0001628280-26-012904
SEC filingCrown Holdings reported strong financial performance for FY 2025, with net sales of $12.37 billion, a 4.8% increase from $11.80 billion in FY 2024. Net income attributable to Crown Holdings was $738 million, a significant 74.1% increase from $424 million in the prior year. The company generated robust operating cash flow of $1.53 billion, which supported capital expenditures of $413 million, resulting in free cash flow of $1.12 billion. Key drivers included growth in the Americas Beverage segment ($5.6 billion sales, $1.03 billion segment income) and continued international operations representing 61% of consolidated net sales. The company maintained a solid liquidity position with $764 million in cash and cash equivalents, though total debt stood at $5.96 billion.
Crown Holdings delivered strong financial results for FY 2025, with net sales increasing to $12.37 billion from $11.80 billion in FY 2024, representing 4.8% growth. Net income attributable to Crown Holdings surged to $738 million, a 74.1% increase from $424 million in the prior year. Earnings per diluted share rose to $6.38 from $3.55. The company's operating income improved to $1.55 billion, up 9.4% from $1.42 billion in FY 2024. These results reflect effective cost management and favorable pricing dynamics across key segments, particularly in the Americas Beverage business.
Revenue growth was driven primarily by the Americas Beverage segment, which generated $5.6 billion in sales, up 7.2% year-over-year, and contributed $1.03 billion in segment income. European Beverage also showed strong performance with $2.3 billion in sales, a 12.3% increase, and $334 million in segment income. The Asia Pacific segment declined 5.6% to $1.1 billion, while Transit Packaging decreased 3.8% to $2.0 billion. Geographically, international operations represented 61% of consolidated net sales, consistent with the company's global diversification strategy. The top ten global customers accounted for approximately 48% of consolidated net sales.
Gross margin improved to 22.0% in FY 2025 from 21.5% in the prior year, with gross profit increasing to $2.73 billion from $2.52 billion. Operating margin strengthened to 12.6%, supported by effective cost control despite inflationary pressures on raw materials. Cost of products sold, excluding depreciation and amortization, was $9.64 billion, representing 78.0% of net sales. Selling and administrative expenses were $632 million, or 5.1% of sales. The company's profitability benefited from productivity improvements and favorable foreign exchange impacts, partially offset by restructuring costs of $83 million.
Operating cash flow remained robust at $1.53 billion, supporting capital expenditures of $413 million and resulting in free cash flow of $1.12 billion. The company used cash for financing activities of $1.36 billion, primarily for debt repayments ($1.89 billion), common stock repurchases ($505 million), and dividend payments ($120 million). Total debt stood at $5.96 billion, with current maturities of $563 million. Cash and cash equivalents were $764 million, providing adequate liquidity. Total assets increased to $14.27 billion, while shareholders' equity improved to $3.00 billion. The company maintained compliance with all debt covenants.
The company faces ongoing risks related to raw material price volatility, with aluminum and steel representing 47% and 8% of cost of products sold, respectively. International operations, which generate 61% of sales, remain exposed to foreign exchange fluctuations and geopolitical uncertainties. Management continues to focus on sustainability initiatives through its Twenty by 30 program and innovation in packaging solutions. The company expects to make pension contributions of $28 million in 2026 and faces potential liabilities from asbestos litigation with an accrual of $177 million. Competitive pressures in the beverage can market and potential overcapacity remain key challenges.