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Crane Company (NYSE: CR) lifts 2026 EPS guidance on strong Q2 results

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

Rhea-AI Filing Summary

Crane Company reported strong second-quarter 2026 results, with total net sales of $724.7 million, up 25.6% from a year earlier, driven by 5.2% core sales growth, a 19.8% contribution from acquisitions and a 0.6% foreign-exchange benefit. GAAP earnings per diluted share from continuing operations rose to $1.63 from $1.37, while record adjusted EPS increased to $1.79 from $1.52. Operating profit grew 40.2% to $144.3 million and adjusted operating profit 37.3% to $154.3 million, expanding adjusted operating margin to 21.3%.

Aerospace & Advanced Technologies delivered 31.3% sales growth to $339.1 million, with 13.3% core growth and additional volume from the Druck acquisition, and maintained operating margins in the mid-20% range alongside a record backlog of about $1.27 billion. Process Flow Technologies sales rose 20.9% to $385.6 million, largely from recent acquisitions, with adjusted operating margin improving to 22.2% despite a 1.4% core sales decline.

Cash provided by operating activities from continuing operations was $122.3 million, supporting free cash flow of $107.7 million and adjusted free cash flow of $116.3 million. Crane ended June 30, 2026 with $350.4 million of cash and $1,098.4 million of total debt, then repaid an additional $90 million after quarter-end. The company raised its full-year adjusted EPS outlook to $6.85–$7.05 and declared a third-quarter dividend of $0.255 per share.

Positive

  • Q2 2026 net sales rose 25.6% to $724.7 million, with 5.2% core growth and a 19.8% contribution from acquisitions, indicating strong underlying demand and successful integration of recent deals.
  • Record profitability with adjusted EPS from continuing operations of $1.79 (up 17.9%) and adjusted operating margin of 21.3% (up 180 bps), showing improved efficiency and operating leverage.
  • Guidance raised: full-year 2026 adjusted EPS outlook increased to $6.85–$7.05 from $6.65–$6.85, supported by mid-20% expected total sales growth and adjusted segment operating margin of at least 23.0%.

Negative

  • None.

Filing Explained

The July 28 Form 8-K furnishes Crane’s second-quarter results and outlook under Item 2.02, and says that this information, including Exhibit 99.1, is not deemed filed for Section 18 purposes; the disclosed event is financial reporting and outlook, rather than an issuance, financing, or ownership transaction.

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.
Q2 2026 net sales $724.7 million Total net sales for the quarter ended June 30, 2026, up 25.6% year-over-year
Q2 2026 adjusted EPS $1.79 Adjusted EPS from continuing operations vs $1.52 in the second quarter of 2025
2026 adjusted EPS guidance $6.85–$7.05 Raised full-year 2026 adjusted EPS outlook range from $6.65–$6.85
Q2 2026 free cash flow $107.7 million Free cash flow from continuing operations (operating cash flow less capital expenditures) in Q2 2026
Cash balance $350.4 million Cash and cash equivalents as of June 30, 2026
Total debt outstanding $1,098.4 million Total debt as of June 30, 2026, before an additional $90 million repayment after quarter-end
AAT backlog $1,267.7 million Aerospace & Advanced Technologies order backlog as of June 30, 2026, described as a record level
core sales financial
"Total sales of $724.7 million increased 25.6% compared to the prior year, including 5.2% core sales growth."
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 margin financial
"record adjusted operating margin of 21.3%, up 180bps year-over-year."
Adjusted operating profit margin measures the share of each dollar of sales a company keeps from its core business after removing the effects of one-time or non-recurring items (for example, unusual charges or gains). It matters to investors because it shows the underlying efficiency and profitability of ongoing operations—like checking a car’s fuel efficiency after excluding rare detours—making results easier to compare across periods and companies.
tariff Refunds financial
"Note that adjusted EPS and adjusted operating profit excludes all benefit from tariff recoveries."
Adjusted Free Cash Flow financial
"Adjusted free cash flow from continuing operations was $116.3 million."
Adjusted free cash flow is the amount of money a company generates from its operations after accounting for essential expenses and investments, like maintaining or upgrading equipment. It shows how much cash is truly available to grow the business, pay debts, or return to shareholders, helping investors see the company's financial health more clearly.
Net sales $724.7 million Up 25.6% vs Q2 2025
GAAP EPS from continuing operations $1.63 Up from $1.37 in Q2 2025
Adjusted EPS from continuing operations $1.79 Up from $1.52 in Q2 2025
Adjusted operating margin 21.3% Up from 19.5% in Q2 2025
Free cash flow $107.7 million Up from $88.9 million in Q2 2025
2026 adjusted EPS guidance $6.85–$7.05 Raised from $6.65–$6.85
Guidance

The company now expects total 2026 sales to grow in the mid-20% range, with 5–6% core sales growth and adjusted segment operating margin of at least 23.0%.

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FAQ

What were Crane Company's (CR) key financial results for Q2 2026?
Crane Company (CR) reported Q2 2026 net sales of $724.7 million, up 25.6% year-over-year, with GAAP EPS from continuing operations of $1.63 and record adjusted EPS of $1.79. Operating profit rose 40.2% to $144.3 million, and adjusted operating margin reached 21.3%.

How did Crane's (CR) business segments perform in Q2 2026?
Aerospace & Advanced Technologies posted net sales of $339.1 million, up 31.3%, with 13.3% core growth and record backlog of about $1.27 billion. Process Flow Technologies sales were $385.6 million, up 20.9%, with adjusted operating margin improving to 22.2% despite a 1.4% core sales decline.

How much 2026 adjusted EPS guidance did Crane (CR) raise?
Crane (CR) raised its full-year 2026 adjusted EPS guidance to $6.85–$7.05, up from a prior range of $6.65–$6.85. Management also expects total sales growth in the mid-20% range, 5–6% core sales growth, and adjusted segment operating margin of at least 23.0%.

What was Crane Company's (CR) cash flow and debt position in Q2 2026?
In Q2 2026, Crane (CR) generated $122.3 million of cash from operating activities from continuing operations and free cash flow of $107.7 million. As of June 30, 2026, cash was $350.4 million and total debt was $1,098.4 million, with a further $90 million repaid after quarter-end.

What dividend did Crane Company (CR) declare for the third quarter of 2026?
Crane Company (CR) declared a regular quarterly dividend of $0.255 per share for the third quarter of 2026. The dividend is payable on September 9, 2026 to shareholders of record as of August 31, 2026, continuing the company’s practice of returning cash to shareholders.

What was Crane's (CR) Q2 2026 free cash flow and adjusted free cash flow?
Crane (CR) reported Q2 2026 free cash flow of $107.7 million, calculated as cash from operating activities less capital expenditures. Adjusted free cash flow from continuing operations was $116.3 million, reflecting adjustments for transaction-related items and tariff refunds detailed in the non-GAAP reconciliations.
0001944013false00019440132026-07-282026-07-28

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): July 28, 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. ☐

1

SECTION 2 – FINANCIAL INFORMATION
Item 2.02Results of Operations and Financial Condition.
On July 28, 2026, Crane Company (the “Company”) announced its results of operations for the quarter ended June 30, 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 July 28, 2026 and Crane Company Quarterly Financial Data Supplement for the quarter ended June 30, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
2

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
July 28, 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:
Allison Poliniak-Cusic
Vice President, Investor Relations
IR@craneco.com
www.craneco.com

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

Second Quarter 2026 Highlights
•Earnings per diluted share (EPS) from continuing operations of $1.63, up 19% compared to a year ago, and adjusted EPS from continuing operations a record $1.79, up 18%.
•Total sales of $724.7 million increased 25.6% compared to the prior year, including 5.2% core growth.
•Continued strong broad-based demand at Aerospace & Advanced Technologies (AAT) with 13.3% core sales growth together with record backlog of $1.27 billion, up 11% year-over-year on a core basis.
•Total company core backlog increased 5% sequentially, up 7% and 2% sequentially for AAT and Process Flow Technologies (PFT), respectively.
•Operating margin of 19.9%, up 210bps compared to a year ago, and record adjusted operating margin of 21.3%, up 180bps year-over-year.
•Acquisitions performing ahead of expectations, delivering stronger growth and margin expansion.
•Declaring third quarter 2026 regular dividend of $0.255 per share.

Full Year Outlook
•Raising full year adjusted EPS outlook to a range of $6.85-$7.05 from $6.65-$6.85.

STAMFORD, CONNECTICUT - July 28, 2026 - Crane Company ("Crane," NYSE: CR) today announced its financial results for the second quarter of 2026 and raised its full year adjusted EPS outlook.

Alex Alcala, Crane's President and Chief Executive Officer, stated: "We delivered record quarterly results which exceeded our expectations, reflecting strong execution across the company. Aerospace & Advanced Technologies generated better-than-expected growth, demand at Process Flow Technologies remained stable, and all four recent acquisitions are performing ahead of plan. Combined with 5% core sales growth and strong operating leverage across all businesses, these results underscore the quality of our portfolio and the effectiveness of our operating model.

As we look ahead, we remain confident in our ability to continue to drive significant shareholder value by outgrowing our markets, driving further margin expansion, and deploying capital to acquire businesses that enhance our portfolio. Based on our strong performance and outlook for the remainder of the year, we are increasing our full year adjusted EPS guidance to a range of $6.85-$7.05.”

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Second Quarter 2026 Results
Second quarter 2026 GAAP EPS from continuing operations of $1.63 compared to $1.37 in the second quarter of 2025. Second quarter 2026 adjusted EPS from continuing operations of $1.79 compared to $1.52 in the second quarter of 2025.
Second quarter sales increased 25.6% year-over-year, with 5.2% core sales growth, a 19.8% contribution from acquisitions and a 0.6% benefit from foreign exchange. Operating profit of $144.3 million increased 40.2% compared to last year, reflecting strong operating performance across the business. Adjusted operating profit of $154.3 million increased 37.3%.
Note that adjusted EPS and adjusted operating profit excludes all benefit from tariff recoveries. (Please see the attached non-GAAP Financial Measures tables.)
Summary of Second Quarter 2026 Results
 Second QuarterChange
(unaudited, dollars in millions)20262025$%
Net sales$724.7$577.2$147.5 25.6%
Core sales30.0 5.2%
Acquisitions114.5 19.8%
Foreign exchange3.0 0.6%
Operating profit$144.3$102.9$41.4 40.2%
Adjusted operating profit*$154.3$112.4$41.9 37.3%
Operating profit margin19.9%17.8%210bps
Adjusted operating profit margin*21.3%19.5%180bps
*Please see the attached Non-GAAP Financial Measures tables

Cash Flow, Financing Activities and Other Financial Metrics
During the second quarter of 2026, cash generated from operating activities from continuing operations was $122.3 million, capital expenditures were $14.6 million, and free cash flow (cash provided by operating activities less capital expenditures) was $107.7 million. Adjusted free cash flow from continuing operations was $116.3 million. (Please see the attached non-GAAP Financial Measures tables.)
As of June 30, 2026, the Company's cash balance was $350.4 million with total debt outstanding of $1,098.4 million. Subsequent to quarter-end, the company repaid an additional $90 million of debt.


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Second Quarter 2026 Segment Results
All comparisons detailed in this section refer to operating results for the second quarter 2026 versus the second quarter 2025.
Aerospace & Advanced Technologies
Second QuarterChange
(unaudited, dollars in millions)20262025$%
Net sales$339.1 $258.2 $80.9 31.3%
Core sales34.413.3%
Acquisitions45.9 17.8%
Foreign Exchange0.6 0.2%
Operating profit$88.9 $67.9 $21.0 30.9 %
Adjusted operating profit*$87.4 $68.6 $18.8 27.4%
Operating profit margin26.2%26.3%(10bps)
Adjusted operating profit margin*25.8%26.6%(80bps)
*Please see the attached Non-GAAP Financial Measures tables
Sales of $339.1 million increased 31.3% compared to the prior year, driven by 13.3% core sales growth, a 17.8% contribution from the acquisition of Druck, and a 0.2% benefit from favorable foreign exchange. Operating profit margin of 26.2% declined 10 basis points year-over-year, primarily reflecting favorable net price, higher volumes and tariff recoveries, offset by the expected dilution from Druck. Adjusted operating profit margin of 25.8% declined 80 basis points compared to a year ago, primarily reflecting favorable net price and higher volumes that were more than offset by the expected dilution from Druck.
Process Flow Technologies
 Second QuarterChange
(unaudited, dollars in millions)20262025$%
Net sales$385.6 $319.0 $66.6 20.9%
Core sales(4.4)(1.4%)
Acquisitions68.6 21.5%
Foreign exchange2.4 0.8 %
Operating profit$81.6 $63.9 $17.7 27.7%
Adjusted operating profit*$85.5 $68.4 $17.1 25.0%
Operating profit margin21.2%20.0%120bps
Adjusted operating profit margin*22.2%21.4%80bps
*Please see the attached Non-GAAP Financial Measures tables

3
                                            
Sales of $385.6 million increased 20.9% compared to the prior year primarily driven by a 21.5% contribution from the previously announced acquisitions of optek-Danulat, Panametrics, and Reuter-Stokes, and a 0.8% benefit from favorable foreign exchange offset by a 1.4% core sales decline. Operating profit margin of 21.2% expanded 120bps compared to the prior year reflecting strong productivity and tariff recoveries, partially offset by lower volumes and the expected dilution from the acquisitions. Adjusted operating profit margin was 22.2%, up 80 basis points compared to a year ago, reflecting strong productivity, partially offset by lower volumes and the expected dilution from the acquisitions.

Raising 2026 Guidance

We are raising our full year adjusted EPS outlook to $6.85-$7.05 from $6.65-$6.85.

Key assumptions for our guidance:
•Total sales are now expected to grow in the mid-20% range, up from our prior guidance of low-to-mid-20%, driven by acquisitions and core sales growth of 5-6%, which is now expected to be at the high end of our prior 4-6% guidance range.
•Adjusted segment operating margin of 23.0%+, up from our prior view of ~23.0%.
•Corporate cost of approximately $80-$85 million.
•Net non-operating expense of approximately $58 million.
•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 Third Quarter Dividend

Crane announced its regular quarterly dividend of $0.255 per share for the third quarter of 2026. The dividend is payable on September 9, 2026 to shareholders of record as of August 31, 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.
References to changes in “core backlog” or "core backlog growth" in this report include the change in backlog 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 second quarter financial results on Wednesday, July 29, 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 8,300 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
5
                                            
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
6

CRANE COMPANY
Condensed Statements of Operations Data
(unaudited, in millions, except per share data)
Three Months Ended
June 30,		Six Months Ended
June 30,
 2026202520262025
Net sales:
Aerospace & Advanced Technologies$339.1 $258.2 $657.4 $507.1 
Process Flow Technologies385.6 319.0 763.7 627.7 
Total net sales$724.7 $577.2 $1,421.1 $1,134.8 
Operating profit:
Aerospace & Advanced Technologies$88.9 $67.9 $160.4 $132.5 
Process Flow Technologies81.6 63.9 145.8 126.7 
Corporate(26.2)(28.9)(61.8)(55.2)
Total operating profit $144.3 $102.9 $244.4 $204.0 
Interest income$2.1 $2.9 $3.7 $6.1 
Interest expense(16.6)(4.3)(33.4)(8.8)
Miscellaneous (expense) income, net(1.8)3.1 (1.6)2.1 
Income from continuing operations before income taxes128.0 104.6 213.1 203.4 
Provision for income taxes32.1 24.3 50.1 44.8 
Net income from continuing operations attributable to common shareholders95.9 80.3 163.0 158.6 
Income from discontinued operations, net of tax— 6.1 — 34.9 
Net income attributable to common shareholders$95.9 $86.4 $163.0 $193.5 
Earnings per diluted share from continuing operations$1.63 $1.37 $2.78 $2.71 
Earnings per diluted share from discontinued operations— 0.10 — 0.60 
Earnings per diluted share $1.63 $1.47 $2.78 $3.31 
Average diluted shares outstanding58.7 58.5 58.7 58.5 
Average basic shares outstanding57.7 57.5 57.7 57.4 
Supplemental data:
Cost of sales$417.2 $334.9 $832.3 $654.9 
Engineering, selling and administrative163.2 139.4 344.4 275.9 
Transaction related expenses (a)
12.8 4.6 34.4 6.8 
Repositioning related charges, net (a)
(0.2)1.3 — 1.4 
Depreciation and amortization (a)
27.4 13.1 55.5 25.6 
Stock-based compensation expense (a)
3.9 10.6 12.3 19.9 
(a) Amounts included within Cost of sales and/or Engineering, selling & administrative costs.
7

CRANE COMPANY
Condensed Balance Sheets
(unaudited, in millions)

June 30,
2026		December 31,
2025
Assets
Current assets
Cash and cash equivalents$350.4 $506.5 
Restricted Cash— 1,223.3 
Accounts receivable, net487.6 358.7 
Inventories, net507.2 376.5 
Other current assets134.0 106.4 
Total current assets1,479.2 2,571.4 
Property, plant and equipment, net376.6 278.8 
Other assets834.8 319.3 
Goodwill1,340.2 683.9 
Total assets$4,030.8 $3,853.4 
Liabilities and Equity
Current liabilities
Short-term borrowings$11.3 $— 
Accounts payable185.7 189.6 
Accrued liabilities324.8 269.3 
Income taxes5.7 6.3 
Total current liabilities527.5 465.2 
Long-term debt1,087.1 1,148.2 
Long-term deferred tax liability105.8 45.9 
Other liabilities130.5 130.7 
Total liabilities1,850.9 1,790.0 
Total equity2,179.9 2,063.4 
Total liabilities and equity$4,030.8 $3,853.4 


8

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

Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Operating activities:
Net income attributable to common shareholders$95.9 $86.4 $163.0 $193.5 
Less: Income from discontinued operations, net of tax— 6.1 — 34.9 
Net income from continuing operations attributable to common shareholders95.9 80.3 163.0 158.6 
Depreciation and amortization27.4 13.1 55.5 25.6 
Stock-based compensation expense3.9 10.6 12.3 19.9 
Defined benefit plans and postretirement cost1.2 2.1 2.5 4.1 
Deferred income taxes(1.1)— (1.1)— 
Cash (used for) provided by operating working capital(8.5)5.5 (141.7)(140.9)
Defined benefit plans and postretirement contributions(0.5)(5.6)(1.0)(6.2)
Environmental payments, net of reimbursements(0.8)(0.6)(1.1)(1.7)
Other4.8 (0.4)4.4 (0.6)
Total provided by operating activities from continuing operations122.3 105.0 92.8 58.8 
Investing activities:
Payment for acquisitions - net of cash acquired and working capital adjustments— — (1,355.4)(0.2)
Capital expenditures(14.6)(16.1)(25.3)(30.3)
Other investing activities — 0.2 0.1 0.2 
Total used for investing activities from continuing operations(14.6)(15.9)(1,380.6)(30.3)
Financing activities:
Dividends paid(14.7)(13.2)(29.4)(26.4)
Net payments related to employee stock plans2.61.5(8.3)(8.9)
Proceeds from debt——50.0 — 
Repayments of debt(100.0)(200.0)(100.0)(200.0)
Total used for financing activities from continuing and discontinued operations(112.1)(211.7)(87.7)(235.3)
Discontinued operations:
Total provided by investing activities(a)
— 5.9 — 213.6 
Increase in cash and cash equivalents from discontinued operations— 5.9 — 213.6 
Effect of exchange rate on cash and cash equivalents(0.6)13.8 (3.9)18.7 
(Decrease) Increase in cash and cash equivalents(5.0)(102.9)(1,379.4)25.5 
Cash, cash equivalents and restricted cash at beginning of period(b)
355.4 435.1 1,729.8 306.7 
Cash and cash equivalents at end of period$350.4 $332.2 $350.4 $332.2 
(a) For the three and six months ended June 30, 2025, 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.
9

CRANE COMPANY
Order Backlog
(unaudited, in millions)
 
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Aerospace & Advanced Technologies(a)
$1,267.7 $1,188.6 $1,075.5 $1,054.1 $1,052.8 
Process Flow Technologies(b)
619.6 606.2 359.9 383.0 403.1 
Total backlog$1,887.3 $1,794.8 $1,435.4 $1,437.1 $1,455.9 
(a) Includes $100.2 million, of backlog as of June 30, 2026, pertaining to the Druck acquisition.
(b) Includes $230.9 million, of backlog as of June 30, 2026, pertaining to the Panametrics, Reuter-Stokes and optek-Danulat acquisitions.









 

 
10

CRANE COMPANY
Non-GAAP Financial Measures
(unaudited, in millions, except per share data)
Three Months Ended June 30
20262025% Change
$Per Share$Per Share(on $)
Net sales (GAAP)$724.7 $577.2 25.6 %
Adjusted Operating Profit and Adjusted Operating Profit Margin
Operating profit (GAAP)$144.3 $102.9 40.2 %
Operating profit margin (GAAP)19.9 %17.8 %
Special items impacting operating profit:
Transaction related expenses12.8 4.6 
Repositioning related (gain) charges, net(0.2)1.3 
Amortization of acquisition-related intangibles16.1 3.6 
Tariff Refunds(18.7)— 
Adjusted operating profit (Non-GAAP)$154.3 $112.4 37.3 %
Adjusted operating profit margin (Non-GAAP)21.3 %19.5 %
Adjusted Net Income and Adjusted Net Income per Share
Net income from continuing operations attributable to common shareholders (GAAP)$95.9 $1.63 $80.3 $1.37 19.4 %
Transaction related expenses12.8 0.22 4.6 0.08 
Repositioning related (gain) charges, net(0.2)— 1.3 0.02 
Amortization of acquisition-related intangibles16.1 0.27 3.6 0.06 
Impact of pension non-service costs0.5 0.01 1.2 0.02 
Tariff Refunds(a)
(19.5)(0.33)— — 
Tax effect of the Non-GAAP adjustments(0.4)(0.01)(1.8)(0.03)
Adjusted net income (Non-GAAP)$105.2 $1.79 $89.2 $1.52 17.9 %
Adjusted EBITDA and Adjusted EBITDA Margin
Net income from continuing operations attributable to common shareholders (GAAP)$95.9 $80.3 19.4 %
Net income margin (GAAP)13.2 %13.9 %
Adjustments to net income:
Interest expense, net14.5 1.4 
Income tax expense32.1 24.3 
Depreciation11.3 9.5 
Amortization16.1 3.6 
Miscellaneous expense (income), net1.8 (3.1)
Repositioning related gain, net(0.2)1.3 
Transaction related expenses12.8 4.6 
Tariff Refunds(18.7)— 
Adjusted EBITDA (Non-GAAP)$165.6 $121.9 35.8 %
Adjusted EBITDA Margin (Non-GAAP)22.9 %21.1 %
(a) Includes $0.8 million of interest income earned on tariff refunds.
Totals may not sum due to rounding
11

CRANE COMPANY
Non-GAAP Financial Measures
(in millions, except per share data)
Six Months Ended June 30,
20262025% Change
$Per Share$Per Share(on $)
Net sales (GAAP)$1,421.1 $1,134.8 25.2 %
Adjusted Operating Profit and Adjusted Operating Profit Margin
Operating profit (GAAP)$244.4 $204.0 19.8 %
Operating profit margin (GAAP)17.2 %18.0 %
Special items impacting operating profit:
Transaction related expenses34.4 6.8 
Repositioning related charges, net— 1.4 
Amortization of acquisition-related intangibles32.0 7.3 
Tariff Refunds(18.7)— 
Adjusted operating profit (Non-GAAP)$292.1 $219.5 33.1 %
Adjusted operating profit margin (Non-GAAP)20.6 %19.3 %
Adjusted Net Income and Adjusted Net Income per Share
Net income from continuing operations attributable to common shareholders (GAAP)$163.0 $2.78 $158.6 $2.71 2.8 %
Transaction related expenses34.4 0.59 6.9 0.12 
Repositioning related charges, net— — 1.4 0.02 
Amortization of acquisition-related intangibles32.0 0.54 7.3 0.13 
Impact of pension non-service costs0.9 0.01 2.4 0.04 
Tariff Refunds(a)
(19.5)(0.33)— — 
Tax effect of the Non-GAAP adjustments(8.6)(0.15)(3.5)(0.06)
Adjusted net income (Non-GAAP)$202.2 $3.44 $173.1 $2.96 16.8 %
Adjusted EBITDA and Adjusted EBITDA Margin
Net income from continuing operations attributable to common shareholders (GAAP)$163.0 $158.6 2.8 %
Net income margin (GAAP)11.5 %14.0 %
Adjustments to net income:
Interest expense, net29.7 2.7 
Income tax expense50.1 44.8 
Depreciation23.5 18.3 
Amortization32.0 7.3 
Miscellaneous expense (income), net1.6 (2.1)
Repositioning related charges, net— 1.4 
Transaction related expenses34.4 6.8 
Tariff Refunds(18.7)— 
Adjusted EBITDA (Non-GAAP)$315.6 $237.8 32.7 %
Adjusted EBITDA Margin (Non-GAAP)22.2 %21.0 %
(a) Includes $0.8 million of interest income earned on tariff refunds.
Totals may not sum due to rounding

12

CRANE COMPANY
Non-GAAP Financial Measures by Segment
(unaudited, in millions)

Three Months Ended June 30, 2026
Aerospace & Advanced TechnologiesProcess Flow TechnologiesCorporateTotal Company
Net sales $339.1 $385.6 $— $724.7 
Operating profit (GAAP)$88.9 $81.6 $(26.2)$144.3 
Operating profit margin (GAAP)26.2 %21.2 %19.9 %
Special items impacting operating profit:
Transaction related expenses0.9 4.3 7.6 12.8 
Repositioning related gain, net(0.2)— — (0.2)
Amortization of acquisition-related intangibles3.3 12.8 — 16.1 
Tariff Refunds(5.5)$(13.2)$— (18.7)
Adjusted operating profit (Non-GAAP)$87.4 $85.5 $(18.6)$154.3 
Adjusted operating profit margin (Non-GAAP)25.8 %22.2 %21.3 %
Three Months Ended June 30, 2025
Net sales$258.2 $319.0 $— $577.2 
Operating profit (GAAP)$67.9 $63.9 $(28.9)$102.9 
Operating profit margin (GAAP)26.3 %20.0 %17.8 %
Special items impacting operating profit:
Transaction related expenses— 0.3 4.3 4.6 
Repositioning related charges, net0.1 1.2 — 1.3 
Amortization of acquisition-related intangibles0.6 3.0 — 3.6 
Adjusted operating profit (Non-GAAP)$68.6 $68.4 $(24.6)$112.4 
Adjusted operating profit margin (Non-GAAP)26.6 %21.4 %19.5 %
Totals may not sum due to rounding
















13


CRANE COMPANY
Non-GAAP Financial Measures by Segment
(in millions)

Six Months Ended June 30, 2026Aerospace & Advanced TechnologiesProcess Flow TechnologiesCorporateTotal Company
Net sales $657.4 $763.7 $— $1,421.1 
Operating profit (GAAP)$160.4 $145.8 $(61.8)$244.4 
Operating profit margin (GAAP)24.4 %19.1 %17.2 %
Special items impacting operating profit:
Transaction related expenses4.6 10.6 19.2 34.4 
Repositioning related (gain) charges, net(0.2)0.2 — — 
Amortization of acquisition-related intangibles6.4 25.6 — 32.0 
Tariff Refunds(5.5)(13.2)— (18.7)
Adjusted operating profit (Non-GAAP)$165.7 $169.0 $(42.6)$292.1 
Adjusted operating profit margin (Non-GAAP)25.2 %22.1 %20.6 %
Six Months Ended June 30, 2025
Net sales$507.1 $627.7 $— $1,134.8 
Operating profit (GAAP)$132.5 $126.7 $(55.2)$204.0 
Operating profit margin (GAAP)26.1 %20.2 %18.0 %
Special items impacting operating profit:
Transaction related expenses— 1.1 5.7 6.8 
Repositioning related charges, net0.1 1.3 — 1.4 
Amortization of acquisition-related intangibles1.2 6.1 — 7.3 
Adjusted operating profit (Non-GAAP)$133.8 $135.2 $(49.5)$219.5 
Adjusted operating profit margin (Non-GAAP)26.4 %21.5 %19.3 %
Totals may not sum due to rounding








14

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


Three Months Ended
June 30,		Six Months Ended
June 30,
Cash Flow Items2026202520262025
Cash provided by operating activities from continuing operations$122.3 $105.0 $92.8 $58.8 
Less: Capital expenditures(14.6)(16.1)(25.3)(30.3)
Free cash flow$107.7 $88.9 $67.5 $28.5 
Adjustments:
Transaction-related expenses9.2 4.4 28.0 6.6 
Transaction-related adjustments18.9 — 16.8 — 
Tariff Refunds(19.5)— (19.5)— 
Adjusted free cash flow from continuing operations$116.3 $93.3 $92.8 $35.1 
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, tariff refunds 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; tariff refunds 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, tariff refunds 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.
15


•"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: acquisition-related intangible amortization, transaction related expenses, tariff refunds 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 and tariff refunds. "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 and tariff refunds. 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.
16

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