Crown (CCK) Q4 2025 earnings summary

Executive summary

• Delivered record adjusted EBITDA of $2.1 billion in 2025, up 8% year-over-year, driven by strong commercial and operational performance in beverage and tinplate businesses.

• Adjusted diluted EPS rose 22% to $7.79 for the full year; Q4 adjusted EPS was $1.74, up 9% year-over-year; reported EPS was $1.31, impacted by a prior-year gain from the Eviosys sale.

• Generated record adjusted free cash flow of $1.15 billion in 2025, returning $625 million to shareholders through buybacks and dividends.

• Achieved net leverage target of 2.5x, the lowest in over 15 years.

Financial highlights

• Full year net sales increased to $12,365 million from $11,801 million, driven by higher shipments and material cost pass-throughs.

• Q4 net sales increased 8% year-over-year, with global beverage can volumes up 3%.

• Net income attributable to shareholders was $738 million, up from $424 million in 2024.

• Operating cash flow reached $1,530 million, with adjusted free cash flow at $1,146 million.

• Segment income for Q4 was $420 million, slightly down from $428 million in the prior year, with European Beverage strength offset by lower Transit Packaging volumes.

Outlook and guidance

• 2026 adjusted diluted EPS expected between $7.90 and $8.30; Q1 2026 adjusted EPS projected at $1.70–$1.80.

• 2026 free cash flow estimated at $900 million after $550 million in capital spending for growth projects in Brazil, Greece, and Spain.

• Net leverage expected to be maintained at 2.5x; guidance includes $350–$360 million net interest expense, 25% tax rate, and $330 million depreciation.