CROWN HOLDINGS, INC. REPORTS SECOND QUARTER 2025 RESULTS
Crown Holdings (NYSE: CCK) reported strong Q2 2025 financial results, with adjusted diluted EPS increasing 19% to $2.15 compared to $1.81 in 2024. Net sales reached $3,149 million, up from $3,040 million in Q2 2024, driven by increased beverage and food can shipments in North America and European Beverage.
The company raised its full-year 2025 guidance, now expecting adjusted diluted EPS of $7.10 to $7.50 and adjusted free cash flow of approximately $900 million. Q3 2025 adjusted EPS is projected at $1.95 to $2.05. Trailing twelve-month adjusted EBITDA through June approached $2.1 billion, marking an 11% increase from the prior period.
Segment income improved 9% to $476 million, led by strong performance in Americas Beverage, European Beverage, and North American Tinplate operations. The company remains on track to achieve its long-term leverage ratio target of 2.5x adjusted EBITDA.
Crown Holdings (NYSE: CCK) ha riportato risultati finanziari solidi nel secondo trimestre 2025, con un utile diluito rettificato per azione in aumento del 19% a $2,15 rispetto a $1,81 nel 2024. Le vendite nette hanno raggiunto $3.149 milioni, in crescita rispetto ai $3.040 milioni del secondo trimestre 2024, grazie all'aumento delle spedizioni di lattine per bevande e alimenti in Nord America ed Europa Beverage.
L'azienda ha rivisto al rialzo le previsioni per l'intero anno 2025, ora prevedendo un utile diluito rettificato per azione tra $7,10 e $7,50 e un flusso di cassa libero rettificato di circa $900 milioni. L'utile rettificato per azione del terzo trimestre 2025 è stimato tra $1,95 e $2,05. L'EBITDA rettificato degli ultimi dodici mesi fino a giugno si è avvicinato a $2,1 miliardi, segnando un incremento dell'11% rispetto al periodo precedente.
Il reddito per segmento è migliorato del 9% raggiungendo $476 milioni, guidato da una forte performance nei settori Americas Beverage, European Beverage e North American Tinplate. L'azienda rimane sulla buona strada per raggiungere il suo obiettivo di lungo termine di un rapporto di leva finanziaria di 2,5x sull'EBITDA rettificato.
Crown Holdings (NYSE: CCK) reportó sólidos resultados financieros en el segundo trimestre de 2025, con un EPS diluido ajustado que aumentó un 19% a $2.15 en comparación con $1.81 en 2024. Las ventas netas alcanzaron $3,149 millones, frente a $3,040 millones en el segundo trimestre de 2024, impulsadas por un aumento en los envíos de latas para bebidas y alimentos en Norteamérica y Europa Beverage.
La compañía elevó su pronóstico para todo el año 2025, esperando ahora un EPS diluido ajustado de $7.10 a $7.50 y un flujo de caja libre ajustado de aproximadamente $900 millones. El EPS ajustado proyectado para el tercer trimestre de 2025 es de $1.95 a $2.05. El EBITDA ajustado de los últimos doce meses hasta junio se acercó a $2.1 mil millones, marcando un aumento del 11% respecto al período anterior.
Los ingresos por segmento mejoraron un 9% hasta $476 millones, liderados por un sólido desempeño en Americas Beverage, European Beverage y North American Tinplate. La compañía sigue en camino para alcanzar su objetivo de ratio de apalancamiento a largo plazo de 2.5x EBITDA ajustado.
Crown Holdings (NYSE: CCK)는 2025년 2분기 강력한 재무 실적을 보고했으며, 조정 희석 주당순이익(EPS)이 19% 증가하여 $2.15를 기록했습니다(2024년 $1.81 대비). 순매출은 $31억 4,900만에 달했으며, 이는 2024년 2분기 $30억 4,000만에서 증가한 수치로, 북미 및 유럽 음료 부문의 음료 및 식품 캔 출하량 증가에 힘입은 결과입니다.
회사는 2025년 연간 가이던스를 상향 조정하여, 조정 희석 EPS를 $7.10~$7.50, 조정 자유 현금 흐름을 약 $9억으로 예상하고 있습니다. 2025년 3분기 조정 EPS는 $1.95~$2.05로 전망됩니다. 6월까지의 최근 12개월 조정 EBITDA는 $21억에 근접하며 전년 대비 11% 증가했습니다.
부문별 수익은 9% 증가하여 $4억 7,600만에 달했으며, 북미 주석판, 아메리카 음료, 유럽 음료 부문에서 강한 실적이 주도했습니다. 회사는 조정 EBITDA 기준 장기 레버리지 비율 목표인 2.5배 달성에 순조롭게 진행 중입니다.
Crown Holdings (NYSE: CCK) a publié de solides résultats financiers pour le deuxième trimestre 2025, avec un BPA dilué ajusté en hausse de 19% à 2,15 $ contre 1,81 $ en 2024. Les ventes nettes ont atteint 3 149 millions de dollars, en hausse par rapport à 3 040 millions de dollars au deuxième trimestre 2024, grâce à une augmentation des expéditions de canettes pour boissons et aliments en Amérique du Nord et dans la division Boissons européenne.
L'entreprise a relevé ses prévisions pour l'année complète 2025, anticipant désormais un BPA dilué ajusté compris entre 7,10 $ et 7,50 $ et un flux de trésorerie disponible ajusté d'environ 900 millions de dollars. Le BPA ajusté du troisième trimestre 2025 est projeté entre 1,95 $ et 2,05 $. L'EBITDA ajusté sur les douze derniers mois jusqu'en juin s'est approché de 2,1 milliards de dollars, soit une augmentation de 11 % par rapport à la période précédente.
Le résultat par segment a progressé de 9% pour atteindre 476 millions de dollars, porté par de solides performances dans les divisions Amériques Boissons, Boissons européennes et Tôle d'Amérique du Nord. L'entreprise reste en bonne voie pour atteindre son objectif à long terme d'un ratio d'endettement de 2,5 fois l'EBITDA ajusté.
Crown Holdings (NYSE: CCK) meldete starke Finanzergebnisse für das zweite Quartal 2025, mit einem bereinigten verwässerten Gewinn je Aktie, der um 19% auf $2,15 im Vergleich zu $1,81 im Jahr 2024 gestiegen ist. Der Nettoumsatz erreichte $3.149 Millionen, gegenüber $3.040 Millionen im zweiten Quartal 2024, angetrieben durch erhöhte Lieferungen von Getränke- und Lebensmittelverpackungen in Nordamerika und im europäischen Getränkesegment.
Das Unternehmen hat seine Prognose für das Gesamtjahr 2025 angehoben und erwartet nun einen bereinigten verwässerten Gewinn je Aktie von $7,10 bis $7,50 sowie einen bereinigten freien Cashflow von etwa $900 Millionen. Der bereinigte Gewinn je Aktie für das dritte Quartal 2025 wird auf $1,95 bis $2,05 geschätzt. Das bereinigte EBITDA der letzten zwölf Monate bis Juni näherte sich $2,1 Milliarden an, was eine Steigerung von 11% gegenüber dem Vorjahreszeitraum darstellt.
Das Segmentergebnis verbesserte sich um 9% auf $476 Millionen, angetrieben von starken Leistungen in den Bereichen Americas Beverage, European Beverage und North American Tinplate. Das Unternehmen bleibt auf Kurs, sein langfristiges Ziel eines Verschuldungsgrads von 2,5x bereinigtem EBITDA zu erreichen.
- None.
- Lower shipments in Asia Pacific and Transit Packaging segments
- Tepid industrial production environment affecting Transit Packaging
- Operating expenses increased with selling and administrative expense rising to $161 million from $150 million
- Restructuring costs increased significantly to $47 million from $17 million year-over-year
Insights
Crown Holdings posts strong Q2 with 19% EPS growth, raises 2025 guidance amid operational improvements and beverage can strength.
Crown Holdings delivered impressive Q2 2025 results, with
The standout metric is segment income, which improved by
Management's confidence is evident in their revised full-year guidance, raising adjusted EPS to
The beverage can segment continues to be Crown's growth engine, with Americas Beverage revenue up
While Transit Packaging results remained firm despite a tepid industrial environment, the Asia Pacific segment showed some weakness with revenue declining
Crown's trailing twelve-month adjusted EBITDA is approaching
The company did note potential risks from tariffs on consumers and industrial activity, which bears watching as geopolitical trade tensions evolve. However, the strong operational execution and financial performance demonstrate management's ability to navigate challenging macroeconomic conditions.
Highlights
Second Quarter
- Diluted earnings per share of
$1.56 $1.45 - Adjusted diluted earnings per share increased
19% to$2.15 $1.81 - Income from operations of
$391 million $379 million - Segment income improved
$39 million 9% to$476 million
2025 Outlook
- Expect third quarter adjusted diluted earnings per share of
$1.95 $2.05 - Full year guidance range for adjusted diluted earnings per share of
$7.10 $7.50 $900 million - Reaffirming long-term net leverage ratio target of 2.5x
Commenting on the quarter, Timothy J. Donahue, Chairman, President and Chief Executive Officer, stated, "During the second quarter, continued strong performance, led by Americas Beverage, European Beverage and the North American Tinplate businesses led to segment income growth of
"We remain excited about the Company's prospects in 2025 with trailing twelve-month adjusted EBITDA through June approaching
Net sales in the second quarter were
Income from operations was
Net income attributable to Crown Holdings in the second quarter was
Six Month Results
Net sales for the first six months of 2025 were
Income from operations was
Net income attributable to Crown Holdings in the first six months of 2025 was
Outlook
"In view of strong first half performance, the Company has increased its full year 2025 guidance range to
The Company expects to generate approximately
Non-GAAP Measures
Segment income, adjusted free cash flow, net debt, adjusted net leverage ratio, adjusted net income, the adjusted effective tax rate, adjusted diluted earnings per share, net interest expense, EBITDA and adjusted EBITDA are not defined terms under
The Company views segment income as the principal measure of the performance of its operations and adjusted free cash flow and adjusted net leverage ratio as the principal measures of its liquidity. The Company considers all of these measures in the allocation of resources. Adjusted free cash flow has certain limitations, however, including that it does not represent the residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure. The amount of mandatory versus discretionary expenditures can vary significantly between periods. The Company believes that adjusted free cash flow and adjusted net leverage ratio provide meaningful measures of liquidity and a useful basis for assessing the Company's ability to fund its activities, including the financing of acquisitions, debt repayments, share repurchases or dividends. The Company believes that adjusted net income, segment income, the adjusted effective tax rate and adjusted diluted earnings per share are useful in evaluating the Company's operations as these measures are adjusted for items that affect comparability between periods. Segment income, adjusted free cash flow, net debt, adjusted net leverage ratio, adjusted net income, the adjusted effective tax rate, adjusted diluted earnings per share, net interest expense, EBITDA and adjusted EBITDA are derived from the Company's Consolidated Statements of Operations, Cash Flows and Consolidated Balance Sheets, as applicable, and reconciliations to segment income, adjusted free cash flow, net debt, adjusted net leverage ratio, adjusted net income, the adjusted effective tax rate, adjusted diluted earnings per share and adjusted EBITDA can be found within this release. Reconciliations of estimated adjusted diluted earnings per share, adjusted free cash flow, the adjusted effective tax rates and adjusted net leverage ratio for the third quarter and full year of 2025 to estimated diluted earnings per share, operating cash flow, the effective tax rate and income from operations on a GAAP basis are not provided in this release due to the unavailability of estimates of the following, the timing and magnitude of which the Company is unable to reliably forecast without unreasonable efforts, which are excluded from estimated adjusted diluted earnings per share, the adjusted effective tax rates and adjusted net leverage ratio, and could have a significant impact on earnings per share, the effective tax rate and income from operations on a GAAP basis: gains or losses on the sale of businesses or other assets, restructuring and other costs, asset impairment charges, asbestos-related charges, losses from early extinguishment of debt, pension settlement and curtailment charges, the tax and noncontrolling interest impact of the items above, and the impact of tax law changes or other tax matters.
Conference Call
The Company will hold a conference call tomorrow, July 22, 2025, at 9:00 a.m. (EDT) to discuss this news release. Forward-looking and other material information may be discussed on the conference call. The dial-in numbers for the conference call are 630-395-0194 or toll-free 888-324-8108 and the access password is "packaging." A live webcast of the call will be made available to the public on the internet at the Company's website, www.crowncork.com. A replay of the conference call will be available for a one-week period ending at midnight on July 29, 2025. The telephone numbers for the replay are 203-369-1942 or toll free 866-510-4834.
Cautionary Note Regarding Forward-Looking Statements
Except for historical information, all other information in this press release consists of forward-looking statements. These forward-looking statements involve a number of risks, uncertainties and other factors, including the Company's ability to continue to operate its plants, distribute its products, and maintain its supply chain; the future impact of currency translation; the continuation of performance and market trends in 2025, including consumer preference for beverage cans and global beverage can demand; the future impact of inflation, including the potential for higher interest rates and energy prices and the Company's ability to recover raw material and other inflationary costs, including tariffs and retaliatory trade measures; future demand for food cans; the Company's ability to deliver continuous operational improvement; future demand in the Transit Packaging segment; and the Company's ability to increase cash flow and to further reduce net leverage, that may cause actual results to be materially different from those expressed or implied in the forward-looking statements. Important factors that could cause the statements made in this press release or the actual results of operations or financial condition of the Company to differ are discussed under the caption "Forward Looking Statements" in the Company's Form 10-K Annual Report for the year ended December 31, 2024 and in subsequent filings made prior to or after the date hereof. The Company does not intend to review or revise any particular forward-looking statement in light of future events.
Crown Holdings, Inc., through its subsidiaries, is a leading global supplier of rigid packaging products to consumer marketing companies, as well as transit and protective packaging products, equipment and services to a broad range of end markets. World headquarters are located in Tampa,
For more information, contact:
Kevin C. Clothier, Senior Vice President and Chief Financial Officer, (215) 698-5281
Thomas T. Fischer, Vice President, Investor Relations and Corporate Affairs, (215) 552-3720
Unaudited Consolidated Statements of Operations, Balance Sheets, Statements of Cash Flows, Segment Information and Supplemental Data follow.
Consolidated Statements of Operations (Unaudited) (in millions, except share and per share data)
| |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2025 | 2024 | 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.
| |||||||
Consolidated Supplemental Financial Data (Unaudited)
(in millions)
Reconciliation from Income from Operations to Segment Income
The Company views segment income, as defined below, as a principal measure of performance of its operations and for the allocation of resources. Segment income is defined by the Company as income from operations adjusted to exclude intangibles amortization charges and provisions for restructuring and other.
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||
Income from operations | $ | 391 | $ | 379 | $ | 756 | $ | 624 | |||||
Intangibles amortization | 38 | 41 | 73 | 81 | |||||||||
Restructuring and other | 47 | 17 | 45 | 40 | |||||||||
Segment income | $ | 476 | $ | 437 | $ | 874 | $ | 745 | |||||
Segment Information
| |||||||||||||
Net Sales | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||
Americas Beverage | $ | 1,405 | $ | 1,325 | $ | 2,725 | $ | 2,547 | |||||
European Beverage | 635 | 560 | 1,147 | 1,042 | |||||||||
256 | 290 | 535 | 569 | ||||||||||
Transit Packaging | 526 | 550 | 1,008 | 1,070 | |||||||||
Other (1) | 327 | 315 | 621 | 596 | |||||||||
Total net sales | $ | 3,149 | $ | 3,040 | $ | 6,036 | $ | 5,824 | |||||
Segment Income | |||||||||||||
Americas Beverage | $ | 268 | $ | 243 | $ | 504 | $ | 432 | |||||
European Beverage | 97 | 88 | 164 | 139 | |||||||||
50 | 55 | 97 | 97 | ||||||||||
Transit Packaging | 72 | 73 | 132 | 141 | |||||||||
Other (1) | 35 | 14 | 64 | 22 | |||||||||
Corporate and other unallocated items | (46) | (36) | (87) | (86) | |||||||||
Total segment income | $ | 476 | $ | 437 | $ | 874 | $ | 745 | |||||
(1) | Includes the Company's food can, aerosol can and closures businesses in |
Consolidated Supplemental Data (Unaudited)
(in millions, except per share data)
Reconciliation from Net Income and Diluted Earnings Per Share to Adjusted Net Income and Adjusted Diluted Earnings Per Share
The following table reconciles reported net income and diluted earnings per share attributable to the Company to adjusted net income and adjusted diluted earnings per share, as used elsewhere in this release.
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||||
Net income/diluted earnings per share attributable to Crown Holdings, as reported |
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|
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|
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Intangibles amortization (1) | 38 | 0.33 | 41 | 0.34 | 73 | 0.62 | 81 | 0.68 | |||||||||||
Restructuring and other (2) | 47 | 0.40 | 17 | 0.14 | 45 | 0.39 | 40 | 0.33 | |||||||||||
Loss on debt extinguishment | 1 | 0.01 | 1 | 0.01 | |||||||||||||||
Other pension and postretirement (3) | (5) | (0.04) | 2 | 0.02 | (5) | (0.04) | 2 | 0.02 | |||||||||||
Income taxes (4) | (13) | (0.11) | (26) | (0.22) | (44) | (0.38) | (37) | (0.31) | |||||||||||
Equity earnings (5) | 9 | 0.08 | 12 | 0.10 | |||||||||||||||
Adjusted net income/diluted earnings per share | |||||||||||||||||||
Effective tax rate as reported | 26.6 % | 20.4 % | 21.9 % | 23.6 % | |||||||||||||||
Adjusted effective tax rate | 24.3 % | 24.6 % | 24.7 % | 25.1 % | |||||||||||||||
Adjusted net income, adjusted diluted earnings per share and the adjusted effective tax rate are non-GAAP measures and are not meant to be considered in isolation or as a substitute for net income, diluted earnings per share and effective tax rates determined in accordance with
(1) | In the second quarter and first six months of 2025, the Company recorded charges of |
(2) | In the second quarter and first six months of 2025, the Company recorded net restructuring and other charges of |
(3) | In the second quarter of 2025, the Company recorded a pension settlement gain of |
(4) | The Company recorded income tax benefits of |
(5) | In the second quarter and first six months of 2024, the Company recorded its proportional share of intangible amortization and restructuring charges, net of tax, recorded by its European tinplate equity method investment, in the line Equity earnings. |
| Consolidated Balance Sheets (Condensed & Unaudited) (in millions) | ||||||||
June 30, | 2025 | 2024 | ||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 936 | $ | 1,414 | ||||
Receivables, net | 1,864 | 1,771 | ||||||
Inventories | 1,629 | 1,526 | ||||||
Prepaid expenses and other current 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 | ||||
Consolidated Statements of Cash Flows (Condensed & Unaudited) (in millions) | ||||||||||
Six months ended June 30, | 2025 | 2024 | ||||||||
Cash flows from operating activities | ||||||||||
Net income | $ | 443 | $ | 300 | ||||||
Depreciation and amortization | 224 | 230 | ||||||||
Restructuring and other | 45 | 40 | ||||||||
Pension and postretirement expense | 14 | 35 | ||||||||
Pension contributions | 22 | (5) | ||||||||
Stock-based compensation | 26 | 20 | ||||||||
Working capital changes and other | (311) | (277) | ||||||||
Net cash provided by operating activities | 463 | 343 | ||||||||
Cash flows from investing activities | ||||||||||
Capital expenditures | (89) | (178) | ||||||||
Other | 45 | 35 | ||||||||
Net cash used for investing activities | (44) | (143) | ||||||||
Cash flows from financing activities | ||||||||||
Net change in debt | (83) | 40 | ||||||||
Dividends paid to shareholders | (60) | (60) | ||||||||
Common stock repurchased | (209) | (7) | ||||||||
Dividends paid to noncontrolling interests | (62) | (40) | ||||||||
Other, net | (13) | (3) | ||||||||
Net cash used for financing activities | (427) | (70) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 30 | (19) | ||||||||
Net change in cash and cash equivalents | 22 | 111 | ||||||||
Cash and cash equivalents at January 1 | 1,016 | 1,400 | ||||||||
Cash, cash equivalents and restricted cash at June 30 (1) | $ | 1,038 | $ | 1,511 | ||||||
(1) Cash and cash equivalents include |
Adjusted free cash flow is defined by the Company as net cash from operating activities less capital expenditures and certain other items. A reconciliation of net cash from operating activities to adjusted free cash flow for the three and six months ended June 30, 2025 and 2024 follows.
Three Months Ended June 30, |
Six Months Ended June 30, | ||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||
Net cash provided by operating activities | $ 449 | $ 445 | $ 463 | $ 343 | |||||||
Interest included in investing activities (2) | 13 | 13 | |||||||||
Capital expenditures | (56) | (84) | (89) | (178) | |||||||
Adjusted free cash flow | $ 393 | $ 361 | $ 387 | $ 178 | |||||||
(2) Interest benefit of cross currency swaps included in investing activities. |
Consolidated Supplemental Data (Unaudited) (in millions)
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Impact of Foreign Currency Translation – Favorable/(Unfavorable) (1)
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Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | |||||||||||||||
Net Sales | Segment |
Net Sales | Segment | |||||||||||||
Americas Beverage | $ | (10) | $ | $ | (23) | $ | ||||||||||
European Beverage | 19 | 3 | 11 | 2 | ||||||||||||
7 | 1 | 11 | 2 | |||||||||||||
Transit Packaging | 6 | 1 | (8) | (1) | ||||||||||||
Corporate and other | 1 | 1 | ||||||||||||||
$ | 23 | $ | 5 | $ | (8) | $ | 3 | |||||||||
(1) | The impact of foreign currency translation represents the difference between actual current year |
Reconciliation of Adjusted EBITDA and Adjusted Net Leverage Ratio | |||||||||||||||||
June YTD |
June YTD |
Full Year | Twelve Months | Twelve Months | |||||||||||||
2025 | 2024 | 2024 | June 30, 2025 | June 30, 2024 | |||||||||||||
Income from operations | $ | 756 | $ | 624 | $ | 1,419 | $ | 1,551 | $ | 1,257 | |||||||
Add: | |||||||||||||||||
Intangibles amortization | 73 | 81 | 151 | 143 | 163 | ||||||||||||
Restructuring and other | 45 | 40 | 75 | 80 | 137 | ||||||||||||
Segment income | 874 | 745 | 1,645 | 1,774 | 1,557 | ||||||||||||
Depreciation | 151 | 149 | 297 | 299 | 318 | ||||||||||||
Adjusted EBITDA | $ | 1,025 | $ | 894 | $ | 1,942 | $ | 2,073 | $ | 1,875 | |||||||
Total debt | $ | 6,204 | $ | 6,490 | $ | 7,410 | |||||||||||
Less cash | 918 | 936 | 1,414 | ||||||||||||||
Net debt | $ | 5,286 | $ | 5,554 | $ | 5,996 | |||||||||||
Adjusted net leverage ratio | 2.7x | 2.7x | 3.2x | ||||||||||||||
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SOURCE Crown Holdings, Inc.
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