Highlights

  • Net loss attributable to the company for the quarter ended June 30, 2026 was $972 million, or $6.33 per share.
  • The company recorded a non-cash goodwill impairment charge of $873 million, a complete impairment of Europe's goodwill balance.
  • Net sales were $1,668 million, compared with $1,706 million, and segment operating profit was $171 million, compared with $225 million.
  • It expects 2026 operating cash flow of $275 million to $375 million and 2027 adjusted EBITDA of $1.2 billion to $1.3 billion.

O-I Glass, Inc. (NYSE: OI) shares were trading at USD 6.33 on October 27, 2026, down 1.79%, with a relative volume at time of 2.13. The glass container maker issued $500 million of 9.500% senior notes in May, redeemed $612 million of 6.625% Senior Notes due 2027, and filed its Form 10-Q for the quarter ended June 30, 2026 on July 29.

O-I Glass is a Delaware corporation with principal executive offices at One Michael Owens Way in Perrysburg, Ohio. The company manufactures glass containers and reports two segments based on geography, the Americas and Europe. Certain licensing, equipment manufacturing, global engineering and equity investment activities are reported in Retained corporate costs and other. Its fiscal year ends December 31.

Second Quarter 2026 Results

Net sales were $1,668 million, compared with $1,706 million in the second quarter of 2025, a decrease of $38 million. Glass container shipments in tons were down approximately 5 percent, which decreased net sales by approximately $84 million. Price increased net sales by $4 million, and foreign currency exchange rate changes increased net sales by $49 million. The company said June 2026 sales volumes were flat with June 2025.

Gross profit was $214 million, compared with $299 million. Loss before income taxes was $827 million, compared with earnings before income taxes of $7 million. Net loss attributable to the company was $972 million, or $6.33 per share, compared with a net loss of $5 million, or $0.03 per share.

Segment operating profit of reportable segments, a non-GAAP measure, was $171 million, compared with $225 million. The company cited lower net prices net of cost inflation and lower sales volumes, offset in part by approximately $53 million of Fit to Win benefits. It also cited approximately $34 million related to temporary production curtailments, furnace events and operational disruptions.

Goodwill Impairment and Segments

The company recorded a non-cash goodwill impairment charge of $873 million in the second quarter. It cited indicators including a reduction in its share price and lower projected earnings and cash flow from its European operations, and it said the charge fully impaired Europe's goodwill. Goodwill was $608 million at June 30, 2026, compared with $1,487 million at December 31, 2025. The company said the remaining Latin America goodwill remains susceptible to future impairment charges.

Americas net sales were $949 million, and segment operating profit was $165 million, compared with $135 million. Europe net sales were $704 million, compared with $741 million, and segment operating profit was $6 million, compared with $90 million.

Debt, Cash Flow and Liquidity

Cash and cash equivalents were $339 million at June 30, 2026. The Credit Agreement includes a $1.25 billion multicurrency revolving credit facility, $800 million of term loan A facilities and $650 million of term loan B facilities, with $1.11 billion of unused credit under the revolving facilities. The company reported compliance with its Secured Leverage Ratio covenant, which has a maximum of 2.50x.

For the six months, cash utilized by operating activities was $200 million, compared with $16 million, and capital spending was $237 million. The company repurchased $10 million of its common stock and intends to repurchase up to $40 million in 2026.

Outlook

The company said demand remains below management's original expectations and that it expects growth in the second half of 2026 with a more gradual pace of recovery. It assumes approximately $150 million of higher energy costs in Europe in 2026. It anticipates approximately $200 million of Fit to Win benefits in 2026, capital expenditures of approximately $425 million, and cash provided by operating activities of approximately $275 million to $375 million, including approximately $150 million of restructuring payments. It is realigning its 2027 targets and expects adjusted EBITDA of $1.2 billion to $1.3 billion. The filing notes that additional restructuring charges are expected in future quarters.