Crown Holdings, Inc.: Q3 FY2025 earnings call

What management said about Q3 FY2025, from the documents filed with the SEC on 20 October 2025: press release. Guidance figures: 2 raised, 1 lowered, 1 new, 1 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Adjusted diluted EPS rose 13%: Adjusted diluted EPS was $2.24 against $1.99. Reported diluted EPS was $1.85 against a loss of $1.47, and net income attributable to Crown Holdings was $214 million against a loss of $175 million. Source
• Nine-month adjusted EPS was $6.05: Adjusted diluted EPS was $6.05 against $4.82. Reported diluted EPS was $5.06 against $0.55, and net income attributable to Crown Holdings was $588 million against $66 million. Source
• European Beverage volume up 12%: European Beverage net sales were $658 million against $573 million, and its segment income was $109 million against $86 million. Source
• Improved manufacturing performance cited: Management attributed part of nine-month segment income to improved global manufacturing performance across operations. Source
• Nine-month adjusted free cash flow $887 million: Adjusted free cash flow was $887 million for nine months against $668 million, and $500 million for the quarter against $490 million. Source
• 2.5x leverage target achieved: Management said adjusted net leverage reached the company's 2.5x long-term target at September 30, 2025. Source
• $400 million returned to shareholders: Nine-month share repurchases were $314 million and dividends paid to shareholders were $90 million. Source

“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.”

Timothy J. Donahue, Chairman, President and Chief Executive Officer

Guidance

What changed from last quarter

• Guidance raised: Full-year adjusted diluted EPS guidance raised to $7.70 to $7.80 from $7.10 to $7.50. Source
• Guidance raised: Full-year adjusted free cash flow guidance raised to about $1.0 billion from about $900 million. Source
• Guidance lowered: Capital spending guidance for 2025 lowered to about $400 million from about $450 million. Source
• New guidance: Fourth-quarter adjusted diluted EPS guidance of $1.65 to $1.75 added; the prior release gave third-quarter guidance only. Source

Third quarter results

• Adjusted diluted EPS rose 13%: Adjusted diluted EPS was $2.24 against $1.99. Reported diluted EPS was $1.85 against a loss of $1.47, and net income attributable to Crown Holdings was $214 million against a loss of $175 million. Source
• Operating income down, segment income up: Income from operations was $423 million against $444 million. Segment income, which excludes intangibles amortization and restructuring, was $490 million against $472 million. Source
• Net sales rose on shipments and pass-through: Net sales were $3,202 million against $3,074 million. Management attributed the increase to European Beverage shipments, $104 million of pass-through material costs and $34 million of favorable currency translation. Source

Nine-month results

• Nine-month adjusted EPS was $6.05: Adjusted diluted EPS was $6.05 against $4.82. Reported diluted EPS was $5.06 against $0.55, and net income attributable to Crown Holdings was $588 million against $66 million. Source
• Nine-month sales and segment income higher: Net sales were $9,238 million against $8,898 million. Income from operations was $1,179 million against $1,068 million, and segment income was $1,364 million against $1,217 million. Source

“As we look to the future, we remain committed to a strong balance sheet and returning excess cash to shareholders.”

Timothy J. Donahue, Chairman, President and Chief Executive Officer

Segments and regions

• European Beverage volume up 12%: European Beverage net sales were $658 million against $573 million, and its segment income was $109 million against $86 million. Source
• Asia Pacific sales and income lower: Asia Pacific net sales were $259 million against $284 million, and segment income was $44 million against $50 million. Source
• Transit Packaging sales lower over nine months: Transit Packaging net sales were $517 million against $526 million for the quarter, and $1,525 million against $1,596 million for nine months. Source
• Other segment income higher: Other segment income was $51 million against $27 million. Management cited North American tinplate results among the drivers of total segment income. Source

Costs, margins and tax

• Nine-month pass-through of $318 million: Nine-month net sales reflected $318 million of higher material costs passed through, along with higher shipments in European Beverage and North American food can. Source
• Adjusted net income rose to $259 million: Adjusted net income was $259 million against $238 million for the quarter, and $703 million against $577 million for nine months. Source
• Adjusted tax rate was 25.2%: Adjusted effective tax rate was 25.2% against 25.8% in the quarter; reported effective tax rate was 26.1% against 22.0%. Source
• Prior-year pension charges excluded: Prior-year nine months included $519 million of pension settlement charges, which the company excluded from adjusted results. Source

Operations and restructuring

• Improved manufacturing performance cited: Management attributed part of nine-month segment income to improved global manufacturing performance across operations. Source
• Restructuring charges in Asia and Transit: Net restructuring and other charges were $30 million in the quarter and $75 million for nine months, mainly Asia Pacific asset impairments, Transit Packaging severance and a legal dispute reserve. Source
• Intangibles amortization charges lower: Intangibles amortization was $37 million against $41 million in the quarter, and $110 million against $122 million for nine months. Segment income excludes these charges. Source

Cash flow and shareholder returns

• Nine-month adjusted free cash flow $887 million: Adjusted free cash flow was $887 million for nine months against $668 million, and $500 million for the quarter against $490 million. Source
• 2.5x leverage target achieved: Management said adjusted net leverage reached the company's 2.5x long-term target at September 30, 2025. Source
• $400 million returned to shareholders: Nine-month share repurchases were $314 million and dividends paid to shareholders were $90 million. Source
• Operating cash flow rose for nine months: Net cash from operating activities was $1,043 million against $897 million for nine months; capital expenditures were $181 million against $254 million. Source

Figures management reported

Risks management discussed

• Demand: Asia and Latin America beverage can volumes were soft, while Europe and the Middle East rose by double digits. Source
• Financial: Management said items excluded from adjusted figures, such as asset sales, restructuring and asbestos charges, could have a significant impact on reported EPS and GAAP operating income, and their timing cannot be reliably forecast. Source

Earlier plans management reported on

• Met: Management said the 2.5x adjusted net leverage target was achieved at September 30, 2025. Source
• On track: The prior release said the company was well on its way to achieving the 2.5x leverage target.

Other quarters

• Q2 FY2026 earnings call
• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.