Crane NXT, Co.
For the period ended Mar 31, 2026. Filed May 6, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 6, 2026
CXT$57.57-2.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0000025445-25-000095
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-06.
0000025445-26-000017
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 88 previous paragraphs and 54 current paragraphs.
19 unchanged; 13 reworded; 22 added; 54 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 7 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (22)
Current report
Crane NXT acquired a controlling interest in Antares Vision S.p.A. (“Antares Vision”) through a multi‑phase acquisition which was completed on March 31, 2026, resulting in 100% ownership. Antares Vision is a global provider of inspection, detection, and track‑and‑trace solutions serving life sciences and food and beverage end markets.
Current report
Prior to obtaining control, the Company accounted for its investment in Antares Vision under the equity method of accounting and recognized its proportionate share of Antares Vision’s results of operations in "Equity investment income" in the Unaudited Condensed Consolidated Statements of Operations.
Current report
In the three months ended March 31, 2026, we drew down $30.0 million and repaid $30.0 million on our Revolving Facility to fund working capital requirements. We borrowed €317.9 million, or $366.9 million, under the Term Loan B to fund the acquisition of Antares Vision and assumed $123.5 million of Antares Vision debt, which is expected to be paid in the second quarter of 2026. In addition, we repaid $112.4 million of Term Loan A.
Current report
Conflict in the Middle East
Current report
The Company is closely monitoring the ongoing conflict in the Middle East and other active military engagements, for the potential effects on global markets and business operations. Although our direct presence in affected regions is limited, our status as a global enterprise with international operations means we distribute products and solutions across numerous countries. Management has taken appropriate steps to secure the safety of its associates in affected regions, as applicable. At present, the duration and scope of these conflicts remains uncertain, and we may experience increased risk of adverse impacts on our financial results such as increased financial market volatility and rising energy costs.
Current report
•sales benefit from the De La Rue acquisition of $26.5 million, or 8.0%,
Current report
•organic sales growth of $18.3 million, or 5.6%, driven primarily by the Currency business, and
Current report
•favorable foreign currency translation of $12.6 million, or 3.8%.
Current report
Cost of sales increased by $41.7 million, or 21.9%, to $231.8 million in 2026. The increase was driven by the impact of the De La Rue acquisition of $18.9 million, or 9.9%, acquisition related amortization, higher manufacturing expenses, unfavorable foreign currency translation and unfavorable mix, partially offset by productivity gains.
Current report
Selling, general and administrative expenses increased by $27.7 million, or 26.9%, to $130.6 million in 2026. The increase was driven by the impact of the De La Rue acquisition, stock-based compensation expense from the Antares Vision acquisition and higher transaction related expenses, partially offset by the impact of cost saving actions.
Current report
Operating profit decreased by $15.1 million, or 40.5%, to $22.2 million in 2026. The decrease was driven by incremental costs related to acquisitions, such as higher transaction related expenses of $9.3 million, or 24.9%, and higher stock-based compensation expense as a result of the Antares Vision acquisition of $10.7 million, or 28.7%, partially offset by the impact of higher volumes in Currency net of higher manufacturing expenses of $6.8 million, or 18.2%.
Current report
Security and Authentication Technologies (“SAT”)
Current report
Sales increased by $65.4 million, or 51.3%, to $192.8 million in 2026, driven by organic sales growth of $28.6 million, or 22.4%, the sales benefit from the De La Rue acquisition of $26.5 million, or 20.8%, and favorable foreign exchange of $10.3 million or 8.1%.
Current report
Cost of sales increased by $42.8 million, or 49.6%, to $129.1 million in 2026, due to the impact of the De La Rue acquisition of $18.9 million, or 21.9%, acquisition related amortization, higher manufacturing expenses, the impact of higher volumes in the Currency business, and unfavorable foreign currency translation.
Current report
Selling, general and administrative expense increased by $7.7 million, or 19.9%, to $46.4 million in 2026, due to the impact of the De La Rue acquisition.
Current report
Operating profit increased by $12.7 million, to $15.1 million in 2026, reflecting the impact of higher volumes, net of higher manufacturing expenses, of $12.6 million. Productivity gains and the impact of cost saving actions were largely offset by acquisition related amortization.
Current report
Detection and Traceability Technologies (“DTT”)
Current report
Sales decreased by $8.0 million, or 4.0%, to $194.9 million in 2026, driven by lower organic sales of $10.3 million, or 5.1%, offset by favorable foreign currency translation of $2.3 million, or 1.1%.
Current report
•Sales of Detection and Inspection products and solutions decreased by $9.8 million, or 5.8%, to $160.1 million in 2026. The decrease was driven by organic sales decline of $12.0 million, or 7.1%, due to lower hardware volumes. The sales decrease was partially offset by favorable foreign currency translation of $2.2 million, or 1.3%, reflecting the strengthening of the British pound and Australian dollar against the U.S. dollar, partially offset by the weakening of the Japanese yen against the U.S. dollar.
Current report
Selling, general and administrative expense increased by $10.5 million, or 21.3%, to $59.9 million in 2026. The increase was driven by stock-based compensation expense from the Antares Vision acquisition.
Current report
Operating profit decreased by $18.3 million, or 36.8%, to $31.4 million in 2026. The decrease reflects the impact of lower volumes of $7.2 million, or 14.5%, and stock-based compensation expense as a result of the Antares Vision acquisition of $10.7 million, or 21.5%, unfavorable mix of $2.1 million, or 4.2%, partially offset by the impact of cost saving actions.
Current report
In the three months ended March 31, 2026, we borrowed €317.9 million, or $366.9 million, under the Term Loan B to fund the acquisition of Antares Vision and assumed $123.5 million of Antares Vision debt, which is expected to be paid in the second quarter of 2026. In addition, we repaid $112.4 million of Term Loan A.
Removed paragraphs (54)
Previous report
On April 3, 2023, Holdings was separated (the “Separation”) into two independent, publicly-traded companies, Crane NXT, Co. and Crane Company (“SpinCo”) through a pro-rata distribution (the “Distribution”) of all the issued and outstanding common stock of SpinCo to the stockholders of Holdings.
Previous report
In the nine months ended September 30, 2025, we drew down $384.5 million and repaid $413.5 million on our Revolving Facility to fund working capital requirements. We also drew down £300.0 million, or $400.4 million, on the Term Loan to fund the DLR acquisition and repaid $40.9 million.
Previous report
On September 15, 2025, we entered into a commitment for a senior secured 364-day Bridge Facility of $602 million and a Backstop Facility of $831 million. The Backstop Facility was in place until October 7, 2025 when the amendment to the Credit Agreement was ratified. The Bridge Facility is available to fund the Antares Vision acquisition and related transactions until permanent financing is secured.
Previous report
On September 12, 2025, Crane NXT entered into definitive agreements to acquire Antares Vision, a publicly traded Italian joint stock company listed on the Italian stock exchange, through a phased transaction. The total enterprise value of Antares Vision, inclusive of equity and net debt, is approximately €445 million. The first phase of the transaction is expected to close in the fourth quarter of 2025 with the final phase of the transaction anticipated in the first half of 2026, subject to customary closing conditions and regulatory approvals.
Previous report
Antares Vision is a global provider of inspection and detection systems that ensure product safety and quality control, as well as track and trace software solutions that help prevent counterfeiting and provides visibility of products throughout the supply chain. The acquisition advances our strategy and expands the Company’s portfolio in growing end markets, including Life Sciences and Food and Beverage.
Previous report
DLR Acquisition
Previous report
On May 1, 2025, we acquired De La Rue Authentication Solutions (“DLR”) for a base purchase price of £300 million. We utilized our Term Loan to fund the acquisition. DLR is a leading global provider of digital and physical security and authentication technologies to governments and brands, and expands our portfolio of authentication solutions.
Previous report
DLR was combined with OpSec as “Crane Authentication” within the Security and Authentication Technologies segment upon close.
Previous report
Restructuring
Previous report
In the second and third quarter of 2025 we initiated restructuring actions as follows:
Previous report
•We recorded $8.5 million of restructuring expense in the SAT segment, predominantly related to severance charges, associated with the integration of the DLR and OpSec businesses. We expect to substantially complete the restructuring program in 2025, with total costs expected to be in the range of $10 million to $15 million.
Previous report
•We recorded $2.3 million of restructuring expense in the CPI segment, predominantly related to severance charges. We will continue to evaluate and align CPI’s cost structure with existing economic conditions which could result in additional actions.
Previous report
Trade Policies and Regulations
Previous report
We continue to monitor developments in global trade policies and tariff regulations. As of November 5, 2025, we expect to mitigate the majority of tariffs on operating profit with pricing and productivity initiatives. The related macroeconomic uncertainty is also affecting demand, primarily in our CPI vending business, which is driving lower sales volumes. See Item 1A, “Risk Factors” for more details.
Previous report
•sales benefit from the DLR acquisition of $28.3 million, or 7.0%,
Previous report
•favorable foreign currency translation of $7.6 million, or 1.9% driven primarily by the strengthening of the euro, British pound, Swedish krona and Japanese yen against the U.S. dollar, and
Previous report
•core sales increase of $5.7 million, or 1.4%, driven primarily by our SAT segment, partially offset by lower volumes in CPI.
Previous report
Cost of sales increased by $20.3 million, or 8.7%, to $252.5 million in 2025. The increase was driven primarily by the impact of acquisitions in SAT, higher material and other manufacturing costs, and unfavorable foreign currency translation, partially offset by productivity gains and the impact of lower volumes in CPI.
Previous report
Selling, general and administrative expenses increased by $10.9 million, or 11.3%, to $107.2 million in 2025. The increase was driven primarily by the impact of acquisitions in SAT and unfavorable foreign currency translation.
Previous report
Operating profit increased by $6.9 million, or 9.2%, to $81.9 million in 2025. The increase was driven primarily by favorable pricing and productivity gains across both segments, partially offset by the impact of lower volumes in CPI and the dilutive impact of acquisitions. Restructuring charges were largely offset by cost-saving actions.
Previous report
Crane Payment Innovations
Previous report
Sales decreased by $8.6 million, or 3.8%, to $216.3 million in 2025, driven by lower core sales of $10.1 million, or 4.5%, partially offset by favorable foreign currency translation of $1.5 million, or 0.7%.
Previous report
•Sales of Payment Acceptance and Dispensing Products decreased by $9.6 million, or 5.0%, to $181.3 million in 2025. The decrease was driven by a core sales decline of $11.1 million, or 5.8%, as favorable pricing was more than offset by anticipated lower volumes primarily in vending, partially offset by favorable foreign currency translation of $1.5 million, or 0.8%, reflecting the strengthening of the British pound and Japanese yen against the U.S. dollar.
Previous report
Cost of sales decreased by $4.4 million, or 3.9%, to $109.2 million in 2025, driven by the impact of lower sales volumes.
Previous report
Selling, general and administrative expense decreased by $1.4 million, or 3.0%, to $45.3 million in 2025, driven by cost saving actions.
Previous report
Operating profit decreased by $3.9 million, or 6.0%, to $60.7 million in 2025. The decrease reflected the impact of lower volumes of $9.5 million, or 14.7%, and unfavorable mix of $2.6 million, or 4.0%, partially offset by favorable pricing, net of inflation of $4.1 million, or 6.4%, and productivity gains and net cost saving actions of $4.0 million, or 6.2%.
Previous report
Security and Authentication Technologies
Previous report
Sales increased by $50.2 million, or 28.1%, to $228.8 million in 2025, driven by the sales benefit from the DLR acquisition of $28.3 million, or 15.8%, core sales growth of $15.8 million, or 8.8%, and favorable foreign currency translation of $6.1 million or 3.4%.
Previous report
•Banknote and security product sales increased by $22.8 million, or 15.7%, to $168.2 million in 2025. The increase was driven by core sales growth of $16.9 million, or 11.6%, primarily due to higher volumes in U.S. and international markets. Included in the sales increase was favorable foreign currency translation of $5.9 million, or 4.1%, reflecting the strengthening of the euro and Swedish krona against the U.S. dollar.
Previous report
Cost of sales increased by $24.7 million, or 20.8%, to $143.3 million in 2025, due to the impact of the DLR acquisition of $16.2 million, or 13.7%, acquisition related amortization and fair value step-up of $7.1 million, or 6.0%, and unfavorable foreign currency translation of $4.8 million, or 4.0%.
Previous report
Selling, general and administrative expense increased by $13.1 million, or 42.7%, to $43.8 million in 2025, due to the impact of the DLR acquisition and higher administrative expenses.
Previous report
Operating profit increased by $10.0 million, or 34.1%, to $39.3 million in 2025, reflecting the impact of higher volumes of $5.8 million, or 19.9%, favorable mix of $4.6 million, or 15.7%, and productivity gains of $4.3 million, or 14.8%, partially offset by dilutive impact of the DLR acquisition of $3.1 million, or 10.5%, predominantly due to acquisition related amortization and fair value step-up.
Previous report
Results from Operations – Nine Month Periods Ended September 30,
Previous report
Sales increased by $92.1 million, or 8.5%, to $1,179.8 million in 2025. The change in sales included:
Previous report
•sales benefit from the DLR and OpSec acquisitions of $89.4 million, or 8.2%,
Previous report
•core sales decline of $10.2 million, or 0.9%, driven by lower volumes in CPI, and
Previous report
•favorable foreign currency translation of $12.9 million, or 1.2%, driven by the strengthening of the euro and British pound against the U.S. dollar.
Previous report
Cost of sales increased by $75.1 million, or 12.5%, to $678.2 million in 2025. The increase was driven by the impact of the DLR acquisition in SAT, under absorption of manufacturing overhead in the Currency business, unfavorable mix in CPI and unfavorable foreign currency translation, partially offset by the impact of lower volumes in CPI and productivity gains across both segments.
Previous report
Selling, general and administrative expenses increased by $39.8 million, or 14.0%, to $323.7 million in 2025. The increase was driven by the impact of the DLR acquisition in SAT.
Previous report
Operating profit decreased by $30.9 million, or 15.6%, to $167.1 million in 2025. The decrease was driven by the impact of lower volumes in CPI, the dilutive impact of the DLR acquisition in SAT, under absorption of manufacturing overhead, higher transaction related expenses and unfavorable mix in CPI, partially offset by productivity gains across both segments.
Showing the first 40 of 54 passages. Open the source sections for the rest.
Reworded paragraphs (13)
Previous wording
References herein to “Crane NXT,” “we,” “us” and “our” refer to Crane NXT, Co. and its subsidiaries, including when Crane NXT, Co. was named “Crane Holdings, Co.” unless the context implies otherwise. References herein to “Holdings” refer to Crane Holdings, Co. and its subsidiaries prior to the consummation of the Separation unless the context implies otherwise.
Current wording
References herein to “Crane NXT,” “the Company,” “we,” “us” and “our” refer to Crane NXT, Co. and its subsidiaries.
Previous wording
References to "core sales” exclude currency effects and, where applicable, the first-year impacts of acquisitions and divestitures. Amounts in the following discussion are presented in millions, except employee, share and per share data, or unless otherwise stated. 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.
Current wording
References to "organic sales” exclude currency effects and, where applicable, the first-year impacts of acquisitions and divestitures. Amounts in the following discussion are presented in millions, except employee, share and per share data, or unless otherwise stated. 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.
Previous wording
The following information should be read in conjunction with our Unaudited Condensed Consolidated Financial Statements and related notes. All comparisons below refer to the third quarter 2025 versus the third quarter 2024, unless otherwise specified.
Current wording
The following information should be read in conjunction with our Unaudited Condensed Consolidated financial statements and related notes. All comparisons below refer to the first quarter 2026 versus the first quarter 2025, unless otherwise specified.
Previous wording
Sales increased by$41.6 million, or 10.3%, to $445.1 million in 2025. The change in sales included:
Current wording
Sales increased by$57.4 million, or 17.4%, to $387.7 million in 2026. The change in sales included:
Previous wording
Our effective tax rate for the three months ended September 30, 2025 was lower than the prior year’s comparable period primarily due to the mix of non-U.S. earnings.
Current wording
Our effective tax rate for the three months ended March 31, 2026 was higher than the prior year’s comparable period primarily due to the lower excess stock compensation deduction in the U.S. as of March 31, 2026.
Previous wording
•Banknote and security product sales increased by $32.2 million, or 8.6%, to $405.1 million in 2025, reflecting higher core sales in both U.S. and international markets, and favorable foreign currency translation, reflecting the strengthening of the euro and Swedish krona against the U.S. dollar.
Current wording
•Banknote and security product sales increased by $47.0 million, or 50.3%, to $140.4 million in 2026. The increase was driven by organic sales growth of $37.0 million, or 39.6%, reflecting higher sales in both U.S. and international markets. Favorable foreign currency translation of $10.0 million, or 10.7%, reflects the strengthening of the Swedish krona and euro against the U.S. dollar.
Previous wording
•Authentication products and solutions sales increased by $27.4 million to $60.6 million in 2025, driven by the sales benefit from the DLR acquisition.
Current wording
•Authentication products and solutions sales increased to $52.4 million in 2026, driven by the sales benefit from the De La Rue acquisition.
Previous wording
•Service revenue increased by $1.0 million, or 2.9%, to $35.0 million in 2025, driven by favorable pricing.
Current wording
•Service revenue increased by $1.8 million, or 5.5%, to $34.8 million in 2026, driven by favorable pricing.
Previous wording
Cost of sales decreased by $8.3 million, or 2.5%, to $324.7 million in 2025, driven by the impact of lower sales volumes and productivity gains, partially offset by unfavorable mix, higher material and other manufacturing costs and unfavorable foreign currency translation.
Current wording
Cost of sales decreased by $1.1 million, or 1.1%, to $102.7 million in 2026, mainly due to the impact of lower sales volumes, partially offset by unfavorable mix and unfavorable foreign currency translation.
Previous wording
Cash provided by operating activities was $135.7 million in the first nine months of 2025, compared with $133.0 million in the comparable period last year. The increase in cash provided by operating activities was primarily driven by lower working capital requirements.
Current wording
Cash used for operating activities was $14.0 million in the first three months of 2026, compared with $19.1 million during the same period last year. The decrease in cash used for operating activities was primarily driven by lower working capital requirements.
Previous wording
Cash used for investing activities was $422.7 million in the first nine months of 2025, compared with $304.4 million in the comparable period last year. The increase in cash used for investing activities was primarily driven by the payment for the acquisition of DLR.
Current wording
Cash used for investing activities was $231.2 million in the first three months of 2026, compared with $13.6 million in the comparable period last year. The increase in cash used for investing activities was primarily driven by the payment of $225.4 million to acquire the remaining ownership stake in Antares Vision.
Previous wording
Cash provided by financing activities consists primarily of dividend payments to shareholders, repayments of indebtedness, and proceeds from our credit facilities.
Current wording
Cash provided by (used for) financing activities consists primarily of dividend payments to shareholders, repayments of indebtedness, and proceeds from our credit facilities.
Previous wording
Cash provided by financing activities was $293.3 million during the first nine months of 2025, compared with $115.8 million in the comparable period last year. The increase was primarily driven by higher net proceeds from the Term Loan used to fund the acquisition of DLR, partially offset by net payments on the Revolving Facility in the first nine month of 2025 compared to net proceeds from Revolving Facility during the same period in 2024.
Current wording
Cash provided by financing activities was $239.8 million during the first three months of 2026, compared with $38.0 million in the comparable period last year. The increase in cash provided by financing activities was primarily driven by higher net proceeds from the Term Loan B borrowing of $366.9 million to fund the Antares Vision acquisition, partially offset by $112.4 million repayment of the Term Loan A and $53.5 million lower net revolver borrowings compared to the prior year.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
The following information should be read in conjunction with our Unaudited Condensed Consolidated Financial Statements and related notes. All comparisons below refer to the first nine months of 2025 versus the first nine months of 2024, unless otherwise specified.
Previous report — wording carried elsewhere
Our effective tax rate for the nine months ended September 30, 2025 was higher than the prior year’s comparable period primarily due to the mix of non-U.S earnings.