Crown Holdings Inc【CCK】株式ニュース

CROWN HOLDINGS, INC. REPORTS FIRST QUARTER 2026 RESULTSApril 27, 2026 4:05 PM
PR Newswire (US)

TAMPA, Fla., April 27, 2026 /PRNewswire/ -- Crown Holdings, Inc. (NYSE: CCK) today announced its financial results for the first quarter ended March 31, 2026.HighlightsFirst Quarter Global beverage shipments increased 5%Diluted earnings per share of $1.56 versus $1.65 in 2025Adjusted diluted earnings per share increased 11% to $1.86Returned $251 million to shareholders, including $39 million of dividends, reflecting a 35% dividend increaseAnnounced plans to construct a new greenfield two-line, high-speed beverage can plant in Northern India"The Company got off to a solid start for the year, driven by strong results in our European and Asian beverage can businesses, beverage can equipment and our North American food can and closures businesses," said Timothy J. Donahue, Chairman, President & Chief Executive Officer. "Global beverage can volumes advanced 5%, led by robust shipments throughout Europe and Asia-Pacific. North American shipments advanced 1% in the quarter as a strong March, up 8% over the prior year, helped overcome a slow start to the year, the result of widespread winter storms in January. "The Company grew both segment income and adjusted diluted earnings per share during the quarter, despite the challenging operating environment. All Crown facilities remain operational, and, through our global sourcing initiatives and manufacturing flexibility, we have been able to procure necessary materials and meet customer requirements in all global regions. While we expect that continued headwinds from the effects of the Middle East conflict will persist through the second quarter, the Company anticipates another strong year in 2026. As such, we reiterate our previous full year earnings, cash flow and capital expenditure guidance."Earlier this month, the Company announced plans to establish a state-of-the-art beverage can manufacturing facility in Northern India, marking Crown's entry into one of the world's fastest growing beverage markets. The two-line facility is expected to commence operations in the second half of 2027 and will serve accelerating demand in both the alcoholic and non-alcoholic segments.   "As we look ahead, the Company will continue to use its robust free cash flow to make strategic investments in growth and return value to shareholders through dividends and disciplined repurchases of its common stock." Net sales in the first quarter were $3,259 million compared to $2,887 million in the first quarter of 2025 reflecting higher global beverage can shipments, the pass-through of $234 million in higher material costs and favorable foreign currency of $74 million.Income from operations was $365 million in the first quarter of 2026, in line with the prior year period. Segment income in the first quarter of 2026 was $405 million compared to $398 million in the prior year first quarter driven by higher beverage can shipments in Europe and Asia-Pacific offset by lower beverage can shipments in Brazil and lower input cost recovery in North America.Net income attributable to Crown Holdings in the first quarter was $175 million compared to $193 million in the first quarter of 2025. Reported diluted earnings per share were $1.56 in the first quarter of 2026 compared to $1.65 in 2025. Adjusted net income was $209 million compared to $195 million in 2025 and adjusted diluted earnings per share were $1.86 compared to $1.67 in 2025.Outlook
"With demand remaining firm across our global beverage businesses and considering our first quarter performance, the Company reaffirms its full year 2026 guidance of adjusted diluted earnings per share between $7.90 and $8.30, while recognizing the impact that volatility across aluminum, energy and transportation markets may have on input costs and consumer spending. Second quarter adjusted diluted earnings per share are expected to be in the range of $2.10 to $2.20. The Company expects to generate approximately $900 million in adjusted free cash flow in 2026 after capital spending of approximately $550 million, which includes initial spending related to the recently announced beverage can plant in India," commented Kevin C. Clothier, Senior Vice President and Chief Financial Officer.Non-GAAP Measures
Segment income, adjusted free cash flow, net debt, adjusted net leverage ratio, adjusted net income, the adjusted effective tax rate, adjusted diluted earnings per share, net interest expense, EBITDA and adjusted EBITDA are not defined terms under U.S. generally accepted accounting principles (non-GAAP measures). Non-GAAP measures should not be considered in isolation or as a substitute for income from operations, cash flow, leverage ratio, net income, effective tax rates, diluted earnings per share or interest expense and interest income prepared in accordance with U.S. GAAP and may not be comparable to calculations of similarly titled measures by other companies.The Company views segment income as the principal measure of the performance of its operations and adjusted free cash flow and adjusted net leverage ratio as the principal measures of its liquidity. The Company considers all of these measures in the allocation of resources. Adjusted free cash flow has certain limitations, however, including that it does not represent the residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure. The amount of mandatory versus discretionary expenditures can vary significantly between periods. The Company believes that adjusted free cash flow and adjusted net leverage ratio provide meaningful measures of liquidity and a useful basis for assessing the Company's ability to fund its activities, including the financing of acquisitions, debt repayments, share repurchases or dividends. The Company believes that adjusted net income, segment income, the adjusted effective tax rate and adjusted diluted earnings per share are useful in evaluating the Company's operations as these measures are adjusted for items that affect comparability between periods. Segment income, adjusted free cash flow, net debt, adjusted net leverage ratio, adjusted net income, the adjusted effective tax rate, adjusted diluted earnings per share, net interest expense, EBITDA and adjusted EBITDA are derived from the Company's Consolidated Statements of Operations, Cash Flows and Consolidated Balance Sheets, as applicable, and reconciliations to segment income, adjusted free cash flow, net debt, adjusted net leverage ratio, adjusted net income, the adjusted effective tax rate, adjusted diluted earnings per share and adjusted EBITDA can be found within this release. Reconciliations of estimated adjusted diluted earnings per share, adjusted free cash flow, the adjusted effective tax rates and adjusted net leverage ratio for the second quarter and full year of 2026 to estimated diluted earnings per share, operating cash flow, the effective tax rate and income from operations on a GAAP basis are not provided in this release due to the unavailability of estimates of the following, the timing and magnitude of which the Company is unable to reliably forecast without unreasonable efforts, which are excluded from estimated adjusted diluted earnings per share, the adjusted effective tax rates and adjusted net leverage ratio, and could have a significant impact on earnings per share, the effective tax rate and income from operations on a GAAP basis: gains or losses on the sale of businesses or other assets, restructuring and other costs, asset impairment charges, asbestos-related charges, losses from early extinguishment of debt, pension settlement and curtailment charges, the tax and noncontrolling interest impact of the items above, and the impact of tax law changes or other tax matters.Conference Call
The Company will hold a conference call tomorrow, April 28, 2026, at 9:00 a.m. (EDT) to discuss this news release. Forward-looking and other material information may be discussed on the conference call. The dial-in numbers for the conference call are 630-395-0194 or toll-free 888-324-8108 and the access password is "packaging." A live webcast of the call will be made available to the public on the internet at the Company's website, www.crowncork.com. A replay of the conference call will be available for a one-week period ending at midnight on May 5, 2026. The telephone numbers for the replay are 203-369-0896 or toll free 866-427-6407.Cautionary Note Regarding Forward-Looking Statements
Except for historical information, all other information in this press release consists of forward-looking statements. These forward-looking statements involve a number of risks, uncertainties and other factors, including expected levels of capital expenditures, free cash flow and earnings; the Company's ability to continue to operate its plants, distribute its products, and maintain its supply chain, including any impact of the ongoing Middle East conflict; the Company's ability to complete the project in Northern India; the future impact of currency translation; the continuation of performance and market trends in 2026, including consumer preference for beverage cans and global beverage can demand; the future impact of inflation, including the potential for higher interest rates and energy and transportation prices and the Company's ability to recover raw material and other inflationary costs, including tariffs and retaliatory trade measures; future demand for food cans; the Company's ability to deliver continuous operational improvement and future demand in the Transit Packaging segment that may cause actual results to be materially different from those expressed or implied in the forward-looking statements. Important factors that could cause the statements made in this press release or the actual results of operations or financial condition of the Company to differ are discussed under the caption "Forward Looking Statements" in the Company's Form 10-K Annual Report for the year ended December 31, 2025 and in subsequent filings made prior to or after the date hereof. The Company does not intend to review or revise any particular forward-looking statement in light of future events.Crown Holdings, Inc., through its subsidiaries, is a worldwide leader in the design, manufacture and sale of packaging products for consumer goods and industrial products. World headquarters are located in Tampa, Florida.For more information, contact:
Kevin C. Clothier, Senior Vice President and Chief Financial Officer, (215) 698-5281
Thomas T. Fischer, Vice President, Investor Relations and Corporate Affairs, (215) 552-3720Unaudited Consolidated Statements of Operations, Balance Sheets, Statements of Cash Flows, Segment Information and Supplemental Data follow.Consolidated Statements of Operations (Unaudited)(in millions, except share and per share data)

Three Months Ended   March 31,

2026
2025
Net sales
$3,259
$2,887
    Cost of products sold
2,615
2,262
    Depreciation and amortization
118
110
    Selling and administrative expense
159
152
    Restructuring and other
2
(2)
Income from operations (1)
365
365
    Loss on debt extinguishment
3

    Other pension and postretirement
5
5
    Foreign exchange
(3)
2
Earnings before interest and taxes
360
358
    Interest expense
97
99
    Interest income
(12)
(13)
Income from operations before income taxes
275
272
    Provision for income taxes
70
46
    Equity earnings
1
1
Net income
206
227
    Net income attributable to noncontrolling interests
31
34
Net income attributable to Crown Holdings
$       175
$     193

Earnings per share attributable to Crown Holdings common shareholders:

    Basic
$ 1.56
$ 1.65
    Diluted
$ 1.56
$ 1.65

Weighted average common shares outstanding:

    Basic
111,982,661
116,672,836
    Diluted
112,533,102
117,039,580
Actual common shares outstanding at quarter end
111,756,236
116,393,894

(1)     Reconciliation from income from operations to segment income follows.Consolidated Supplemental Financial Data (Unaudited)
(in millions)Reconciliation from Income from Operations to Segment IncomeThe Company views segment income, as defined below, as a principal measure of performance of its operations and for the allocation of resources. Segment income is defined by the Company as income from operations adjusted to exclude intangibles amortization charges and provisions for restructuring and other.

Three Months Ended March 31,

2026
2025
Income from operations
$365
$365
Intangibles amortization

38

35
Restructuring and other

2

(2)
Segment income
$405
$398

Segment Information
Net Sales
Three Months EndedMarch 31,

2026
2025
Americas Beverage
$1,530
$1,320
European Beverage

588

512
Asia Pacific

303

279
Transit Packaging

496

482
Other (1)

342

294
       Total net sales
$3,259
$2,887

Segment Income

Americas Beverage
$210
$236
European Beverage

86

67
Asia Pacific

52

47
Transit Packaging

53

60
Other (1)

47

29
Corporate and other unallocated items

(43)

(41)
       Total segment income
$405
$398
(1) Includes the Company's North America tinplate businesses: food can, aerosol can, and closures, and beverage tooling and equipment operations in the U.S. and United Kingdom.Consolidated Supplemental Data (Unaudited)
(in millions, except per share data)Reconciliation from Net Income and Diluted Earnings Per Share to Adjusted Net Income and Adjusted Diluted Earnings Per ShareThe following table reconciles reported net income and diluted earnings per share attributable to the Company to adjusted net income and adjusted diluted earnings per share, as used elsewhere in this release.

Three Months EndedMarch 31,

2026
2025
Net income/diluted earnings per share attributable to Crown Holdings, as reported$175
$1.56$193
$1.65
    Intangibles amortization (1)380.34350.30
    Restructuring and other (2)20.02(2)(0.02)
    Loss on debt extinguishment30.02

    Income taxes (3)(8)(0.07)(31)(0.26)
    Noncontrolling interests (4) (1)(0.01)

Adjusted net income/diluted earnings per share$209$1.86$195$1.67

     Effective tax rate as reported 25.5 %
16.9 %

     Adjusted effective tax rate 24.5 %
25.2 %

Adjusted net income, adjusted diluted earnings per share and the adjusted effective tax rate are non-GAAP measures and are not meant to be considered in isolation or as a substitute for net income, diluted earnings per share and effective tax rates determined in accordance with U.S. generally accepted accounting principles. The Company believes these non-GAAP measures provide useful information to evaluate the performance of the Company's ongoing business.(1)In the first quarters of 2026 and 2025, the Company recorded charges of $38 million ($29 million net of tax) and $35 million ($27 million net of tax) for intangibles amortization arising from prior acquisitions.

(2)In the first quarter of 2026, the Company recorded net restructuring and other charges of $2 million ($4 million net of tax). In the first quarter of 2025, the Company recorded net restructuring and other gains of $2 million ($2 million net of tax).

(3)The Company recorded income tax benefits of $8 million and $31 million in the first quarters of 2026 and 2025, primarily related to the items described above and an income tax benefit of $22 million in the first quarter of 2025 from an internal reorganization.

(4)In the first quarter of 2026, the Company recorded noncontrolling interest related to the items described above. Consolidated Balance Sheets (Condensed & Unaudited)(in millions)
March 31,2026
2025Assets

Current assets

   Cash and cash equivalents
$584

$779
   Receivables, net

1,957

1,702
   Inventories

1,701

1,527
   Prepaid expenses and other current assets

291

212
        Total current assets

4,533

4,220

Goodwill and intangible assets, net

4,042

4,021
Property, plant and equipment, net

5,159

4,939
Other non-current assets

571

661
        Total assets
$14,305

$13,841

Liabilities and equity

Current liabilities

   Short-term debt
$53

$202
   Current maturities of long-term debt

507

1,491
   Accounts payable and accrued liabilities

3,497

3,145
        Total current liabilities

4,057

4,838

Long-term debt, excluding current maturities

5,697

4,743
Other non-current liabilities

1,139

1,088

Noncontrolling interests

495

478
Crown Holdings shareholders' equity

2,917

2,694
Total equity

3,412

3,172
        Total liabilities and equity
$14,305

$13,841

Consolidated Statements of Cash Flows (Condensed & Unaudited)(in millions)
Three months ended March 31,

2026
2025

Cash flows from operating activities

Net income

$206

$227
Depreciation and amortization

118

110
Restructuring and other

2

(2)
Pension and postretirement expense

10

10
Pension contributions

(5)

25
Stock-based compensation

13

14
Loss on debt extinguishment

3

Working capital changes and other

(401)

(370)

           Net cash (used for)/provided by operating activities

(54)

14

Cash flows from investing activities

Capital expenditures

(87)

(33)
Other

(10)

34

           Net cash (used for)/provided by investing activities

(97)

1

Cash flows from financing activities

Net change in debt

346

108
Dividends paid to shareholders

(39)

(30)
Common stock repurchased

(212)

(203)
Dividends paid to noncontrolling interests

(17)

(28)
Other, net (1)

(107)

           Net cash used for financing activities

(29)

(153)

Effect of exchange rate changes on cash and cash equivalents

(4)

1

Net change in cash and cash equivalents

(184)

(137)
Cash and cash equivalents at January 1

879

1,016

Cash, cash equivalents and restricted cash at March 31 (2)

$695

$879

(1)Primarily consists of payments for assets financed in 2025.(2)Cash and cash equivalents include $111 million and $100 million of restricted cash at March 31, 2026 and 2025.

Adjusted free cash flow is defined by the Company as net cash from operating activities less capital expenditures and certain other items. A reconciliation of net cash used for operating activities to adjusted free cash flow for the three months ended March 31, 2026 and 2025 follows.

Three Months EndedMarch 31,

2026

2025

Net cash (used for)/provided by operating activities   $(54)

$14

Interest included in investing activities (3)   12

13

Capital expenditures(87)

(33)

Adjusted free cash flow$(129)

$(6)
(3)Interest benefit of cross currency swaps included in investing activities. Consolidated Supplemental Data (Unaudited)(in millions)

Impact of Foreign Currency Translation – Favorable/(Unfavorable) (1)

Three Months EndedMarch 31, 2026

Net Sales
Segment Income
Americas Beverage$8
$(2)
European Beverage    36
5
Asia Pacific7
1
Transit Packaging21
4
Other 2
1

$74
$9
(1)The impact of foreign currency translation represents the difference between actual current year U.S. dollar results and pro forma amounts assuming constant foreign currency exchange rates for translation in both periods. In order to compute the difference, the Company compares actual U.S. dollar results to an amount calculated by dividing the current U.S. dollar results by current year average foreign exchange rates and then multiplying those amounts by the applicable prior year average foreign exchange rates. Reconciliation of Adjusted EBITDA and Adjusted Net Leverage Ratio

Twelve Months
Ended

Q1 2026
Q1 2025
Full Year 2025
March 31, 2026

Income from operations
$365
$365
$1,553
$1,553
Add:

   Intangibles amortization
38
35
148
151
   Restructuring and other
2
(2)
83
87
Segment income
405
398
1,784
1,791
Depreciation
80
75
308
313
Adjusted EBITDA
$485
$473
$2,092
$2,104

Total debt

$5,964
$6,257
Less cash

764
584
Net debt

$5,200
$5,673

Adjusted net leverage ratio

2.5x
2.7x

View original content:https://www.prnewswire.com/news-releases/crown-holdings-inc-reports-first-quarter-2026-results-302754715.htmlSOURCE Crown Holdings, Inc.

Original: CROWN HOLDINGS, INC. REPORTS FIRST QUARTER 2026 RESULTS

CROWN HOLDINGS, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTSFebruary 4, 2026 4:05 PM
PR Newswire (US)

TAMPA, Fla., Feb. 4, 2026 /PRNewswire/ -- Crown Holdings, Inc. (NYSE: CCK) today announced its financial results for the fourth quarter and full year ended December 31, 2025.HighlightsFourth QuarterDiluted earnings per share of $1.31Adjusted diluted earnings per share increased 9% to $1.74 Full YearDiluted earnings per share of $6.38Record adjusted diluted earnings per share of $7.79, an increase of 22%Operating cash flow of $1,530 millionRecord adjusted free cash flow of $1,146 million, more than $10.00 per shareReturned $625 million to shareholders, in excess of $5.50 per shareNet leverage ratio reduced to 2.5x from 2.7x at end of 20242026 OutlookExpect full year 2026 adjusted diluted earnings per share in the range of $7.90 - $8.30 Expect full year 2026 adjusted free cash flow of approximately $900 million Timothy J. Donahue, Chairman, President and Chief Executive Officer, stated "The Company continued its strong momentum during the fourth quarter to complete an excellent year. In 2025, the Company achieved record adjusted EBITDA of approximately $2.1 billion, an 8% increase over 2024. Over the past three years, Crown has increased adjusted EBITDA by 20%, supported by our culture of continuous improvement and focused capacity expansions. Solid performance throughout the global beverage can and the North American tinplate businesses in 2025 drove segment income expansion of over 8%, building on the strong growth of 6% and 7% delivered in 2024 and 2023, respectively. "The Company also generated record free cash flow of $1.15 billion in 2025 and nearly $2 billion over the past two years. In 2025, we returned $625 million to shareholders in the form of quarterly dividends and repurchases of common stock while also reducing the Company's net leverage ratio from 2.7x at the end of 2024 to 2.5x. This represents the lowest net leverage ratio for the Company in more than fifteen years."Our pursuit of commercial and operational excellence has delivered strong financial results, a sound balance sheet, and ultimately, higher shareholder value. As we look ahead to 2026, the Company will continue to use its robust free cash flow to make strategic investments in growth and return value to shareholders through dividends and repurchases of its common stock."Fourth Quarter Results
Net sales in the fourth quarter were $3,127 million compared to $2,903 million in the fourth quarter of 2024 reflecting increased shipments in European Beverage, the pass-through of $189 million in higher material costs and favorable foreign currency translation of $58 million, partially offset by lower volumes in both Asia Pacific and Transit Packaging.Income from operations was $374 million in the fourth quarter compared to $351 million in the fourth quarter of 2024. Segment income in the fourth quarter of 2025 was $420 million compared to $428 million in the prior year fourth quarter as higher European Beverage volumes were offset by lower volumes in Latin America and Transit Packaging.Net income attributable to Crown Holdings in the fourth quarter was $150 million compared to $358 million in the fourth quarter of 2024, which included the $275 million gain on the Eviosys equity investment sale. Reported diluted earnings per share were $1.31 in the fourth quarter of 2025 compared to $3.02 in 2024. Adjusted diluted earnings per share were $1.74 compared to $1.59 in 2024.Full Year Results
Net sales for 2025 were $12,365 million compared to $11,801 million in 2024 reflecting increased shipments in European Beverage and the North America tinplate businesses, the pass-through of $507 million in higher material costs and favorable foreign currency translation of $84 million, partially offset by lower volumes in both Asia Pacific and Transit Packaging.Income from operations was $1,553 million in 2025 compared to $1,419 million in 2024. Segment income for 2025 was $1,784 million compared to $1,645 million in 2024 reflecting higher shipments in European Beverage and the North America tinplate businesses and the benefits from improved global manufacturing performance.Net income attributable to Crown Holdings in 2025 was $738 million compared to $424 million in 2024. Reported diluted earnings per share were $6.38 compared to $3.55 in 2024. Adjusted diluted earnings per share were $7.79 compared to $6.41 in 2024.Outlook
"We had an excellent year in 2025 with adjusted EPS up 22% to $7.79 and we generated record adjusted free cash flow of approximately $1.15 billion," commented Kevin C. Clothier, Senior Vice President and Chief Financial Officer. "We expect another strong year in 2026 with adjusted earnings per share between $7.90 and $8.30 and adjusted free cash flow of approximately $900 million. Capital spending to support our growth objectives is currently estimated at $550 million and includes capacity expansions and facility upgrades in Brazil, Greece and Spain." The Company expects first quarter adjusted diluted earnings per share to be in the range of $1.70 to $1.80.Non-GAAP Measures
Segment income, adjusted free cash flow, net debt, adjusted net leverage ratio, adjusted net income, the adjusted effective tax rate, adjusted diluted earnings per share, net interest expense, EBITDA and adjusted EBITDA are not defined terms under U.S. generally accepted accounting principles (non-GAAP measures). Non-GAAP measures should not be considered in isolation or as a substitute for income from operations, cash flow, leverage ratio, net income, effective tax rates, diluted earnings per share or interest expense and interest income prepared in accordance with U.S. GAAP and may not be comparable to calculations of similarly titled measures by other companies.The Company views segment income as the principal measure of the performance of its operations and adjusted free cash flow and adjusted net leverage ratio as the principal measures of its liquidity. The Company considers all of these measures in the allocation of resources. Adjusted free cash flow has certain limitations, however, including that it does not represent the residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure. The amount of mandatory versus discretionary expenditures can vary significantly between periods. The Company believes that adjusted free cash flow and adjusted net leverage ratio provide meaningful measures of liquidity and a useful basis for assessing the Company's ability to fund its activities, including the financing of acquisitions, debt repayments, share repurchases or dividends. The Company believes that adjusted net income, segment income, the adjusted effective tax rate and adjusted diluted earnings per share are useful in evaluating the Company's operations as these measures are adjusted for items that affect comparability between periods. Segment income, adjusted free cash flow, net debt, adjusted net leverage ratio, adjusted net income, the adjusted effective tax rate, adjusted diluted earnings per share, net interest expense, EBITDA and adjusted EBITDA are derived from the Company's Consolidated Statements of Operations, Cash Flows and Consolidated Balance Sheets, as applicable, and reconciliations to segment income, adjusted free cash flow, net debt, adjusted net leverage ratio, adjusted net income, the adjusted effective tax rate, adjusted diluted earnings per share and adjusted EBITDA can be found within this release. Reconciliations of estimated adjusted diluted earnings per share, adjusted free cash flow, the adjusted effective tax rate and adjusted net leverage ratio for the first quarter and full year of 2026 to estimated diluted earnings per share, operating cash flow, the effective tax rate and income from operations on a GAAP basis are not provided in this release due to the unavailability of estimates of the following, the timing and magnitude of which the Company is unable to reliably forecast without unreasonable efforts, which are excluded from estimated adjusted diluted earnings per share, the adjusted effective tax rate and adjusted net leverage ratio and could have a significant impact on earnings per share, the effective tax rate and income from operations on a GAAP basis: gains or losses on the sale of businesses or other assets, restructuring and other costs, asset impairment charges, asbestos-related charges, losses from early extinguishment of debt, pension settlement and curtailment charges, the tax and noncontrolling interest impact of the items above, and the impact of tax law changes or other tax matters. Conference Call
The Company will hold a conference call tomorrow, February 5, 2026 at 9:00 a.m. (EST) to discuss this news release. Forward-looking and other material information may be discussed on the conference call. The dial-in numbers for the conference call are 630-395-0194 or toll-free 888-324-8108 and the access password is "packaging." A live webcast of the call will be made available to the public on the internet at the Company's website, www.crowncork.com. A replay of the conference call will be available for a one-week period ending at midnight on February 12, 2026. The telephone numbers for the replay are 203-369-0896 or toll free 866-427-6407.Cautionary Note Regarding Forward-Looking Statements
Except for historical information, all other information in this press release consists of forward-looking statements. These forward-looking statements involve a number of risks, uncertainties and other factors, including expected levels of capital expenditures, free cash flow and earnings; the Company's ability to continue to operate its plants, distribute its products and maintain its supply chain; the Company's ability to complete projects in Brazil, Greece and Spain; the future impact of currency translation; the continuation of performance and market trends in 2026, including consumer preference for beverage cans and global beverage can demand; the future impact of inflation, including the potential for higher interest rates and energy prices and the Company's ability to recover raw material and other inflationary costs; future demand for food cans; the Company's ability to deliver continuous operational improvement and future demand in the Transit Packaging segment, that may cause actual results to be materially different from those expressed or implied in the forward-looking statements. Important factors that could cause the statements made in this press release or the actual results of operations or financial condition of the Company to differ are discussed under the caption "Forward Looking Statements" in the Company's Form 10-K Annual Report for the year ended December 31, 2024 and in subsequent filings made prior to or after the date hereof. The Company does not intend to review or revise any particular forward-looking statement in light of future events.Crown Holdings, Inc., through its subsidiaries, is a leading global supplier of rigid packaging products to consumer marketing companies, as well as transit and protective packaging products, equipment and services to a broad range of end markets. World headquarters are located in Tampa, Florida.For more information, contact:
Kevin C. Clothier, Senior Vice President and Chief Financial Officer, (215) 698-5281
Thomas T. Fischer, Vice President, Investor Relations and Corporate Affairs, (215) 552-3720Unaudited Consolidated Statements of Operations, Balance Sheets, Statements of Cash Flows, Segment Information and Supplemental Data follow.Consolidated Statements of Operations (Unaudited)(in millions, except share and per share data)

Three Months EndedDecember 31,
Year EndedDecember 31,
2025
2024
2025
2024Net sales$     3,127
$     2,903
$ 12,365
$     11,801    Cost of products sold2,465
2,253
9,641
9,262    Depreciation and amortization116
104
456
448    Selling and administrative expense164
147
632
597    Restructuring and other8
48
83
75Income from operations (1)374
351
1,553
1,419    Loss on debt extinguishment14
1
15
1    Other pension and postretirement4
(1)
13
546    Gain on sale of equity method investment

(275)

(275)    Foreign exchange3
19
22
34Earnings before interest and taxes353
607
1,503
1,113    Interest expense95
108
398
452    Interest income(15)
(22)
(55)
(82)Income from operations before income taxes273
521
1,160
743    Provision for income taxes73
128
281
183    Equity earnings1
(1)
4

Net income 201
392
883
560    Net income attributable to noncontrolling interests51
34
145
136Net income attributable to Crown Holdings$        150
$        358
$      738
$          424

Earnings per share attributable to Crown Holdingscommon shareholders:

Basic$          1.32
$         3.03
$         6.41
$           3.56 Diluted$          1.31
$         3.02
$        6.38
$           3.55

Weighted average common shares outstanding:

Basic113,674,578
118,295,008
115,221,836
119,195,009 Diluted114,230,598
118,599,513
115,742,839
119,426,593Actual common shares outstanding 113,421,634
118,503,631
113,421,634
118,503,631

(1) Reconciliation from income from operations to segment income follows.

Consolidated Supplemental Financial Data (Unaudited)
(in millions)Reconciliation from Income from Operations to Segment Income
The Company views segment income, as defined below, as a principal measure of performance of its operations and for the allocation of resources. Segment income is defined by the Company as income from operations adjusted to exclude intangibles amortization charges and provisions for restructuring and other.
Three Months EndedDecember 31,
Year EndedDecember 31,

2025
2024
2025
2024

Income from operations                               $374
$351
$1,553
$1,419

Intangibles amortization
38

29

148

151

Restructuring and other
8

48

83

75

Segment income $420
$428
$1,784
$1,645

Segment Information
Net Sales
Three Months Ended
December 31,
Year Ended
December 31,

2025
2024
2025
2024
Americas Beverage
$1,473
$1,325
$5,615
$5,240
European Beverage

520

456

2,325

2,071
Asia Pacific

302

308

1,096

1,161
Transit Packaging

501

511

2,026

2,107
Other (1)

331

303

1,303

1,222
       Total net sales
$3,127
$2,903
$12,365
$11,801

Segment Income

Americas Beverage
$271
$275
$1,030
$987
European Beverage

61

51

334

276
Asia Pacific

42

48

183

195
Transit Packaging

56

59

258

270
Other (1)

33

33

148

82
Corporate and other unallocated items

(43)

(38)

(169)

(165)
       Total segment income
$420
$428
$1,784
$1,645

(1) Includes the Company's food can, aerosol can and closures businesses in North America, and beverage tooling and equipment operations in the U.S. and United Kingdom.Consolidated Supplemental Data (Unaudited)
(in millions, except per share data)Reconciliation from Net Income and Diluted Earnings Per Share to Adjusted Net Income and Adjusted Diluted Earnings Per ShareThe following table reconciles reported net income and diluted earnings per share attributable to the Company to adjusted net income and adjusted diluted earnings per share, as used elsewhere in this release.

Three Months Ended December 31,
Year Ended December 31,

2025
2024
2025
2024
Net income/diluted earnings per share attributable to Crown Holdings, as reported
$150
$1.31
$358
$3.02
$738
$6.38
$424
$3.55
    Intangibles amortization (1)
38
0.33
29
0.24
148
1.28
151
1.27
    Restructuring and other (2)
8
0.07
48
0.41
83
0.71
75
0.62
    Loss on debt extinguishment
14
0.12
1
0.01
15
0.13
1
0.01
    Other pension and postretirement (3)

(6)
(0.05)
(5)
(0.04)
513
4.30
    Gain on sale of equity method investment (4)

(275)
(2.32)

(275)
(2.30)
    Income taxes (5)
(10)
(0.08)
40
0.34
(68)
(0.59)
(131)
(1.10)
    Equity earnings (6)

2
0.02

16
0.13
    Noncontrolling interests (7)
(1)
(0.01)
(9)
(0.08)
(9)
(0.08)
(9)
(0.07)
Adjusted net income/diluted earnings per share
$199
$1.74
$188
$1.59
$902
$7.79
$765
$6.41

     Effective tax rate as reported
26.7 %

24.6 %

24.2 %

24.6 %

     Adjusted effective tax rate
24.9 %

27.7 %

24.9 %

26.0 %

Adjusted net income, adjusted diluted earnings per share and the adjusted effective tax rate are non-GAAP measures and are not meant to be considered in isolation or as a substitute for net income, diluted earnings per share and effective tax rates determined in accordance with U.S. generally accepted accounting principles. The Company believes these non-GAAP measures provide useful information to evaluate the performance of the Company's ongoing business.(1)In the fourth quarter and full year of 2025, the Company recorded charges of $38 million ($30 million net of tax) and $148 million ($114 million net of tax) for intangibles amortization arising from prior acquisitions. In the fourth quarter and full year of 2024, the Company recorded charges of $29 million ($21 million net of tax) and $151 million ($115 million net of tax) for intangibles amortization arising from prior acquisitions.

(2)In the fourth quarter and full year of 2025, the Company recorded net restructuring and other charges of $8 million ($8 million net of tax) and $83 million ($78 million net of tax) primarily related to asset impairment charges in Asia Pacific, severance costs in the Transit Packaging segment and a reserve for a legal dispute. In the fourth quarter and full year of 2024, the Company recorded net restructuring and other charges of $48 million ($47 million net of tax) and $75 million ($71 million net of tax).

(3)For the full year of 2025, the Company recorded a pension settlement gain of $5 million ($4 million net of tax) related to repayment of the contribution the Company made in 2021 to settle the U.K. defined pension plan. For the full year of 2024, the Company recorded charges of $513 million ($386 million net of tax) related to the partial settlements of the Company's defined benefit pension plan obligations in the U.S. and Canada.

(4)In the fourth quarter of 2024, the Company recorded a gain of $275 million ($227 million net of tax) in conjunction with the sale of equity method investment, Eviosys.

(5)The Company recorded income tax benefits of $10 million and $68 million in the fourth quarter and full year of 2025, primarily related to an income tax benefit of $22 million from an internal reorganization in the first quarter of 2025, tax settlements and audits, valuation allowances and the items described above. The Company recorded an income tax charge of $40 million and a benefit of $131 million in the fourth quarter and full year of 2024.

(6)In the fourth quarter and full year of 2024, the Company recorded its proportional share of intangible amortization and restructuring charges, net of tax, recorded by its European tinplate equity method investment, in the line Equity earnings.

(7)In the fourth quarter and full year of 2025 and 2024, the Company recorded noncontrolling interest related to the items described above. Consolidated Balance Sheets (Condensed & Unaudited)(in millions)December 31,2025
2024 Assets

Current assets

    Cash and cash equivalents
$764

$918
    Receivables, net

1,768

1,656
    Inventories

1,577

1,440
    Prepaid expenses and other current assets

279

197
            Total current assets

4,388

4,211

Goodwill and intangible assets, net

4,114

3,998
Property, plant and equipment, net

5,187

4,927
Other non-current assets

583

712
            Total assets

$14,272

$13,848

Liabilities and equity

Current liabilities

    Short-term debt
$83

$66
    Current maturities of long-term debt

480

80
Accounts payable and accrued liabilities

3,703

3,319
            Total current liabilities

4,266

3,465

Long-term debt, excluding current maturities

5,401

6,058
Other non-current liabilities

1,125

1,097

Noncontrolling interests

481

472
Crown Holdings shareholders' equity

2,999

2,756
Total equity

3,480

3,228
            Total liabilities and equity
$14,272

$13,848

Consolidated Statements of Cash Flows (Condensed & Unaudited)(in millions)Year ended December 31,

2025
2024

Cash flows from operating activities

Net income

$883

$560
Depreciation and amortization

456

448
Restructuring and other

83

75
Pension and postretirement expense

33

568
Pension contributions

13

(122)
Gain on sale of equity method investment

(275)
Stock-based compensation

48

42
Loss on debt extinguishment

15

1
Working capital changes and other

(1)

(105)

           Net cash provided by operating activities

1,530

1,192

Cash flows from investing activities

     Capital expenditures

(413)

(403)
Equity method investment distribution

338
      Asset sales

36

28
     Net investment hedges

29

25
Other

28

           Net cash used for investing activities

(320)

(12)

Cash flows from financing activities

     Net change in debt

(593)

(1,056)
     Bond issuance costs

(19)

(10)
Dividends paid to shareholders

(120)

(119)
     Common stock repurchased

(505)

(217)
Dividends paid to noncontrolling interests

(140)

(119)
Other, net

16

(5)

           Net cash used for financing activities

(1,361)

(1,526)

Effect of exchange rate changes on cash and cash equivalents

14

(38)

Net change in cash and cash equivalents

(137)

(384)
Cash and cash equivalents at January 1

1,016

1,400

Cash, cash equivalents and restricted cash at December 31 (1)

$879

$1,016

(1) Cash and cash equivalents include $115 million and $98 million of restricted cash at December 31, 2025 and 2024.Adjusted free cash flow is defined by the Company as net cash from operating activities less capital expenditures and certain other items. A reconciliation of net cash from operating activities to adjusted free cash flow for the three months and year ended December 31, 2025 and 2024 follows.
Three Months EndedDecember 31,

Year EndedDecember 31,

2025

2024

2025

2024

Net cash provided by operating activities $             487

$         295

$        1,530

$            1,192

Interest included in investing activities (2)4

29

25

Capital expenditures(232)

(149)

(413)

(403)

Adjusted free cash flow$             259

$        146

$       1,146

$               814

(2) Interest benefit of cross currency swaps included in investing activities. Consolidated Supplemental Data (Unaudited)
(in millions)

Impact of Foreign Currency Translation – Favorable/(Unfavorable) (1)

Three Months EndedDecember 31, 2025

Year EndedDecember 31, 2025

Net Sales
Segment
Income

Net Sales

Segment
Income

Americas Beverage$6
$(1)

$(16)

$

European Beverage31
4

63

8

Asia Pacific4
1

19

3

Transit Packaging16
3

17

3

Other 1

1

$58
$7

$84

$14

(1)The impact of foreign currency translation represents the difference between actual current year U.S. dollar results and pro forma amounts assuming constant foreign currency exchange rates for translation in both periods. In order to compute the difference, the Company compares actual U.S. dollar results to an amount calculated by dividing the current U.S. dollar results by current year average foreign exchange rates and then multiplying those amounts by the applicable prior year average foreign exchange rates. Reconciliation of Adjusted EBITDA and Adjusted Net Leverage Ratio

2025
2024

Income from operations
$1,553
$1,419
Add:

   Intangibles amortization
148
151
   Restructuring and other
83
75
Segment income
1,784
1,645
Depreciation
308
297
Adjusted EBITDA
$2,092
$1,942

Total debt
$5,964
$6,204
Less cash
764
918
Net debt
$5,200
$5,286

Adjusted net leverage ratio
2.5x
2.7x

View original content:https://www.prnewswire.com/news-releases/crown-holdings-inc-reports-fourth-quarter-and-full-year-2025-results-302679438.htmlSOURCE Crown Holdings, Inc.

Original: CROWN HOLDINGS, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS