Cash generation remains erratic, evidenced by a $401 million working capital outflow in 2026Q1 and an OCF/NI ratio of -0.31, which complicates the sustainability of shareholder returns.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 1.44B | 1.51B | 1.19B | 1.45B | 803M | 905M | 1.31B | 1.16B | 571M | -251M | 930M | 956M | 912M | 885M | 621M | 379M | 590M | 756M | 422M | 509M | 355M | -122M | 404M | 434M | 415M | 310M | 270M | 827M | 672M | 402.1M | 911.2M |
| Operating CF Margin % | - | 12.22% | 10.1% | 12.1% | 6.2% | 7.94% | 14% | 12.17% | 5.12% | -2.89% | 11.23% | 10.91% | 10.03% | 10.22% | 7.33% | 4.38% | 7.43% | 9.52% | 5.08% | 6.59% | 5.08% | -1.77% | 5.61% | 6.55% | 6.11% | 4.31% | 3.7% | 10.7% | 8.1% | 4.73% | 10.94% |
| Operating CF Growth % | -421.48% | 26.76% | -17.96% | 80.95% | -11.27% | -31.18% | 13.07% | 103.68% | 327.49% | -126.99% | -2.72% | 4.82% | 3.05% | 42.51% | 63.85% | -35.76% | -21.96% | 79.15% | -17.09% | 43.38% | 390.98% | -130.2% | -6.91% | 4.58% | 33.87% | 14.81% | -67.35% | 23.07% | 67.12% | -55.87% | 453.58% |
| Net Income | 719M | 734M | 560M | 450M | 855M | -411M | 688M | 625M | 528M | 428M | 583M | 461M | 475M | 428M | 658M | 396M | 452M | 450M | 226M | 528M | 309M | -362M | 51M | -32M | -1.21B | -972M | -174M | 181M | 105M | 301.6M | 284M |
| Depreciation & Amortization | 464M | 456M | 448M | 499M | 460M | 463M | 481M | 490M | 425M | 247M | 247M | 237M | 190M | 134M | 180M | 176M | 172M | 194M | 216M | 229M | 230M | 282M | 308M | 326M | 375M | 499M | 495M | 522M | 533M | 540M | 495.9M |
| Stock-Based Compensation | 0 | 0 | 42M | 31M | 29M | 33M | 32M | 29M | 27M | 23M | 20M | 27M | 22M | 21M | 18M | 18M | 20M | 18M | 16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | -168M | -53M | 28M | -248M | 33M | -35M | 35M | 247M | 16M | 43M | -83M | 127M | -138M | 68M | 52M | -81M | 23M | -486M | -110M | -35M | 12M | 6M | -31M | 482M | 11M | 86M | 113M | 92.9M | 91.7M |
| Other Non-Cash Items | 293M | 322M | 231M | 286M | -4M | 1.65B | 66M | 77M | 69M | -230M | -31M | 35M | 187M | 25M | 1M | -224M | 57M | 109M | 36M | 124M | -117M | -72M | -25M | -66M | 1.17B | 183M | 223M | 91M | 205M | -143.9M | -21.2M |
| Working Capital Changes | -32M | -1M | 79M | 240M | -565M | -586M | 15M | -23M | -513M | -966M | 95M | 153M | 121M | 150M | -98M | -55M | -163M | 66M | -95M | 118M | -18M | 65M | 42M | 200M | 108M | 118M | -285M | -53M | -284M | -404.3M | 73.7M |
| Change in Receivables | 0 | 0 | 65M | 98M | 29M | -590M | -186M | 60M | -493M | -1.14B | 29M | 34M | 45M | -51M | -113M | 0 | 0 | 0 | -110M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 102M | 463M | -299M | -609M | -2M | 61M | -201M | -65M | -85M | 60M | -62M | -45M | 21M | -119M | -119M | 50M | -23M | -19M | -66M | -28M | -37M | 37M | 20M | 377M | -26M | 28M | -24M | -69.8M | 20.3M |
| Change in Payables | 0 | 0 | -90M | 0 | -149M | 873M | 121M | -87M | 209M | 253M | 163M | 59M | 219M | 246M | -6M | 0 | 0 | 0 | 54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -418M | -320M | -12M | -804M | -642M | 1.51B | -535M | -374M | -3.84B | 496M | -442M | -1.55B | -1.02B | -246M | -362M | -372M | -281M | -200M | -186M | -94M | -111M | 464M | -107M | -100M | 591M | -163M | -248M | -197M | -452M | -397.9M | -2.03B |
| Capital Expenditures | -467M | -413M | -403M | -793M | -839M | -816M | -587M | -432M | -462M | -498M | -473M | -354M | -328M | -275M | -324M | -401M | -320M | -180M | -174M | -156M | -191M | -192M | -138M | -135M | -115M | -168M | -262M | -329M | -518M | -514.8M | -631.2M |
| CapEx % of Revenue | 3.67% | 3.34% | 3.42% | 6.6% | 6.48% | 7.16% | 6.25% | 4.52% | 4.14% | 5.73% | 5.71% | 4.04% | 3.61% | 3.18% | 3.83% | 4.64% | 4.03% | 2.27% | 2.1% | 2.02% | 2.74% | 2.78% | 1.92% | 2.04% | 1.69% | 2.34% | 3.59% | 4.25% | 6.24% | 6.06% | 7.58% |
| Acquisitions | 38M | 36M | 0 | -126M | 166M | 2.25B | 18M | -11M | -3.91B | 8M | 14M | -1.17B | -695M | -16M | -78M | 4M | 7M | -22M | 0 | 7M | 7M | 0 | 0 | 0 | 0 | 0 | -11M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 11M | 57M | 666M | 115M | 31M | 68M | 52M | 1M | 531M | 986M | 1.09B | -27M | 2M | -2M | -11M | 25M | 32M | 2M | -12M | 55M | 73M | 656M | 31M | 35M | 706M | 5M | 25M | 132M | 66M | 116.9M | -1.4B |
| Cash from Financing | -1.22B | -1.34B | -1.53B | 116M | -25M | -2.94B | -239M | -786M | 3.53B | -400M | -616M | 406M | 445M | -306M | -254M | -129M | -299M | -701M | -77M | -396M | -158M | -497M | -246M | -328M | -1.13B | -63M | 127M | -617M | -152M | 67.2M | 1.22B |
| Debt Issued (Net) | 399M | -593M | -1.06B | 386M | 943M | -1.68B | -133M | -654M | 3.68B | 12M | -588M | 528M | 671M | 79M | 72M | 487M | 289M | -562M | -52M | -224M | 8M | -430M | -177M | -157M | -1.1B | -72M | 389M | -439M | 457M | 215M | 1.35B |
| Equity Issued (Net) | -514M | -505M | -217M | -12M | -722M | -948M | -66M | -3M | -3M | -339M | 2M | -9M | 12M | -300M | -242M | -301M | -242M | 19M | -25M | -104M | -117M | -22M | 3M | 2M | 3M | 0 | -47M | -30M | -461M | -6M | 11M |
| Dividends Paid | -129M | -120M | -119M | -115M | -106M | -105M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -112M | -87M | -65M | -38M | 0 | -45M | -41M | -24M | 0 | 0 | -127M | -138M | -143M | -151.8M | -145.4M |
| Share Repurchases | -514M | -505M | -217M | -12M | -722M | -950M | -66M | -7M | -4M | -339M | -8M | -9M | -2M | -300M | -257M | -312M | -255M | -4M | -35M | -118M | -135M | -38M | 0 | 0 | 0 | 0 | -49M | -30M | -467M | -17M | 0 |
| Other Financing | -974M | -124M | -134M | -143M | -140M | -213M | -40M | -129M | -144M | -73M | -52M | -113M | -238M | -85M | -84M | -315M | -234M | -71M | 65M | -30M | -49M | 0 | -72M | -149M | -30M | 9M | -88M | -10M | -5M | 10M | 3.7M |
| Net Change in Cash | -507M | -252M | -384M | 761M | 46M | -645M | 575M | 4M | 224M | -141M | -158M | -248M | 276M | 339M | 8M | -121M | 4M | -137M | 139M | 50M | 113M | -177M | 70M | 38M | -93M | 74M | 115M | -17M | 78M | 45.2M | 92.3M |
| Free Cash Flow | 976M | 1.1B | 789M | 660M | -36M | 89M | 728M | 731M | 109M | -749M | 457M | 602M | 584M | 610M | 297M | -22M | 270M | 576M | 248M | 353M | 164M | -314M | 266M | 299M | 300M | 142M | 8M | 498M | 154M | -112.7M | 280M |
| FCF Margin % | 7.66% | 8.88% | 6.69% | 5.5% | -0.28% | 0.78% | 7.75% | 7.65% | 0.98% | -8.61% | 5.52% | 6.87% | 6.42% | 7.05% | 3.51% | -0.25% | 3.4% | 7.26% | 2.99% | 4.57% | 2.35% | -4.55% | 3.69% | 4.51% | 4.42% | 1.98% | 0.11% | 6.44% | 1.86% | -1.33% | 3.36% |
| FCF Growth % | 1.04% | 39.16% | 19.55% | 1933.33% | -140.45% | -87.77% | -0.41% | 570.64% | 114.55% | -263.89% | -24.09% | 3.08% | -4.26% | 105.39% | 1450% | -108.15% | -53.13% | 132.26% | -29.74% | 115.24% | 152.23% | -218.05% | -11.04% | -0.33% | 111.27% | 1675% | -98.39% | 223.38% | 236.65% | -140.25% | 204.13% |
| FCF per Share | 8.67 | 9.49 | 6.61 | 5.52 | -0.30 | 0.68 | 5.41 | 5.42 | 0.81 | -5.52 | 3.28 | 4.33 | 4.22 | 4.34 | 2.00 | -0.14 | 1.66 | 3.56 | 1.52 | 2.13 | 0.97 | -1.85 | 1.59 | 1.81 | 2.15 | 1.13 | 0.06 | 4.08 | 1.24 | -0.87 | 2.27 |
| FCF Conversion (FCF/Net Income) | 1.36x | 2.06x | 2.81x | 3.23x | 1.10x | -1.62x | 2.27x | 2.28x | 1.30x | -0.78x | 1.88x | 2.43x | 2.34x | 2.73x | 1.11x | 1.34x | 1.82x | 2.26x | 1.87x | 0.96x | 1.15x | 0.34x | 7.92x | -13.56x | -0.34x | -0.32x | -1.55x | 4.57x | 6.40x | 1.37x | 3.21x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital cycle volatility
As reported in recent financial filings, Crown Holdings' OCF/NI ratio plummeted to -0.31 in 2026Q1, highlighting a persistent disconnect between accounting profitability and actual cash generation that suggests earnings quality remains highly susceptible to non-cash adjustments and significant swings in operational working capital requirements.
The frequent divergence between net income and operating cash flow indicates that reported earnings may not be a reliable proxy for the company's underlying cash-generating capacity. Investors should monitor whether this volatility is a structural feature of the company's inventory management or a sign of deteriorating collection efficiency.
Based on the provided quarterly data, Crown Holdings' free cash flow trajectory remains erratic, swinging from a peak of $488 million in 2025Q3 to a deficit of $141 million in 2026Q1, which underscores the company's struggle to maintain consistent cash conversion during periods of operational transition.
The inability to sustain positive free cash flow suggests that the company's high fixed-cost base requires precise volume management to avoid cash burn. This inconsistency warrants further investigation into whether the current capital expenditure levels are truly discretionary or necessary to maintain aging production infrastructure.
According to the cash flow statements, Crown Holdings experienced a massive $401 million working capital outflow in 2026Q1, a sharp reversal from the $134 million inflow seen in 2025Q4, indicating that seasonal inventory builds or delayed receivables are significantly disrupting the company's short-term liquidity profile.
These dramatic fluctuations in working capital suggest that the company's cash cycle is highly sensitive to supply chain timing and customer payment patterns. Such instability may force management to rely more heavily on external financing to bridge the gap during peak inventory accumulation phases.
As evidenced by the $212 million share repurchase in 2026Q1 despite negative free cash flow, Crown Holdings appears to be prioritizing shareholder returns over internal cash preservation, a strategy that may limit the company's financial flexibility if operational headwinds in the beverage segment continue to intensify.
The decision to fund buybacks while operating cash flow is negative suggests a reliance on balance sheet capacity rather than organic cash generation. This capital allocation approach warrants further investigation into the long-term sustainability of such returns if the current cash flow volatility persists.
Quick answers to the most common questions about buying CCK stock.
Crown Holdings, Inc. (CCK) generated $1.51B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Crown Holdings, Inc. (CCK) generated $1.10B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Crown Holdings, Inc. (CCK) spent $413.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Crown Holdings, Inc. (CCK) returned $120.0M to shareholders via cash dividends and spent $505.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.