# O-I Glass Inc. (OI) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/OI/thesis · /stocks/OI/memo

## Financial Snapshot

---
ticker: OI
step: 04
generated: 2026-05-13
source: quick-research
---

### O-I Glass Inc. (OI) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $6.9B | $7.1B | $6.5B | -8% |
| Gross Margin | ~20% | ~21% | ~18% | -3pp |
| Operating Margin | ~9% | ~10% | ~5% | -5pp |
| Net Income | ~$280M | ~$350M | ~($100M) | — |
| EPS (adj. diluted) | $2.30 | $3.09 | $0.81 | -74% |

*FY2025: Revenue ~$6.43B (-1.6% YoY); adj. EPS $1.60 (recovering)*

#### Cash Flow & Balance Sheet (FY2023/2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$450M (FY2023) |
| Free Cash Flow | $236M (FY2022), $130M (FY2023) |
| Cash & Equivalents | ~$400M |
| Total Debt | ~$5.5B (highly leveraged) |

#### Key Ratios (approximate)
- P/E: ~6x (adj.) | EV/EBITDA: ~6–7x | FCF Yield: ~10%+
- Revenue Growth (FY2024): -8% | FCF Margin: ~2%

#### Growth Profile
O-I experienced peak revenue in FY2023 (~$7.1B) followed by a sharp decline in FY2024 (-8%) driven by customer destocking, European volume weakness, and energy cost pressures. Adjusted EPS collapsed from $3.09 (FY2023) to $0.81 (FY2024) — a 74% drop — reflecting operational deleverage and the decision to halt its MAGMA next-generation furnace technology. The "Fit to Win" restructuring initiative delivered $300M in benefits in FY2025, driving adj. EPS recovery to $1.60.

#### Forward Estimates
- FY2026 adj. EBITDA guidance: $1.25–1.30B (up ~7% vs. 2025)
- FY2026 adj. EPS guidance: $1.00–$1.50 (revised down from prior $1.65–$1.90)
- Europe remains a headwind; Americas volume is more stable
- H2 2026 expected stronger than H1 as new business wins ramp

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/OI/fundamental

## Navigation

- Overview: /stocks/OI
- Financials (this page): /stocks/OI/financials
- Thesis: /stocks/OI/thesis
- Investment Memo: /stocks/OI/memo
- Coverage universe: /stocks