Crown Holdings, Inc. Reports Third Quarter 2025 Results

TAMPA, Fla., Oct. 20, 2025 /PRNewswire/ -- Crown Holdings, Inc. (NYSE: CCK) today announced its financial results for the third quarter ended September 30, 2025.

Highlights

Third Quarter

• Diluted earnings per share of $1.85 versus diluted loss per share of $1.47 in 2024
• Adjusted diluted earnings per share increased 13% to $2.24 compared to $1.99 in 2024
• Returned in excess of $400 million to shareholders during the first nine months
• Long-term adjusted net leverage target of 2.5x achieved

2025 Outlook

• Full year guidance range for adjusted diluted earnings per share increased to $7.70 to $7.80 with adjusted free cash flow of approximately $1.0 billion

Commenting on the quarter, Timothy J. Donahue, Chairman, President and Chief Executive Officer, stated, "The Company continued its robust 2025 performance during the third quarter, with adjusted diluted earnings per share increasing 13% and segment income 4% above a very strong prior year quarter. Driving the results was 12% volume growth in European Beverage, leading to a gain of 27% in European segment income. Global beverage can volumes were mixed during the quarter with softness in Asia and Latin America offsetting double-digit advances in Europe and the Middle East.

"In light of the Company's performance through nine months, projections for both diluted earnings per share and free cash flow have been increased. Additionally, the Company achieved its long-term adjusted net leverage target of 2.5x at September 30, while returning more than $400 million to shareholders in the form of share repurchases and dividends. As we look to the future, we remain committed to a strong balance sheet and returning excess cash to shareholders."

Net sales in the third quarter were $3,202 million compared to $3,074 million in the third quarter of 2024 reflecting increased shipments in European Beverage, the pass through of $104 million in higher material costs and favorable foreign currency translation of $34 million, partially offset by lower beverage can shipments in Latin America and Asia Pacific.

Income from operations was $423 million in the third quarter compared to $444 million in the third quarter of 2024. Segment income in the third quarter of 2025 was $490 million compared to $472 million in the prior year third quarter driven by stronger results in European Beverage and the North American tinplate businesses.

Net income attributable to Crown Holdings in the third quarter was $214 million compared to a loss of $175 million in the third quarter of 2024. Reported diluted earnings per share were $1.85 in the third quarter of 2025 compared to a diluted loss of $1.47 in 2024 and adjusted diluted earnings per share were $2.24 compared to $1.99 in 2024.

Nine Month Results
Net sales for the first nine months of 2025 were $9,238 million compared to $8,898 million in the first nine months of 2024, reflecting the pass through of $318 million in higher material costs and higher shipments in European Beverage and North American food can, partially offset by lower shipments in Asia Pacific and Transit Packaging.

Income from operations was $1,179 million in the first nine months of 2025 compared to $1,068 million in the first nine months of 2024. Segment income in the first nine months of 2025 was $1,364 million compared to $1,217 million in the prior year period and includes the benefits from improved global manufacturing performance.

Net income attributable to Crown Holdings in the first nine months of 2025 was $588 million compared to $66 million in the first nine months of 2024. Reported diluted earnings per share were $5.06 compared to $0.55 in 2024. Adjusted diluted earnings per share were $6.05 compared to $4.82 in 2024.

Outlook
"As a result of continued strong operating results, the Company is increasing its full year 2025 guidance range to $7.70 to $7.80 of adjusted diluted earnings per share," commented Kevin C. Clothier, Senior Vice President and Chief Financial Officer. The Company expects fourth quarter adjusted diluted earnings per share to be in the range of $1.65 to $1.75.

The Company expects to generate approximately $1.0 billion in adjusted free cash flow in 2025, after capital spending of approximately $400 million, with the adjusted effective tax rate expected to be approximately 25%.

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 full year of 2025 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, October 21, 2025, 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 October 28, 2025. The telephone numbers for the replay are 203-369-3268 or toll free 800-391-9851.

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 the Company's ability to continue to operate its plants, distribute its products and maintain its supply chain; the future impact of currency translation; the continuation of performance and market trends in 2025, 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, including tariffs and retaliatory trade measures; future demand for food cans; the Company's ability to deliver continuous operational improvement; future demand in the Transit Packaging segment; and the Company's ability to increase cash flow and to further reduce net leverage, 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) 552-3720

Unaudited Consolidated Statements of Operations, Balance Sheets, Statements of Cash Flows, Segment Information and Supplemental Data follow.

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.

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 Share

The 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.

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.

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SOURCE Crown Holdings, Inc.