Crown Holdings, Inc.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 4 February 2026: press release. Guidance figures: 4 new. The quarter’s numbers.

Read the filing

Key takeaways

• Full-year adjusted EPS rose 22%: Full-year adjusted diluted EPS was $7.79, against $6.41 in 2024. The company presents this figure adjusted for intangibles amortization, restructuring and other items. Source
• European Beverage sales and income rose: European Beverage net sales were $2,325 million, against $2,071 million, and segment income $334 million, against $276 million, in 2025 and 2024. Source
• Beverage can and tinplate drove growth: Management said segment income expansion of over 8% came from the global beverage can and North American tinplate businesses, building on 6% and 7% growth in 2024 and 2023. Source
• Asia Pacific and Transit volumes lower: Management said fourth-quarter net sales were partly offset by lower volumes in Asia Pacific and Transit Packaging, which had fourth-quarter net sales of $302 million and $501 million. Source
• Adjusted free cash flow reached $1,146 million: Adjusted free cash flow was $1,146 million, against $814 million, after capital expenditures of $413 million, against $403 million. Source
• $625 million returned to shareholders: Shareholder returns were $625 million, made up of quarterly dividends and repurchases of common stock. Common stock repurchased was $505 million and dividends paid to shareholders were $120 million. Source

“The Company continued its strong momentum during the fourth quarter to complete an excellent year.”

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

Guidance

What changed from last quarter

• New guidance: The company gave a full-year 2026 adjusted diluted EPS range of $7.90 to $8.30. Source
• New guidance: The company gave a full-year 2026 adjusted free cash flow figure of approximately $900 million. Source
• New guidance: The company gave 2026 capital spending of $550 million. The October release gave no 2026 capital spending figure. Source
• New guidance: The company gave a first-quarter 2026 adjusted diluted EPS range of $1.70 to $1.80. Source
• New: Capacity expansions and facility upgrades in Brazil, Greece and Spain are named as part of 2026 capital spending. Source

Full-year and fourth-quarter results

• Full-year adjusted EPS rose 22%: Full-year adjusted diluted EPS was $7.79, against $6.41 in 2024. The company presents this figure adjusted for intangibles amortization, restructuring and other items. Source
• Fourth-quarter adjusted EPS rose 9%: Fourth-quarter adjusted diluted EPS was $1.74, against $1.59 a year earlier. Fourth-quarter segment income was $420 million, against $428 million. Source
• Full-year net sales rose to $12.4 billion: Net sales were $12,365 million, against $11,801 million, reflecting higher European Beverage and North America tinplate shipments and $84 million of favorable currency translation. Source
• Adjusted EBITDA reached $2.1 billion: Adjusted EBITDA was $2,092 million, against $1,942 million in 2024. Source
• Operating income rose to $1.55 billion: Income from operations was $1,553 million, against $1,419 million. Fourth-quarter income from operations was $374 million, against $351 million. Source

Segment sales and income

• European Beverage sales and income rose: European Beverage net sales were $2,325 million, against $2,071 million, and segment income $334 million, against $276 million, in 2025 and 2024. Source
• Americas Beverage sales and income rose: Americas Beverage net sales were $5,615 million, against $5,240 million, and full-year segment income $1,030 million, against $987 million. Fourth-quarter segment income was $271 million, against $275 million. Source
• Asia Pacific sales and income fell: Asia Pacific net sales were $1,096 million, against $1,161 million, and segment income $183 million, against $195 million. Source
• Transit Packaging sales and income fell: Transit Packaging net sales were $2,026 million, against $2,107 million, and segment income $258 million, against $270 million. Source
• Other segment income rose: Other segment income was $148 million, against $82 million, on net sales of $1,303 million, against $1,222 million. Corporate and other unallocated items were $(169) million, against $(165) million. Source

“Our pursuit of commercial and operational excellence has delivered strong financial results, a sound balance sheet, and ultimately, higher shareholder value.”

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

Products and end markets

• Beverage can and tinplate drove growth: Management said segment income expansion of over 8% came from the global beverage can and North American tinplate businesses, building on 6% and 7% growth in 2024 and 2023. Source
• Other segment covers food and aerosol: The Other segment includes North American food can, aerosol can and closures businesses, plus beverage tooling and equipment in the U.S. and United Kingdom. Source
• Company describes its product range: The company describes itself as a supplier of rigid packaging to consumer marketing companies, plus transit and protective packaging, equipment and services. Source

Costs, tax and pricing

• Material cost pass-through included: Fourth-quarter net sales included a pass-through of $189 million in higher material costs, with favorable currency translation of $58 million. Source
• Cost of products sold rose: Full-year cost of products sold was $9,641 million, against $9,262 million, and selling and administrative expense was $632 million, against $597 million. Source
• Adjusted tax rate fell: The adjusted effective tax rate was 24.9% for 2025, against 26.0% in 2024. The fourth-quarter rate was 24.9%, against 27.7%. Source

“We expect another strong year in 2026 with adjusted earnings per share between $7.90 and $8.30 and adjusted free cash flow of approximately $900 million.”

Kevin C. Clothier, Senior Vice President and Chief Financial Officer

Demand and volume commentary

• European shipments rose in fourth quarter: Fourth-quarter net sales were $3,127 million, against $2,903 million, with European Beverage net sales of $520 million, against $456 million. Source
• Asia Pacific and Transit volumes lower: Management said fourth-quarter net sales were partly offset by lower volumes in Asia Pacific and Transit Packaging, which had fourth-quarter net sales of $302 million and $501 million. Source
• Americas Beverage fourth-quarter sales rose: Americas Beverage net sales were $1,473 million in the fourth quarter, against $1,325 million in the prior-year quarter. Source

Cash flow and shareholder returns

• Adjusted free cash flow reached $1,146 million: Adjusted free cash flow was $1,146 million, against $814 million, after capital expenditures of $413 million, against $403 million. Source
• Operating cash flow rose: Net cash provided by operating activities was $1,530 million, against $1,192 million. Source
• $625 million returned to shareholders: Shareholder returns were $625 million, made up of quarterly dividends and repurchases of common stock. Common stock repurchased was $505 million and dividends paid to shareholders were $120 million. Source
• Net debt lower at year end: Net debt was $5,200 million at year end, against $5,286 million a year earlier, with cash of $764 million. Source

Growth investment and manufacturing

• Continuous improvement and capacity expansions: Management said adjusted EBITDA grew 20% over three years, supported by continuous improvement and focused capacity expansions. Source
• Manufacturing performance cited for income: The company attributed full-year segment income partly to the benefits from improved global manufacturing performance. Source
• Brazil, Greece and Spain projects in 2026: Management said 2026 capital spending of $550 million includes capacity expansions and facility upgrades in Brazil, Greece and Spain. Source

Reported EPS and share count

• Reported EPS well below adjusted: Reported diluted EPS was $6.38 for 2025, against $3.55 in 2024. The 2024 figure included a $275 million gain on the sale of the Eviosys equity investment. Source
• Share count fell year on year: Common shares outstanding were 113,421,634 at year end, against 118,503,631 a year earlier. Full-year diluted weighted average shares were 115,742,839. Source
• Amortization excluded from adjusted EPS: Adjusted diluted EPS excludes intangibles amortization of $1.28 per share and restructuring and other items of $0.71 per share for 2025. Source

Risks management discussed

• Demand: Lower volumes in Latin America and Transit Packaging offset higher European Beverage volumes in the fourth quarter, per the segment income commentary. Source
• Operational: Fourth-quarter restructuring and other charges of $83 million for the year included asset impairment charges in Asia Pacific and severance costs in Transit Packaging. Source
• Regulatory: The 2025 restructuring and other charges included a reserve for a legal dispute. Source

Earlier plans management reported on

• Not stated: The October release gave a fourth-quarter adjusted EPS range of $1.65 to $1.75. The February release reported $1.74 for the quarter.
• Not stated: The October release expected about $1.0 billion of adjusted free cash flow in 2025. The February release reported $1,146 million for the year.
• Met: The October release said the 2.5x long-term net leverage target was achieved. The February release gives the year-end ratio as 2.5x.
• Not stated: Management said the company will continue to use free cash flow for growth investments and for dividends and repurchases in 2026. Source

Other quarters

• Q2 FY2026 earnings call
• Q1 FY2026 earnings call
• Q3 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.