# Crown Holdings, Inc. (NYSE: CCK) Reports Second Quarter 2025 Results
**Release Date: July 21, 2025**
Crown Holdings, Inc. reported its financial results for the second quarter ended June 30, 2025, highlighting strong year-over-year growth across various metrics. The following outlines the key financial highlights and operational insights from the report.
### Key Financial Highlights
– **Earnings Per Share:**
– Diluted earnings per share increased to **$1.56**, up from **$1.45** in Q2 2024 (a **7.59%** increase).
– Adjusted diluted earnings per share rose by **19%** to **$2.15**, compared to **$1.81** in Q2 2024.
– **Revenue:**
– Net sales for Q2 2025 totaled **$3,149 million**, representing an increase from **$3,040 million** in Q2 2024 (a **3.59%** increase).
– For the first six months of 2025, net sales were **$6,036 million**, an increase from **$5,824 million** in the same period of 2024 (a **3.65%** increase).
– **Income:**
– Income from operations was **$391 million**, slightly up from **$379 million** in Q2 2024 (a **3.16%** increase).
– Segment income improved by **9%**, reaching **$476 million** compared to **$437 million** in Q2 2024.
– **Net Income:**
– Net income attributable to Crown Holdings was **$181 million**, compared to **$174 million** in Q2 2024 (a **4.02%** increase).
– Net income for the first half of 2025 was **$374 million**, up from **$241 million** in the first half of 2024 (a **55.98%** increase).
### Operational Insights
– Strong performance driven by the Americas Beverage, European Beverage, and North American Tinplate businesses.
– Beverage can shipments in North America increased by **1%** year-over-year, meeting projections.
– Transit Packaging remained stable year-over-year, despite challenges in the industrial production environment.
– The company anticipates adjusted diluted earnings per share for Q3 2025 to be in the range of **$1.95 to $2.05**.
### 2025 Guidance
– Full-year adjusted diluted earnings per share (EPS) guidance has been raised to between **$7.10 and $7.50**.
– Projected adjusted free cash flow for 2025 is approximately **$900 million**.
– Long-term net leverage ratio target reaffirmed at **2.5x**.
### Dividends and Share Repurchases
– The company paid **$60 million** in dividends to shareholders, remaining consistent with the prior period.
– Common stock repurchases totaled **$209 million**, which is a notable increase from **$7 million** in the same period of 2024.
### Summary of Non-GAAP Measures
– Crown Holdings highlights several financial metrics including:
– **Adjusted free cash flow** of **$387 million** for Q2 2025 compared to **$178 million** for Q2 2024, reflecting an impressive year-over-year growth.
– Adjusted EBITDA for Q2 2025 was reported at **$1,025 million**, an increase from **$894 million** in Q2 2024.
– Net debt is stated at **$5,286 million** with an adjusted net leverage ratio of **2.7x**.
### Conclusion
The second-quarter results showcased Crown Holdings, Inc.’s robust operational capabilities and significant earnings growth compared to the previous year. The outlook for the remainder of 2025 appears positive, with increased guidance for earnings and cash flow, underscoring the company’s strong positioning in the rigid packaging sector.
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### Consolidated Statements of Operations (Unaudited)
(in millions, except share and per share data)
| Three Months Ended | Six Months Ended | |||
|---|---|---|---|---|
| June 30, 2025 | 2024 | June 30, 2025 | 2024 | |
| Net sales | $ 3,149 | $ 3,040 | $ 6,036 | $ 5,824 |
| Cost of products sold | $ 2,436 | $ 2,379 | $ 4,698 | $ 4,626 |
| Depreciation and amortization | $ 114 | $ 115 | $ 224 | $ 230 |
| Selling and administrative expense | $ 161 | $ 150 | $ 313 | $ 304 |
| Restructuring and other | $ 47 | $ 17 | $ 45 | $ 40 |
| Income from operations(1) | $ 391 | $ 379 | $ 756 | $ 624 |
| Loss on debt extinguishment | $ 1 | $ 1 | ||
| Other pension and postretirement | $ -1 | $ 13 | $ 4 | $ 24 |
| Foreign exchange | $ 9 | $ 5 | $ 11 | $ 12 |
| Earnings before interest and taxes | $ 382 | $ 361 | $ 740 | $ 588 |
| Interest expense | $ 103 | $ 112 | $ 202 | $ 225 |
| Interest income | $ -14 | $ -16 | $ -27 | $ -36 |
| Income from operations before income taxes | $ 293 | $ 265 | $ 565 | $ 399 |
| Provision for income taxes | $ 78 | $ 54 | $ 124 | $ 94 |
| Equity earnings | $ 1 | $ -4 | $ 2 | $ -5 |
| Net income | $ 216 | $ 207 | $ 443 | $ 300 |
| Net income attributable to noncontrolling interests | $ 35 | $ 33 | $ 69 | $ 59 |
| Net income attributable to Crown Holdings | $ 181 | $ 174 | $ 374 | $ 241 |
| Earnings per share attributable to Crown Holdings common shareholders: Basic | $ 1.57 | $ 1.45 | $ 3.22 | $ 2.02 |
| Diluted | $ 1.56 | $ 1.45 | $ 3.21 | $ 2.01 |
| Weighted average common shares outstanding: Basic | 115,329,354 | 119,652,273 | 115,997,384 | 119,613,319 |
| Diluted | 115,841,544 | 119,846,707 | 116,462,524 | 119,811,187 |
| Actual common shares outstanding at quarter end | 116,393,989 | 120,867,675 | 116,393,989 | 120,867,675 |
(1) Reconciliation from income from operations to segment income follows.
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### Consolidated Balance Sheets (Condensed & Unaudited)
(in millions)
| Assets | June 30, 2025 | 2024 |
|---|---|---|
| Current assets | ||
| Cash and cash equivalents | $ 936 | $ 1,414 |
| Receivables, net | $ 1,864 | $ 1,771 |
| Inventories | $ 1,629 | $ 1,526 |
| Prepaid expenses and other assets | $ 223 | $ 221 |
| Total current assets | $ 4,652 | $ 4,932 |
| Goodwill and intangible assets, net | $ 4,169 | $ 4,171 |
| Property, plant and equipment, net | $ 5,041 | $ 4,980 |
| Other non-current assets | $ 616 | $ 775 |
| Total assets | $ 14,478 | $ 14,858 |
| Liabilities and equity | ||
|---|---|---|
| Current liabilities | ||
| Short-term debt | $ 201 | $ 94 |
| Current maturities of long-term debt | $ 671 | $ 1,367 |
| Accounts payable and accrued liabilities | $ 3,501 | $ 3,227 |
| Total current liabilities | $ 4,373 | $ 4,688 |
| Long-term debt, excluding current maturities | $ 5,618 | $ 5,949 |
| Other non-current liabilities | $ 1,115 | $ 1,244 |
| Noncontrolling interests | $ 481 | $ 470 |
| Crown Holdings shareholders’ equity | $ 2,891 | $ 2,507 |
| Total equity | $ 3,372 | $ 2,977 |
| Total liabilities and equity | $ 14,478 | $ 14,858 |
