CCK earnings analysis
What we found in CCK's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Q1 2026 revenue was $3,259 million, up 12.9% from $2,887 million in Q1 2025.
- Earnings Beat Expectations
- Adjusted EPS was $1.86, beating estimates of $1.75, and improved from $1.65 in Q1 2025.
- Segment Performance Improvement
- European Beverage segment net sales increased 14.8% year-over-year to $588 million, with segment income growing to $86 million.
- Positive Cash Flow Outlook
- Management expects roughly $900 million in adjusted free cash flow in 2026.
- Successful Cost Pass-Through
- Increased materials costs contributed $234 million to revenue through effective pass-through.
- Improvement in Inventory Performance
- Days sales outstanding for trade receivables decreased slightly from 31 days to 30 days.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- Rising Material Costs
- The company faced rising raw material costs that affected margins despite pass-through efforts.
- Debt Leverage Concerns
- Net leverage ratio increased to 2.57x as of March 31, 2026, nearing the maximum covenant limit of 4.5x.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.86
- Segment
- Americas Beverage
- Segment
- European Beverage
- Segment
- Asia Pacific
- Segment
- Transit Packaging
- Segment
- Other
What they said about what is next.
Reiterated full-year adjusted diluted EPS guidance of $7.90 to $8.30; expects Q2 EPS between $2.10 and $2.20.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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