$CCK

CROWN HOLDINGS INC

CIK:0001219601|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 3,668	$ 3,149	$ 6,927	$ 6,036
Cost of products sold, excluding depreciation and amortization	2,920	2,436	5,535	4,698
Depreciation and amortization	116	114	234	224
Selling and administrative expense	166	161	325	313
Restructuring and other, net	2	47	4	45
Income from operations	464	391	829	756
Loss from early extinguishments of debt	0	1	3	1
Other pension and postretirement	5	(1)	10	4
Interest expense	105	103	202	202
Interest income	(14)	(14)	(26)	(27)
Foreign exchange	3	9	0	11
Income before taxes and equity in net earnings of affiliates	365	293	640	565
Provision for income taxes	89	78	159	124
Equity in net earnings of affiliates	0	1	1	2
Net income	276	216	482	443
Net income attributable to noncontrolling interests	31	35	62	69
Net income attributable to Crown Holdings	$ 245	$ 181	$ 420	$ 374
Earnings per common share attributable to Crown Holdings:
Basic (in dollars per share)	$ 2.24	$ 1.57	$ 3.80	$ 3.22
Diluted (in dollars per share)	$ 2.23	$ 1.56	$ 3.78	$ 3.21

CONSOLIDATED STATEMENTS OF CASH FLOWS (Condensed) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 482	$ 443
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	234	224
Loss from early extinguishments of debt	3	0
Restructuring and other, net	4	45
Pension and postretirement expense	19	14
Pension contributions	(10)	22
Stock-based compensation	23	26
Working capital changes and other	(96)	(311)
Net cash provided by operating activities	659	463
Cash flows from investing activities
Capital expenditures	(203)	(89)
Net investment hedge	16	13
Settlement of net investment hedge	(45)	0
Proceeds from sale of property, plant and equipment	38	29
Other	0	3
Net cash used for investing activities	(194)	(44)
Cash flows from financing activities
Net change in revolving credit facility and short-term debt	107	8
Proceeds from short-term debt	28	252
Payments of short-term debt	(70)	(126)
Proceeds from long-term debt	141	700
Payments of long-term debt	(25)	(917)
Debt issuance costs	(13)	(10)
Dividends paid to noncontrolling interests	(41)	(62)
Dividends paid to shareholders	(77)	(60)
Common stock repurchased	(517)	(209)
Payments from financed assets	(90)	0
Other	(5)	(3)
Net cash used for financing activities	(562)	(427)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(3)	30
Net change in cash, cash equivalents and restricted cash	(100)	22
Cash, cash equivalents and restricted cash at January 1	879	1,016
Cash, cash equivalents and restricted cash at June 30	$ 779	$ 1,038

CONSOLIDATED BALANCE SHEETS (Condensed) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 656	$ 764
Receivables, net	1,999	1,768
Inventories	1,795	1,577
Prepaid expenses and other current assets	322	279
Total current assets	4,772	4,388
Goodwill	3,134	3,155
Intangible assets, net	880	959
Property, plant and equipment, net	5,205	5,187
Operating lease right-of-use assets, net	197	193
Other non-current assets	368	390
Total assets	14,556	14,272
Current liabilities
Short-term debt	44	83
Current maturities of long-term debt	519	480
Current portion of operating lease liabilities	48	48
Accounts payable	3,072	2,643
Accrued liabilities	868	1,012
Total current liabilities	4,551	4,266
Long-term debt, excluding current maturities	5,499	5,401
Pension and postretirement liabilities	291	291
Non-current portion of operating lease liabilities	162	158
Other non-current liabilities	687	676
Commitments and contingent liabilities (Note J)
Noncontrolling interests	499	481
Crown Holdings shareholders’ equity	2,867	2,999
Total equity	3,366	3,480
Total liabilities and equity	$ 14,556	$ 14,272