Crown Holdings, Inc.

What they do

Crown makes metal cans and ends in aluminum and steel for the beverage, food, and aerosol industries, plus transit packaging products such as automation and equipment technologies, protective packaging, and steel and plastic consumables. It is organized into four reportable segments: Americas Beverage, European Beverage, Asia Pacific, and Transit Packaging. In 2025, 61% of consolidated net sales came from operations outside the U.S., and about 73% came from the global beverage can business.

Revenue drivers

• Americas Beverage — Manufactures aluminum beverage cans and ends, glass bottles, steel crowns, and aluminum caps in the U.S., Brazil, Canada, Colombia, and Mexico; had 2025 net sales of $5.6 billion and segment income of $1,030 million.
• European Beverage — Manufactures aluminum beverage cans and ends in Europe, the Middle East, and North Africa; had 2025 net sales of $2.3 billion and segment income of $334 million.
• Asia Pacific — Manufactures beverage cans and ends, food cans, and specialty packaging in Cambodia, China, Indonesia, Malaysia, Myanmar, Thailand, and Vietnam; had 2025 net sales of $1.1 billion and segment income of $183 million. The Myanmar beverage can plant was sold in February 2026.
• Transit Packaging — Worldwide automation and equipment technologies, protective packaging solutions, and steel and plastic consumables sold into metals, food and beverage, construction, agricultural, corrugated, and general industries; segment net sales are not disclosed in the excerpts provided.

Recent performance

Second quarter 2026 net sales were $3,668 million versus $3,149 million a year earlier, with global beverage can volumes up 5%. Q2 2026 income from operations was $464 million versus $391 million, and segment income was $501 million versus $476 million. Net income attributable to Crown Holdings was $245 million, or $2.23 diluted EPS, versus $181 million and $1.56 in Q2 2025; adjusted diluted EPS rose 16% to $2.49 from $2.15. First half 2026 net sales were $6,927 million versus $6,036 million, with net income attributable to Crown Holdings of $420 million ($3.78 diluted EPS) versus $374 million ($3.21).

Strategy

Crown is expanding beverage can production capacity in Brazil, Greece, and Spain, and building a new facility in Northern India, its entry into that market. Management cites beverage can demand growth from customers and consumers preferring aluminum, and continues to offer specialty can sizes such as slim and sleek plus printing and decorating capabilities. The company repurchased over $500 million of stock in the first six months of 2026, including $305 million in Q2, and says it balances buybacks with investment and balance sheet flexibility. It also operates the Twenty by 30 sustainability program with twenty measurable goals to be achieved by 2030.

Risks

• Raw material and energy costs — In 2025, aluminum and steel consumption represented 47% and 8% of consolidated cost of products sold excluding depreciation and amortization, so price increases Crown cannot pass through would pressure profits.
• Tariffs and trade policy — In February 2025 the U.S. imposed additional tariffs on aluminum and steel and on imports from China, and in April 2025 imposed additional tariffs on a broad range of companies and materials; retaliation or further changes could affect costs and demand.
• Raw material availability — The filing states sufficient quantities of materials such as aluminum, steel, tin, and crude-oil- and natural-gas-derived resins may not be available in the future or only at higher prices.
• Customer and end-market concentration — About 73% of 2025 net sales came from the global beverage can business, tying results heavily to beverage can demand, which management noted was softer in Latin America in Q2 2026.

Outlook

Management raised full-year 2026 guidance for adjusted diluted EPS to a range of $8.30 to $8.50, with adjusted free cash flow of at least $900 million. It expects global beverage can demand to continue growing and says capacity expansions in Brazil, Greece, Spain, and Northern India are advancing as planned. Management describes the transit business as performing well despite a continuing tepid global industrial production environment.