Crane NXT Reports Third Quarter 2025 Results
Crane NXT (NYSE: CXT) reported third quarter 2025 results with sales of $445.1M, up 10.3% year-over-year, and GAAP EPS $0.87 and Adjusted EPS $1.28. The company signed a definitive agreement to acquire Antares Vision and cited the acquired De La Rue Authentication Solutions as a contributor to SAT sales growth.
Key metrics: Adjusted operating profit margin 24.7%, Adjusted free cash flow conversion ~115%, cash $182.4M, and total debt $1,081.9M as of September 30, 2025. Full-year sales growth guidance raised to +9% to +11% and Adjusted EPS guidance narrowed to $4.00–$4.10. Quarterly dividend of $0.17 payable December 10, 2025.
Crane NXT (NYSE: CXT) ha riportato i risultati del terzo trimestre 2025 con vendite di 445,1 milioni di dollari, in aumento del 10,3% su base annua, e GAAP EPS 0,87 dollari e EPS rettificato 1,28 dollari. L'azienda ha firmato un accordo definitivo per l'acquisizione di Antares Vision e ha citato la De La Rue Authentication Solutions acquisita come contributore alla crescita delle vendite nel segmento SAT.
Metriche chiave: margine operativo rettificato 24,7%, conversazione del free cash flow rettificato ~115%, liquidità 182,4 milioni di dollari, e debito totale 1.081,9 milioni di dollari al 30 settembre 2025. Le previsioni per la crescita delle vendite dell'anno fiscale completo sono state rialzate a +9% a +11% e la guidance sull'EPS rettificato limitata a 4,00–4,10 dollari. Il dividendo trimestrale di 0,17 dollari sarà pagato il 10 dicembre 2025.
Crane NXT (NYSE: CXT) informó resultados del tercer trimestre de 2025 con ventas de 445,1 M$, un incremento interanual del 10,3%, y EPS GAAP de 0,87$ y EPS ajustado de 1,28$. La compañía firmó un acuerdo definitivo para adquirir Antares Vision y citó a De La Rue Authentication Solutions como contribuyente al crecimiento de ventas SAT.
Métricas clave: margen operativo ajustado 24,7%, conversión de flujo de efectivo libre ajustado ~115%, efectivo de 182,4 M$, y deuda total de 1.081,9 M$ al 30 de septiembre de 2025. Las guías de crecimiento de ventas para el año completo se elevaron a +9% a +11% y la guía de EPS ajustado se estrechó a 4,00–4,10$. El dividendo trimestral de 0,17$ se pagará el 10 de diciembre de 2025.
크레인 NXT (NYSE: CXT)는 2025년 3분기 실적을 발표했습니다. 매출은 4억 4,510만 달러로 연간 대비 10.3% 증가, GAAP 주당순이익 0.87달러, 조정 EPS 1.28달러입니다. 회사는 Antares Vision 인수에 대한 확정 계약을 체결했고 인수된 De La Rue Authentication Solutions가 SAT 매출 성장의 기여 요인으로 언급되었습니다.
주요 지표: 조정 영업 이익 마진 24.7%, 조정된 자유현금흐름 전환 ~115%, 현금 1억 8240만 달러, 부채 총액 10억 8190만 달러(2025년 9월 30일 기준). 연간 매출 전망치는 +9%에서 +11%로 상향되었고 조정 EPS 전망치는 4.00~4.10달러로 좁혀졌습니다. 1분기 배당금은 0.17달러로 2025년 12월 10일 지급됩니다.
Crane NXT (NYSE: CXT) a publié les résultats du troisième trimestre 2025 avec des ventes de 445,1 M$, en hausse de 10,3% sur un an, et un BPA GAAP de 0,87$ et un BPA ajusté de 1,28$. La société a signé un accord définitif pour acquérir Antares Vision et a cité la solution d'authentification De La Rue acquise comme contributeur à la croissance des ventes SAT.
Mesures clés : marge opérationnelle ajustée de 24,7%, conversion du free cash flow ajusté d'environ 115%, liquidités de 182,4 M$, et dette totale de 1 081,9 M$ au 30 septembre 2025. Les prévisions de croissance des ventes pour l'année complète ont été relevées à +9% à +11% et les prévisions de BPA ajusté se sont resserrées à 4,00–4,10 $. Le dividende trimestriel de 0,17 $ sera versé le 10 décembre 2025.
Crane NXT (NYSE: CXT) meldete die Ergebnisse des dritten Quartals 2025 mit einem Umsatz von 445,1 Mio. USD, einer Steigerung von 10,3% gegenüber dem Vorjahr, GAAP EPS 0,87 USD und bereinigtem EPS 1,28 USD. Das Unternehmen unterzeichnete eine endgültige Vereinbarung zum Erwerb von Antares Vision und verwies darauf, dass die erworbene De La Rue Authentication Solutions als Beitrag zum SAT-Umsatzwachstum genannt wurde.
Wichtige Kennzahlen: bereinigte operative Gewinnmarge 24,7%, Bereinigte Free-Cash-Flow-Konversion ca. 115%, Bargeld 182,4 Mio. USD und Gesamtverschuldung 1.081,9 Mio. USD zum 30. September 2025. Die Umsatzprognose für das Gesamtjahr wurde auf +9% bis +11% angehoben und die Guidance für bereinigtes EPS auf 4,00–4,10 USD eingegrenzt. Quartalsdividende von 0,17 USD zahlbar am 10. Dezember 2025.
Crane NXT (NYSE: CXT) أبلغت عن نتائج الربع الثالث من عام 2025 مع مبيعات قدرها 445.1 مليون دولار، بارتفاع 10.3% عن السنة السابقة، و ربح السهم وفق GAAP 0.87 دولار و ربح السهم المعدل 1.28 دولار. وقّعت الشركة اتفاقية نهائية للاستحواذ على Antares Vision وذكرت أن De La Rue Authentication Solutions المكتسبة كمساهم في نمو مبيعات SAT.
المؤشرات الرئيسية: هامش الربح التشغيلي المعدل 24.7%، تحويل التدفق النقدي الحر المعدل حوالي 115%، النقد 182.4 مليون دولار، والديون الإجمالية 1,081.9 مليون دولار حتى 30 سبتمبر 2025. وتوجيهات نمو المبيعات للسنة الكارنية توسعت إلى +9% إلى +11% وتوجيهات EPS المعدل تم تضييقها إلى 4.00–4.10 دولار. توزيع أرباح ربع سنوي قدره 0.17 دولار يودع في 10 ديسمبر 2025.
- Net sales +10.3% in Q3 2025 to $445.1M
- SAT segment sales +28.1% in Q3 2025
- Adjusted operating profit margin +80bps to 24.7%
- Adjusted free cash flow conversion ~115% in Q3 2025
- Raised full-year sales guidance to +9%–+11% for 2025
- Total debt increased to $1,081.9M as of September 30, 2025
- CPI sales declined 3.8% in Q3 2025 to $216.3M
- Adjusted EPS guidance narrowed downward to $4.00–$4.10
Insights
Sales acceleration but mixed profit signals; guidance tightened while EPS range trimmed.
Third quarter delivered 10.3% sales growth to
Key dependencies include integration of the acquired De La Rue Authentication Solutions business and demand in CPI, which management cites as weaker; the company narrowed full‑year adjusted EPS to
Strong cash generation offset by higher debt to fund acquisitions.
Operating cash flow of
Near term risks hinge on integration costs and working capital trends; monitor adjusted free cash flow conversion and total debt levels through the fourth quarter and the announced acquisition close in
Delivers sales growth of
WALTHAM, Mass., Nov. 05, 2025 (GLOBE NEWSWIRE) -- Crane NXT, Co. (NYSE: CXT) ("Crane NXT" or the "Company"), a premier industrial technology company, today announced its financial results for the third quarter ended September 30, 2025.
Third Quarter 2025 Highlights
- Signed definitive agreement to acquire Antares Vision.
- Sales of
$445 million , an increase of10% year-over-year; core sales increase of1% , in-line with the Company's expectations. - GAAP operating profit margin of
18.4% and Adjusted operating profit margin of24.7% . - Adjusted free cash flow conversion of approximately
115% . - GAAP earnings per diluted share (EPS) of
$0.87 , and Adjusted EPS of$1.28 .
Full Year 2025 Outlook
- The Company is increasing its full year sales growth guidance to a range of
9% to11% from6% to8% and narrowing its Adjusted EPS guidance to a range of$4.00 t o$4.10 from$4.00 t o$4.30 . Please see the "Full Year 2025 Guidance" section in this press release for more details.
Aaron W. Saak, Crane NXT's President and Chief Executive Officer, stated: "Our third quarter results continue to show progress in the evolution of Crane NXT, with accelerating growth in our SAT segment, strong margins in CPI, and robust free cash flow. Given the sustained momentum in SAT, we are raising our full year sales guidance. Additionally, we are narrowing our Adjusted EPS guidance range primarily driven by ongoing macroeconomic uncertainty impacting demand in CPI."
Mr. Saak continued: “As we look forward, I am excited to add Antares Vision to our portfolio in 2026, further positioning Crane NXT to accelerate growth as a market leader in detection, inspection, and authentication technologies."
| Summary of Third Quarter 2025 Results | |||||||||||||
| Three Months Ended September 30, | Change | ||||||||||||
| (dollars in millions) | 2025 | 2024 | $ | % | |||||||||
| Net sales | $ | 445.1 | $ | 403.5 | $ | 41.6 | 10.3 | % | |||||
| Core sales | $ | 5.7 | 1.4 | % | |||||||||
| Acquisitions | $ | 28.3 | 7.0 | % | |||||||||
| Foreign exchange | $ | 7.6 | 1.9 | % | |||||||||
| Operating profit | $ | 81.9 | $ | 75.0 | $ | 6.9 | 9.2 | % | |||||
| Adjusted operating profit* | $ | 110.0 | $ | 96.5 | $ | 13.5 | 14.0 | % | |||||
| Operating profit margin | 18.4 | % | 18.6 | % | (20bps) | ||||||||
| Adjusted operating profit margin* | 24.7 | % | 23.9 | % | 80bps | ||||||||
| Totals may not sum due to rounding | |||||||||||||
| *Please see the Non-GAAP Financial Measures tables in this release | |||||||||||||
Third Quarter 2025 Results
Third quarter 2025 sales were
Third quarter 2025 operating profit was
Third Quarter 2025 Segment Results
All comparisons detailed in this section refer to operating results for the third quarter 2025 versus the third quarter 2024.
| Crane Payment Innovations | ||||||||||||||
| Three Months Ended September 30, | Change | |||||||||||||
| (dollars in millions) | 2025 | 2024 | $ | % | ||||||||||
| Net sales | $ | 216.3 | $ | 224.9 | $ | (8.6 | ) | (3.8 | )% | |||||
| Core sales | $ | (10.1 | ) | (4.5 | )% | |||||||||
| Foreign exchange | $ | 1.5 | 0.7 | % | ||||||||||
| Operating profit | $ | 60.7 | $ | 64.6 | $ | (3.9 | ) | (6.0 | )% | |||||
| Adjusted operating profit* | $ | 67.2 | $ | 70.0 | $ | (2.8 | ) | (4.0 | )% | |||||
| Operating profit margin | 28.1 | % | 28.7 | % | (60bps) | |||||||||
| Adjusted operating profit margin* | 31.1 | % | 31.1 | % | — | |||||||||
| Totals may not sum due to rounding | ||||||||||||||
| *Please see the Non-GAAP Financial Measures tables in this release | ||||||||||||||
Sales of
| Security and Authentication Technologies | |||||||||||||
| Three Months Ended September 30, | Change | ||||||||||||
| (dollars in millions) | 2025 | 2024 | $ | % | |||||||||
| Net sales | $ | 228.8 | $ | 178.6 | $ | 50.2 | 28.1 | % | |||||
| Core sales | $ | 15.8 | 8.8 | % | |||||||||
| Acquisitions | $ | 28.3 | 15.8 | % | |||||||||
| Foreign exchange | $ | 6.1 | 3.4 | % | |||||||||
| Operating profit | $ | 39.3 | $ | 29.3 | $ | 10.0 | 34.1 | % | |||||
| Adjusted operating profit* | $ | 55.8 | $ | 39.2 | $ | 16.6 | 42.3 | % | |||||
| Operating profit margin | 17.2 | % | 16.4 | % | 80bps | ||||||||
| Adjusted operating profit margin* | 24.4 | % | 21.9 | % | 250bps | ||||||||
| Totals may not sum due to rounding | |||||||||||||
| *Please see the Non-GAAP Financial Measures tables in this release | |||||||||||||
Sales of
Cash Flow and Other Financial Metrics
For the third quarter of 2025, cash provided by operating activities was
The Company held cash and cash equivalents of
Full Year 2025 Guidance
The Company is updating its full year guidance provided on August 6, 2025. Growth rates represent growth over full year 2024.
| Full Year 2025 Guidance Details | ||
| (dollars in millions, except per share data) | Prior Guidance | Updated Guidance |
| Crane NXT Sales Growth | + | + |
| CPI Sales Growth | - | - |
| SAT Sales Growth | + | + |
| Adjusted Segment Operating Margin | ~ | ~ |
| Corporate Expense | ~ | ~ |
| Non-Operating Expense, Net | ~ | ~ |
| Adjusted Tax Rate | ~ | ~ |
| Adjusted EPS | ||
| Adjusted Free Cash Flow Conversion | ~ | ~ |
| Diluted Shares | ~58 million | ~58 million |
| Please see the Non-GAAP Financial Measures definitions in this release | ||
Declaring Fourth Quarter 2025 Dividend
Crane NXT announced its quarterly dividend of
Conference Call
Crane NXT scheduled a conference call to discuss the third quarter financial results on Thursday, November 6, 2025, 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 premier industrial technology company that provides trusted technology solutions to secure, detect, and authenticate what matters most to its customers. Through its industry-leading businesses, Crane NXT provides customers with advanced technologies to secure high-value physical products, sophisticated detection equipment and systems, and proprietary products and services that protect brand identity and digital content. Crane NXT’s approximately 5,000 employees help our customers protect their most important assets and ensure secure, seamless transactions around the world every day. For more information, visit www.cranenxt.com.
On April 3, 2023, Crane NXT, Co. (formerly Crane Holdings, Co.) completed the separation of its wholly-owned subsidiary at that time, Crane Company, in a tax-free distribution of Crane Company shares to Crane NXT stockholders (the "Separation").
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.; 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, 2024 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.
(Financial Tables Follow)
| CRANE NXT, CO. AND SUBSIDIARIES Condensed Consolidated Statements of Operations Data (unaudited, in millions, except per share data) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net sales: | |||||||||||||||
| Crane Payment Innovations | $ | 216.3 | $ | 224.9 | $ | 630.6 | $ | 658.3 | |||||||
| Security and Authentication Technologies | 228.8 | 178.6 | 549.2 | 429.4 | |||||||||||
| Total net sales | $ | 445.1 | $ | 403.5 | $ | 1,179.8 | $ | 1,087.7 | |||||||
| Operating profit (loss): | |||||||||||||||
| Crane Payment Innovations | $ | 60.7 | $ | 64.6 | $ | 159.4 | $ | 178.7 | |||||||
| Security and Authentication Technologies | 39.3 | 29.3 | 59.7 | 73.5 | |||||||||||
| Corporate | (18.1 | ) | (18.9 | ) | (52.0 | ) | (54.2 | ) | |||||||
| Total operating profit | $ | 81.9 | $ | 75.0 | $ | 167.1 | $ | 198.0 | |||||||
| Interest income | 0.3 | 0.4 | 0.7 | 1.4 | |||||||||||
| Interest expense | (16.2 | ) | (13.4 | ) | (44.1 | ) | (35.7 | ) | |||||||
| Miscellaneous income, net | 0.6 | 1.3 | 3.8 | 1.7 | |||||||||||
| Income before income taxes | 66.6 | 63.3 | 127.5 | 165.4 | |||||||||||
| Provision for income taxes | 15.7 | 16.2 | 29.9 | 38.9 | |||||||||||
| Net income before allocation to noncontrolling interest | 50.9 | 47.1 | 97.6 | 126.5 | |||||||||||
| Less: Noncontrolling interest in subsidiaries’ earnings | 0.4 | — | 0.5 | — | |||||||||||
| Net income attributable to common shareholders | $ | 50.5 | $ | 47.1 | $ | 97.1 | $ | 126.5 | |||||||
| Earnings per diluted share | $ | 0.87 | $ | 0.81 | $ | 1.68 | $ | 2.19 | |||||||
| Average diluted shares outstanding | 58.0 | 57.8 | 58.0 | 57.8 | |||||||||||
| Average basic shares outstanding | 57.4 | 57.2 | 57.4 | 57.1 | |||||||||||
| Supplemental data: | |||||||||||||||
| Cost of sales | $ | 252.5 | $ | 232.2 | $ | 678.2 | $ | 603.1 | |||||||
| Selling, general and administrative | 107.2 | 96.3 | 323.7 | 283.9 | |||||||||||
| Restructuring charges | 3.5 | — | 10.8 | 2.7 | |||||||||||
| CRANE NXT, CO. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (unaudited, in millions) | |||||
| September 30, 2025 | December 31, 2024 | ||||
| Assets | |||||
| Current assets: | |||||
| Cash and cash equivalents | $ | 182.4 | $ | 165.8 | |
| Accounts receivable, net | 300.7 | 265.9 | |||
| U.S. and foreign taxes on income | 9.3 | 8.6 | |||
| Inventories, net | 195.9 | 144.8 | |||
| Other current assets | 82.3 | 57.4 | |||
| Total current assets | 770.6 | 642.5 | |||
| Property, plant and equipment, net | 307.8 | 272.3 | |||
| Long-term deferred tax assets | 1.3 | 2.2 | |||
| Intangible assets, net | 572.9 | 419.3 | |||
| Goodwill | 1,161.4 | 956.6 | |||
| Other assets | 103.7 | 93.6 | |||
| Total assets | $ | 2,917.7 | $ | 2,386.5 | |
| Liabilities and equity | |||||
| Current liabilities: | |||||
| Short-term borrowings | $ | 247.6 | $ | 210.0 | |
| Accounts payable | 114.7 | 116.6 | |||
| Accrued liabilities | 225.7 | 211.2 | |||
| U.S. and foreign taxes on income | 21.9 | 24.6 | |||
| Total current liabilities | 609.9 | 562.4 | |||
| Long-term debt | 834.3 | 540.6 | |||
| Accrued pension and postretirement benefits | 21.6 | 19.4 | |||
| Long-term deferred tax liability | 149.9 | 119.0 | |||
| Other liabilities | 89.5 | 80.2 | |||
| Total equity | 1,212.5 | 1,064.9 | |||
| Total liabilities and equity | $ | 2,917.7 | $ | 2,386.5 | |
| CRANE NXT, CO. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (unaudited, in millions) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Operating activities: | |||||||||||||||
| Net income before allocation to noncontrolling interest | $ | 50.9 | $ | 47.1 | $ | 97.6 | $ | 126.5 | |||||||
| Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||||||
| Depreciation and amortization | 29.0 | 24.7 | 77.7 | 63.4 | |||||||||||
| Stock-based compensation expense | 3.3 | 2.8 | 9.3 | 7.7 | |||||||||||
| Deferred income taxes | 1.1 | (0.5 | ) | (11.7 | ) | (0.3 | ) | ||||||||
| Cash provided by (used for) operating working capital | 6.2 | (13.4 | ) | (41.9 | ) | (71.8 | ) | ||||||||
| Other | 1.5 | 6.0 | 4.7 | 7.5 | |||||||||||
| Total provided by operating activities | $ | 92.0 | $ | 66.7 | $ | 135.7 | $ | 133.0 | |||||||
| Investing activities: | |||||||||||||||
| Payment for acquisitions, net of cash acquired and working capital adjustments | 2.9 | (0.1 | ) | (391.1 | ) | (269.9 | ) | ||||||||
| Capital expenditures | (13.3 | ) | (13.2 | ) | (33.4 | ) | (34.6 | ) | |||||||
| Settlement of forward contracts | 0.3 | — | 1.8 | 0.1 | |||||||||||
| Total used for investing activities | $ | (10.1 | ) | $ | (13.3 | ) | $ | (422.7 | ) | $ | (304.4 | ) | |||
| Financing activities: | |||||||||||||||
| Dividends paid | (9.7 | ) | (9.1 | ) | (29.2 | ) | (27.4 | ) | |||||||
| Proceeds from stock options exercised | 0.9 | 1.1 | 2.2 | 3.0 | |||||||||||
| Payment of tax withholding on equity awards vested | (0.1 | ) | (0.1 | ) | (5.9 | ) | (6.5 | ) | |||||||
| Debt issuance costs | (3.5 | ) | — | (4.3 | ) | — | |||||||||
| Proceeds from term loan | — | — | 400.4 | — | |||||||||||
| Repayment of term loan | (4.1 | ) | (1.3 | ) | (40.9 | ) | (3.3 | ) | |||||||
| Proceeds from revolving credit facility | 36.5 | 30.5 | 384.5 | 310.5 | |||||||||||
| Repayments of revolving credit facility | (71.5 | ) | (95.5 | ) | (413.5 | ) | (160.5 | ) | |||||||
| Total (used for) provided by financing activities | $ | (51.5 | ) | $ | (74.4 | ) | $ | 293.3 | $ | 115.8 | |||||
| Effect of exchange rates on cash, cash equivalents and restricted cash | (0.1 | ) | 11.9 | 15.1 | 2.4 | ||||||||||
| Increase (decrease) in cash, cash equivalents and restricted cash | 30.3 | (9.1 | ) | 21.4 | (53.2 | ) | |||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 164.5 | 183.1 | 173.4 | 227.2 | |||||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 194.8 | $ | 174.0 | $ | 194.8 | $ | 174.0 | |||||||
| CRANE NXT, CO. AND SUBSIDIARIES Order Backlog (unaudited, in millions) | ||||||||||||||
| September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | ||||||||||
| Crane Payment Innovations | $ | 109.4 | $ | 144.4 | $ | 146.6 | $ | 145.8 | $ | 133.4 | ||||
| Security and Authentication Technologies | $ | 447.6 | $ | 447.2 | $ | 401.2 | $ | 248.3 | $ | 351.4 | ||||
| Total backlog | $ | 557.0 | $ | 591.6 | $ | 547.8 | $ | 394.1 | $ | 484.8 | ||||
| CRANE NXT, CO. AND SUBSIDIARIES Non-GAAP Financial Measures (unaudited, in millions, except per share data) | |||||||||||||||
| Three Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | ||||||||||||||
| Adjusted Operating Profit and Adjusted Operating Profit Margin | $ | Per Share | $ | Per Share | |||||||||||
| Net sales (GAAP) | $ | 445.1 | $ | 403.5 | |||||||||||
| Operating profit (GAAP) | $ | 81.9 | $ | 75.0 | |||||||||||
| Operating profit margin (GAAP) | 18.4 | % | 18.6 | % | |||||||||||
| Special items impacting operating profit*: | |||||||||||||||
| Acquired intangible asset amortization | 16.0 | 13.4 | |||||||||||||
| Restructuring charges | 3.5 | — | |||||||||||||
| Transaction related expenses | 6.1 | 6.2 | |||||||||||||
| Impact of acquisition related fair value step-up | 2.5 | 1.9 | |||||||||||||
| Adjusted operating profit (Non-GAAP) | $ | 110.0 | $ | 96.5 | |||||||||||
| Adjusted operating profit margin (Non-GAAP) | 24.7 | % | 23.9 | % | |||||||||||
| Adjusted Net Income and Adjusted Net Income per Share | |||||||||||||||
| Net income attributable to common shareholders (GAAP) | $ | 50.5 | $ | 0.87 | $ | 47.1 | $ | 0.81 | |||||||
| Acquired intangible asset amortization | 16.0 | 0.28 | 13.4 | 0.23 | |||||||||||
| Restructuring charges | 3.5 | 0.06 | — | — | |||||||||||
| Transaction related expenses | 6.1 | 0.11 | 6.2 | 0.11 | |||||||||||
| Impact of acquisition related fair value step-up | 2.5 | 0.04 | 1.9 | 0.03 | |||||||||||
| Tax adjustments | (4.5 | ) | (0.08 | ) | (1.9 | ) | (0.02 | ) | |||||||
| Adjusted net income (Non-GAAP) | $ | 74.1 | $ | 1.28 | $ | 66.7 | $ | 1.16 | |||||||
| Adjusted EBITDA and Adjusted EBITDA margin | |||||||||||||||
| Net income attributable to common shareholders (GAAP) | $ | 50.5 | $ | 47.1 | |||||||||||
| Net income margin (GAAP) | 11.3 | % | 11.7 | % | |||||||||||
| Adjustments to net income attributable to common shareholders: | |||||||||||||||
| Income tax expense | 15.7 | 16.2 | |||||||||||||
| Intangible asset amortization | 16.2 | 13.5 | |||||||||||||
| Interest expense, net | 15.9 | 13.0 | |||||||||||||
| Depreciation | 12.0 | 9.3 | |||||||||||||
| Transaction related expenses | 6.1 | 6.2 | |||||||||||||
| Impact of acquisition related fair value step-up | 2.5 | 1.9 | |||||||||||||
| Restructuring charges | 3.5 | — | |||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 122.4 | $ | 107.2 | |||||||||||
| Adjusted EBITDA Margin (Non-GAAP) | 27.5 | % | 26.6 | % | |||||||||||
| 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 (unaudited, in millions, except per share data) | |||||||||||||||
| Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | ||||||||||||||
| Adjusted Operating Profit and Adjusted Operating Profit Margin | $ | Per Share | $ | Per Share | |||||||||||
| Net sales (GAAP) | $ | 1,179.8 | $ | 1,087.7 | |||||||||||
| Operating profit (GAAP) | $ | 167.1 | $ | 198.0 | |||||||||||
| Operating profit margin (GAAP) | 14.2 | % | 18.2 | % | |||||||||||
| Special items impacting operating profit*: | |||||||||||||||
| Acquired intangible asset amortization | 42.2 | 33.6 | |||||||||||||
| Transaction related expenses | 19.2 | 16.8 | |||||||||||||
| Impact of acquisition related fair value step-up | 5.7 | 5.9 | |||||||||||||
| Restructuring charges | 10.8 | 2.7 | |||||||||||||
| Adjusted operating profit (Non-GAAP) | $ | 245.0 | $ | 257.0 | |||||||||||
| Adjusted operating profit margin (Non-GAAP) | 20.8 | % | 23.6 | % | |||||||||||
| Adjusted Net Income and Adjusted Net Income per Share | |||||||||||||||
| Net income attributable to common shareholders (GAAP) | $ | 97.1 | $ | 1.68 | $ | 126.5 | $ | 2.19 | |||||||
| Acquired intangible asset amortization | 42.2 | 0.73 | 33.6 | 0.58 | |||||||||||
| Transaction related expenses | 19.2 | 0.33 | 17.4 | 0.30 | |||||||||||
| Impact of acquisition related fair value step-up | 5.7 | 0.10 | 5.9 | 0.10 | |||||||||||
| Restructuring charges | 10.8 | 0.19 | 2.7 | 0.05 | |||||||||||
| Tax adjustments | (13.5 | ) | (0.23 | ) | (9.2 | ) | (0.16 | ) | |||||||
| Adjusted net income (Non-GAAP) | $ | 161.5 | $ | 2.79 | $ | 176.9 | $ | 3.06 | |||||||
| Adjusted EBITDA and Adjusted EBITDA margin | |||||||||||||||
| Net income attributable to common shareholders (GAAP) | $ | 97.1 | $ | 126.5 | |||||||||||
| Net income margin (GAAP) | 8.2 | % | 11.6 | % | |||||||||||
| Adjustments to net income attributable to common shareholders: | |||||||||||||||
| Income tax expense | 29.9 | 38.9 | |||||||||||||
| Interest expense, net | 43.4 | 34.3 | |||||||||||||
| Intangible asset amortization | 43.2 | 33.7 | |||||||||||||
| Depreciation | 32.1 | 27.8 | |||||||||||||
| Transaction related expenses | 19.2 | 17.4 | |||||||||||||
| Impact of acquisition related fair value step-up | 5.7 | 5.9 | |||||||||||||
| Restructuring charges | 10.8 | 2.7 | |||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 281.4 | $ | 287.2 | |||||||||||
| Adjusted EBITDA Margin (Non-GAAP) | 23.9 | % | 26.4 | % | |||||||||||
| 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 September 30, 2025 | Crane Payment Innovations | Security and Authentication Technologies | Total Segment | Corporate | Total Company | ||||||||||||||
| Net sales | $ | 216.3 | $ | 228.8 | $ | 445.1 | $ | — | $ | 445.1 | |||||||||
| Operating profit (loss) (GAAP) | $ | 60.7 | $ | 39.3 | $ | 100.0 | $ | (18.1 | ) | $ | 81.9 | ||||||||
| Operating profit margin (GAAP) | 28.1 | % | 17.2 | % | 22.5 | % | 18.4 | % | |||||||||||
| Special items impacting operating profit: | |||||||||||||||||||
| Acquired intangible asset amortization | 5.4 | 10.6 | 16.0 | — | 16.0 | ||||||||||||||
| Impact of acquisition related fair value step-up | — | 2.5 | 2.5 | — | 2.5 | ||||||||||||||
| Restructuring charges | 1.1 | 2.4 | 3.5 | — | 3.5 | ||||||||||||||
| Transaction related expenses | — | 1.0 | 1.0 | 5.1 | 6.1 | ||||||||||||||
| Adjusted operating profit (loss) (non-GAAP) | $ | 67.2 | $ | 55.8 | $ | 123.0 | $ | (13.0 | ) | $ | 110.0 | ||||||||
| Adjusted operating profit margin (non-GAAP) | 31.1 | % | 24.4 | % | 27.6 | % | 24.7 | % | |||||||||||
| Three Months Ended September 30, 2024 | Crane Payment Innovations | Security and Authentication Technologies | Total Segment | Corporate | Total Company | ||||||||||||||
| Net sales | $ | 224.9 | $ | 178.6 | $ | 403.5 | $ | — | $ | 403.5 | |||||||||
| Operating profit (loss) (GAAP) | $ | 64.6 | $ | 29.3 | $ | 93.9 | $ | (18.9 | ) | $ | 75.0 | ||||||||
| Operating profit margin (GAAP) | 28.7 | % | 16.4 | % | 23.3 | % | 18.6 | % | |||||||||||
| Special items impacting operating profit: | |||||||||||||||||||
| Acquired intangible asset amortization | 5.4 | 8.0 | 13.4 | — | 13.4 | ||||||||||||||
| Impact of acquisition related fair value step-up | — | 1.9 | 1.9 | — | 1.9 | ||||||||||||||
| Transaction related expenses | — | — | — | 6.2 | 6.2 | ||||||||||||||
| Adjusted operating profit (loss) (non-GAAP) | $ | 70.0 | $ | 39.2 | $ | 109.2 | $ | (12.7 | ) | $ | 96.5 | ||||||||
| Adjusted operating profit margin (non-GAAP) | 31.1 | % | 21.9 | % | 27.1 | % | 23.9 | % | |||||||||||
| Totals may not sum due to rounding | |||||||||||||||||||
| CRANE NXT, CO. AND SUBSIDIARIES Non-GAAP Financial Measures by Segment (unaudited, in millions) | |||||||||||||||||||
| Nine Months Ended September 30, 2025 | Crane Payment Innovations | Security and Authentication Technologies | Total Segment | Corporate | Total Company | ||||||||||||||
| Net sales | $ | 630.6 | $ | 549.2 | $ | 1,179.8 | $ | — | $ | 1,179.8 | |||||||||
| Operating profit (loss) (GAAP) | $ | 159.4 | $ | 59.7 | $ | 219.1 | $ | (52.0 | ) | $ | 167.1 | ||||||||
| Operating profit margin (GAAP) | 25.3 | % | 10.9 | % | 18.6 | % | 14.2 | % | |||||||||||
| Special items impacting operating profit: | |||||||||||||||||||
| Acquired intangible asset amortization | 16.1 | 26.1 | 42.2 | — | 42.2 | ||||||||||||||
| Impact of acquisition related fair value step-up | — | 5.7 | 5.7 | — | 5.7 | ||||||||||||||
| Restructuring charges | 2.3 | 8.5 | 10.8 | — | 10.8 | ||||||||||||||
| Transaction related expenses | 1.4 | 4.0 | 5.4 | 13.8 | 19.2 | ||||||||||||||
| Adjusted operating profit (loss) (non-GAAP) | $ | 179.2 | $ | 104.0 | $ | 283.2 | $ | (38.2 | ) | $ | 245.0 | ||||||||
| Adjusted operating profit margin (non-GAAP) | 28.4 | % | 18.9 | % | 24.0 | % | 20.8 | % | |||||||||||
| Nine Months Ended September 30, 2024 | Crane Payment Innovations | Security and Authentication Technologies | Total Segment | Corporate | Total Company | ||||||||||||||
| Net sales | $ | 658.3 | $ | 429.4 | $ | 1,087.7 | $ | — | $ | 1,087.7 | |||||||||
| Operating profit (loss) (GAAP) | $ | 178.7 | $ | 73.5 | $ | 252.2 | $ | (54.2 | ) | $ | 198.0 | ||||||||
| Operating profit margin (GAAP) | 27.1 | % | 17.1 | % | 23.2 | % | 18.2 | % | |||||||||||
| Special items impacting operating profit: | |||||||||||||||||||
| Acquired intangible asset amortization | 15.9 | 17.7 | 33.6 | — | 33.6 | ||||||||||||||
| Impact of acquisition related fair value step-up | — | 5.9 | 5.9 | — | 5.9 | ||||||||||||||
| Restructuring charges | 2.7 | — | 2.7 | — | 2.7 | ||||||||||||||
| Transaction related expenses | 0.7 | — | 0.7 | 16.1 | 16.8 | ||||||||||||||
| Adjusted operating profit (loss) (non-GAAP) | $ | 198.0 | $ | 97.1 | $ | 295.1 | $ | (38.1 | ) | $ | 257.0 | ||||||||
| Adjusted operating profit margin (non-GAAP) | 30.1 | % | 22.6 | % | 27.1 | % | 23.6 | % | |||||||||||
| Totals may not sum due to rounding | |||||||||||||||||||
| CRANE NXT, CO. AND SUBSIDIARIES Free Cash Flow and Adjusted Free Cash Flow (unaudited, in millions) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| Cash Flow Items | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Cash provided by operating activities (GAAP) | $ | 92.0 | $ | 66.7 | $ | 135.7 | $ | 133.0 | |||||||
| Less: Capital expenditures | (13.3 | ) | (13.2 | ) | (33.4 | ) | (34.6 | ) | |||||||
| Free cash flow | $ | 78.7 | $ | 53.5 | $ | 102.3 | $ | 98.4 | |||||||
| Transaction related expenses1 | 6.6 | 5.5 | 19.9 | 12.8 | |||||||||||
| Adjusted free cash flow (non-GAAP) | $ | 85.3 | $ | 59.0 | $ | 122.2 | $ | 111.2 | |||||||
| Adjusted net income (non-GAAP)* | $ | 74.1 | $ | 66.7 | $ | 161.5 | $ | 176.9 | |||||||
| Adjusted free cash flow conversion (non-GAAP) | 115.1 | % | 88.5 | % | 75.7 | % | 62.9 | % | |||||||
| 1 Represents 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) | |||
| September 30, 2025 | |||
| Total debt (excluding deferred financing costs of | $ | 1,093.7 | |
| Less: Cash and cash equivalents | (182.4 | ) | |
| Net debt | $ | 911.3 | |
| TTM Adjusted EBITDA (non-GAAP)* | $ | 390.9 | |
| Net leverage ratio | 2.3 | ||
| *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 operating profit, Adjusted operating 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.
Reconciliations of certain forward-looking and projected non-GAAP measures, including Adjusted segment operating 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 operating margin and Adjusted EPS as described below.
"Special items impacting operating profit" 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 impacting operating profit includes acquired intangible asset amortization, restructuring charges, impact of acquisition related fair value step-up, and transaction related expenses.
- "Adjusted segment operating margin" is calculated as Adjusted segment profit divided by sales. Adjusted segment profit is calculated as segment profit excluding special items impacting operating profit.
- "Adjusted EPS" is calculated as Adjusted net income divided by diluted shares. Adjusted net income is calculated as net income excluding special items impacting operating profit, 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 operating profit" and "Adjusted operating margin" add back to operating profit special items impacting operating profit which are outside of the Company's core performance, some of which may or may not be non-recurring, and which management believes may complicate the interpretation of the Company’s underlying earnings and operational performance.
- "Adjusted net income" and "Adjusted EPS" exclude special items impacting operating profit, the tax effect of these adjustments and other discrete tax items which are outside of the Company's core 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 and depreciation and amortization expense from net income, as well as special items impacting 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) Adjusted EBITDA. "Net debt" represents total debt (excluding deferred financing costs) less cash and cash equivalents. Management believes that these non-GAAP financial measures provide useful information about our ability to satisfy our debt obligation with currently available funds.
- References to "core," such as "core 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.
Impact of acquisition related fair value step-up includes acquisition related inventory step-up amortization and fixed asset step-up depreciation. Transaction related expenses include acquisition related expenses such as incremental professional fees associated with closing and integration of acquisitions, and expenses associated with the Separation in prior periods. Restructuring charges predominantly relates to severance charges associated with the integration of the DLR and OpSec businesses, and the alignment of CPI's cost structure with existing economic conditions.
Contact:
Matt Roache
Vice President, Investor Relations
+1-781-864-4730
matthew.roache@cranenxt.com
FAQ
What were Crane NXT (CXT) third quarter 2025 sales and EPS?
Why did Crane NXT raise full-year 2025 sales guidance (CXT)?
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