cck-20250331

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, 2025


☐			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 3/8% Debentures Due 2026	CCK26	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 Exchange Act Rule 12b-2). Yes ☐ No ☒

There were 116,392,214 shares of Common Stock outstanding as of May 1, 2025.


			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			8
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			17
N. Capital Stock			18
O. Accumulated Other Comprehensive Loss Attributable to Crown Holdings			19
P. Revenue			19
Q. Income Tax			19
R. Earnings Per Share			20
S. 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			30
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,
	2025		2024
Net sales	$	2,887	$	2,784
Cost of products sold, excluding depreciation and amortization	2,262		2,247
Depreciation and amortization	110		115
Selling and administrative expense	152		154
Restructuring and other, net	(2)		23
Income from operations	365		245

Other pension and postretirement	5		11
Interest expense	99		113
Interest income	(13)		(20)
Foreign exchange	2		7
Income before taxes and equity in net earnings of affiliates	272		134
Provision for income taxes	46		40
Equity in net earnings of affiliates	1		(1)


Net income	227		93
Net income attributable to noncontrolling interests	34		26

Net income attributable to Crown Holdings	$	193	$	67





Earnings per common share attributable to Crown Holdings:


Basic	$	1.65	$	0.56



Diluted	$	1.65	$	0.56

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,
	2025		2024
Net income	$	227	$	93

Other comprehensive income / (loss), net of tax:
Foreign currency translation adjustments	(35)		8
Pension and other postretirement benefits	2		10
Derivatives qualifying as hedges	(2)		(5)
Total other comprehensive income / (loss)	(35)		13

Total comprehensive income	192		106
Net income attributable to noncontrolling interests	34		26
Translation adjustments attributable to noncontrolling interests	—		(3)

Comprehensive income attributable to Crown Holdings	$	158	$	83

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

Crown Holdings, Inc.

CONSOLIDATED BALANCE SHEETS (Condensed)

(In millions)

(Unaudited)


	March 31, 2025		December 31, 2024
Assets
Current assets
Cash and cash equivalents	$	779	$	918
Receivables, net	1,702		1,656
Inventories	1,527		1,440
Prepaid expenses and other current assets	212		197
Total current assets	4,220		4,211

Goodwill	2,997		2,954
Intangible assets, net	1,024		1,044
Property, plant and equipment, net	4,939		4,927
Operating lease right-of-use assets, net	196		201
Other non-current assets	465		511
Total assets	$	13,841	$	13,848

Liabilities and equity
Current liabilities
Short-term debt	$	202	$	66
Current maturities of long-term debt	1,491		80
Current portion of operating lease liabilities	47		47
Accounts payable	2,302		2,425
Accrued liabilities	796		847
Total current liabilities	4,838		3,465

Long-term debt, excluding current maturities	4,743		6,058
Pension and postretirement liabilities	262		260
Non-current portion of operating lease liabilities	162		167
Other non-current liabilities	664		670
Commitments and contingent liabilities (Note J)

Noncontrolling interests	478		472
Crown Holdings shareholders’ equity	2,694		2,756
Total equity	3,172		3,228
Total liabilities and equity	$	13,841	$	13,848

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

Crown Holdings, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Condensed)

(In millions)

(Unaudited)


	Three Months Ended
	March 31,
	2025		2024
Cash flows from operating activities
Net income	$	227	$	93
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	110		115


Restructuring and other, net	(2)		23
Pension and postretirement expense	10		16
Pension contributions	25		4
Stock-based compensation	14		12
Working capital changes and other	(370)		(365)
Net cash provided by / (used for) operating activities	14		(102)
Cash flows from investing activities
Capital expenditures	(33)		(94)

Net investment hedge	13		13


Proceeds from sale of property, plant and equipment	21		—


Net cash provided by / (used for) investing activities	1		(81)
Cash flows from financing activities
Net change in revolving credit facility and short-term debt	1		—
Proceeds from short-term debt	177		80
Payments of short-term debt	(43)		(8)
Proceeds from long-term debt	—		20
Payments of long-term debt	(27)		(32)




Dividends paid to noncontrolling interests	(28)		(15)
Dividends paid to shareholders	(30)		(30)

Common stock repurchased	(203)		(5)
Other	—		(1)
Net cash provided by / (used for) financing activities	(153)		9
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1		(8)
Net change in cash, cash equivalents and restricted cash	(137)		(182)
Cash, cash equivalents and restricted cash at January 1

SEC Form 10-Q filed by Crown Holdings Inc.