CROWN HOLDINGS, INC. REPORTS THIRD QUARTER 2026 RESULTS

TAMPA, Fla., Oct. 19, 2026 /PRNewswire/ -- Crown Holdings, Inc. (NYSE: CCK) today announced its financial results for the third quarter ended September 30, 2026.

Highlights

Third Quarter

• Diluted earnings per share of $2.08 versus $1.85 in 2025
• Adjusted diluted earnings per share increased 7% to $2.39 compared to $2.24 in 2025
• Global beverage can volumes increased 6%
• Net leverage ratio of 2.5x adjusted EBITDA

2026 Outlook

• Full year guidance range for adjusted diluted earnings per share is $8.35 to $8.45 with adjusted free cash flow of at least $950 million

Commenting on the quarter, Timothy J. Donahue, Chairman, President and Chief Executive Officer, stated, "The Company performed well during the third quarter, continuing its pace for another exceptional year in 2026.  Robust global beverage can volumes helped offset the majority of rising input cost pressures.  Global beverage can shipments advanced by more than 6% in the quarter, driven by double-digit gains in Asia, a 6% increase in North America and 4% growth across Europe.

"The outlook for continued long-term growth of beverage can demand remains robust as customers and consumers increasingly recognize aluminum cans as the most sustainable and responsible packaging choice.  Cans continue to be the preferred format for brands across both alcoholic and non-alcoholic beverage categories, including many new product introductions worldwide.  Previously announced capacity expansion projects in Brazil, Greece and Spain are on plan and will support continued customer needs.  During September, groundbreaking commenced on the construction of a beverage can plant in the northern Indian state of Uttar Pradesh, marking Crown's entry into one of the world's fastest growing beverage markets with commercial start-up expected in the first quarter of 2028.  

"During the quarter, the Company repurchased $81 million of its common stock and has acquired nearly 6% of its outstanding shares over the past twelve months.  We remain confident in the Company's long-term prospects and in our ability to generate significant free cash flow.   We remain steadfast in our approach to balanced capital allocation, with investment in attractive organic growth opportunities and returns to shareholders supported by our strong balance sheet."

Net sales in the third quarter were $3,711 million compared to $3,202 million in the third quarter of 2025 reflecting higher global beverage can shipments and the pass-through of $405 million in higher material costs.

Income from operations was $442 million in the third quarter of 2026 compared to $423 million in the third quarter of 2025. Segment income in the third quarter of 2026 was $484 million compared to $490 million in the prior year third quarter, as the contribution from higher global beverage can shipments was offset by input cost inflation.

Net income attributable to Crown Holdings in the third quarter of 2026 was $225 million compared to $214 million in the third quarter of 2025. Reported diluted earnings per share were $2.08 in the third quarter of 2026 compared to $1.85 in 2025 and adjusted diluted earnings per share were $2.39 compared to $2.24 in 2025.   

Nine Month Results
Net sales for the first nine months of 2026 were $10,638 million compared to $9,238 million in the first nine months of 2025, reflecting the pass-through of $1,034 million in higher material costs, higher global beverage can shipments and favorable foreign currency translation of $102.

Income from operations was $1,271 million in the first nine months of 2026 compared to $1,179 million in the first nine months of 2025. Segment income in the first nine months of 2026 was $1,390 million compared to $1,364 million in the prior year period driven by 6% higher global beverage can shipments partially offset by input cost inflation.

Net income attributable to Crown Holdings in the first nine months of 2026 was $645 million compared to $588 million in the first nine months of 2025. Reported diluted earnings per share were $5.85 compared to $5.06 in 2025.  Adjusted diluted earnings per share were $6.72 compared to $6.05 in 2025.

Outlook
Kevin C. Clothier, Senior Vice President and Chief Financial Officer, commented, "With our strong year-to-date performance and continued cash generation, Crown is on track to deliver another year of solid earnings and free cash flow.  We expect full year adjusted diluted earnings per share to be in the range of $8.35 to $8.45 and adjusted free cash flow to be at least $950 million after capital spending of approximately $550 million.  We expect fourth quarter adjusted diluted earnings per share to be in the range of $1.63 to $1.73.  With our strong balance sheet and net leverage of 2.5 times, we remain well positioned to invest in attractive organic growth opportunities and return capital to shareholders."

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 fourth 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, October 20, 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, www.crowncork.com.  A replay of the conference call will be available for a one-week period ending at midnight on October 27, 2026.  The telephone numbers for the replay are 203-369-0896 or toll free 866-427-6407.

Cautionary Note Regarding Forward-Looking Statements
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 projects in Brazil, Greece, Spain and 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.

Crown Holdings, Inc., through its subsidiaries, is a leading global supplier of rigid packaging products to consumer marketing companies, as well as transit and protective packaging products, equipment and services to a broad range of end markets. 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.

Consolidated Supplemental Financial Data (Unaudited)
(in millions)

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.

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. 

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.

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 and nine months ended September 30, 2026 and 2025 follows.

SOURCE Crown Holdings, Inc.