Ball Corporation (BALL) Cash Flow Statement
Where BALL’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.26B +997.4% vs 2024
- Capital expenditures
- $474.0M 3.6% of revenue
- Free cash flow
- $788.0M 6.0% margin
- Returned to shareholders
- $1.54B 196% of free cash flow
- Change in cash
- $290.0M cash at year-end $1.22B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BALL operating cash flow, capex and free cash flow
BALL cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $194.0M2016 | $1.26B2025 | +23.1%/yr | |
| Capital expenditures | $606.0M2016 | $474.0M2025 | −2.7%/yr | |
| Free cash flow | −$412.0M2016 | $788.0M2025 | — | |
| Free cash flow margin | −4.5%2016 | 6.0%2025 | +10.5 pts | |
| Operating cash flow / net income | 0.732016 | 1.382025 | +0.65 | |
| Stock-based compensation | $35.0M2016 | $33.0M2023 | −0.8%/yr | |
| Dividends paid | $83.0M2016 | $220.0M2025 | +11.4%/yr | |
| Share buybacks (net) | $107.0M2016 | $1.32B2025 | +32.2%/yr | |
| Capex / revenue | 6.7%2016 | 3.6%2025 | −3.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BALL cash flow by activity
BALL net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BALL cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $915.0M | $4.01B | $711.0M | $732.0M | $878.0M | $582.0M | $536.0M | $453.0M | $405.0M | $266.0M |
| Depreciation & amortization | $622.0M | $620.0M | $686.0M | $672.0M | $700.0M | $668.0M | $678.0M | $702.0M | $729.0M | $453.0M |
| Stock-based compensation | — | — | $33.0M | $39.0M | $40.0M | $43.0M | $37.0M | $75.0M | $46.0M | $35.0M |
| Change in working capital | −$131.0M | −$551.0M | $360.0M | −$924.0M | $120.0M | −$106.0M | $236.0M | $90.0M | $321.0M | −$509.0M |
| Other non-cash items | −$144.0M | −$3.97B | $73.0M | −$236.0M | $22.0M | $245.0M | $61.0M | $246.0M | −$23.0M | −$51.0M |
| Cash from operating activities | $1.26B | $115.0M | $1.86B | $283.0M | $1.76B | $1.43B | $1.55B | $1.57B | $1.48B | $194.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$474.0M | −$484.0M | −$1.04B | −$1.65B | −$1.73B | −$1.11B | −$598.0M | −$816.0M | −$556.0M | −$606.0M |
| Investments (net) | −$99.0M | $5.00B | −$1.16B | −$768.0M | −$1.64B | −$1.18B | −$422.0M | −$206.0M | — | — |
| Acquisitions & other investing | −$83.0M | $484.0M | $1.15B | $1.63B | $1.73B | $1.11B | $598.0M | $816.0M | $11.0M | $1.28B |
| Cash from investing activities | −$656.0M | $5.00B | −$1.05B | −$786.0M | −$1.64B | −$1.18B | −$422.0M | −$206.0M | −$545.0M | $672.0M |
| Financing activities | ||||||||||
| Dividends paid | −$220.0M | −$244.0M | −$252.0M | −$254.0M | −$229.0M | −$198.0M | −$182.0M | −$137.0M | −$129.0M | −$83.0M |
| Share repurchases & issuance (net) | −$1.32B | −$1.71B | −$3.0M | −$618.0M | −$766.0M | −$75.0M | −$964.0M | −$739.0M | −$103.0M | −$107.0M |
| Net borrowing (repayment) | $1.23B | −$2.86B | −$440.0M | $1.36B | $98.0M | −$262.0M | $1.11B | −$178.0M | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $47.0M | $0 | $19.0M | $28.0M | $0 | $0 |
| Other financing | −$31.0M | $25.0M | $33.0M | −$4.0M | −$44.0M | −$67.0M | −$31.0M | −$14.0M | −$841.0M | −$197.0M |
| Cash from financing activities | −$344.0M | −$4.79B | −$662.0M | $485.0M | −$894.0M | −$602.0M | −$46.0M | −$1.04B | −$1.07B | −$387.0M |
| Summary | ||||||||||
| Net change in cash | $290.0M | $221.0M | $152.0M | −$21.0M | −$802.0M | −$425.0M | $1.08B | $269.0M | −$149.0M | $373.0M |
| Cash at end of period | $1.22B | $931.0M | $710.0M | $558.0M | $579.0M | $1.38B | $1.81B | $728.0M | $448.0M | $597.0M |
| Free cash flow | $788.0M | −$369.0M | $818.0M | −$1.37B | $34.0M | $319.0M | $950.0M | $750.0M | $922.0M | −$412.0M |
| Free cash flow margin | 6.0% | −3.1% | 5.8% | −8.9% | 0.2% | 2.7% | 8.3% | 6.4% | 8.4% | −4.5% |
| Capex / revenue | 3.6% | 4.1% | 7.4% | 10.8% | 12.4% | 9.5% | 5.2% | 7.0% | 5.1% | 6.7% |
| Operating cash flow / net income | 1.38 | 0.03 | 2.62 | 0.39 | 2.00 | 2.46 | 2.89 | 3.46 | 3.65 | 0.73 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $223.0M | $205.0M | $200.0M | $322.0M | $215.0M | $179.0M | −$30.0M | $199.0M | $158.0M | $3.69B | $154.0M | $204.0M |
| Depreciation & amortization | $165.0M | $159.0M | $159.0M | $158.0M | $155.0M | $150.0M | $151.0M | $150.0M | $152.0M | $167.0M | $177.0M | $173.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $33.0M | $9.0M |
| Change in working capital | $139.0M | −$1.15B | $778.0M | −$71.0M | $49.0M | −$887.0M | $79.0M | $113.0M | −$100.0M | −$643.0M | $331.0M | $354.0M |
| Other non-cash items | $81.0M | $10.0M | $74.0M | −$25.0M | −$87.0M | −$107.0M | $300.0M | $148.0M | $42.0M | −$4.46B | $41.0M | $26.0M |
| Cash from operating activities | $608.0M | −$777.0M | $1.21B | $384.0M | $332.0M | −$665.0M | $500.0M | $610.0M | $252.0M | −$1.25B | $736.0M | $766.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$141.0M | −$161.0M | −$170.0M | −$127.0M | −$96.0M | −$81.0M | −$107.0M | −$117.0M | −$106.0M | −$154.0M | −$215.0M | −$222.0M |
| Investments (net) | $7.0M | −$18.0M | −$10.0M | −$183.0M | −$184.0M | −$207.0M | −$178.0M | −$23.0M | −$88.0M | $5.29B | −$227.0M | −$222.0M |
| Acquisitions & other investing | $3.0M | −$127.0M | $98.0M | $127.0M | $96.0M | $81.0M | $107.0M | $117.0M | $106.0M | $154.0M | $215.0M | $222.0M |
| Cash from investing activities | −$131.0M | −$306.0M | −$82.0M | −$183.0M | −$184.0M | −$207.0M | −$178.0M | −$23.0M | −$88.0M | $5.29B | −$227.0M | −$222.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$53.0M | −$54.0M | −$54.0M | −$54.0M | −$55.0M | −$57.0M | −$59.0M | −$60.0M | −$62.0M | −$63.0M | −$63.0M | −$63.0M |
| Share repurchases & issuance (net) | −$114.0M | −$1.0M | −$215.0M | −$84.0M | −$467.0M | −$555.0M | −$651.0M | −$396.0M | −$483.0M | −$182.0M | $3.0M | $0 |
| Net borrowing (repayment) | −$571.0M | $650.0M | −$198.0M | $196.0M | $223.0M | $1.01B | −$81.0M | −$49.0M | — | — | — | −$104.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $8.0M | $10.0M | −$17.0M | −$6.0M | −$9.0M | $1.0M | −$1.0M | $3.0M | $27.0M | −$2.73B | −$1.09B | $13.0M |
| Cash from financing activities | −$730.0M | $605.0M | −$484.0M | $52.0M | −$308.0M | $396.0M | −$792.0M | −$502.0M | −$518.0M | −$2.98B | −$1.15B | −$154.0M |
| Summary | ||||||||||||
| Net change in cash | −$247.0M | −$472.0M | $636.0M | $274.0M | −$149.0M | −$464.0M | −$513.0M | $96.0M | −$386.0M | $1.02B | −$639.0M | $381.0M |
| Cash at end of period | $502.0M | $749.0M | $1.22B | $576.0M | $318.0M | $467.0M | $931.0M | $1.44B | $1.35B | $1.73B | $710.0M | $1.35B |
| Free cash flow | $467.0M | −$938.0M | $1.04B | $257.0M | $236.0M | −$746.0M | $393.0M | $493.0M | $146.0M | −$1.40B | $521.0M | $544.0M |
| Free cash flow margin | 11.7% | −26.0% | 31.1% | 7.6% | 7.1% | −24.0% | 13.7% | 16.0% | 4.9% | −49.0% | 18.0% | 17.7% |
| Capex / revenue | 3.5% | 4.5% | 5.1% | 3.8% | 2.9% | 2.6% | 3.7% | 3.8% | 3.6% | 5.4% | 7.4% | 7.2% |
| Operating cash flow / net income | 2.73 | −3.79 | 6.05 | 1.19 | 1.54 | −3.72 | — | 3.07 | 1.59 | −0.34 | 4.78 | 3.75 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
BALL cash generation
In fiscal 2025 (ended December 31, 2025), Ball generated $1.3 billion of cash from operations (up 997.4%) and spent $474.0 million on capital expenditures, leaving free cash flow of $788.0 million, 6.0% of revenue. It returned $1.5 billion to shareholders through dividends ($220.0 million) and net share buybacks ($1.3 billion). Cash and equivalents rose by $290.0 million over the year.
Related: BALL income statement, BALL balance sheet, BALL dividend history. See the BALL stock overview for the latest quote and news.
BALL cash flow FAQ
What is Ball's free cash flow?
Ball's free cash flow was $788.0 million in fiscal 2025: $1.3 billion of operating cash flow minus $474.0 million of capital expenditures It was -$369.0 million a year earlier..
How much cash does Ball generate from operations?
Ball generated $1.3 billion of cash from operating activities in fiscal 2025, 1.38 times its net income of $915.0 million.
How much does Ball spend on capital expenditures?
Ball spent $474.0 million on capital expenditures in fiscal 2025, 3.6% of revenue, compared with $484.0 million the year before.
How much stock does Ball buy back?
Ball spent $1.3 billion on net share repurchases in fiscal 2025.
How much does Ball pay in dividends?
Ball paid $220.0 million in dividends in fiscal 2025, 27.9% of free cash flow.