CCK

CROWN HOLDINGS, INC.

NYSE · INDUSTRIALS · METAL CANS

116.22

+2.05 +1.80%

USD · close Oct 21

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MKT CAP $12.6BP/E 16.7DIV YIELD 1.05%FCF YIELD 9.49%REV TTM $13.3B +10.3%NET INCOME $784M +40.8%NET DEBT $5.4B52W 92.04 – 122.14SEC XBRL · TTM TO Invalid Date

How CCK rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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New in FY2025

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 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 Crown Holdings, Inc. natural disasters such as floods and earthquakes, and pandemics.
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 April 2025, the U.S. imposed additional tariffs on imports from a broad range of companies and materials.
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.
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.
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 financial stability of the Company’s suppliers can also impact the continuity of the Company’s supply chain.
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.
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.
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.
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.
At December 31, 2025, the carrying value of the Company’s goodwill was $3.2 billion.
In addition, upon the 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.
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.
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.
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 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.
The Company’s international operations generated 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.
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.
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.
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.
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.
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.
As of December 31, 2025, the Company and its subsidiaries had approximately $6 billion of indebtedness, excluding unamortized discounts and debt issuance costs.
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.
The 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.
In addition, the Company’s term loan facilities mature as follows: $32 million in 2026 and $1,730 million in 2027.
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; 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.
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.
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.
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.
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.
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; 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.

and 35 more.

Gone since FY2024

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 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 U.S. has recently signaled its intention to change U.S. trade policy, including potentially renegotiating or terminating existing trade agreements and Crown Holdings, Inc. leveraging tariffs.
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.
In periods of low worldwide demand for its products or in situations where industry expansion creates excess capacity, the Company experiences relatively 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.
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.
At December 31, 2024, the carrying value of the Company's goodwill was $3 billion.
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.
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.
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's international operations generated approximately 63% of its consolidated net sales in the years ended 2024, 2023 and 2022.
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; 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.
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.
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.
The Company has substantial outstanding indebtedness.
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 of December 31, 2024, the Company and its subsidiaries had approximately $6.2 billion of indebtedness, excluding unamortized discounts and debt issuance costs.
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 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.
In addition, the Company’s term loan facilities mature as follows: $21 million in 2025, $28 million in 2026, $1,664 million in 2027.
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.
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.
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.
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 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 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.
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.
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.
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.
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.
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 April 2018, the FCO discontinued its national investigation and referred the matter to the European Commission (the “Commission”).
The removal of bisphenol-A was mandated by French legislation that went into Crown Holdings, Inc. effect in 2015.
The Company intends to appeal the decision of the FCA and there can be no assurance regarding the outcome of such appeal.
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.

and 10 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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