O-I Glass, Inc.
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Range $6 – $13
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About the company
O-I Glass, Inc. , through its various subsidiaries, is dedicated to the manufacturing and global distribution of glass packaging. The company primarily furnishes glass containers to businesses in the food and beverage industries across the Americas, Europe, and the Asia Pacific regions.
- CEO
- Gordon J. Hardie
- IPO
- 1991
- Employees
- 19,000
- HQ
- Perrysburg, OH, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $855.88M
- P/E
- -0.74
- Fwd P/E
- 10.23
- PEG
- 0.00
- P/S
- 0.13
- P/B
- 2.23
- EV/EBITDA
- 7.33
- Div Yield
- 0.00%
- Gross Margin
- 14.81%
- Op Margin
- 7.95%
- Net Margin
- -18.13%
- ROE
- -107.76%
- ROIC
- 7.98%
Latest fiscal year · YoY change
- Revenue
- $6.43B-1.6%
- Gross Profit
- $1.11B+6.1%
- Op Income
- $633.00M
- Net Income
- $-129,000,000-21.7%
- EPS
- $-0.84-21.7%
- OCF Growth
- +22.7%
- FCF Growth
- +231.3%
- 52W High
- $16.91
- 52W Low
- $5.30
- 50D MA
- $6.85
- 200D MA
- $10.40
- Beta
- 0.66
- RSI (14)
- 25
- Avg Volume
- 3.48M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
O-I Glass reported a soft second quarter, with Americas strength offset by a sharp Europe shortfall, leading management to cut 2026 guidance and push out the timing of its turnaround targets.· July 29, 2026
- Q2 adjusted EPS was $0.09 versus $0.53 last year, with net sales nearly $1.7 billion and down about 2% year over year.
- Americas was a bright spot: net sales were $949 million, segment operating profit rose 22% to $165 million, and margins expanded to 17.4%.
- Europe drove the miss: segment operating profit fell to $6 million from $90 million, pressured by lower pricing, higher energy costs, and operational disruption tied to restructuring and furnace events.
- Global shipments fell about 4.5% year over year, though June volumes were flat and management said trends improved through the quarter.
- Management cut 2026 expectations to adjusted EBITDA of $1.0 billion to $1.1 billion, expects about $200 million of Fit to Win savings in 2026, and now sees 2027 adjusted EBITDA at $1.2 billion to $1.3 billion versus the prior $1.45 billion target.
- results
- Second quarter net sales were nearly $1.7 billion, down about 2% year over year. Adjusted earnings were $0.09 per share versus $0.53 last year. Segment operating profit was $171 million versus $225 million a year ago. Americas net sales were $949 million, up about 1%, with segment operating profit up 22% to $165 million and margins up about 300 basis points to 17.4%. Europe net sales were $704 million, down 5%, and segment operating profit was $6 million versus $90 million last year. Global shipments declined approximately 4.5%, while June volumes were flat year over year. Management said an unusually high adjusted tax rate reduced EPS by $0.18. For 2026, the company now expects adjusted EBITDA of $1.0 billion to $1.1 billion and roughly $200 million of Fit to Win savings. For 2027, adjusted EBITDA is now expected at $1.2 billion to $1.3 billion, with at least $150 million of additional Fit to Win savings.
- ceo
- Gordon Hardie was candid that the company is disappointed with first-half performance and said Europe did not deliver the results expected in the Investor Day framework. He emphasized that the strategy is unchanged, framing the issue as delayed value realization rather than a broken plan. His tone was urgent but constructive, repeatedly pointing to Americas execution, Fit to Win progress, and medium-term European margin recovery as reasons for confidence.
- cfo
- John Haudrich highlighted that the quarter was below expectations mainly because of Europe, with net price the primary earnings headwind. He said Europe was hit by competitive price pressure, higher energy costs tied to the Middle East conflict, and temporary operating inefficiencies, while Americas offset some of that with stronger pricing and operating leverage. He also noted a significant noncash goodwill impairment and increased tax valuation allowances, but said they do not affect cash flow, operating plans, or Fit to Win milestones. On the balance sheet, he said liquidity is very good at $1.5 billion, there are no maturities until 2028, and the company has ample covenant headroom.
- qanda
- Analysts focused on why management still has confidence in the 2027 plan after a much weaker-than-expected 2026, and John Haudrich answered that the company is confident in more than $150 million of Fit to Win benefits and expects only a muted market recovery in the base case. Several questions probed the Europe shortfall, including whether the issues were structural, and management said the problems were mainly transitional, tied to furnace events, restructuring disruption, and execution, not the underlying business model. Analysts also asked how much of the remaining 2026 and 2027 Fit to Win savings were already locked in; management said about half of the back-half 2026 savings is already locked and roughly one-third of the 2027 target is likely carryover, with the rest depending on further operational improvements. Questions on volumes and regional performance led management to cite improving June and July trends, new business wins totaling about 2% of annual sales volume, and especially strong momentum in Brazil, the Andean region, and Mexico.
- bull
- The bull case is that the Americas are performing very well, with record second-quarter profit over the past 10 years and margin expansion, showing the earnings power of the model when execution is tight. Management also said Fit to Win has already generated more than $400 million of net benefits since launch and believes Europe should improve as restructuring disruption fades and new business wins ramp.
- bear
- The bear case is that Europe remains materially below expectations, and management cut both 2026 and 2027 targets, suggesting the turnaround will take longer than originally planned. The call also highlighted soft demand, competitive pricing, higher energy costs, furnace events, and execution issues from restructuring, all of which can keep pressure on volumes, margins, and the path to the original $1.45 billion EBITDA target.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 97.8%
- Shares Outstanding
- 153.66M
- Float Shares
- 150.31M
of shares held by institutions
320 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 23.44M | ▲ 1.08M |
| Vanguard Group Inc | 19.30M | ▼ 52.56K |
| Vanguard Portfolio Management LLC | 10.41M | ▼ 269.64K |
| Alliancebernstein L.P. | 9.61M | ▲ 692.25K |
| Dimensional Fund Advisors LP | 8.14M | ▼ 1.10M |
| Vanguard Capital Management LLC | 6.60M | ▼ 329.23K |
| State Street Corp | 6.27M | ▲ 288.06K |
| Cooper Creek Partners Management LLC | 6.27M | ▼ 734.58K |
| Ubs Group AG | 4.57M | ▲ 2.43M |
| Arrowstreet Capital, Limited Partnership | 4.33M | ▲ 83.44K |
| Geode Capital Management, LLC | 4.09M | ▲ 231.15K |
| Bank Of America Corp | 3.47M | ▼ 91.45K |
Held by 358 ETFs
Biggest fund positions in OI by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Oct 1, 26 | Garza y Garza Eugenio | other | 5,420.354 |
| Jul 1, 26 | Garza y Garza Eugenio | other | 3,180.166 |
| May 15, 26 | Chapin Samuel R. | buy | 12,000 |
| May 14, 26 | Restrepo Eduardo | buy | 3,309 |
| May 14, 26 | Chapin Samuel R. | other | 18,038 |
| May 14, 26 | Garza y Garza Eugenio | other | 18,038 |
| May 13, 26 | Garza y Garza Eugenio | other | 3,514 |
| May 14, 26 | Williams Carol A | other | 18,038 |
| May 14, 26 | Slater Catherine I | other | 18,038 |
| May 14, 26 | PHYFER CHERI M | other | 18,038 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our OI coverage
Recent articles, reports, and earnings notes.
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Generate OI report →O-I Glass Announces Third Quarter 2026 Earnings Conference Call and Webcast
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