Logotype for Crown Holdings Inc

Crown (CCK) investor relations material

Crown Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Crown Holdings Inc
Q4 2025 earnings summary5 Feb, 2026

Executive summary

  • Achieved record adjusted EBITDA of $2.1 billion in 2025, up 8% year-over-year, and record free cash flow of $1,146 million, a $332 million increase year-over-year.

  • Adjusted EPS for Q4 was $1.74, up 9% year-over-year; full-year adjusted EPS rose 22% to $7.79.

  • Net leverage ratio reduced to 2.5x, the lowest in over 15 years, down from 2.7x at 2024 year-end.

  • Returned $625 million to shareholders in 2025 via dividends and share repurchases.

  • Reported EPS was $1.31 in Q4, down from $3.02 due to a prior-year gain from the Eviosys sale.

Financial highlights

  • Full year net sales increased to $12,365 million from $11,801 million, driven by higher shipments and material cost pass-throughs.

  • Q4 net sales rose 8% year-over-year, driven by 3% global beverage can volume growth, higher raw material costs, and favorable FX.

  • Net income attributable to shareholders was $738 million, up from $424 million in 2024.

  • Operating cash flow reached $1,530 million, with adjusted free cash flow at $1,146 million.

  • Segment income for Q4 was $420 million, slightly down from $428 million in the prior year.

Outlook and guidance

  • 2026 adjusted diluted EPS expected between $7.90 and $8.30; Q1 2026 adjusted EPS projected at $1.70–$1.80.

  • 2026 free cash flow estimated at $900 million after $550 million in capital spending for growth projects in Brazil, Greece, and Spain.

  • Net leverage expected to remain at 2.5x; guidance includes $350–$360 million net interest expense, 25% tax rate, and $330 million depreciation.

Strategy for Asia Pacific & Transit Packaging volumes?
Impact of 2026 capex on free cash flow outlook?
Capital allocation priorities with low leverage?
Long-term FCF growth beyond 2026
Crown's NA capacity strategy for 2026-27
Key drivers for European beverage growth in 2026
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Frequently asked questions

Crown Holdings, Inc. manufactures and sells packaging products including glass containers and aluminum cans for a variety of food, beverage and non-food products. In addition, the company manufactures steel cans and plastic bottles in North America, Europe and Asia Pacific. Crown Holdings' major customers include beer companies such as Pepsico and Anheuser Busch InBev; soft drink companies such as Coca Cola Co., PepsiCo Inc. and Dr Pepper Snapple Group; and tobacco companies such as Philip Morris International.

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