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CROWN HOLDINGS, INC.

For the period ended Dec 31, 2025. Filed Feb 27, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 27, 2026

CCK$121.30-0.5%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-K

(Mark One)

For the fiscal year ended December 31, 2025

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from ___ to ___

COMMISSION FILE NUMBER 001-41550

CROWN HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Pennsylvania75-3099507
(State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.)
14025 Riveredge Drive, Suite 300TampaFL33637-2015
(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code:215-698-5100

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Title of each classTrading SymbolsName of each exchange on which registered
Common Stock $5.00 Par ValueCCKNew York Stock Exchange
7 1/2% Debentures Due 2096CCK96New York Stock Exchange

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: NONE

(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes☐ No ☒

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filings requirements for the past 90 days. Yes ☒ No☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files). Yes ☒ No☐

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.☒

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act

Large Accelerated Filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes☒ No☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. Yes ☐ No☒

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). Yes☐ No☒

As of June 30, 2025, 116,393,989 shares of the Registrant’s Common Stock, excluding shares held in Treasury, were issued and outstanding, and the aggregate market value of such shares held by non-affiliates of the Registrant on such date was $11,923,400,233 based on the New York Stock Exchange closing price for such shares on that date.

As of February 26, 2026,113,225,669 shares of the Registrant’s Common Stock were issued and outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

DocumentParts Into Which Incorporated
Proxy Statement for the Annual Meeting of Shareholders to be held April 30, 2026Part III to the extent described therein

2025 FORM 10-K ANNUAL REPORT

TABLE OF CONTENTS

PART I1
ITEM 1. Business1
ITEM 1A. Risk Factors7
ITEM 1B. Unresolved Staff Comments21
ITEM 1C. Cybersecurity21
ITEM 2. Properties22
ITEM 3. Legal Proceedings24
ITEM 4. Mine Safety Disclosures24
PART II24
ITEM 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities24
ITEM 6. [Reserved]24
ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations26
ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk40
ITEM 8. Financial Statements and Supplementary Data41
Management’s Report on Internal Control Over Financial Reporting41
Report of Independent Registered Public Accounting Firm42
Consolidated Statements of Operations44
Consolidated Statements of Comprehensive Income45
Consolidated Balance Sheets46
Consolidated Statements of Cash Flows47
Consolidated Statements of Changes in Shareholders’ Equity48
Notes to Consolidated Financial Statements49
A. Summary of Significant Accounting Policies49
B. Acquisitions and Divestitures53
C. Cash, Cash Equivalents, and Restricted Cash53
D. Receivables54
E. Inventories54
F. Goodwill54
G. Intangible Assets55
H. Property, Plant, and Equipment55
I. Leases55
J. Other Non-Current Assets57
K. Accrued Liabilities57
L. Supplier Finance Program Obligations57
M. Restructuring and Other58
N. Debt60
O. Derivative and Other Financial Instruments61
P. Asbestos-Related Liabilities65
Q. Commitments and Contingent Liabilities67
R. Other Non-Current Liabilities68
S. Pension and Other Postretirement Benefits69
T. Income Taxes77
U. Capital Stock81
V. Accumulated Other Comprehensive Loss Attributable to Crown Holdings82
W. Revenue82
X. Stock-Based Compensation82
Y. Earnings Per Share83
Z. Segment Information85
SCHEDULE II – Valuation and Qualifying Accounts and Reserves88
ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure88
ITEM 9A. Controls and Procedures88
ITEM 9B. Other Information88
ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections89
PART III89
ITEM 10. Directors, Executive Officers and Corporate Governance89
ITEM 11. Executive Compensation89
ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters90
ITEM 13. Certain Relationships and Related Transactions, and Director Independence90
ITEM 14. Principal Accounting Fees and Services90
PART IV91
ITEM 15. Exhibits and Financial Statement Schedules91
SIGNATURES99
ContentsView on SEC.gov

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