CROWN HOLDINGS, INC. REPORTS THIRD QUARTER 2026 RESULTS
CROWN HOLDINGS, INC. (CCK) filed an SEC Form 8-K — Results of Operations and Financial Condition. News Release Corporate Headquarters 14025 Riveredge Drive, Suite 300 Tampa, FL 33637 CROWN HOLDINGS, INC. REPORTS THIRD QUARTER 2026 RESULTS Tampa, FL — October 19, 2026. Crown Holdings, Inc. (NYSE: CCK) today announced its financial results for the third quarter ended September
How this was made
The 30-second read
Why it matters
The earnings beat and guidance raise expectations for continued cash generation and potential dividend or buyback support.
Market read
Strong Q3 performance and upbeat guidance could drive short-term upside for CCK and related packaging stocks.
What to watch
Capital spending of $550 M may limit free cash flow in the short term.
Crown Holdings reports third-quarter diluted earnings per share of $2.08 and adjusted diluted earnings per share of $2.39, while reaffirming full-year adjusted diluted earnings per share guidance of $8.35 to $8.45.
Third-quarter net sales, GAAP earnings, adjusted earnings per share and global beverage can volumes increased versus the prior-year quarter. Higher beverage can shipments offset most input-cost pressure, though third-quarter segment income was below the prior-year level.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net sales — three months ended September 30, 2026GAAP | $3.71B | – | – |
| Income from operations — three months ended September 30, 2026GAAP | $442M | – | – |
| Segment income — three months ended September 30, 2026non-GAAP | $484M | – | – |
| Net income attributable to Crown Holdings — three months ended September 30, 2026GAAP | $225M | – | – |
| Diluted earnings per share attributable to Crown Holdings common shareholders — three months ended September 30, 2026GAAP | $2.08 | – | – |
| Adjusted net income — three months ended September 30, 2026non-GAAP | $259M | – | – |
| Adjusted diluted earnings per share — three months ended September 30, 2026non-GAAP | $2.39 | – | increased 7% |
| Effective tax rate — three months ended September 30, 2026GAAP | 25.6% | – | – |
| Adjusted effective tax rate — three months ended September 30, 2026non-GAAP | 24.9% | – | – |
| Net cash provided by operating activities — three months ended September 30, 2026GAAP | $406M | – | – |
| Adjusted free cash flow — three months ended September 30, 2026non-GAAP | $299M | – | – |
| Net sales — nine months ended September 30, 2026GAAP | $10.64B | – | – |
| Income from operations — nine months ended September 30, 2026GAAP | $1.27B | – | – |
| Segment income — nine months ended September 30, 2026non-GAAP | $1.39B | – | – |
| Net income attributable to Crown Holdings — nine months ended September 30, 2026GAAP | $645M | – | – |
| Diluted earnings per share attributable to Crown Holdings common shareholders — nine months ended September 30, 2026GAAP | $5.85 | – | – |
| Adjusted net income — nine months ended September 30, 2026non-GAAP | $741M | – | – |
| Adjusted diluted earnings per share — nine months ended September 30, 2026non-GAAP | $6.72 | – | – |
| Net cash provided by operating activities — nine months ended September 30, 2026GAAP | $1.06B | – | – |
| Capital expenditures — nine months ended September 30, 2026GAAP | −$310M | – | – |
| Adjusted free cash flow — nine months ended September 30, 2026non-GAAP | $771M | – | – |
| Adjusted EBITDA — twelve months ended September 30, 2026non-GAAP | $2.13B | – | – |
| Net debt — September 30, 2026non-GAAP | $5.2B | – | – |
| Adjusted net leverage ratio — September 30, 2026non-GAAP | 2.5x | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Americas Beverage — three months ended September 30, 2026North America beverage can shipments increased 6%. | $1.7B | – | – |
| European Beverage — three months ended September 30, 2026Europe beverage can shipments grew 4%. | $772M | – | – |
| Asia Pacific — three months ended September 30, 2026Asia beverage can shipments recorded double-digit gains. | $321M | – | – |
| Transit Packaging — three months ended September 30, 2026No segment-specific revenue driver was provided. | $520M | – | – |
| Other — three months ended September 30, 2026Includes North America tinplate businesses and beverage tooling and equipment operations in the U.S. and United Kingdom. | $398M | – | – |
| Americas Beverage — nine months ended September 30, 2026No segment-specific revenue driver was provided. | $4.93B | – | – |
| European Beverage — nine months ended September 30, 2026No segment-specific revenue driver was provided. | $2.10B | – | – |
| Asia Pacific — nine months ended September 30, 2026No segment-specific revenue driver was provided. | $955M | – | – |
| Transit Packaging — nine months ended September 30, 2026No segment-specific revenue driver was provided. | $1.55B | – | – |
| Other — nine months ended September 30, 2026Includes North America tinplate businesses and beverage tooling and equipment operations in the U.S. and United Kingdom. | $1.11B | – | – |
Full year 2026 and fourth quarter 2026 outlook
- NoteFull year adjusted diluted earnings per share: $8.35 to $8.45
- NoteFull year adjusted free cash flow: at least $950 million
- NoteFull year capital spending: approximately $550 million
- NoteFourth quarter adjusted diluted earnings per share: $1.63 to $1.73
- NoteNet leverage: 2.5 times
Capital returns
- The Company repurchased $81 million of its common stock during the quarter.
- Common stock repurchased during the nine months ended September 30, 2026: $(598) million.
- Dividends paid to shareholders during the nine months ended September 30, 2026: $(115) million.
- The Company has acquired nearly 6% of its outstanding shares over the past twelve months.
What drove it
- Global beverage can volumes increased 6%.
- Third-quarter net sales reflected higher global beverage can shipments and the pass-through of $405 million in higher material costs.
- Nine-month net sales reflected the pass-through of $1,034 million in higher material costs, higher global beverage can shipments and favorable foreign currency translation of $102.
- Third-quarter segment income reflected higher global beverage can shipments offset by input cost inflation.
- Previously announced beverage-can capacity projects in Brazil, Greece and Spain are on plan.
- Construction commenced on a beverage can plant in Uttar Pradesh, India, with commercial start-up expected in the first quarter of 2028.
Concerns
- Input cost inflation offset the contribution from higher global beverage can shipments in third-quarter segment income.
- Third-quarter adjusted free cash flow was $299 million compared to $500 million in the prior-year quarter.
- Nine-month adjusted free cash flow was $771 million compared to $887 million in the prior-year period.
- Transit Packaging segment income was $60 million in the third quarter of 2026 compared to $70 million in the prior-year quarter.
- The filing identifies risks related to inflation, interest rates, energy and transportation prices, tariffs and retaliatory trade measures, food-can demand, Transit Packaging demand, foreign currency translation and project execution.
What to watch
- Fourth-quarter adjusted diluted earnings per share guidance of $1.63 to $1.73.
- Delivery of full-year adjusted free cash flow of at least $950 million after capital spending of approximately $550 million.
- Recovery of raw-material and other inflationary costs.
- Execution of beverage-can capacity projects in Brazil, Greece, Spain and Northern India.
- Beverage can shipment trends in Asia, North America and Europe.
- Capital allocation between organic investment and shareholder returns at net leverage of 2.5 times.
Balance sheet and cash flow
- Cash and cash equivalents at September 30, 2026: $629 million.
- Total debt at September 30, 2026: $5,964 million.
- Net debt at September 30, 2026: $5,200 million.
- Long-term debt, excluding current maturities, at September 30, 2026: $5,711 million.
- Net cash provided by operating activities for the nine months ended September 30, 2026: $1,065 million.
- Cash, cash equivalents and restricted cash at September 30, 2026: $762 million.
- Cash and cash equivalents include $133 million of restricted cash at September 30, 2026.
Analysis
Crown reported a stronger third quarter on top-line volume and earnings measures. Net sales were $3,711 million versus $3,202 million in the third quarter of 2025, reflecting higher global beverage can shipments and the pass-through of $405 million in higher material costs. Global beverage can volumes increased 6%, supported by double-digit gains in Asia, a 6% increase in North America and 4% growth across Europe. GAAP diluted earnings per share were $2.08 versus $1.85, while adjusted diluted earnings per share increased 7% to $2.39 from $2.24.
Profit performance showed the impact of inflation on operating mix. Income from operations increased to $442 million from $423 million, but segment income was $484 million compared with $490 million because higher global beverage can shipments were offset by input cost inflation. Americas Beverage segment income was $259 million versus $255 million, European Beverage was $109 million in both periods, Asia Pacific was $46 million versus $44 million, and Transit Packaging was $60 million versus $70 million. The reported effective tax rate was 25.6%, compared with 26.1%, and the adjusted effective tax rate was 24.9%, compared with 25.2%.
For the first nine months, net sales were $10,638 million compared with $9,238 million, and the company cited $1,034 million in higher-material-cost pass-through, higher global beverage can shipments and $102 of favorable foreign currency translation. Income from operations was $1,271 million versus $1,179 million, net income attributable to Crown Holdings was $645 million versus $588 million, and adjusted diluted earnings per share were $6.72 versus $6.05. Nine-month segment income rose to $1,390 million from $1,364 million, driven by 6% higher global beverage can shipments partially offset by input cost inflation.
Cash generation remains material to the outlook. Nine-month operating cash flow was $1,065 million versus $1,043 million, while adjusted free cash flow was $771 million compared with $887 million, alongside capital expenditures of $(310) million versus $(181) million. The company repurchased $81 million of common stock during the quarter and $(598) million during the first nine months. At September 30, 2026, cash and cash equivalents were $629 million, total debt was $5,964 million, net debt was $5,200 million and the adjusted net leverage ratio was 2.5x.
Management expects full-year adjusted diluted earnings per share of $8.35 to $8.45, adjusted free cash flow of at least $950 million after capital spending of approximately $550 million, and fourth-quarter adjusted diluted earnings per share of $1.63 to $1.73. Capacity projects in Brazil, Greece and Spain are on plan, while construction has commenced on a plant in Uttar Pradesh, India, with commercial start-up expected in the first quarter of 2028. The central execution items are fourth-quarter earnings delivery, free-cash-flow conversion, inflation recovery and delivery of the capacity program.
Management, verbatim
The Company performed well during the third quarter, continuing its pace for another exceptional year in 2026. Robust global beverage can volumes helped offset the majority of rising input cost pressures.
Timothy J. Donahue, Chairman, President and Chief Executive Officer
With our strong year-to-date performance and continued cash generation, Crown is on track to deliver another year of solid earnings and free cash flow.
Kevin C. Clothier, Senior Vice President and Chief Financial Officer
Not in the filing
stated, not guessed- GAAP gross margin and gross-margin comparisons were not reported.
- Revenue, gross margin, operating expenses and tax-rate guidance were not provided.
- Prior-quarter comparisons for reported operating metrics were not provided.
- A previous-release outlook was not provided, so no comparison with prior guidance can be made.
- No quarterly cash flow statement line items other than operating cash flow, capital expenditures and adjusted free cash flow were provided.
- No dividend-per-share amount was provided.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Crown Holdings is a leading manufacturer of aluminum beverage cans, reporting a 6% volume increase and a net leverage of 2.5x.
Ticker impact
Crown Holdings reported Q3 2026 results with EPS $2.08 and issued full-year adjusted EPS guidance to $8.35‑$8.45.
likely upward pressure as investors price in issued earnings outlook.
Quarterly beat and a solid guidance range for adjusted EPS and free cash flow typically lift the stock.
Market effects
Positive for packaging and metal cans sector, may boost peers.
U.S. industrials may see modest uplift.
Limited to global beverage packaging supply chain.
Counterpoint
Higher input costs could compress margins despite volume growth.
Key entities
- ExecutiveTimothy J. Donahue
Chairman, President and CEO who commented on the results.
- ExecutiveKevin C. Clothier
CFO who provided the outlook and guidance.
