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Call sheet · Q3'26

Crown Holdings (CCK)

Q3'26 earnings call · held October 20, 2026 · compared with the Q2'26 call · management-credibility review
10/12
Disclosure score
2 medium, 1 low flags
Financial quality
Bottom line
Crown's shipments grew, but higher input costs kept segment income below the prior-year quarter. The sales increase includes substantial material-cost pass-through, so revenue growth alone overstates the operating volume story. Adjusted EPS guidance retained its midpoint while adjusted free cash flow guidance improved. Watch actual Q4 cost pressure, cash conversion and capacity plans; neither a lower quarterly buyback nor conditional capacity commentary proves a broken commitment.

The 30-second version

  • Volume growth did not fully offset input-cost pressure
  • Sales growth includes a large material-cost pass-through
  • Cash-flow guidance rose while the EPS midpoint stayed put

What changed this quarter

MetricQ2'26Q3'26Change
Net salesAbout $3.7B$3.711B, including $405M material-cost pass-throughDistinguish sales dollars from beverage-can shipments
Adjusted diluted EPS$2.49, +16% YoY$2.39, +7% YoY-4% sequential, YoY growth rate halved
Reported diluted EPS$2.23$2.08-6.7% sequential
Segment income (non-GAAP)$501M vs $476M PY$484M vs $490M PYSequential decline, YoY turned negative
Global beverage can volume growth+5%+6%Accelerated 100bps
North America volume growth+5%+6%Accelerating, but management now flags 'full' capacity next year
Europe volume growth+7%+4%Decelerated 300bps on Gulf states weakness
Brazil volume-10% in Q2+4% in Q3Swing to positive, but FY target cut
FY26 adjusted EPS guidance$8.30-$8.50$8.35-$8.45Midpoint unchanged, range narrowed
FY26 adjusted free cash flow guideAt least $900MAt least $950MRaised $50M; management attributed improvement to working capital

Accountability tracked

8 new promises made2 narrative shifts flagged7 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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