Revenue growth accelerated to 15.9% in 2026Q3, yet gross margin eroded to 19.5% from 22.5% in 2024Q3, indicating top-line gains may be masking structural cost pressure.
Crown Holdings, Inc. (CCK) annual income statement — 30-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 13.77B | 12.37B | 11.8B | 12.01B | 12.94B | 11.39B | 9.39B | 9.56B | 11.15B | 8.7B | 8.28B | 8.76B | 9.1B | 8.66B | 8.47B | 8.64B | 7.94B | 7.94B | 8.3B | 7.73B | 6.98B | 6.91B | 7.2B | 6.63B | 6.79B | 7.19B | 7.29B | 7.73B | 8.3B | 8.49B | 8.33B |
| Revenue Growth % | 13.38% | 4.78% | -1.74% | -7.21% | 13.59% | 21.32% | -1.75% | -14.28% | 28.2% | 5% | -5.46% | -3.68% | 5.09% | 2.2% | -2.01% | 8.85% | 0.04% | -4.42% | 7.48% | 10.67% | 1.07% | -4.04% | 8.58% | -2.39% | -5.5% | -1.4% | -5.73% | -6.84% | -2.29% | 1.95% | 64.86% |
| Cost of Goods Sold | 11.33B | 10.1B | 9.26B | 9.55B | 10.64B | 9.03B | 7.36B | 7.58B | 9.03B | 7.01B | 6.62B | 7.12B | 7.53B | 7.18B | 7.01B | 7.3B | 6.69B | 6.55B | 6.87B | 6.7B | 6.09B | 5.76B | 5.98B | 5.54B | 5.62B | 6.06B | 5.98B | 6.06B | 6.53B | 6.71B | 6.73B |
| COGS % of Revenue | - | 81.66% | 78.48% | 79.48% | 82.23% | 79.24% | 78.35% | 79.24% | 80.96% | 80.55% | 79.95% | 81.21% | 82.72% | 82.95% | 82.8% | 84.41% | 84.26% | 82.53% | 82.69% | 86.71% | 87.22% | 83.37% | 83.12% | 83.54% | 82.73% | 84.36% | 82.07% | 78.38% | 78.64% | 78.96% | 80.8% |
| Gross Profit | 2.44B | 2.27B | 2.54B | 2.46B | 2.3B | 2.37B | 2.03B | 1.98B | 2.12B | 1.69B | 1.66B | 1.65B | 1.57B | 1.48B | 1.46B | 1.35B | 1.25B | 1.39B | 1.44B | 1.03B | 892M | 1.15B | 1.22B | 1.09B | 1.17B | 1.12B | 1.31B | 1.67B | 1.77B | 1.79B | 1.6B |
| Gross Margin % | 17.71% | 18.34% | 21.52% | 20.52% | 17.77% | 20.76% | 21.65% | 20.76% | 19.04% | 19.45% | 20.05% | 18.79% | 17.28% | 17.05% | 17.2% | 15.59% | 15.74% | 17.47% | 17.31% | 13.29% | 12.78% | 16.63% | 16.88% | 16.46% | 17.27% | 15.64% | 17.93% | 21.62% | 21.36% | 21.04% | 19.2% |
| Gross Profit Growth % | - | -10.67% | 3.04% | 7.13% | -2.75% | 16.33% | 2.47% | -6.55% | 25.47% | 1.87% | 0.91% | 4.71% | 6.5% | 1.3% | 8.09% | 7.84% | -9.88% | -3.55% | 40.02% | 15.13% | -22.37% | -5.43% | 11.37% | -6.99% | 4.36% | -14% | -21.83% | -5.7% | -0.78% | 11.72% | 115.32% |
| Operating Expenses | 624M | 632M | 1.12B | 1.2B | 964M | 1B | 985M | 957M | 1.03B | 668M | 664M | 719M | 757M | 625M | 591M | 423M | 372M | 630M | 468M | 414M | 326M | 598M | 671M | 663M | 692M | 809M | 809M | 870M | 1.23B | 1.02B | 922.9M |
| OpEx % of Revenue | - | 5.11% | 9.49% | 9.95% | 7.45% | 8.79% | 10.49% | 10.01% | 9.21% | 7.68% | 8.02% | 8.21% | 8.32% | 7.22% | 6.98% | 4.89% | 4.68% | 7.94% | 5.64% | 5.36% | 4.67% | 8.66% | 9.32% | 10% | 10.19% | 11.26% | 11.1% | 11.25% | 14.82% | 12.01% | 11.08% |
| Selling, General & Admin | 648M | 632M | 630M | 625M | 540M | 2.1B | 576M | 566M | 533M | 314M | 342M | 390M | 398M | 425M | 339M | 423M | 360M | 381M | 396M | 414M | 326M | 349M | 363M | 337M | 317M | 310M | 314M | 348M | 697M | 480.2M | 427M |
| SG&A % of Revenue | - | 5.11% | 5.34% | 5.2% | 4.17% | 18.41% | 6.13% | 5.92% | 4.78% | 3.61% | 4.13% | 4.45% | 4.38% | 4.91% | 4% | 4.89% | 4.53% | 4.8% | 4.77% | 5.36% | 4.67% | 5.05% | 5.04% | 5.08% | 4.67% | 4.31% | 4.31% | 4.5% | 8.4% | 5.65% | 5.12% |
| Research & Development | 0 | 0 | 32M | 33M | 34M | 47M | 48M | 50M | 51M | 39M | 41M | 39M | 39M | 36M | 43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 0.27% | 0.27% | 0.26% | 0.41% | 0.51% | 0.52% | 0.46% | 0.45% | 0.49% | 0.45% | 0.43% | 0.42% | 0.51% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 458M | 537M | 390M | -1.14B | 361M | 341M | 443M | 315M | 281M | 290M | 320M | 164M | 0 | 0 | 12M | 20M | 47M | 0 | 0 | 249M | 308M | 326M | 375M | 499M | 495M | 522M | 533M | 540M | 495.9M |
| Operating Income | 1.81B | 1.64B | 1.42B | 1.27B | 1.34B | 1.36B | 1.05B | 1.03B | 1.1B | 1.02B | 997M | 927M | 815M | 851M | 895M | 936M | 841M | 743M | 658M | 593M | 551M | 286M | 229M | 409M | 462M | 267M | 498M | 802M | 543M | 766.7M | 676.5M |
| Operating Margin % | 13.18% | 13.23% | 12.02% | 10.57% | 10.32% | 11.96% | 11.16% | 10.74% | 9.83% | 11.77% | 12.04% | 10.58% | 8.96% | 9.83% | 10.57% | 10.83% | 10.59% | 9.36% | 7.92% | 7.67% | 7.89% | 4.14% | 3.18% | 6.17% | 6.8% | 3.72% | 6.83% | 10.37% | 6.54% | 9.03% | 8.12% |
| Operating Income Growth % | - | 15.29% | 11.82% | -5.01% | -1.98% | 30.06% | 2.04% | -6.3% | 7.03% | 2.71% | 7.55% | 13.74% | -4.23% | -4.92% | -4.38% | 11.3% | 13.19% | 12.92% | 10.96% | 7.62% | 92.66% | 24.89% | -44.01% | -11.47% | 73.03% | -46.39% | -37.91% | 47.7% | -29.18% | 13.33% | 176.69% |
| EBITDA | 2.28B | 2.09B | 1.87B | 1.77B | 1.8B | 1.83B | 1.47B | 1.52B | 1.52B | 1.27B | 1.24B | 1.16B | 1B | 985M | 1.07B | 1.11B | 1.01B | 937M | 874M | 822M | 781M | 568M | 537M | 735M | 837M | 766M | 993M | 1.32B | 1.08B | 1.31B | 1.17B |
| EBITDA Margin % | 16.56% | 16.92% | 15.82% | 14.72% | 13.88% | 16.03% | 15.65% | 15.87% | 13.64% | 14.61% | 15.02% | 13.28% | 11.05% | 11.38% | 12.69% | 12.86% | 12.76% | 11.8% | 10.52% | 10.64% | 11.19% | 8.22% | 7.46% | 11.09% | 12.32% | 10.66% | 13.62% | 17.12% | 12.96% | 15.38% | 14.07% |
| EBITDA Growth % | 13.72% | 12.05% | 5.6% | -1.56% | -1.64% | 24.22% | -3.1% | -0.26% | 19.67% | 2.17% | 6.87% | 15.82% | 2.03% | -8.37% | -3.33% | 9.77% | 8.11% | 7.21% | 6.33% | 5.25% | 37.5% | 5.77% | -26.94% | -12.19% | 9.27% | -22.86% | -25% | 23.05% | -17.66% | 11.46% | 134.11% |
| D&A (Non-Cash Add-back) | 465M | 456M | 448M | 499M | 460M | 463M | 422M | 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 |
| EBIT | 1.66B | 1.56B | 1.45B | 1.32B | 1.29B | -168M | 1.03B | 985M | 1.16B | 1.13B | 1.07B | 1.01B | 984M | 917M | 895M | 819M | 817M | 706M | 744M | 613M | 566M | 554M | 452M | 361M | 481M | 315M | 498M | 802M | 861M | 833M | 676.6M |
| Net Interest Income | -343M | -343M | -370M | -383M | -269M | -244M | -282M | -352M | -363M | -237M | -231M | -259M | -246M | -231M | -219M | -221M | -194M | -241M | -291M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 51M | 55M | 82M | 53M | 15M | 9M | 8M | 15M | 21M | 15M | 12M | 11M | 7M | 5M | 7M | 11M | 9M | 6M | 11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 394M | 398M | 452M | 436M | 284M | 253M | 290M | 367M | 384M | 252M | 243M | 270M | 253M | 236M | 226M | 232M | 203M | 247M | 302M | 593M | 276M | 1.43B | 441M | 306M | 1.95B | 1.08B | 1.07B | 667M | 319M | 294.8M | 197.8M |
| Other Income/Expense | -552M | -472M | -676M | -460M | -238M | -1.78B | -317M | -391M | -352M | -195M | -228M | -288M | -294M | -275M | -248M | -338M | -230M | -278M | -318M | -392M | -216M | -811M | -325M | -356M | -623M | -715M | -730M | -516M | -364M | -383M | -258.2M |
| Pretax Income | 1.26B | 1.16B | 743M | 809M | 1.1B | -416M | 731M | 636M | 744M | 829M | 769M | 639M | 521M | 576M | 647M | 587M | 614M | 459M | 442M | 201M | 335M | -314M | 133M | 63M | -161M | -448M | -232M | 286M | 179M | 449.3M | 418.4M |
| Pretax Margin % | 9.17% | 9.41% | 6.3% | 6.74% | 8.48% | -3.65% | 7.78% | 6.65% | 6.67% | 9.53% | 9.28% | 7.29% | 5.73% | 6.65% | 7.64% | 6.79% | 7.73% | 5.78% | 5.32% | 2.6% | 4.8% | -4.55% | 1.85% | 0.95% | -2.37% | -6.23% | -3.18% | 3.7% | 2.16% | 5.29% | 5.02% |
| Income Tax | 321M | 281M | 183M | 222M | 243M | -57M | 199M | 136M | 216M | 401M | 186M | 178M | 43M | 148M | 17M | 194M | 165M | 7M | 112M | -400M | -62M | -2M | 82M | 95M | 30M | 528M | -58M | 105M | 74M | 147.7M | 134.4M |
| Effective Tax Rate % | 25.44% | 24.14% | 24.63% | 27.44% | 22.13% | 13.7% | 27.22% | 21.38% | 29.03% | 48.37% | 24.19% | 27.86% | 8.25% | 25.69% | 2.63% | 33.05% | 26.87% | 1.53% | 25.34% | -199% | -18.51% | 0.64% | 61.65% | 150.79% | -18.63% | -117.86% | 25% | 36.71% | 41.34% | 32.87% | 32.12% |
| Net Income | 794M | 734M | 424M | 450M | 727M | -560M | 579M | 510M | 439M | 323M | 496M | 393M | 390M | 324M | 559M | 282M | 324M | 334M | 226M | 528M | 309M | -362M | 51M | -32M | -1.21B | -972M | -174M | 181M | 105M | 294M | 284M |
| Net Margin % | 5.77% | 5.94% | 3.59% | 3.75% | 5.62% | -4.91% | 6.16% | 5.34% | 3.94% | 3.71% | 5.99% | 4.49% | 4.29% | 3.74% | 6.6% | 3.26% | 4.08% | 4.21% | 2.72% | 6.83% | 4.43% | -5.24% | 0.71% | -0.48% | -17.74% | -13.52% | -2.39% | 2.34% | 1.27% | 3.46% | 3.41% |
| Net Income Growth % | -16.07% | 73.11% | -5.78% | -38.1% | 229.82% | -196.72% | 13.53% | 16.17% | 35.91% | -34.88% | 26.21% | 0.77% | 20.37% | -42.04% | 98.23% | -12.96% | -2.99% | 47.79% | -57.2% | 70.87% | 185.36% | -809.8% | 259.38% | 97.34% | -23.97% | -458.62% | -196.13% | 72.38% | -64.29% | 3.52% | 279.17% |
| Net Income (Continuing) | 941M | 883M | 560M | 587M | 855M | -359M | 532M | 500M | 528M | 428M | 583M | 461M | 478M | 428M | 0 | 393M | 449M | 452M | 330M | 601M | 397M | -320M | 79M | -74M | -191M | -976M | -174M | 181M | 105M | 302M | 284M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | -53M | 155M | 123M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 526M | 481M | 472M | 454M | 438M | 418M | 406M | 379M | 349M | 322M | 302M | 291M | 268M | 285M | 285M | 234M | 325M | 389M | 353M | 323M | 279M | 246M | 201M | 197M | 196M | 201M | 195M | 295M | 280M | 282.8M | 243.8M |
| EPS (Diluted) | 7.33 | 6.38 | 3.55 | 3.76 | 5.99 | -3.52 | 3.15 | 2.87 | 3.28 | 2.38 | 3.56 | 2.82 | 2.82 | 2.30 | 3.77 | 1.83 | 2.00 | 2.06 | 1.39 | 3.19 | 1.82 | -2.13 | 0.21 | -0.19 | -8.62 | -7.74 | -1.38 | 1.36 | 0.71 | 2.10 | 2.14 |
| EPS Growth % | -11.14% | 79.72% | -5.59% | -37.23% | 270.15% | -211.76% | 9.76% | -12.5% | 37.82% | -33.15% | 26.24% | 0% | 22.61% | -38.99% | 106.01% | -8.5% | -2.91% | 48.2% | -56.43% | 75.27% | 185.45% | -1114.29% | 210.53% | 97.8% | -11.37% | -460.87% | -201.47% | 91.55% | -66.19% | -1.87% | 157.83% |
| EPS (Basic) | - | 6.41 | 3.55 | 3.76 | 6.02 | -3.52 | 3.18 | 2.89 | 3.28 | 2.38 | 3.56 | 2.85 | 2.84 | 2.32 | 3.83 | 1.86 | 2.03 | 2.10 | 1.42 | 3.27 | 1.87 | -2.13 | 0.22 | -0.19 | -8.70 | -7.74 | -1.38 | 1.36 | 0.71 | 2.11 | 2.16 |
| Diluted Shares Outstanding | 108.32M | 115.74M | 119.43M | 119.67M | 121.38M | 130.38M | 134.56M | 134.88M | 133.88M | 135.61M | 139.31M | 139.14M | 138.54M | 140.65M | 148.4M | 154.3M | 162.39M | 161.95M | 162.93M | 165.52M | 169.78M | 169.95M | 167.51M | 165.62M | 139.74M | 125.6M | 125.7M | 122.06M | 123.94M | 129.05M | 123.46M |
| Basic Shares Outstanding | 107.78M | 115.22M | 119.43M | 119.67M | 121.37M | 130.38M | 133.53M | 133.89M | 133.84M | 135.61M | 139.31M | 139.36M | 138.3M | 140.87M | 148.28M | 151.7M | 159.4M | 159.14M | 159.59M | 161.47M | 165.24M | 169.95M | 165.18M | 164.57M | 138.56M | 125.6M | 125.7M | 122.06M | 123.94M | 128.44M | 122.31M |
| Dividend Payout Ratio | - | 16.35% | 28.07% | 25.56% | 14.58% | - | - | - | - | - | - | - | - | - | - | - | 34.57% | 26.05% | 28.76% | 7.2% | - | - | - | - | - | - | - | 76.24% | 136.19% | 51.63% | 51.2% |
Quick answers to the most common questions about buying CCK stock.
For fiscal year 2025, Crown Holdings, Inc. (CCK) reported total revenue of $12.37B. This represents a 48.4% increase compared to $8.33B in 1996.
Crown Holdings, Inc. (CCK) is profitable, generating $734.0M in net income for the fiscal year ending 2025 with a net profit margin of 5.9%.
Crown Holdings, Inc. (CCK) reported an operating income of $1.64B, resulting in an operating profit margin of 13.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Crown Holdings, Inc. (CCK) generated $2.27B in gross profit for the year, representing a gross profit margin of 18.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin compression amid elevated leverage
Metrics are mathematically derived from official filings.
Growth Reacceleration Led by Cost Pass-Through
Quarterly revenue growth swung from -2.2% in 2024Q2 to 15.9% in 2026Q3, an acceleration of roughly 18 points over eight quarters. Per CCK's reported statements, much of this appears attributable to aluminum cost pass-throughs inflating the top line rather than pure volume growth.
The deceleration trough appears in 2024Q2, when revenue contracted 2.2% year over year, and the recovery has been remarkably consistent since—growth re-entered positive territory in 2024Q4 and climbed every quarter through 2026Q3. Management's disclosure of 5% global beverage can volume growth set against 15.9% revenue growth implies that a substantial share of top-line expansion is price/mix and metal pass-through rather than unit demand, which may prove less durable if aluminum prices normalize. Investors should watch whether volume can sustain mid-single-digit gains without the tailwind of rising input costs.
Gross Margin Erodes Despite Volume Gains
Gross margin has compressed roughly 300 basis points, from 22.5% in 2024Q3 to 19.5% in 2026Q3, even as revenue accelerated. According to Crown's segment economics, this divergence suggests metal and energy inflation is outpacing contractual pass-through recovery.
The margin trajectory has been persistently negative: gross margin printed 22.4–22.5% through late 2024, slipped to the 21.6–22.6% band across mid-2025, then broke decisively into the 19–20% range throughout 2026. This erosion is occurring despite operating leverage from a flat SG&A base, which implies the compression is concentrated in cost of goods—most plausibly the lag between aluminum cost inflation and contractual price recovery, consistent with the inventory effect commonly observed in metal packaging reporting. Whether the 2026Q3 print of 19.5% represents a new floor or a cyclical trough warrants close monitoring, particularly given the European energy environment flagged as a live risk to conversion costs.
Overhead Discipline Absorbed by Cost Creep
As disclosed in CCK's quarterly statements, SG&A has held nearly flat in absolute dollars—ranging $150M to $166M—while revenue grew from $3.0B to $3.7B, implying meaningful overhead leverage that has nonetheless been partially absorbed by rising cost of goods.
The SG&A ratio has improved from roughly 5.4% of revenue in 2024Q2 to approximately 4.3% in 2026Q3, a genuine and sustained efficiency gain that suggests disciplined corporate cost management. Yet operating margin has failed to expand proportionally—12.5% in 2024Q2 versus 11.9% in 2026Q3—indicating that nearly all of the overhead leverage has been consumed by gross margin compression rather than flowing to the bottom line. This dynamic suggests CCK is effectively running in place: administrative efficiency is funding, rather than growing, profitability, and investors should monitor whether volume scale can finally convert SG&A leverage into operating margin expansion.
Net Income Volatility Signals Non-Operating Noise
Reported net income is unusually volatile relative to operating results: a $175M loss in 2024Q3 against $444M of operating income, then a $358M profit in 2024Q4. Based on Crown's income statement, non-operating items appear to be driving outsized swings in EPS that complicate underwriting.
The gap between operating and net income is difficult to reconcile quarter-to-quarter on the reported figures. In 2024Q3, $444M of operating income converted to a $175M net loss; in 2024Q4, $351M of operating income yielded $358M of net income, implying a non-operating benefit exceeding $100M—potentially a tax item, pension remeasurement, or asset disposition, though the provided data does not confirm the driver. The 2025Q4 anomaly, where operating income of $427M exceeded gross profit of $322M, is also inconsistent with a normal cost stack and appears to reflect restructuring credits or reclassifications that warrant investigation before underwriting reported EPS. Analysts may prefer to normalize on operating income given this instability.
Volume Growth Masking Structural Margin Slippage
The bear case centers on the disconnect between 15.9% revenue growth and a 19.5% gross margin—levels below the 22%+ range seen in 2024. With roughly $6.4B of debt, per recent disclosures, margin slippage could compress net income faster than volume gains offset.
A short-seller framing would emphasize that CCK's revenue acceleration appears partly self-generated through metal pass-through mechanics rather than genuine demand expansion, leaving the equity story exposed to flat or falling aluminum prices. Critically, the ~300 basis points of gross margin erosion occurred during a period of rising volumes, which is the inverse of the operating leverage thesis normally attached to high-fixed-cost manufacturers and suggests either pricing concessions or unrecovered input inflation. Combined with a reported debt load near $6.4B and a debt-to-equity ratio of 1.77, the capital structure appears to leave limited headroom if industrial production softens further in Transit Packaging or if the Latin America demand weakness flagged recently broadens.