O-I Glass Q2 2026 EPS Missed by 63% as Europe Profits Cratered
As seen on the 24/7 Wall St. homepage on July 28, 2026.
Europe segment operating profit collapsed to $6 million from $90 million as competitive pricing pressure and energy costs eviscerated margins, triggering an $873 million goodwill impairment and prompting management to slash 2026 adjusted EBITDA guidance and flip free cash flow to negative.
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O-I Glass reported Q2 2026 earnings per share of $0.09, badly trailing the $0.2415 consensus estimate — a miss of roughly 63%. Revenue came in at $1.668 billion against an estimate of $1.680 billion, a shortfall that was relatively contained compared to the damage on the profit line. The quarter continues a recent pattern of underperformance: Q1 2026 also missed estimates, with reported EPS of $0.05 against an expected $0.12.
The sharpest damage was inside the Europe segment, where operating profit collapsed to $6 million from $90 million in the year-ago period. Management attributed the decline to competitive pricing pressure and elevated energy costs, which together eviscerated margins. Those conditions were severe enough to trigger an $873 million goodwill impairment charge — a significant write-down that signals management's reduced expectations for the long-term value of the European business.
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The fallout extended to forward guidance: management cut its 2026 adjusted EBITDA outlook and now expects free cash flow to turn negative for the year. That combination of a massive impairment, a guidance reduction, and a negative cash flow forecast marks a meaningful deterioration from the stronger results O-I Glass posted through the middle of 2025, when EPS ran as high as $0.53 in Q2 2025.
Mentioned: OI