first quarter of 2026, primarily due to higher expenses related to transformation activities and lower recharges to the regions due to decreasing costs, partially offset by approximately $12 million of benefits from the Company’s Fit to Win initiative (consistent with management’s expectations).
Current wording
Retained corporate costs and other for the second quarter of 2026 were $24 million compared to $25 million in the second quarter of 2025 and were $56 million in the first six months of 2026 compared to $53 million for the same period in 2025. These costs were impacted in the second quarter and first six months of 2026, primarily due to lower management incentive expenses, higher expenses related to transformation activities, lower recharges to the regions due to decreasing costs, partially offset by approximately $12 million and $24 million of benefits from the Company’s Fit to Win initiative in the second quarter of 2026 and the first six months of 2026, respectively (consistent with management’s expectations).
Previous wording
For the three months ended March 31, 2026, the Company recorded restructuring, asset impairment and other charges of approximately $38 million to Other expense, net in the Condensed Consolidated Results of Operations, all of which related to the Fit to Win program. These charges consisted of employee costs, such as severance and benefit-related costs, write-down of assets and other exit costs in the Americas segment ($3 million), Europe segment ($31 million) and Retained corporate costs and other ($4 million). As of March 31, 2026, the Company has incurred cumulative charges of approximately $684 million related to the Fit to Win program. Additional restructuring charges are expected in future quarters when management completes its assessment to reduce redundant production capacity and streamline costs. The Company expects that the majority of the remaining cash expenditures related to the accrued employee and other exit costs will be paid out over the next several years.
Current wording
For the three and six months ended June 30, 2026, the Company recorded restructuring, asset impairment and other charges of approximately $17 million and $55 million, respectively, to Other expense, net in the Condensed Consolidated Results of Operations, all of which related to the Fit to Win program. For the three months ended June 30, 2026, these charges consisted of employee costs, such as severance and benefit-related costs, write-down of assets and other exit costs in the Americas segment ($4 million), and in the Europe segment ($13 million). For the six months ended June 30, 2026, these charges consisted of employee costs, such as severance and benefit-related costs, write-down of assets and other exit costs in the Americas segment ($7 million), Europe segment ($44 million) and Retained corporate costs and other ($4 million). Additional restructuring charges are expected in future quarters when management completes its assessment to reduce redundant production capacity and streamline costs. The Company
Previous wording
For the three months ended March 31, 2025, the Company recorded restructuring, asset impairment and other charges of approximately $82 million to Other expense, net in the Condensed Consolidated Results of Operations, all of which related to the Fit to Win program. These charges consisted of employee costs, such as severance and benefit-related costs, write-down of assets and other exit costs in the Americas segment ($6 million), Europe segment ($52 million) and Retained corporate costs and other ($24 million).
Current wording
For the three and six months ended June 30, 2025, the Company recorded restructuring, asset impairment and other charges of approximately $108 million (which included $104 million related to its decision to halt the MAGMA program) and $191 million, respectively, to Other expense, net in the Condensed Consolidated Results of Operations, of which all related to the Fit to Win program. For the three months ended June 30, 2025, these charges consisted of employee costs, such as severance and benefit-related costs, write-down of assets and other exit costs in the Americas segment ($45 million), Europe segment ($3 million) and Retained corporate costs and other ($60 million). For the six months ended June 30, 2025, these charges consisted of employee costs, such as severance and benefit-related costs, write-down of assets and other exit costs in the Americas segment ($52 million), Europe segment ($55 million) and Retained corporate costs and other ($84 million).
Previous wording
In the first quarter of 2026, the Company recorded pre-tax losses of approximately $46 million, primarily related to the sale of its share of a joint venture in the former Asia Pacific region.
Current wording
In the second quarter of 2026, the Company recorded pre-tax gains of approximately $2 million on the sale of land from a previously closed plant in the Americas. In the first six months of 2026, the Company recorded pre-tax losses of approximately $44 million, primarily related to the sale of its share of a joint venture in the former Asia Pacific region.
Previous wording
In the first quarter of 2025, the Company recorded pre-tax gains of approximately $6 million on the sale of land and buildings of a previously closed plant in the Americas.
Current wording
In the first six months of 2025, the Company recorded pre-tax gains of approximately $6 million on the sale of land and buildings of a previously closed plant in the Americas.
Previous wording
At March 31, 2026, the Credit Agreement includes a $1.25 billion multicurrency revolving credit facility, the U.S. dollar equivalent of $800 million in term loan A facilities ($792 million outstanding balance at March 31, 2026, net of debt issuance costs) and $650 million in term loan B facilities ($642 million outstanding balance at March 31, 2026, net of debt issuance costs). At March 31, 2026, the Company’s subsidiaries that are party to the Credit Agreement had
Current wording
At June 30, 2026, the Credit Agreement includes a $1.25 billion multicurrency revolving credit facility, the U.S. dollar equivalent of $800 million in term loan A facilities ($790 million outstanding balance at June 30, 2026, net of debt issuance costs) and $650 million in term loan B facilities ($640 million outstanding balance at June 30, 2026, net of debt issuance costs). At June 30, 2026, the Company’s subsidiaries that are party to the Credit Agreement had unused credit of $1.11 billion available under the revolving credit facilities as part of the Credit Agreement. The weighted average interest rate on borrowings outstanding under the Credit Agreement at June 30, 2026 was 5.50%.
Previous wording
Operating activities: Cash utilized by operating activities was $294 million and $171 million for the three months ended March 31, 2026 and 2025, respectively. The increase in cash utilized by operating activities in the first quarter of 2026 was primarily due to a larger net loss, a higher use of working capital and an increase in cash paid for restructuring activities and pension contributions than in the same quarter in 2025.
Current wording
Operating activities: Cash utilized by operating activities was $200 million and $16 million for the six months ended June 30, 2026 and 2025, respectively. The increase in cash utilized by operating activities in the first six months of 2026 was primarily due to a larger net loss, a higher use of working capital and an increase in cash paid for restructuring activities than in the same period in 2025.
Previous wording
Working capital was a use of cash of $376 million in the first quarter of 2026, compared to a use of cash of $314 million in the same quarter in 2025. The higher use of cash from working capital for the three months ended March 31, 2026 reflects lower accounts receivable factoring and higher inventory levels compared to the same period in the prior year. The Company’s use of its accounts receivable factoring programs resulted in an increase to cash utilized by operating activities of approximately $93 million and $31 million for the three months ended March 31, 2026 and 2025, respectively. Excluding the impact of accounts receivable factoring, the Company’s days sales outstanding as of March 31, 2026 were comparable to March 31, 2025.
Current wording
Working capital was a use of cash of $381 million in the first six months of 2026, compared to a use of cash of $335 million in the same period in 2025. The higher use of cash from working capital for the six months ended June 30, 2026 reflects higher accounts receivable and lower accrued salaries compared to the same period in the prior year. The Company’s use of its accounts receivable factoring programs resulted in an increase to cash utilized by operating activities of approximately $35 million and cash provided by operating activities of approximately $9 million for the six months ended June 30, 2026 and 2025, respectively. Excluding the impact of accounts receivable factoring, the Company’s days sales outstanding as of June 30, 2026 were slightly higher compared to June 30, 2025.
Previous wording
Investing activities: Cash utilized in investing activities was $139 million and $120 million for the first quarter of 2026 and 2025, respectively. Capital spending for property, plant and equipment was $142 million during the first quarter of 2026, compared to $135 million in the same quarter in 2025. The Company estimates that its full year 2026 capital expenditures areexpected to approximate $450 million. Net cash proceeds on the sale of a joint venture and miscellaneous assets were $5 million and $13 million, for the first quarter of 2026 and 2025, respectively.
Current wording
Investing activities: Cash utilized in investing activities was $232 million and $221 million for the first six months of 2026 and 2025, respectively. Capital spending for property, plant and equipment was $237 million during the first half of 2026, compared to $239 million in the same period in 2025. The Company estimates that its full year 2026 capital expenditures areexpected to approximate $425 million. Net cash proceeds on the sale of a joint venture and miscellaneous assets were $7 million and $18 million for the first six months of 2026 and 2025, respectively.
Previous wording
Financing activities: Cash utilized in financing activities was $19 million and $33 million for the first quarter of 2026 and 2025, respectively. Financing activities included additions to long-term debt of $23 million and $362 million for the first quarter of 2026 and 2025, respectively. Financing activities included repayments of long-term debt of $27 million and $387 million for the first quarter ended 2026 and 2025, respectively. During each of the first quarters of 2026 and 2025, the Company repurchased $10 million of its common stock. The Company intends to repurchase up to $40 million of shares of its common stock in 2026.
Current wording
Financing activities: Cash utilized in financing activities was $0 and $47 million for the first six months of 2026 and 2025, respectively. Financing activities included additions to long-term debt of $990 million and $680 million for the first half of 2026 and 2025, respectively. Financing activities included repayments of long-term debt of $986 million and $698 million for the first six months ended 2026 and 2025, respectively. Short-term loans increased by $27 million and $12 million for the first six months ended 2026 and 2025, respectively. During each of the first half of 2026 and 2025, the Company repurchased $10 million and $20 million, respectively, of its common stock. The Company intends to repurchase up to $40 million of shares of its common stock in 2026.
Previous wording
The Company’s analysis and discussion of its financial condition and results of operations are based upon its Condensed Consolidated Financial Statements that have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. The Company evaluates these estimates and assumptions on an ongoing basis. Estimates and assumptions are based on historical and other factors believed to be reasonable under the circumstances at the time the financial statements are issued. The results of these estimates may
Current wording
generally accepted in the United States (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. The Company evaluates these estimates and assumptions on an ongoing basis. Estimates and assumptions are based on historical and other factors believed to be reasonable under the circumstances at the time the financial statements are issued. The results of these estimates may form the basis of the carrying value of certain assets and liabilities and may not be readily apparent from other sources. Actual results, under conditions and circumstances different from those assumed, may differ from estimates.
Previous wording
It is possible that the Company’s future financial performance may differ from expectations due to a variety of factors including, but not limited to the following: (1) the Company’s ability to achieve expected benefits from cost management, efficiency improvements, and profitability initiatives, such as its Fit to Win initiative, including expected impacts from production curtailments, reduction in force and furnace closures, (2) the general credit, financial, political, economic, legal and competitive conditions in markets and countries where the Company has operations, including uncertainties related to economic and social conditions, trade policies and disputes, financial market conditions, disruptions in the supply chain, competitive pricing pressures, inflation or deflation, changes in tax rates, changes in laws or policies, legal proceedings involving the Company, war, civil disturbance or acts of terrorism, natural disasters, public health issues and weather, (3) cost and availability of raw materials, labor, energy and transportation (including impacts related to the current conflicts in the Middle East and between Russia and Ukraine and disruptions in supply of raw materials caused by transportation delays), (4) competitive pressures from other glass container producers and alternative forms of packaging or consolidation among competitors and customers, (5) changes in consumer preferences or customer inventory management practices, (6) the continuing consolidation of the Company’s customer base, (7) risks related to the development, deployment and use of artificial intelligence technologies, (8) the Company’s inability to improve glass melting technology in a cost-effective manner and introduce productivity, process and network optimization actions, (9) unanticipated supply chain and operational disruptions, including higher capital spending, (10) seasonality of customer demand, (11) the failure of the Company’s joint venture partners to meet their obligations or commit additional capital to the joint venture, (12) labor shortages, labor cost increases or strikes, (13) the Company’s ability to acquire or divest businesses, acquire and expand plants, integrate operations of acquired businesses and achieve expected benefits from acquisitions, divestitures or expansions, (14) the Company’s ability to generate sufficient future cash flows to ensure the Company’s goodwill is not impaired, (15) any increases in the underfunded status of the Company’s pension plans, (16) any failure or disruption of the Company’s information technology, or those of third parties on which the Company relies, or any cybersecurity or data privacy incidents affecting the Company or its third-party service providers, (17) risks related to the Company’s indebtedness or changes in capital availability or cost, including interest rate fluctuations and the ability of the Company to generate cash to service indebtedness and refinance debt on favorable terms, (18) risks …
Excerpt shortened here; the source contains the full paragraph.
Current wording
It is possible that the Company’s future financial performance may differ from expectations due to a variety of factors including, but not limited to the following: (1) the Company’s ability to achieve expected benefits from cost management, efficiency improvements, and profitability initiatives, such as its Fit to Win initiative, including expected impacts from production curtailments, reduction in force and furnace closures, (2) the general credit, financial, political, economic, legal and competitive conditions in markets and countries where the Company has operations, including uncertainties related to economic and social conditions, trade policies and disputes, financial market conditions, disruptions in the supply chain, competitive pricing pressures, inflation or deflation, changes in tax rates, changes in laws or policies, legal proceedings involving the Company, war, civil disturbance or acts of terrorism, natural disasters, public health issues and weather, (3) cost and availability of raw materials, labor, energy and transportation (including impacts related to the current conflicts in the Middle East and between Russia and Ukraine and disruptions in supply of raw materials caused by transportation delays), (4) competitive pressures from other glass container producers and alternative forms of packaging or consolidation among competitors and customers, (5) changes in consumer preferences or customer inventory management practices, (6) the continuing consolidation of the Company’s customer base, (7) risks related to the development, deployment and use of artificial intelligence technologies, (8) the Company’s inability to improve glass melting technology in a cost-effective manner and introduce productivity, process and network optimization actions, (9) unanticipated supply chain and operational disruptions, including higher capital spending, (10) seasonality of customer demand, (11) the failure of the Company’s joint venture partners to meet their obligations or commit additional capital to the joint venture, (12) labor shortages, labor cost increases or strikes, (13) the Company’s ability to acquire or divest businesses, acquire and expand plants, integrate operations of acquired businesses and achieve expected benefits from acquisitions, divestitures or expansions, (14) the Company’s ability to generate sufficient future cash flows to ensure the Company’s goodwill is not impaired, (15) any increases in the underfunded status of the Company’s pension plans, (16) any failure or disruption of the Company’s information technology, or those of third parties on which the Company relies, or any cybersecurity or data privacy incidents affecting the Company or its third-party service providers, (17) risks related to the Company’s indebtedness or changes in capital availability or cost, including interest rate fluctuations and the ability of the Company to generate cash to service indebtedness and refinance debt on favorable terms, (18) risks …
Excerpt shortened here; the source contains the full paragraph.
Previous wording
It is not possible to foresee or identify all such factors. Any forward-looking statements in this document are based on certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate in the circumstances. Forward-looking statements are not a guarantee of future performance, and actual results or developments may differ materially from expectations. While the Company continually reviews trends and uncertainties affecting the Company’s results of operations and financial condition, the Company does not assume any obligation to update or supplement any particular forward-looking statements contained in this document.
Current wording
It is not possible to foresee or identify all such factors. Any forward-looking statements in this document are based on certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate in the circumstances. Forward-looking statements are not a guarantee of future performance, and actual results or developments may differ materially from expectations. While the Company continually reviews trends and uncertainties affecting the Company’s results of operations and financial condition, the Company does not assume any obligation to update or supplement any particular forward-looking statements contained in this document, except where we are expressly required to do so by law.
Rearranged current paragraphs (13)
Current report — wording carried from elsewhere
Net Loss Attributable to the Company
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Net sales for the first six months of 2026 decreased $66 million, or approximately 2%, compared to the same period in the prior year, primarily due to the impact from lower sales volumes and lower average selling prices, partially offset by favorable foreign currency translation.
Current report — wording carried from elsewhere
approximately $215 million compared to the same period in the prior year. The Company believes that several factors contributed to lower volumes in the first half of 2026, including softer demand in the beer, wine and spirits categories, tougher comparisons as the first half of 2025 likely benefitted from higher demand ahead of new U.S. tariffs, competitive pressures, primarily in Europe, and constrained sales opportunities resulting from several furnace events and operational disruptions following recent plant restructuring actions. Food and non-alcoholic beverage glass container sales continue to perform better than beer, wine and spirits sales. Favorable foreign currency exchange rates increased net sales by $179 million in the first half of 2026 compared to the same period in the prior year. Other sales were approximately $21 million lower in the first six months of 2026 than in the same period in the prior year, driven by the divestiture of a plant in the fourth quarter of 2025 in the former Asia Pacific region.
Current report — wording carried from elsewhere
The change in net sales of reportable segments can be summarized as follows (dollars in millions):
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Earnings (Loss) before Income Taxes and Segment Operating Profit
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Segment operating profit of the reportable segments includes an allocation of some corporate expenses based on a percentage of sales and direct billings based on the costs of specific services provided. Unallocated corporate expenses and certain other expenses not directly related to the reportable segments’ operations are included in Retained corporate costs and other. For further information, see Segment Information included in Note 1 to the Condensed Consolidated Financial Statements.
Current report — wording carried from elsewhere
The change in segment operating profit of reportable segments can be summarized as follows (dollars in millions):
Current report — wording carried from elsewhere
As part of its Fit to Win initiative, the Company will continue to monitor business trends and consider whether any additional temporary downtime or permanent capacity closures in the Americas will be necessary in future periods to align its business with demand trends. Any permanent capacity closures could result in material restructuring and impairment charges, as well as cash expenditures, in future periods.
Current report — wording carried from elsewhere
As part of its Fit to Win initiative, the Company will continue to monitor business trends and consider whether any additional temporary downtime or permanent capacity closures in Europe will be necessary in future periods to align its
Current report — wording carried from elsewhere
business with demand trends. Any permanent capacity closures could result in material restructuring and impairment charges, as well as cash expenditures, in future periods.
Current report — wording carried from elsewhere
expects that the majority of the remaining cash expenditures related to the accrued employee and other exit costs will be paid out over the next several years.
Current report — wording carried from elsewhere
The Company’s analysis and discussion of its financial condition and results of operations are based upon its Condensed Consolidated Financial Statements that have been prepared in accordance with accounting principles
Current report — wording carried from elsewhere
changing expectations from stakeholders, and the other risk factors discussed in the Company’s filings with the Securities and Exchange Commission.
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Previous report — wording carried elsewhere
unused credit of $1.24 billion available under the revolving credit facilities as part of the Credit Agreement. The weighted average interest rate on borrowings outstanding under the Credit Agreement at March 31, 2026 was 5.36%.
Previous report — wording carried elsewhere
form the basis of the carrying value of certain assets and liabilities and may not be readily apparent from other sources. Actual results, under conditions and circumstances different from those assumed, may differ from estimates.