Reconciliation of Adjusted Net Income and Adjusted EPS
In millions except per share data | 2025 Interim Periods | |||||||||||||
Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Full Year 2025 | ||||||||||
Net income/diluted earnings per share | $ 193 | $ 1.65 | $ 181 | $ 1.56 | $ 214 | $ 1.85 | $ 150 | $ 1.31 | $ 738 | $ 6.38 | ||||
attributable to Crown Holdings, as reported | ||||||||||||||
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.
2024 Interim Periods | ||||||||||||||
Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Full Year 2024 | ||||||||||
Net income/diluted earnings per share attributable to Crown Holdings, as reported | $ 67 | $ 0.56 | $ 174 | $ 1.45 | $ (175) | $ (1.47) | $ 358 | $ 3.02 | 424 | $ 3.56 | ||||
Intangibles amortization | 40 | 0.33 | 41 | 0.34 | 41 | 0.34 | 29 | 0.24 | 151 | 1.25 | ||||
Restructuring and other | 23 | 0.19 | 17 | 0.14 | (13) | (0.11) | 48 | 0.41 | 75 | 0.63 | ||||
Loss on debt extinguishment | 1 | 0.01 | 1 | 0.01 | ||||||||||
Other pension and postretirement | 2 | 0.02 | 517 | 4.33 | (6) | (0.05) | 513 | 4.30 | ||||||
(Gain) on sale of equity method investment | (275) | (2.32) | (275) | (2.32) | ||||||||||
Income taxes | (11) | (0.09) | (26) | (0.22) | (134) | (1.12) | 40 | 0.34 | (131) | (1.09) | ||||
Equity earnings | 3 | 0.03 | 9 | 0.08 | 2 | 0.02 | 2 | 0.02 | 16 | 0.15 | ||||
Noncontrolling interest | (9) | (0.08) | (9) | (0.08) | ||||||||||
Adjusted net income/diluted earnings per share | $ 122 | $ 1.02 | $ 217 | $ 1.81 | $ 238 | $ 1.99 | $ 188 | $ 1.59 | 765 | $ 6.41 | ||||
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 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Full Year 2025 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Full Year 2024 | ||
Net income (loss) attributable to Crown | $ 193 | $ 181 | $ 214 | $ 150 | $ 738 | $ 67 | $ 174 | $ (175) | $ 358 | $ 424 | |
Net income attributable to noncontrolling interest | 34 | 35 | 25 | 51 | 145 | 26 | 33 | 43 | 34 | 136 | |
Equity earnings | (1) | (1) | (1) | (1) | (4) | 1 | 4 | (6) | 1 | - | |
Provision (benefit) for income taxes | 46 | 78 | 84 | 73 | 281 | 40 | 54 | (39) | 128 | 183 | |
Interest expense | 99 | 103 | 101 | 95 | 398 | 113 | 112 | 119 | 108 | 452 | |
Interest income | (13) | (14) | (13) | (15) | (55) | (20) | (16) | (24) | (22) | (82) | |
Earnings before interest and taxes (EBIT) | 358 | 382 | 410 | 353 | 1,503 | 227 | 361 | (82) | 607 | 1,113 | |
Foreign exchange | 2 | 9 | 8 | 3 | 22 | 7 | 5 | 3 | 19 | 34 | |
Other pension and postretirement | 5 | (1) | 5 | 4 | 13 | 11 | 13 | 523 | (1) | 546 | |
(Gain) on sale of equity method investment | - | (275) | (275) | ||||||||
Loss from early extinguishment of debt | 1 | 14 | 15 | 1 | 1 | ||||||
Income from operations | 365 | 391 | 423 | 374 | 1,553 | 245 | 379 | 444 | 351 | 1,419 | |
Intanglibles amortization | 35 | 38 | 37 | 38 | 148 | 40 | 41 | 41 | 29 | 151 | |
Restructuring and other | (2) | 47 | 30 | 8 | 83 | 23 | 17 | (13) | 48 | 75 | |
Segment income | 398 | 476 | 490 | 420 | 1,784 | 308 | 437 | 472 | 428 | 1,645 | |
Depreciation | 75 | 76 | 79 | 78 | 308 | 75 | 74 | 73 | 75 | 297 | |
Adjusted EBITDA | $ 473 | $ 552 | $ 569 | $ 498 | $ 2,092 | $ 383 | $ 511 | $ 545 | $ 503 | $ 1,942 |
2025 Interim Periods
2025 Interim Periods
2024 Interim Periods
2024 Interim Periods
Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Total debt | $ 6,436 $ 6,490 $ 6,389 $ 5,964 | $ 7,453 $ 7,410 $ 7,510 $ 6,204 | |||||||
Cash | 779 936 1,172 764 | 1,123 1,414 1,738 918 | |||||||
Net debt | 5,657 | 5,554 | 5,217 | 5,200 | 6,330 | 5,996 | 5,772 | 5,286 | |
LTM Adjusted EBITDA | $ 2,032 | $ 2,073 | $ 2,097 | $ 2,092 | $ 1,862 | $ 1,875 | $ 1,907 | $ 1,942 | |
Adjusted net leverage ratio | 2.8 | 2.7 | 2.5 | 2.5 | 3.4 | 3.2 | 3.0 | 2.7 | |
Annual periods ended December 31,
2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
Net income (loss) attributable to Crown | $ 738 | $ 424 | $ 450 | $ 727 | $ (560) $ | 579 |
Loss (income) from discontinued operations | - | - | - | - | 52 | (156) |
Net income (loss) attributable to Crown | $ 738 | $ 424 | $ 450 | $ 727 | $ (508) $ | 423 |
Net income from continuing operations attributable to noncontrolling interest | 145 | 136 | 137 | 128 | 148 | 108 |
Net income from discontinued operations attributable to noncontrolling interest | 1 | 1 | ||||
Equity earnings | (4) | - | (14) | (42) | (3) | (6) |
Provision (benefit) for income taxes | 281 | 183 | 222 | 243 | (57) | 199 |
Interest expense | 398 | 452 | 436 | 284 | 253 | 290 |
Interest income | (55) | (82) | (53) | (15) | (9) | (8) |
Earnings before interest and taxes (EBIT) | 1,503 | 1,113 | 1,178 | 1,325 | (175) | 1,007 |
Foreign exchange | 22 | 34 | 41 | 16 | (45) | (2) |
Other pension and postretirement | 13 | 546 | 49 | (16) | 1,515 | 43 |
(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 | 1,048 |
Intanglibles amortization | 148 | 151 | 163 | 159 | 165 | 162 |
Restructuring and other | 83 | 75 | 114 | (52) | (28) | 30 |
Segment income | 1,784 | 1,645 | 1,546 | 1,443 | 1,500 | 1,240 |
Depreciation | 308 | 297 | 336 | 301 | 282 | 260 |
Adjusted EBITDA $ 2,092 $ 1,942 $ 1,882 $ 1,744 $ 1,782 $ 1,500
Annual periods ended December 31,
2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
Total debt | $ 5,964 | $ 6,204 | $ 7,474 | $ 6,977 | $ 6,262 | $ 8,211 |
Cash | 764 | 918 | 1,310 | 550 | 531 | 1,173 |
Net debt | $ 5,200 | $ 5,286 | $ 6,164 | $ 6,427 | $ 5,731 | $ 7,038 |
LTM Adjusted EBITDA | $ 2,092 | $ 1,942 | $ 1,882 | $ 1,744 | $ 1,782 | $ 1,500 |
Adjusted net leverage ratio | 2.5 | 2.7 | 3.3 | 3.7 | 3.2 | 4.7 |