Crown (CCK) Q3 2025 earnings summary

Executive summary

• Third quarter 2025 results exceeded expectations, with adjusted EPS up 13% year-over-year and net income of $214 million, reversing a prior year loss.

• Net sales for Q3 2025 were $3,202 million, up from $3,074 million in Q3 2024; nine-month net sales reached $9,238 million.

• Over $400 million was returned to shareholders in the first nine months through buybacks and dividends.

• Achieved long-term net leverage target of 2.5x at September 30, 2025.

• Focus remains on profitable growth, cash flow generation, and disciplined capital allocation.

Financial highlights

• Adjusted EPS for Q3 2025 was $2.24, up from $1.99 in the prior year; reported EPS was $1.85 versus a loss of $1.47.

• Segment income reached $490 million, up from $472 million; operating income was $423 million, down from $444 million.

• Adjusted free cash flow for the first nine months was $887 million, up from $668 million; cash from operations was $1,043 million.

• Cash and cash equivalents at September 30, 2025, were $1,172 million, up from $918 million at year-end 2024.

• Over $400 million returned to shareholders year-to-date through buybacks and dividends.

Outlook and guidance

• Full-year 2025 adjusted EPS guidance raised to $7.70–$7.80; Q4 adjusted EPS expected at $1.65–$1.75.

• 2025 adjusted free cash flow projected at $1 billion after $400 million in capital spending.

• Net leverage to remain near 2.5x; adjusted effective tax rate expected at 25%.

• Capital spending for 2025 is expected to be approximately $400 million.

• Net interest expense expected at $350 million, depreciation at $310 million.