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Crane Company (NYSE: CR) posts Q1 2026 growth and lifts full-year EPS view

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Crane Company reported a strong start to 2026, with first‑quarter adjusted EPS from continuing operations of $1.65, up 15% from $1.43 a year ago, while GAAP EPS from continuing operations declined to $1.14 from $1.34 due mainly to acquisition‑related costs and amortization. Net sales rose 24.9% to $696.4 million, driven by 3.8% core sales growth, an 18.3% contribution from the Druck, Panametrics, Reuter‑Stokes and optek‑Danulat acquisitions, and a 2.7% foreign‑exchange benefit.

Adjusted operating profit increased 28.7% to $137.8 million, lifting the adjusted operating margin to 19.8%. Aerospace & Advanced Technologies sales grew 27.9% to $318.3 million and Process Flow Technologies sales grew 22.5% to $378.1 million, both helped by acquisitions. Total backlog reached $1.79 billion, up from $1.35 billion a year earlier. Free cash flow was negative $40.2 million, largely reflecting acquisition activity, and cash at March 31, 2026 was $355.4 million versus total debt of $1.20 billion. Crane raised its full‑year 2026 adjusted EPS outlook to $6.65–$6.85, implying about 12% growth over 2025, and declared a second‑quarter dividend of $0.255 per share.

Positive

  • Strong adjusted earnings and guidance raise: Adjusted EPS from continuing operations grew 15% to $1.65 in Q1 2026, adjusted operating profit rose 28.7% to $137.8 million, and full‑year 2026 adjusted EPS guidance increased to $6.65–$6.85, about 12% above 2025.

Negative

  • GAAP profitability and cash flow pressure from acquisitions: GAAP EPS from continuing operations declined to $1.14 from $1.34, free cash flow was negative $40.2 million, and total debt reached $1.20 billion as the company absorbed large, recently closed acquisitions.

Insights

Crane posts strong Q1 adjusted growth, boosts 2026 EPS outlook despite deal costs.

Crane delivered 24.9% net sales growth to $696.4M, with 3.8% core growth and major contributions from the Druck, Panametrics, Reuter‑Stokes and optek‑Danulat acquisitions. Adjusted EPS from continuing operations rose 15% to $1.65, while GAAP EPS fell to $1.14 due to transaction expenses and higher amortization.

Adjusted operating profit climbed 28.7% to $137.8M, lifting adjusted margin to 19.8%. Segment results were broadly healthy: Aerospace & Advanced Technologies grew sales 27.9% and Process Flow Technologies 22.5%. Total company backlog increased to $1.79B, supporting visibility into future revenue, even as GAAP operating margins compressed from acquisition‑related items.

Management raised its full‑year 2026 adjusted EPS range to $6.65–$6.85, implying roughly 12% growth versus 2025, and maintained capital returns with a $0.255 quarterly dividend. Cash from operations was negative $29.5M and free cash flow negative $40.2M, largely reflecting working‑capital use and deal‑related cash flows, while total debt stood at $1.20B. Subsequent disclosures in company materials may further clarify integration progress and cash‑flow normalization.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net sales $696.4 million Three months ended March 31, 2026; up 24.9% year-over-year
Adjusted EPS from continuing operations $1.65 Q1 2026; up from $1.43 in Q1 2025 (15.6% increase)
GAAP EPS from continuing operations $1.14 Q1 2026; down from $1.34 in Q1 2025
Adjusted operating profit $137.8 million Q1 2026; 28.7% higher than $107.1 million in Q1 2025
Total backlog $1,794.8 million As of March 31, 2026; up from $1,350.0 million a year earlier
Cash and total debt $355.4M cash; $1,198.2M debt Balance sheet at March 31, 2026
Free cash flow -$40.2 million Q1 2026 free cash flow from continuing operations
2026 adjusted EPS guidance $6.65–$6.85 Raised full-year 2026 outlook; ~12% growth vs 2025 midpoint
core sales financial
"First quarter sales increased 24.9%, with 3.8% core sales growth, an 18.3% contribution from the previously announced acquisitions"
Core sales are the revenue generated by a company's main, ongoing business activities after removing one-time or unusual items such as proceeds from asset sales, discontinued operations, or temporary boosts. Investors care because core sales show the steady, repeatable demand for a company’s products or services—like judging a store by its regular weekly receipts rather than a single big clearance sale—to better assess growth trends and future earnings potential.
adjusted operating profit financial
"Adjusted operating profit of $137.8 million increased 28.7% compared to last year"
Adjusted operating profit is a measure of a company’s routine profit from its core business activities after removing one‑time events, unusual costs or non‑cash items so the result reflects ongoing operations. Think of it like judging a car’s normal fuel efficiency after ignoring a single visit to the body shop; investors use it to compare underlying profitability across periods or peers and to judge whether the business is sustainably earning money, but the specific exclusions can be subjective.
Adjusted EBITDA financial
"Adjusted EBITDA (Non-GAAP) | | $ | 150.0 | | | | | $ | 115.9 |"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
free cash flow financial
"free cash flow (cash provided by operating activities less capital spending) was negative $40.2 million"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Net sales $696.4 million +24.9% vs Q1 2025
GAAP EPS from continuing operations $1.14 down from $1.34 in Q1 2025
Adjusted EPS from continuing operations $1.65 +15.6% vs $1.43 in Q1 2025
Adjusted operating profit $137.8 million +28.7% vs Q1 2025
Total backlog $1,794.8 million up from $1,350.0 million in Q1 2025
Guidance

Full-year 2026 adjusted EPS raised to $6.65–$6.85, about 12% growth at the midpoint versus 2025, assuming low- to mid-20%s total sales growth and an adjusted tax rate of approximately 23.0%.

Understanding 8-K Material Events →
0001944013false00019440132026-04-272026-04-27

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

 FORM 8-K

 CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 27, 2026
CRANE COMPANY
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
Delaware
1-41570
88-2846451
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
100 First Stamford Place
Stamford
CT
06902
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s telephone number, including area code: 203-363-7300
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $1.00 CRNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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SECTION 2 – FINANCIAL INFORMATION
Item 2.02Results of Operations and Financial Condition.
On April 27, 2026, Crane Company (the “Company”) announced its results of operations for the quarter ended March 31, 2026. The related press release and quarterly financial data supplement is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.


SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS
Item 9.01Financial Statements and Exhibits.
(a)  None
(b)  None
(c)  None
(d)  Exhibits
99.1   
Earnings Press Release dated April 27, 2026 and Crane Company Quarterly Financial Data Supplement for the quarter ended March 31, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 CRANE COMPANY
April 27, 2026  
 By: /s/ Richard A. Maue
  Richard A. Maue
Executive Vice President and
  Chief Financial Officer


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Exhibit 99.1
crane_logox245x100.jpg
Contact:
Jason D. Feldman
Senior Vice President, Investor Relations, Treasury & Tax
Allison Poliniak-Cusic
Vice President, Investor Relations
IR@craneco.com
www.craneco.com

Crane Company Reports First Quarter 2026 Results and Raises Full Year EPS Guidance

First Quarter 2026 Highlights
•Earnings per diluted share (EPS) from continuing operations of $1.14, down 15% compared to a year ago, and adjusted EPS from continuing operations a record $1.65, up 15%.
•Earnings outperformance driven primarily by recent acquisitions performing above expectations.
•Total company core backlog was up 9.1% year-over-year.
•Process Flow Technologies core orders up 5% year-over-year with core backlog up 7% sequentially.
•Aerospace & Advanced Technologies continued to increase core backlog, which was up 14% year-over-year.
•Declaring second quarter 2026 regular dividend of $0.255 per share.

Full Year Outlook
•Raising full year adjusted EPS outlook to a range of $6.65-$6.85 from $6.55-$6.75, despite macroeconomic backdrop.

STAMFORD, CONNECTICUT - April 27, 2026 - Crane Company ("Crane," NYSE: CR) today announced its financial results for the first quarter of 2026 and raised its full year adjusted EPS outlook.

Alex Alcala, Crane's President and Chief Executive Officer, stated: "We delivered a very strong start to 2026, generating 15% adjusted EPS growth in the first quarter. Results exceeded our expectations with the majority of our outperformance driven by outstanding execution and momentum across our recent acquisitions which are already contributing meaningfully to earnings growth. Our legacy business also performed well, with nearly 4% core sales growth and solid operating leverage.

"We entered the year with strong momentum, underpinned by continued execution of our strategy, progress across growth initiatives, and solid performance by our recently acquired businesses. With geopolitical developments and a more uncertain macroeconomic environment, our first‑quarter results demonstrate the resilience of our business and the strength of our operating fundamentals. Reflecting this performance and balanced against the evolving external backdrop, we are raising our full year adjusted EPS outlook to a range of $6.65–$6.85, up from $6.55–$6.75."

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CEO Alcala concludes: "Our incredible culture and unique business system position us to outperform in evolving market conditions and generate long‑term value for shareholders. We remain focused on executing with discipline in the areas within our control, staying agile and supporting our customers globally while continuing to invest in our growth priorities and technology platforms.”

First Quarter 2026 Results
First quarter 2026 GAAP EPS from continuing operations of $1.14 compared to $1.34 in the first quarter of 2025. First quarter 2026 adjusted EPS from continuing operations of $1.65 compared to $1.43 in the first quarter of 2025.
First quarter sales increased 24.9%, with 3.8% core sales growth, an 18.3% contribution from the previously announced acquisitions of Druck, Panametrics, Reuter-Stokes, and optek-Danulat and a 2.7% benefit from foreign exchange. Operating profit of $100.1 million decreased 1.0% compared to last year primarily reflecting acquisition related transaction costs and acquisition related intangible amortization, partially offset by strong productivity. Adjusted operating profit of $137.8 million increased 28.7% compared to last year, driven by contribution from recent acquisitions and productivity.
Summary of First Quarter 2026 Results
 First QuarterChange
(unaudited, dollars in millions)20262025$%
Net sales$696.4$557.6$138.8 24.9%
Core sales21.4 3.8%
Acquisitions102.2 18.3%
Foreign exchange15.2 2.7%
Operating profit$100.1$101.1$(1.0)(1.0%)
Adjusted operating profit*$137.8$107.1$30.7 28.7%
Operating profit margin14.4%18.1%(370bps)
Adjusted operating profit margin*19.8%19.2%60bps
*Please see the attached Non-GAAP Financial Measures tables

Cash Flow, Financing Activities and Other Financial Metrics
During the first quarter of 2026, cash used for operating activities from continuing operations was $29.5 million, capital expenditures were $10.7 million, and free cash flow (cash provided by operating activities less capital spending) was negative $40.2 million. Adjusted free cash flow from continuing operations (free cash flow excluding transaction related cash outflows) was negative $23.5 million. (Please see the attached non-GAAP Financial Measures tables.)
As of March 31, 2026, the Company's cash balance was $355.4 million with total debt outstanding of $1,198.2 million.


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First Quarter 2026 Segment Results
All comparisons detailed in this section refer to operating results for the first quarter 2026 versus the first quarter 2025.
Aerospace & Advanced Technologies
First QuarterChange
(unaudited, dollars in millions)20262025$%
Net sales$318.3 $248.9 $69.4 27.9%
Core sales23.49.4%
Acquisitions42.9 17.2%
Foreign Exchange3.1 1.2%
Operating profit$71.5 $64.6 $6.9 10.7 %
Adjusted operating profit*$78.3 $65.2 $13.1 20.1%
Operating profit margin22.5%26.0%(350bps)
Adjusted operating profit margin*24.6%26.2%(160bps)
*Please see the attached Non-GAAP Financial Measures tables
Sales of $318.3 million increased 27.9% compared to the prior year, driven by 9.4% core sales growth, a 17.2% contribution from the acquisition of Druck, and a 1.2% benefit from favorable foreign exchange. Operating profit margin of 22.5% declined 350 basis points year-over-year, primarily reflecting acquisition related transaction costs and intangible amortization coupled with dilution from the Druck acquisition offset by higher volumes and favorable net price. Adjusted operating profit margin, excluding acquisition related transaction costs and intangible amortization, of 24.6% declined 160 basis points compared to a year ago.
Process Flow Technologies
 First QuarterChange
(unaudited, dollars in millions)20262025$%
Net sales$378.1 $308.7 $69.4 22.5%
Core sales(2.0)(0.6%)
Acquisitions59.3 19.2%
Foreign exchange12.1 3.9 %
Operating profit$64.2 $62.8 $1.4 2.2%
Adjusted operating profit*$83.5 $66.8 $16.7 25.0%
Operating profit margin17.0%20.3%(330bps)
Adjusted operating profit margin*22.1%21.6%50bps
*Please see the attached Non-GAAP Financial Measures tables

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Sales of $378.1 million increased 22.5% compared to the prior year, primarily driven by a 19.2% contribution from the previously announced acquisitions of optek-Danulat, Panametrics, and Reuter-Stokes, and a 3.9% benefit from favorable foreign exchange offset slightly by a 0.6% core sales decline. Operating profit margin of 17.0% decreased 330bps compared to the prior year reflecting acquisition related transaction costs and intangible amortization, dilution from recent acquisitions, and lower volumes, partially offset by strong productivity and favorable net price. Adjusted operating profit margin, excluding acquisition related transaction costs and intangible amortization, was 22.1%, up 50 basis points compared to a year ago.

Raising 2026 Guidance

We are raising our full year adjusted EPS outlook to $6.65-$6.85 from $6.55-$6.75, representing approximately 12% growth at the midpoint versus 2025. Both periods exclude after‑tax amortization of acquisition‑related intangibles. In addition, the 2025 results exclude hurricane‑related insurance recoveries, which contributed $0.16 to full year EPS.

Key assumptions for our guidance include:
•Total sales growth in the low- to mid-20%s, driven by the Druck, Panametrics, Reuter-Stokes, and optek-Danulat acquisitions, as well as mid-single digit core sales growth and a roughly 1 percent foreign exchange benefit.
•Adjusted segment operating margin of nearly 23.0% (up slightly from our prior estimate of 22.5%+).
•Corporate cost of approximately $80-$85 million.
•Net non-operating expense of approximately $58 million, with the increase driven by the interest expense associated with acquisition financing.
•Adjusted tax rate of approximately 23.0%.
•Diluted shares of ~59 million.

Additional details of our outlook and guidance are included in the presentation that accompanies this earnings release available on our website at www.craneco.com in the "investors" section.

Declaring Second Quarter Dividend

Crane announced its regular quarterly dividend of $0.255 per share for the second quarter of 2026. The dividend is payable on June 10, 2026 to shareholders of record as of May 29, 2026.

Additional Information
References to changes in “core sales” or "core sales growth" in this report include the change in sales excluding the impact of foreign currency translation, as well as acquisitions and divestitures from the date of closing up to the first anniversary of such acquisitions or divestitures.
Conference Call
Crane has scheduled a conference call to discuss the first quarter financial results on Tuesday, April 28, 2026 at 10:00 A.M. (Eastern). All interested parties may listen to a live webcast of the call at www.craneco.com. An archived webcast will also be available to replay this conference call directly from the Company’s website under Investors, Events & Presentations. Slides that accompany the conference call will be available on the Company’s website.
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About Crane Company

Crane Company has delivered innovation and technology-led solutions for customers since its founding in 1855. Today, Crane is a leading manufacturer of highly engineered components for challenging, mission-critical applications focused on the aerospace, defense, space and process industry end markets. The Company has two strategic growth platforms: Aerospace & Advanced Technologies and Process Flow Technologies. Crane has approximately 9,000 employees in the Americas, Europe, the Middle East, Asia and Australia. Crane Company is traded on the New York Stock Exchange (NYSE: CR). For more information, visit www.craneco.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 our intent, belief, or expectations, including, but not limited to: benefits and synergies of the Druck, Panametrics and Reuter-Stokes, and optek-Danulat acquisitions; strategic and competitive advantages of Crane; future financing plans and opportunities; and business strategies, prospects and projected operating and financial results. We caution investors not to place undue reliance on any 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. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained.

Risks and uncertainties that could cause actual results to differ materially from our expectations include, but are not limited to: changes in global economic conditions (including inflationary pressures and tariffs) and geopolitical risks, including macroeconomic fluctuations that may harm our business, results of operation and stock price; being unable to identify or complete acquisitions, or to successfully integrate the businesses we acquire, or complete dispositions; information systems and technology network failures and breaches in data security, theft of personally identifiable and other information, non-compliance with our contractual or other legal obligations regarding such information; our ability to source components and raw materials from suppliers, including disruptions and delays in our supply chain; demand for our products, which is variable and subject to factors beyond our control; governmental regulations and failure to comply with those regulations; fluctuations in the prices of our components and raw materials; loss of personnel or being unable to hire and retain additional personnel needed to sustain and grow our business as planned; risks from environmental liabilities, costs, litigation and violations that could adversely affect our financial condition, results of operations, cash flows and reputation; risks associated with conducting a substantial portion of our business outside the U.S.; adverse impacts from intangible asset impairment charges; potential product liability or warranty claims; being unable to successfully develop and introduce new products, which would limit our ability to grow and maintain our competitive position and adversely affect our financial condition, results of operations and cash flow; significant competition in our markets; additional tax expenses or exposures that could affect our financial condition, results of operations and cash flows; inadequate or ineffective internal controls; specific risks relating to our reportable segments, including Aerospace & Advanced Technologies, and Process Flow Technologies; the ability and willingness of Crane Company and Crane NXT, Co. to meet and/or perform their obligations under any contractual arrangements that were entered into among the parties in connection with the separation transaction and any of their obligations to indemnify, defend and hold the other party harmless from and against various claims, litigation and liabilities; and the ability to achieve some or all the benefits that we expect to achieve from the separation transaction.

Readers should carefully review Crane’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Crane’s Annual Report on Form 10-K for the year ended December 31, 2025 and the other documents Crane files from time to time with the SEC. These filings identify and address other important risks and
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uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof, and Crane assumes no (and disclaims any) obligation to revise or update any forward-looking statements.

We make no representations or warranties as to the accuracy of any projections, statements or information contained in this press release. It is understood and agreed that any such projections, targets, statements and information are not to be viewed as facts and are subject to significant business, financial, economic, operating, competitive and other risks, uncertainties and contingencies many of which are beyond our control, that no assurance can be given that any particular financial projections ranges, or targets will be realized, that actual results may differ from projected results and that such differences may be material. While all financial projections, estimates and targets are necessarily speculative, we believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial projections, estimates and targets. The inclusion of financial projections, estimates and targets in this press release should not be regarded as an indication that we or our representatives considered or consider the financial projections, estimates and targets to be a reliable prediction of future events.
(Financial Tables Follow)
Source: Crane Company
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CRANE COMPANY
Condensed Statements of Operations Data
(unaudited, in millions, except per share data)
Three Months Ended
March 31,
 20262025
Net sales:
Aerospace & Advanced Technologies$318.3 $248.9 
Process Flow Technologies378.1 308.7 
Total net sales$696.4 $557.6 
Operating profit:
Aerospace & Advanced Technologies$71.5 $64.6 
Process Flow Technologies64.2 62.8 
Corporate(35.6)(26.3)
Total operating profit $100.1 $101.1 
Interest income$1.6 $3.2 
Interest expense(16.8)(4.5)
Miscellaneous income (expense), net0.2 (1.0)
Income from continuing operations before income taxes85.1 98.8 
Provision for income taxes18.0 20.5 
Net income from continuing operations attributable to common shareholders67.1 78.3 
Income from discontinued operations, net of tax— 28.8 
Net income attributable to common shareholders$67.1 $107.1 
Earnings per diluted share from continuing operations$1.14 $1.34 
Earnings per diluted share from discontinued operations— 0.49 
Earnings per diluted share $1.14 $1.83 
Average diluted shares outstanding58.7 58.5 
Average basic shares outstanding57.7 57.4 
Supplemental data:
Cost of sales$415.1 $320.0 
Engineering, selling and administrative181.2 136.5 
Transaction related expenses (a)
21.6 2.2 
Repositioning related charges, net (a)
0.2 0.1 
Depreciation and amortization (a)
28.1 12.5 
Stock-based compensation expense (a)
8.4 9.3 
(a) Amounts included within Cost of sales and/or Engineering, selling & administrative costs.
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CRANE COMPANY
Condensed Balance Sheets
(unaudited, in millions)

March 31,
2026		December 31,
2025
Assets
Current assets
Cash and cash equivalents$355.4 $506.5 
Restricted Cash— 1,223.3 
Accounts receivable, net493.8 358.7 
Inventories, net507.1 376.5 
Other current assets125.4 106.4 
Total current assets1,481.7 2,571.4 
Property, plant and equipment, net367.7 278.8 
Other assets855.9 319.3 
Goodwill1,346.4 683.9 
Total assets$4,051.7 $3,853.4 
Liabilities and Equity
Current liabilities
Short-term borrowings$5.6 $— 
Accounts payable211.2 189.6 
Accrued liabilities288.0 269.3 
Income taxes15.4 6.3 
Total current liabilities520.2 465.2 
Long-term debt1,192.6 1,148.2 
Long-term deferred tax liability106.0 45.9 
Other liabilities133.7 130.7 
Total liabilities1,952.5 1,790.0 
Total equity2,099.2 2,063.4 
Total liabilities and equity$4,051.7 $3,853.4 


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CRANE COMPANY
Condensed Statements of Cash Flows
(unaudited, in millions)

Three Months Ended
March 31,
20262025
Operating activities:
Net income attributable to common shareholders$67.1 $107.1 
Less: Income from discontinued operations, net of tax— 28.8 
Net income from continuing operations attributable to common shareholders67.1 78.3 
Depreciation and amortization28.1 12.5 
Stock-based compensation expense8.4 9.3 
Defined benefit plans and postretirement cost1.3 2.0 
Cash provided by (used for) operating working capital(133.2)(146.4)
Defined benefit plans and postretirement contributions(0.5)(0.6)
Environmental payments, net of reimbursements(0.3)(1.1)
Other(0.4)(0.2)
Total used for operating activities from continuing operations(29.5)(46.2)
Investing activities:
Payment for acquisitions - net of cash acquired and working capital adjustments(1,355.4)(0.2)
Capital expenditures(10.7)(14.2)
Other investing activities 0.1 — 
Total used for investing activities from continuing operations(1,366.0)(14.4)
Financing activities:
Dividends paid(14.7)(13.2)
Net payments related to employee stock plans(10.9)(10.4)
Proceeds from debt50.0—
Total provided by (used for) financing activities from continuing and discontinued operations24.4 (23.6)
Discontinued operations:
Total provided by investing activities(a)
— 207.7 
Increase in cash and cash equivalents from discontinued operations— 207.7 
Effect of exchange rate on cash and cash equivalents(3.3)4.9 
(Decrease) Increase in cash and cash equivalents(1,374.4)128.4 
Cash, cash equivalents and restricted cash at beginning of period(b)
1,729.8 306.7 
Cash and cash equivalents at end of period$355.4 $435.1 
(a) For the three months ended March 31, 2026, the cash provided by investing activities from discontinued operations was from the sale of the Engineered Materials segment.
(b) Cash, cash equivalents and restricted cash at beginning of period consisted of $1.2 billion in funds held in an escrow account related to the acquisitions of Druck, Panametrics, and Reuter-Stokes brands.
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CRANE COMPANY
Order Backlog
(unaudited, in millions)
 
March 31,December 31,September 30,June 30,March 31,
20262025202520252025
Aerospace & Advanced Technologies(a)
$1,188.6 $1,075.5 $1,054.1 $1,052.8 $960.1 
Process Flow Technologies(b)
606.2 359.9 383.0 403.1 389.9 
Total backlog$1,794.8 $1,435.4 $1,437.1 $1,455.9 $1,350.0 
(a) Includes $93.4 million, of backlog as of March 31, 2026, pertaining to the Druck acquisition.
(b) Includes $222.2 million, of backlog as of March 31, 2026, pertaining to the Panametrics, Reuter-Stokes and optek-Danulat acquisitions.









 

 
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CRANE COMPANY
Non-GAAP Financial Measures
(unaudited, in millions, except per share data)
Three Months Ended March 31
20262025% Change
$Per Share$Per Share(on $)
Net sales (GAAP)$696.4 $557.6 24.9 %
Adjusted Operating Profit and Adjusted Operating Profit Margin
Operating profit (GAAP)$100.1 $101.1 (1.0)%
Operating profit margin (GAAP)14.4 %18.1 %
Special items impacting operating profit:
Transaction related expenses21.6 2.2 
Repositioning related charges, net0.2 0.1 
Amortization of acquisition-related intangibles15.9 3.7 
Adjusted operating profit (Non-GAAP)$137.8 $107.1 28.7 %
Adjusted operating profit margin (Non-GAAP)19.8 %19.2 %
Adjusted Net Income and Adjusted Net Income per Share
Net income from continuing operations attributable to common shareholders (GAAP)$67.1 $1.14 $78.3 $1.34 (14.3)%
Transaction related expenses21.6 0.37 2.3 0.04 
Repositioning related charges, net0.2 — 0.1 — 
Amortization of acquisition-related intangibles15.9 0.27 3.7 0.06 
Impact of pension non-service costs0.4 0.01 1.2 0.02 
Tax effect of the Non-GAAP adjustments(8.2)(0.14)(1.7)(0.03)
Adjusted net income (Non-GAAP)$97.0 $1.65 $83.9 $1.43 15.6 %
Adjusted EBITDA and Adjusted EBITDA Margin
Net income from continuing operations attributable to common shareholders (GAAP)$67.1 $78.3 (14.3)%
Net income margin (GAAP)9.6 %14.0 %
Adjustments to net income:
Interest expense, net15.2 1.3 
Income tax expense18.0 20.5 
Depreciation12.2 8.8 
Amortization15.9 3.7 
Miscellaneous (income) expense, net(0.2)1.0 
Repositioning related charges, net0.2 0.1 
Transaction related expenses21.6 2.2 
Adjusted EBITDA (Non-GAAP)$150.0 $115.9 29.4 %
Adjusted EBITDA Margin (Non-GAAP)21.5 %20.8 %
Totals may not sum due to rounding
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CRANE COMPANY
Non-GAAP Financial Measures by Segment
(unaudited, in millions)

Three Months Ended March 31, 2026
Aerospace & Advanced TechnologiesProcess Flow TechnologiesCorporateTotal Company
Net sales$318.3 $378.1 $— $696.4 
Operating profit (GAAP)$71.5 $64.2 $(35.6)$100.1 
Operating profit margin (GAAP)22.5 %17.0 %14.4 %
Special items impacting operating profit:
Transaction related expenses3.7 6.3 11.6 21.6 
Repositioning related charges, net— 0.2 — 0.2 
Amortization of acquisition-related intangibles3.1 12.8 — 15.9 
Adjusted operating profit (Non-GAAP)$78.3 $83.5 $(24.0)$137.8 
Adjusted operating profit margin (Non-GAAP)24.6 %22.1 %19.8 %
Three Months Ended March 31, 2025
Net sales$248.9 $308.7 $— $557.6 
Operating profit (GAAP)$64.6 $62.8 $(26.3)$101.1 
Operating profit margin (GAAP)26.0 %20.3 %18.1 %
Special items impacting operating profit:
Transaction related expenses— 0.8 1.4 2.2 
Repositioning related charges, net— 0.1 — 0.1 
Amortization of acquisition-related intangibles0.6 3.1 — 3.7 
Adjusted operating profit (Non-GAAP)$65.2 $66.8 $(24.9)$107.1 
Adjusted operating profit margin (Non-GAAP)26.2 %21.6 %19.2 %
Totals may not sum due to rounding



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CRANE COMPANY
Adjusted Free Cash Flow
(unaudited, in millions, except per share data)


Three Months Ended
March 31,
Cash Flow Items20262025
Cash provided by operating activities from continuing operations$(29.5)$(46.2)
Less: Capital expenditures(10.7)(14.2)
Free cash flow$(40.2)$(60.4)
Adjustments:
Transaction-related expenses18.8 2.2 
Transaction-related adjustments(2.1)— 
Adjusted free cash flow from continuing operations$(23.5)$(58.2)
Crane Company 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 profit margin, adjusted tax rate, adjusted net income, adjusted EPS, adjusted EBITDA, 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. We believe that these non-GAAP measures of financial results (including on a forward-looking or projected basis) provide useful supplemental information to investors about Crane Company. Our management uses certain forward looking non-GAAP measures to evaluate projected financial and operating results. 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 our 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 for Crane Company, including Adjusted EPS, and Adjusted segment margin 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 our future GAAP results. For Crane Company, these forward looking and projected non-GAAP measures are calculated as follows:

•"Adjusted segment operating margin" is calculated as adjusted segment operating profit divided by segment sales. Adjusted segment operating profit is calculated as operating profit excluding corporate costs and before Special Items which include acquisition-related intangible amortization, transaction related expenses and repositioning related charges. We believe 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.

•"Adjusted Tax Rate" is calculated as tax excluding the impact from items which are outside of our core performance, some of which may or may not be non-recurring, and which we believe may complicate the presentation of the Company’s underlying earnings divided by "Adjusted Net Income".

•"Adjusted EPS" is calculated as adjusted net income divided by diluted shares. Adjusted net income is calculated as net income adjusted for Special Items which include transaction related expenses such as professional fees, and incremental costs related to acquisitions; repositioning related charges; acquisition-related intangible amortization and, the impact of pension non-service costs. We believe that non-GAAP financial measures adjusted for these items provide investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics.

We believe 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 items which are outside of our core performance, some of which may or may not be non-recurring, and which we believe may complicate the interpretation of the Company’s underlying earnings and operational performance. These items include income and expense such as: acquisition-related intangible amortization, transaction related expenses and repositioning related (gains) charges. 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. We believe 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.

•"Adjusted Net Income" and "Adjusted EPS" exclude items which are outside of our core performance, some of which may or may not be non-recurring, and which we believe may complicate the presentation of the Company’s underlying earnings and operational performance. These measures include income and expense items that impacted Operating Profit such as:
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transaction related expenses and repositioning related (gains) charges. Additionally, these non-GAAP financial measures exclude income and expense items that impacted Net Income and Earnings per Diluted Share such as the impact of pension non-service costs. 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. We believe 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.

•"Adjusted EBITDA" adds back to net income: net interest expense, income tax expense, depreciation and amortization, miscellaneous (income) expense, net, and items outside of our core performance such as transaction related expenses. "Adjusted EBITDA Margin" is calculated as adjusted EBITDA divided by net sales. We believe that adjusted EBITDA and adjusted EBITDA margin provide investors with an alternative metric that may be a meaningful indicator of our performance and provides useful information to investors regarding our financial conditions and results of operations that is complementary to GAAP metrics.

•“Free Cash Flow” and “Adjusted Free Cash Flow from continuing operations” 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 spending. Adjusted Free Cash Flow from continuing operations is calculated as Free Cash Flow adjusted for certain cash items which we believe may complicate the interpretation of the Company’s underlying free cash flow performance such as certain transaction related cash flow items related to acquisitions. 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. We believe 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.
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Source: View Original Filing on SEC EDGAR

FAQ

How did Crane Company (CR) perform financially in Q1 2026?

Crane Company delivered strong Q1 2026 growth, with net sales rising 24.9% to $696.4 million. Adjusted EPS from continuing operations increased 15% to $1.65, while GAAP EPS from continuing operations declined to $1.14 because of acquisition‑related costs and amortization.

What drove Crane Company’s sales and margin performance in Q1 2026?

Sales growth was fueled by acquisitions and modest core growth. Q1 2026 net sales reached $696.4 million, including 3.8% core growth and 18.3% from recent acquisitions. Adjusted operating profit rose to $137.8 million, with an improved adjusted margin of 19.8% versus 19.2% last year.

How did Crane Company’s segments perform in Q1 2026?

Aerospace & Advanced Technologies net sales increased to $318.3 million, up 27.9%, while Process Flow Technologies sales rose to $378.1 million, up 22.5%. Both segments benefited from acquisitions and foreign exchange, with adjusted operating margins of 24.6% and 22.1%, respectively.

What is Crane Company’s updated 2026 earnings guidance?

Crane raised its full‑year 2026 adjusted EPS outlook to $6.65–$6.85, from $6.55–$6.75 previously. At the midpoint, this represents approximately 12% growth versus 2025, excluding after‑tax amortization of acquisition‑related intangibles and hurricane‑related insurance recoveries in 2025.

What is Crane Company’s cash flow and debt position after Q1 2026?

In Q1 2026, Crane reported negative free cash flow of $40.2 million, reflecting working‑capital use and transaction‑related cash outflows. As of March 31, 2026, the company held $355.4 million of cash and had total debt outstanding of $1,198.2 million.

Did Crane Company declare a dividend for shareholders for Q2 2026?

Yes. Crane declared a regular quarterly dividend of $0.255 per share for the second quarter of 2026. The dividend is payable on June 10, 2026 to shareholders of record as of May 29, 2026, continuing the company’s pattern of returning cash to investors.

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