BALL Corp Segments Disclosure
3. Business Segment Information
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.
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.
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.
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.
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) throughout North America, South America, and Europe; undistributed corporate expenses; and intercompany eliminations and other business activities.
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 consolidated balance sheet.
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 consolidated balance sheet as of December 31, 2024. See Note 4 for further details on the Saudi Arabia and aluminum cups businesses.
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., Vietnam and Saudi Arabia that are accounted for under the equity method of accounting and, accordingly, those results are not included in segment sales or earnings.
Ron Lewis, 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.
Major Customers
Net sales to major customers, as a percentage of consolidated net sales, were as follows:
| 2025 | | 2024 | | 2023 |
| |
Anheuser-Busch InBev and affiliates | 15 | % | 16 | % | 15 | % | |
Coca-Cola Bottlers' Sales & Services Company LLC and affiliates | 14 | % | 13 | % | 13 | % | |
Red Bull GmbH and affiliates | 11 | % | 9 | % | 8 | % |
Summary of Net Sales by Geographic Area (a)
($ in millions) | | U.S. | Brazil | | Other | | Consolidated | |||||
2025 | $ | 6,163 | $ | 1,494 | $ | 5,504 | $ | 13,161 | ||||
2024 | 5,478 | 1,418 | 4,899 | 11,795 | ||||||||
2023 | 5,872 | 1,408 | 4,782 | 12,062 | ||||||||
| (a) | Revenue is attributed based on origin of sale and includes intercompany eliminations. |
Summary of Net Long-Lived Assets by Geographic Area (a)
($ in millions) | | U.S. | | Brazil | | Other | | Consolidated | ||||
As of December 31, 2025 | $ | 3,218 | $ | 1,149 | $ | 3,683 | $ | 8,050 | ||||
As of December 31, 2024 | 3,215 | 1,113 | 3,207 | 7,535 | ||||||||
| (a) | Long-lived assets exclude goodwill and intangible assets. |
Summary of Business by Segment
Years Ended December 31, | |||||||||
($ in millions) | 2025 | | 2024 | | 2023 | ||||
Net sales | |||||||||
Beverage packaging, North and Central America | $ | 6,286 | $ | 5,619 | $ | 5,963 | |||
Beverage packaging, EMEA | 3,983 | 3,466 | 3,395 | ||||||
Beverage packaging, South America | 2,162 | 1,951 | 1,960 | ||||||
Reportable segment sales | 12,431 | 11,036 | 11,318 | ||||||
Other | 730 | 759 | 744 | ||||||
Net sales | $ | 13,161 | $ | 11,795 | $ | 12,062 | |||
Comparable segment operating earnings (a) | |||||||||
Beverage packaging, North and Central America | $ | 772 | $ | 747 | $ | 710 | |||
Beverage packaging, EMEA | 495 | 416 | 354 | ||||||
Beverage packaging, South America | 327 | 296 | 266 | ||||||
Reportable segment comparable operating earnings | 1,594 | 1,459 | 1,330 | ||||||
Reconciling items | |||||||||
Other (b) | (39) | (69) | 12 | ||||||
Business consolidation and other activities | 41 | (420) | (133) | ||||||
Amortization of acquired intangibles | (135) | (139) | (135) | ||||||
Interest expense | (314) | (293) | (460) | ||||||
Debt refinancing and other costs | (19) | (3) | — | ||||||
Earnings before taxes | $ | 1,128 | $ | 535 | $ | 614 | |||
| (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 $155 million, $175 million and $74 million for the years ended December 2025, 2024 and 2023, respectively. For the year ended December 2024, undistributed corporate expenses, net, includes $82 million of incremental compensation cost from the successful sale of the aerospace business. For the years ended December 31, 2025 and 2024, undistributed corporate expenses, net, includes $1 million and $42 million of corporate interest income, respectively. |
Years Ended December 31, | ||||||||||
($ in millions) | | 2025 | | 2024 | | 2023 | ||||
Depreciation and amortization (a) | ||||||||||
Beverage packaging, North and Central America | $ | 225 | $ | 214 | $ | 220 | ||||
Beverage packaging, EMEA | 202 | 187 | 178 | |||||||
Beverage packaging, South America | 145 | 148 | 145 | |||||||
Reportable segment depreciation and amortization | 572 | 549 | 543 | |||||||
Other | 50 | 62 | 62 | |||||||
Depreciation and amortization | $ | 622 | $ | 611 | $ | 605 | ||||
| (a) | Includes amortization of acquired Rexam intangibles. |
The company does not disclose total assets by segment as it is not provided to the CODM.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 21, 2023 | |
| 2021 | Feb 16, 2022 | |
| 2020 | Feb 17, 2021 | |
| 2019 | Feb 19, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 2, 2017 | |
| 2015 | Feb 16, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.