CROWN
CCK · NYSEMetal Cans · Fiscal year ends Dec 31
CROWN reported revenue of $12.4B in the fiscal year ended Dec 2025, up 4.8% from the year before. Operating income was $1.6B, an operating margin of 12.6%, and net income was $738M. Operating cash flow of $1.5B less capital expenditure of $413M left free cash flow of $1.1B. Net debt was $5.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $11.4B | $12.9B | $12B | $11.8B | $12.4B |
| Research & development | $47M | $34M | $33M | $32M | $33M |
| Selling, general & admin | $583M | $556M | $582M | $597M | $632M |
| Operating income | $1.4B | $1.3B | $1.3B | $1.4B | $1.6B |
| Interest expense | $253M | $284M | $436M | $452M | $398M |
| Pre-tax income | −$419M | $1.1B | $795M | $743M | $1.2B |
| Income tax | −$57M | $243M | $222M | $183M | $281M |
| Net income | −$560M | $727M | $450M | $424M | $738M |
| Diluted EPS | −4.30 | 5.99 | 3.76 | 3.55 | 6.38 |
| Diluted shares | 130M | 121M | 120M | 119M | 116M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $531M | $550M | $1.3B | $918M | $764M |
| Receivables | $1.9B | $1.1B | $1.1B | $1B | $1B |
| Inventory | $1.7B | $2B | $1.6B | $1.4B | $1.6B |
| Current assets | $4.5B | $4.7B | $4.8B | $4.2B | $4.4B |
| Net PP&E | $4B | $4.5B | $5.1B | $4.9B | $5.2B |
| Goodwill | $3B | $3B | $3.1B | $3B | $3.2B |
| Total assets | $13.9B | $14.3B | $15B | $13.8B | $14.3B |
| Payables | $2.9B | $2.8B | $2.5B | $2.4B | $2.6B |
| Current liabilities | $4.1B | $3.9B | $4.2B | $3.5B | $4.3B |
| Short-term debt | $135M | $109M | $759M | $80M | $480M |
| Long-term debt | $6.1B | $6.8B | $6.7B | $6.1B | $5.4B |
| Shareholders' equity | $1.9B | $1.8B | $2.4B | $2.8B | $3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $905M | $803M | $1.5B | $1.2B | $1.5B |
| Capital expenditure | $816M | $839M | $793M | $403M | $413M |
| Free cash flow | $89M | −$36M | $660M | $789M | $1.1B |
| Depreciation & amortisation | – | $301M | $336M | $297M | $308M |
| Stock-based compensation | $33M | $29M | $31M | $42M | $48M |
| Acquisitions | $0 | $31M | $126M | $0 | $0 |
| Share buybacks | $950M | $722M | $12M | $217M | $505M |
| Dividends paid | $105M | $106M | $115M | $119M | $120M |
| Dividend per share | 0.80 | 0.88 | 0.96 | 1.00 | 1.04 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.6% | −7.2% | −1.7% | 4.8% |
| Operating income growth (YoY) | – | −2.0% | −5.0% | 11.8% | 9.4% |
| EPS growth (YoY) | – | – | −37.2% | −5.6% | 79.7% |
| Operating margin | 12.0% | 10.3% | 10.6% | 12.0% | 12.6% |
| Net margin | −4.9% | 5.6% | 3.7% | 3.6% | 6.0% |
| Return on equityBlank when equity is negative | −29.3% | 39.3% | 18.7% | 15.4% | 24.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 14.0% | 12.9% | 11.7% | 13.7% | 15.5% |
| Free cash flow margin | 0.8% | −0.3% | 5.5% | 6.7% | 9.0% |
| Cash conversion (CFO ÷ net income) | −1.62x | 1.10x | 3.23x | 2.81x | 2.07x |
| Receivable days | 61 | 31 | 33 | 32 | 30 |
| Interest cover | 5.39x | 4.70x | 2.91x | 3.14x | 3.90x |
| Debt ÷ equity | 3.24x | 3.73x | 3.09x | 2.23x | 1.96x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $5.7B | $6.4B | $6.1B | $5.2B | $5.1B |
| Current ratio | 1.09x | 1.18x | 1.15x | 1.22x | 1.03x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.