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By the numbers: Q2 2025
Net sales: $3.15B
Up 3.6% year over year
Americas beverage net sales: $1.41B
Up 6% year over year
Net income: $216M
Compared with $207M in Q2 2024
- Overview: Crown Holdings’ jump in Q2 sales was bolstered by a rise in beverage and food can shipments in North America, the company reported late Monday. “Beverage can shipments in North America advanced 1% in line with expectations,” Crown stated in its earnings release. The company also noted shipment growth in Europe and the Middle East. Overall, “second quarter performance came in better than anticipated,” CEO Tim Donahue said on an earnings call Tuesday.
- Customer and consumer trends: Despite economic pressures and higher prices ultimately being passed on to consumers, “to date, we've not seen the consumer back off the purchase of beverage cans, regardless of what product they want to consume,” Donahue said. He also said customers are running promotions.
- Food cans: Donahue said Crown saw North American food demand rise 9% during Q2, “principally a result of exceptionally strong vegetable volumes.” Donahue highlighted diversity within the business, noting it was pet food that buoyed Q1 performance.
- Canmaking equipment: Donahue also highlighted positive trends in Crown’s smaller equipment stream, which sells equipment for beverage can manufacturing. “We are starting to see some green shoots there, as people get more comfortable with the ongoing demand globally for more beverage cans,” he said.
- Inventory: Crown would like to grow its cans inventory from current levels, Donahue said, and intends to run plants as hard and efficiently as possible. “We will look again to build some more inventory as we get into Q4 because we do see a very strong 2026 as we sit here today,” he said. “We probably have a few hundred million less cans of inventory than we would like right now.”
- Outlook: Citing “strong first half performance,” Crown raised its expectations for full-year adjusted free cash flow adjusted diluted earnings per share. Crown now anticipates generating about $900 million in adjusted free cash flow in 2025, up from an earlier estimate of $800 million, following capital spending of $450 million. In its earnings release, Crown also reaffirmed its long-term net leverage ratio target of 2.5x.
