Research Reports

Key takeaways

Revenue increased 12.9% to $3.3B, driven by cost pass-through and volume growth in North American food cans and beverage can equipment operations.

Operating income was flat at $365M, as improvements in North America tinplate businesses were offset by higher costs and lower volumes in Brazil.

Diluted EPS fell 5.5% to $1.56, reflecting the lower net income.

Free cash flow was negative $141M, as operating cash flow turned negative $54M and capital expenditures nearly tripled to $87M.

The company plans to add line capacity in Greece and Spain in late 2026 to meet volume requirements.

Full analysis

Revenue Growth Driven by Cost Pass-Through and Volume

Profitability Under Pressure Despite Top-Line Growth

Cash Flow Turns Negative on Working Capital and Higher Capex

Balance Sheet and Capital Allocation

The company continues to review its cost structure and may record additional restructuring charges in the future. To meet volume requirements, Crown plans to add line capacity in Korinthos, Greece and Agoncillo, Spain in late 2026. Additionally, a new plant is expected to commence operations in the second half of 2027.

Outlook and Risks

Growth is driven by new product introductions, consumer focus on sustainability, and population and GDP growth in many markets. However, the company faces risks including a German antitrust investigation related to anti-competitive agreements in the metal packaging market. Crown Cork also expects claims under certain arrangements to be filed or asserted in the future.

CCK · Crown Holdings, Inc.