Crane NXT (NYSE: CXT) boosts 2026 growth view after €362M Antares deal
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Crane NXT reported first quarter 2026 net sales of $387.7 million, up 17.4% year-over-year, with 5.6% organic growth. The company completed the acquisition of Antares Vision on March 31, 2026 for approximately €362 million in cash, expanding its inspection, detection, and track-and-trace portfolio.
GAAP net income attributable to common shareholders was $6.4 million, down from $21.7 million a year earlier, with EPS of $0.11 versus $0.38, mainly reflecting acquisition-related expenses and lower volumes in the CPI business. Adjusted EPS rose to $0.60 from $0.54, and Adjusted EBITDA increased to $74.7 million with a 19.3% margin.
The Security and Authentication Technologies segment grew net sales to $192.8 million, up 51.3%, while Detection and Traceability Technologies declined 4.0% to $194.9 million. The company raised 2026 sales growth guidance to 15%–17%, including Antares Vision, and maintained full-year Adjusted EPS guidance of $4.10–$4.40. Free cash flow was negative $24.1 million and Adjusted free cash flow negative $18.9 million for the quarter, and the net leverage ratio was 2.9x based on $1,311.5 million of net debt.
Crane NXT declared a second quarter 2026 dividend of $0.18 per share, payable June 10, 2026 to shareholders of record on May 31, 2026.
Positive
- Strong top-line growth and mix improvement: Q1 2026 net sales rose to $387.7 million, up 17.4% year-over-year, with 5.6% organic growth and Security and Authentication Technologies segment sales up 51.3% to $192.8 million.
- Accretive acquisition and higher growth outlook: Completed the Antares Vision acquisition for approximately €362 million in cash and raised full-year 2026 total sales growth guidance from +4–6% to +15–17%, while maintaining Adjusted EPS guidance of $4.10–$4.40.
- Improving adjusted profitability: Adjusted net income increased to $34.7 million and Adjusted EPS to $0.60 from $0.54, with Adjusted EBITDA of $74.7 million and margin expanding to 19.3% from 18.5%.
Negative
- Sharp decline in GAAP earnings and margins: GAAP net income attributable to common shareholders fell to $6.4 million from $21.7 million, a 70.5% decrease, with net income margin dropping to 1.7% from 6.6% and GAAP operating margin to 5.7% from 11.3%.
- Weak cash generation: Q1 2026 cash used for operating activities was $14.0 million, leading to free cash flow of –$24.1 million and Adjusted free cash flow of –$18.9 million, resulting in negative Adjusted free cash flow conversion of –54.5%.
- Higher leverage and mixed segment trends: Net debt reached $1,311.5 million with a net leverage ratio of 2.9x, while Detection and Traceability Technologies segment net sales declined 4.0% to $194.9 million and Adjusted EBITDA margin contracted by 160 bps.
Insights
Large acquisition drives strong sales growth and higher guidance, but GAAP earnings and cash flow are under pressure.
Crane NXT delivered Q1 2026 net sales of $387.7M, up 17.4%, with 5.6% organic growth. The €362M cash acquisition of Antares Vision adds scale in authentication and traceability and is already reflected in higher segment sales and backlog.
Despite top-line strength, GAAP net income fell to $6.4M, down 70.5%, as acquisition-related expenses, higher interest expense and CPI volume softness weighed on margins. Adjusted metrics were healthier: Adjusted EPS rose to $0.60 and Adjusted EBITDA margin improved to 19.3%, indicating underlying profitability remains solid after normalizing for special items.
Management increased 2026 sales growth guidance from +4–6% to +15–17%, while keeping Adjusted EPS guidance at $4.10–$4.40. This suggests the Antares Vision deal is expected to be growth-accretive but also more leveraged, with a net leverage ratio of 2.9x at March 31, 2026. Persistent negative free cash flow and integration execution in DTT, where sales declined 4.0%, remain key areas for future disclosures to clarify.
8-K Event Classification
2 items: 2.02, 9.01
2 items
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.
Key Figures
Q1 2026 Net Sales: $387.7 million
Q1 2026 GAAP EPS: $0.11 per diluted share
Q1 2026 Adjusted EPS: $0.60 per diluted share
+5 more
8 metrics
Q1 2026 Net Sales
$387.7 million
Total net sales, up 17.4% year-over-year
Q1 2026 GAAP EPS
$0.11 per diluted share
Down from $0.38 per diluted share in Q1 2025
Q1 2026 Adjusted EPS
$0.60 per diluted share
Up from $0.54 per diluted share in Q1 2025
Antares Vision acquisition price
€362 million in cash
Acquisition completed March 31, 2026
2026 Sales Growth Guidance
15% to 17%
Updated from prior 4% to 6% growth range
Q1 2026 Free Cash Flow
-$24.1 million
Cash used for operating activities minus capital expenditures
Net Debt
$1,311.5 million
As of March 31, 2026, net leverage ratio 2.9x
Quarterly Dividend
$0.18 per share
Second quarter 2026 dividend payable June 10, 2026
Key Terms
Adjusted EBITDA, Adjusted free cash flow conversion, Net leverage ratio, organic sales, +1 more
5 terms
Adjusted EBITDA financial
"Adjusted EBITDA (Non-GAAP) | | $ | 74.7 | | | | | $ | 61.1 |"
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.
Adjusted free cash flow conversion financial
"Adjusted free cash flow conversion (non-GAAP) | | (54.5) | %"
Adjusted free cash flow conversion measures how effectively a company turns its reported profit into available cash after accounting for necessary expenses and adjustments. It shows the percentage of profit that becomes actual cash the company can use for growth, debt repayment, or returning value to shareholders. This metric helps investors understand the quality and sustainability of a company's earnings.
Net leverage ratio financial
"Net leverage ratio | | 2.9 | | | | |"
The net leverage ratio measures how much debt a company has compared to its available assets or earnings, after accounting for its cash and liquid assets. It helps investors understand how heavily a company relies on borrowed money to finance its operations and growth. A higher ratio indicates greater financial risk, while a lower ratio suggests a more cautious approach to borrowing.
organic sales financial
"Organic sales | | | | | | 18.3 | | | 5.6 | %"
Organic sales are the change in a company’s revenue that comes from its existing business operations, excluding effects of acquisitions, divestitures, and currency swings. Think of it like measuring how much a garden grows from the plants you already tended, rather than adding new pots; investors use organic sales to judge whether demand and core business performance are genuinely improving or if growth is driven by one‑time deals or accounting shifts.
Earnings Snapshot
Revenue: $387.7 million · Guidance included
Q1 2026
Revenue
$387.7 million
+17.4% year-over-year
GAAP Net Income
$6.4 million
-70.5% year-over-year
GAAP EPS
$0.11
down from $0.38 in Q1 2025
Adjusted EPS
$0.60
up from $0.54 in Q1 2025
Adjusted EBITDA
$74.7 million
+22.3% year-over-year
Guidance
For full year 2026, Crane NXT expects sales growth of 15%–17%, Adjusted EBITDA margin of about 24%, Adjusted segment EBITDA margin around 27%, and Adjusted EPS between $4.10 and $4.40.
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): May 6, 2026
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||
(Address of Principal Executive Offices) | (Zip Code) | ||||||||||
Registrant’s telephone number, including area code: 781 -755-6868
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 class | Trading Symbol | Name of each exchange on which registered | ||||||
| | ||||||||
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 2.02 | Results of Operations and Financial Condition. | ||||
On May 6, 2026, Crane NXT, Co. (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 9.01 | Financial Statements and Exhibits. | ||||
| (d) | Exhibits | |||||||
| Exhibit No. | Description of Exhibit | |||||||
| 99.1 | Earnings Press Release dated May 6, 2026 and Crane NXT, Co. Quarterly Financial Data Supplement for the quarter ended March 31, 2026. | |||||||
| 104 | Cover 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 NXT, CO. | |||||||||||||||||
| May 6, 2026 | |||||||||||||||||
| By: | /s/ Christina Cristiano | ||||||||||||||||
| Christina Cristiano | |||||||||||||||||
| Senior Vice President and | |||||||||||||||||
| Chief Financial Officer | |||||||||||||||||
3
Exhibit 99.1| Contact: | ||
| Matt Roache | ||
| Vice President, Investor Relations | ||
| +1-781-864-4730 | ||
| matthew.roache@cranenxt.com | ||
Crane NXT Reports First Quarter 2026 Results
Completes Acquisition of Antares Vision, a Global Leader in Inspection, Detection, and Track & Trace Technologies
Delivers Organic Sales Growth of 6%; Maintains Full Year EPS Guidance of $4.10 to $4.40
WALTHAM, MASS - May 6, 2026 - Crane NXT, Co. (NYSE: CXT) ("Crane NXT" or the "Company"), a global leader in authentication and traceability technologies, today announced its financial results for the first quarter ended March 31, 2026.
First Quarter 2026 and Recent Highlights
•Completed the acquisition of Antares Vision on March 31, 2026 for approximately €362 million in cash.
•Sales of $388 million, up 17% year-over-year; organic sales growth of 6%, in-line with the Company's expectations.
•GAAP earnings per diluted share (EPS) of $0.11, and Adjusted EPS of $0.60.
•The Company is increasing its 2026 full year sales guidance to a range of 15% to 17% inclusive of Antares Vision and maintaining full year Adjusted EPS guidance in the range of $4.10 to $4.40. Please see the "Full Year 2026 Guidance" section in this press release for more details.
Aaron W. Saak, Crane NXT's President and Chief Executive Officer, stated: "In the first quarter, we delivered on our value creation priorities, accelerating organic growth and building on our leadership positions. With the Antares Vision acquisition complete, our portfolio is increasingly integrated and aligned to growing markets with sustainable tailwinds."
Mr. Saak continued: “Our first quarter results continue to show progress in the evolution of Crane NXT, with approximately 6% organic sales growth and adjusted EPS of $0.60. We have meaningfully expanded our capabilities as a global leader in authentication and traceability technologies and are well positioned to deliver long-term value for shareholders.”
1
Summary of First Quarter 2026 Results
| Three Months Ended March 31, | Change | |||||||||||||||||||||||||
| (dollars in millions) | 2026 | 2025 | $ | % | ||||||||||||||||||||||
| Net sales (GAAP) | $ | 387.7 | $ | 330.3 | $ | 57.4 | 17.4 | % | ||||||||||||||||||
| Organic sales | $ | 18.3 | 5.6 | % | ||||||||||||||||||||||
| Net income (GAAP) | $ | 6.4 | $ | 21.7 | $ | (15.3) | (70.5) | % | ||||||||||||||||||
| Net income margin (GAAP) | 1.7 | % | 6.6 | % | (490bps) | |||||||||||||||||||||
| Adjusted EBITDA | $ | 74.7 | $ | 61.1 | $ | 13.6 | 22.3 | % | ||||||||||||||||||
| Adjusted EBITDA margin | 19.3 | % | 18.5 | % | 80bps | |||||||||||||||||||||
First quarter 2026 net income attributable to common shareholders was $6.4 million, or $0.11 per share. Net income margin was 1.7%. Strong demand in the Currency business and the sales benefit from acquisitions were offset by the impact of lower volumes in CPI and acquisition related expenses. Adjusted EPS for the quarter was $0.60 which excludes acquisition related expenses and restructuring actions. First quarter 2026 Adjusted EBITDA margin was 19.3%.
Summary of First Quarter 2026 Segment Financial Results
Security and Authentication Technologies ("SAT")
| Three Months Ended March 31, | Change | |||||||||||||||||||||||||
| (dollars in millions) | 2026 | 2025 | $ | % | ||||||||||||||||||||||
| Net sales (GAAP) | $ | 192.8 | $ | 127.4 | $ | 65.4 | 51.3 | % | ||||||||||||||||||
| Organic sales | $ | 28.6 | 22.4 | % | ||||||||||||||||||||||
| Operating profit (GAAP) | $ | 15.1 | $ | 2.4 | $ | 12.7 | NM | |||||||||||||||||||
| Operating profit margin (GAAP) | 7.8 | % | 1.9 | % | 590bps | |||||||||||||||||||||
| Adjusted EBITDA | $ | 38.6 | $ | 17.7 | $ | 20.9 | 118.1 | % | ||||||||||||||||||
| Adjusted EBITDA margin | 20.0 | % | 13.9 | % | 610bps | |||||||||||||||||||||
Detection and Traceability Technologies ("DTT")
| Three Months Ended March 31, | Change | |||||||||||||||||||||||||
| (dollars in millions) | 2026 | 2025 | $ | % | ||||||||||||||||||||||
| Net sales (GAAP) | $ | 194.9 | $ | 202.9 | $ | (8.0) | (4.0) | % | ||||||||||||||||||
| Organic sales | $ | (10.3) | (5.1) | % | ||||||||||||||||||||||
| Operating profit (GAAP) | $ | 31.4 | $ | 49.7 | $ | (18.3) | (36.8) | % | ||||||||||||||||||
| Operating profit margin (GAAP) | 16.1 | % | 24.5 | % | (840bps) | |||||||||||||||||||||
| Adjusted EBITDA | $ | 51.8 | $ | 57.2 | $ | (5.4) | (9.4) | % | ||||||||||||||||||
| Adjusted EBITDA margin | 26.6 | % | 28.2 | % | (160bps) | |||||||||||||||||||||
| Totals may not sum due to rounding | ||||||||||||||||||||||||||
| Please see the Non-GAAP Financial Measures tables in this release | ||||||||||||||||||||||||||
2
Full Year 2026 Guidance
The Company is updating its initial full year guidance provided on February 11, 2026 to reflect the acquisition of Antares Vision.
| Full Year 2026 Guidance Details | ||||||||||||||
| (dollars in millions, except per share data) | Initial Guidance | Updated Guidance | ||||||||||||
| Crane NXT Sales Growth | +4% to +6% | +15% to +17% | ||||||||||||
| SAT Segment Sales Growth | ~HSD | ~HSD | ||||||||||||
| DTT Segment Sales Growth | ~Flat | Low 20's % | ||||||||||||
| Adjusted Segment EBITDA Margin | ~28% | ~27% | ||||||||||||
| Adjusted EBITDA Margin | ~25% | ~24% | ||||||||||||
| Adjusted EPS | $4.10 to $4.40 | $4.10 to $4.40 | ||||||||||||
| Other items: | ||||||||||||||
| Corporate Expense | ~$58 | ~$58 | ||||||||||||
| Non-Operating Expense, Net | ~$60 | ~$85 | ||||||||||||
| Adjusted Tax Rate | ~21.5% | ~21.5% | ||||||||||||
| Adjusted Free Cash Flow Conversion | ~90% to ~110% | ~90% to ~110% | ||||||||||||
| Diluted Shares | ~58 million | ~58 million | ||||||||||||
Please see the Non-GAAP Financial Measures definitions in this release | ||||||||||||||
Second Quarter 2026 Dividend
Crane NXT announced its quarterly dividend of $0.18 per share for the second quarter of 2026. The dividend is payable on June 10, 2026, to shareholders of record as of May 31, 2026.
Conference Call
Crane NXT scheduled a conference call to discuss the first quarter financial results on Thursday, May 7, 2026, at 10:00 A.M. (Eastern). Interested parties may listen to a live webcast of the conference call by visiting the Events section of the Investor Relations section of the Company’s website. For those wishing to participate in the Q&A session of the call, please visit the Investors section of Crane NXT's website at www.cranenxt.com to pre-register. Pre-registration may be completed at any time up to the call start time. An accompanying slide presentation and a replay of the live event will also be available on the Company’s website.
About Crane NXT, Co.
Crane NXT is a global leader in authentication and traceability technologies that secure, detect, and authenticate what matters most to its customers. Through its two market-leading business segments, Security & Authentication Technologies and Detection & Traceability Technologies, Crane NXT provides innovative solutions that prevent the counterfeiting of products and identities and ensure the quality, authenticity, and traceability of products across the supply chain. Crane NXT’s approximately 6,000 employees help its customers protect their most important assets and ensure secure, seamless transactions around the world every day. For more information, visit www.cranenxt.com.
3
Forward-Looking Statements Disclaimer
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding the Company's intent, belief, or expectations.
Words such as “anticipate(s),” “expect(s),” “intend(s),” “believe(s),” “plan(s),” “may,” “will,” “would,” “could,” “should,” “seek(s),” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. The Company assumes no (and disclaims any) obligation to revise or update these statements to reflect future events or circumstances. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, it can give no assurance that its expectations will be attained. The Company cautions investors not to place undue reliance on any such forward-looking statements.
Risks and uncertainties that could cause actual results to differ materially from the Company's expectations include, but are not limited to: the impact of tariffs and other trade measures; changes in global economic conditions (including inflationary pressures) and geopolitical risks, including macroeconomic fluctuations; demand for its products, which is variable and subject to factors beyond its control; risks associated with conducting a substantial portion of its business outside the U.S., including the risk of tariffs and other trade measures by the U.S. and other countries; information systems and technology networks failures, breaches in data security, theft of personally identifiable and other information, and non-compliance with its contractual or other legal obligations regarding such information; being unable to identify or complete acquisitions, or to successfully integrate the businesses the Company acquires; fluctuation in the prices of, or disruption in its ability to source, components and raw materials, and delays in the distribution of its products; loss of personnel or being able to hire and retain additional personnel needed to sustain and grow its business as planned; being unable to successfully develop and introduce new products, which would limit its ability to grow and maintain its competitive position; governmental regulations and failure to comply with those regulations; the ability to protect its intellectual property; risks from litigation, claims and investigations, including those related to product liability and warranties, and employee, commercial, intellectual property and environmental matters; risks related to its ability to improve productivity, reduce costs and align manufacturing capacity with customer demand; significant competition in the Company's markets; additional tax expenses or exposures; adverse impacts from intangible asset impairment charges; inadequate or ineffective internal controls; and risks related to the Separation, including not obtaining the intended tax treatment of the Separation transaction, failure of Crane Company to perform under the various transaction agreements and actual or potential conflicts of interest with Crane Company.
Readers should carefully review Crane NXT, Co.’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Crane NXT, Co.’s Annual Report on Form 10-K for the year ended December 31, 2025 and the other documents Crane NXT, Co. and its subsidiaries file from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
4
CRANE NXT, CO. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations Data
(unaudited, in millions, except per share data)
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Net sales: | ||||||||||||||
| Security and Authentication Technologies | $ | 192.8 | $ | 127.4 | ||||||||||
| Detection and Traceability Technologies | 194.9 | 202.9 | ||||||||||||
| Total net sales | $ | 387.7 | $ | 330.3 | ||||||||||
| Operating profit (loss): | ||||||||||||||
| Security and Authentication Technologies | 15.1 | $ | 2.4 | |||||||||||
| Detection and Traceability Technologies | 31.4 | 49.7 | ||||||||||||
| Corporate | (24.3) | (14.8) | ||||||||||||
| Total operating profit | $ | 22.2 | $ | 37.3 | ||||||||||
| Interest expense | (17.8) | (11.5) | ||||||||||||
| Equity investment income | 4.7 | 0.1 | ||||||||||||
| Miscellaneous income, net | 0.1 | 2.2 | ||||||||||||
| Income before income taxes | 9.2 | 28.1 | ||||||||||||
| Provision for income taxes | 2.4 | 6.4 | ||||||||||||
| Net income before allocation to noncontrolling interest | 6.8 | 21.7 | ||||||||||||
| Less: Noncontrolling interest in subsidiaries’ earnings | 0.4 | — | ||||||||||||
| Net income attributable to common shareholders | $ | 6.4 | $ | 21.7 | ||||||||||
| Earnings per diluted share | $ | 0.11 | $ | 0.38 | ||||||||||
| Average diluted shares outstanding | 58.0 | 57.9 | ||||||||||||
| Average basic shares outstanding | 57.5 | 57.3 | ||||||||||||
| Supplemental data: | ||||||||||||||
| Cost of sales | $ | 231.8 | $ | 190.1 | ||||||||||
| Selling, general and administrative | 130.6 | 102.9 | ||||||||||||
| Restructuring charges | 3.1 | — | ||||||||||||
5
CRANE NXT, CO. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(unaudited, in millions)
| March 31, 2026 | December 31, 2025 | |||||||||||||
| Assets | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | 228.3 | $ | 233.8 | ||||||||||
| Accounts receivable, net | 420.0 | 351.8 | ||||||||||||
| U.S. and foreign taxes on income | 14.1 | 12.7 | ||||||||||||
| Inventories, net | 260.5 | 169.5 | ||||||||||||
| Other current assets | 91.2 | 85.1 | ||||||||||||
| Total current assets | 1,014.1 | 852.9 | ||||||||||||
| Property, plant and equipment, net | 321.2 | 303.8 | ||||||||||||
| Long-term deferred tax assets | 11.6 | 2.5 | ||||||||||||
| Investment in equity affiliates and join ventures | 8.1 | 139.4 | ||||||||||||
| Other assets | 97.9 | 96.6 | ||||||||||||
| Intangible assets, net | 789.3 | 557.2 | ||||||||||||
| Goodwill | 1,398.2 | 1,164.0 | ||||||||||||
| Total assets | $ | 3,640.4 | $ | 3,116.4 | ||||||||||
| Liabilities and equity | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Short-term borrowings | $ | 249.5 | $ | 135.1 | ||||||||||
| Accounts payable | 130.8 | 132.3 | ||||||||||||
| Accrued liabilities | 358.1 | 273.0 | ||||||||||||
| U.S. and foreign taxes on income | 24.3 | 28.7 | ||||||||||||
| Total current liabilities | 762.7 | 569.1 | ||||||||||||
| Long-term debt | 1,259.4 | 1,004.4 | ||||||||||||
| Accrued pension and postretirement benefits | 27.8 | 19.1 | ||||||||||||
| Long-term deferred tax liability | 212.3 | 151.0 | ||||||||||||
| Other liabilities | 119.6 | 116.0 | ||||||||||||
| Redeemable noncontrolling interest | 21.1 | 6.9 | ||||||||||||
| Total equity | 1,237.5 | 1,249.9 | ||||||||||||
| Total liabilities, redeemable noncontrolling interest, and equity | $ | 3,640.4 | $ | 3,116.4 | ||||||||||
6
CRANE NXT, CO. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(unaudited, in millions)
| Three Months Ended March 31, | |||||||||||||||||
| 2026 | 2025 | ||||||||||||||||
| Operating activities: | |||||||||||||||||
| Net income before allocation to noncontrolling interest | $ | 6.8 | $ | 21.7 | |||||||||||||
| Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||||||||
| Depreciation and amortization | 29.7 | 21.6 | |||||||||||||||
| Stock-based compensation expense | 14.8 | 2.9 | |||||||||||||||
| Income from equity investments | (4.7) | (0.1) | |||||||||||||||
| Deferred income taxes | (1.9) | (0.5) | |||||||||||||||
| Cash used for operating working capital | (51.3) | (61.4) | |||||||||||||||
| Other | (7.4) | (3.3) | |||||||||||||||
| Total used for operating activities | $ | (14.0) | $ | (19.1) | |||||||||||||
| Investing activities: | |||||||||||||||||
| Proceeds from disposition of assets | 4.6 | — | |||||||||||||||
| Payment for acquisitions, net of cash acquired | (225.4) | — | |||||||||||||||
| Capital expenditures | (10.1) | (13.1) | |||||||||||||||
| Settlement of forward contracts | (0.3) | (0.5) | |||||||||||||||
| Total used for investing activities | $ | (231.2) | $ | (13.6) | |||||||||||||
| Financing activities: | |||||||||||||||||
| Dividends paid | (10.3) | (9.7) | |||||||||||||||
| Proceeds from stock options exercised | — | 0.6 | |||||||||||||||
| Payment of tax withholding on equity awards vested | (2.8) | (5.6) | |||||||||||||||
| Debt issuance costs | (1.6) | (0.8) | |||||||||||||||
| Proceeds from revolving credit facility | 30.0 | 106.0 | |||||||||||||||
| Repayments of revolving credit facility | (30.0) | (52.5) | |||||||||||||||
| Proceeds from term loan | 366.9 | — | |||||||||||||||
| Repayment of term loan | (112.4) | — | |||||||||||||||
| Total provided by financing activities | $ | 239.8 | $ | 38.0 | |||||||||||||
| Effect of exchange rates on cash, cash equivalents and restricted cash | (1.8) | 6.7 | |||||||||||||||
| (Decrease) increase in cash, cash equivalents and restricted cash | (7.2) | 12.0 | |||||||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 246.2 | 173.4 | |||||||||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 239.0 | $ | 185.4 | |||||||||||||
7
CRANE NXT, CO. AND SUBSIDIARIES
Order Backlog
(unaudited, in millions)
| March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | ||||||||||||||||||||||||||||
| Security and Authentication Technologies | $ | 428.5 | $ | 379.4 | $ | 447.6 | $ | 447.2 | $ | 401.2 | ||||||||||||||||||||||
Detection and Traceability Technologies1 | $ | 220.8 | $ | 113.4 | $ | 109.4 | $ | 144.4 | $ | 146.6 | ||||||||||||||||||||||
| Total backlog | $ | 649.3 | $ | 492.8 | $ | 557.0 | $ | 591.6 | $ | 547.8 | ||||||||||||||||||||||
1 Includes $98.9 million of backlog as of March 31, 2026, pertaining to the Antares Vision business acquired in March 2026. | ||||||||||||||||||||||||||||||||
CRANE NXT, CO. AND SUBSIDIARIES
Sales Growth
(unaudited, in millions)
| Three Months Ended March 31, | Change | |||||||||||||||||||||||||
| (dollars in millions) | 2026 | 2025 | $ | % | ||||||||||||||||||||||
| Total Crane NXT Net Sales | $ | 387.7 | $ | 330.3 | $ | 57.4 | 17.4 | % | ||||||||||||||||||
| Organic sales | 18.3 | 5.6 | % | |||||||||||||||||||||||
| Acquisitions | 26.5 | 8.0 | % | |||||||||||||||||||||||
| Foreign exchange | 12.6 | 3.8 | % | |||||||||||||||||||||||
Security and Authentication Technologies Net Sales | $ | 192.8 | $ | 127.4 | $ | 65.4 | 51.3 | % | ||||||||||||||||||
| Organic sales | 28.6 | 22.4 | % | |||||||||||||||||||||||
| Acquisitions | 26.5 | 20.8 | % | |||||||||||||||||||||||
| Foreign exchange | 10.3 | 8.1 | % | |||||||||||||||||||||||
| Detection and Traceability Technologies Net Sales | $ | 194.9 | $ | 202.9 | $ | (8.0) | (4.0) | % | ||||||||||||||||||
| Organic sales | (10.3) | (5.1) | % | |||||||||||||||||||||||
| Foreign exchange | 2.3 | 1.1 | % | |||||||||||||||||||||||
8
CRANE NXT, CO. AND SUBSIDIARIES
Non-GAAP Financial Measures
(unaudited, in millions, except per share data)
| Three Months Ended March 31, | ||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||
| $ | Per Share | $ | Per Share | |||||||||||||||||||||||
| Net sales (GAAP) | $ | 387.7 | $ | 330.3 | ||||||||||||||||||||||
| Operating profit (GAAP) | $ | 22.2 | $ | 37.3 | ||||||||||||||||||||||
| Operating profit margin (GAAP) | 5.7 | % | 11.3 | % | ||||||||||||||||||||||
| Adjusted Net Income and Adjusted Net Income per Share* | ||||||||||||||||||||||||||
| Net income attributable to common shareholders (GAAP) | $ | 6.4 | $ | 0.11 | $ | 21.7 | $ | 0.38 | ||||||||||||||||||
| Acquired intangible asset amortization | 15.7 | 0.27 | 11.0 | 0.19 | ||||||||||||||||||||||
| Restructuring and related costs | 3.4 | 0.06 | — | — | ||||||||||||||||||||||
| Transaction related expenses | 10.3 | 0.18 | 0.7 | 0.01 | ||||||||||||||||||||||
| Acquisition related adjustments | 6.5 | 0.11 | 0.3 | 0.01 | ||||||||||||||||||||||
| Tax adjustments | (7.6) | (0.13) | (2.4) | (0.04) | ||||||||||||||||||||||
| Adjusted net income (Non-GAAP) | $ | 34.7 | $ | 0.60 | $ | 31.3 | $ | 0.54 | ||||||||||||||||||
| Adjusted EBITDA and Adjusted EBITDA margin* | ||||||||||||||||||||||||||
| Net income attributable to common shareholders (GAAP) | $ | 6.4 | $ | 21.7 | ||||||||||||||||||||||
| Net income margin (GAAP) | 1.7 | % | 6.6 | % | ||||||||||||||||||||||
| Adjustments to net income attributable to common shareholders | ||||||||||||||||||||||||||
| Income tax expense | 2.4 | 6.4 | ||||||||||||||||||||||||
| Intangible asset amortization | 16.2 | 11.3 | ||||||||||||||||||||||||
| Interest expense, net | 17.6 | 11.3 | ||||||||||||||||||||||||
| Depreciation | 11.9 | 9.4 | ||||||||||||||||||||||||
| Transaction related expenses | 10.3 | 0.7 | ||||||||||||||||||||||||
| Acquisition related adjustments | 6.5 | 0.3 | ||||||||||||||||||||||||
| Restructuring and related costs | 3.4 | — | ||||||||||||||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 74.7 | $ | 61.1 | ||||||||||||||||||||||
| Adjusted EBITDA Margin (Non-GAAP) | 19.3 | % | 18.5 | % | ||||||||||||||||||||||
| Totals may not sum due to rounding | ||||||||||||||||||||||||||
| *Please see the Non-GAAP Financial Measures definitions in this release | ||||||||||||||||||||||||||
9
CRANE NXT, CO. AND SUBSIDIARIES
Non-GAAP Financial Measures by Segment
(unaudited, in millions)
| Three Months Ended March 31, 2026 | SAT | DTT | Total Segment | Corporate | Total Company | ||||||||||||||||||||||||
| Net sales | $ | 192.8 | $ | 194.9 | $ | 387.7 | $ | — | $ | 387.7 | |||||||||||||||||||
| Operating profit (loss) (GAAP) | $ | 15.1 | $ | 31.4 | $ | 46.5 | $ | (24.3) | $ | 22.2 | |||||||||||||||||||
| Operating profit margin (GAAP) | 7.8 | % | 16.1 | % | 12.0 | % | 5.7 | % | |||||||||||||||||||||
| Special items impacting operating profit: | |||||||||||||||||||||||||||||
| Acquired intangible asset amortization | 10.4 | 5.3 | 15.7 | — | 15.7 | ||||||||||||||||||||||||
| Restructuring and related costs | 2.5 | 0.9 | 3.4 | — | 3.4 | ||||||||||||||||||||||||
| Acquisition related adjustments | 0.3 | 10.7 | 11.0 | — | 11.0 | ||||||||||||||||||||||||
| Transaction related expenses | 0.4 | 1.1 | 1.5 | 8.5 | 10.0 | ||||||||||||||||||||||||
| Adjusted operating profit (loss) (non-GAAP)* | $ | 28.7 | $ | 49.4 | $ | 78.1 | $ | (15.8) | $ | 62.3 | |||||||||||||||||||
| Adjusted operating profit margin (non-GAAP)* | 14.9 | % | 25.3 | % | 20.1 | % | 16.1 | % | |||||||||||||||||||||
| Depreciation | 9.9 | 1.9 | 11.8 | 0.1 | 11.9 | ||||||||||||||||||||||||
| Non-operating income | — | 0.5 | 0.5 | — | 0.5 | ||||||||||||||||||||||||
| Adjusted EBITDA (non-GAAP)* | $ | 38.6 | $ | 51.8 | $ | 90.4 | $ | (15.7) | $ | 74.7 | |||||||||||||||||||
| Adjusted EBITDA margin (non-GAAP)* | 20.0 | % | 26.6 | % | 23.3 | % | 19.3 | % | |||||||||||||||||||||
| Three Months Ended March 31, 2025 | SAT | DTT | Total Segment | Corporate | Total Company | ||||||||||||||||||||||||
| Net sales (GAAP) | $ | 127.4 | $ | 202.9 | $ | 330.3 | $ | — | $ | 330.3 | |||||||||||||||||||
| Operating profit (loss) (GAAP) | $ | 2.4 | $ | 49.7 | $ | 52.1 | $ | (14.8) | $ | 37.3 | |||||||||||||||||||
| Operating profit margin (GAAP) | 1.9 | % | 24.5 | % | 15.8 | % | 11.3 | % | |||||||||||||||||||||
| Special items impacting operating profit: | |||||||||||||||||||||||||||||
| Acquired intangible asset amortization | 5.7 | 5.3 | 11.0 | — | 11.0 | ||||||||||||||||||||||||
| Acquisition related adjustments | 0.3 | — | 0.3 | — | 0.3 | ||||||||||||||||||||||||
| Transaction related expenses | — | — | — | 0.7 | 0.7 | ||||||||||||||||||||||||
| Adjusted operating profit (loss) (non-GAAP)* | $ | 8.4 | $ | 55.0 | $ | 63.4 | $ | (14.1) | $ | 49.3 | |||||||||||||||||||
| Adjusted operating profit margin (non-GAAP)* | 6.6 | % | 27.1 | % | 19.2 | % | 14.9 | % | |||||||||||||||||||||
| Depreciation | 7.6 | 1.8 | 9.4 | — | 9.4 | ||||||||||||||||||||||||
| Non-operating income | 1.7 | $ | 0.4 | 2.1 | $ | 0.3 | 2.4 | ||||||||||||||||||||||
| Adjusted EBITDA (non-GAAP)* | $ | 17.7 | $ | 57.2 | $ | 74.9 | $ | (13.8) | $ | 61.1 | |||||||||||||||||||
| Adjusted EBITDA margin (non-GAAP)* | 13.9 | % | 28.2 | % | 22.7 | % | 18.5 | % | |||||||||||||||||||||
| *Please see the Non-GAAP Financial Measures tables in this release. | |||||||||||||||||||||||||||||
10
CRANE NXT, CO. AND SUBSIDIARIES
Free Cash Flow and Adjusted Free Cash Flow
(unaudited, in millions)
| Three Months Ended March 31, | |||||||||||||||||
| Cash Flow Items | 2026 | 2025 | |||||||||||||||
| Cash used for operating activities (GAAP) | $ | (14.0) | $ | (19.1) | |||||||||||||
| Less: Capital expenditures | (10.1) | (13.1) | |||||||||||||||
| Free cash flow | $ | (24.1) | $ | (32.2) | |||||||||||||
Transaction related expenses1 | 5.2 | 1.7 | |||||||||||||||
| Adjusted free cash flow (non-GAAP) | $ | (18.9) | $ | (30.5) | |||||||||||||
| Adjusted net income (non-GAAP)* | $ | 34.7 | $ | 31.3 | |||||||||||||
| Adjusted free cash flow conversion (non-GAAP) | (54.5) | % | (97.4) | % | |||||||||||||
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)
| March 31, 2026 | ||||||||
Total debt (excluding deferred financing costs of $30.9 million) | $ | 1,539.8 | ||||||
| Less: Cash and cash equivalents | (228.3) | |||||||
| Net debt | $ | 1,311.5 | ||||||
| TTM Adjusted EBITDA (non-GAAP)* | $ | 448.9 | ||||||
| Net leverage ratio | 2.9 | |||||||
*The TTM Adjusted EBITDA includes Antares Vision for periods prior to the acquisition on March 31, 2026. Please refer to the Non-GAAP Financial Measures tables in prior quarter releases and in this release. | ||||||||
Crane NXT reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). This press release includes certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EPS, free cash flow, and Adjusted free cash flow, that are not prepared in accordance with GAAP. These non-GAAP measures are an addition, and not a substitute for or superior, to measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to operating income, net income or any other performance measures derived in accordance with GAAP. The Company's management believes that these non-GAAP measures of financial results (including on a forward-looking or projected basis) provide useful supplemental information to investors about Crane NXT. However, there are a number of limitations related to the use of these non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently or may use other measures to calculate their financial performance, and therefore the Company's non-GAAP measures may not be directly comparable to similarly titled measures of other companies.
"Special items" are items that are not incurred in all periods, the size of these items is difficult to predict, and none of these items are indicative of the operations of the underlying businesses. Management believes that non-GAAP financial measures that exclude these items provide investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. Special items consist of:
•Transaction related expenses including acquisition related expenses such as incremental professional fees associated with closing and integration of acquisitions.
•Acquired intangible asset amortization.
•Acquisition related adjustments primarily reflect purchase accounting adjustments arising from acquisitions, including fair value step‑ups (such as the amortization of acquisition‑related inventory). These adjustments include the fair value remeasurement of the Company’s equity‑method investment in Antares Vision as of the acquisition date, as well as stock‑based compensation issued to Antares Vision senior management in connection with the acquisition.
11
•Restructuring and related costs are predominantly related to severance charges associated with the integration of the DLR and OpSec businesses, and the alignment of DTT's cost structure with existing economic conditions. These costs include formal restructuring programs as well as other discrete actions. Certain costs included in this adjustment are not reported as restructuring charges in the GAAP results due to their immateriality.
Reconciliations of certain forward-looking and projected non-GAAP measures, including Adjusted segment EBITDA margin and Adjusted EPS, to the closest corresponding GAAP measure are not available without unreasonable efforts due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures, which could have a potentially significant impact on Crane NXT's future GAAP results. Crane NXT calculates Adjusted segment EBITDA margin and Adjusted EPS as described below.
•"Adjusted Segment EBITDA" excludes net interest expense, tax expense and depreciation and amortization expense from net income, as well as special items. "Adjusted segment EBITDA margin" is calculated as Adjusted segment EBITDA divided by sales.
•"Adjusted EPS" is calculated as Adjusted net income divided by diluted shares. Adjusted net income is calculated as net income excluding special items, the tax effect of these adjustments and other discrete tax items.
The Company's management believes that each of the following non-GAAP measures provides useful information to investors regarding the Company’s financial conditions and operations:
•"Adjusted net income" and "Adjusted EPS" exclude special items, the tax effect of these adjustments and other discrete tax items which are outside of the Company's underlying business performance, some of which may or may not be non-recurring, and which management believes may complicate the presentation of the Company’s underlying earnings and operational performance.
•“Free cash flow,” “Adjusted free cash flow” and "Adjusted free cash flow conversion” provide supplemental information to assist management and investors in analyzing the Company’s ability to generate liquidity from its operating activities. The measure of free cash flow does not take into consideration certain other non-discretionary cash requirements such as, for example, mandatory principal payments on the Company’s long-term debt. Free cash flow is calculated as cash provided by operating activities less capital expenditures. Adjusted free cash flow is calculated as free cash flow adjusted for certain cash items which management believes may complicate the interpretation of the Company’s underlying free cash flow performance such as certain transaction related cash flow items. Adjusted free cash flow conversion is calculated as Adjusted free cash flow divided by Adjusted net income. These items are not incurred in all periods, the size of these items is difficult to predict, and none of these items are indicative of the operations of the underlying businesses. Management believes that non-GAAP financial measures that exclude these items provide investors with an alternative metric that can assist in predicting future cash flows that are complementary to GAAP metrics.
•"Adjusted EBITDA" and "Adjusted EBITDA margin" exclude net interest expense, tax expense, depreciation and amortization expense and special items. "Adjusted operating profit (loss)" excludes special items described above that impact operating profit. Management believes that non-GAAP financial measures that exclude these items provide investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics.
•"Net leverage ratio" refers to Net debt divided by trailing twelve months (TTM) pro forma Adjusted EBITDA. "Net debt" represents total debt (excluding deferred financing costs), including acquired debt from Antares Vision acquisition, less cash and cash equivalents. The TTM Adjusted EBITDA includes the Antares Vision TTM Adjusted EBITDA for periods prior to the acquisition. Management believes that these non-GAAP financial measures provide useful information about our ability to satisfy our debt obligations.
•References to "organic," such as "organic sales," exclude currency effects and, where applicable, the first-year impacts of acquisitions and divestitures. Management believes that non-GAAP financial measures that exclude these items provide investors with an alternative metric that can assist in identifying underlying growth trends in our business and facilitate comparison of our sales performance, for example, with prior and future periods that are complementary to GAAP metrics.
12
FAQ
How did Crane NXT (CXT) perform financially in Q1 2026?
Crane NXT reported Q1 2026 net sales of $387.7 million, up 17.4% year-over-year, with 5.6% organic growth. GAAP net income was $6.4 million (EPS $0.11), while Adjusted EPS increased to $0.60, reflecting higher sales and non-GAAP adjustments.
What are the key details of Crane NXT’s acquisition of Antares Vision?
Crane NXT completed the acquisition of Antares Vision on March 31, 2026 for approximately €362 million in cash. The deal adds inspection, detection, and track-and-trace technologies and contributed to higher sales guidance and increased backlog within the Detection and Traceability Technologies segment.
How did Crane NXT’s business segments perform in Q1 2026?
In Q1 2026, Security and Authentication Technologies net sales grew to $192.8 million, up 51.3%, with Adjusted EBITDA margin of 20.0%. Detection and Traceability Technologies net sales declined 4.0% to $194.9 million, and its Adjusted EBITDA margin slipped to 26.6% from 28.2%.
What 2026 guidance did Crane NXT (CXT) provide after Q1 results?
Crane NXT raised its 2026 sales growth outlook to 15%–17%, up from 4%–6%, including Antares Vision. The company maintained full-year Adjusted EPS guidance of $4.10–$4.40 and expects an Adjusted EBITDA margin of about 24% and Adjusted segment EBITDA margin near 27%.
What is Crane NXT’s cash flow and leverage position after Q1 2026?
For Q1 2026, Crane NXT used $14.0 million in operating cash, producing free cash flow of –$24.1 million and Adjusted free cash flow of –$18.9 million. Net debt totaled $1,311.5 million, and the company reported a net leverage ratio of 2.9x trailing Adjusted EBITDA.
Did Crane NXT declare a dividend for the second quarter of 2026?
Yes. Crane NXT declared a Q2 2026 dividend of $0.18 per share. The dividend is payable on June 10, 2026 to shareholders of record as of May 31, 2026, continuing the company’s practice of returning cash to shareholders through regular dividends.