Crown Holdings Q2 2026 Earnings Call: Complete Transcript

Crown Holdings (NYSE: CCK ) held its second-quarter earnings conference call on Tuesday.

Below is the complete transcript from the call.

APIs provide real-time access to earnings call transcripts and financial data.

Visit to learn more.

View the webcast at Summary Crown Holdings reported a 16% increase in adjusted earnings per share, reaching $2.49, with net sales rising to $3.7 billion, driven by a 5% growth in global beverage can shipments and favorable foreign exchange.

The company has raised its full-year 2026 adjusted EPS guidance to $8.30-$8.50 due to strong first-half performance and a positive demand outlook.

Crown Holdings repurchased $305 million in shares during Q2, totaling $594 million returned to shareholders in the first half, reflecting confidence in strong free cash flow and a disciplined capital allocation strategy.

The company is investing in growth initiatives in Brazil, Greece, Spain, and India, maintaining a strong balance sheet with an adjusted net leverage ratio of 2.5 times.

Management noted strong demand in North America and Europe, with new capacity coming online in Greece and Spain, but expressed caution due to potential inflationary pressures and global economic headwinds.

Full Transcript OPERATOR Good morning and welcome to Crown Holdings' second quarter 2026 conference call.

Your lines have been placed on listen-only mode until the question-and-answer session.

Please be advised that this conference is being recorded.

I would now like to turn the call over to Mr.

Kevin Clothier, Senior Vice President and Chief Financial Officer.

Sir, you may begin.

Kevin Clothier, Senior Vice President and Chief Financial Officer Thank you, Michelle, and good morning.

With me on today's call is Tim Donahue, President and Chief Executive Officer.

If you do not already have a copy of the earnings release, it's available on our website at crowncork.com.

On this call, as in the earnings release, we will make a number of forward-looking statements.

Actual results could differ materially from those statements.

Additional information concerning factors that could cause actual results to vary is contained in the press release and our SEC filings, including our Form 10-K for 2025 and subsequent filings.

Reported diluted earnings per share were $2.23 compared to $1.56 in the prior-year quarter.

Adjusted earnings per diluted share were $2.49 in the second quarter compared to $2.15 in the second quarter of 2025.

That represents an increase of 16%.

Net sales increased to $3.7 billion reflecting 5% growth in global beverage can shipments, the pass-through of higher material costs, and favorable foreign exchange.

Foreign currency translation segment income was $501 million compared with $476 million in the prior-year quarter.

The increase was driven by higher global beverage can shipments, strong performance in our beverage can equipment business and North American tinplate operations, partially offset by inflationary cost increases.

Based on the strong first-half performance and positive demand outlook, we are increasing our full-year 2026 adjusted diluted earnings per share guidance from $7.90 to a new range of $8.30 to $8.50.

We currently expect the third quarter adjusted diluted earnings per share to be in the range of $2.20 to $2.30.

Our full-year outlook assumes net interest expense of approximately $355 million; exchange rates at current levels with the Euro at an average rate of $1.16 to the dollar; an effective tax rate of approximately 25%; depreciation of approximately $330 million; noncontrolling interest expense of approximately $150 million, while dividends to noncontrolling interest are expected to be $110 million; adjusted free cash flow of at least $900 million; and capital spending of approximately $550 million.

Capital allocation remains a key component of our value-creation strategy.

During the second quarter we repurchased $305 million of company shares.

Through the first six months of the year, we repurchased $517 million of shares and paid $77 million in dividends, returning a total of $594 million to shareholders.

This pace of repurchases reflects our confidence in the company's outlook, the strength of our free cash flow generation, and our commitment to a disciplined, balanced capital allocation framework.

We continue to invest in our growth initiatives in Brazil, Greece, Spain, and India, which are progressing on schedule while maintaining a strong balance sheet.

At the end of Q2, our adjusted net leverage ratio was approximately two and a half times, an improvement from the first quarter, and consistent with our long-term leverage target.