Crown Holdings Inc.
10/30/2025 | Press release | Distributed by Public on 10/30/2025 12:44
Quarterly Report for Quarter Ending September 30, 2025 (Form 10-Q)
Management's Discussion and Analysis of Financial Condition and Results of Operations
(dollars in millions)
Introduction
The following discussion presents management's analysis of the results of operations for the three and nine months ended September 30, 2025 compared to 2024 and changes in financial condition and liquidity from December 31, 2024. This discussion should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, along with the consolidated financial statements and related notes included in and referred to within this report.
Business Strategy and Trends
The Company's strategy is to maximize long-term shareholder value by pursuing profitable growth opportunities while returning cash to shareholders through dividends and share repurchases.
Global industry demand for beverage cans has been growing in recent years in North America, Brazil and Europe. Growth has been driven by new product introductions, customer and consumer focus on the sustainability benefits of aluminum and population and GDP growth in many markets. To meet such demand, the Company made long-term investments in excess of $2,000 for new manufacturing facilities and additional production lines in existing facilities since 2019. Based on current market conditions, the Company expects to have the ability to meet expected demand growth with its current installed capital base and expects capital spending to be approximately $400 in 2025.
The Company's strategy is anchored by strong cash flow generation and a healthy balance sheet with a long-term net leverage ratio target of 2.5x adjusted EBITDA (a non-GAAP measure). The Company believes it has the flexibility and resources to fund growth, repay debt and return excess cash flow to shareholders in the future. On July 25, 2024, the Company's Board of Directors authorized the repurchase of an aggregate amount of $2,000 of the Company's common stock through the end of 2027, with approximately $1,500 remaining on the program.
The Company continues to actively elevate its commitment to sustainability. In 2020, the Company introduced Twentyby30, a robust program that outlines twenty measurable, science based, environmental, social and governance goals to be completed by 2030. In 2024, the Company garnered recognition for its commitment to integrate sustainability into all aspects of the organization, including the top spot within the Sustainalytics "Container and Packaging" industry category.
The Company continues to actively manage the challenges of supply chain disruptions, foreign exchange, interest rate fluctuations, and inflationary pressures, including increasing costs for raw materials, energy and transportation. The Company generally attempts to mitigate aluminum and steel price risk by matching its purchase obligations with its sales agreements. Additionally, tariffs, retaliatory trade measures and further trade restrictions could result in higher raw material costs and a wide range of possible outcomes including impacts on consumers and industrial activity. The Company attempts to mitigate inflationary pressures on energy and raw material costs with contractual pass-through provisions that include annual selling price adjustments based on price indices. The Company also uses commodity forward contracts to manage its exposure to raw material costs. The ability to mitigate inflationary risks through these measures varies by region and the impact on the results of the Company's segments is discussed, as applicable, under the heading "Results of Operations" below.
To date the war between Russia and Ukraine and the conflicts in the Middle East have not had a direct material impact on the Company's business, financial condition, or results of operations.
Results of Operations
The key measure used by the Company in assessing performance is segment income, a non-GAAP measure defined by the Company as income from operations adjusted to exclude intangibles amortization charges, restructuring and other and the impact of fair value adjustments to inventory acquired in an acquisition.
The foreign currency translation impacts referred to in the discussion below were primarily due to changes in the Mexican peso in the Company's Americas Beverage segment, the euro and the British pound in the Company's
Crown Holdings, Inc.
European Beverage segment, and the Thai baht in the Company's Asia Pacific segment. The Company's Transit Packaging segment is a global business and the foreign currency translation impacts referred to in the discussion below are primarily related to the euro, the Indian rupee, the Mexican peso and the Brazilian real.
The Company calculates the impact of foreign currency translation by dividing current year U.S. dollar results by the current year average foreign exchange rates and then multiplying those amounts by the applicable prior year average exchange rates.
Net Sales and Segment Income
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net sales | $ | 3,202 | $ | 3,074 | $ | 9,238 | $ | 8,898 | |||||||||||||||
Three months ended September 30, 2025 compared to 2024
Net sales increased primarily due to $104 from the pass-through of higher material costs, higher volumes in European Beverage and favorable foreign currency translation of $34, partially offset by lower volumes in Americas Beverage, Asia Pacific and Transit Packaging.
Nine months ended September 30, 2025 compared to 2024
Net sales increased primarily due to $318 from the pass-through of higher material costs, higher volumes in European Beverage and North America food can and favorable foreign currency translation of $26, partially offset by lower volumes in Asia Pacific and Transit Packaging.
Americas Beverage
The Americas Beverage segment manufactures aluminum beverage cans and ends, steel crowns, glass bottles and aluminum closures and supplies a variety of customers from its operations in the U.S., Brazil, Canada, Colombia and Mexico.
The U.S. and Canadian beverage can markets have experienced growth in recent years due to the introduction of new beverage products in cans versus other packaging formats. In Brazil and Mexico, the Company's volumes have increased in recent years primarily due to market growth driven by increased per capita incomes and consumption, combined with an increased preference for cans over other forms of beverage packing.
In May 2025, the Company announced it will add a new high-speed production line to its beverage can plant in Ponta Grossa, Brazil. The line is expected to commence commercial production in late 2026.
Net sales and Segment income in the Americas Beverage segment were as follows:
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net sales | $ | 1,417 | $ | 1,368 | $ | 4,142 | $ | 3,915 | |||||||||||||||
| Segment income | 255 | 280 | 759 | 712 | |||||||||||||||||||
Three months ended September 30, 2025 compared to 2024
For the three months ended September 30, 2025 compared to 2024, Net sales increased primarily due to $98 from the pass-through of higher aluminum costs, partially offset by 5% lower volumes.
Segment income decreased primarily due to lower volumes.
Crown Holdings, Inc.
Nine months ended September 30, 2025 compared to 2024
For the nine months ended September 30, 2025 compared to 2024, Net sales increased primarily due to $252 from the pass-through of higher aluminum costs, partially offset by unfavorable foreign currency translation of $22.
Segment income increased primarily due to lower costs from continued operational improvements and improved customer mix.
European Beverage
The Company's European Beverage segment manufactures aluminum beverage cans and ends and supplies a variety of customers from its operations throughout Europe, the Middle East and North Africa. In recent years, the European beverage can market has been growing due to consumer focus on sustainability benefits of aluminum and a market shift to cans versus other packaging formats.
Net sales and Segment income in the European Beverage segment were as follows:
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net sales | $ | 658 | $ | 573 | $ | 1,805 | $ | 1,615 | |||||||||||||||
| Segment income | 109 | 86 | 273 | 225 | |||||||||||||||||||
Three and nine months ended September 30, 2025 compared to 2024
For the three and nine months ended September 30, 2025 compared to 2024, Net sales increased primarily due to higher volumes of 12% and 9% and favorable foreign currency translation of $21 and $32. For the nine months ended September 30, 2025, Net sales was also positively impacted $38 from the pass-through of higher aluminum costs.
For the three and nine months ended September 30, 2025 compared to 2024, segment income improved primarily due to higher volumes.
Asia Pacific
The Company's Asia Pacific segment consists of beverage can operations in Cambodia, China, Indonesia, Malaysia, Myanmar, Thailand and Vietnam and non-beverage can operations, primarily food cans and specialty packaging. Historically, growth in the beverage can market in Southeast Asia has been driven by increased per capita incomes and consumption, combined with an increased preference for cans over other forms of beverage packaging. In recent years, the Asia Pacific beverage can market has experienced some softness as the region struggles with the effects of higher inflation and interest rates.
The Company's Yangon, Myanmar beverage can plant was temporarily idled in 2022 due to currency restrictions, which resulted in the inability to source U.S. dollars required to procure U.S. dollar raw materials. The Company has operated the plant on a limited basis since 2023 and had net sales of $2 for the nine months ended September 30, 2025. In the third quarter of 2025, the Company recorded an asset impairment charge of $30 due to economic conditions and the impact to the Company's business in Myanmar.
Net sales and Segment income in the Asia Pacific segment were as follows:
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net sales | $ | 259 | $ | 284 | $ | 794 | $ | 853 | |||||||||||||||
| Segment income | 44 | 50 | 141 | 147 | |||||||||||||||||||
Three and nine months ended September 30, 2025 compared to 2024
Crown Holdings, Inc.
For the three and nine months ended September 30, 2025 compared to 2024, Net sales decreased primarily due to lower volumes of 9% and 13%. For the nine months ended September 30, 2025, the decrease in Net sales was partially offset by $25 from the pass-through of higher aluminum costs.
For the three and nine months ended September 30, 2025 compared to 2024, segment income decreased primarily due to lower volumes partially offset by $3 and $11 of improved manufacturing performance, including savings realized as part of prior year restructuring actions.
Transit Packaging
The Company's Transit Packaging segment includes the Company's worldwide automation and equipment technologies, protective packaging solutions and steel and plastic consumables. Automation and equipment technologies include manual, semi-automatic and automatic equipment and tools, which are primarily used in end-of-line operations to apply and remove consumables such as strap and film. Protective solutions include standard and purpose designed products, such as airbags, edge protectors, and honeycomb products, among others, that help prevent movement of, and/or damage to, a wide range of industrial and consumer goods during transport. Steel and plastic consumables include steel strap, plastic strap, industrial film and other related products that are used across a wide range of industries.
This segment may be subject to direct and indirect effects from tariffs which may slow consumer and industrial activity, the impact of which cannot be reasonably predicted. The Company will continue to monitor these conditions, including potential actions to mitigate their impact. This economic uncertainty could affect projected future financial performance and may require a quantitative goodwill impairment test in the future to determine if an impairment charge is necessary.
Net sales and Segment income in the Transit Packaging segment were as follows:
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net sales | $ | 517 | $ | 526 | $ | 1,525 | $ | 1,596 | |||||||||||||||
| Segment income | 70 | 70 | 202 | 211 | |||||||||||||||||||
Three and nine months ended September 30, 2025 compared to 2024
For the three and nine months ended September 30, 2025 compared to 2024, Net sales decreased primarily due to $4 and $42 of lower equipment volumes and the pass-through of lower material costs of $8 and $30, partially offset by higher steel and plastic strap volumes.
For the three months ended September 30, 2025 compared to 2024, segment income was flat, as unfavorable product mix, driven by lower equipment volumes which have higher margins, was offset by improved cost performance of $7.
For the nine months ended September 30, 2025 compared to 2024, segment income decreased primarily due to unfavorable product mix, driven by lower equipment volumes, partially offset by improved cost performance of $16.
Other
Other includes the Company's food can, aerosol can and closures businesses in North America, and beverage tooling and equipment operations in the U.S. and U.K. The Companyadded a pet food can line to its Dubuque, Iowa plant in 2024. During the second quarter of 2024, the Company closed its food can plant in La Villa, Mexico.
Net sales and Segment income in Other were as follows:
Crown Holdings, Inc.
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net sales | $ | 351 | $ | 323 | $ | 972 | $ | 919 | |||||||||||||||
| Segment income | 51 | 27 | 115 | 49 | |||||||||||||||||||
Three months ended September 30, 2025 compared to 2024
For the three months ended September 30, 2025 compared to 2024, Net sales increased primarily due to $26 from the pass-through of higher tinplate costs.
For the three months ended September 30, 2025 compared to 2024, segment income increased primarily due to increased profitability in the Company's North America food can, aerosol can and closures businesses due to lower costs from continued operational improvements and higher sales in the Company's beverage can equipment operations.
Nine months ended September 30, 2025 compared to 2024
For the nine months ended September 30, 2025 compared to 2024, Net sales increased primarily due to 7% higher North America food can volumes and $33 from the pass-through of higher tinplate costs.
For the nine months ended September 30, 2025 compared to 2024, segment income increased primarily due to increased profitability in the Company's North America food can, aerosol can and closures businesses due to $15 from higher volumes and improved customer mix, $9 lower costs from continued operational improvements and higher sales in the Company's beverage can equipment operations. Additionally, the nine months ended September 30, 2024, included a steel repricing loss of $8.
Corporate and unallocated
Corporate and unallocated items include corporate and administrative costs, research and development, and unallocated items such as stock-based compensation and insurance costs.
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Corporate and unallocated expense | $ | (39) | $ | (41) | $ | (126) | $ | (127) | |||||||||||||||
Corporate and unallocated expenses were relatively flat for the three and nine months ended September 30, 2025 compared to 2024, primarily due to lower insurance costs, partially offset by higher employee compensation costs, including stock compensation.
Restructuring and other, net
For the three and nine months ended September 30, 2025, restructuring and other net charges of $30 and $75,primarily related to asset impairment charges in Myanmar and China and end line rationalization in the Asia Pacific segment. For the nine months ended, the Company also recorded severance and other exit costs in the Transit Packaging segment.
For the three months ended September 30, 2024, restructuring and other net gains of $13, included a $22 gain for the sale of food can equipment in Mexico. For the nine months ended September 30, 2024, restructuring and other net charges of $27, primarily included business reorganization activities in the Company's European Beverage and Other segments.
The Company continues to review its costs structure and may record additional restructuring charges in the future.
Other pension and postretirement
Crown Holdings, Inc.
For the three and nine months ended September 30, 2024, Other pension and postretirement expense included settlement charges of $517 related to the transfer of portions of the Company's Canadian and primary U.S. defined benefit pension liabilities through the purchase of group annuity insurance contracts.
Interest expense and interest income
For the three and nine months ended September 30, 2025 compared to 2024, interest expensedecreased from $119 to $101 and $344 to $303. During the same periods, interest income decreased from $24 to $13 and $60 to $40. The decrease in both interest expense and interest income was due to lower borrowings, cash balances, and interest rates.
The Company has cross-currency swaps with an aggregate notional value of $875 that mature in February 2026. These swaps reduced interest expense by $19 for the nine months ended September 30, 2025.
Taxes on income
The Company's effective income tax rates were as follows:
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Income / (loss) before taxes and equity in net earnings of affiliates | $ | 322 | $ | (177) | $ | 887 | $ | 222 | |||||||||||||||
| Provision for income taxes | 84 | (39) | 208 | 55 | |||||||||||||||||||
| Effective income tax rate | 26.1 | % | 22.0 | % | 23.4 | % | 24.8 | % | |||||||||||||||
The increase in the effective tax rate for the three months ended September 30, 2025 compared to 2024, was primarily due to the tax benefit from the pension settlement charges taken during the third quarter of 2024.
The decrease in the effective tax rate for the nine months ended September 30, 2025 compared to 2024, was primarily due to an income tax benefit of $22 in the first quarter of 2025 after an internal reorganization which resulted in the release of deferred tax liabilities related to the foreign currency impact of certain intercompany debt instruments that were designated as hedges of the Company's net investment in a euro-based subsidiary. During the nine months ended September 30, 2024 the Company recognized a $16 benefit related to the release of a valuation allowance resulting from improved profitability in a European subsidiary.
On July 4, 2025, the U.S. government enacted tax reform, commonly referred to as the One Big Beautiful Bill Act ("OBBB"). OBBB amends U.S. tax law, including provisions related to bonus depreciation, interest expense limitation, research and development, global intangible low-taxed income, foreign derived intangible income and base erosion and anti-abuse tax. The Company does not currently expect OBBB to have a material impact on its financial results, including its annual estimated effective tax rate.
Effective January 1, 2024, various jurisdictions in which the Company operates have enacted the Pillar II directive which establishes a global minimum corporate tax rate of 15% initiated by the Organisation for Economic Co-operation and Development ("OECD").The Company does not currently expect Pillar II to have a material impact on its financial results, including its annual estimated effective tax rate or liquidity for 2025 based on currently enacted tax laws, however the Company continues to monitor its jurisdictions for any changes, including additional guidance from the OECD.
Net income attributable to noncontrolling interest
For the three and nine months ended September 30, 2025 compared to 2024, net income attributable to noncontrolling interests decreased from $43 to $25 and $102 to $94 primarily due to lower earnings in the Company's beverage can operations in Brazil.
Liquidity and Capital Resources
Operating Activities
Cash from operating activities increased from $897 for the nine months ended September 30, 2024 to $1,043 for the nine months ended September 30, 2025, primarily due to higher income from operations and lower pension contributions.
Crown Holdings, Inc.
Days sales outstanding for trade receivables, excluding the impact of unbilled receivables, was 29 days as of September 30, 2024 and September 30, 2025.
Inventory turnover decreased from 60 days at September 30, 2024 to 57 days at September 30, 2025.
Days outstanding for trade payables was 93 days at September 30, 2024 and September 30, 2025.
Investing Activities
Cash used for investing activities decreased from $208 for the nine months ended September 30, 2024 to $121 for the nine months ended September 30, 2025, primarily due to lower capital expenditures.
The Company currently expects capital expenditures in 2025 to be approximately $400.
Financing Activities
Cash used for financing activitiesincreased from $260 for the nine months ended September 30, 2024 to $680 for the nine months ended September 30, 2025 primarily due to the repayment of $875 4.75% senior notes and $314 of common stock repurchases, partially offset by the issuance of $700 5.875% senior notes in 2025.
In 2024, the Company issued €600 principal amount of 4.50% senior unsecured notes due 2030 and used the proceeds to pay down the €600 principal amount of 2.625% senior unsecured notes due September 2024.
Liquidity
As of September 30, 2025, $935 of the Company's $1,172 of cash and cash equivalents was located outside the U.S. The Company is not currently aware of any legal restrictions under foreign law that materially impact its access to cash held outside the U.S. The Company funds its cash needs in the U.S. through a combination of cash flows from operations, dividends from certain foreign subsidiaries, borrowings under its revolving credit facility and the acceleration of cash receipts under its receivable securitization and factoring facilities. Of the cash and cash equivalents located outside the U.S., $446 was held by subsidiaries for which earnings are considered indefinitely reinvested.
The Company's revolving credit agreements provide capacity of $1,650 and as of September 30, 2025, the Company had available capacity of $1,621. The Company could have borrowed this amount at September 30, 2025 and still have been in compliance with its leverage ratio covenants.
The Company's debt agreements contain covenants that limit the ability of the Company and its subsidiaries to, among other things, incur additional debt, pay dividends or repurchase capital stock, make certain other restricted payments, create liens and engage in sale and leaseback transactions. These restrictions are subject to a number of exceptions, however, which allow the Company to incur additional debt, create liens or make otherwise restricted payments provided that the Company is in compliance with applicable financial and other covenants and meets certain liquidity requirements.
The Company's revolving credit facilities and term loan facilities also contain a total leverage ratio covenant. The leverage ratio is calculated as total net debt divided by Consolidated EBITDA (as defined in the credit agreement). Total net debt is defined in the credit agreement as total debt less cash and cash equivalents. Consolidated EBITDA is calculated as the sum of, among other things, net income attributable to Crown Holdings, net income attributable to certain of the Company's subsidiaries, income taxes, interest expense, depreciation and amortization, and certain non-cash charges. The Company's total net leverage ratio of 2.4 to 1.0 at September 30, 2025 was in compliance with the covenant requiring a ratio no greater than 4.5 to 1.0. The ratio is calculated at the end of each quarter using debt and cash balances as of the end of the quarter and Consolidated EBITDA for the most recent twelve months. Failure to meet the financial covenant could result in the acceleration of any outstanding amounts due under the revolving credit facilities and term loan facilities.
In order to reduce leverage and future interest payments, the Company may from time to time repurchase outstanding notes and debentures with cash or seek to refinance its existing credit facilities and other indebtedness. The Company
Crown Holdings, Inc.
will evaluate any such transactions in light of any required premiums and then existing market conditions and may or may not pursue such transactions.
The Company's current sources of liquidity also include a securitization facility with a program limit up to a maximum of $800 that expires in July 2027 and securitization facilities with program limits of $230 and $160 that expire in November 2025.
The Company utilizes its cash flows from operations, borrowings under its revolving credit facilities and the acceleration of cash receipts under its receivables securitization and factoring programs to primarily fund its operations, capital expenditures and financing obligations.
In October 2025, the Company issued €500 principal amount of 3.75% senior unsecured notes due 2031 issued at par by its subsidiary Crown European Holdings S.A. and used the proceeds, together with cash on hand, to redeem the €500 principal amount of 2.875% senior unsecured notes due February 2026. Long-term debt payments due in the next twelve months include the Company's $400 4.25% senior notes due in September 2026. The Company expects to have sufficient liquidity to refinance the senior notes or repay them at maturity.
Capital Resources
As of September 30, 2025, the Company had approximately $158 of capital commitments primarily related to Americas Beverage and European Beverage. The Company expects to fund these commitments primarily through cash flows from operations.
Contractual Obligations
There were no material changes to the Company's contractual obligations provided within Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, which information is incorporated herein by reference.
Supplemental Guarantor Financial Information
The Company and certain of its 100% directly or indirectly owned subsidiaries provide guarantees of senior notes and debentures issued by other 100% directly or indirectly owned subsidiaries. These senior notes and debentures are fully and unconditionally guaranteed by the Company and substantially all of its subsidiaries in the United States, except in the case of the Company's outstanding senior notes issued by Crown Cork & Seal Company, Inc., which are fully and unconditionally guaranteed by Crown Holdings, Inc. (Parent). No other subsidiary guarantees the debt and the guarantees are made on a joint and several basis.
The following tables present summarized financial information related to the senior notes issued by the Company's subsidiary debt issuers and guarantors on a combined basis for each issuer and its guarantors (together, an "obligor group") after elimination of (i) intercompany transactions and balances among the Parent and the guarantors and (ii) equity in earnings from and investments in any subsidiary that is a non-guarantor. Crown Cork Obligor group consists of Crown Cork & Seal Company, Inc. and the Parent. Crown Americas Obligor group consists of Crown Americas LLC, Crown Americas Capital Corp. V, Crown Americas Capital Corp. VI, the Parent, and substantially all of the Company's subsidiaries in the United States.
Crown Cork Obligor Group
| Nine Months Ended | |||||||||||
| September 30, 2025 | |||||||||||
| Net sales | $ | - | |||||||||
| Gross Profit | - | ||||||||||
| Loss from operations | (13) | ||||||||||
|
Net loss1
|
(40) | ||||||||||
|
Net loss attributable to Crown Holdings1
|
(40) | ||||||||||
(1) Includes $47 of expense related to intercompany interest with non-guarantor subsidiaries
Crown Holdings, Inc.
| September 30, 2025 | December 31, 2024 | ||||||||||||||||||||||
| Current assets | $ | 18 | $ | 47 | |||||||||||||||||||
| Non-current assets | 32 | 22 | |||||||||||||||||||||
| Current liabilities | 72 | 68 | |||||||||||||||||||||
|
Non-current liabilities1
|
7,019 | 6,647 | |||||||||||||||||||||
(1) Includes payables of $6,341 and $5,905 due to non-guarantor subsidiaries as of September 30, 2025 and December 31, 2024
Crown Americas Obligor Group
| Nine Months Ended | |||||||||||
| September 30, 2025 | |||||||||||
|
Net sales1
|
$ | 3,933 | |||||||||
|
Gross profit2
|
705 | ||||||||||
|
Income from operations2
|
307 | ||||||||||
|
Net income3
|
9 | ||||||||||
|
Net income attributable to Crown Holdings3
|
9 | ||||||||||
(1) Includes $333 of sales to non-guarantor subsidiaries
(2) Includes $33 of gross profit related to sales to non-guarantor subsidiaries
(3) Includes $4 of expense related to intercompany interest and technology royalties with non-guarantor subsidiaries
| September 30, 2025 | December 31, 2024 | ||||||||||||||||||||||
|
Current assets1
|
$ | 1,149 | $ | 1,056 | |||||||||||||||||||
|
Non-current assets2
|
3,610 | 3,756 | |||||||||||||||||||||
|
Current liabilities3
|
1,760 | 1,158 | |||||||||||||||||||||
|
Non-current liabilities4
|
5,393 | 6,136 | |||||||||||||||||||||
(1) Includes receivables of $45 and $32 due from non-guarantor subsidiaries as of September 30, 2025 and December 31, 2024
(2) Includes receivables of $197 and $167 due from non-guarantor subsidiaries as of September 30, 2025 and December 31, 2024
(3) Includes payables of $16 and $20 due to non-guarantor subsidiaries as of September 30, 2025 and December 31, 2024
(4) Includes payables of $947 and $2,242 due to non-guarantor subsidiaries as of September 30, 2025 and December 31, 2024
Commitments and Contingent Liabilities
Information regarding the Company's commitments and contingent liabilities appears in Part I within Item 1 of this report under Note J, entitled "Commitments and Contingent Liabilities," to the consolidated financial statements, and in Part II within Item 1A of this report which information is incorporated herein by reference.
Critical Accounting Policies
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. which require that management make numerous estimates and assumptions.
Actual results could differ from these estimates and assumptions, impacting the reported results of operations and financial condition of the Company. Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Note A to the consolidated financial statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 describe the significant accounting estimates and policies used in the preparation of the consolidated financial statements. Updates to the Company's accounting policies related to new accounting pronouncements, as applicable, are included in the notes to the consolidated financial statements included in this Quarterly Report on Form 10-Q.
Forward Looking Statements
Statements included herein, including, but not limited to, those in "Management's Discussion and Analysis of Financial Condition and Results of Operations" and in the discussions of asbestos in Note Iand commitments and contingencies in Note Jto the consolidated financial statements included in this Quarterly Report on Form 10-Q, and
Crown Holdings, Inc.
also in Part I, Item 1, "Business" and Item 3, "Legal Proceedings" and in Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," within the Company's Annual Report on Form 10-K for the year ended December 31, 2024, which are not historical facts (including any statements concerning the conflicts in the Middle East and the Russia-Ukraine war, objectives of management for share repurchases, dividends, future operations or economic performance, or assumptions related thereto, including the potential for higher interest rates, energy and raw material prices, including tariffs, retaliatory trade measures and further trade restrictions), are "forward-looking statements" within the meaning of the federal securities laws. In addition, the Company and its representatives may, from time to time, make oral or written statements which are also "forward-looking statements."
These forward-looking statements are made based upon management's expectations and beliefs concerning future events impacting the Company and, therefore, involve a number of risks and uncertainties. Management cautions that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements.
While the Company periodically reassesses material trends and uncertainties affecting the Company's results of operations and financial condition in connection with the preparation of "Management's Discussion and Analysis of Financial Condition and Results of Operations" and certain other sections contained in the Company's quarterly, annual or other reports filed with the U.S. Securities and Exchange Commission ("SEC"), the Company does not intend to review or revise any particular forward-looking statement in light of future events.
A discussion of important factors that could cause the actual results of operations or financial condition of the Company to differ from expectations has been set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 within Part II, Item 7: "Management's Discussion and Analysis of Financial Condition and Results of Operations" under the caption "Forward Looking Statements" and is incorporated herein by reference. Some of the factors are also discussed elsewhere in this Form 10-Q (including under Item 1A of Part II below) and in prior Company filings with the SEC. In addition, other factors have been or may be discussed from time to time in the Company's SEC filings.
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