Crown Holdings, Inc.

Reported diluted EPS was $2.23 versus $1.56 in the prior-year quarter. Adjusted diluted EPS was $2.49 versus $2.15, up 16%. Net sales increased to $3.7 billion, and segment income rose to $501 million from $476 million. Global beverage can shipments grew 5%. For 2026, Crown raised adjusted EPS guidance to $8.30-$8.50 from $7.90-$8.30, and guided Q3 adjusted EPS to $2.20-$2.30. The company also expects net interest expense of about $355 million, an effective tax rate of about 25%, depreciation of about $330 million, non-controlling interest expense of about $150 million, dividends to non-controlling interests of $110 million, adjusted free cash flow of at least $900 million, and capital spending of about $550 million.

Timothy Donahue described the quarter as another strong performance and emphasized that consumers continue to choose aluminum cans. He highlighted 5% global beverage can volume growth, strong demand across most regions, and several capacity expansions coming online in Greece, Spain, Brazil, and India. His tone was upbeat but notably cautious on the back half, citing higher inflation, the Middle East conflict, and the absence of World Cup-related volume lift.

Kevin Clothier led with the key financial metrics: reported EPS of $2.23, adjusted EPS of $2.49, net sales of $3.7 billion, and segment income of $501 million. He said the full-year EPS guide was raised because of strong first-half performance and positive demand, while free cash flow guidance moved to at least $900 million largely due to the earnings increase. He also noted $305 million of share repurchases in Q2, $517 million repurchased in the first half, $77 million of dividends paid, and adjusted net leverage at about 2.5x, consistent with the company’s long-term target.

Analysts pressed management on whether Americas earnings could come in flat for the year, the sustainability of North American volume strength into 2027, and whether the strong Q2 was boosted by World Cup activity. Management said the second half should be firm, but Brazil softness and tougher comparisons make it unlikely Americas segment income matches last year; it also acknowledged that World Cup and other promotions likely added meaningfully to Q2 volumes. On margin and cash questions, management said the second-half outlook includes more inflation pressure and that the company remains disciplined on capital returns, with no M&A currently contemplated.