Crown Holdings, Inc. (CCK) Earnings
Crown Holdings, Inc. is expected to report next earnings on October 19, 2026 (in NaN days), with a consensus EPS estimate of $2.23. CCK has beaten EPS estimates in 12 of its last 12 reported quarters (average surprise +9.4% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 21, 2026 | $2.16 | $2.49 | +15.3% | $3.7B | +8.7% |
| Apr 28, 2026 | $1.75 | $1.86 | +6.3% | $3.3B | +7.4% |
| Feb 4, 2026 | $1.69 | $1.74 | +3.0% | $3.1B | +5.1% |
| Oct 20, 2025 | $1.98 | $2.24 | +13.1% | $3.2B | +7.0% |
| Jul 21, 2025 | $1.88 | $2.15 | +14.4% | $3.1B | +1.3% |
| Feb 5, 2025 | $1.51 | $1.59 | +5.3% | $2.9B | +0.4% |
| Oct 17, 2024 | $1.81 | $1.99 | +9.9% | $3.1B | +5.9% |
| Jul 22, 2024 | $1.58 | $1.81 | +14.6% | $3.1B | -0.3% |
| Jul 24, 2023 | $1.64 | $1.68 | +2.4% | $3.1B | -9.4% |
| Feb 7, 2023 | $1.05 | $1.17 | +11.4% | $3.0B | -3.5% |
| Jul 20, 2022 | $2.02 | $2.10 | +4.0% | $3.5B | +9.5% |
| Feb 8, 2022 | $1.54 | $1.66 | +7.8% | $3.1B | +9.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · July 21, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Overall Financial Performance - Reported diluted EPS was $2.23 ($1.56 YoY), and adjusted diluted EPS was $2.49 ($2.15 YoY), representing a 16% YoY increase - Net sales grew 5% YoY to $3.7 billion, driven by 5% global beverage can shipment growth, material cost pass-through, and favorable foreign exchange translation - Consumers continue to shift preference to aluminum beverage cans, the most sustainable beverage packaging option, with ongoing demand growth globally ### Capital Allocation and Balance Sheet - Returned $594 million to shareholders in H1 2026: $517 million in share repurchases ($305 million in Q2 alone) and $77 million in dividend payments - End-of-Q2 adjusted net leverage ratio was 2.5x, meeting management's long-term target and improving from Q1 2026 - Growth initiatives in Brazil, Greece, Spain, and India are progressing on schedule, with new capacity coming online as planned ### Capacity and Regional Operational Updates - The first new can line in Greece was commercialized in early July 2026; additional capacity will launch in Spain late 2026 and the second Greek line in Q4 2026 - A new can line in Ponegrosa, Brazil is on track to launch in Q4 2026 to expand regional size capabilities - Global can utilization is very high: adjusting for maintenance, changeovers, and label changes, the North American industry operates at mid-to-high 90% utilization, reaching 110% during peak season from April to August - The transit packaging business has undergone significant cost restructuring, with overhead right-sized to current market levels; green shoots have emerged in capital goods orders for the profitable equipment and tooling segment
Guidance
- Management raised full year 2026 adjusted diluted EPS guidance from the prior range of $7.90 to $8.30 to a new range of $8.30 to $8.50 - Q3 2026 adjusted diluted EPS is expected to be between $2.20 and $2.30 - Full year 2026 adjusted free cash flow is expected to be at least $900 million, up from prior guidance of approximately $900 million - 2026 capital spending is expected to remain approximately $550 million - Full year 2026 net interest expense is projected at ~$350 million, effective tax rate ~25%, depreciation ~$330 million, non-controlling interest expense ~$150 million, and non-controlling dividends ~$110 million - Full year 2026 North American beverage can shipments are expected to be 3% to 4% above 2025 levels - Management expects ~$200 million in additional share repurchases in H2 2026 - Brazil is projected to end 2026 at roughly flat full-year volumes after a high single-digit first half decline - 2027 North American volumes are expected to be up YoY, though growth may moderate from 2026's World Cup-boosted levels
Segment performance
1. Americas Beverages: Revenue grew 21% YoY (driven primarily by aluminum cost pass-through), with 5% unit volume growth in North America offset by 10% volume declines across Latin America. Segment income declined $3 million YoY due to cost inflation. This segment contributed ~X% of total segment income, with net sales for the quarter aligned to the overall $3.7 billion total company net sales. 2. Europe Beverages: Volumes increased 7% YoY, driving a 10% YoY improvement in segment income. Demand remains tight across most of the region, with only slight declines in Eastern Europe and 20% volume declines in the United Arab Emirates (offset by growth in other Middle East markets). 3. Asia Pacific: Segment income advanced 6% YoY, as volume gains across most markets offset cost headwinds from the Middle East crisis. Overall transit packaging volumes were flat YoY, with higher equipment and tool activity offset by lower steel and plastic strap volumes. Inflation impacts are currently running ahead of cost recovery. 4. Other Businesses (includes North American tin plate operations and beverage can equipment): Segment income improved YoY, driven by increased beverage can equipment activity and productivity gains in North American tin plate. The majority of the quarterly income gain came from the stronger equipment and tooling business against an easy prior-year comparison. 5. North American Food Can: Volumes declined 3% YoY, following 9% volume growth in Q2 2025. ~40% of this segment's volume is now pet food, which is stable and outperformed human food volumes in the quarter. Total company Q2 2026 net sales were $3.7 billion, and total segment income was $501 million, up from $476 million in Q2 2025.
Risks & headwinds
- The ongoing Middle East crisis has escalated, leading to higher than expected inflationary pressures for ocean freight, industrial gases, diesel, and other input costs that are currently running ahead of existing cost recovery mechanisms - Cost recovery for current incremental inflation will not reset until the end of 2026 or early 2027, leaving margins exposed in H2 2026 - Q2 2026 volume growth was boosted by outsized World Cup and America 250 event activity that will not repeat in H2 2026, leading to slower sequential volume growth - Lower-income consumer demand remains weak in Brazil, driven by uneven economic performance that has negatively impacted Crown's lower-end market customer mix - Global economic instability driven by geopolitical conflict creates uncertainty for consumer demand and input cost trajectories
Analyst Q&A
Q: Given Americas segment income was better than expected in Q2, could full-year 2026 Americas segment income be flat YoY, and what is 2027 volume and market share outlook for North America? /
A: Management expects H2 2026 Americas segment income to be flat with H2 2025, but due to first half softness in Brazil, full-year 2026 will still come in slightly below 2025 levels, getting close to 2025's $1 billion segment income result but not matching it. For 2027, management expects North American volumes to rise YoY alongside overall market growth, prioritizes returns on capital over raw market share growth, and is comfortable with its current position as the second largest player with ~25% market share.
Q: What is the updated EPS impact from the Middle East conflict, and how much 2026 volume gain came from the World Cup? /
A: Management now projects a total of ~12 to 16 cents of full-year 2026 EPS headwind from Middle East-related cost pressures, up from the prior estimate of ~10 cents, with 7 to 10 cents of impact expected in H2 2026. Around 2% of North America's 5% Q2 2026 volume growth is attributed to World Cup and related event activity, which will not repeat in H2.
Q: What is driving Latin America Q2 volume declines, and why is management being cautious on H2 2026 results? /
A: Latin America volumes fell 10% YoY in Q2, driven by customer mix weakness in Brazil: Crown primarily serves the lower-end of the market, which has underperformed the premium segment amid uneven Brazilian economic performance, and the large premium competitor has had stronger promotional activity around the 2026 World Cup. Caution on H2 stems from the unwinding of Q2's outsized World Cup volume boost, and higher than previously expected inflation from the escalating Middle East conflict, with no specific underlying demand weakness.
Q: How does management view capacity expansion in North America, and how tight is current industry utilization? /
A: Management prioritizes responsible capacity expansion after past industry overcapacity, and customers consistently push for overcapacity to lower prices, which the company will avoid. Current North American industry utilization is mid-to-high 90% after adjusting for maintenance and changeovers, reaching 110% during peak summer season, leaving very little excess capacity. The market continues to grow driven by substrate shifts to cans for energy drinks, sparkling alcohol, and flavored teas, and the company will only add new capacity when it can be deployed responsibly for solid returns.