Crown Holdings delivered fourth-quarter results that surpassed Wall Street's expectations, driven by steady growth in global beverage can volumes and robust execution in its European beverage operations. Management pointed to a 3% increase in beverage can units, supported by strong demand in Europe and resilient performance in North America, as key contributors. CEO Timothy Donahue highlighted, “European beverage volumes increased 10% in the fourth quarter with shipments remaining strong across the Mediterranean and The Gulf States,” offsetting softer trends in Transit Packaging and the Brazil beverage market. The company also benefited from improved food can demand within its North American tinplate business.
Is now the time to buy CCK? Find out in our full research report (it’s free for active Edge members).
Crown Holdings (CCK) Q4 CY2025 Highlights:
- Revenue: $3.13 billion vs analyst estimates of $3.02 billion (7.7% year-on-year growth, 3.6% beat)
- Adjusted EPS: $1.74 vs analyst estimates of $1.70 (2.2% beat)
- Adjusted EBITDA: $498 million vs analyst estimates of $493.9 million (15.9% margin, 0.8% beat)
- Adjusted EPS guidance for the upcoming financial year 2026 is $8.10 at the midpoint, missing analyst estimates by 1.4%
- Operating Margin: 12%, in line with the same quarter last year
- Constant Currency Revenue rose 6% year on year (2% in the same quarter last year)
- Market Capitalization: $12.5 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Crown Holdings’s Q4 Earnings Call
- George Staphos (BofA Securities) asked if Americas EBIT would remain flat given volume growth and inflation. CEO Timothy Donahue replied that ongoing inflation and startup costs in Brazil would likely result in Americas Beverage income being "down a touch."
- Philip Ng (Jefferies) inquired about operating leverage as startup costs wind down. Donahue stated that long-term, the company aims to "continually generate more income," but percentage margins may contract due to high raw material costs.
- Ghansham Panjabi (Baird) asked about North American capacity utilization. Donahue confirmed capacity remains tight, with little need for new investments in North America over the next few years.
- Christopher Parkinson (Wolfe Research) questioned growth potential in Asia amid competitive and geopolitical challenges. Donahue responded that commercial adjustments could drive growth, leveraging Crown’s low-cost structure.
- Anthony Pettinari (Citigroup) requested details on startup costs for new facilities. Donahue explained costs would be “second half weighted” and are a necessary part of growth but did not specify amounts.
Catalysts in Upcoming Quarters
Looking ahead, the StockStory team will be monitoring (1) the ramp-up and initial contribution of new beverage can capacity in Greece and Spain, (2) the company’s ability to offset inflation and startup costs through pricing, mix, and operational execution, and (3) free cash flow trends as capital expenditures peak and shareholder returns continue. Progress in Transit Packaging amid industrial softness and demand recovery in Brazil will also be key markers of execution.
Crown Holdings currently trades at $111.58, down from $115.24 just before the earnings. In the wake of this quarter, is it a buy or sell? The answer lies in our full research report (it’s free).
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