Crown (CCK) Q1 2026 earnings summary

Executive summary

• Adjusted EPS rose 11% year-over-year to $1.86, while reported EPS was $1.56, down from $1.65 last year.

• Net sales increased 13% year-over-year to $3,259 million, driven by higher global beverage can volumes, raw material cost pass-through, and favorable FX.

• Net income attributable to shareholders was $175 million, down from $193 million year-over-year.

• Over $250 million returned to shareholders in Q1, including a 35% dividend increase and $212 million in share repurchases.

• Announced a new two-line beverage can plant in Northern India, expected to open in H2 2027, supporting growth in a fast-growing market.

Financial highlights

• Adjusted EPS: $1.86 (up 11% YoY); Reported EPS: $1.56 (down from $1.65 YoY).

• Net sales: up 13% YoY to $3,259 million, with a 5% increase in global beverage can volumes.

• Segment income: $405 million, up from $398 million YoY.

• Adjusted EBITDA reached $485 million, up from $473 million.

• Cash and cash equivalents at quarter-end were $584 million, down from $764 million at year-end 2025.

Outlook and guidance

• Q2 2026 adjusted EPS projected at $2.10–$2.20; full-year guidance at $7.90–$8.30, including a $0.10 headwind from Middle East conflict.

• Free cash flow guidance for 2026: ~$900 million after $550 million in capex.

• Year-end net leverage expected at 2.5x, in line with long-term targets.

• Full-year guidance assumes $355 million net interest expense, 25% tax rate, $330 million depreciation, and $145 million non-controlling interest expense.

• No material impact expected from recent U.S. tax reform or OECD Pillar II global minimum tax for 2026.