O-I Glass, Inc. /DE/ — Form 8-K
Filed July 28, 2026 · analyzed by the 8-K Agent
8-K
▼ Likely negative
significance 68/100
What the filing says
O-I Glass reported Q2 2026 net sales of $1,668M (down 2% YoY), with a net loss of $972M ($6.33/share) driven by an $873M non-cash goodwill impairment in Europe and $96M deferred tax valuation adjustment. The company slashed 2026 adjusted EBITDA guidance from $1,125–$1,225M to $1,000–$1,100M and 2026 free cash flow from +$50–150M to –$50–150M, citing competitive pricing pressure, elevated energy costs, and operational disruptions in Europe. Americas segment margins improved to 17.4% (+22% operating profit), but Europe operating profit collapsed to $6M from $90M YoY. 2027 adjusted EBITDA target reduced from $1,450M to $1,200–$1,300M.
Why this rating
Major earnings miss, massive impairment (~$873M ≈ 8% of market cap), and material guidance cuts ($125M EBITDA reduction ≈ 10% of prior range). Europe deterioration poses structural risk, but Americas strength and $50M Fit to Win benefits partially mitigate. Leverage rising to 4x+ concerns debt capacity relative to $1.1B equity base.
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