Crane NXT Reports First Quarter 2026 Results
Rhea-AI Summary
Crane NXT (NYSE: CXT) reported Q1 2026 results and completed the acquisition of Antares Vision for approximately €362 million on March 31, 2026. Q1 sales were $387.7M (+17% YoY) with 6% organic growth. GAAP EPS was $0.11; Adjusted EPS was $0.60. Adjusted EBITDA was $74.7M (19.3% margin). The company raised 2026 sales guidance to +15% to +17% and maintained full‑year Adjusted EPS guidance of $4.10–$4.40. A quarterly dividend of $0.18 per share is payable June 10, 2026.
AI-generated analysis. Not financial advice.
Positive
- Acquisition of Antares Vision for approximately €362M completed
- Net sales $387.7M, up 17% YoY
- Organic sales growth of 6%
- Adjusted EBITDA $74.7M and margin 19.3%
- Updated full‑year sales growth guidance of +15% to +17%
Negative
- GAAP net income fell to $6.4M (GAAP EPS $0.11) and margin 1.7%
- DTT segment sales declined 4.0% and operating profit fell 36.8%
- Non‑operating expense guidance increased to ~$85M, up from ~$60M
News Market Reaction – CXT
On the day this news was published, CXT declined 3.88%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
CXT slipped 0.36% while key peers like NPO, SXI, FELE, MWA, and KAI showed gains, suggesting today’s earnings and guidance are driving stock-specific, not sector-wide, dynamics.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 09 | Earnings timetable | Neutral | +1.3% | Announced Q1 2026 earnings release and call schedule for early May. |
| Jan 13 | Earnings timetable | Neutral | +2.0% | Set dates for Q4 and full-year 2025 earnings release and conference call. |
| Nov 05 | Quarterly earnings | Positive | -4.4% | Reported Q3 2025 growth, strong margins, and raised full-year guidance. |
| Oct 08 | Earnings timetable | Neutral | -1.2% | Outlined schedule for Q3 2025 earnings release and webcast access. |
| Aug 06 | Quarterly earnings | Positive | +1.4% | Posted Q2 2025 sales growth and maintained full-year EPS guidance. |
Earnings-related communications have typically produced small moves, with one notable selloff on a prior quarterly report.
Over the past year, Crane NXT’s earnings and related communications have included scheduling updates and two full quarterly reports. Q2 and Q3 2025 results both highlighted solid sales growth, acquisitions, and maintained or raised EPS guidance, though Q3 2025 coincided with a sharper negative move. More recently, the company set timelines for Q4 2025 and Q1 2026 releases, which saw modest positive reactions. Today’s Q1 2026 results and updated 2026 guidance continue that pattern of growth, acquisition integration, and steady EPS outlook.
Historical Comparison
Earnings-related headlines for CXT have typically led to modest moves, averaging about -0.18%, with one prior quarterly report seeing a sharper downside reaction.
The earnings trail shows Crane NXT moving from solid Q2 and Q3 2025 growth with guidance raises to Q4 2025 and Q1 2026 updates that emphasize acquisitions, integration, and maintaining adjusted EPS guidance.
Market Pulse Summary
This announcement highlights Q1 2026 net sales of $387.7 million with 6% organic growth, completion of the Antares Vision acquisition, and an increased full-year sales outlook of 15%–17% while maintaining adjusted EPS guidance of $4.10–$4.40. Segment data show strength in Security and Authentication and softer trends in Detection and Traceability. Investors may focus on how integration, margins, and cash generation track against the guided adjusted EBITDA and free cash flow conversion targets.
Key Terms
adjusted ebitda financial
free cash flow conversion financial
basis points financial
tax-withholding transaction financial
AI-generated analysis. Not financial advice.
Completes Acquisition of Antares Vision, a Global Leader in Inspection, Detection, and Track & Trace Technologies
Delivers Organic Sales Growth of
WALTHAM, Mass., May 06, 2026 (GLOBE NEWSWIRE) -- Crane NXT, Co. (NYSE: CXT) ("Crane NXT" or the "Company"), a global leader in authentication and traceability technologies, today announced its financial results for the first quarter ended March 31, 2026.
First Quarter 2026 and Recent Highlights
- Completed the acquisition of Antares Vision on March 31, 2026 for approximately
€362 million in cash. - Sales of
$388 million , up17% year-over-year; organic sales growth of6% , in-line with the Company's expectations. - GAAP earnings per diluted share (EPS) of
$0.11 , and Adjusted EPS of$0.60 . - The Company is increasing its 2026 full year sales guidance to a range of
15% to17% inclusive of Antares Vision and maintaining full year Adjusted EPS guidance in the range of$4.10 t o$4.40 . Please see the "Full Year 2026 Guidance" section in this press release for more details.
Aaron W. Saak, Crane NXT's President and Chief Executive Officer, stated: "In the first quarter, we delivered on our value creation priorities, accelerating organic growth and building on our leadership positions. With the Antares Vision acquisition complete, our portfolio is increasingly integrated and aligned to growing markets with sustainable tailwinds."
Mr. Saak continued: “Our first quarter results continue to show progress in the evolution of Crane NXT, with approximately
Summary of First Quarter 2026 Results
| Three Months Ended March 31, | Change | ||||||||||||||
| (dollars in millions) | 2026 | 2025 | $ | % | |||||||||||
| Net sales (GAAP) | $ | 387.7 | $ | 330.3 | $ | 57.4 | 17.4 | % | |||||||
| Organic sales | $ | 18.3 | 5.6 | % | |||||||||||
| Net income (GAAP) | $ | 6.4 | $ | 21.7 | $ | (15.3 | ) | (70.5 | )% | ||||||
| Net income margin (GAAP) | 1.7 | % | 6.6 | % | (490bps) | ||||||||||
| Adjusted EBITDA | $ | 74.7 | $ | 61.1 | $ | 13.6 | 22.3 | % | |||||||
| Adjusted EBITDA margin | 19.3 | % | 18.5 | % | 80bps | ||||||||||
First quarter 2026 net income attributable to common shareholders was
Summary of First Quarter 2026 Segment Financial Results
Security and Authentication Technologies ("SAT")
| Three Months Ended March 31, | Change | |||||||||||||
| (dollars in millions) | 2026 | 2025 | $ | % | ||||||||||
| Net sales (GAAP) | $ | 192.8 | $ | 127.4 | $ | 65.4 | 51.3 | % | ||||||
| Organic sales | $ | 28.6 | 22.4 | % | ||||||||||
| Operating profit (GAAP) | $ | 15.1 | $ | 2.4 | $ | 12.7 | NM | |||||||
| Operating profit margin (GAAP) | 7.8 | % | 1.9 | % | 590bps | |||||||||
| Adjusted EBITDA | $ | 38.6 | $ | 17.7 | $ | 20.9 | 118.1 | % | ||||||
| Adjusted EBITDA margin | 20.0 | % | 13.9 | % | 610bps | |||||||||
Detection and Traceability Technologies ("DTT")
| Three Months Ended March 31, | Change | ||||||||||||||
| (dollars in millions) | 2026 | 2025 | $ | % | |||||||||||
| Net sales (GAAP) | $ | 194.9 | $ | 202.9 | $ | (8.0 | ) | (4.0 | )% | ||||||
| Organic sales | $ | (10.3 | ) | (5.1 | )% | ||||||||||
| Operating profit (GAAP) | $ | 31.4 | $ | 49.7 | $ | (18.3 | ) | (36.8 | )% | ||||||
| Operating profit margin (GAAP) | 16.1 | % | 24.5 | % | (840bps) | ||||||||||
| Adjusted EBITDA | $ | 51.8 | $ | 57.2 | $ | (5.4 | ) | (9.4 | )% | ||||||
| Adjusted EBITDA margin | 26.6 | % | 28.2 | % | (160bps) | ||||||||||
Totals may not sum due to rounding
Please see the Non-GAAP Financial Measures tables in this release
Full Year 2026 Guidance
The Company is updating its initial full year guidance provided on February 11, 2026 to reflect the acquisition of Antares Vision.
| Full Year 2026 Guidance Details | ||||
| (dollars in millions, except per share data) | Initial Guidance | Updated Guidance | ||
| Crane NXT Sales Growth | + | + | ||
| SAT Segment Sales Growth | ~HSD | ~HSD | ||
| DTT Segment Sales Growth | ~Flat | Low 20's % | ||
| Adjusted Segment EBITDA Margin | ~ | ~ | ||
| Adjusted EBITDA Margin | ~ | ~ | ||
| Adjusted EPS | ||||
| Other items: | ||||
| Corporate Expense | ~ | ~ | ||
| Non-Operating Expense, Net | ~ | ~ | ||
| Adjusted Tax Rate | ~ | ~ | ||
| Adjusted Free Cash Flow Conversion | ~ | ~ | ||
| Diluted Shares | ~58 million | ~58 million | ||
| Please see the Non-GAAP Financial Measures definitions in this release | ||||
Second Quarter 2026 Dividend
Crane NXT announced its quarterly dividend of
Conference Call
Crane NXT scheduled a conference call to discuss the first quarter financial results on Thursday, May 7, 2026, at 10:00 A.M. (Eastern). Interested parties may listen to a live webcast of the conference call by visiting the Events section of the Investor Relations section of the Company’s website. For those wishing to participate in the Q&A session of the call, please visit the Investors section of Crane NXT's website at www.cranenxt.com to pre-register. Pre-registration may be completed at any time up to the call start time. An accompanying slide presentation and a replay of the live event will also be available on the Company’s website.
About Crane NXT, Co.
Crane NXT is a global leader in authentication and traceability technologies that secure, detect, and authenticate what matters most to its customers. Through its two market-leading business segments, Security & Authentication Technologies and Detection & Traceability Technologies, Crane NXT provides innovative solutions that prevent the counterfeiting of products and identities and ensure the quality, authenticity, and traceability of products across the supply chain. Crane NXT’s approximately 6,000 employees help its customers protect their most important assets and ensure secure, seamless transactions around the world every day. For more information, visit www.cranenxt.com.
Forward-Looking Statements Disclaimer
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding the Company's intent, belief, or expectations.
Words such as “anticipate(s),” “expect(s),” “intend(s),” “believe(s),” “plan(s),” “may,” “will,” “would,” “could,” “should,” “seek(s),” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. The Company assumes no (and disclaims any) obligation to revise or update these statements to reflect future events or circumstances. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, it can give no assurance that its expectations will be attained. The Company cautions investors not to place undue reliance on any such forward-looking statements.
Risks and uncertainties that could cause actual results to differ materially from the Company's expectations include, but are not limited to: the impact of tariffs and other trade measures; changes in global economic conditions (including inflationary pressures) and geopolitical risks, including macroeconomic fluctuations; demand for its products, which is variable and subject to factors beyond its control; risks associated with conducting a substantial portion of its business outside the U.S., including the risk of tariffs and other trade measures by the U.S. and other countries; information systems and technology networks failures, breaches in data security, theft of personally identifiable and other information, and non-compliance with its contractual or other legal obligations regarding such information; being unable to identify or complete acquisitions, or to successfully integrate the businesses the Company acquires; fluctuation in the prices of, or disruption in its ability to source, components and raw materials, and delays in the distribution of its products; loss of personnel or being able to hire and retain additional personnel needed to sustain and grow its business as planned; being unable to successfully develop and introduce new products, which would limit its ability to grow and maintain its competitive position; governmental regulations and failure to comply with those regulations; the ability to protect its intellectual property; risks from litigation, claims and investigations, including those related to product liability and warranties, and employee, commercial, intellectual property and environmental matters; risks related to its ability to improve productivity, reduce costs and align manufacturing capacity with customer demand; significant competition in the Company's markets; additional tax expenses or exposures; adverse impacts from intangible asset impairment charges; inadequate or ineffective internal controls; and risks related to the Separation, including not obtaining the intended tax treatment of the Separation transaction, failure of Crane Company to perform under the various transaction agreements and actual or potential conflicts of interest with Crane Company.
Readers should carefully review Crane NXT, Co.’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Crane NXT, Co.’s Annual Report on Form 10-K for the year ended December 31, 2025 and the other documents Crane NXT, Co. and its subsidiaries file from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
CRANE NXT, CO. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations Data
(unaudited, in millions, except per share data)
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Net sales: | ||||||||
| Security and Authentication Technologies | $ | 192.8 | $ | 127.4 | ||||
| Detection and Traceability Technologies | 194.9 | 202.9 | ||||||
| Total net sales | $ | 387.7 | $ | 330.3 | ||||
| Operating profit (loss): | ||||||||
| Security and Authentication Technologies | 15.1 | $ | 2.4 | |||||
| Detection and Traceability Technologies | 31.4 | 49.7 | ||||||
| Corporate | (24.3 | ) | (14.8 | ) | ||||
| Total operating profit | $ | 22.2 | $ | 37.3 | ||||
| Interest expense | (17.8 | ) | (11.5 | ) | ||||
| Equity investment income | 4.7 | 0.1 | ||||||
| Miscellaneous income, net | 0.1 | 2.2 | ||||||
| Income before income taxes | 9.2 | 28.1 | ||||||
| Provision for income taxes | 2.4 | 6.4 | ||||||
| Net income before allocation to noncontrolling interest | 6.8 | 21.7 | ||||||
| Less: Noncontrolling interest in subsidiaries’ earnings | 0.4 | — | ||||||
| Net income attributable to common shareholders | $ | 6.4 | $ | 21.7 | ||||
| Earnings per diluted share | $ | 0.11 | $ | 0.38 | ||||
| Average diluted shares outstanding | 58.0 | 57.9 | ||||||
| Average basic shares outstanding | 57.5 | 57.3 | ||||||
| Supplemental data: | ||||||||
| Cost of sales | $ | 231.8 | $ | 190.1 | ||||
| Selling, general and administrative | 130.6 | 102.9 | ||||||
| Restructuring charges | 3.1 | — | ||||||
CRANE NXT, CO. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(unaudited, in millions)
| March 31, 2026 | December 31, 2025 | |||||
| Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 228.3 | $ | 233.8 | ||
| Accounts receivable, net | 420.0 | 351.8 | ||||
| U.S. and foreign taxes on income | 14.1 | 12.7 | ||||
| Inventories, net | 260.5 | 169.5 | ||||
| Other current assets | 91.2 | 85.1 | ||||
| Total current assets | 1,014.1 | 852.9 | ||||
| Property, plant and equipment, net | 321.2 | 303.8 | ||||
| Long-term deferred tax assets | 11.6 | 2.5 | ||||
| Investment in equity affiliates and join ventures | 8.1 | 139.4 | ||||
| Other assets | 97.9 | 96.6 | ||||
| Intangible assets, net | 789.3 | 557.2 | ||||
| Goodwill | 1,398.2 | 1,164.0 | ||||
| Total assets | $ | 3,640.4 | $ | 3,116.4 | ||
| Liabilities and equity | ||||||
| Current liabilities: | ||||||
| Short-term borrowings | $ | 249.5 | $ | 135.1 | ||
| Accounts payable | 130.8 | 132.3 | ||||
| Accrued liabilities | 358.1 | 273.0 | ||||
| U.S. and foreign taxes on income | 24.3 | 28.7 | ||||
| Total current liabilities | 762.7 | 569.1 | ||||
| Long-term debt | 1,259.4 | 1,004.4 | ||||
| Accrued pension and postretirement benefits | 27.8 | 19.1 | ||||
| Long-term deferred tax liability | 212.3 | 151.0 | ||||
| Other liabilities | 119.6 | 116.0 | ||||
| Redeemable noncontrolling interest | 21.1 | 6.9 | ||||
| Total equity | 1,237.5 | 1,249.9 | ||||
| Total liabilities, redeemable noncontrolling interest, and equity | $ | 3,640.4 | $ | 3,116.4 | ||
CRANE NXT, CO. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(unaudited, in millions)
| Three Months Ended March 31, | |||||||||
| 2026 | 2025 | ||||||||
| Operating activities: | |||||||||
| Net income before allocation to noncontrolling interest | $ | 6.8 | $ | 21.7 | |||||
| Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||
| Depreciation and amortization | 29.7 | 21.6 | |||||||
| Stock-based compensation expense | 14.8 | 2.9 | |||||||
| Income from equity investments | (4.7 | ) | (0.1 | ) | |||||
| Deferred income taxes | (1.9 | ) | (0.5 | ) | |||||
| Cash used for operating working capital | (51.3 | ) | (61.4 | ) | |||||
| Other | (7.4 | ) | (3.3 | ) | |||||
| Total used for operating activities | $ | (14.0 | ) | $ | (19.1 | ) | |||
| Investing activities: | |||||||||
| Proceeds from disposition of assets | 4.6 | — | |||||||
| Payment for acquisitions, net of cash acquired | (225.4 | ) | — | ||||||
| Capital expenditures | (10.1 | ) | (13.1 | ) | |||||
| Settlement of forward contracts | (0.3 | ) | (0.5 | ) | |||||
| Total used for investing activities | $ | (231.2 | ) | $ | (13.6 | ) | |||
| Financing activities: | |||||||||
| Dividends paid | (10.3 | ) | (9.7 | ) | |||||
| Proceeds from stock options exercised | — | 0.6 | |||||||
| Payment of tax withholding on equity awards vested | (2.8 | ) | (5.6 | ) | |||||
| Debt issuance costs | (1.6 | ) | (0.8 | ) | |||||
| Proceeds from revolving credit facility | 30.0 | 106.0 | |||||||
| Repayments of revolving credit facility | (30.0 | ) | (52.5 | ) | |||||
| Proceeds from term loan | 366.9 | — | |||||||
| Repayment of term loan | (112.4 | ) | — | ||||||
| Total provided by financing activities | $ | 239.8 | $ | 38.0 | |||||
| Effect of exchange rates on cash, cash equivalents and restricted cash | (1.8 | ) | 6.7 | ||||||
| (Decrease) increase in cash, cash equivalents and restricted cash | (7.2 | ) | 12.0 | ||||||
| Cash, cash equivalents and restricted cash at beginning of period | 246.2 | 173.4 | |||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 239.0 | $ | 185.4 | |||||
CRANE NXT, CO. AND SUBSIDIARIES
Order Backlog
(unaudited, in millions)
| March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | |||||||||||
| Security and Authentication Technologies | $ | 428.5 | $ | 379.4 | $ | 447.6 | $ | 447.2 | $ | 401.2 | |||||
| Detection and Traceability Technologies1 | $ | 220.8 | $ | 113.4 | $ | 109.4 | $ | 144.4 | $ | 146.6 | |||||
| Total backlog | $ | 649.3 | $ | 492.8 | $ | 557.0 | $ | 591.6 | $ | 547.8 | |||||
| 1Includes | |||||||||||||||
CRANE NXT, CO. AND SUBSIDIARIES
Sales Growth
(unaudited, in millions)
| Three Months Ended March 31, | Change | ||||||||||||
| (dollars in millions) | 2026 | 2025 | $ | % | |||||||||
| Total Crane NXT Net Sales | $ | 387.7 | $ | 330.3 | $ | 57.4 | 17.4 | % | |||||
| Organic sales | 18.3 | 5.6 | % | ||||||||||
| Acquisitions | 26.5 | 8.0 | % | ||||||||||
| Foreign exchange | 12.6 | 3.8 | % | ||||||||||
| Security and Authentication Technologies Net Sales | $ | 192.8 | $ | 127.4 | $ | 65.4 | 51.3 | % | |||||
| Organic sales | 28.6 | 22.4 | % | ||||||||||
| Acquisitions | 26.5 | 20.8 | % | ||||||||||
| Foreign exchange | 10.3 | 8.1 | % | ||||||||||
| Detection and Traceability Technologies Net Sales | $ | 194.9 | $ | 202.9 | $ | (8.0 | ) | (4.0 | )% | ||||
| Organic sales | (10.3 | ) | (5.1 | )% | |||||||||
| Foreign exchange | 2.3 | 1.1 | % | ||||||||||
CRANE NXT, CO. AND SUBSIDIARIES
Non-GAAP Financial Measures
(unaudited, in millions, except per share data)
| Three Months Ended March 31, | ||||||||||||||||
| 2026 | 2025 | |||||||||||||||
| $ | Per Share | $ | Per Share | |||||||||||||
| Net sales (GAAP) | $ | 387.7 | $ | 330.3 | ||||||||||||
| Operating profit (GAAP) | $ | 22.2 | $ | 37.3 | ||||||||||||
| Operating profit margin (GAAP) | 5.7 | % | 11.3 | % | ||||||||||||
| Adjusted Net Income and Adjusted Net Income per Share* | ||||||||||||||||
| Net income attributable to common shareholders (GAAP) | $ | 6.4 | $ | 0.11 | $ | 21.7 | $ | 0.38 | ||||||||
| Acquired intangible asset amortization | 15.7 | 0.27 | 11.0 | 0.19 | ||||||||||||
| Restructuring and related costs | 3.4 | 0.06 | — | — | ||||||||||||
| Transaction related expenses | 10.3 | 0.18 | 0.7 | 0.01 | ||||||||||||
| Acquisition related adjustments | 6.5 | 0.11 | 0.3 | 0.01 | ||||||||||||
| Tax adjustments | (7.6 | ) | (0.13 | ) | (2.4 | ) | (0.04 | ) | ||||||||
| Adjusted net income (Non-GAAP) | $ | 34.7 | $ | 0.60 | $ | 31.3 | $ | 0.54 | ||||||||
| Adjusted EBITDA and Adjusted EBITDA margin* | ||||||||||||||||
| Net income attributable to common shareholders (GAAP) | $ | 6.4 | $ | 21.7 | ||||||||||||
| Net income margin (GAAP) | 1.7 | % | 6.6 | % | ||||||||||||
| Adjustments to net income attributable to common shareholders | ||||||||||||||||
| Income tax expense | 2.4 | 6.4 | ||||||||||||||
| Intangible asset amortization | 16.2 | 11.3 | ||||||||||||||
| Interest expense, net | 17.6 | 11.3 | ||||||||||||||
| Depreciation | 11.9 | 9.4 | ||||||||||||||
| Transaction related expenses | 10.3 | 0.7 | ||||||||||||||
| Acquisition related adjustments | 6.5 | 0.3 | ||||||||||||||
| Restructuring and related costs | 3.4 | — | ||||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 74.7 | $ | 61.1 | ||||||||||||
| Adjusted EBITDA Margin (Non-GAAP) | 19.3 | % | 18.5 | % | ||||||||||||
| Totals may not sum due to rounding | ||||||||||||||||
| *Please see the Non-GAAP Financial Measures definitions in this release | ||||||||||||||||
CRANE NXT, CO. AND SUBSIDIARIES
Non-GAAP Financial Measures by Segment
(unaudited, in millions)
| Three Months Ended March 31, 2026 | SAT | DTT | Total Segment | Corporate | Total Company | ||||||||||||||
| Net sales | $ | 192.8 | $ | 194.9 | $ | 387.7 | $ | — | $ | 387.7 | |||||||||
| Operating profit (loss) (GAAP) | $ | 15.1 | $ | 31.4 | $ | 46.5 | $ | (24.3 | ) | $ | 22.2 | ||||||||
| Operating profit margin (GAAP) | 7.8 | % | 16.1 | % | 12.0 | % | 5.7 | % | |||||||||||
| Special items impacting operating profit: | |||||||||||||||||||
| Acquired intangible asset amortization | 10.4 | 5.3 | 15.7 | — | 15.7 | ||||||||||||||
| Restructuring and related costs | 2.5 | 0.9 | 3.4 | — | 3.4 | ||||||||||||||
| Acquisition related adjustments | 0.3 | 10.7 | 11.0 | — | 11.0 | ||||||||||||||
| Transaction related expenses | 0.4 | 1.1 | 1.5 | 8.5 | 10.0 | ||||||||||||||
| Adjusted operating profit (loss) (non-GAAP)* | $ | 28.7 | $ | 49.4 | $ | 78.1 | $ | (15.8 | ) | $ | 62.3 | ||||||||
| Adjusted operating profit margin (non-GAAP)* | 14.9 | % | 25.3 | % | 20.1 | % | 16.1 | % | |||||||||||
| Depreciation | 9.9 | 1.9 | 11.8 | 0.1 | 11.9 | ||||||||||||||
| Non-operating income | — | 0.5 | 0.5 | — | 0.5 | ||||||||||||||
| Adjusted EBITDA (non-GAAP)* | $ | 38.6 | $ | 51.8 | $ | 90.4 | $ | (15.7 | ) | $ | 74.7 | ||||||||
| Adjusted EBITDA margin (non-GAAP)* | 20.0 | % | 26.6 | % | 23.3 | % | 19.3 | % | |||||||||||
| Three Months Ended March 31, 2025 | SAT | DTT | Total Segment | Corporate | Total Company | ||||||||||||||
| Net sales (GAAP) | $ | 127.4 | $ | 202.9 | $ | 330.3 | $ | — | $ | 330.3 | |||||||||
| Operating profit (loss) (GAAP) | $ | 2.4 | $ | 49.7 | $ | 52.1 | $ | (14.8 | ) | $ | 37.3 | ||||||||
| Operating profit margin (GAAP) | 1.9 | % | 24.5 | % | 15.8 | % | 11.3 | % | |||||||||||
| Special items impacting operating profit: | |||||||||||||||||||
| Acquired intangible asset amortization | 5.7 | 5.3 | 11.0 | — | 11.0 | ||||||||||||||
| Acquisition related adjustments | 0.3 | — | 0.3 | — | 0.3 | ||||||||||||||
| Transaction related expenses | — | — | — | 0.7 | 0.7 | ||||||||||||||
| Adjusted operating profit (loss) (non-GAAP)* | $ | 8.4 | $ | 55.0 | $ | 63.4 | $ | (14.1 | ) | $ | 49.3 | ||||||||
| Adjusted operating profit margin (non-GAAP)* | 6.6 | % | 27.1 | % | 19.2 | % | 14.9 | % | |||||||||||
| Depreciation | 7.6 | 1.8 | 9.4 | — | 9.4 | ||||||||||||||
| Non-operating income | 1.7 | $ | 0.4 | 2.1 | $ | 0.3 | 2.4 | ||||||||||||
| Adjusted EBITDA (non-GAAP)* | $ | 17.7 | $ | 57.2 | $ | 74.9 | $ | (13.8 | ) | $ | 61.1 | ||||||||
| Adjusted EBITDA margin (non-GAAP)* | 13.9 | % | 28.2 | % | 22.7 | % | 18.5 | % | |||||||||||
| *Please see the Non-GAAP Financial Measures tables in this release. | |||||||||||||||||||
CRANE NXT, CO. AND SUBSIDIARIES
Free Cash Flow and Adjusted Free Cash Flow
(unaudited, in millions)
| Three Months Ended March 31, | |||||||||
| Cash Flow Items | 2026 | 2025 | |||||||
| Cash used for operating activities (GAAP) | $ | (14.0 | ) | $ | (19.1 | ) | |||
| Less: Capital expenditures | (10.1 | ) | (13.1 | ) | |||||
| Free cash flow | $ | (24.1 | ) | $ | (32.2 | ) | |||
| Transaction related expenses1 | 5.2 | 1.7 | |||||||
| Adjusted free cash flow (non-GAAP) | $ | (18.9 | ) | $ | (30.5 | ) | |||
| Adjusted net income (non-GAAP)* | $ | 34.7 | $ | 31.3 | |||||
| Adjusted free cash flow conversion (non-GAAP) | (54.5 | )% | (97.4 | )% | |||||
| 1Represents cash paid for transaction related expenses. | |||||||||
| *Please see the Non-GAAP Financial Measures tables in this release. | |||||||||
Net Leverage Ratio
(unaudited, in millions, except net leverage ratio)
| March 31, 2026 | ||||
| Total debt (excluding deferred financing costs of | $ | 1,539.8 | ||
| Less: Cash and cash equivalents | (228.3 | ) | ||
| Net debt | $ | 1,311.5 | ||
| TTM Adjusted EBITDA (non-GAAP)* | $ | 448.9 | ||
| Net leverage ratio | 2.9 | |||
| *The TTM Adjusted EBITDA includes Antares Vision for periods prior to the acquisition on March 31, 2026. Please refer to the Non-GAAP Financial Measures tables in prior quarter releases and in this release. | ||||
Crane NXT reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). This press release includes certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EPS, free cash flow, and Adjusted free cash flow, that are not prepared in accordance with GAAP. These non-GAAP measures are an addition, and not a substitute for or superior, to measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to operating income, net income or any other performance measures derived in accordance with GAAP. The Company's management believes that these non-GAAP measures of financial results (including on a forward-looking or projected basis) provide useful supplemental information to investors about Crane NXT. However, there are a number of limitations related to the use of these non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently or may use other measures to calculate their financial performance, and therefore the Company's non-GAAP measures may not be directly comparable to similarly titled measures of other companies.
"Special items" are items that are not incurred in all periods, the size of these items is difficult to predict, and none of these items are indicative of the operations of the underlying businesses. Management believes that non-GAAP financial measures that exclude these items provide investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. Special items consist of:
- Transaction related expenses including acquisition related expenses such as incremental professional fees associated with closing and integration of acquisitions.
- Acquired intangible asset amortization.
- Acquisition related adjustments primarily reflect purchase accounting adjustments arising from acquisitions, including fair value step‑ups (such as the amortization of acquisition‑related inventory). These adjustments include the fair value remeasurement of the Company’s equity‑method investment in Antares Vision as of the acquisition date, as well as stock‑based compensation issued to Antares Vision senior management in connection with the acquisition.
- Restructuring and related costs are predominantly related to severance charges associated with the integration of the DLR and OpSec businesses, and the alignment of DTT's cost structure with existing economic conditions. These costs include formal restructuring programs as well as other discrete actions. Certain costs included in this adjustment are not reported as restructuring charges in the GAAP results due to their immateriality.
Reconciliations of certain forward-looking and projected non-GAAP measures, including Adjusted segment EBITDA margin and Adjusted EPS, to the closest corresponding GAAP measure are not available without unreasonable efforts due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures, which could have a potentially significant impact on Crane NXT's future GAAP results. Crane NXT calculates Adjusted segment EBITDA margin and Adjusted EPS as described below.
- "Adjusted Segment EBITDA" excludes net interest expense, tax expense and depreciation and amortization expense from net income, as well as special items. "Adjusted segment EBITDA margin" is calculated as Adjusted segment EBITDA divided by sales.
- "Adjusted EPS" is calculated as Adjusted net income divided by diluted shares. Adjusted net income is calculated as net income excluding special items, the tax effect of these adjustments and other discrete tax items.
The Company's management believes that each of the following non-GAAP measures provides useful information to investors regarding the Company’s financial conditions and operations:
- "Adjusted net income" and "Adjusted EPS" exclude special items, the tax effect of these adjustments and other discrete tax items which are outside of the Company's underlying business performance, some of which may or may not be non-recurring, and which management believes may complicate the presentation of the Company’s underlying earnings and operational performance.
- “Free cash flow,” “Adjusted free cash flow” and "Adjusted free cash flow conversion” provide supplemental information to assist management and investors in analyzing the Company’s ability to generate liquidity from its operating activities. The measure of free cash flow does not take into consideration certain other non-discretionary cash requirements such as, for example, mandatory principal payments on the Company’s long-term debt. Free cash flow is calculated as cash provided by operating activities less capital expenditures. Adjusted free cash flow is calculated as free cash flow adjusted for certain cash items which management believes may complicate the interpretation of the Company’s underlying free cash flow performance such as certain transaction related cash flow items. Adjusted free cash flow conversion is calculated as Adjusted free cash flow divided by Adjusted net income. These items are not incurred in all periods, the size of these items is difficult to predict, and none of these items are indicative of the operations of the underlying businesses. Management believes that non-GAAP financial measures that exclude these items provide investors with an alternative metric that can assist in predicting future cash flows that are complementary to GAAP metrics.
- "Adjusted EBITDA" and "Adjusted EBITDA margin" exclude net interest expense, tax expense, depreciation and amortization expense and special items. "Adjusted operating profit (loss)" excludes special items described above that impact operating profit. Management believes that non-GAAP financial measures that exclude these items provide investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics.
- "Net leverage ratio" refers to Net debt divided by trailing twelve months (TTM) pro forma Adjusted EBITDA. "Net debt" represents total debt (excluding deferred financing costs), including acquired debt from Antares Vision acquisition, less cash and cash equivalents. The TTM Adjusted EBITDA includes the Antares Vision TTM Adjusted EBITDA for periods prior to the acquisition. Management believes that these non-GAAP financial measures provide useful information about our ability to satisfy our debt obligations.
- References to "organic," such as "organic sales," exclude currency effects and, where applicable, the first-year impacts of acquisitions and divestitures. Management believes that non-GAAP financial measures that exclude these items provide investors with an alternative metric that can assist in identifying underlying growth trends in our business and facilitate comparison of our sales performance, for example, with prior and future periods that are complementary to GAAP metrics.
| Contact: |
| Matt Roache |
| Vice President, Investor Relations |
| +1-781-864-4730 |
| matthew.roache@cranenxt.com |
