O-I Glass reported a second quarter 2026 net loss of $972 million, driven largely by an $873 million goodwill impairment, alongside slightly lower revenue and an earnings miss. The company's share price fell 15% over the past day, leaving the year-to-date return down 49% and the five-year total shareholder return down 48%. The most followed valuation narrative on O-I Glass points to a fair value of $13.11 per share, suggesting the stock is undervalued relative to its last close of $7.70, with bulls citing significant cost reduction initiatives through the Fit to Win program that are expected to improve net margins and deliver higher future earnings. However, bears focus on the large goodwill hit and years of weak returns, and the bullish narrative could crack if demand weakness in Europe lingers or cost savings stall while energy and other input costs stay elevated.
O-I Glass IncO-I Glass reported a $972 million net loss driven by an $873 million goodwill impairment, missed earnings, and shares fell 15%.