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Business Segment Information
 9 Months Ended
Sep. 30, 2025
Business Segment Information  
Business Segment Information

3.     Business Segment Information

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Ball’s operations are organized and reviewed by management along its product lines and geographical areas and presented in the three reportable segments outlined below.

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Beverage packaging, North and Central America: Consists of operations in the U.S., Canada and Mexico that manufacture and sell aluminum beverage containers throughout those countries.

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Beverage packaging, EMEA: Consists of operations in numerous countries throughout Europe, as well as Egypt and Turkey, that manufacture and sell aluminum beverage containers throughout those countries.

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Beverage packaging, South America: Consists of operations in Brazil, Argentina, Paraguay and Chile that manufacture and sell aluminum beverage containers throughout most of South America.

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As presented in the tables below, Other consists of a non-reportable operating segment (beverage packaging, other) that manufactures and sells aluminum beverage containers in India and Myanmar; a non-reportable operating segment that manufactures and sells extruded aluminum aerosol containers and recloseable aluminum bottles across multiple consumer categories as well as aluminum slugs (personal & home care or PHC) throughout North America, South America and Europe; undistributed corporate expenses; and intercompany eliminations and other business activities.

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On August 27, 2025, the company sold 41 percent of its 51 percent ownership interest in Ball United Arab Can Manufacturing Company, which resulted in Ball deconsolidating the business and retaining a 10 percent ownership interest. The financial results of the Saudi Arabian business, which were a part of the beverage packaging, other, non-reportable operating segment, are presented in Other in the tables below through the date of the transaction and as of December 31, 2024, the assets and liabilities of the Saudi Arabian business were presented as current assets held for sale and current liabilities held for sale on the unaudited condensed consolidated balance sheet.

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On March 21, 2025, Ball closed on a transaction for its aluminum cups business, which resulted in Ball deconsolidating the business. The financial results of the aluminum cups business are presented in Other in the tables below through the date of the transaction and the assets and liabilities of the business were presented as current assets held for sale and current liabilities held for sale on the unaudited condensed consolidated balance sheet as of December 31, 2024. See Note 4 for further details on the Saudi Arabia and aluminum cups businesses.

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The accounting policies of the segments are the same as those used in the consolidated financial statements, as discussed in Note 1. The company also has investments in operations in Guatemala, Panama, the U.S. and Vietnam that are accounted for under the equity method of accounting and, accordingly, those results are not included in segment sales or earnings.

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Dan Fisher, Chairman and Chief Executive Officer, is the company’s chief operating decision maker (CODM). For each reportable segment, the CODM uses segment comparable operating earnings to analyze profitability compared to internal forecasts and comparative prior periods. These analyses allow the CODM to have constructive dialogue with other company leaders on how to improve company performance.

Summary of Business by Segment

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Three Months Ended September 30,

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Nine Months Ended September 30,

($ in millions)

    

2025

    

2024

    

2025

    

2024

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Net sales

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Beverage packaging, North and Central America

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$

1,638

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$

1,456

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$

4,714

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$

4,328

Beverage packaging, EMEA

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1,059

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950

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3,012

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​

2,640

Beverage packaging, South America

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​

508

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484

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1,529

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​

1,388

Reportable segment sales

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3,205

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2,890

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9,255

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​

8,356

Other

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​

174

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​

192

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​

559

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​

559

Net sales

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$

3,379

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$

3,082

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$

9,814

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$

8,915

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Comparable segment operating earnings (a)

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Beverage packaging, North and Central America

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$

210

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$

203

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$

613

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$

605

Beverage packaging, EMEA

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​

147

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128

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372

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​

326

Beverage packaging, South America

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80

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78

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200

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170

Reportable segment comparable operating earnings

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437

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409

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1,185

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1,101

Reconciling items

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Other (b)

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(6)

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4

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(13)

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(66)

Business consolidation and other activities

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​

78

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(85)

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53

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(171)

Amortization of acquired intangibles

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(33)

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(34)

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(101)

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(105)

Interest expense

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(85)

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(67)

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(236)

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(228)

Debt refinancing and other costs

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—

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—

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—

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(3)

Earnings before taxes

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$

391

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$

227

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$

888

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$

528

(a)The difference between reportable segment net sales and comparable operating earnings is comprised of other segment items. Other segment items includes cost of sales, depreciation and amortization, selling, general and administrative and interest income amounts. The CODM does not receive or use these amounts at the reportable segment level. However, the CODM is provided these amounts at a consolidated level to manage operations.
(b)Includes undistributed corporate expenses, net, of $29 million and $32 million for the three months ended September 30, 2025 and 2024, respectively, and $102 million and $149 million for the nine months ended September 30, 2025 and 2024, respectively. Undistributed corporate expenses, net, includes corporate interest income of $7 million for the three months ended September 30, 2024, and $1 million and $36 million for the nine months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2024, undistributed corporate expenses, net, includes $82 million of incremental compensation cost from the successful sale of the aerospace business.

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Three Months Ended September 30,

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Nine Months Ended September 30,

($ in millions)

    

2025

    

2024

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2025

    

2024

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Depreciation and amortization

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Beverage packaging, North and Central America

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$

57

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$

53

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$

169

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$

160

Beverage packaging, EMEA

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53

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47

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149

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140

Beverage packaging, South America

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36

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34

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​

108

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113

Reportable segment depreciation and amortization

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146

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134

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​

426

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​

413

Other

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​

12

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16

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37

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​

47

Depreciation and amortization

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$

158

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$

150

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$

463

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$

460

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The company does not disclose total assets by segment as it is not provided to the CODM.