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What changed in CROWN HOLDINGS, INC.'s 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of CROWN HOLDINGS, INC.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+254 added−259 removedSource: 10-K (2026-02-27) vs 10-K (2025-03-03)

Top changes in CROWN HOLDINGS, INC.'s 2025 10-K

254 paragraphs added · 259 removed · 201 edited across 9 sections

Item 1. Business

Business — how the company describes what it does

44 edited+9 added−10 removed45 unchanged
Biggest changeThe Asia Pacific segment had net sales in 2024 of $1.2 billion and segment income (as defined under Note Z to the consolidated financial statements) of $195 million. TRANSIT PACKAGING The Company's Transit Packaging segment includes the Company’s worldwide automation and equipment technologies, protective packaging solutions and steel and plastic consumables.
Biggest changeIn February 2026, the Company sold the Myanmar beverage can plant. The sale is not expected to have a material impact on the Company’s results of operations or cash flows. The Asia Pacific segment had net sales in 2025 of $1.1 billion and segment income (as defined under Note Z to the consolidated financial statements) of $183 million.
Recent examples include the Company’s Accents™ variable printing technology, which facilitates up to 24 different beverage can designs in a single run, and its Quantum™ debossing technology, which implements unique textures on food cans that replace can wall beading with proprietary debossed patterns, such as hexagonal or oval arrays, to prevent counterfeiting and reduce material usage by up to 13%.
Examples include the Company’s Accents™ variable printing technology, which facilitates up to 24 different beverage can designs in a single run, and its Quantum™ debossing technology, which implements unique textures on food cans that replace can wall beading with proprietary debossed patterns, such as hexagonal or oval arrays, to prevent counterfeiting and reduce material usage by up to 13%.
OTHER The Company's other segments ("Other") include the Company's food can, aerosol can and closures businesses in North America, and beverage tooling and equipment operations in the U.S. and the United Kingdom ("U.K."). The Company manufactures a variety of food and aerosol cans and ends and closures in assorted shapes and sizes.
OTHER The Company’s other segments ("Other") include the Company’s North America tinplate businesses: food can, aerosol can, and closures, and beverage tooling and equipment operations in the U.S. and the United Kingdom ("U.K."). The Company manufactures a variety of food and aerosol cans and ends and closures in assorted shapes and sizes.
Through the Twenty by 30 program, the Company has committed to sourcing standards that by 2030 require 100% of core raw materials and service suppliers, by spend, to be assessed and comply with Crown Responsible and Ethical Sourcing policies and requirements. SUSTAINABILITY Sustainability remains a core focus of the Company’s business strategy and commitments.
Through the Twenty by 30 program, the Company has committed to sourcing standards that by 2030 or sooner require 100% of core raw materials and service suppliers, by spend, to be assessed and comply with Crown Responsible and Ethical Sourcing policies and requirements. SUSTAINABILITY Sustainability remains a core focus of the Company’s business strategy and commitments.
Moreover, the prices of aluminum and steel can be subject to significant volatility. The Company’s raw material supply contracts vary as to terms and duration, with aluminum contracts typically multi-year in duration with fluctuating prices based on aluminum ingot costs and steel contracts typically one year in duration with fixed prices or set repricing dates.
Moreover, the prices of aluminum and steel can be subject to significant volatility. The Company’s raw material supply contracts vary as to terms and duration, with aluminum contracts typically multi-year in duration with fluctuating prices based on aluminum ingot and regional premium costs and steel contracts typically one year in duration with fixed prices or set repricing dates.
The Company’s competitors include, but are not limited to, Ardagh Metal Packaging, Ball Corporation, Can-Pack S.A., Metal Container Corporation, Silgan Holdings Inc., Sonoco, and Trivium Packaging. Transit Packaging also faces substantial competition from many regional and local competitors of various sizes in the manufacture, distribution and sale of its products.
The Company’s competitors include, but are not limited to, Ardagh Metal Packaging, Ball Corporation, Baosteel Packaging, Can-Pack S.A., Metal Container Corporation, Silgan Holdings Inc., Sonoco, and Trivium Packaging. 2 Crown Holdings, Inc. Transit Packaging also faces substantial competition from many regional and local competitors of various sizes in the manufacture, distribution and sale of its products.
The Company's transit packaging products include automation and equipment technologies, protective packaging solutions and steel and plastic consumables which are sold into the metals, food and beverage, construction, agricultural, corrugated, and general industries. At December 31, 2024, the Comp any operated 189 plants along with sales and service facilities throughout 39 countries an d had approximately 23,000 employees.
The Company’s transit packaging products include automation and equipment technologies, protective packaging solutions, and steel and plastic consumables which are sold into the metals, food and beverage, construction, agricultural, corrugated, and general industries. At December 31, 2025, the Comp any operated 179 plants along with sales and service facilities throughout 39 countries an d had approximately 23,000 employees.
Certain of these may become difficult or 3 Crown Holdings, Inc. impossible to obtain on acceptable terms due to external factors, which could increase the Company’s costs or interrupt its business. In addition to mitigating risks around pricing, the Company maintains its commitment to upholding and evolving standards for ethics and compliance as it sources materials.
Certain of these may become difficult or impossible to obtain on acceptable terms due to external factors, which could increase the Company’s costs or interrupt its business. In addition to mitigating risks around pricing, the Company maintains its commitment to upholding and evolving standards for ethics and compliance as it sources materials.
There can be no assurance that the Company will be able to fully recover from its customers the impact of aluminum and steel price increases or that the use of derivative instruments will effectively manage the Company’s exposure to price volatility.
There can be no assurance that the Company will be able to fully recover from its customers the impact of aluminum and steel price increases, government-imposed tariffs, or that the use of derivative instruments will effectively manage the Company’s exposure to price volatility.
HUMAN CAPITAL At December 31, 2024, the Company had approximately 23,000 employees worldwide, with approximately 6,000 employed by the Americas Beverage segment, 3,500 employed by the European Beverage segment, 4,000 employed by the Asia Pacific segment, 7,500 employed by the Transit Packaging segment and 2,000 employed by Other. A significant portion of the Company’s workforce is unionized.
HUMAN CAPITAL At December 31, 2025, the Company had approximately 23,000 employees worldwide, with approximately 6,000 employed by the Americas Beverage segment, 4,000 employed by the European Beverage segment, 3,500 employed by the Asia Pacific segment, 7,000 employed by the Transit Packaging segment, and 2,500 employed by other business units. A significant portion of the Company’s workforce is unionized.
Certain of the Company's sales contracts contain non-metal pass-through provisions that include annual selling price adjustments based on a producer price index. In certain years the referenced index may be negative, requiring the Company to reduce its selling price while its actual costs may have increased.
Certain of the Company’s sales contracts contain non-metal 3 Crown Holdings, Inc. pass-through provisions that include annual selling price adjustments based on a producer price index. In certain years the referenced index may be negative, requiring the Company to reduce its selling price while its actual costs may have increased.
The Company spent $32 million in 2024, $33 million in 2023, and $34 million in 2022 in its RD&E activities. WORKING CAPITAL The Company historically uses cash during the first nine months of the year to finance seasonal working capital needs.
The Company spent $33 million in 2025, $32 million in 2024, and $33 million in 2023 in its RD&E activities. WORKING CAPITAL The Company historically uses cash during the first nine months of the year to finance seasonal working capital needs.
Transit Packaging is also well known throughout its markets for its ability to drive product innovation and leadership in new technologies. Transit Packaging focuses on market driven innovation and has a long history of creating product and service 6 Crown Holdings, Inc. solutions that solve problems and create value for its customers.
Transit Packaging is also well known throughout its markets for its ability to drive product innovation and leadership in new technologies. Transit Packaging focuses on market driven innovation and has a long history of creating product and service solutions that solve problems and create value for its customers.
Transit Packaging differentiates itself from the competition by leveraging its global scale, broad product portfolio and established brand reputation. Transit Packaging products compete, to some extent, with various other packaging materials, including other products made of paper, plastics, wood and various types of metal. 2 Crown Holdings, Inc.
Transit Packaging differentiates itself from the competition by leveraging its global scale, broad product portfolio and established brand reputation. Transit Packaging products compete, to some extent, with various other packaging materials, including other products made of paper, plastics, wood, and various types of metal.
European Beverage had net sales in 2024 of $2.1 billion and segment income (as defined under Note Z to the consolidated financial statements) of $276 million. ASIA PACIFIC The Asia Pacific segment manufactures infinitely recyclable beverage cans and ends, food cans and specialty packaging in Cambodia, China, Indonesia, Malaysia, Myanmar, Thailand and Vietnam. 1 Crown Holdings, Inc.
European Beverage had net sales in 2025 of $2.3 billion and segment income (as defined under Note Z to the consolidated financial statements) of $334 million. 1 Crown Holdings, Inc. ASIA PACIFIC The Asia Pacific segment manufactures infinitely recyclable beverage cans and ends, food cans, and specialty packaging in Cambodia, China, Indonesia, Malaysia, Myanmar, Thailand, and Vietnam.
Collective bargaining agreements with varying terms and expiration dates cover approximately 10,000 employees. The Company did not experien ce any significant union-initiated work stoppages during the 2024 fiscal year and believes that its employee relations remain good.
Collective bargaining agreements with varying terms and expiration dates cover approximately 10,500 employees. The Company did not experien ce any significant union-initiated work stoppages during the 2025 fiscal year and believes that its employee relations remain good.
The automation and equipment business along with our product offering allow the Company to offer a comprehensive solution to pack, wrap, strap, secure and store products all over the world. The Transit Packaging segment had net sales in 2024 of $2.1 billion and segment income (as defined under Note Z to the consolidated financial statements) of $270 million.
The automation and equipment business along with our product offering allow the Company to offer a comprehensive solution to pack, wrap, strap, secure and store products all over the world. The Transit Packaging segment had net sales in 2025 of $2.0 billion and segment income (as defined under Note Z to the consolidated financial statements) of $258 million.
From time to time, some of the raw materials have been in short supply but, to date, these shortages have not had a significant impact on the Company’s operations. In 2024, consumption of aluminum and steel represented 46% and 7%, respectively, of consolidated cost of products sold, excluding depreciation and amortization.
From time to time, some of the raw materials have been in short supply but, to date, these shortages have not had a significant impact on the Company’s operations. In 2025, consumption of aluminum and steel represented 47% and 8%, respectively, of consolidated cost of products sold, excluding depreciation and amortization.
As a result of continuing global supply and demand pressures, other commodity-related costs affecting the Company’s business may increase as well, including utility and freight-related costs. The Company attempts to increase prices on its products accordingly in order to recover these costs.
As a result of continuing global supply and demand pressures, other commodity-related costs affecting the Company’s business may increase as well, including petroleum-based products, energy, and transportation costs. The Company attempts to increase prices on its products accordingly in order to recover these costs.
The Company does not expect that renegotiation of any collective bargaining agreements expiring in 2025 will have a material adverse effect on its consolidated results of operations, financial position or cash flow. The Company believes that its employees are key to achieving the Company’s business goals and growth strategy.
The Company does not expect that renegotiation of any collective bargaining agreements expiring in 2026 will have a material adverse effect on its consolidated results of operations, financial position, or cash flow. The Company believes that its employees are essential to achieving its business objectives and growth strategy.
Americas Beverage had net sales in 2024 of $5.2 billion and segment income (as defined under Note Z to the consolidated financial statements) of $987 million. EUROPEAN BEVERAGE The European Beverage segment manufactures infinitely recyclable aluminum beverage cans and ends in Europe, the Middle East and North Africa.
Americas Beverage had net sales in 2025 of $5.6 billion and segment income (as defined under Note Z to the consolidated financial statements) of $1,030 million. EUROPEAN BEVERAGE The European Beverage segment manufactures infinitely recyclable aluminum beverage cans and ends in Europe, the Middle East, and North Africa.
Transit Packaging has grown its global patent portfolio to nearly 360 U.S. issued patents or pending patent applications and over 980 foreign issued patents or pending patent applications. The portfolio broadly covers over 350 customized technologies and spans diverse business platforms, as well as the different countries in which it operates.
Transit Packaging has grown its global patent portfolio to nearly 380 U.S. issued patents or pending patent applications and approximately 1,050 foreign issued patents or pending patent applications. The portfolio broadly covers approximately 365 customized technologies and spans diverse business platforms, as well as the different countries in which it operates.
Physical health and wellness programs differ by region, but include Company-sponsored or subsidized medical insurance over and above government provisions, annual medical, cancer and audiometry screenings, and voluntary health fairs. The Company offers employee mental health assistance programs.
These programs differ by region but include Company-sponsored or subsidized medical insurance beyond government provisions, annual medical, cancer, and audiometry screenings, and voluntary health fairs. The Company also offers employee mental health assistance programs.
The RD&E team has also expanded efforts to advance innovations through strategic partnerships with suppliers and through the use of Open Innovation to access new technologies. These efforts are aimed at enhancing the Company's products for our customers by developing improved coatings with enhanced barriers, new decoration technology (such as digital printing), and improved container functionality (such as enhanced resealability).
The RD&E team has also expanded efforts to advance innovations through strategic partnerships with suppliers and through the use of Open Innovation to access new technologies. These efforts are aimed at enhancing the Company’s products for our customers by developing improved coatings with enhanced barriers, and new decoration technologies. 6 Crown Holdings, Inc.
In 2024, consolidated net sales for the Company were $11. 8 billion with 63% deri ved from operations outside the United States ("U.S.") Approximately 72% of th e Company's consolidated net sales were derived from the Company's global beverage can business.
In 2025 , consolidated net sales for the Company were $12.4 billion with 61% deri ved from operations outside the United States ("U.S."). Approximately 73% of th e Company’s consolidated net sales were derived from the Company’s global beverage can business.
Consolidation trends among beverage marketers have led to a concentrated customer base. The Company’s top ten global customers represented in the aggregate approximately 48% of its 2024 consolidated net sales. For the year ended December 31, 2024, two customers each accounted for 12% of the Company's consolidated net sales.
Consolidation trends among beverage marketers have led to a concentrated customer base. The Company’s top ten global customers represented in the aggregate approximately 48% of its 2025 consolidated net sales.
Automation and equipment technologies include manual, semi-automatic and automatic equipment and tools, which are primarily used in end-of-line operations to apply and remove consumables such as strap and film.
TRANSIT PACKAGING The Company’s Transit Packaging segment includes the Company’s worldwide automation and equipment technologies, protective packaging solutions, and steel and plastic consumables. Automation and equipment technologies include manual, semi-automatic, and automatic equipment and tools, which are primarily used in end-of-line operations to apply and remove consumables such as strap and film.
Attracting, developing and retaining the most skilled and engaged people globally is crucial to all aspe cts of the Company’s activities. To this end, the Company has cultivated a senior management team with extensive industry experience and highly complementary s kill sets and has consistently re‑invested in necessary resources to effectively staff and efficiently support its businesses.
Attracting, developing, and retaining a skilled and engaged workforce globally is crucial to the success of all business activities. To that end, the Company has cultivated a senior management team with extensive industry expertise and complementary s kill sets and has consistently re‑invested in resources needed to effectively staff and efficiently support its operations.
Transit Packaging also uses materials derived from crude oil and natural gas, such as polyethylene and polypropylene. In general, these raw materials are purchased in highly competitive, price-sensitive markets, which have historically exhibited price and demand cyclicality. These and other materials used in the manufacturing process have historically been available in adequate supply from multiple sources.
MATERIALS AND SUPPLIERS The Company uses various raw materials, primarily aluminum and steel, in its manufacturing operations. Transit Packaging also uses materials derived from crude oil and natural gas, such as polyethylene and polypropylene. In general, these raw materials are purchased in highly competitive, price-sensitive markets, which have historically exhibited price and demand cyclicality.
The corporate RD&E Center is also applying technical expertise to advance product design and manufacturing capabilities for the Company's beverage equipment operations and its Transit Packaging segment, supplementing the group's existing product developments.
The corporate RD&E Center is also applying technical expertise to advance product design and manufacturing capabilities for the Company’s beverage equipment operations and its Transit Packaging segment, supplementing the group’s existing product developments. The Company maintains a substantial portfolio of patents and other intellectual property ("IP") in the field of metal packaging systems.
It also aims to implement a positive and inclusive work environment that prioritizes employee safety, fosters an inclusive atmosphere and creates a fulfilling career. The Company supports the well-being of its employees and their families with a variety of physical, mental and social wellness programs, as well as rigorous on-the-job safety programs.
The Company is committed to maintaining a positive and inclusive work environment that prioritizes employee safety, fosters belonging, and supports fulfilling career pathways. The Company supports the well-being of its employees and their families through a variety of physical, mental, and health programs, as well as rigorous on-the-job safety initiatives.
Within its own workforce, the Company is prioritizing employee welfare and striving to more regularly engage its professionals to foster a more connected global team dedicated to individual and collective improvement as an organization.
Within its own workforce, the Company is prioritizing employee welfare and striving to more regularly engage its professionals to foster a more connected global team dedicated to individual and collective improvement as an organization. 4 Crown Holdings, Inc. Crown remains a leader in the Containers and Packaging industry as indicated by Sustainalytics, ISS, and MSCI ESG risk ratings.
Each reportable segment, with the exception of Transit Packaging, has major customers and the loss of one or more of these major customers could have a material adverse effect on an individual segment or the Company as a whole. MATERIALS AND SUPPLIERS The Company uses various raw materials, primarily aluminum and steel, in its manufacturing operations.
These customers are global beverage companies served by the Company’s beverage operations in the Americas, Europe, and Asia. Each reportable segment, with the exception of Transit Packaging, has major customers and the loss of one or more of these major customers could have a material adverse effect on an individual segment or the Company as a whole.
RESEARCH AND DEVELOPMENT The Company's global Research, Development & Engineering ("RD&E") Center for packaging products for consumer goods is located in Wantage, U.K.
The Company’s compliance program allows employees to confidentially report suspected violations of Company policies, including anonymously when allowed by local law. RESEARCH AND DEVELOPMENT The Company’s global Research, Development & Engineering ("RD&E") Center for packaging products for consumer goods is located in Wantage, U.K.
Talent development programs vary by region, but include leadership programs designed to support operations leadership, lean manufacturing operations and employee performance management. While updating its Human Rights policy based on the latest legal developments, the company has developed a comprehensive Human Rights training program translated into the predominant local languages used within our organization.
As part of updating its Human Rights policy based on the latest legal developments, the Company has developed a comprehensive Human Rights training program translated into the predominant local languages used within the organization. This program is designed to strengthen employees’ understanding, awareness, and commitment to human rights principles within the organization.
It continues to fill corporate and plant roles worldwide with individuals who possess material, design and manufacturing expertise and can cultivate lasting customer relationships. To aid retention, the Company aspires to offer market rate competitive compensation packages to all its staff and it provides professional development opportunities that both contribute to the Company’s success and maximize employees' potential.
As for executive, corporate, and plant roles worldwide, the Company continues to hire talented professionals with material, design, and manufacturing expertise who can build and sustain strong customer relationships. To support retention, the Company aims to provide competitive, market-based compensation and offers professional development opportunities that both contribute to the Company’s success and help employees maximize their potential.
Recruitment programs to attract diverse talent into the organization include an accelerated manufacturing program, first focused on engineering skills, which includes assignments in various businesses and countries to encourage a flexible mindset. This program provides an opportunity for diverse candidates to progress quickly to higher functions within the organization. The 5 Crown Holdings, Inc.
The Company values a workforce with diverse backgrounds, experiences, and perspectives and is committed to building a pipeline of talents. Recruitment programs currently include an accelerated manufacturing program, first focused on engineering skills, which provides assignments across various businesses and countries to encourage a flexible mindset and to develop a broad range of 5 Crown Holdings, Inc. capabilities.
Existing technologies such as SuperEnd® beverage ends, 360 End™ beverage ends, Easy-Flow™ beverage ends and can shaping have been licensed in Europe, Australia, Japan, and Africa to provide customers with global access to Crown's brand building innovations.
As a result, the Company has licensed IP in geographic regions where the Company has a limited market presence today. Existing technologies such as Interchangeable SuperEnd® beverage ends have been licensed in Australia, New Zealand, Saudi Arabia, China, Thailand, and Africa to provide customers with global access to Crown’s brand building innovations.
The Company maintains a written Code of Business Conduct and Ethics which describes its policies with respect to, among other things, anti-corruption, protection of confidential information, and environmental, health and safety matters, as well as the Company’s commitment to ensuring that all employees are treated with respect and dignity and are able to work in an environment free from all forms of unlawful employment discrimination.
The Code also emphasizes the Company’s commitment to ensuring that all employees are treated with respect and dignity and can work in an environment free from all forms of unlawful employment discrimination. The Company’s compliance teams are responsible for implementing these policies.
The Company provides a variety of educational opportunities, including a mix of mandatory and voluntary training programs that occur in classrooms, online and on the job. The Company also recognizes the importance of multifunctional teams and as such, management training includes international exposure and cross-divisional activity to develop common approaches and values.
The Company places a high importance on skills management and lifelong learning opportunities that benefit both the individual employee and the broader organization. The Company provides a variety of educational opportunities, including a mix of mandatory and voluntary trainings that occur in classrooms, online, and on the job.
The Company made the following efforts in 2024 to be a more proactive sustainability leader: • Commissioned additional water replenishment projects to replenish water used in high water stress regions.
The Company made the following efforts in 2025 to be a more proactive sustainability leader: • The Company’s updated near-term and new net-zero targets have been officially validated by the Science Based Targets initiative ("SBTi"), formalizing the ambition to reach net-zero greenhouse gas emissions across the value chain by 2050. • The Company commissioned additional water replenishment projects to replenish water used in high water stress regions, including Brazil, Greece and Mexico.
The Company has agreements for what it considers adequate supplies of raw materials. However, sufficient quantities may not be available in the future due to, among other things, shortages due to excessive demand, weather or other factors, including disruptions in supply caused by raw material transportation or production delays.
However, sufficient quantities may not be available in the future due to, among other things, shortages due to excessive demand, production disruption at suppliers (such as machine breakdowns and delays in start-up), force majeure events (such as fire or weather events), transportation issues, or government-imposed import restrictions.
For the years ended December 31, 2023 and 2022, these two customers each accounted for 12% and 11%, of the Company's consolidated net sales. These customers are global beverage companies served by the Company's beverage operations in the Americas, Europe and Asia.
For the years ended December 31, 2025, 2024 and 2023, one customer accounted for approximately 12%, 12%, and 11%, respectively, of the Company’s consolidated net sales, and another customer accounted for approximately 11%, 12%, and 12%, respective ly, of the Company's consolid ated net sales.
The Company has built a total safety culture that provides the framework for all health and safety initiatives across the Company and empowers employees to take a proactive role in their safety and that of their fellow employees. The Company’s focus is on behaviors and attitudes and achieving success in incident, injury and near-miss reductions.
The Company’s total safety culture provides the foundation for health and safety initiatives across the organization and empowers employees to proactively support their own safety and that of their colleagues, with a focus on reducing incidents, injuries, and near misses. The Company recognizes that an inclusive work environment and long-term career opportunities are essential to sustaining business success.
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The Company now has projects commissioned in: Brazil, Greece, Spain and Tunisia; and • Together with The Can Manufacturer’s Institute and the International Aluminium Institute, participated in the second global aluminum can summit to drive further industry movement toward shared sustainability agenda items such as recycled content and climate change mitigation.
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These and other materials used in the manufacturing process have historically been available in adequate supply from multiple sources. The Company has agreements for what it considers adequate supplies of raw materials.
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As a result of its collective efforts, the Company has recently received the following recognitions in 2024: 4 Crown Holdings, Inc. • The Company was awarded #1 publicly traded spot within the Containers and Packaging industry category by ESG ratings provider Sustainalytics for managing ESG risk within the Containers and Packaging industry category.
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The Company continues to rank in line with or above average compared to peers in the industry with a low-risk rating from Sustainalytics, Prime status from ISS Corporate Rating, and another year ranked AA from MSCI. These assessments measure the Company’s ESG risk exposure, management, and transparency, with high scores signaling strong performance and future resilience.
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This marks the fifth year in a row the Company landed in the top 3% in the "Containers and Packaging" category. • The Company was named as one of “America’s Climate Leaders” by USA TODAY and Statista. • The Company was recognized within the U.S. Environmental Protection Agency’s ("EPA") Top 30 Green Power Partners from the Fortune 500 list.
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As a result of its collective efforts, the Company has been honored as one of Forbes’ Net Zero Leaders for 2025, a recognition that reflects the commitment and hard work of the global team driving meaningful, consistent progress toward the Company’s sustainability goals.
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The Company recognizes that a diverse and inclusive workforce is part of its future business success. It has integrated Diversity & Inclusion (D&I) as a dimension of its Twenty by 30 sustainability program, aiming to embed D&I awareness in its organizational culture.
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Through the "Working Together" pillar of its Twenty by 30 program, the Company prioritizes employment engagement and growth opportunities across all roles. These programs include specialized training programs and wide exposure across the organization, support both employee development and new talent attraction as the Company grows.
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The Company believes different backgrounds, experiences and perspectives generate powerful new ideas and foster sound and sustainable decision making. The Company’s approach includes deployment of D&I training initiatives, such as psychological safety and unconscious bias trainings, and improvement of its recruitment and onboarding processes.
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This program provides an opportunity for diverse candidates to progress quickly into higher-level roles that match their interests, skills, and long-term goals. In addition, the Company also continues to advance gender and cultural diversity, including among leadership roles.
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Company continues to focus on improving gender and cultural diversity in the organization, including developing and empowering minorities and women through greater career opportunity and recognition. To give every employee the opportunity to feel heard, supported and valued and to continue building its inclusive culture, the Company implemented a new employee engagement survey globally.
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Looking ahead, the Company is committed to being recognized by current employees and prospective hires as a "great place to work," offering a workplace grounded in safety, fulfillment, and growth. Achieving this reputation requires that employees feel heard, supported, and valued.
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The Company aims to better understand what the employee experience looks like at Crown, what works well and what can be improved. The Company places a high value on skills management and lifelong learning opportunities that benefit both the individual employee and the whole Company.
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To ensure the Company evolves in the way it empowers employees, the Company has implemented a global employee engagement survey that gathers meaningful feedback and consistently drives the creation of local action plans that directly address improvement areas.
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This program is designed to improve our employees’ understanding, awareness and commitment to human rights principles within our organization.
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The Company also recognizes the importance of multifunctional teams and as such, management development includes international exposure and cross-divisional activity to promote common approaches and shared values. While talent development programs vary by region, offerings include leadership, lean manufacturing operations, and employee performance management trainings.
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The Company’s compliance teams are responsible for implementing these policies. The Company's compliance program includes a mechanism for employees to report suspected violations of Company policies on a confidential basis, including anonymous reporting where permitted by local law.
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The Company maintains a written Code of Business Conduct and Ethics (the "Code") outlining policies related to anti-corruption, fair trade, protection of confidential information, and environmental, health, and safety matters.
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The Company maintains a substantial portfolio of patents and other intellectual property ("IP") in the field of metal packaging systems and seeks strategic partnerships to extend its IP in existing and emerging markets. As a result, the Company has licensed IP in geographic regions where the Company has a limited market presence today.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

59 edited+20 added−4 removed145 unchanged
Biggest changeThe Company's indebtedness includes its $875 million 4.75% senior notes due in February 2026; its €500 million ($518 million at December 31, 2024) 2.875% senior notes due in February 2026; its $400 million 4.25% senior notes due in September 2026; its $350 million 7.375% senior notes due in December 2026; its €500 million ($518 million at December 31, 2024) 5.00% senior notes due in May 2028; its €500 million ($518 million at December 31, 2024) 4.75% senior notes due in March 2029; its €600 million ($621 million at December 31, 2024) 4.50% senior notes due in January 2030; its $500 million 5.25% senior notes due in April 2030; its $40 million 7.50% senior notes due in December 2096; and its $118 million of other indebtedness in various currencies due at various dates through 2027.
Biggest changeThe Company’s indebtedness includes its $400 million 4.25% senior notes due in September 2026; its €500 million ($587 million at December 31, 2025) 5.00% senior notes due in May 2028; its €500 million ($587 million at December 31, 2025) 4.75% senior notes due in March 2029; its €600 million ($705 million at December 31, 2025) 4.50% senior notes due in January 2030; its $500 million 5.25% senior notes due in April 2030; its €500 million ($587 million at December 31, 2025) 3.75% senior notes due in September 2031; its $700 million 5.875% senior notes due June 2033; its $40 million 7.50% senior notes due in December 2096; and its $54 million of other indebtedness in various currencies due at various dates through 2027.
Strikes, slowdowns, transportation disruptions or other conditions in the transportation industry, including, but not limited to, shortages of truck drivers, disruptions in rail service, decreases in the availability of vessels or increases in fuel prices, could increase the Company's costs and disrupt Company’s operations and its ability to service customers on a timely basis or cost-effective basis.
Strikes, slowdowns, transportation disruptions, or other conditions in the transportation industry, including, but not limited to, shortages of truck drivers, disruptions in rail service, decreases in the availability of vessels or increases in fuel prices, could increase the Company’s costs and disrupt the Company’s operations and its ability to service customers on a timely basis or cost-effective basis.
As a result of the Company's substantial indebtedness, a significant portion of the Company's cash flow will be required to pay interest and principal on its outstanding indebtedness, and the Company may not generate sufficient cash flow from operations, or have future borrowings available under its senior secured credit facilities, to enable it to repay its indebtedness or to fund other liquidity needs.
As a result of the Company’s indebtedness, a significant portion of the Company’s cash flow will be required to pay interest and principal on its outstanding indebtedness, and the Company may not generate sufficient cash flow from operations, or have future borrowings available under its senior secured credit facilities, to enable it to repay its indebtedness or to fund other liquidity needs.
The substantial indebtedness of the Company could: • increase the Company's vulnerability to general adverse economic and industry conditions, including rising interest rates; • restrict the Company from making strategic acquisitions or exploiting business opportunities, including any planned expansion in emerging markets; • limit the Company's ability to make capital expenditures both domestically and internationally in order to grow the Company's business or maintain manufacturing plants in good working order and repair; • limit, along with the financial and other restrictive covenants under the Company's debt agreements, the Company's ability to obtain additional financing, dispose of assets or pay cash dividends; • require the Company to dedicate a substantial portion of its cash flow from operations to service its indebtedness, thereby reducing the availability of its cash flow to fund future working capital, capital expenditures, research and development expenditures and other general corporate requirements; • require the Company to sell assets used in its business; • limit the Company's ability to refinance its existing indebtedness, particularly during periods of adverse credit market conditions when refinancing indebtedness may not be available under interest rates and other terms acceptable to the Company or at all; • increase the Company's cost of borrowing; • limit the Company's flexibility in planning for, or reacting to, changes in its business and the industry in which it operates; and • place the Company at a competitive disadvantage compared to its competitors that have less debt.
The indebtedness of the Company could: • increase the Company’s vulnerability to general adverse economic and industry conditions, including rising interest rates; • restrict the Company from making strategic acquisitions or exploiting business opportunities, including any planned expansion in emerging markets; • limit the Company’s ability to make capital expenditures both domestically and internationally in order to grow the Company’s business or maintain manufacturing plants in good working order and repair; • limit, along with the financial and other restrictive covenants under the Company’s debt agreements, the Company’s ability to obtain additional financing, dispose of assets, or pay cash dividends; 12 Crown Holdings, Inc. • require the Company to dedicate a substantial portion of its cash flow from operations to service its indebtedness, thereby reducing the availability of its cash flow to fund future working capital, capital expenditures, research and development expenditures, and other general corporate requirements; • require the Company to sell assets used in its business; • limit the Company’s ability to refinance its existing indebtedness, particularly during periods of adverse credit market conditions when refinancing indebtedness may not be available under interest rates and other terms acceptable to the Company or at all; • increase the Company’s cost of borrowing; • limit the Company’s flexibility in planning for, or reacting to, changes in its business and the industry in which it operates; and • place the Company at a competitive disadvantage compared to its competitors that have less debt.
Acquisitions and dispositions involve numerous other risks, including: • diversion of management time and attention; • failures to identify material problems and liabilities of acquisition targets or to obtain sufficient indemnification rights to fully offset possible liabilities related to the acquired businesses; • difficulties integrating the operations, technologies and personnel of the acquired businesses; • inefficiencies and complexities that may arise due to unfamiliarity with new assets, businesses or markets; • disruptions to the Company's ongoing business; • inaccurate estimates of fair value made in the accounting for acquisitions and amortization of acquired intangible assets which would reduce future reported earnings; • the inability to obtain required financing for the new acquisition or investment opportunities and the Company's existing business; • the need or obligation to divest portions of an acquired business; • challenges associated with successfully bifurcating operations that involve both remaining and departing personnel in divestiture transactions; • challenges associated with operating in new geographic regions or discontinued operations in legacy regions; • difficulties in achieving anticipated cost savings, synergies, business opportunities and growth prospects; • potential loss of key employees, contractual relationships, suppliers or customers of the acquired businesses or of the Company; and • inability to obtain required anti-trust and other regulatory approvals.
Acquisitions and dispositions involve numerous other risks, including: • diversion of management time and attention; • failures to identify material problems and liabilities of acquisition targets or to obtain sufficient indemnification rights to fully offset possible liabilities related to the acquired businesses; • difficulties integrating the operations, technologies and personnel of the acquired businesses; • inefficiencies and complexities that may arise due to unfamiliarity with new assets, businesses or markets; • disruptions to the Company’s ongoing business; 19 Crown Holdings, Inc. • inaccurate estimates of fair value made in the accounting for acquisitions and amortization of acquired intangible assets which would reduce future reported earnings; • the inability to obtain required financing for the new acquisition or investment opportunities and the Company’s existing business; • the need or obligation to divest portions of an acquired business; • challenges associated with successfully bifurcating operations that involve both remaining and departing personnel in divestiture transactions; • challenges associated with operating in new geographic regions or discontinued operations in legacy regions; • difficulties in achieving anticipated cost savings, synergies, business opportunities and growth prospects; • potential loss of key employees, contractual relationships, suppliers or customers of the acquired businesses or of the Company; and • inability to obtain required anti-trust and other regulatory approvals.
The ability to mitigate inflationary risks through these measures varies by region and the impact on the results of the Company's segments for the year-ended December 31, 2024 is discussed, as applicable in "Management's Discussion and Analysis of Financial Condition and Results of Operations - Results of Operations." In addition, any price increases may take effect after related cost increases, reducing operating income in the near term.
The ability to mitigate inflationary risks through these measures varies by region and the impact on the results of the Company’s segments for the year-ended December 31, 2025 is discussed, as applicable in "Management’s Discussion and Analysis of Financial Condition and Results of Operations - Results of Operations." In addition, any price increases may take effect after related cost increases, reducing operating income in the near term.
The Company is an international company, and the risks associated with operating in non-U.S. jurisdictions, and with operating and seeking to expand business in a number of different regions and countries generally, exposes the Company to potentially conflicting cultural practices, business practices and legal and regulatory requirements and may have a negative impact on the Company’s liquidity and net income.
The Company is an international company, and the risks associated with operating in non-U.S. jurisdictions, and with operating and seeking to expand business in a number of different regions and countries generally, expose the Company to potentially conflicting cultural practices, business practices and legal and regulatory requirements and may have a negative impact on the Company’s liquidity and net income.
Of the Company's outstanding claims, approximately 18,000 claims relate to claimants alleging first exposure to asbestos after 1964 and approximately 41,300 relate to claimants alleging first exposure to asbestos before or during 1964, of which approximately 13,000 were filed in Texas, 1,300 were filed in Pennsylvania, 6,000 were filed in other states that have enacted asbestos legislation and 21,000 were filed in other states.
Of the Company’s outstanding claims, approximately 18,000 claims relate to claimants alleging first exposure to asbestos after 1964 and approximately 41,900 relate to claimants alleging first exposure to asbestos before or during 1964, of which approximately 13,000 were filed in Texas, 1,300 were filed in Pennsylvania, 6,000 were filed in other states that have enacted asbestos legislation, and 21,600 were filed in other states.
The agreements or indentures governing the Company's senior secured credit facilities and certain of its outstanding notes restrict, among other things, the ability of the Company and the ability of all or substantially all of its subsidiaries to: • incur additional debt; • pay dividends or make other distributions, repurchase capital stock, repurchase subordinated debt and make certain investments or loans; • create liens and engage in sale and leaseback transactions; • create restrictions on the payment of dividends and other amounts to the Company from subsidiaries; • make loans, investments and capital expenditures; • change accounting treatment and reporting practices; • enter into agreements restricting the ability of a subsidiary to pay dividends to, make or repay loans to, transfer property to, or guarantee indebtedness of, the Company or any of its subsidiaries; • sell or acquire assets, enter into leaseback transactions and merge or consolidate with or into other companies; and • engage in transactions with affiliates.
The agreements or indentures governing the Company’s senior secured credit facilities and certain of its outstanding notes restrict, among other things, the ability of the Company and the ability of all or substantially all of its subsidiaries to: • incur additional debt; • pay dividends or make other distributions, repurchase capital stock, repurchase subordinated debt and make certain investments or loans; • create liens and engage in sale and leaseback transactions; • create restrictions on the payment of dividends and other amounts to the Company from subsidiaries; • make loans, investments and capital expenditures; • change accounting treatment and reporting practices; 13 Crown Holdings, Inc. • enter into agreements restricting the ability of a subsidiary to pay dividends to, make or repay loans to, transfer property to, or guarantee indebtedness of, the Company or any of its subsidiaries; • sell or acquire assets, enter into leaseback transactions and merge or consolidate with or into other companies; and • engage in transactions with affiliates.
In addition, if the Company's information technology systems suffer severe damage, disruption or shutdown and the Company's business continuity plans do not effectively resolve the issues in a timely manner, the Company may lose customers and suppliers and revenue and profits as a result of its inability to timely manufacture, distribute, invoice and collect payments from its customers, and could experience delays in reporting its financial results, including with respect to the Company's operations in emerging markets.
In addition, if the Company’s information technology systems suffer severe damage, disruption, or 20 Crown Holdings, Inc. shutdown and the Company’s business continuity plans do not effectively resolve the issues in a timely manner, the Company may lose customers and suppliers and revenue and profits as a result of its inability to timely manufacture, distribute, invoice and collect payments from its customers, and could experience delays in reporting its financial results, including with respect to the Company’s operations in emerging markets.
In addition, as of December 31, 2024, the unfunded accumulated postretirement benefit obligation, as calculated in accordance with U.S. generally accepted accounting principles, for retiree medical benefits was approximately $96 million, based on assumptions set forth under Note S to the Company's audited consolidated financial statements in this Annual Report.
In addition, as of December 31, 2025, the unfunded accumulated postretirement benefit obligation, as calculated in accordance with U.S. generally accepted accounting principles, for retiree medical benefits was approximately $103 million, based on assumptions set forth under Note S to the Company’s audited consolidated financial statements in this Annual Report.
In many cases, such consolidation has been accompanied by pressure from customers for lower prices, reflecting the increase in the total volume of product purchased or the elimination of a price differential between the acquiring customer and the company acquired. Increased pricing pressures from the Company's customers may reduce the Company's net sales and net income.
In many cases, such consolidation has been accompanied by pressure from customers for lower prices, reflecting the increase in the total volume of 18 Crown Holdings, Inc. product purchased or the elimination of a price differential between the acquiring customer and the company acquired. Increased pricing pressures from the Company’s customers may reduce the Company’s net sales and net income.
In addition, under the Company's unfunded Senior Executive Retirement Plan 19 Crown Holdings, Inc. certain members of senior management are entitled to lump sum payments upon retirement or other termination of employment and a lump sum death benefit of five times the annual retirement benefit, which could result in unexpected increased costs to the Company for a particular period.
In addition, under the Company’s unfunded Senior Executive Retirement Plan certain members of senior management are entitled to lump sum payments upon retirement or other termination of employment and a lump sum death benefit of five times the annual retirement benefit, which could result in unexpected increased costs to the Company for a particular period.
Conversely, a weakening U.S. dollar will effectively increase the dollar-equivalent of the Company's expenses and liabilities denominated in foreign currencies. See “Management's Discussion and Analysis of Financial Condition and Results of Operations-Liquidity and Capital Resources-Market Risk” and "Quantitative and Qualitative Disclosure about Market Risk" in this Annual Report. 11 Crown Holdings, Inc.
Conversely, a weakening U.S. dollar will effectively increase the dollar-equivalent of the Company’s expenses and liabilities denominated in foreign currencies. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations-Liquidity and Capital Resources-Market Risk” and "Quantitative and Qualitative Disclosure about Market Risk" in this Annual Report.
The developing nature of these markets and the nature of the Company’s international operations generally are subject to various risks, including: • foreign governments' restrictive trade policies; • conflicting regulation (including with respect to product labelling, privacy, data protection and advanced technologies) and policy changes by foreign agencies or governments; • duties, taxes or government royalties, including the imposition or increase of withholding and other taxes on remittances and other payments by non-U.S. subsidiaries; • customs, import/export control and other trade compliance regulations; • foreign exchange rate risks and exchange controls; • difficulty in collecting international accounts receivable and potentially longer payment cycles; • increased costs in maintaining international manufacturing and marketing efforts; 10 Crown Holdings, Inc. • non-tariff barriers and higher duty rates; • difficulties associated with expatriating or repatriating cash generated or held abroad in a tax-efficient manner; • changes in tax laws and regulations; • difficulties in enforcing contractual obligations and intellectual property rights and difficulties in protecting intellectual property or sensitive commercial and operations data or information technology systems generally; • national and regional labor strikes and work stoppages; • geographic, language and cultural differences between personnel in different areas of the world; • high social benefit costs for labor, including costs associated with restructurings; • civil unrest or political, social, legal and economic instability; • product boycotts, including with respect to the products of the Company's multi-national customers; • customer, supplier, and investor concerns regarding operations in areas such as the Middle East; • taking of property by nationalization or expropriation without fair compensation; • imposition of limitations on conversions of foreign currencies into dollars or payment of dividends and other payments by non-U.S. subsidiaries; • hyperinflation and currency devaluation in any country where such currency devaluation could affect the amount of cash generated by operations in that country and thereby affect the Company's ability to satisfy its obligations; • geographical concentration of the Company’s factories and operations and regional shifts in its customer base; • war (such as the ongoing military conflict between Russia and Ukraine, and the Israel - Hamas conflict, and other hostilities in the Middle-East), civil disturbance, global or regional catastrophic events, natural disasters, and acts of terrorism; • epidemics, pandemics, and other disease outbreaks and health crises (such as the possible reemergence of the COVID-19 pandemic); • the complexity of managing global operations; and • compliance with applicable anti-corruption, anti-bribery laws and anti-money laundering laws and sanctions; and continuing legal, political and economic uncertainty following Brexit.
The developing nature of these markets and the nature of the Company’s international operations generally are subject to various risks, including: • foreign governments’ restrictive trade policies; • conflicting regulation (including with respect to product labelling, privacy, data protection and advanced technologies) and policy changes by foreign agencies or governments; • duties, taxes, or government royalties, including the imposition or increase of withholding and other taxes on remittances and other payments by non-U.S. subsidiaries; • customs, import/export control and other trade compliance regulations; • foreign exchange rate risks and exchange controls; • difficulty in collecting international accounts receivable and potentially longer payment cycles; • increased costs in maintaining international manufacturing and marketing efforts; • non-tariff barriers and higher duty rates; • difficulties associated with expatriating or repatriating cash generated or held abroad in a tax-efficient manner; • changes in tax laws and regulations; • difficulties in enforcing contractual obligations and intellectual property rights and difficulties in protecting intellectual property or sensitive commercial and operations data or information technology systems generally; • national and regional labor strikes and work stoppages; • geographic, language, and cultural differences between personnel in different areas of the world; • high social benefit costs for labor, including costs associated with restructurings; • civil unrest or political, social, legal, and economic instability; • product boycotts, including with respect to the products of the Company’s multi-national customers; • customer, supplier, and investor concerns regarding operations in areas such as the Middle East; • taking of property by nationalization or expropriation without fair compensation; • imposition of limitations on conversions of foreign currencies into dollars or payment of dividends and other payments by non-U.S. subsidiaries; • hyperinflation and currency devaluation in any country where such currency devaluation could affect the amount of cash generated by operations in that country and thereby affect the Company’s ability to satisfy its obligations; • geographical concentration of the Company’s factories and operations and regional shifts in its customer base; • war (such as the ongoing military conflict between Russia and Ukraine, the Israel - Hamas conflict, other hostilities in the Middle-East, the Thailand - Cambodia border conflict, and potential conflicts in Venezuela), civil disturbance (such as cartel-related violence in Mexico), global or regional catastrophic events, natural disasters, and acts of terrorism; • epidemics, pandemics, and other disease outbreaks and health crises; • the complexity of managing global operations; and • compliance with applicable anti-corruption, anti-bribery laws and anti-money laundering laws and sanctions; and continuing legal, political, and economic uncertainty.
Competitive pricing pressures, overcapacity, the failure to develop new product designs and technologies for products, as well as other factors, such as consolidation among the Company's competitors, could cause the Company to lose existing business or opportunities to generate new business and could result in decreased cash flow and net income.
Competitive pricing pressures, overcapacity, the failure to develop new product designs and technologies for products, as well as other factors, such as consolidation among the Company’s competitors, could cause the Company to lose existing business or opportunities to generate new business and could result in decreased cash flow and net income. 8 Crown Holdings, Inc.
In the event that the Company's joint venture partners do not observe their obligations or are unable to commit additional capital to the joint ventures, it is possible that the affected joint venture would not be able to operate in accordance with its business plans or that the Company would have to increase its level of commitment to the joint venture. 9 Crown Holdings, Inc.
In the event that the Company’s joint venture partners do not observe their obligations or are unable to commit additional capital to the joint ventures, it is possible that the affected joint venture would not be able to operate in accordance with its business plans or that the Company would have to increase its level of commitment to the joint venture.
Accordingly, Crown Cork may be required to make payments for claims substantially in excess of its accrual, which could reduce the Company's cash flow and impair its ability to satisfy its obligations.
Accordingly, Crown Cork may be required to make payments for claims substantially in excess of its accrual, which could reduce the Company’s cash flow and impair its 16 Crown Holdings, Inc. ability to satisfy its obligations.
In periods of low worldwide demand for its products or in situations where industry expansion creates excess capacity, the Company experiences relatively 8 Crown Holdings, Inc. low capacity utilization rates in its operations, which can lead to reduced margins and can have an adverse effect on the Company's business.
In periods of low worldwide demand for its products or in situations where industry expansion creates excess capacity, the Company experiences relatively low capacity utilization rates in its operations, which can lead to reduced margins and can have an adverse effect on the Company’s business.
The actual effect of a 0.25% increase in these floating interest rates could be more than $7 million as the Company’s average borrowings on its variable rate debt and securitization and factoring may be higher during the year than the amount at December 31, 2024.
The actual effect of a 0.25% increase in these floating interest rates could be more than $8 million as the Company’s average borrowings on its variable rate debt and securitization and factoring may be higher during the year than the amount at December 31, 2025.
In addition, some companies with packaging needs have responded to such developments, and/or to perceived environmental concerns of consumers, by using containers made in whole or in part of recycled materials. Such developments may reduce the demand for some of the Company's products, and/or increase its costs.
In addition, some companies with packaging needs have responded to such developments, and/or to perceived environmental concerns of consumers, by using containers made in whole or in part of recycled materials. Such developments may reduce the demand for some of the Company’s products, and/or increase its costs. 17 Crown Holdings, Inc.
Any of these conditions could ultimately harm the Company’s overall business, prospects, operating results, financial condition and cash flows. Emerging markets are a focus of the Company’s international growth strategy, and the Company’s success in developing market share and operating profitably in these markets is critical to the Company’s growth.
Any of these conditions could ultimately harm the Company’s overall business, prospects, operating results, financial condition, and cash flows. 10 Crown Holdings, Inc. Emerging markets are a focus of the Company’s international growth strategy, and the Company’s success in developing market share and operating profitably in these markets is critical to the Company’s growth.
Future changes in the factors used to determine pension contributions, including investment performance of plan assets, could have a significant impact on the Company’s future contributions and its cash flow available for debt reduction, capital expenditures or other purposes. 14 Crown Holdings, Inc.
Future changes in the factors used to determine pension contributions, including investment performance of plan assets, could have a significant impact on the Company’s future contributions and its cash flow available for debt reduction, capital expenditures, or other purposes.
In addition, the Company's ability to make payments on and refinance its debt and to fund its operations will depend on the Company's ability to generate cash in the future. 12 Crown Holdings, Inc. Some of the Company's indebtedness is subject to floating interest rates, which would result in the Company's interest expense increasing if interest rates rise.
In addition, the Company’s ability to make payments on and refinance its debt and to fund its operations will depend on the Company’s ability to generate cash in the future. Some of the Company’s indebtedness is subject to floating interest rates, which would result in the Company’s interest expense increasing if interest rates rise.
In April 2018, the FCO discontinued its national investigation and referred the matter to the European Commission (the “Commission”). Following the referral, Commission officials conducted unannounced inspections of the premises of several metal packaging manufacturers, including Company subsidiaries in Germany, France and the U.K.
In April 2018, the FCO 15 Crown Holdings, Inc. discontinued its national investigation and referred the matter to the European Commission (the “Commission”). Following the referral, Commission officials conducted unannounced inspections of the premises of several metal packaging manufacturers, including Company subsidiaries in Germany, France and the U.K.
To manage the Company's anticipated future growth effectively, the Company must continue to enhance its manufacturing capabilities and operations, information technology infrastructure, and financial and accounting systems and controls. Organizational growth and scale-up of operations could strain its existing managerial, operational, financial and other resources. 18 Crown Holdings, Inc.
To manage the Company’s anticipated future growth effectively, the Company must continue to enhance its manufacturing capabilities and operations, information technology infrastructure, and financial and accounting systems and controls. Organizational growth and scale-up of operations could strain its existing managerial, operational, financial, and other resources.
Impairment of the Company's goodwill would require a write down of goodwill, which would reduce the Company's net income in the period of any such write down. At December 31, 2024, the carrying value of the Company's goodwill was $3 billion.
Impairment of the Company’s goodwill would require a write down of goodwill, which would reduce the Company’s net income in the period of any such write down. At December 31, 2025, the carrying value of the Company’s goodwill was $3.2 billion.
The U.S. has recently signaled its intention to change U.S. trade policy, including potentially renegotiating or terminating existing trade agreements and 7 Crown Holdings, Inc. leveraging tariffs. In February 2025, the U.S. imposed additional tariffs on aluminum and steel as well as on imports from China and announced and subsequently paused implementation of tariffs from Canada and Mexico.
The U.S. has signaled its intention to change U.S. trade policy, including potentially renegotiating or terminating existing trade agreements and leveraging tariffs. In February 2025, the U.S. imposed additional tariffs on aluminum and steel as well as on imports from China and announced and subsequently paused implementation of tariffs from Canada and Mexico.
If the Company fails to remedy or maintain the adequacy of its internal controls, as such standards are modified, supplemented or amended from time to time, the Company could be subject to regulatory scrutiny, civil or criminal penalties or shareholder litigation. 20 Crown Holdings, Inc.
If the Company fails to remedy or maintain the adequacy of its internal controls, as such standards are modified, supplemented or amended from time to time, the Company could be subject to regulatory scrutiny, civil or criminal penalties, or shareholder litigation.
In addition, upon the expiration of existing collective bargaining agreements, the Company may not reach new agreements without union or works council action in certain jurisdictions, and any such new agreements may not be on terms satisfactory to the Company.
In addition, upon the 9 Crown Holdings, Inc. expiration of existing collective bargaining agreements, the Company may not reach new agreements without union or works council action in certain jurisdictions, and any such new agreements may not be on terms satisfactory to the Company.
The ability of the Company to comply with these covenants and the covenants in agreements it may enter into in the future can be affected by events beyond its control and, therefore, it may be unable to satisfy its obligations under its debt agreements. 13 Crown Holdings, Inc.
The ability of the Company to comply with these covenants and the covenants in agreements it may enter into in the future can be affected by events beyond its control and, therefore, it may be unable to satisfy its obligations under its debt agreements.
Risks Relating to the Company's International Operations The Company's international operations, which generated appr oximately 63% of its consolidated net sales in 2024, are subject to various risks that may lead to decreases in its financial results, particularly in the case of the Company's operations in emerging markets.
Risks Relating to the Company’s International Operations The Company’s international operations, which generated appr oximately 61% of its consolidated net sales in 2025, are subject to various risks that may lead to decreases in its financial results, particularly in the case of the Company’s operations in emerging markets.
As a result, the Company may not be able to access a portion of its cash flow to service the Company's debt. The Company has significant pension plan obligations worldwide and significant unfunded postretirement obligations, which could reduce its cash flow and negatively impact its results of operations and its financial condition.
As a result, the Company may not be able to access a portion of its cash flow to service the Company’s debt. The Company has pension plan obligations worldwide and unfunded postretirement obligations, which could reduce its cash flow and negatively impact its results of operations and its financial condition. 14 Crown Holdings, Inc.
Crown Cork made cash payments of $15 million, $17 million and $21 million in 2024, 2023 and 2022 to settle asbestos claims and pay related legal and defense costs. These payments and any such future payments will reduce the cash flow available to Crown Cork for its business operations and debt payments.
Crown Cork made cash payments of $19 million, $15 million, and $17 million in 2025, 2024, and 2023, respectively, to settle asbestos claims and pay related legal and defense costs. These payments and any such future payments will reduce the cash flow available to Crown Cork for its business operations and debt payments.
Consumer tax legislation and future attempts to tax sugar-sweetened or energy drinks by other jurisdictions could reduce the demand for the Company's products and materially adversely affect the Company's business and financial results. 17 Crown Holdings, Inc.
Consumer tax legislation and future attempts to tax sugar-sweetened or energy drinks by other jurisdictions could reduce the demand for the Company’s products and materially adversely affect the Company’s business and financial results.
Crown Cork believes that the business ceased manufacturing such products in 1963. As of December 31, 2024, Crown Cork's accrual for pending and future asbestos-related claims and related legal costs was $185 million, including $141 million for unasserted claims. The Company determines its accrual without limitation to a specific time period.
Crown Cork believes that the business ceased manufacturing such products in 1963. As of December 31, 2025, Crown Cork’s accrual for pending and future asbestos-related claims and related legal costs was $177 million, including $125 million for unasserted claims. The Company determines its accrual without limitation to a specific time period.
As of December 31, 2024, the Company and its subsidiaries had approximately $6.2 billion of indebtedness, excluding unamortized discounts and debt issuance costs.
As of December 31, 2025, the Company and its subsidiaries had approximately $6 billion of indebtedness, excluding unamortized discounts and debt issuance costs.
As of December 31, 2024, approximately $1.8 billion of the Company's $6.2 billion of total indebtedness and $1.1 billion of securitization and factoring programs were subject to floating interest rates. Changes in economic conditions could result in higher interest rates, thereby increasing the Company's interest expense and reducing funds available for operations or other purposes.
As of December 31, 2025, approximately $1.8 billion of the Company’s $6 billion of total indebtedness and $1.3 billion of securitization and factoring programs were subject to floating interest rates. Changes in economic conditions could result in higher interest rates, thereby increasing the Company’s interest expense and reducing funds available for operations or other purposes. While the U.S.
A 0.50% change in the 2025 expected rate of return assumptions would change 2025 pension expense by approximately $2 million. A 0.50% change in the discount rates assumptions as of December 31, 2024 would change 2025 pension expense by approximately $4 million. The Company may be required to accelerate the timing of its contributions under its pension plans.
A 0.50% change in the discount rates assumptions as of December 31, 2025 would change 2026 pension expense by approximately $4 million. The Company may be required to accelerate the timing of its contributions under its pension plans.
Sufficient quantities of these raw materials may not be available in the future or may be available only at increased prices. In 2024, consumption of aluminum and steel represented 46% and 7% of the Company's consolidated cost of products sold, excluding depreciation and amortization.
Sufficient quantities of these raw materials may not be available in the future or may be available only at increased prices. In 2025, consumption of aluminum and steel represented 47% and 8% of the Company’s consolidated cost of products sold, excluding depreciation and amortization.
The Company's international operations generated approximately 63% of its consolidated net sales in the years ended 2024, 2023 and 2022.
The Company’s international operations generated approximately 61% of its consolidated net sales in the year ended 2025 and 63% of its consolidated net sales in the years ended 2024 and 2023.
The Company’s current sources of liquidity includes a securitization facility with a program limit up to a maximum of $800 million that expires in July 2025 and securitization facilities with program limits of $230 million and $160 million that expire in November 2025.
The Company’s current sources of liquidity include a securitization facility with a program limit up to a maximum of $800 million that expires in July 2027 and securitization facilities with program limits of $230 million and $180 million that expire in November 2027.
During the year ended December 31, 2024, Crown Cork received approximately 1,400 new claims, settled or dismissed approximately 600 claims, and had approximately 59,300 claims outstanding at the end of the period.
During the year ended December 31, 2025, Crown Cork received approximately 1,300 new claims, settled or dismissed approximately 700 claims, and had approximately 59,900 claims outstanding at the end of the period.
The FCA alleged violations of Articles 101 of the Treaty on the Functioning of the EU and L.420-1 of the French Commercial Code. The statement of objections alleges, among other things, anti-competitive behavior in connection with the removal of bisphenol-A from metal packaging in France.
The FCA alleged violations of Articles 101 of the Treaty on the Functioning of the EU and L.420-1 of the French Commercial Code. The statement of objections alleges, among other things, anti-competitive behavior in connection with the removal of bisphenol-A from metal packaging in France. The removal of bisphenol-A was mandated by French legislation that went into effect in 2015.
These additional tariffs, as well as potential retaliation by another government against such tariffs or policies could significantly affect the price of steel, aluminum and other raw materials used by the Company, which may adversely affect the Company's profits and financial results.
In April 2025, the U.S. imposed additional tariffs on imports from a broad range of companies and materials. These additional tariffs, as well as potential retaliation by another government against such tariffs or policies could significantly affect the price of steel, aluminum, and other raw materials used by the Company, which may adversely affect the Company’s profits and financial results.
Environmental Protection Agency ("EPA") has considered adding bisphenol-A, which it has described as a potential reproductive, developmental, and 16 Crown Holdings, Inc. systemic toxicant, to the chemical concern list and using its Design for the Environment program to encourage reductions in bisphenol-A manufacturing and use.
The EU and Canada have banned the use of bisphenol-A in baby bottles, and the U.S. Environmental Protection Agency ("EPA") has considered adding bisphenol-A, which it has described as a potential reproductive, developmental, and systemic toxicant, to the chemical concern list and using its Design for the Environment program to encourage reductions in bisphenol-A manufacturing and use.
The Company is exposed to fluctuations in foreign currencies as a significant portion of its consolidated net sales, costs, assets and liabilities, are denominated in currencies other than the U.S. dollar. The Company's international operations generated approximately 63% of its consolidated net sales in the years ended 2024, 2023 and 2022.
The Company is exposed to fluctuations in foreign currencies as a significant portion of its consolidated net sales, costs, assets and liabilities, are denominated in currencies other than the U.S. dollar.
The availability of various raw materials and their prices depend on global and local supply and demand forces, governmental regulations and trade policies (including tariffs and duties), level of production, resource availability, transportation, and other factors, including natural disasters such as floods and earthquakes, and pandemics (including possible reemergence of the COVID 19 pandemic).
The availability of various raw materials and their prices depend on global and local supply and demand forces, governmental regulations and trade policies (including tariffs and duties), level of production, resource availability, transportation, and other factors, including disruptions caused by accident or 7 Crown Holdings, Inc. natural disasters such as floods and earthquakes, and pandemics.
In addition, cybersecurity related risks including security breaches and cyber-attacks such as computer viruses, denial-of-service attacks, malicious code (including ransomware), social-engineering attacks (including phishing attacks) or other information security breaches could result in unauthorized disclosure or misappropriation of the Company’s confidential information. These threats also may be further enhanced in frequency or effectiveness through threat actors’ use of artificial intelligence.
In addition, cybersecurity related risks including security breaches and cyber-attacks such as computer viruses, denial-of-service attacks, malicious code (including ransomware), social-engineering attacks (including phishing attacks), or other information security breaches could result in unauthorized disclosure or misappropriation of the Company’s confidential information.
In addition, the Company’s term loan facilities mature as follows: $21 million in 2025, $28 million in 2026, $1,664 million in 2027.
In addition, the Company’s term loan facilities mature as follows: $32 million in 2026 and $1,730 million in 2027.
Based on current assumptions, the Company expects to make pension contributions of $20 million in 2025, $29 million in 2026, $27 million in 2027, $51 million in 2028 and $28 million in 2029.
Based on current assumptions, the Company expects to make pension contributions of $28 million in 2026, $19 million in 2027, $65 million in 2028, $48 million in 2029, and $40 million in 2030.
If customers believe that the Company's competitors have greater access to raw materials, perceived certainty of supply at the Company's competitors may put the Company at a competitive disadvantage with respect to pricing and product volumes. The Company's principal markets may be subject to overcapacity and intense competition, which could reduce the Company's net sales and net income.
If customers believe that the Company’s competitors have greater access to raw materials, perceived certainty of supply at the Company’s competitors may put the Company at a competitive disadvantage with respect to pricing and product volumes. The financial stability of the Company’s suppliers can also impact the continuity of the Company’s supply chain.
The Company sponsors various pension plans worldwide, with the largest funded plans in the U.S. and Canada. In 2024, 2023 and 2022, the Company contributed $122 million, $19 million, and $24 million to its pension plans. The 2024 contributions included approximately $100 million to its U.S. pension plan in advance of a partial settlement of the plan's obligations.
The Company sponsors various pension plans worldwide, with the largest funded plans in the U.S. and Canada. In 2025, 2024, and 2023, the Company contributed $13 million, $122 million, and $19 million, respectively, to its pension plans.
Beverage and food cans are standardized products, allowing for relatively little differentiation among competitors. This could lead to overcapacity and price competition among beverage and food can producers if capacity growth outpaced the growth in demand for beverage and food cans and overall manufacturing capacity exceeded demand.
This could lead to overcapacity and price competition among beverage and food can producers if capacity growth outpaced the growth in demand for beverage and food cans and overall manufacturing capacity exceeded demand. These market conditions could reduce product prices and contribute to declining revenue and net income.
The Company's annual interest expense was $452 million, $436 million and $284 million for 2024, 2023 and 2022, respectively. Based on the amount of variable rate debt outstanding and securitization and factoring at December 31, 2024, a 0.25% increase in variable interest rates would increase its annual interest expense by approximately $7 million before tax.
Based on the amount of variable rate debt outstanding and securitization and factoring at December 31, 2025, a 0.25% increase in variable interest rates would increase its annual interest expense by approximately $8 million before tax. Accordingly, the Company may experience economic losses and a negative impact on earnings as a result of interest rate fluctuation.
The removal of bisphenol-A was mandated by French legislation that went into 15 Crown Holdings, Inc. effect in 2015. On December 29, 2023, the FCA issued a decision imposing a fine of €4 million on the Company. The Company intends to appeal the decision of the FCA and there can be no assurance regarding the outcome of such appeal.
On December 29, 2023, the FCA issued a decision imposing a fine of €4 million on the Company. The Company has appealed the decision of the FCA, however there can be no assurance regarding the outcome of such appeal.
For the year-ended December 31, 2024, a 10% movement in the average foreign exchange rates used to translate income and expense items during the year would h ave decreased net income by approximately $11 million. Risks Relating to the Company's Indebtedness and Liquidity The substantial indebtedness of the Company could prevent it from fulfilling its obligations under its debt agreements.
For the year ended 2025, the Company was primarily impacted by changes in the Mexican peso, the euro, and the Thai baht. For the year-ended December 31, 2025, a 10% movement in the average foreign exchange rates used to translate income and expense items during the year would h ave decreased net income by approximately $ 20 mil lion.
Failure or disruption of the Company's information technology systems, or the back-up systems, for any reason could disrupt the Company's operations and negatively impact the Company's cash flows or financial condition. Sentiment towards climate change, sustainability and other ESG matters could adversely affect the Company’s business, financial condition or results of operations.
Failure or disruption of the Company’s information technology systems, or the back-up systems, for any reason could disrupt the Company’s operations and negatively impact the Company’s cash flows or financial condition. The Company’s reliance on third-party cloud infrastructure and its use of artificial intelligence technologies create operational, security, and compliance risks.
Pension expense was $562 million, including settlement charges of $47 million and $469 million for the Canadian and U.S. pension plans and is expected to be $32 million in 2025, using foreign currency exchange rates in effect at December 31, 2024.
Pension expense was $27 million and is expected to be $33 million in 2026, using foreign currency exchange rates in effect at December 31, 2025. A 0.50% change in the 2026 expected rate of return assumptions would change 2026 pension expense by approximately $2 million.
Removed
These market conditions could reduce product prices and contribute to declining revenue and net income.
Added
The scope, timing, and duration of tariffs on imports and exports and any retaliatory measures on U.S. goods remain uncertain and could impact the Company’s business. On February 20, 2026, the Supreme Court of the United States ruled that many tariffs imposed by the current administration were unlawful.
Removed
For the year-ended 2024, the Company was primarily impacted by changes in the Mexican peso, the euro, the Chinese yuan and the Thai baht. Additionally, the Company's Transit Packaging segment is a global business and is also impacted by changes in the Indian rupee, the Japanese yen and the Brazilian real.
Added
The scope, timing and practical effect of this decision including whether and how such tariffs may be modified, refunded, replaced or otherwise addressed through new measures and its impact on tariffs, duties and broader trade relations remain uncertain, and could be material to our business, results of operations and financial condition.
Removed
Accordingly, the Company may experience economic losses and a negative impact on earnings as a result of interest rate fluctuation.
Added
The Company’s suppliers may face higher prices due to inflation or increased tariffs. If one or more of the Company’s suppliers encounter financial hardships, delivery setbacks, or other performance-related difficulties, the Company may be unable to fulfill its obligations to customers.
Removed
The EU and Canada have banned the use of bisphenol-A in baby bottles, and the U.S.
Added
Furthermore, if any of the raw materials critical to the Company’s manufacturing become unavailable to the Company’s suppliers, or are only accessible at significantly higher costs, including due to increased tariffs or trade restrictions, or are affected by quality problems or defects, the Company’s ability to deliver certain products on schedule or within budget could be compromised.
Added
The Company’s principal markets may be subject to overcapacity and intense competition, which could reduce the Company’s net sales and net income. Beverage and food cans are standardized products, allowing for relatively little differentiation among competitors.
Added
The Company’s international operations generated 11 Crown Holdings, Inc. approximately 61% of its consolidated net sales in the year ended 2025 and 63% of its consolidated net sales in the years ended 2024 and 2023.
Added
In certain countries, government capital and currency controls restrict the Company’s ability to access U.S. dollars and remit earnings from the Company’s operations in those countries, leaving the Company exposed to long-term currency fluctuations. Worldwide foreign currency exposures impact the Company’s cash flows and financial results.
Added
Based on anticipated and committed foreign currency cash inflows and outflows, significant strengthening or weakening of the U.S. dollar relative to other currencies could materially impact the Company’s expected net cash flows.
Added
Risks Relating to the Company’s Indebtedness and Liquidity The indebtedness of the Company could prevent it from fulfilling its obligations under its debt agreements. The Company has outstanding indebtedness.
Added
Federal Reserve issued three interest rate cuts in 2025, interest rates in certain key markets remained elevated. The Company’s annual interest expense was $398 million, $452 million, and $436 million for 2025, 2024, and 2023, respectively.
Added
On July 4, 2025, the President of the United States signed and enacted tax legislation into law through a reconciliation bill titled 'An Act to provide for reconciliation pursuant to title II of H. Con. Res. 14,' commonly referred to as the "One Big Beautiful Bill Act" (the "OBBBA").
Added
The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research cost expensing, and the business interest expense limitation. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027.
Added
The Company continues to review the OBBBA tax provisions to assess impacts to the Company’s consolidated financial statements, effective tax rate, and cash tax obligations. The ultimate impact of this legislation on the Company’s financial results remains uncertain and could be material.
Added
These threats also may be further enhanced in frequency or effectiveness through threat actors’ use of new technologies like artificial intelligence, machine learning, and quantum computing.
Added
Given the increasing complexity and sophistication of techniques used by bad actors to obtain unauthorized access to or disable information technology systems, and the fact that cyber-attacks are being made by groups and individuals with a wide range of expertise and motives, it is increasingly difficult to anticipate and defend against cyber-attacks.
Added
The Company’s reliance on cloud-based systems owned by third parties creates particular risks. Because the Company does not control the underlying infrastructure, the Company depends on the security and reliability of third-party providers, and any outage, misconfiguration, or loss of data could compromise the integrity of the Company’s and the Company’s customers’ operations.
Added
New technologies, such as artificial intelligence and quantum computing, may present new technological risks or vulnerabilities that could compromise the Company’s systems and data.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeITEM 1C. Cybersecurity Risk Management & Strategy Cybersecurity is integrated into the Company’s overall risk management program. The Company has established a cyber risk management program that identifies and manages risks to our information assets that could be affected by a cyberattack.
Biggest changeITEM 1C. Cybersecurity Risk Management & Strategy Cybersecurity is integrated into the Company’s overall risk management program. The Company has established a cyber risk management program that identifies and manages risks to our information assets that could be affected by a cyberattack. The 21 Crown Holdings, Inc.
The Company leverages both internal and external threat detection and response capabilities, combined with a people-centric approach to employee awareness and engagement. The Company considers risks related to people, processes, and technology including those associated with our third-party service providers and allocates resources to maintain and enhance our cybersecurity measures.
Company leverages both internal and external threat detection and response capabilities, combined with a people-centric approach to employee awareness and engagement. The Company considers risks related to people, processes, and technology including those associated with our third-party service providers and allocates resources to maintain and enhance our cybersecurity measures.
The Audit Committee, which is tasked with oversight of certain risk issues, including information security risk, receives two to four reports annually from the Company’s senior leadership, including the CISO, that includes an information security dashboard and discussion of emerging risks and trends. The Audit Committee then briefs the Board on these matters.
The Audit Committee, which is tasked with oversight of certain risk issues, including information security risk, receives two to four reports annually from the Company’s senior leadership, including the CISO, that includes an information security dashboard and discussion of emerging risks and trends. The Audit Committee then briefs the Board of Directors on these matters.
On a regular reporting schedule, the CISO provides updates on cybersecurity risk and mitigation efforts to senior leadership, board, and members of the Audit Committee.
On a regular reporting schedule, the CISO provides updates on cybersecurity risk and mitigation efforts to senior leadership, Board of Directors, and members of the Audit Committee.

Item 2. Properties

Properties — owned and leased real estate

7 edited+1 added−3 removed1 unchanged
Biggest changeLatta, SC Derrimut, Australia Orange, TX Kurri Kurri, Australia San Antonio, TX Bangalore, India (4) Danville, VA Dahej, India Forest, VA (2) Rudrapur, India Martinsville, VA Rudraram, India Woodland, WA Silvassa, India Cabreuva, Brazil Pohang, South Korea Halton Hills, Sriracha, Thailand (2) Canada (2) Amatlan de los Reyes, Mexico Cienega de Flores, Mexico All properties above, with the exception of Transit Packaging, are beverage facilities unless otherwise indicated by the following: A: Aerosol F: Food and closure P: Promotional packaging S: Specialty packaging T: Tooling and equipment 23 Crown Holdings, Inc.
Biggest changeUberaba, Brazil Hanoi, Vietnam Latta, SC Heerlen, Netherlands Calgary, Canada Vung Tau, Vietnam Loveland, OH Nuenen, Netherlands Ontario, Canada Macon, GA Zwijndrecht, Netherlands Santafe de Bogota, Martinsville, VA Petrovany, Slovakia Colombia Monroe, LA Burseryd, Sweden Acayucan, Mexico Newark, NJ Hjo, Sweden Chihuahua, Mexico Orange, TX Dietikon, Switzerland (2) Ensenada, Mexico Phoenix, AZ Merenschwand, Switzerland Guadalajara, Mexico Roselle, IL Torbali, Turkey Monterrey, Mexico (2) Salisbury, NC Dudley, U.K Orizaba, Mexico San Antonio, TX Kurri Kurri, Australia Toluca, Mexico Sheridan, AR Bangalore, India (3) South Canaan, PA Bengaluru, India Stockton, CA Dahej, India West Chester, OH Rudrapur, India Woodland, WA Rudraram, India Cabreuva, Brazil Silvassa, India Halton Hills, Canada Pohang, South Korea Amatlan de los Reyes, Sriracha, Thailand (2) Mexico Qingdao Shandong, China Cienega de Flores, Mexico All properties above, with the exception of Transit Packaging, are beverage facilities unless otherwise indicated by the following: A: Aerosol F: Food and closure P: Promotional packaging S: Specialty packaging T: Tooling and equipment 23 Crown Holdings, Inc.
ITEM 2. Properties As of December 31, 2024, the Company operated 189 facilities in 39 countries. The principal manufacturing facilities at December 31, 2024 are listed below and are grouped by segment. The Company’s manufacturing and support facilities are designed according to the requirements of the products to be manufactured.
ITEM 2. Properties As of December 31, 2025, the Company operated 179 facilities in 39 countries. The principal manufacturing facilities at December 31, 2025 are listed below and are grouped by segment. The Company’s manufacturing and support facilities are designed according to the requirements of the products to be manufactured.
Therefore, the type of construction may vary from plant to plant. Warehouse space is generally provided at each of the manufacturing locations, although the Company also leases outside warehouses. The Company leased 66 of its manufacturing facilities at December 31, 2024.
Therefore, the type of construction may vary from plant to plant. Warehouse space is generally provided at each of the manufacturing locations, although the Company also leases outside warehouses. The Company leased 54 of its manufacturing facilities at December 31, 2025.
While it is not possible to measure with any degree of certainty or uniformity the productive capacity of these facilities, management believes that, if necessary, production can be increased at several existing facilities through the addition of personnel, capital equipment and, in some facilities, square footage available for production.
Utilization of any particular facility varies based upon product demand. While it is not possible to measure with any degree of certainty or uniformity the productive capacity of these facilities, management believes that, if necessary, production can be increased at several existing facilities through the addition of personnel, capital equipment and, in some facilities, square footage available for production.
Americas Beverage European Beverage Asia Pacific Transit Packaging Other Kankakee, IL Custines, France Phnom Penh, Cambodia (2) Rainbow City, AL Toluca, Mexico Norwalk, CT (T) Bowling Green, KY Saarlouis, Germany Sihanoukville, Cambodia Benton, AR Virton, Belgium Dubuque, IA (F) Mankato, MN Korinthos, Greece Hangzhou, China Fordyce, AR Kardjali, Bulgaria Alsip, IL (A) Mesquite, NV Parma, Italy Henan, China (S) Sheridan, AR Noerresundby, Denmark Belcamp, MD (S) Nichols, NY Amman, Jordan Heshan, China Phoenix, AZ Soenderborg, Denmark Faribault, MN (A) Dayton, OH Dammam, Saudi Arabia Huizhou, China (S) Bay Point, CA Liljendal, Finland Owatonna, MN (F) Cheraw, SC Jeddah, Saudi Arabia Qingdao Chengyan, China (S) Stockton, CA Masku, Finland Massillon, OH (F) Conroe, TX Kosice, Slovakia Shanghai, China (S) Carrollton, GA Castelsarrasin, France Mill Park, OH (F) Fort Bend, TX Agoncillo, Spain Tianjin, China (S) Douglasville, GA Fontaine les Luxeuil, Connellsville, PA (F) Martinsville, VA Sevilla, Spain Ziyang, China LaGrange, GA France Hanover, PA (F) Winchester, VA Valencia, Spain Karawang, Indonesia Macon, GA Manneville sur Risle, Effingham, SC (F) Olympia, WA El Agba, Tunisia Bangi, Malaysia Bridgeview, IL France Trevose, PA (T) La Crosse, WI Izmit, Turkey Yangon, Myanmar Dixmoor, IL Dinslaken, Germany Spartanburg, SC (A) Worland, WY Osmaniye, Turkey Singapore (S) Kankakee, IL (2) Goldkronach, Germany Chippewa Falls, WI (T) Cabreuva, Brazil Dubai, UAE Bangpoo, Thailand (F) Roselle, IL Hilden, Germany Oshkosh, WI (F) Teresina, Brazil Botcherby, U.K.
Americas Beverage European Beverage Asia Pacific Transit Packaging Other Kankakee, IL Custines, France Phnom Penh, Cambodia (2) Benton, AR Toluca, Mexico Norwalk, CT (T) Bowling Green, KY Saarlouis, Germany Hangzhou, China Bay Point, CA Virton, Belgium Dubuque, IA (F) Mankato, MN Korinthos, Greece Heshan, China Bridgeview, IL Kardjali, Bulgaria Alsip, IL (A) Mesquite, NV Parma, Italy Huizhou, China (S) Brighton, MI Noerresundby, Denmark Belcamp, MD (S) Nichols, NY Amman, Jordan Qingdao Shangdong, China (S) Cleveland, OH Soenderborg, Denmark Faribault, MN (A) Dayton, OH Dammam, Saudi Arabia Shanghai, China (S) Danville, VA Liljendal, Finland Owatonna, MN (F) Cheraw, SC Jeddah, Saudi Arabia Tianjin, China (S) Darlington, SC Masku, Finland Massillon, OH (F) Conroe, TX Kosice, Slovakia Ziyang, China Dixmoor, IL Castelsarrasin, France Mill Park, OH (F) Fort Bend, TX Agoncillo, Spain Karawang, Indonesia Douglasville, GA Fontaine les Luxeuil, Connellsville, PA (F) Martinsville, VA Sevilla, Spain Bangi, Malaysia East Providence, RI (2) France Hanover, PA (F) Winchester, VA Valencia, Spain Yangon, Myanmar Eden, NC Manneville sur Risle, Effingham, SC (F) Olympia, WA El Agba, Tunisia Singapore (S) Elkhart, IN France Trevose, PA (T) La Crosse, WI Izmit, Turkey Bangpoo, Thailand (F) Florence, KY Dinslaken, Germany Spartanburg, SC (A) Worland, WY Osmaniye, Turkey Hat Yai, Thailand (F) Fordyce, AR Goldkronach, Germany Chippewa Falls, WI (T) Cabreuva, Brazil Dubai, UAE Nakhon Pathom, Thailand (F) Forest, VA (2) Hilden, Germany Oshkosh, WI (F) Teresina, Brazil Botcherby, U.K.
Ongoing productivity improvements and cost reduction efforts in recent years have focused on upgrading and modernizing facilities to reduce costs, improve efficiency and productivity. The Company has also opened new facilities to meet increases in market demand for its products.
Ongoing productivity improvements and cost reduction efforts in recent years have focused on upgrading and modernizing facilities to reduce costs, improve efficiency and productivity. The Company has also opened new facilities to meet increases in market demand for its products. These actions reflect the Company’s continued commitment to align manufacturing facilities to maintain its competitive position in its markets.
Hat Yai, Thailand (F) Elkhart, IN Neunkirchen, Germany Kingston, Jamaica (F) Estancia, Brazil Peterborough, U.K. Nakhon Pathom, Thailand (F) Gary, IN Nurnberg, Germany Barbados, West Indies (F) Manaus, Brazil Nong Khae, Thailand (2) Florence, KY Weischlitz, Germany Shipley, U.K. (T) Ponta Grossa, Brazil Samrong, Thailand (F) Monroe, LA Gorey, Ireland Wortley, U.K.
Nong Khae, Thailand (2) Gary, IN Nurnberg, Germany Kingston, Jamaica (F) Estancia, Brazil Peterborough, U.K. Samrong, Thailand (F) Greer, SC Weischlitz, Germany Barbados, West Indies (F) Manaus, Brazil Songkhla, Thailand (F) Hazleton, PA Gorey, Ireland Shipley, U.K. (T) Ponta Grossa, Brazil Danang, Vietnam Kankakee, IL (2) Waterford, Ireland Wortley, U.K.
Removed
These actions reflect the Company’s continued commitment to align manufacturing facilities to maintain its competitive position in its markets. 21 Crown Holdings, Inc. Utilization of any particular facility varies based upon product demand.
Added
Rio Verde, Brazil Dong Nai, Vietnam (2) LaGrange, GA Nairobi, Kenya Wisbech, U.K.
Removed
(T) Rio Verde, Brazil Songkhla, Thailand (F) Brighton, MI Waterford, Ireland Wisbech, U.K.
Removed
(T) Uberaba, Brazil Danang, Vietnam Eden, NC Nairobi, Kenya Calgary, Canada Dong Nai, Vietnam (2) Salisbury, NC Heerlen, Netherlands Ontario, Canada Hanoi, Vietnam Newark, NJ Nuenen, Netherlands Santafe de Bogota, Vung Tau, Vietnam Cleveland, OH Zwijndrecht, Netherlands Colombia Loveland, OH Kosice, Slovakia Acayucan, Mexico West Chester, OH Burseryd, Sweden Chihuahua, Mexico Elizabethtown, PA Hjo, Sweden Ensenada, Mexico Hazleton, PA Sandared, Sweden Guadalajara, Mexico Imperial, PA Dietikon, Switzerland (2) Monterrey, Mexico (2) South Canaan, PA Merenschwand, Switzerland Orizaba, Mexico East Providence, RI (2) Izmir, Turkey Toluca, Mexico Darlington, SC Kocaeli, Turkey Greer, SC Dudley, U.K.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeApproximately ninety days after the stock purchase, this U.S. company sold its insulation assets and was later merged into Crown Cork. At December 31, 2024, the accrual for pending and future asbestos claims and related legal costs that are probable and estimable was $185 million.
Biggest changeApproximately ninety days after the stock purchase, this U.S. company sold its insulation assets and was later merged into Crown Cork. At December 31, 2025, the accrual for pending and future asbestos claims and related legal costs that are probable and estimable was $177 million.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeTotal number of shares purchased Average price per share Total number of shares purchased as part of publicly announced programs (1) Approximate dollar value of shares that may yet be purchased under the programs as of the end of the period (millions of dollars) October — $ — — $ 1,894 November — $ — — $ 1,894 December 1,126,419 $ 89.19 1,126,419 $ 1,793 1,126,419 1,126,419 (1) In July 2024, the Company's Board of Directors authorized the repurchase of an aggregate amount of $2,000 of the Company's common stock through the end of 2027.
Biggest changeTotal number of shares purchased Average price per share Total number of shares purchased as part of publicly announced programs (1) Approximate dollar value of shares that may yet be purchased under the programs as of the end of the period (millions of dollars) October 363,174 $ 96.37 363,174 $ 1,453 November 591,268 $ 96.67 591,268 $ 1,395 December 974,752 $ 101.59 974,752 $ 1,296 1,929,194 1,929,194 (1) In July 2024, the Company’s Board of Directors authorized the repurchase of an aggregate amount of $2,000 of the Company’s common stock through the end of 2027.
Issuer Purchases of Equity Securities The following table provides information about the Company's purchases of equity securities during the three months ending December 31, 2024. The table exclude s 38 of the Company's shares surrendered to cover taxes on the vesting of restricted stock.
Issuer Purchases of Equity Securities The following table provides information about the Company’s purchases of equity securities during the three months ending December 31, 2025. The table exclude s 188 of the Company’s shares surrendered to cover taxes on the vesting of restricted stock.
ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities The Registrant’s common stock is listed on the New York Stock Exchange under ticker symbol CC K. On February 28, 2025 there were 3,270 registered shareholders of the Registrant’s common stock, including 844 participants in the Company's Employee Stock Purchase Plan.
ITEM 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities The Registrant’s common stock is listed on the New York Stock Exchange under ticker symbol CC K. On February 26, 2026 there were 3,132 registered shareholders of the Registrant’s common stock, including 839 participants in the Company’s Employee Stock Purchase Plan.

Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

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Biggest changeContainers & Packaging Index (c) December 31, 2019 2020 2021 2022 2023 2024 Crown Holdings $ 100 $ 138 $ 154 $ 115 $ 131 $ 119 S&P 500 Index 100 118 152 125 158 197 Dow Jones U.S.
Biggest changeContainers & Packaging Index (c) December 31, 2020 2021 2022 2023 2024 2025 Crown Holdings $ 100 $ 111 $ 83 $ 95 $ 86 $ 108 S&P 500 Index 100 129 105 133 166 196 Dow Jones U.S.
(c) Industry index is weighted by market capitalization and, as of December 31, 2024, was composed of Crown Holdings, Amcor, AptarGroup, Avery Dennison, Ball, Berry Global, Graphic Packaging, International Paper, Packaging Corp. of America, Sealed Air, Silgan, Smurfit Westrock and Sonoco. 25 Crown Holdings, Inc.
(c) Industry index is weighted by market capitalization and, as of December 31, 2025, was composed of Crown Holdings, Amcor, AptarGroup, Avery Dennison, Ball, Berry Global, Graphic Packaging, International Paper, Packaging Corp. of America, Sealed Air, Silgan, Smurfit Westrock, and Sonoco. 25 Crown Holdings, Inc.
(b) Assumes that the value of the investment in Crown Holdings common stock and each index was $100 on December 31, 2019 and that all dividends were reinvested.
(b) Assumes that the value of the investment in Crown Holdings common stock and each index was $100 on December 31, 2020 and that all dividends were reinvested.
Containers & Packaging Index 100 121 134 110 119 137 (a) The preceding Comparative Stock Performance Graph is not deemed filed with the SEC and shall not be incorporated by reference in any of the Company's filings under the Security Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing.
Containers & Packaging Index 100 111 91 98 113 100 (a) The preceding Comparative Stock Performance Graph is not deemed filed with the SEC and shall not be incorporated by reference in any of the Company’s filings under the Security Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

78 edited+23 added−41 removed76 unchanged
Biggest changeBuy/Sell Contract amount Contract fair value gain/(loss) Average contractual exchange rate Euro/Sterling $ 188 $ (3) 1.18 Sterling/Euro 121 2 0.85 Euro/Swiss franc 77 — 1.09 U.S. dollars/Brazilian real 88 3 0.17 Euro/U.S. dollars 48 (2) 0.92 Singapore dollars/U.S. dollars 50 (1) 1.33 Euro/Danish krone 38 — 0.13 Euro/Swedish krona 36 — 0.09 U.S. dollars/Thai baht 52 — 0.03 Canadian dollars/U.S. dollars 35 — 1.44 U.S. dollars/Turkish lira 32 (3) 0.02 Turkish lira/U.S. dollars 22 1 39.84 Euro/Australian dollars 6 — 0.58 $ 793 $ (3) At December 31, 2024, the Company had additional contracts with an aggregate notional value of $15 to purchase or sell other currencies, primarily Asian currencies, including the Chinese yuan, Indonesian rupiah, Malaysian ringgit, Singapore dollar and Thai baht; European currencies, including the Polish zloty and the New Zealand dollar.
Biggest changeBuy/Sell Contract amount Contract fair value gain/(loss) Average contractual exchange rate Canadian dollars/U.S. dollars $ 10 $ — 1.37 Euro/Australian dollars 7 — 0.56 Euro/Danish krone 43 — 0.13 Euro/Sterling 20 1 1.16 Euro/Swedish krona 43 — 0.09 Euro/Swiss franc 107 — 1.10 Euro/U.S. dollars 15 — 0.87 Singapore dollars/U.S. dollars 32 — 1.28 Sterling/Euro 17 — 0.87 Sterling/U.S. dollars 8 — 0.75 Turkish lira/U.S. dollars 23 — 45.69 U.S. dollars/Brazilian real 114 1 0.18 U.S. dollars/Euro 22 — 1.16 U.S. dollars/Mexican peso 21 — 0.06 U.S. dollars/Singapore dollars 8 — 0.78 U.S. dollars/Thai baht 59 (1) 0.03 U.S. dollars/Turkish lira 35 (2) 0.02 U.S. dollars/Vietnamese dong 14 — — $ 598 $ (1) At December 31, 2025, the Company had additional contracts with an aggregate notional value of $11 to purchase or sell other currencies, primarily Asian currencies, including the Chinese yuan, Indonesian rupiah, Malaysian ringgit, Singapore dollar, and Thai baht; and European currencies, including the Polish zloty and Swiss franc.
RESTRUCTURING AND OTHER, NET In 2024, the $75 charge from restructuring and other, net primarily included asset impairments in the Asia Pacific segment and severance and other exit costs related to current and prior year restructuring actions. See Note M for a ddit ional information.
In 2024, the $75 charge from restructuring and other, net primarily included asset impairments in the Asia Pacific segment and severance and other exit costs related to current and prior year restructuring actions. See Note M for a ddit ional information.
Important factors that could cause the actual results of operations or financial condition of the Company to differ include, but are not necessarily limited to, the ability of the Company to expand successfully in international and emerging markets; the ability of the Company to repay, refinance or restructure its short and long-term indebtedness on adequate terms and to comply with the terms of its agreements relating to debt; the Company’s ability to generate significant cash to meet its obligations and invest in its business and to maintain appropriate debt levels; restrictions on the Company’s use of available cash under its debt agreements; changes or differences in U.S. or international economic or political conditions, such as inflation or fluctuations in interest or foreign exchange rates (and the effectiveness of any currency or interest rate hedges), tax rates, and applicable tax laws (including with respect to taxation of unrepatriated non-U.S. earnings or as a result of the depletion of net loss or foreign tax credit carryforwards); the impact of foreign trade laws and practices; the collectability of receivables; war or acts of terrorism that may disrupt the Company’s production or the supply or pricing of raw materials impact the financial condition of customers or adversely affect the Company’s ability to refinance or restructure its remaining indebtedness; changes in the availability and pricing of raw materials (including aluminum can sheet, steel tinplate, energy, water, inks and coatings) and the Company’s ability to pass raw material, energy and freight price increases and surcharges through to its customers or to otherwise manage these commodity pricing risks; the Company’s ability to obtain and maintain adequate pricing for its products, including the impact on the Company’s revenue, margins and market share and the ongoing impact of price increases; energy and natural resource costs; the cost and other effects of legal and administrative cases and proceedings, settlements and investigations; the outcome of asbestos-related litigation; the Company’s ability to realize deferred tax benefits; changes in the Company’s critical or other accounting policies or the assumptions underlying those policies; labor relations and workforce and social costs, including the Company’s pension and postretirement obligations and other employee or retiree costs; investment 40 Crown Holdings, Inc. performance of the Company’s pension plans; costs and difficulties related to the acquisition of a business and integration of acquired businesses; the impact of any actual or potential dispositions, acquisitions or other strategic realignments (such as the Company's recently completed divestiture of its European Tinplate business), which may impact the Company’s operations, financial profile, investments or levels of indebtedness; the Company’s ability to realize efficient capacity utilization and inventory levels and to innovate new designs and technologies for its products in a cost-effective manner; competitive pressures, including new product developments, industry overcapacity, or changes in competitors’ pricing for products; the Company’s ability to achieve high capacity utilization rates for its equipment; the Company’s ability to maintain, develop and capitalize on competitive technologies for the design and manufacture of products and to withstand competitive and legal challenges to the proprietary nature of such technology; the Company’s ability to protect its information technology systems from attacks or catastrophic failure; the strength of the Company’s cyber-security (including with respect to human vulnerabilities associated with cyber-security risks); the Company’s ability to generate sufficient production capacity; the Company’s ability to improve and expand its existing product and product lines; the impact of overcapacity on the end-markets the Company serves; loss of customers, including the loss of any significant customers; changes in consumer preferences for different packaging products; the financial condition of the Company’s vendors and customers; weather conditions, including their effect on demand for beverages and on crop yields for fruits and vegetables stored in food containers; the impact of natural disasters, including in emerging markets; changes in governmental regulations or enforcement practices, including with respect to environmental, health and safety matters and restrictions as to foreign investment or operation; the impact of increased governmental regulation on the Company and its products, including the regulation or restriction of the use of bisphenol-A; the impact of the Company’s recent initiatives to generate additional cash, including the reduction of working capital levels and capital spending; the impact of the Company's comprehensive Board-led review of its portfolio and capital allocation/return; the ability of the Company to realize cost savings from its restructuring programs; the Company’s ability to maintain adequate sources of capital and liquidity; costs and payments to certain of the Company’s executive officers in connection with any termination of such executive officers or a change in control of the Company; the impact of existing and future legislation regarding refundable mandatory deposit laws in Europe for non-refillable beverage containers and the implementation of an effective return system; the impact of existing and future legislation regarding the taxation of sugar-sweetened beverages or energy drinks, the impact of tariffs and potential limits on steel supply in the U.S. from certain foreign countries; and changes in the Company’s strategic areas of focus, which may impact the Company’s operations, financial profile or levels of indebtedness.
Important factors that could cause the actual results of operations or financial condition of the Company to differ include, but are not necessarily limited to, the ability of the Company to expand successfully in international and emerging markets; the ability of the Company to repay, refinance or restructure its short and long-term indebtedness on adequate terms and to comply with the terms of its agreements relating to debt; the Company’s ability to generate significant cash to meet its obligations and invest in its business and to maintain appropriate debt levels; restrictions on the Company’s use of available cash under its debt agreements; changes or differences in U.S. or international economic or political conditions, such as inflation or fluctuations in interest or foreign exchange rates (and the effectiveness of any currency or interest rate hedges), tax rates, and applicable tax laws (including with respect to taxation of unrepatriated non-U.S. earnings or as a result of the depletion of net loss or foreign tax credit carryforwards); the impact of foreign trade laws and practices; the collectability of receivables; war or acts of terrorism that may disrupt the Company’s production or the supply or pricing of raw materials impact the financial condition of customers or adversely affect the Company’s ability to refinance or restructure its remaining indebtedness; changes in the availability and pricing of raw materials (including aluminum can sheet, steel tinplate, energy, water, inks and coatings) and the Company’s ability to pass raw material, energy and freight price increases and surcharges through to its customers or to otherwise manage these commodity pricing risks; the Company’s ability to obtain and maintain adequate pricing for its products, including the impact on the Company’s revenue, margins and market share and the ongoing impact of price increases; energy and natural resource costs; the cost and other effects of legal and administrative cases and proceedings, settlements and investigations; the outcome of asbestos-related litigation; the Company’s ability to realize deferred tax benefits; changes in the Company’s critical or other accounting policies or the assumptions underlying those policies; labor relations and workforce and social costs, including the Company’s pension and postretirement obligations and other employee or retiree costs; investment performance of the Company’s pension plans; costs and difficulties related to the acquisition of a business and integration of acquired businesses; the impact of any actual or potential dispositions, acquisitions or other strategic realignments (such as the Company’s recently completed divestiture of its European Tinplate business), which may impact the Company’s operations, financial profile, investments or levels of indebtedness; the Company’s ability to realize efficient capacity utilization and inventory levels and to innovate new designs and technologies for its products in a cost-effective manner; competitive pressures, including new product developments, industry overcapacity, or changes in competitors’ pricing for products; the Company’s ability to achieve high capacity utilization rates for its equipment; the Company’s ability to maintain, develop and capitalize on competitive technologies for the design and manufacture of products and to withstand competitive and legal challenges to the proprietary nature of such technology; the Company’s ability to protect its information technology systems 39 Crown Holdings, Inc. from attacks or catastrophic failure; the strength of the Company’s cyber-security (including with respect to human vulnerabilities associated with cyber-security risks); the Company’s ability to generate sufficient production capacity; the Company’s ability to improve and expand its existing product and product lines; the impact of overcapacity on the end-markets the Company serves; loss of customers, including the loss of any significant customers; changes in consumer preferences for different packaging products; the financial condition of the Company’s vendors and customers; weather conditions, including their effect on demand for beverages and on crop yields for fruits and vegetables stored in food containers; the impact of natural disasters, including in emerging markets; changes in governmental regulations or enforcement practices, including with respect to environmental, health and safety matters and restrictions as to foreign investment or operation; the impact of increased governmental regulation on the Company and its products, including the regulation or restriction of the use of bisphenol-A; the impact of the Company’s recent initiatives to generate additional cash, including the reduction of working capital levels and capital spending; the impact of the Company’s comprehensive Board-led review of its portfolio and capital allocation/return; the ability of the Company to realize cost savings from its restructuring programs; the Company’s ability to maintain adequate sources of capital and liquidity; costs and payments to certain of the Company’s executive officers in connection with any termination of such executive officers or a change in control of the Company; the impact of existing and future legislation regarding refundable mandatory deposit laws in Europe for non-refillable beverage containers and the implementation of an effective return system; the impact of existing and future legislation regarding the taxation of sugar-sweetened beverages or energy drinks, the impact of tariffs and potential limits on steel supply in the U.S. from certain foreign countries; and changes in the Company’s strategic areas of focus, which may impact the Company’s operations, financial profile or levels of indebtedness.
(2) Pension projections require the use of numerous estimates and assumptions such as discount rates, rates of return on plan assets, compensation increases, health care cost increases, mortality and employee turnover and therefore projected contributions been provided for only five years. Long term debt obligations, including fixed and variable rate debt, are further discussed in Note N .
(2) Pension projections require the use of numerous estimates and assumptions such as discount rates, rates of return on plan assets, compensation increases, health care cost increases, mortality and employee turnover and therefore projected contributions have been provided for only five years. Long term debt obligations, including fixed and variable rate debt, are further discussed in Note N .
In certain jurisdictions, government securities were used along with corporate bonds to develop country-specific yield curves to the extent that the underlying markets were not deemed sufficiently developed. A 0.50% change in the discount rates from those used at December 31, 2024 would change 2025 pension expense by approximately $4 and postretirement expense by less than $1.
In certain jurisdictions, government securities were used along with corporate bonds to develop country-specific yield curves to the extent that the underlying markets were not deemed sufficiently developed. A 0.50% change in the discount rates from those used at December 31, 2025 would change 2026 pension expense by approximately $4 and postretirement expense by less than $1.
The discount rate used is based on the average weighted-average cost of capital of companies in the consumer and industrial packaging industries, which information is available through various sources, adjusted for specific risk premiums for each reporting unit. The Company completed its annual review for 2024 and determined that no adjustments to the carrying value of goodwill were necessary.
The discount rate used is based on the average weighted-average cost of capital of companies in the consumer and industrial packaging industries, which information is available through various sources, adjusted for specific risk premiums for each reporting unit. The Company completed its annual review for 2025 and determined that no adjustments to the carrying value of goodwill were necessary.
The Company has managed its various pension plan liabilities through opportunistic purchases of annuity insurance contracts for portions of outstanding defined pension obligations using plan assets for further information on the group annuity insurance contracts purchased to transfer portions of the Company's Canadian and primary U.S. defined benefit pension liabilities in N ote S.
The Company has managed its various pension plan liabilities through opportunistic purchases of annuity insurance contracts for portions of outstanding defined pension obligations using plan assets. For further information on the group annuity insurance contracts purchased in 2024 to transfer portions of the Company’s Canadian and primary U.S. defined benefit pension liabilities refer to N ote S.
Under the market approach, the Company utilizes significant assumptions relating to EBITDA and revenue multiples used in recent similar transactions, if any, and EBITDA and revenue multiples of similar type and size public companies. The appropriate multiple is applied to the respective financial results of the reporting unit to obtain an estimated fair value.
Under the market approach, the Company utilizes significant assumptions relating to EBITDA and revenue multiples used in recent similar transactions, if any, and EBITDA and revenue multiples of similar type and size public companies. The appropriate multiple and acquisition premium is applied to the respective financial results of the reporting unit to obtain an estimated fair value.
Foreign exchange contracts generally mature within twelve months. The table below provides information in U.S. dollars as of December 31, 2024 about the Company’s forward currency exchange contracts. The contracts primarily hedge anticipated transactions, trade payables and receivables, unrecognized firm commitments and intercompany debt.
Foreign exchange contracts generally mature within twelve months. The table below provides information in U.S. dollars as of December 31, 2025 about the Company’s forward currency exchange contracts. The contracts primarily hedge anticipated transactions, trade payables and receivables, unrecognized firm commitments, and intercompany debt.
A guarantee of a guarantor other than the Parent will be unconditionally released and discharged upon any of the following: • any transfer (including, without limitation, by way of consolidation or merger) by the Parent or any subsidiary of the Parent to any person or entity that is not the Parent or a subsidiary of the Parent of (1) all of the equity interests of, or all or substantially all of the properties and assets of, such guarantor; or (2) equity interests of such guarantor or any issuance by such guarantor of its equity interests, such that such guarantor ceases to be a subsidiary of the Parent; provided that such guarantor is also released from all of its obligations in respect of indebtedness under the Company’s senior secured credit facilities; • the release of such guarantor from all obligations of such guarantor in respect of indebtedness under the Company’s senior secured credit facilities, except to the extent such guarantor is otherwise required to provide a guarantee; or • upon the contemporaneous release or discharge of all guarantees by such guarantor which would have required such guarantor to provide a guarantee under the applicable indenture.
A guarantee of a guarantor other than the Parent will be unconditionally released and discharged upon any of the following: • any transfer (including, without limitation, by way of consolidation or merger) by the Parent or any subsidiary of the Parent to any person or entity that is not the Parent or a subsidiary of the Parent of (1) all of the equity interests of, or all or substantially all of the properties and assets of, such guarantor; or (2) equity interests of such guarantor or any issuance by such guarantor of its equity interests, such that such guarantor ceases to be a subsidiary of the Parent; provided that such guarantor is also released from all of its obligations in respect of indebtedness under the Company’s senior secured credit facilities; • the release of such guarantor from all obligations of such guarantor in respect of indebtedness under the Company’s senior secured credit facilities, except to the extent such guarantor is otherwise required to provide a guarantee; or • upon the contemporaneous release or discharge of all guarantees by such guarantor which would have required such guarantor to provide a guarantee under the applicable indenture. 32 Crown Holdings, Inc.
To date the war between Russia and Ukraine and the conflicts in the Middle East have not had a direct material impact on the Company's business, financial condition, or results of operations.
To date the war between Russia and Ukraine and the conflicts in the Middle East, and southeast Asia have not had a direct material impact on the Company’s business, financial condition, or results of operations.
The U.S. plan’s assumed rate of return was 7.15% in 2024. A 0.50% change in the expected rates of return would change 2025 pension expense by approximately $2.
The U.S. plan’s assumed rate of return was 7.15% in 2025. A 0.50% change in the expected rates of return would change 2026 pension expense by approximately $2.
In recent years, a higher percentage of Crown Cork’s settlements have related to claims alleging serious disease (primarily mesothelioma) which are settled at higher dollar amounts. Accordingly, a higher percentage of claims projected into the future relate to serious diseases and are therefore valued at higher dollar amounts.
In recent years, a higher percentage of Crown Cork’s settlements have related to claims alleging serious disease (primarily mesothelioma) which are settled at higher dollar amounts. Accordingly, a higher percentage of claims projected into the future 36 Crown Holdings, Inc. relate to serious diseases and are therefore valued at higher dollar amounts.
Any impairment loss is measured by comparing the carrying amount of the asset to its fair value. The Company’s estimates of future cash flows involve assumptions concerning future operating performance, economic conditions and 38 Crown Holdings, Inc. technological changes that may affect the future useful lives of the assets. These estimates may differ from actual cash flows or useful lives.
Any impairment loss is measured by comparing the carrying amount of the asset to its fair value. The Company’s estimates of future cash flows involve assumptions concerning future operating performance, economic conditions and technological changes that may affect the future useful lives of the assets. These estimates may differ from actual cash flows or useful lives.
This provision may not be effective to protect those guarantees from being avoided under fraudulent transfer or conveyance law, or it may reduce that guarantor’s obligation to an amount that effectively makes its guarantee worthless, and we cannot predict whether a court will ultimately find it to be effective. 35 Crown Holdings, Inc.
This provision may not be effective to protect those guarantees from being avoided under fraudulent transfer or conveyance law, or it may reduce that guarantor’s obligation to an amount that effectively makes its guarantee worthless, and we cannot predict whether a court will ultimately find it to be effective.
The actual effect of a 0.25% increase in these floating interest rates could be more than $7 million as the Company’s average borrowings on its variable rate debt and securitization and factoring may be higher during the year than the amount at December 31, 2024.
The actual effect of a 0.25% increase in these floating interest rates could be more than $8 million as the Company’s average borrowings on its variable rate debt and securitization and factoring may be higher during the year than the amount at December 31, 2025.
A 10% decrease in these two factors at the same time would decrease the estimated liability at December 31, 2024 by $35. Goodwill Impairment The Company performs a goodwill impairment review in the fourth quarter of each year or when facts and circumstances indicate goodwill may be impaired.
A 10% decrease in these two factors at the same time would decrease the estimated liability at December 31, 2025 by $33. Goodwill Impairment The Company performs a goodwill impairment review in the fourth quarter of each year or when facts and circumstances indicate goodwill may be impaired.
In addition, the Company's manufacturing facilities are dependent, to varying degrees, upon the availability of water and processed energy, such as natural gas and electricity. See Note O to the consolidated financial statements for further information on the Company’s derivative financial instruments.
In addition, the Company’s manufacturing facilities are dependent, to varying degrees, upon the availability of water and processed energy, such as natural gas and electricity. See Note O to the consolidated financial statements for further information on the Company’s derivative financial instruments. 35 Crown Holdings, Inc.
The Company considers all sources of taxable income in estimating its valuation allowances, including taxable income in any available carry back period; the reversal of taxable temporary differences; tax-planning strategies; and taxable income expected to be generated in the future other than from reversing temporary differences.
The Company considers all sources of taxable income in estimating its valuation allowances, including taxable income in any available carry back period; the reversal of taxable temporary differences; tax-planning strategies; and taxable income expected to be generated in the future other than from reversing temporary differences. 37 Crown Holdings, Inc.
Accordingly, in the event of a bankruptcy, liquidation or reorganization of any of the non-guarantors, the non-guarantors will pay the holders of their debts, holders of preferred equity interests, if any, and their trade creditors before they will be able to distribute any of their assets to the Company or any of the guarantors.
Accordingly, in the event of a bankruptcy, liquidation or reorganization of any of the non-guarantors, the non-guarantors will pay the holders of their debts, holders of preferred equity interests, if any, and their trade creditors before they will be able to distribute any of their assets to the Company or any of the guarantors. 33 Crown Holdings, Inc.
As of December 31, 2024, the Company had $1.8 billion principal floating interest rate debt and $1.1 billion of securitization and factoring. A change of 0.25% in these floating interest rates would change annual interest expense by approximately $7 million before tax.
As of December 31, 2025, the Company had $1.8 billion principal floating interest rate debt and $1.3 billion of securitization and factoring. A change of 0.25% in these floating interest rates would change annual interest expense by approximately $8 million before tax.
These senior notes and debentures are fully and unconditionally guaranteed by the Company and substantially all of its subsidiaries in the U.S., except in the case of the Company’s outstanding senior notes issued by Crown Cork & Seal Company, Inc., which are fully and unconditionally guaranteed by Crown Holdings, Inc. (Parent).
These senior notes and debentures are fully and unconditionally guaranteed by the Company and substantially all of its subsidiaries in the U.S., except in the case of the Company’s outstanding 7.50% senior notes due 2096 issued by Crown Cork & Seal Company, Inc., which are fully and unconditionally guaranteed by Crown Holdings, Inc. (the "Parent").
A 10% change in either the average cost per claim or the number of projected claims would increase or decrease the estimated liability at December 31, 2024 by $18. A 10% increase in these two factors at the same time would increase the estimated liability at December 31, 2024 by $39.
A 10% change in either the average cost per claim or the number of projected claims would increase or decrease the estimated liability at December 31, 2025 by $18. A 10% increase in these two factors at the same time would increase the estimated liability at December 31, 2025 by $37.
Amortizable losses are being recognized over either the average expected life of inactive employees or the remaining service life of active participants depending on the status of the individual plans. The weighted average amortization periods range between 8 - 16 years.
Amortizable losses are being recognized over either the average expected life of inactive employees or the remaining service life of active participants depending on the status of the individual plans. The weighted average amortization periods range between 6 - 13 years.
The Company’s current sources of liquidity also include a securitization facility with a program limit up to a maximum of $800 that expires in July 2025 and securitization facilities with program limits of $230 and $160 that expire in November 2025.
The Company’s current sources of liquidity also include a securitization facility with a program limit up to a maximum of $800 that expires in July 2027 and securitization facilities with program limits of $230 and $180 that expire in November 2027.
The Company primarily manages its 36 Crown Holdings, Inc. risk to adverse commodity price fluctuations and surcharges through contracts that pass through raw material costs to customers. The company also uses commodity forward contracts to manage its exposure to these raw material costs.
The Company primarily manages its risk to adverse commodity price fluctuations and surcharges through contracts that pass through raw material costs to customers. The Company also uses commodity forward contracts to manage its exposure to these raw material costs.
The Company estimates its liability without limitation to a specified time period and provides for the estimated amounts expected to be paid related to outstanding claims, projected future claims and legal costs. 37 Crown Holdings, Inc.
The Company estimates its liability without limitation to a specified time period and provides for the estimated amounts expected to be paid related to outstanding claims, projected future claims and legal costs.
A 0.50% change in the discount rates from those used at December 31, 2024 would have changed the pension benefit obligation by approximately $30 and the postretirement benefit obligation by approximately $3 as of December 31, 2024. See Note S to the consolidated financial statements for additional information on pension and postretirement benefit obligations and assumptions.
A 0.50% change in the discount rates from those used at December 31, 2025 would have changed the pension benefit obligation by approximately $33 and the postretirement benefit obligation by approximately $4 as of December 31, 2025. See Note S to the consolidated financial statements for additional information on pension and postretirement benefit obligations and assumptions.
The contracts with no amounts in the fair value column have a fair value of less than $1. The contract with no amount in the average contractual exchange rate has an exchange rate less than $.01.
The contracts with no amounts in the fair value column have a fair value of less than $1. The contract with no amount in the average contractual exchange rate has an exchange rate less than $.01. 34 Crown Holdings, Inc.
The Company uses various raw materials, such as aluminum and steel in its manufacturing operations, which expose it to risk from adverse fluctuations in commodity prices. In 2024, consumption of aluminum and steel represented 46% and 7% of the Company’s consolidated cost of products sold, excluding depreciation and amortization.
The Company uses various raw materials, such as aluminum and steel in its manufacturing operations, which expose it to risk from adverse fluctuations in commodity prices. In 2025, consumption of aluminum and steel represented 47% and 8% of the Company’s consolidated cost of products sold, excluding depreciation and amortization.
As of December 31, 2024, approximately 60% of the projected future claims in the Company’s accrual calculation relate to claims alleging serious diseases such as mesothelioma. The five year average settlement cost per claim was $14,300 in 2022, $15,800 in 2023 and $17,700 in 2024.
As of December 31, 2025, approximately 60% of the projected future claims in the Company’s accrual calculation relate to claims alleging serious diseases such as mesothelioma. The five year average settlement cost per claim was $15,800 in 2023, $17,700 in 2024, and $19,500 in 2025.
An increase or decrease of 10% in the number of years used to amortize unrecognized losses in each plan would change estimated charges for 2025 by $1. 39 Crown Holdings, Inc. RECENT ACCOUNTING GUIDANCE In November 2024, the Financial Accounting Standards Board issued a final standard on disaggregation of income statement expenses.
An increase or decrease of 10% in the number of years used to amortize unrecognized losses in each plan would change estimated charges for 2026 by $1. RECENT ACCOUNTING GUIDANCE In November 2024, the Financial Accounting Standards Board (FASB) issued a final standard on disaggregation of income statement expenses.
Of the cash and cash equivalents located outside the U.S., $304 was held by subsidiaries for which earnings are considered indefinitely reinvested. The Company's revolving credit agreements provide capacity of $1,650 and, as of December 31, 2024, the Company had available capacity of $1,614.
Of the cash and cash equivalents located outside the U.S., $ 244 was held by subsidiaries for which earnings are considered indefinitely reinvested. The Company’s revolving credit agreements provide capacity of $1,650, and as of December 31, 2025, the Company had available capacity of $1,629.
Additionally, in December 2024, the Company redeemed the €600 principal amount of 3.375% senior unsecured notes due May 2025 and $400 principal amount of the U.S. dollar term loan facility. During 2024, the Company also repurchased $217 of common stock. In May 2023, the Company issued €500 principal amount of 5.0% senior unsecured notes due 2028.
Additionally, in December 2024, the Company redeemed the €600 principal amount of 3.375% senior unsecured notes due May 2025 and $400 principal amount of the U.S. dollar term loan facility. During 2024, the Company also repurchased $217 of common stock.
LIQUIDITY As of December 31, 2024, $676 of the Company's $918 in cash and cash equivalents was located outside the U.S. The Company is not aware of any legal restrictions under foreign law that materially impact its access to cash held outside the U.S.
LIQUIDITY As of December 31, 2025 , $ 533 of the Company’s $ 764 in cash and cash equivalents was located outside the U.S. The Company is not aware of any legal restrictions under foreign law that materially impact its access to cash held outside the U.S.
The Company’s pension expense for the year ended December 31, 2024 included charges of $34 for the amortization of accumulated net losses, and the Company estimates charges of $10 in 2025.
The Company’s pension expense for the year ended December 31, 2025 included charges of $11 for the amortization of accumulated net losses, and the Company estimates charges of $10 in 2026.
The Company’s total net leverage ratio o f 2.6 to 1.0 a t December 31, 2024 was in compliance with the covenant requiring a ratio no greater than 4.5 to 1.0.
The Company’s total net leverage ratio o f 2.4 to 1.0 a t December 31, 2025 was in compliance with the covenant requiring a ratio no greater than 4.50 to 1.0.
As of December 31, 2024, the Company had forward commodity contracts to hedge aluminum price fluctuations with a notional value of $73 and a net gain of $7. The maturities of the commodity contracts closely correlate to the anticipated purchases of those commodities.
As of December 31, 2025, the Company had forward commodity contracts to hedge aluminum price fluctuations with a notional value of $433 and a net gain of $23. The maturities of the commodity contracts closely correlate to the anticipated purchases of those commodities.
The foreign currency translation impacts referred to in the discussion below were primarily due to changes in the Mexican peso in the Company's Americas Beverage segment, the euro in the Company's European Beverage segment and the Chinese yuan and the Thai baht in the Company's Asia Pacific segment.
The foreign currency translation impacts referred to in the discussion below were primarily due to changes in the Mexican peso in the Company’s Americas Beverage segment, the euro in the Company’s European Beverage segment, and the Thai baht in 26 Crown Holdings, Inc. the Company’s Asia Pacific segment.
As of December 31, 2024, the Company had a pre-tax unrecognized net loss in accumulated other comprehensive income of $109 related to its pension plans and a pre-tax unrecognized net gain in accumulated other comprehensive income of $5 related to its other postretirement benefit plans.
As of December 31, 2025, the Company had a pre-tax unrecognized net loss in accumulated other comprehensive income of $99 related to its pension plans and a pre-tax unrecognized net gain in accumulated other comprehensive income of $3 related to its other postretirement benefit plans.
The annual savings were approximately $ 60. The Company continues to identify cost reduction initiatives in its businesses and it is possible that the Company may record additional restructuring charges in the future.
The Company continues to identify cost reduction initiatives in its businesses and it is possible that the Company may record additional restructuring charges in the future.
Asia Pacific The Company's Asia Pacific segment consists of beverage can operations in Cambodia, China, Indonesia, Malaysia, Myanmar, Thailand and Vietnam and non-beverage can operations, primarily food cans and specialty packaging.
Segment income increased primarily due to higher volumes. Asia Pacific The Company’s Asia Pacific segment consists of beverage can operations in Cambodia, China, Indonesia, Malaysia, Myanmar, Thailand and Vietnam and non-beverage can operations, primarily food cans and specialty packaging.
The aggregate fair value of these contracts was a loss of $2. At December 31, 2024, the Company had cross-currency swaps with an aggregate notional values of $875. The swaps are designated as hedges of the Company's net investment in a euro-based subsidiary and mature in 2026.
The aggregate fair value of these contracts was a loss of less than $1. At December 31, 2025, the Company had cross-currency swaps with aggregate notional values of $1,475. The swaps are designated as hedges of the Company’s net investment in a euro-based subsidiary and mature in 2026 and 2030.
Crown Cork Obligor Group December 31, 2024 Net sales $ — Gross Profit — Income from operations 1 Net income 1 (140) Net income attributable to Crown Holdings 1 (140) (1) Includes $55 of expense related to intercompany interest with non-guarantor subsidiaries. 34 Crown Holdings, Inc.
Crown Cork Obligor Group December 31, 2025 Net sales $ — Gross Profit — Income from operations (12) Net income 1 (94) Net income attributable to Crown Holdings 1 (94) (1) Includes $65 of expense related to intercompany interest with non-guarantor subsidiaries.
The Company's Transit Packaging segment is a global business and the foreign currency translation impacts referred to in the discussion below are primarily related to the euro, the Indian rupee, the Japanese yen, the Mexican peso and the Brazilian real. 26 Crown Holdings, Inc.
The Company’s Transit Packaging segment is a global business and the foreign currency translation impacts referred to in the discussion below are primarily related to the euro, the Indian rupee, the Swedish krona, and the Mexican peso.
The fair value of these contracts at December 31, 2024 was a net gain of $86. Total future payments of long-term debt obligations at December 31, 2024 include $3,448 of U.S. dollar-denominated debt, $2,713 of euro-denominated debt and $10 of debt denominated in other currencies.
The fair value of these contracts at December 31, 2025 was a net loss of $60. Total future payments of long-term debt obligations at December 31, 2025 include $2,865 of U.S. dollar-denominated debt, $3,053 of euro-denominated debt, and $4 of debt denominated in other currencies.
NET SALES AND SEGMENT INCOME 2024 2023 2022 Net sales $11,801 $12,010 $12,943 Year ended December 31, 2024 compared to 2023 Net sales decreased primarily due to $196 from the pass-through of lower aluminum, steel and other commodity costs, unfavorable foreign currency translation of $23, and lower volumes in Transit Packaging, Asia Pacific and Other segments, partially offset by 7% higher beverage can volumes in both Americas and European Beverage.
NET SALES AND SEGMENT INCOME 2025 2024 Net sales $12,365 $11,801 Year ended December 31, 2025 compared to 2024 Net sales increased primarily due to $507 from the pass-through of higher aluminum, steel, and other commodity costs, higher volumes in European Beverage and Other, and favorable foreign currency translation of $84, partially offset by lower volumes in Asia Pacific and Transit Packaging.
The Company could have borrowed this amount at December 31, 2024 and still have been in compliance with its leverage ratio covenant. 32 Crown Holdings, Inc.
T he Company could have borrowed this amount at December 31, 2025 and still have been in compliance with its leverage ratio covenant.
The Company currently expects capital expenditures in 2025 to be approximately $450. At December 31, 2024, the Company had approximately $48 of capital commitments primarily related to its Americas Beverage and European Beverage segments. The Company expects to fund these commitments primarily through cash generated from operations.
At December 31, 2025, the Company had approximately $224 of capital commitments primarily related to its Americas Beverage segment. The Company expects to fund these commitments primarily through cash generated from operations. FINANCING ACTIVITIES Financing activities used cash of $1,526 in 2024 and $1,361 in 2025.
The guarantees and agreements are further discussed under Note Q to the consolidated financial statements. Supplemental Guarantor Financial Information As disclosed in Note N , the Company and certain of its 100% directly or indirectly owned subsidiaries provide guarantees of senior notes and debentures issued by other 100% directly or indirectly owned subsidiaries.
Supplemental Guarantor Financial Information The Company and certain of its 100% directly or indirectly owned subsidiaries provide guarantees of senior notes and debentures issued by other 100% directly or indirectly owned subsidiaries.
FINANCING ACTIVITIES Financing activities provided cash of $116 in 2023 and used cash for $1,526 in 2024. In August 2024, the Company issued €600 principal amount of 4.50% senior unsecured notes due 2030 and used the proceeds to pay down the €600 principal amount of 2.625% senior unsecured notes due September 2024.
During 2025, the Company also repurchased $505 of common stock. In August 2024, the Company issued €600 principal amount of 4.50% senior unsecured notes due 2030 and used the proceeds to pay down the €600 principal amount of 2.625% senior unsecured notes due September 2024.
Additionally, 2023 included $6 for a one-time pension termination charge related to business reorganization activities in Europe. GAIN ON SALE OF EQUITY METHOD INVESTMENT In 2024, the Company recorded a gain of $275 in conjunction with the sale of Eviosys, a European tinplate equity method investment. See N ote B for more information.
GAIN ON SALE OF EQUITY METHOD INVESTMENT In 2024, the Company recorded a gain of $275 in conjunction with the sale of Eviosys, a European tinplate equity method investment. See Note B for more information.
In June 2022, the Company's Yangon, Myanmar beverage can plant was temporarily idled due to currency restrictions, which resulted in the inability to source U.S. dollars required to procure U.S. dollar raw materials. The Company began production on a limited basis in 2023 and had net sales of $6 for the year-ended December 31, 2024.
In 2024, the Company announced the closure of its beverage can facility in Sihanoukville, Cambodia. The Company’s Yangon, Myanmar beverage can plant was temporarily idled in 2022 and has operated at limited capacity since 2023 due to currency restrictions, which resulted in the inability to source U.S. dollars required to procure U.S. dollar raw materials.
Net sales and segment income in Other were as follows: 2024 2023 2022 Net sales $ 1,222 $ 1,371 $ 1,543 Segment income 82 117 240 Year ended December 31, 2024 compared to 2023 Net sales decreased primarily due to lower volumes in the equipment, aerosol can and Mexico food can business and $46 from the pass-through of lower steel costs.
Net sales and segment income in Other were as follows: 2025 2024 Net sales $ 1,303 $ 1,222 Segment income 148 82 Year ended December 31, 2025 compared to 2024 Net sales increased primarily due to 5% higher North America food can volumes and $63 from the pass-through of higher tinplate costs.
December 31, 2024 Current assets $ 47 Non-current assets 22 Current liabilities 68 Non-current liabilities 1 6,647 (1) Includes payables of $5,905 due to non-guarantor subsidiaries Crown Americas Obligor Group December 31, 2024 Net sales 1 $ 4,840 Gross profit 2 799 Income from operations 2 305 Net income from continuing operations 3 (385) Net income attributable to Crown Holdings 3 (385) (1) Includes $433 of sales to non-guarantor subsidiaries (2) Includes $43 of gross profit related to sales to non-guarantor subsidiaries (3) Includes $27 of expense related to intercompany interest and technology royalties with non-guarantor subsidiaries December 31, 2024 Current assets 1 $ 1,056 Non-current assets 2 3,756 Current liabilities 3 1,158 Non-current liabilities 4 6,136 (1) Includes receivables of $32 due from non-guarantor subsidiaries (2) Includes receivables of $167 due from non-guarantor subsidiaries (3) Includes payables of $20 due to non-guarantor subsidiaries (4) Includes payables of $2,242 due to non-guarantor subsidiaries The senior notes are structurally subordinated to all indebtedness of the Company’s non-guarantor subsidiaries.
December 31, 2025 Current assets $ 74 Non-current assets 22 Current liabilities 79 Non-current liabilities 1 7,286 (1) Includes payables of $6,954 due to non-guarantor subsidiaries Crown Americas Obligor Group December 31, 2025 Net sales 1 $ 5,231 Gross profit 2 895 Income from operations 2 370 Net income from continuing operations 3 (16) Net income attributable to Crown Holdings 3 (16) (1) Includes $436 of sales to non-guarantor subsidiaries (2) Includes $44 of gross profit related to sales to non-guarantor subsidiaries (3) Includes $9 of expense related to intercompany interest and technology royalties with non-guarantor subsidiaries December 31, 2025 Current assets 1 $ 1,267 Non-current assets 2 3,523 Current liabilities 3 1,792 Non-current liabilities 4 5,066 (1) Includes receivables of $39 due from non-guarantor subsidiaries (2) Includes receivables of $111 due from non-guarantor subsidiaries (3) Includes payables of $25 due to non-guarantor subsidiaries (4) Includes payables of $951 due to non-guarantor subsidiaries The senior notes are structurally subordinated to all indebtedness of the Company’s non-guarantor subsidiaries.
See Note B and Note S for more information. Receivables decreased from $1,719 at December 31, 2023 to $1,656 at December 31, 2024 primarily due to unfavorable foreign currency translation. Days sales outstanding for trade receivables, excluding the impact of unbilled receivables, was 34 at December 31, 2023 compared to 32 at December 31, 2024.
Receivables increased from $1,656 at December 31, 2024 to $1,768 at December 31, 2025 primarily due to higher raw material costs and foreign currency translation. Days sales outstanding for trade receivables, excluding the imp act of unbilled receivables, was 32 at December 31, 2024 compared to 29 at December 31, 2025 .
Historically growth in the beverage can market in Southeast Asia has been driven by increased per capita incomes and consumption, combined with an increased preference for cans over other forms of beverage packaging. To meet volume requirements in Southeast Asia, the Company added additional line capacity in Phnom Penh, Cambodia (2022).
Historically, growth in the beverage can market in Southeast Asia has been driven by increased per capita incomes and consumption, combined with an increased preference for cans over other forms of beverage packaging. In recent years, the Asia Pacific beverage can market has experienced some softness as the region struggles with the effects of higher inflation and interest rates.
Net sales and segment income in the Transit Packaging segment were as follows: 2024 2023 2022 Net sales $ 2,107 2,256 $ 2,545 Segment income 270 331 281 Year ended December 31, 2024 compared to 2023 Net sales decreased primarily due to $71 lower material costs, $60 lower volumes across most product lines and $14 unfavorable foreign currency translation.
Net sales and segment income in the Transit Packaging segment were as follows: 2025 2024 Net sales $ 2,026 $ 2,107 Segment income 258 270 Year ended December 31, 2025 compared to 2024 Net sales decreased primarily due to $47 of lower equipment volume and $35 lower material costs.
The Company's strategy is anchored by strong cash flow generation and a healthy balance sheet with a long-term net leverage target of 2.5x adjusted EBITDA (a non-GAAP measure). The Company believes it has the flexibility and resources to fund growth, repay debt and return excess cash flow to shareholders in the future.
Capital spending to support our growth objectives is estimated at $550 in 2026 and includes capacity expansion and facility upgrades in Brazil, Greece, and Spain. The Company’s strategy is anchored by strong cash flow generation and a healthy balance sheet with a long-term net leverage target of 2.5x adjusted EBITDA (a non-GAAP measure).
Net sales and segment income in the European Beverage segment were as follows: 2024 2023 2022 Net sales $ 2,071 $ 1,939 $ 2,114 Segment income 276 199 123 Year ended December 31, 2024 compared to 2023 Net sales increased primarily due to 7% higher beverage can volumes.
Net sales and segment income in the European Beverage segment were as follows: 2025 2024 Net sales $ 2,325 $ 2,071 Segment income 334 276 Year ended December 31, 2025 compared to 2024 Net sales increased primarily due to 10% higher beverage can volumes, favorable foreign currency translation of $63 and $38 from the pass-through of higher aluminum costs. 27 Crown Holdings, Inc.
Corporate and unallocated Corporate and unallocated items include corporate and administrative costs, research and development, and unallocated items such as stock-based compensation and insurance costs. 2024 2023 2022 Corporate and unallocated $ (165) $ (131) $ (115) Corporate and unallocated costs increased from 2023 primarily due to higher incentive compensation, including stock-based compensation.
Corporate and unallocated Corporate and unallocated items include corporate and administrative costs, research and development, and unallocated items such as stock-based compensation and insurance costs. 2025 2024 Corporate and unallocated $ (169) $ (165) Corporate and unallocated costs were relatively flat as lower insurance costs were offset by higher employee compensation costs, including stock compensation.
This estimate is based on projected interest rates as of December 31, 2024, long-term debt balances, average borrowings under the revolving credit facility and securitization and factoring estimates. 33 Crown Holdings, Inc. The Company also has certain guarantees and indemnification agreements that could require the payment of cash upon the occurrence of certain events.
The Company currently expects interest payments on debt and securitization and factoring in 2026 to be approximately $330. This estimate is based on projected interest rates as of December 31, 2025, long-term debt balances, average borrowings under the revolving credit facility and securitization and factoring estimates.
In 2020, the Company introduced Twenty by 30 , a robust program that outlines twenty measurable, science based, environmental, social and governance goals to be completed by 2030. In 2024, the Company garnered recognition for their commitment to integrate sustainability into all aspects of the organization, including the top spot within the Sustainalytics "Container and Packaging" industry category.
In 2020, the Company introduced Twenty by 30 , a robust program that outlines twenty measurable, science based, environmental, social and governance goals to be completed by 203 0.
Additionally, 2022 segment income was unfavorably impacted by the mismatch in contractual aluminum pass-through provisions whereby higher cost inventory was sold at lower prices. Transit Packaging The Company's Transit Packaging segment includes the Company’s worldwide automation and equipment technologies, protective packaging solutions and steel and plastic consumables.
The decrease in net sales was partially offset by $36 from the pass-through of higher aluminum costs. Transit Packaging The Company’s Transit Packaging segment includes the Company’s worldwide automation and equipment technologies, protective packaging solutions, and steel and plastic consumables.
Actual results may differ from the Company’s actuarial assumptions, which may have an impact on the amount of reported expense or liability for pensions or postretirement benefits. The Company recorded pension expense of $562 in 2024, including charges of $516 related to the partial settlements of the Company's defined benefit pension plan obligations in the U.S. and Canada.
Actual results may differ from the Company’s actuarial assumptions, which may have an impact on the amount of reported expense or liability for pensions or postretirement benefits. The Company recorded pension expense of $27 in 2025 and currently projects its 2026 pension expense to be $33, using foreign currency exchange rates in effect at December 31, 2025.
Inventories decreased from $1,613 at December 31, 2023 to $1,440 at December 31, 2024 primarily due to efforts to reduce inventory levels across most businesses and unfavorable foreign curren cy translation. Inventory turnover decreased from 67 days at December 31, 2023 to 59 days at December 31, 2024.
Inventories increased from $1,440 at December 31, 2024 to $1,577 at December 31, 2025 primarily due to higher raw material costs and foreign currency translation. Inventory turnover decreased from 59 days at December 31, 2024 to 55 days at December 31, 2025 .
(the "Company") as of and during the three-year period ended December 31, 2024. This discussion should be read in conjunction with the consolidated financial statements included in this Annual Report. BUSINESS STRATEGY AND TRENDS The Company's strategy is to maximize long-term shareholder value by pursuing profitable growth opportunities while returning cash to shareholders through dividends and share repurchases.
(the "Company") as of and during the two-year period ended December 31, 2025. This discussion should be read in conjunction with the consolidated financial statements included in this Annual Report.
Net sales and segment income in the Americas Beverage segment were as follows: 2024 2023 2022 Net sales $ 5,240 $ 5,147 $ 5,126 Segment income 987 876 742 Year ended December 31, 2024 compared to 2023 Net sales increased primarily due to higher beverage can volumes, 7% in North America and 10% in Brazil, partially offset by $59 pass-through of lower aluminum costs and unfavorable foreign currency translation of $15.
Net sales and segment income in the Americas Beverage segment were as follows: 2025 2024 Net sales $ 5,615 $ 5,240 Segment income 1,030 987 Year ended December 31, 2025 compared to 2024 Net sales increased primarily due to $405 from the pass-through of higher aluminum costs. Segment income increased primarily due to continued operational improvements and improved customer mix.
On July 25, 2024, the Company's Board of Directors authorized the repurchase of an aggregate amount of $2,000 of the Company's common stock through the end of 2027. The Company continues to actively elevate its commitment to sustainability, which is a core value of the Company.
The Company believes it has the flexibility and resources to fund growth, repay debt and return excess cash flow to shareholders. On July 25, 2024, the Company’s Board of Directors authorized the repurchase of an aggregate amount of $2,000 of the Company’s common stock through the end of 2027.
The Company is currently evaluating the impact of adopting this standard on its disclosures. See Note A to the consolidated financial statements for information on recently adopted accounting guidance.
The standard will be effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact that the new guidance will have on its consolidated financial statements. See Note A to the consolidated financial statements for information on recently adopted accounting guidance.
Accounts payable decreased from $2,459 at December 31, 2023 to $2,425 at December 31, 2024 primarily due to unfavorable foreign currency translati on. Days outstanding for trade payables increased from 89 days at December 31, 2023 to 91 days at December 31, 2024.
Accounts payable increased from $2,425 at December 31, 2024 to $2,643 at December 31, 2025 primarily due to the same underlying factors that contributed to higher receivables, including higher raw materials costs and foreign currency translation. Days outstanding for trade payables increased from 91 days at December 31, 2024 to 96 days at December 31, 2025 .
Global industry demand for beverage cans has been growing in recent years in North America, Brazil, Europe, and Southeast Asia. Growth has been driven by new product introductions, customer and consumer focus on the sustainability benefits of aluminum, and population and GDP growth in many markets.
Growth has been driven by new product introductions, customer and consumer focus on the sustainability benefits of aluminum, and population and GDP growth in many markets. To meet such demand, the Company made long-term investments of at least $2,000 for new manufacturing facilities and additional production lines in existing facilities since 2019.
Cash payments required for purchase obligations and projected pension contributions in effect at December 31, 2024, are summarized in the following table: Payments Due by Period 2025 2026 2027 2028 2029 2030 & after Total Purchase obligations (1) $ 2,938 $ 1,959 $ 1,833 $ 1,288 $ 511 $ 633 $ 9,162 Projected pension contributions (2) 20 29 27 51 28 — 155 Total $ 2,958 $ 1,988 $ 1,860 $ 1,339 $ 539 $ 633 $ 9,317 All amounts due in foreign currencies are translated at exchange rates as of December 31, 2024.
Payments Due by Period 2026 2027 2028 2029 2030 2031 & after Total Purchase obligations (1) $ 4,189 $ 3,518 $ 2,602 $ 1,273 $ 897 $ 390 $ 12,869 Projected pension contributions (2) 28 19 65 48 40 — 200 Total $ 4,217 $ 3,537 $ 2,667 $ 1,321 $ 937 $ 390 $ 13,069 All amounts due in foreign currencies are translated at exchange rates as of December 31, 2025.
Segment income decreased primarily due to lower volumes. Year ended December 31, 2023 compared to 2022 Net sales decreased primarily due to lower food and aerosol volumes of 7% and 23%, respectively.
Net sales and segment income in the Asia Pacific segment were as follows: 2025 2024 Net sales $ 1,096 $ 1,161 Segment income 183 195 Year ended December 31, 2025 compared to 2024 Net sales and segment income decreased primarily due to 10% lower beverage can volumes.
INVESTING ACTIVITIES Cash used for investing activities decreased from $804 in 2023 to $12 in 2024 primarily due to lower capital expenditures and the $338 proceeds received from the distribution related to the sale of Eviosys. Additionally, 2023 included the purchase of Helvetia Packaging AG for $126 and a distribution from Eviosys of $68. See Note B for more information.
INVESTING ACTIVITIES Cash used for investing activities increased from $12 in 2024 to $320 in 2025 primarily due to the $338 proceeds received in 2024 from the sale of the Eviosys equity method investment. The Company currently expects capital expenditures in 2026 to be approximately $550.
The standard also requires information on income taxes paid disaggregated by federal, state and foreign based on a quantitative threshold. The standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The standard is applied prospectively with an option for retrospective adoption.
The guidance is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. The guidance is applied on a prospective basis with the option to apply the standard retrospectively or using a modified transition approach. Early adoption is permitted.
LIQUIDITY AND CAPITAL RESOURCES OPERATING ACTIVITIES Cash provided by operating activities decreased from $1,453 in 2023 to $1,192 primarily due to higher cash taxes paid, primarily related to the gain on the distribution from the Eviosys sale and higher pension contributions, primarily related to the settlement of a portion of the U.S. pension plan in 2024.
However, the Company continues to monitor developments across its jurisdictions, including any additional guidance issued by the OECD. LIQUIDITY AND CAPITAL RESOURCES OPERATING ACTIVITIES Cash provided by operating activities increased from $1,192 in 2024 to $1,530 primarily due to higher income from operations and lower pension contributions.
To meet volume requirements, in 2023 the Company added additional line capacity in Agoncillo, Spain, a new greenfield facility in Peterborough, U.K. and acquired Helvetia Packaging AG, a beverage can and end manufacturing facility in Saarlouis, Germany.
To meet volume requirements, the Company announced plans to add additional line capacity in Korinthos, Greece and Agoncillo, Spain.
Removed
To meet such demand, the Company made long-term investments of approximately $2,000 for new manufacturing facilities and additional production lines in existing facilities since 2019. Based on current market conditions, the Company expects to have the ability to meet expected demand growth with its current installed capital base and expects capital spending to be approximately $450 in 2025.
Added
For a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023, please read "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeITEM 7A. Quantitative and Qualitative Disclosures About Market Risk The information set forth within “Management’s Discussion and Analysis of Financial Condition and Results of Operations” under the captions “Market Risk” and "Forward Looking Statements" in this Annual Report is incorporated herein by reference. 41 Crown Holdings, Inc.
Biggest changeITEM 7A. Quantitative and Qualitative Disclosures About Market Risk The information set forth within “Management’s Discussion and Analysis of Financial Condition and Results of Operations” under the captions “Market Risk” and "Forward Looking Statements" in this Annual Report is incorporated herein by reference. 40 Crown Holdings, Inc.

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