Reconciliation of Adjusted Net Income and Adjusted EPS
In millions except per share data | 2026 Interim Periods | |||||||||||
Q1 2026 | Q2 2026 | Q3 2026 | Q4 2026 | Full Year 2026 | ||||||||
Net income/diluted earnings per share attributable to Crown Holdings, as reported | $ 175 | $ 1.56 | $ 245 | $ 2.23 | $ 420 | $ 3.78 | ||||||
Intangibles amortization | 38 | 0.34 | 35 | 0.32 | 73 | 0.66 | ||||||
Restructuring and other | 2 | 0.02 | 2 | 0.02 | 4 | 0.04 | ||||||
Loss on debt extinguishment | 3 | 0.02 | 3 | 0.02 | ||||||||
Income taxes | (8) | (0.07) | (9) | (0.08) | (17) | (0.15) | ||||||
Noncontrolling interest | (1) | (0.01) | (1) | (0.01) | ||||||||
Adjusted net income/diluted earnings per share | $ 209 | $ 1.86 | $ 273 | $ 2.49 | $ 482 | $ 4.34 | ||||||
More information on reconciling items above can be found on Form 8-K filed with the SEC for each period referenced above.
2025 Interim Periods | ||||||||||||||
Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Full Year 2025 | ||||||||||
Net income/diluted earnings per share attributable to Crown Holdings, as reported | $ 193 | $ 1.65 | $ 181 | $ 1.56 | $ 214 | $ 1.85 | $ 150 | $ 1.31 | $ 738 | $ 6.38 | ||||
Intangibles amortization | 35 | 0.30 | 38 | 0.33 | 37 | 0.32 | 38 | 0.33 | 148 | 1.28 | ||||
Restructuring and other | (2) | (0.02) | 47 | 0.40 | 30 | 0.26 | 8 | 0.07 | 83 | 0.71 | ||||
Loss on debt extinguishment | 1 | 0.01 | 14 | 0.12 | 15 | 0.13 | ||||||||
Other pension and postretirement | (5) | (0.04) | (5) | (0.04) | ||||||||||
Income taxes | (31) | (0.26) | (13) | (0.11) | (14) | (0.12) | (10) | (0.08) | (68) | (0.59) | ||||
Noncontrolling interest | (8) | (0.07) | (1) | (0.01) | (9) | (0.08) | ||||||||
Adjusted net income/diluted earnings per share | $ 195 | $ 1.67 | $ 249 | $ 2.15 | $ 259 | $ 2.24 | $ 199 | $ 1.74 | $ 902 | $ 7.79 | ||||
More information on reconciling items above can be found on Form 8-K filed with the SEC for each period referenced above.
Crown Holdings, Inc.
Reconciliation of Adjusted EBITDA and Adjusted net leverage ratio In millions except net leverage ratio
Q1 2026 | Q2 2026 | Q3 2026 | Q4 2026 | Full Year 2026 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Full Year 2025 | ||
Net income (loss) attributable to Crown | $ 175 | $ 245 | $ 420 | $ 193 | $ 181 | $ 214 | $ 150 | $ 738 | |||
Net income attributable to noncontrolling interest | 31 | 31 | 62 | 34 | 35 | 25 | 51 | 145 | |||
Equity earnings | (1) | - | (1) | (1) | (1) | (1) | (1) | (4) | |||
Provision (benefit) for income taxes | 70 | 89 | 159 | 46 | 78 | 84 | 73 | 281 | |||
Interest expense | 97 | 105 | 202 | 99 | 103 | 101 | 95 | 398 | |||
Interest income | (12) | (14) | (26) | (13) | (14) | (13) | (15) | (55) | |||
Earnings before interest and taxes (EBIT) | 360 | 456 | 816 | 358 | 382 | 410 | 353 | 1,503 | |||
Foreign exchange | (3) | 3 | - | 2 | 9 | 8 | 3 | 22 | |||
Other pension and postretirement | 5 | 5 | 10 | 5 | (1) | 5 | 4 | 13 | |||
Loss from early extinguishment of debt | 3 | - | 3 | 1 | 14 | 15 | |||||
Income from operations | 365 | 464 | 829 | 365 | 391 | 423 | 374 | 1,553 | |||
Intangibles amortization | 38 | 35 | 73 | 35 | 38 | 37 | 38 | 148 | |||
Restructuring and other | 2 | 2 | 4 | (2) | 47 | 30 | 8 | 83 | |||
Segment income | 405 | 501 | 906 | 398 | 476 | 490 | 420 | 1,784 | |||
Depreciation | 80 | 81 | 161 | 75 | 76 | 79 | 78 | 308 | |||
Adjusted EBITDA | $ 485 | $ 582 | $ 1,067 | $ 473 | $ 552 | $ 569 | $ 498 | $ 2,092 |
2026 Interim Periods
2026 Twelve Months Ended
2025 Interim Periods
2025 Twelve Months Ended
Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Total debt | $ 6,257 $ 6,062 | $ 6,436 $ 6,490 $ 6,389 $ 5,964 | ||||
Cash | 584 656 | 779 936 1,172 764 | ||||
Net debt | 5,673 | 5,406 | 5,657 | 5,554 | 5,217 | 5,200 |
LTM Adjusted EBITDA | $ 2,104 $ | 2,134 | $ 2,032 | $ 2,073 | $ 2,097 | $ 2,092 |
Adjusted net leverage ratio | 2.7 2.5 | 2.8 | 2.7 | 2.5 | 2.5 | |
Annual periods ended December 31, 2025 2024 2023 2022 2021
Net income (loss) attributable to Crown Loss (income) from discontinued operations | $ | 738 - | $ | 424 - | $ | 450 - | $ | 727 - | $ (560) 52 |
Net income (loss) attributable to Crown | $ | 738 | $ | 424 | $ | 450 | $ | 727 | $ (508) |
Net income from continuing operations attributable to noncontrolling interest Net income from discontinued operations attributable to noncontrolling interest Equity earnings | 145 (4) | 136 - | 137 (14) | 128 (42) | 148 1 (3) | ||||
Provision (benefit) for income taxes | 281 | 183 | 222 | 243 | (57) | ||||
Interest expense | 398 | 452 | 436 | 284 | 253 | ||||
Interest income | (55) | (82) | (53) | (15) | (9) | ||||
Earnings before interest and taxes (EBIT) | 1,503 | 1,113 | 1,178 | 1,325 | (175) | ||||
Foreign exchange | 22 | 34 | 41 | 16 | (45) | ||||
Other pension and postretirement | 13 | 546 | 49 | (16) | 1,515 | ||||
(Gain) on sale of equity method investment | (275) | ||||||||
Loss from early extinguishment of debt | 15 | 1 | 1 | 11 | 68 | ||||
Income from operations | 1,553 | 1,419 | 1,269 | 1,336 | 1,363 | ||||
Intangibles amortization | 148 | 151 | 163 | 159 | 165 | ||||
Restructuring and other | 83 | 75 | 114 | (52) | (28) | ||||
Segment income | 1,784 | 1,645 | 1,546 | 1,443 | 1,500 | ||||
Depreciation | 308 | 297 | 336 | 301 | 282 | ||||
Adjusted EBITDA $ 2,092 $ 1,942 $ 1,882 $ 1,744 $ 1,782
Annual periods ended December 31,
2025 | 2024 | 2023 | 2022 | 2021 | |
Total debt | $ 5,964 | $ 6,204 | $ 7,474 | $ 6,977 | $ 6,262 |
Cash | 764 | 918 | 1,310 | 550 | 531 |
Net debt | $ 5,200 | $ 5,286 | $ 6,164 | $ 6,427 | $ 5,731 |
LTM Adjusted EBITDA | $ 2,092 | $ 1,942 | $ 1,882 | $ 1,744 | $ 1,782 |
Adjusted net leverage ratio | 2.5 | 2.7 | 3.3 | 3.7 | 3.2 |