Crown Holdings Q3 Adjusted EPS Beats as Volumes Rise

Crown Holdings, Inc. reported third-quarter 2026 results showing adjusted diluted earnings per share of $2.39, a 7% increase from $2.24 in the same period of 2025. Reported diluted earnings per share rose to $2.08 from $1.85 a year earlier. Net sales for the quarter reached $3,711 million, up from $3,202 million in 2025, reflecting higher global beverage can shipments and material cost pass-throughs totaling $405 million.

Global beverage can volumes increased by 6% during the quarter. Timothy J. Donahue, Chairman, President and Chief Executive Officer, attributed the volume growth to double-digit gains in Asia, a 6% increase in North America, and 4% growth across Europe. Donahue stated that these volume gains helped offset the majority of rising input cost pressures. He noted that customers and consumers increasingly view aluminum cans as the most sustainable packaging choice, with cans remaining the preferred format for brands in both alcoholic and non-alcoholic beverage categories.

The company reported net income attributable to Crown Holdings of $225 million for the third quarter of 2026, compared to $214 million in the prior year period. Income from operations was $442 million in the third quarter of 2026, up from $423 million in 2025. However, segment income decreased slightly to $484 million from $490 million in the third quarter of 2025, as input cost inflation offset the contribution from higher shipment volumes.

For the first nine months of 2026, net sales totaled $10,638 million compared to $9,238 million in the same period of 2025. This increase reflected higher material costs passed through to customers, increased global beverage can shipments, and favorable foreign currency effects. Net income attributable to Crown Holdings for the nine-month period was $645 million, up from $588 million in 2025. Adjusted diluted earnings per share for the nine months stood at $6.72 compared to $6.05 in the prior year.

Kevin C. Clothier, Senior Vice President and Chief Financial Officer, outlined the company's outlook for the remainder of 2026. He stated that full-year adjusted diluted earnings per share are expected to be in the range of $8.35 to $8.45. The company projects adjusted free cash flow of at least $950 million after capital spending of approximately $550 million. For the fourth quarter of 2026, adjusted diluted earnings per share are expected to fall between $1.63 and $1.73.

Clothier noted that the company maintains a net leverage ratio of 2.5 times adjusted EBITDA. He indicated that this strong balance sheet positions Crown Holdings to invest in organic growth opportunities and return capital to shareholders. In Q3, Crown bought back $81 million worth of its own shares; over the last year, it has repurchased almost 6% of its total issued stock.

In terms of capacity expansion, Donahue confirmed that previously announced projects in Brazil, Greece, and Spain are on plan. Construction started in September for a new beverage can plant in Uttar Pradesh, India. Commercial start-up for this facility is expected in the first quarter of 2028.