Crown (CCK) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered a return to profitability, with diluted EPS of $1.85 versus a loss of $1.47 in Q3 2024, and adjusted EPS up 13% to $2.24 year-over-year.

• Net income attributable to shareholders was $214 million for Q3 2025, compared to a loss of $175 million in Q3 2024; nine-month net income was $588 million, up from $66 million year-over-year.

• Free Cash Flow for the first nine months rose to $887 million from $668 million, driven by higher income and lower capital spending.

• Achieved long-term net leverage target of 2.5x and returned over $400 million to shareholders through buybacks and dividends year-to-date.

• The company remains focused on profitable growth, cash flow generation, and shareholder returns.

Financial highlights

• Q3 2025 net sales were $3,202 million, up from $3,074 million in Q3 2024, reflecting 12% shipment growth in European beverage, higher raw material cost pass-through, and favorable FX.

• Segment Income reached $490 million, up from $472 million in the prior year quarter.

• Adjusted EPS was $2.24, up from $1.99 in the prior year quarter; reported EPS was $1.85 versus a loss of $1.47.

• Cash from operating activities for the nine months ended September 30, 2025, increased to $1,043 million from $897 million in the prior year.

• $314 million of stock repurchased in the nine months ended September 30, 2025.

Outlook and guidance

• Full-year 2025 adjusted EPS guidance raised to $7.70–$7.80; Q4 adjusted EPS projected at $1.65–$1.75.

• 2025 full-year adjusted Free Cash Flow estimated at ~$1 billion after $400 million in capital spending.

• Net leverage expected to remain near 2.5x; net interest expense forecast at ~$350 million; tax rate at 25%.

• CapEx for 2025 expected at $400 million, with potential increases for expansion projects.