BALL Corp Earnings Per Share Disclosure
20. Earnings Per Share
Years Ended December 31, | |||||||||
($ in millions, except per share amounts; shares in thousands) | | 2025 | | 2024 | | 2023 | |||
Earnings from continuing operations attributable to Ball Corporation, net of tax | $ | 912 | $ | 424 | $ | 484 | |||
Discontinued operations, net of tax | — | 3,584 | 223 | ||||||
Net earnings attributable to Ball Corporation | $ | 912 | $ | 4,008 | $ | 707 | |||
Basic weighted average common shares | 274,263 | 305,459 | 314,775 | ||||||
Effect of dilutive securities | 1,709 | 2,747 | 2,247 | ||||||
Weighted average shares applicable to diluted earnings per share | 275,972 | 308,206 | 317,022 | ||||||
Basic - continuing operations | $ | 3.33 | $ | 1.39 | $ | 1.54 | |||
Basic - discontinued operations | — | 11.73 | 0.71 | ||||||
Per basic share | $ | 3.33 | $ | 13.12 | $ | 2.25 | |||
Diluted - continuing operations | $ | 3.30 | $ | 1.37 | $ | 1.53 | |||
Diluted - discontinued operations | — | 11.63 | 0.70 | ||||||
Per diluted share | $ | 3.30 | $ | 13.00 | $ | 2.23 | |||
Certain outstanding options were excluded from the diluted earnings per share calculations because they were anti-dilutive. The excluded options totaled approximately 5 million for the year ended December 31, 2025, 5 million for the year ended December 31, 2024, and 4 million for the year ended December 31, 2023.
The company declared and paid dividends of $0.80 per share in 2025, 2024 and 2023.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.