Revenue: As of FY2026 Q2, the actual value is USD 1.668 B, missing the estimate of USD 1.68 B.

EPS: As of FY2026 Q2, the actual value is USD -6.33, missing the estimate of USD 0.2507.

EBIT: As of FY2026 Q2, the actual value is USD -741 M.

Second Quarter 2026 Financial Highlights

O-I Glass, Inc. reported net sales of $1,668 million for the second quarter of 2026, marking a 2 percent decrease from $1,706 million in the prior year, primarily due to a 4.5 percent decline in sales volumes, partially offset by favorable currency translation and stable selling prices. The company experienced a net loss attributable to the Company of - $972 million, or - $6.33 per share, for the second quarter of 2026, compared to a net loss of - $5 million, or - $0.03 per share, in the second quarter of 2025. This loss included an $873 million non-cash goodwill impairment charge and a $96 million increase to deferred tax valuation allowances, both related to Europe. Adjusted earnings were $0.09 per share in 2Q26, down from $0.53 per share in the prior year, negatively impacted by - $0.18 per share due to a higher adjusted tax rate. Segment operating profit was $171 million in 2Q26, a decrease from $225 million in 2Q25.

Segment Performance

• Americas Segment: Net sales for the Americas segment were $949 million in 2Q26, up nearly 1 percent from $943 million in 2Q25. Segment operating profit increased by 22 percent to $165 million in 2Q26 from $135 million in 2Q25, with margins expanding to 17.4 percent from 14.3 percent.
• Europe Segment: Net sales for the Europe segment were $704 million in 2Q26, down 5 percent from $741 million in 2Q25. Segment operating profit was $6 million in 2Q26, a significant decline from $90 million in 2Q25, reflecting competitive pricing pressure, elevated energy costs, and temporary operational disruption. Margins decreased to 0.9 percent from 12.1 percent.

Other Key Financials

• Gross Profit: Gross profit for 2Q26 was $214 million, down from $299 million in 2Q25. For the six months ended June 30, 2026, gross profit was $413 million, compared to $579 million in the same period of 2025.
• Other Expense, Net: Other expense, net was - $900 million in 2Q26, compared to - $118 million in 2Q25, primarily due to the $873 million non-cash goodwill impairment charge.
• Interest Expense, Net: Interest expense, net was $86 million in 2Q26, slightly up from $85 million in 2Q25.
• Corporate Retained Costs: Corporate retained and other costs were $24 million in 2Q26, compared to $25 million in 2Q25.
• Tax Rates: The reported tax rate was -17 percent, while the effective tax rate on adjusted earnings was 68 percent in 2Q26.

Cash Flow

• Operating Cash Flow: Cash provided by operating activities was $94 million for the three months ended June 30, 2026, down from $155 million in the prior year. For the six months ended June 30, 2026, cash utilized in operating activities was - $200 million, compared to - $16 million utilized in the same period of 2025.
• Cash Payments for PP&E: Cash payments for property, plant and equipment were - $95 million for 2Q26, compared to - $104 million in 2Q25.
• Free Cash Flow: O-I Glass, Inc. revised its 2026 guidance, anticipating free cash flow to be a - $50 million to - $150 million use of cash, compared to the prior guidance of $50 million to $150 million. In 2025, actual free cash flow was $168 million.

Operational Metrics

• Fit to Win Program: The Fit to Win program generated approximately $65 million of gross benefits and $50 million savings net of operational disruptions in 2Q26. Year-to-date, gross savings totaled $115 million or $85 million net savings, with O-I Glass, Inc. expecting approximately $200 million of Fit to Win benefits in 2026 and at least $650 million over the three-year period.

Business Outlook

O-I Glass, Inc. revised its 2026 guidance, now anticipating adjusted EBITDA of $1.0 billion to $1.1 billion, and a net debt leverage ratio at or slightly above 4 times. The company has also realigned its 2027 adjusted EBITDA target to $1.2 billion to $1.3 billion, reflecting a more gradual rate of improvement in Europe. These adjustments are primarily due to higher than anticipated operating costs, ongoing commercial pressure, and elevated energy costs in Europe.