10-K · February 27, 2026
Crown Holdings describes a strategy focused on expanding global beverage-can capacity, product and printing innovation, and sustainability via its Twentyby30 program. In 2025 the company generated $12.4 billion of net…
Earnings analysis · 10-Q
CCK earnings analysis
Filed May 1, 2026 · Our reading of the company's report
The latest report
Crown Holdings reported a strong Q1 2026 performance with revenues of $3,259 million, exceeding estimates by 7.6% and reflecting year-over-year growth. Adjusted EPS of $1.86 surpassed expectations, indicating…
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Crown Holdings reported a strong Q1 2026 performance with revenues of $3,259 million, exceeding estimates by 7.6% and reflecting year-over-year growth. Adjusted EPS of $1.86 surpassed expectations, indicating improvement in profitability despite higher material costs. The company anticipates approximately $900 million in adjusted free cash flow for the year following $550 million in capital expenditures.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.86
- Segment
- Americas Beverage
- Segment
- European Beverage
- Segment
- Asia Pacific
- Segment
- Transit Packaging
- Segment
- Other
What stood out
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Strong Revenue Growth
Q1 2026 revenue was $3,259 million, up 12.9% from $2,887 million in Q1 2025.
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Earnings Beat Expectations
Adjusted EPS was $1.86, beating estimates of $1.75, and improved from $1.65 in Q1 2025.
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Segment Performance Improvement
European Beverage segment net sales increased 14.8% year-over-year to $588 million, with segment income growing to $86 million.
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Positive Cash Flow Outlook
Management expects roughly $900 million in adjusted free cash flow in 2026.
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Successful Cost Pass-Through
Increased materials costs contributed $234 million to revenue through effective pass-through.
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Improvement in Inventory Performance
Days sales outstanding for trade receivables decreased slightly from 31 days to 30 days.
What to watch
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Increased Operating Cash Outflow
Operating cash flow went from a positive $14 million in Q1 2025 to a negative $54 million in Q1 2026, mainly due to working capital changes.
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Rising Material Costs
The company faced rising raw material costs that affected margins despite pass-through efforts.
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Debt Leverage Concerns
Net leverage ratio increased to 2.57x as of March 31, 2026, nearing the maximum covenant limit of 4.5x.
Management's outlook
Reiterated full-year adjusted diluted EPS guidance of $7.90 to $8.30; expects Q2 EPS between $2.10 and $2.20.
Earlier filings 4
10-Q · May 2, 2025
Crown reported Q1 net sales of $2,887 million (up $103 million vs. Q1 2024's $2,784 million) with operating income rising to $365 million from $245 million a year ago. Diluted EPS attributable to Crown Holdings was…
10-Q · July 29, 2024
Q2 2024 results were mixed: revenue dipped modestly while profitability and cash generation improved. Net sales were $3,040 million (down $69 million YoY), income from operations rose to $379 million, and diluted EPS…
10-Q · May 6, 2024
Crown reported Q1 net sales of $2,784 million, down from $2,974 million a year earlier, with income from operations of $245 million and diluted EPS of $0.56 (vs. $0.85 in Q1 2023). Operating cash flow was negative $102…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.