Crown Holdings, Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 27 April 2026: press release. Guidance figures: 1 new, 3 kept. The quarter’s numbers.

Key takeaways

Net sales rose to $3,259 million: Net sales were $3,259 million against $2,887 million. The company cited higher global beverage can shipments and currency effects. Source
Adjusted EPS up 11% to $1.86: Adjusted diluted EPS was $1.86 against $1.67. Reported diluted EPS was $1.56 against $1.65. Adjusted net income was $209 million against $195 million. Source
Europe and Asia-Pacific drove segment income: European Beverage segment income was $86 million against $67 million. Asia Pacific segment income was $52 million against $47 million. Source
Global beverage can volumes up 5%: Global beverage can volumes rose 5%, led by shipments across Europe and Asia-Pacific. Source
Returned $251 million to shareholders: Of the $251 million, $39 million was dividends and $212 million was share repurchases. Management cited a 35% dividend increase. Source
New beverage can plant in India: Management described the Northern India plant as the company's entry into one of the world's fastest growing beverage markets. Source

“The Company got off to a solid start for the year, driven by strong results in our European and Asian beverage can businesses”
Timothy J. Donahue, Chairman, President & Chief Executive Officer

Guidance

Area	Period	Figure	Against last quarter
Adjusted diluted EPS Source	Full year 2026	$7.90 to $8.30	Kept
Adjusted diluted EPS Source	Second quarter 2026	$2.10 to $2.20	New
Adjusted free cash flow Source	Full year 2026	approximately $900 million	Kept
Capital spending Source	Full year 2026	approximately $550 million	Kept

What changed from last quarter

New guidance: A second quarter 2026 adjusted diluted EPS range of $2.10 to $2.20 was given. Source
Guidance kept: Full year 2026 adjusted diluted EPS guidance of $7.90 to $8.30 was reaffirmed. Source
New: The company announced plans for a beverage can plant in Northern India earlier in April 2026. Source

Results and growth drivers

Net sales rose to $3,259 million: Net sales were $3,259 million against $2,887 million. The company cited higher global beverage can shipments and currency effects. Source
Adjusted EPS up 11% to $1.86: Adjusted diluted EPS was $1.86 against $1.67. Reported diluted EPS was $1.56 against $1.65. Adjusted net income was $209 million against $195 million. Source
Operating income unchanged year over year: Income from operations was $365 million, the same as the prior year quarter. Source
Net income to Crown lower: Net income attributable to Crown Holdings was $175 million against $193 million. Net income attributable to noncontrolling interests was $31 million against $34 million. Source
Segment income up to $405 million: Segment income was $405 million against $398 million in the prior year first quarter. Source

Segments and regions

Europe and Asia-Pacific drove segment income: European Beverage segment income was $86 million against $67 million. Asia Pacific segment income was $52 million against $47 million. Source
Americas Beverage income declined: Americas Beverage segment income was $210 million against $236 million, on net sales of $1,530 million against $1,320 million. Source
Transit Packaging income declined: Transit Packaging segment income was $53 million against $60 million. Its net sales were $496 million against $482 million. Source
Other segment income rose: Other segment income was $47 million against $29 million, on net sales of $342 million against $294 million. Source

“The Company grew both segment income and adjusted diluted earnings per share during the quarter, despite the challenging operating environment.”
Timothy J. Donahue, Chairman, President & Chief Executive Officer

Products and customers

Global beverage can volumes up 5%: Global beverage can volumes rose 5%, led by shipments across Europe and Asia-Pacific. Source
North America: slow January, March up 8%: North American shipments advanced 1% in the quarter. March was up 8% on the prior year after a slow start to the year. Source
Food can and closures results cited: Management cited results in the North American food can and closures businesses and in beverage can equipment. Source

Costs, margins and pricing

Material cost pass-through lifted sales: Net sales included a $234 million pass-through of higher material costs and $74 million of favorable foreign currency. Source
Cost of products sold rose: Cost of products sold was $2,615 million against $2,262 million. Selling and administrative expense was $159 million against $152 million. Source
Lower input cost recovery in North America: Segment income was offset by lower Brazil can shipments and lower input cost recovery in North America. Source

“the Company anticipates another strong year in 2026”
Timothy J. Donahue, Chairman, President & Chief Executive Officer

Demand and the order book

Demand remains firm across beverage: Management said demand remained firm across the global beverage businesses and that it considered first quarter performance in reaffirming guidance. Source
Global sourcing keeps plants supplied: All Crown facilities remain operational. Sourcing initiatives and manufacturing flexibility let the company procure materials and meet requirements in all regions. Source
Middle East headwinds through second quarter: Management expects continued headwinds from the Middle East conflict to persist through the second quarter. Source

Capital, cash and shareholder returns

Returned $251 million to shareholders: Of the $251 million, $39 million was dividends and $212 million was share repurchases. Management cited a 35% dividend increase. Source
Operating cash flow negative in quarter: Net cash used for operating activities was $54 million against $14 million provided. Capital expenditures were $87 million against $33 million. Adjusted free cash flow was $(129) million against $(6) million. Source
Dividends to noncontrolling interests lower: Dividends paid to noncontrolling interests were $17 million against $28 million in the prior year quarter. Source
Net debt higher, leverage 2.7x: Net debt was $5,673 million at March 31, 2026 against $5,200 million at December 31, 2025. The adjusted net leverage ratio was 2.7x against 2.5x. Source

Strategy and investment

New beverage can plant in India: Management described the Northern India plant as the company's entry into one of the world's fastest growing beverage markets. Source
Free cash flow funds growth and returns: Management said it will use free cash flow for strategic investments in growth, dividends and disciplined share repurchases. Source
Plant to serve alcohol and non-alcohol demand: Management said the plant will serve accelerating demand in both alcoholic and non-alcoholic beverage segments. Source

Non-GAAP adjustments and tax

Intangibles amortization excluded from adjusted EPS: Intangibles amortization was $38 million against $35 million, or $0.34 against $0.30 per diluted share, and is excluded from adjusted results. Source
Reported tax rate up, adjusted down: The reported effective tax rate was 25.5% against 16.9%. The adjusted effective tax rate was 24.5% against 25.2%. Source
Prior-year tax benefit from reorganization: The first quarter of 2025 included a $22 million income tax benefit from an internal reorganization. Source
Diluted share count lower: Weighted average diluted shares were 112,533,102 against 117,039,580 in the prior year quarter. Source

Coming up, as management said on 27 April 2026

India plant begins operations 2H 2027: The two-line Northern India facility is expected to start operations in the second half of 2027. Source

Figures management reported

Figure	Reported
Global beverage can volumes Source	5%
North American shipments Source	1%
North American shipments in March Source	8%

Risks management discussed

External: Management expects headwinds from the Middle East conflict to persist through the second quarter. Source
External: Management flagged volatility in aluminum, energy and transportation markets as a possible factor for input costs and consumer spending. Source
Operational: Management attributed a slow start to North American shipments to widespread winter storms in January. Source

Earlier plans management reported on

Not stated: Management said it reiterated its previous full year guidance for earnings, cash flow and capital expenditure. Source

Other quarters

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.

As filed with the SEC

Open the filing on EDGAR

News Release Corporate Headquarters14025 Riveredge Drive, Suite 300Tampa, FL 33637

CROWN HOLDINGS, INC. REPORTS FIRST QUARTER 2026 RESULTS

Tampa, FL - April 27, 2026. Crown Holdings, Inc. (NYSE: CCK) today announced its financial results for the first quarter ended March 31, 2026.

Highlights

First Quarter

Global beverage shipments increased 5%
Diluted earnings per share of $1.56 versus $1.65 in 2025
Adjusted diluted earnings per share increased 11% to $1.86
Returned $251 million to shareholders, including $39 million of dividends, reflecting a 35% dividend increase
Announced plans to construct a new greenfield two-line, high-speed beverage can plant in Northern India

“The Company got off to a solid start for the year, driven by strong results in our European and Asian beverage can businesses, beverage can equipment and our North American food can and closures businesses,” said Timothy J. Donahue, Chairman, President & Chief Executive Officer. “Global beverage can volumes advanced 5%, led by robust shipments throughout Europe and Asia-Pacific. North American shipments advanced 1% in the quarter as a strong March, up 8% over the prior year, helped overcome a slow start to the year, the result of widespread winter storms in January.

“The Company grew both segment income and adjusted diluted earnings per share during the quarter, despite the challenging operating environment. All Crown facilities remain operational, and, through our global sourcing initiatives and manufacturing flexibility, we have been able to procure necessary materials and meet customer requirements in all global regions. While we expect that continued headwinds from the effects of the Middle East conflict will persist through the second quarter, the Company anticipates another strong year in 2026. As such, we reiterate our previous full year earnings, cash flow and capital expenditure guidance.

“Earlier this month, the Company announced plans to establish a state-of-the-art beverage can manufacturing facility in Northern India, marking Crown’s entry into one of the world’s fastest growing beverage markets. The two-line facility is expected to commence operations in the second half of 2027 and will serve accelerating demand in both the alcoholic and non-alcoholic segments.

“As we look ahead, the Company will continue to use its robust free cash flow to make strategic investments in growth and return value to shareholders through dividends and disciplined repurchases of its common stock.”

Net sales in the first quarter were $3,259 million compared to $2,887 million in the first quarter of 2025 reflecting higher global beverage can shipments, the pass-through of $234 million in higher material costs and favorable foreign currency of $74 million.

Income from operations was $365 million in the first quarter of 2026, in line with the prior year period. Segment income in the first quarter of 2026 was $405 million compared to $398 million in the prior year first quarter driven by higher beverage can shipments in Europe and Asia-Pacific offset by lower beverage can shipments in Brazil and lower input cost recovery in North America.

Net income attributable to Crown Holdings in the first quarter was $175 million compared to $193 million in the first quarter of 2025. Reported diluted earnings per share were $1.56 in the first quarter of 2026 compared to $1.65 in 2025. Adjusted net income was $209 million compared to $195 million in 2025 and adjusted diluted earnings per share were $1.86 compared to $1.67 in 2025.

Outlook

“With demand remaining firm across our global beverage businesses and considering our first quarter performance, the Company reaffirms its full year 2026 guidance of adjusted diluted earnings per share between $7.90 and $8.30, while recognizing the impact that volatility across aluminum, energy and transportation markets may have on input costs and consumer spending. Second quarter adjusted diluted earnings per share are expected to be in the range of $2.10 to $2.20. The Company expects to generate approximately $900 million in adjusted free cash flow in 2026 after capital spending of approximately $550 million, which includes initial spending related to the recently announced beverage can plant in India,” commented Kevin C. Clothier, Senior Vice President and Chief Financial Officer.

News Release Corporate Headquarters14025 Riveredge Drive, Suite 300Tampa, FL 33637

Non-GAAP Measures

Segment income, adjusted free cash flow, net debt, adjusted net leverage ratio, adjusted net income, the adjusted effective tax rate, adjusted diluted earnings per share, net interest expense, EBITDA and adjusted EBITDA are not defined terms under U.S. generally accepted accounting principles (non-GAAP measures). Non-GAAP measures should not be considered in isolation or as a substitute for income from operations, cash flow, leverage ratio, net income, effective tax rates, diluted earnings per share or interest expense and interest income prepared in accordance with U.S. GAAP and may not be comparable to calculations of similarly titled measures by other companies.

The Company views segment income as the principal measure of the performance of its operations and adjusted free cash flow and adjusted net leverage ratio as the principal measures of its liquidity. The Company considers all of these measures in the allocation of resources. Adjusted free cash flow has certain limitations, however, including that it does not represent the residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure. The amount of mandatory versus discretionary expenditures can vary significantly between periods. The Company believes that adjusted free cash flow and adjusted net leverage ratio provide meaningful measures of liquidity and a useful basis for assessing the Company’s ability to fund its activities, including the financing of acquisitions, debt repayments, share repurchases or dividends. The Company believes that adjusted net income, segment income, the adjusted effective tax rate and adjusted diluted earnings per share are useful in evaluating the Company’s operations as these measures are adjusted for items that affect comparability between periods. Segment income, adjusted free cash flow, net debt, adjusted net leverage ratio, adjusted net income, the adjusted effective tax rate, adjusted diluted earnings per share, net interest expense, EBITDA and adjusted EBITDA are derived from the Company’s Consolidated Statements of Operations, Cash Flows and Consolidated Balance Sheets, as applicable, and reconciliations to segment income, adjusted free cash flow, net debt, adjusted net leverage ratio, adjusted net income, the adjusted effective tax rate, adjusted diluted earnings per share and adjusted EBITDA can be found within this release. Reconciliations of estimated adjusted diluted earnings per share, adjusted free cash flow, the adjusted effective tax rates and adjusted net leverage ratio for the second quarter and full year of 2026 to estimated diluted earnings per share, operating cash flow, the effective tax rate and income from operations on a GAAP basis are not provided in this release due to the unavailability of estimates of the following, the timing and magnitude of which the Company is unable to reliably forecast without unreasonable efforts, which are excluded from estimated adjusted diluted earnings per share, the adjusted effective tax rates and adjusted net leverage ratio, and could have a significant impact on earnings per share, the effective tax rate and income from operations on a GAAP basis: gains or losses on the sale of businesses or other assets, restructuring and other costs, asset impairment charges, asbestos-related charges, losses from early extinguishment of debt, pension settlement and curtailment charges, the tax and noncontrolling interest impact of the items above, and the impact of tax law changes or other tax matters.

Conference Call

The Company will hold a conference call tomorrow, April 28, 2026, at 9:00 a.m. (EDT) to discuss this news release. Forward-looking and other material information may be discussed on the conference call. The dial-in numbers for the conference call are 630-395-0194 or toll-free 888-324-8108 and the access password is “packaging.” A live webcast of the call will be made available to the public on the internet at the Company’s website, http://www.crowncork.com. A replay of the conference call will be available for a one-week period ending at midnight on May 5, 2026. The telephone numbers for the replay are 203-369-0896 or toll free 866-427-6407.

Cautionary Note Regarding Forward-Looking Statements

Forward-looking statements notice

Except for historical information, all other information in this press release consists of forward-looking statements. These forward-looking statements involve a number of risks, uncertainties and other factors, including expected levels of capital expenditures, free cash flow and earnings; the Company’s ability to continue to operate its plants, distribute its products, and maintain its supply chain, including any impact of the ongoing Middle East conflict; the Company’s ability to complete the project in Northern India; the future impact of currency translation; the continuation of performance and market trends in 2026, including consumer preference for beverage cans and global beverage can demand; the future impact of inflation, including the potential for higher interest rates and energy and transportation prices and the Company’s ability to recover raw material and other inflationary costs, including tariffs and retaliatory trade measures; future demand for food cans; the Company’s ability to deliver continuous operational improvement and future demand in the Transit Packaging segment that may cause actual results to be materially different from those expressed or implied in the forward-looking statements. Important factors that could cause the statements made in this press release or the actual results of operations or financial condition of the Company to differ are discussed under the caption "Forward Looking Statements" in the Company's Form 10-K Annual Report for the year ended December 31, 2025 and in subsequent filings made prior to or after the date hereof. The Company does not intend to review or revise any particular forward-looking statement in light of future events.

News Release Corporate Headquarters14025 Riveredge Drive, Suite 300Tampa, FL 33637

Crown Holdings, Inc., through its subsidiaries, is a worldwide leader in the design, manufacture and sale of packaging products for consumer goods and industrial products. World headquarters are located in Tampa, Florida.

For more information, contact:

Kevin C. Clothier, Senior Vice President and Chief Financial Officer, (215) 698-5281

Thomas T. Fischer, Vice President, Investor Relations and Corporate Affairs, (215) 552-3720

Unaudited Consolidated Statements of Operations, Balance Sheets, Statements of Cash Flows, Segment Information and Supplemental Data follow.

News Release Corporate Headquarters14025 Riveredge Drive, Suite 300Tampa, FL 33637

Consolidated Statements of Operations (Unaudited)

(in millions, except share and per share data)

	Three Months Ended March 31,
	2026	2025
Net sales	$3,259	$2,887
Cost of products sold	2,615	2,262
Depreciation and amortization	118	110
Selling and administrative expense	159	152
Restructuring and other	2	(2)
Income from operations	365	365
Loss on debt extinguishment	3
Other pension and postretirement	5	5
Foreign exchange	(3)	2
Earnings before interest and taxes	360	358
Interest expense	97	99
Interest income	(12)	(13)
Income from operations before income taxes	275	272
Provision for income taxes	70	46
Equity earnings	1	1
Net income	206	227
Net income attributable to noncontrolling interests	31	34
Net income attributable to Crown Holdings	$175	$193
Earnings per share attributable to Crown Holdings common shareholders:
Basic	$1.56	$1.65
Diluted	$1.56	$1.65
Weighted average common shares outstanding:
Basic	111,982,661	116,672,836
Diluted	112,533,102	117,039,580
Actual common shares outstanding at quarter end	111,756,236	116,393,894

Reconciliation from income from operations to segment income follows.

News Release Corporate Headquarters14025 Riveredge Drive, Suite 300Tampa, FL 33637

Consolidated Supplemental Financial Data (Unaudited)

Reconciliation from Income from Operations to Segment Income

The Company views segment income, as defined below, as a principal measure of performance of its operations and for the allocation of resources. Segment income is defined by the Company as income from operations adjusted to exclude intangibles amortization charges and provisions for restructuring and other.

	Three Months Ended March 31,
	2026	2025
Income from operations	$365	$365
Intangibles amortization	38	35
Restructuring and other	2	(2)
Segment income	$405	$398

Segment Information

Net Sales	Three Months Ended March 31,
		2026		2025
Americas Beverage	$1,530		$1,320
European Beverage	588		512
Asia Pacific	303		279
Transit Packaging	496		482
Other	342		294
Total net sales	$3,259		$2,887

Segment Income
Americas Beverage	$210	$236
European Beverage	86	67
Asia Pacific	52	47
Transit Packaging	53	60
Other	47	29
Corporate and other unallocated items	(43)	(41)
Total segment income	$405	$398

Includes the Company’s North America tinplate businesses: food can, aerosol can, and closures, and beverage tooling and equipment operations in the U.S. and United Kingdom.

News Release Corporate Headquarters14025 Riveredge Drive, Suite 300Tampa, FL 33637

Consolidated Supplemental Data (Unaudited)

(in millions, except per share data)

Reconciliation from Net Income and Diluted Earnings Per Share to Adjusted Net Income and Adjusted Diluted Earnings Per Share

The following table reconciles reported net income and diluted earnings per share attributable to the Company to adjusted net income and adjusted diluted earnings per share, as used elsewhere in this release.

	Three Months Ended March 31,
	2026		2025
Net income/diluted earnings per share attributable to Crown Holdings, as reported	$175	$1.56	$193	$1.65
Intangibles amortization	38	0.34	35	0.30
Restructuring and other	2	0.02	(2)	(0.02)
Loss on debt extinguishment	3	0.02
Income taxes	(8)	(0.07)	(31)	(0.26)
Noncontrolling interests	(1)	(0.01)
Adjusted net income/diluted earnings per share	$209	$1.86	$195	$1.67
Effective tax rate as reported	25.5%		16.9%
Adjusted effective tax rate	24.5%		25.2%

Adjusted net income, adjusted diluted earnings per share and the adjusted effective tax rate are non-GAAP measures and are not meant to be considered in isolation or as a substitute for net income, diluted earnings per share and effective tax rates determined in accordance with U.S. generally accepted accounting principles. The Company believes these non-GAAP measures provide useful information to evaluate the performance of the Company’s ongoing business.

In the first quarters of 2026 and 2025, the Company recorded charges of $38 million ($29 million net of tax) and $35 million ($27 million net of tax) for intangibles amortization arising from prior acquisitions.

In the first quarter of 2026, the Company recorded net restructuring and other charges of $2 million ($4 million net of tax). In the first quarter of 2025, the Company recorded net restructuring and other gains of $2 million ($2 million net of tax).

The Company recorded income tax benefits of $8 million and $31 million in the first quarters of 2026 and 2025, primarily related to the items described above and an income tax benefit of $22 million in the first quarter of 2025 from an internal reorganization.

In the first quarter of 2026, the Company recorded noncontrolling interest related to the items described above.

News Release Corporate Headquarters14025 Riveredge Drive, Suite 300Tampa, FL 33637

Consolidated Balance Sheets (Condensed & Unaudited)
(in millions)
March 31,		2026		2025
Assets
Current assets
Cash and cash equivalents	$584		$779
Receivables, net	1,957		1,702
Inventories	1,701		1,527
Prepaid expenses and other current assets	291		212
Total current assets	4,533		4,220
Goodwill and intangible assets, net	4,042		4,021
Property, plant and equipment, net	5,159		4,939
Other non-current assets	571		661
Total assets	$14,305		$13,841
Liabilities and equity
Current liabilities
Short-term debt	$53		$202
Current maturities of long-term debt	507		1,491
Accounts payable and accrued liabilities	3,497		3,145
Total current liabilities	4,057		4,838
Long-term debt, excluding current maturities	5,697		4,743
Other non-current liabilities	1,139		1,088
Noncontrolling interests	495		478
Crown Holdings shareholders’ equity	2,917		2,694
Total equity	3,412		3,172
Total liabilities and equity	$14,305		$13,841

News Release Corporate Headquarters14025 Riveredge Drive, Suite 300Tampa, FL 33637

Consolidated Statements of Cash Flows (Condensed & Unaudited)

Three Months Ended March 31,		2026		2025
Cash flows from operating activities
Net income	$206		$227
Depreciation and amortization	118		110
Restructuring and other	2		(2)
Pension and postretirement expense	10		10
Pension contributions	(5)		25
Stock-based compensation	13		14
Loss on debt extinguishment	3
Working capital changes and other	(401)		(370)
Net cash (used for)/provided by operating activities	(54)		14
Cash flows from investing activities
Capital expenditures	(87)		(33)
Other	(10)		34
Net cash (used for)/provided investing activities	(97)		1
Cash flows from financing activities
Net change in debt	346		108
Dividends paid to shareholders	(39)		(30)
Common stock repurchased	(212)		(203)
Dividends paid to noncontrolling interests	(17)		(28)
Other, net	(107)
Net cash used for financing activities	(29)		(153)
Effect of exchange rate changes on cash and cash equivalents	(4)		1
Net change in cash and cash equivalents	(184)		(137)
Cash and cash equivalents at January 1	879		1,016
Cash, cash equivalents and restricted cash at March 31	$695		$879

Primarily consists of payments for assets financed in 2025.

Cash and cash equivalents include $111 million and $100 million of restricted cash at March 31, 2026 and 2025.

Adjusted free cash flow is defined by the Company as net cash from operating activities less capital expenditures and certain other items. A reconciliation of net cash used for operating activities to adjusted free cash flow for the three months ended March 31, 2026 and 2025 follows.

	Three Months Ended March 31,
	2026	2025
Net cash (used for)/provided by operating activities	$(54)	$14
Interest included in investing activities	12	13
Capital expenditures	(87)	(33)
Adjusted free cash flow	$(129)	$(6)

Interest benefit of cross currency swaps included in investing activities.

News Release Corporate Headquarters14025 Riveredge Drive, Suite 300Tampa, FL 33637

Consolidated Supplemental Data (Unaudited)

Impact of Foreign Currency Translation - Favorable/(Unfavorable)

	Three Months Ended March 31, 2026
	Net Sales	Segment Income
Americas Beverage	$8	$(2)
European Beverage	36	5
Asia Pacific	7	1
Transit Packaging	21	4
Other	2	1
	$74	$9

The impact of foreign currency translation represents the difference between actual current year U.S. dollar results and pro forma amounts assuming constant foreign currency exchange rates for translation in both periods. In order to compute the difference, the Company compares actual U.S. dollar results to an amount calculated by dividing the current U.S. dollar results by current year average foreign exchange rates and then multiplying those amounts by the applicable prior year average foreign exchange rates.

Reconciliation of Adjusted EBITDA and Adjusted Net Leverage Ratio

	Q1 2026	Q1 2025	Full Year 2025		Twelve Months Ended March 31, 2026
Income from operations	$365	$365	$1,553		$1,553
Add:
Intangibles amortization	38	35	148		151
Restructuring and other	2	(2)	83		87
Segment income	405	398	1,784		1,791
Depreciation	80	75	308		313
Adjusted EBITDA	$485	$473	$2,092		$2,104
Total debt			$5,964		$6,257
Less cash			764		584
Net debt			$5,200		$5,673
Adjusted net leverage ratio				2.5x		2.7x