cck-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM ____ TO ____

COMMISSION FILE NUMBER 001-41550

CROWN HOLDINGS, INC.

(Exact name of registrant as specified in its charter)


Pennsylvania			75-3099507
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

14025 Riveredge Drive, Suite 300	Tampa	FL	33637
(Address of principal executive offices)			(Zip Code)

215-698-5100

(registrant's telephone number, including area code)

____________________

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:


Title of each class	Trading Symbols	Name of each exchange on which registered
Common Stock $5.00 Par Value	CCK	New York Stock Exchange
7 1/2% Debentures Due 2096	CCK96	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one)

Large Accelerated Filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-B2 of the Exchange Act). Yes ☐ No ☒

There were 111,746,617 shares of Common Stock outstanding as of April 30, 2026.


			TABLE OF CONTENTS



PART I – FINANCIAL INFORMATION			2
Item 1. Financial Statements			2
CONSOLIDATED STATEMENTS OF OPERATIONS			2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME			3
CONSOLIDATED BALANCE SHEETS (Condensed)			4
CONSOLIDATED STATEMENTS OF CASH FLOWS (Condensed)			5
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY			6
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS			7
A. Basis of Presentation			7
B. Recent Accounting and Reporting Pronouncements			7
C. Cash, Cash Equivalents, and Restricted Cash			7
D. Receivables			8
E. Inventories			8
F. Intangible Assets			8
G. Supplier Finance Program Obligations			8
H. Restructuring and Other			9
I. Asbestos-Related Liabilities			9
J. Commitments and Contingent Liabilities			11
K. Derivative and Other Financial Instruments			12
L. Debt			17
M. Pension and Other Postretirement Benefits			18
N. Capital Stock			19
O. Accumulated Other Comprehensive Loss Attributable to Crown Holdings			19
P. Revenue			19
Q. Earnings Per Share			20
R. Segment Information			20
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			22
Item 3. Quantitative and Qualitative Disclosures About Market Risk			29
Item 4. Controls and Procedures			30
PART II – OTHER INFORMATION			30

Crown Holdings, Inc.

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions except per share data)

(Unaudited)


	Three Months Ended
	March 31,
	2026		2025
Net sales	$	3,259	$	2,887
Cost of products sold, excluding depreciation and amortization	2,615		2,262
Depreciation and amortization	118		110
Selling and administrative expense	159		152
Restructuring and other, net	2		(2)
Income from operations	365		365
Debt extinguishment costs	3		—
Other pension and postretirement	5		5
Interest expense	97		99
Interest income	(12)		(13)
Foreign exchange	(3)		2
Income before taxes and equity in net earnings of affiliates	275		272
Provision for income taxes	70		46
Equity in net earnings of affiliates	1		1


Net income	206		227
Net income attributable to noncontrolling interests	31		34

Net income attributable to Crown Holdings	$	175	$	193





Earnings per common share attributable to Crown Holdings:


Basic	$	1.56	$	1.65



Diluted	$	1.56	$	1.65

The accompanying notes are an integral part of these consolidated financial statements.

Crown Holdings, Inc.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions)

(Unaudited)


	Three Months Ended
	March 31,
	2026		2025
Net income	$	206	$	227

Other comprehensive income / (loss), net of tax:
Foreign currency translation adjustments	(32)		(35)
Pension and other postretirement benefits	2		2
Derivatives qualifying as hedges	13		(2)
Total other comprehensive income / (loss)	(17)		(35)

Total comprehensive income	189		192
Net income attributable to noncontrolling interests	31		34
Translation adjustments attributable to noncontrolling interests	(1)		—
Derivatives qualifying as hedges attributable to noncontrolling interests	1		—
Comprehensive income attributable to Crown Holdings	$	158	$	158

The accompanying notes are an integral part of these consolidated financial statements.

Crown Holdings, Inc.

CONSOLIDATED BALANCE SHEETS (Condensed)

(In millions)

(Unaudited)


	March 31, 2026		December 31, 2025
Assets
Current assets
Cash and cash equivalents	$	584	$	764
Receivables, net	1,957		1,768
Inventories	1,701		1,577
Prepaid expenses and other current assets	291		279
Total current assets	4,533		4,388

Goodwill	3,128		3,155
Intangible assets, net	914		959
Property, plant and equipment, net	5,159		5,187
Operating lease right-of-use assets, net	195		193
Other non-current assets	376		390
Total assets	$	14,305	$	14,272

Liabilities and equity
Current liabilities
Short-term debt	$	53	$	83
Current maturities of long-term debt	507		480
Current portion of operating lease liabilities	48		48
Accounts payable	2,635		2,643
Accrued liabilities	814		1,012
Total current liabilities	4,057		4,266

Long-term debt, excluding current maturities	5,697		5,401
Pension and postretirement liabilities	289		291
Non-current portion of operating lease liabilities	161		158
Other non-current liabilities	689		676
Commitments and contingent liabilities (Note J)

Noncontrolling interests	495		481
Crown Holdings shareholders' equity	2,917		2,999
Total equity	3,412		3,480
Total liabilities and equity	$	14,305	$	14,272

The accompanying notes are an integral part of these consolidated financial statements.

Crown Holdings, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Condensed)

(In millions)

(Unaudited)

SEC Form 10-Q filed by Crown Holdings Inc.