OI O-I Glass, Inc. /DE/

Overview and Growth

In fiscal 2025, O-I Glass, Inc. /DE/ recorded $6.43B of revenue, net loss of $129.00M, and an operating cash inflow of $600.00M. The $6.43B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 1.6% below fiscal 2024 revenue of $6.53B, marking a top-line contraction. Diluted earnings per share were -$0.84, translating the period’s attributable earnings into the amount reported for each diluted share. Total assets stood at $9.24B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Revenue equaled 0.7x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After reported cost of revenue, the company retained $1.11B as gross profit before recognizing operating expenses and other items. Gross profit represented 17.3% of revenue, showing how much of the top line remained after direct costs. The company ended the period with a net loss of $129.00M, extending the operating result through all remaining items. The net loss equaled 2.0% of revenue, showing the bottom-line deficit relative to the company’s sales base. The pretax result was a loss of $49.00M, establishing the deficit before tax effects. Pretax margin was -0.8%, reflecting a pre-tax loss equal to 0.8% of revenue. The reported income-tax provision was $54.00M, the amount recognized between pretax income and the final net-income result. Relative to period-end equity, the net loss represented 8.9%. The loss-to-assets relationship was 1.4%, placing the bottom-line deficit against the company’s resource base. The bottom-line deficit increased from $106.00M in fiscal 2024 to $129.00M.

Liquidity and Capital Structure

The company held $9.24B of assets against $7.80B of liabilities and $1.45B of equity, revealing how the asset base was financed. At period end, current assets of $2.60B compared with current liabilities of $2.09B, defining the company’s short-term resource position. Current assets covered current liabilities by 1.25x, leaving a positive buffer for near-term obligations. Reported cash and equivalents were $759.00M, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 36.3%, excluding receivables and other current assets. Borrowings totaled $4.90B, adding a fixed financing obligation alongside the company’s equity capital. The debt-to-equity relationship was 3.39x, showing how much debt the company carried for each unit of book equity. Relative to total assets, debt measured 53.0%, showing how much of the asset base was matched by borrowing. Relative to total assets, liabilities measured 84.4%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 8.2%, comparing reported cash and equivalents with the full positive asset balance. Compared with $8.65B in fiscal 2024, the current asset base moved 6.8% and finished higher. Against $1.21B of equity in fiscal 2024, the current book-equity balance moved 19.9% and ended higher. The reported cash balance changed 3.4% from $734.00M in fiscal 2024, ending higher year over year.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $600.00M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Capital spending was $432.00M, absorbing part of the cash generated from operations before free cash flow. Relative to operating cash flow, capital expenditures measured 72.0%, connecting investment intensity with the company’s cash-generation base. Free cash flow came to $168.00M, leaving a positive amount after capital expenditures. Free cash flow represented 2.6% of revenue, linking post-investment cash generation with the company’s operating scale. Free cash flow equaled 1.8% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.