O-I Glass Reports $73 Million Net Loss and Decline in Revenue for Q1 2026

O-I Glass, Inc. reported a net loss of $73 million, or $0.48 per share, for the first quarter of 2026, a significant decline from a net loss of $16 million, or $0.10 per share, in the same period last year. The company's total revenue for the quarter was $1.54 billion, down 2% from $1.57 billion in the first quarter of 2025. This decrease was attributed to lower sales volumes and average selling prices, partially offset by favorable foreign currency translation effects. The company experienced a 9% decline in glass container shipments, which contributed to a revenue drop of approximately $131 million compared to the previous year.

In terms of segment performance, net sales in the Americas decreased slightly to $871 million from $873 million, while European sales fell to $655 million from $667 million. The decline in Europe was particularly pronounced due to competitive pricing pressures and lower average selling prices, which decreased net sales by $36 million. The company’s segment operating profit also reflected this trend, with total segment operating profit dropping to $142 million from $209 million year-over-year, primarily due to lower net prices and sales volumes.

O-I Glass has been actively pursuing its "Fit to Win" initiative, which aims to streamline operations and reduce costs. In the first quarter of 2026, the company recorded restructuring, asset impairment, and other charges of approximately $38 million related to this initiative. Cumulatively, the company has incurred about $684 million in charges associated with the program. The initiative is expected to yield at least $275 million in benefits for 2026, with a target of $750 million by 2027.

Operationally, the company reported a cash utilization of $294 million in operating activities for the first quarter, an increase from $171 million in the same period last year. This rise was primarily due to a larger net loss and increased working capital requirements. The company’s total assets as of March 31, 2026, stood at $8.95 billion, a decrease from $9.24 billion at the end of 2025. The company’s long-term debt was reported at $4.8 billion, slightly down from $4.84 billion at the end of the previous year.

Looking ahead, O-I Glass anticipates a challenging environment with expectations of flat sales volumes in the second quarter of 2026 and low- to mid-single-digit growth in the latter half of the year. The company is also preparing for increased energy costs and inflationary pressures, particularly in Europe, as it continues to navigate the impacts of geopolitical tensions and market conditions. The management remains optimistic about the volume trajectory for the remainder of 2026, supported by new business wins primarily in the Americas.