O-I Glass, Inc. /DE/ OI
O-I Glass, Inc., a Delaware corporation (the "Company"), through its subsidiaries, is the successor to a business established in 1903. The Company is one of the leading manufacturers of glass containers in the world with 64 glass manufacturing plants in 18 countries. It competes in the glass container segment of the rigid packaging market and is the leading glass container manufacturer in most of the countries where it has manufacturing facilities.
Beginning in 2024, the Company commenced a strategic review of its global profitability and manufacturing footprint, known as its Fit to Win initiative. This program is focused on the reduction of redundant production capacity and the optimization of its network, as well as streamlining other costs, such as selling, general and administrative expenses. The Fit to Win initiative is expected to last at least through 2026. Since undertaking this review, the Company has announced the idling of capacity or closing of a number of facilities and job eliminations. The Company believes these actions will contribute to optimizing shareholder returns.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.43B | $6.53B | $7.11B | $6.86B | $6.36B | $6.09B | $6.69B | $6.88B | $6.87B | $6.70B |
| Cost of revenue | $5.32B | $5.49B | $5.61B | $5.64B | $5.27B | $5.12B | $5.48B | $5.59B | $5.54B | $5.39B |
| Gross profit | $1.11B | $1.04B | $1.50B | $1.21B | $1.09B | $972.0M | $1.21B | $1.28B | $1.33B | $1.31B |
| R&D | $42.0M | $80.0M | $92.0M | $79.0M | $82.0M | $75.0M | $68.0M | $70.0M | $60.0M | $65.0M |
| SG&A | $434.0M | $445.0M | $540.0M | $496.0M | $433.0M | $403.0M | $439.0M | $483.0M | $484.0M | $503.0M |
| Operating income | — | $38.0M | $67.0M | $805.0M | $332.0M | $353.0M | — | — | — | — |
| Interest expense | $341.0M | $335.0M | $342.0M | $239.0M | $216.0M | $265.0M | $311.0M | $261.0M | $268.0M | $272.0M |
| Pre-tax income | -$49.0M | $38.0M | $67.0M | $960.0M | $332.0M | $353.0M | -$261.0M | $277.0M | $275.0M | $356.0M |
| Income tax | $54.0M | $126.0M | $152.0M | $178.0M | $167.0M | $89.0M | $118.0M | $108.0M | $70.0M | $119.0M |
| Net income | -$129.0M | -$106.0M | -$103.0M | $584.0M | $149.0M | $249.0M | -$400.0M | $257.0M | $180.0M | $209.0M |
| EPS, basic | -0.84 | -0.69 | -0.67 | 3.76 | 0.95 | 1.59 | -2.58 | 1.61 | 1.11 | 1.29 |
| EPS, diluted | -0.84 | -0.69 | -0.67 | 3.67 | 0.93 | 1.57 | -2.58 | 1.59 | 1.10 | 1.28 |
| Shares, diluted (wtd. avg.) | $153.6M | $154.6M | $154.7M | $159.0M | $160.3M | $158.8M | $155.2M | $162.1M | $164.6M | $162.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $759.0M | $734.0M | $913.0M | $773.0M | $725.0M | $563.0M | $551.0M | $512.0M | $492.0M | $492.0M |
| Receivables | $601.0M | $572.0M | $671.0M | $760.0M | $692.0M | $623.0M | $621.0M | $549.0M | $663.0M | $580.0M |
| Inventory | $1.00B | $963.0M | $1.07B | $848.0M | $816.0M | $841.0M | $1.04B | $1.02B | $1.04B | $983.0M |
| Total current assets | $2.60B | $2.48B | $2.88B | $2.60B | $2.52B | $2.30B | $2.49B | $2.36B | $2.42B | $2.25B |
| Property, plant and equipment | $3.45B | $3.30B | $3.56B | $2.96B | $2.82B | $2.91B | $3.27B | $3.08B | $3.13B | $2.88B |
| Goodwill | $1.49B | $1.32B | $1.47B | $1.81B | $1.84B | $1.95B | $1.93B | $2.51B | $2.59B | $2.46B |
| Other intangibles | $188.0M | $198.0M | $254.0M | $262.0M | $286.0M | $325.0M | $371.0M | $400.0M | $439.0M | $464.0M |
| Total assets | $9.24B | $8.65B | $9.67B | $9.06B | $8.83B | $8.88B | $9.61B | $9.70B | $9.76B | $9.13B |
| Accounts payable | $1.20B | $1.14B | $1.44B | $1.35B | $1.21B | $1.13B | $1.28B | $1.32B | $1.32B | $1.14B |
| Short-term debt | $66.0M | $306.0M | $142.0M | $300.0M | $38.0M | $142.0M | $49.0M | $33.0M | $151.0M | $162.0M |
| Total current liabilities | $2.09B | $2.16B | $2.35B | $2.36B | $1.85B | $1.90B | $2.00B | $2.21B | $2.28B | $2.06B |
| Long-term debt | $4.84B | $4.55B | $4.70B | $4.37B | $4.75B | $4.95B | $5.43B | $5.18B | — | — |
| Retained earnings | $548.0M | $676.0M | $782.0M | $885.0M | $301.0M | $152.0M | -$89.0M | $333.0M | $84.0M | -$96.0M |
| Total equity | $1.29B | $1.08B | $1.74B | $1.53B | $827.0M | $401.0M | $564.0M | $900.0M | $927.0M | $363.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $600.0M | $489.0M | $818.0M | $154.0M | $687.0M | $457.0M | $405.0M | $791.0M | $721.0M | $751.0M |
| Depreciation and amortisation | $479.0M | $486.0M | $483.0M | $454.0M | $449.0M | $468.0M | $499.0M | $494.0M | $488.0M | $478.0M |
| Stock-based compensation | $25.0M | $14.0M | $43.0M | $33.0M | $8.0M | — | — | — | — | — |
| Capital expenditure | $432.0M | $617.0M | $688.0M | $539.0M | $398.0M | $311.0M | $426.0M | $536.0M | $441.0M | $454.0M |
| Investing cash flow | -$368.0M | -$620.0M | -$683.0M | -$97.0M | -$220.0M | $93.0M | -$437.0M | -$698.0M | -$351.0M | -$417.0M |
| Financing cash flow | -$250.0M | -$8.0M | -$27.0M | $6.0M | -$273.0M | -$557.0M | $68.0M | -$53.0M | -$392.0M | -$228.0M |
| Dividends paid | — | — | — | — | — | $8.0M | $31.0M | — | — | — |
| Buybacks | $40.0M | $40.0M | $40.0M | $40.0M | $40.0M | — | $38.0M | $163.0M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-014319.