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O-I Glass cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$84.0M in Q3 2026 · −$44.0M over twelve months

Operating cash flow$165M
Capital spending−$81.0M
Free cash flow+$84.0M
Cash conversion cycle40 days

Analysis

In Q3 2026, O-I Glass generated $165M of operating cash flow and spent $81.0M on capital projects, leaving free cash flow of $84.0M. That is $30.0M less than in Q3 2025 ($114M).

Over the twelve months to Sep 30, 2026, operating cash flow was $367M; the largest uses were capital spending ($411M), net borrowing (+) / repaid (−) ($157M), buybacks ($20.0M); besides operations, cash came from asset & business sales ($54.0M), other investing ($2.0M); the cash balance fell by $177M.

Operating cash flow was $165M against net income of −$5.0M. The largest differences: depreciation & amortization +$122M, stock-based pay +$5.0M, impairments −$0.

Its cash conversion cycle was 40 days (receivables 50 + inventory 61 − payables 71).

Free cash flow

O-I Glass: free cash flow by quarterO-I Glass: free cash flow by quarter$210MQ4 2024−$306MQ1 2025$51.0MQ2 2025$114MQ3 2025$309MQ4 2025−$436MQ1 2026−$1.0MQ2 2026$84.0MQ3 2026
Operating cash flow less capital spending.
O-I Glass: operating cash flow against capital spendingO-I Glass: operating cash flow against capital spendingOperating cash flowCapital spending$318M$108MQ4 2024−$171M$135MQ1 2025$155M$104MQ2 2025$214M$100MQ3 2025$402M$93.0MQ4 2025−$294M$142MQ1 2026$94.0M$95.0MQ2 2026$165M$81.0MQ3 2026
Latest (Q3 2026): Operating cash flow $165M, Capital spending $81.0M.

Capital allocation, year by year

O-I Glass: where the cash came from (up) and went (down), by fiscal yearO-I Glass: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $687MFY2021: Net borrowing −$187MFY2021: Asset sales $122MFY2021: Capital spending −$398MFY2021: Acquisitions −$117MFY2021: Buybacks −$40.0M$809MFY2021FY2022: Operating cash flow $154MFY2022: Net borrowing −$32.0MFY2022: Asset sales $98.0MFY2022: Capital spending −$539MFY2022: Acquisitions −$137MFY2022: Buybacks −$40.0M$252MFY2022FY2023: Operating cash flow $818MFY2023: Net borrowing $71.0MFY2023: Asset sales $11.0MFY2023: Capital spending −$688MFY2023: Acquisitions −$126MFY2023: Buybacks −$40.0M$900MFY2023FY2024: Operating cash flow $489MFY2024: Net borrowing $64.0MFY2024: Asset sales $29.0MFY2024: Capital spending −$617MFY2024: Acquisitions −$121MFY2024: Buybacks −$40.0M$582MFY2024FY2025: Operating cash flow $600MFY2025: Net borrowing −$158MFY2025: Asset sales $56.0MFY2025: Capital spending −$432MFY2025: Acquisitions −$136MFY2025: Buybacks −$40.0M$656MFY2025
Over these 5 years operating cash flow totalled $2.7B; the largest uses were capital spending ($2.7B) and acquisitions ($637M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$379M
Debt$4.9B
Net debt$4.5B
Due within a year$66.0M

O-I Glass's operations bring cash in ($367M over twelve months), and it spends more than that on capital projects: a gap of $44.0M funded from its $379M of cash and investments and from borrowing ($4.9B of debt, $66.0M due within a year). That is a choice to invest, not a cash runway running down.

O-I Glass: debt maturities by year (FY2025)O-I Glass: debt maturities by year (FY2025)$66.0MYear 1$693MYear 2$781MYear 3$657MYear 4$1.1BYear 5$1.6BAfter year 5
Principal due in each year as disclosed in the annual report, against $379M of cash and investments now.

Where the cash came from and went

O-I Glass: sources (+) and uses (−) of cash, Q3 2026O-I Glass: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$165MCapital spending−$81.0MNet borrowing (+) / repaid (−)−$62.0MCash drawn (+) / kept (−)−$40.0MAsset & business sales$17.0MNot reconciled$1.0M
O-I Glass: sources (+) and uses (−) of cash, TTM to Q3 2026O-I Glass: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$411MOperating cash flow$367MCash drawn (+) / kept (−)$177MNet borrowing (+) / repaid (−)−$157MAsset & business sales$54.0MBuybacks−$20.0MExchange rates$19.0MPartners−$18.0MOther financing−$13.0MOther investing$2.0M

From profit to cash

O-I Glass: net income to operating cash flow, Q3 2026O-I Glass: net income to operating cash flow, Q3 2026Net income−$5.0MDepreciation & amortization$122MStock-based pay$5.0MOperating cash flow$165M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202650617140
Q2 202646616740
Q1 202641677633
Q4 202546728335
Q3 202548677441
Q2 202543646938
Q1 202538687631
Q4 202441707833

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$165M−$81.0M—−$62.0M−$40.0M$84.0M
Q2 2026$94.0M−$95.0M—$36.0M−$22.0M−$1.0M
Q1 2026−$294M−$142M−$10.0M−$5.0M$442M−$436M
Q4 2025$402M−$93.0M−$10.0M−$126M−$203M$309M
Q3 2025$214M−$100M−$10.0M−$15.0M−$69.0M$114M
Q2 2025$155M−$104M−$10.0M$10.0M−$63.0M$51.0M
Q1 2025−$171M−$135M−$10.0M−$16.0M$310M−$306M
Q4 2024$318M−$108M−$10.0M−$174M$21.0M$210M

O-I Glass: income statement and cash flow

O-I Glass, Q3 2026: revenue $1.6B (-2% year over year), operating margin 2.1%. The chart follows the revenue to costs, profit and cash.

O-I Glass: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.