O-I Glass Posts Adjusted Loss of $0.09 per Share, Cuts 2026 Outlook
Key Facts
O-I Glass reported net sales of $1.623 billion in the third quarter of 2026, down from $1.653 billion in the same period a year earlier, and swung to a net loss attributable to the company of $13 million after posting a profit of $30 million a year earlier. The adjusted loss was $0.09 per diluted share, compared with adjusted earnings of $0.48 per share in the third quarter of 2025. Adjusted EBITDA also fell to $234 million from $329 million. The results showed a contraction in sales and lower profitability year over year. The company cut its financial outlook for the rest of 2026 amid demand and cost pressures and a slow recovery in Europe.
Performance varied between the two segments: Americas sales rose to $970 million in the third quarter from $940 million in the comparable period. But the segment's operating profit fell to $137 million from $140 million, meaning sales growth was not accompanied by an improvement in operating profit. In Europe, sales declined to $634 million from $713 million. European operating profit plunged to just $2 million, compared with $95 million a year earlier. The divergence highlights that the company's overall decline was concentrated in weakness in Europe, while the Americas maintained sales growth alongside a slight drop in segment profit.
The company said its revised 2026 outlook reflects continued weak demand, alongside higher energy costs and a slow pace of recovery in Europe. It added that inventory levels rose as shipments weakened, weighing on performance at a time when demand had yet to regain momentum. O-I Glass lowered its full-year adjusted EBITDA forecast to a range of approximately $925 million to $950 million. It also expects free cash flow use of about $300 million during 2026. That puts its profitability and cash flow outlook under pressure for the year, while the company points to overlapping operating factors including energy, shipments and inventory.
Beyond 2026, the company expects net sales, adjusted EBITDA and free cash flow to increase in 2027. It did not provide numerical guidance for that year in its disclosure, but said it plans to announce it during its year-end 2026 earnings call. The outlook follows the cut to its 2026 estimates, which the company attributed to continued weak demand, higher energy costs and a slow recovery in Europe. OI shares closed at $6.44 on October 26, 2026, according to EL7 data. The results and upcoming outlook put the recovery path the company expects in 2027 at the center of investor attention.