At a glance
O-I Glass Inc is worth $866.7M. Revenue fell 1.6% to $6.43B in fiscal 2025, at a loss; over 5 years it has grown 1.1% a year. It pays no dividend; it spent $200.0M buying back its shares over FY2021–FY2025. The stock returned −53.4% over the past year with dividends reinvested and −15.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 66.1% in the 2020 crash (S&P 500: 33.7%) and 31.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 6 months after the lows.
The business in plain English
O-I Glass makes glass bottles and jars. The company traces its roots to 1903 and runs 64 glass plants in 18 countries. It is the top glass container maker in most countries where it has plants. Containers for alcoholic drinks (beer, flavored malt beverages, spirits and wine) brought in 60.8% of its $6.43 billion in revenue in 2025. Food and other products made up 21.5%. Nonalcoholic drinks such as soft drinks, teas and juices made up 16.1%.
Its biggest customers are global food and drink companies, including Anheuser-Busch InBev, Coca-Cola, Diageo, Heineken and Nestle. One customer alone made up about 10% of 2025 sales. O-I supplies most customers directly under annual or multi-year agreements, and multi-year contracts typically adjust prices when costs change. In the US and Canada, contracts covering more than 89% of sales volume pass natural gas costs through to customers.
O-I reports results for two regions, called segments. The Americas, with 30 plants in the US, Mexico, Brazil, Canada, Colombia, Ecuador and Peru, produced 56.7% of 2025 revenue. Europe, with 33 plants in countries including France, Germany, Italy, Poland, Spain and the UK, produced 41.8%. Only 26.6% of revenue came from the US. In 2024 the company began Fit to Win, a cost-cutting program that idles or closes surplus plant capacity.
Price history
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OI -53.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Alcoholic Beverages | $3.91B | 60.8% |
| Food And Other | $1.38B | 21.5% |
| Nonalcoholic Beverage | $1.04B | 16.1% |
By business segment
| Americas Segment | $3.64B | 56.7% |
| Europe Segment | $2.69B | 41.8% |
| All Other Segments | $96.0M | 1.5% |
By geography
| Non Us | $4.72B | 73.4% |
| US | $1.71B | 26.6% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.62B, down 1.8% from a year earlier, and net income was $-13.0M (-143.3%).
- For fiscal 2025, revenue was $6.43B (-1.6% year over year; +1.1% a year from FY2020 to FY2025) with a -2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +1.1% watch |
|---|---|
| Free cash flow margin | 2.6% watch |
| Return on equity (FY2025) | -10% weak |
| Return on assets (FY2025) | -1.4% weak |
| Net cash (cash minus debt) | $-4.42B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $6.09B | $249.0M | $146.0M |
| FY2021 | $6.36B | $149.0M | $289.0M |
| FY2022 | $6.86B | $584.0M | $-385.0M |
| FY2023 | $7.11B | $-103.0M | $130.0M |
| FY2024 | $6.53B | $-106.0M | $-128.0M |
| FY2025 | $6.43B | $-129.0M | $168.0M |
Valuation snapshot
| Market value | $866.7M |
|---|---|
| P/E ratio | — |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
O-I Glass’s market value went from $2.82B at the end of 2016 to $866.7M on Oct 28, 2026, down 69%; since the end of 2025 it is down 62%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $866.7M | -61.8% |
| 2025 | $2.27B | +35.2% |
| 2024 | $1.68B | -33.9% |
| 2023 | $2.53B | -1.4% |
| 2022 | $2.57B | +36.3% |
| 2021 | $1.89B | +0.9% |
| 2020 | $1.87B | +0.7% |
| 2019 | $1.86B | -32.1% |
| 2018 | $2.74B | -24.3% |
| 2017 | $3.61B | +28.0% |
| 2016 | $2.82B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| OI price data to Oct 28, 2026 | -61.9% | -53.4% | -28.2% | -15.4% | -11.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -61.9% |
| 2025 | +36.2% |
| 2024 | -33.8% |
| 2023 | -1.1% |
| 2022 | +37.7% |
| 2021 | +1.1% |
| 2020 | +0.2% |
| 2019 | -29.7% |
| 2018 | -22.2% |
| 2017 | +27.3% |
| 2016 | -0.1% |
| 2015 | -35.5% |
| 2014 | -24.6% |
| 2013 | +68.2% |
| 2012 | +9.8% |
| 2011 | -36.9% |
| 2010 | -6.6% |
| 2009 | +20.3% |
| 2008 | -44.8% |
| 2007 | +168.3% |
| 2006 | -12.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 77.8% over that stretch · deepest drop along the way 83.8%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 58.4% over that stretch · deepest drop along the way 66.1%, back to its old high 10.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 21% over that stretch · deepest drop along the way 31.7%, back to its old high 5.7 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 5 open-market purchases ($279K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 8, 2026 | Randolph L Burns SVP, Chief Admin & Sus Officer | buy | $102K |
| May 15, 2026 | Samuel R. Chapin Director | buy | $102K |
| May 14, 2026 | Eduardo Restrepo SVP, Business Ops Americas | buy | $30K |
| May 11, 2026 | Darrow A Abrahams SVP, GC & Corporate Secretary | buy | $25K |
| May 11, 2026 | John Haudrich SVP & Chief Financial Officer | buy | $20K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.1% | Mar 31, 2025 |
| Vanguard Portfolio Management | 7.14% | Mar 31, 2026 |
| AllianceBernstein L.P. | 6.3% | Jun 30, 2026 |
| COOPER CREEK PARTNERS MANAGEMENT LLC | 5.5% | Jun 30, 2026 |
| Vanguard Capital Management | 5.31% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 4.3% | Sep 30, 2026 |
| FMR LLC | 2% | Dec 31, 2025 |
ETFs with the most weight in OI
| PSCM Invesco S&P SmallCap Materials ETF | 2.86% |
| EBIT Harbor AlphaEdge Small Cap Earners ETF | 0.32% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 0.28% |
| USVM VictoryShares US Small Mid Cap Value Momentum ETF | 0.28% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 0.27% |
| IJS iShares S&P Small-Cap 600 Value ETF | 0.27% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.25% |
| DFVE DoubleLine Fortune 500 Equal Weight ETF | 0.23% |
What could go wrong
- Cost-cutting plan may fall short. Fit to Win, begun in 2024, closes furnaces and cuts jobs at significant cost. If savings disappoint, results could suffer. Halting the MAGMA furnace program brought about $104 million in charges in 2025.
- Heavy debt load. As of September 30, 2026, O-I had $4.8 billion of debt and $379 million of cash. Paying that debt takes a lot of cash, and loan terms limit new borrowing and changes to its plans.
- Glassmaking depends on costly energy. Furnaces need nonstop energy, which makes up 10% to 20% of manufacturing costs. Price spikes, like those linked to the Russia-Ukraine war, or power interruptions could sharply raise costs.
- Competition from cans and changing tastes. Glass competes with aluminum cans, plastic bottles, pouches and cartons. Containers for alcoholic drinks are 60.8% of sales, so shifts in drinking habits or customers trimming inventories could cut demand.
- Big customers have pricing power. Customers such as Anheuser-Busch InBev, Heineken and Diageo are large global companies, and mergers keep shrinking the customer base, adding pricing pressure. One customer alone made up about 10% of 2025 sales.
- Most sales come from abroad. About 73% of 2025 revenue came from outside the US. A stronger dollar shrinks reported results, and plants in 18 countries face tariff, tax and political risks.
Recent events
- Quarterly results released
- Quarterly results released
- Executive or board change
- Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Shareholder vote results
- Investor presentation or announcement
- Quarterly results released
- Executive or board change
- Investor presentation or announcement
For income and retirement investors
O-I Glass does not pay a dividend, so the shares produce no income on their own. The company paid $0.05 per share in fiscal 2020 and nothing from fiscal 2021 through 2025. It spent $40 million a year on buybacks (repurchases of its own shares), $200 million over those five years, while the share count fell 1.1% between January 2022 and September 2026. An investor who needs cash from this stock would have to cash in shares. The price has been hit hard in downturns. It fell 83.8% in the 2008 financial crisis and had not regained its April 2008 high as of October 28, 2026. It lost 66.1% in the 2020 COVID crash and took about 11 months to recover. In the 2022 bear market (a prolonged market decline), it gained 21% between the market's peak and low, despite a 31.7% drop along the way. A single stock carries more risk than a diversified fund.
Questions investors ask
How does O-I Glass make money?
O-I Glass makes money by producing glass bottles and jars and supplying them, mostly directly, to food and drink companies under annual or multi-year agreements. Revenue was $6.43 billion in 2025. Containers for beer, spirits, wine and other alcoholic drinks brought in 60.8%, food and other products 21.5%, and nonalcoholic drinks 16.1%. The Americas produced 56.7% of revenue and Europe 41.8%. Big customers include Anheuser-Busch InBev, Coca-Cola, Diageo, Heineken and Nestle.
Does O-I Glass pay a dividend?
No. O-I Glass paid no dividends from fiscal 2021 through 2025, and its dividend yield was 0% as of October 28, 2026. It paid $0.05 per share in fiscal 2020. Instead, it spent $40 million a year on buybacks, which return cash by repurchasing shares, for a total of $200 million over fiscal 2021 to 2025. For an income investor, any cash from this holding would have to come from cashing in shares.
Is O-I Glass profitable?
Not on a net basis. O-I Glass lost $129 million in 2025 on $6.43 billion of revenue, after net losses of $103 million in 2023 and $106 million in 2024. It lost another $13 million in the quarter ended September 30, 2026. Free cash flow (cash from operations minus capital spending) was $168 million in 2025, after a negative $128 million in 2024. The 2025 loss included about $104 million of charges for ending its MAGMA furnace-technology program.
How much debt does O-I Glass have?
About $4.8 billion of total debt as of September 30, 2026, against $379 million of cash and investments. That leaves net debt of about $4.4 billion. Shareholders' equity, which is assets minus liabilities, was $536 million. By comparison, the market value of all its shares (its market capitalization) was about $867 million as of October 28, 2026. The company's 10-K warns that paying this debt takes a lot of cash and that loan terms limit its flexibility.
How has O-I Glass stock performed over the long term?
Poorly over most periods. As of October 28, 2026, the share price was down 61.9% year to date, 53.4% over one year and 70% over 10 years, or about 11.4% a year. These figures count price changes only. The stock also swings widely: it rose 36% in 2025 after falling 34% in 2024. Its deepest fall from a peak, across about 21 years of price history, was 92.1%.