O-I Glass, Inc.

o-i.com

What Do They Do?

Makes glass containers for alcoholic beverage makers, as well as glass packaging for food and non-alcoholic beverage companies.

How Do They Make Money?

Most revenue comes from alcoholic-beverage glass containers; customers pay for containers when products ship from manufacturing or warehousing facilities.

revenue

Segment	Share	How money arrives
Alcoholic beverages (beer, wine, spirits) Sold outright	61% FY2022: 66%	Sold outright
Food and other Sold outright	22% FY2022: 19%	Sold outright
Non-alcoholic beverages Sold outright	16% FY2022: 13%	Sold outright

Who Are Their Customers?

Food and beverage manufacturers, from multinational brands to local breweries and wineries, buy mostly directly under annual or multi-year supply agreements; some products go through distributors.

Customers above 10% of revenue, FY2025

of revenue from one customer

Do Revenues Turn Into Profits?

Not on paper. It lost $129M in FY2025, but brought in more cash than it spent: $168M of free cash flow.

Operating income, FY2025

10% of revenue

▲ +1566% vs FY2024 ($38M, 1%)

Net income, FY2025

−2% of revenue

▲ +22% (Loss) vs FY2024 (−$106M, −2%)

Free cash flow, FY2025

3% of revenue

▲ Now profitable vs FY2024 (−$128M, −2%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −2%; vs $1.7B in Q2 FY2025
Net income: ▲ +19340% (Loss); vs −$5M in Q2 FY2025

Alcoholic beverages (beer, wine, spirits) share of revenue vs 62.6% in Q2 FY2025

Jul 28, 2026 O-I cut 2026 guidance and realigned its 2027 targets The company said improvement would be more gradual than previously expected.

Flat. Revenue was $6.4B in FY2025, about the same as the $6.4B of FY2021.

Revenue over time

Alcoholic beverages (beer, wine, spirits) Food and other Non-alcoholic beverages

$10B$5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Ardagh Group, Anchor Glass Container, Verallia, Vidrala-Vidroporto, Crown Holdings, Orora Group, Vetropack, Vidrala, BA Vidro, Ball, CANPACK, Silgan Holdings, Amcor, and Plastipak Packaging

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