cr-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

Mark One:


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from to

Commission File Number: 1-41570

CRANE COMPANY

(Exact name of registrant as specified in its charter)



Delaware						88-2846451
(State or other jurisdiction of incorporation or organization)						(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

(Not Applicable)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $1.00	CR	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non–accelerated filer, or a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

(check one):

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares outstanding of the issuer’s classes of common stock, as of April 28, 2026

Common stock, $1.00 Par Value – 57,745,686 shares

Crane Company

Table of Contents

Form 10-Q

Page

Part I - Financial Information

Item 1.

Financial Statements

Condensed Consolidated Statements of Operations

Condensed Consolidated Statements of Comprehensive Income

Condensed Consolidated Balance Sheets

Condensed Consolidated Statements of Cash Flows

Condensed Consolidated Statements of Changes in Equity

Notes to Condensed Consolidated Financial Statements

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4.

Controls and Procedures

Part II - Other Information

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.

Defaults Upon Senior Securities

Item 4.

Mine Safety Disclosures

PART I: FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

CRANE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)


	Three Months Ended
	March 31,
(in millions, except per share data)	2026		2025
Net sales	$	696.4	$	557.6
Operating costs and expenses:
Cost of sales	415.1		320.0
Engineering, selling and administrative	181.2		136.5
Operating profit	100.1		101.1
Other income (expense):
Interest income	1.6		3.2
Interest expense	(16.8)		(4.5)
Miscellaneous income (expense), net	0.2		(1.0)
Total other expense, net	(15.0)		(2.3)
Income from continuing operations before income taxes	85.1		98.8
Provision for income taxes	18.0		20.5
Net income from continuing operations attributable to common shareholders	67.1		78.3
Income from discontinued operations, net of tax (Note 3)	—		28.8
Net income attributable to common shareholders	$	67.1	$	107.1

Earnings per basic share:
Earnings per basic share from continuing operations	$	1.16	$	1.36
Earnings per basic share from discontinued operations	—		0.50
Earnings per basic share	$	1.16	$	1.86

Earnings per diluted share:
Earnings per diluted share from continuing operations	$	1.14	$	1.34
Earnings per diluted share from discontinued operations	—		0.49
Earnings per diluted share	$	1.14	$	1.83

Average shares outstanding:
Basic	57.7		57.4
Diluted	58.7		58.5

Dividends per share	$	0.255	$	0.23

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

CRANE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)


	Three Months Ended
	March 31,
(in millions)	2026		2025
Net income attributable to common shareholders	$	67.1	$	107.1
Components of other comprehensive income (loss), net of tax
Currency translation adjustment	(18.6)		18.3
Changes in pension and postretirement plan assets and benefit obligation, net of tax	2.4		2.7
Other comprehensive (loss) income, net of tax	(16.2)		21.0
Comprehensive income before allocation to noncontrolling interests	50.9		128.1
Less: Noncontrolling interests in comprehensive income	—		—
Comprehensive income attributable to common shareholders	$	50.9	$	128.1

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

CRANE COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


(in millions)	March 31, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	355.4	$	506.5
Restricted Cash	—		1,223.3
Accounts receivable, net of allowance for doubtful accounts of $13.0 as of March 31, 2026 and $8.4 as of December 31, 2025	493.8		358.7
Inventories, net:
Finished goods	86.0		58.6
Work in process	157.6		106.6
Raw materials	263.5		211.3
Inventories, net	507.1		376.5
Other current assets	125.4		106.4
Total current assets	1,481.7		2,571.4
Property, plant and equipment:
Cost	841.7		746.0
Less: accumulated depreciation	474.0		467.2
Property, plant and equipment, net	367.7		278.8
Long-term deferred tax assets	15.1		3.5
Other assets	173.5		166.3
Intangible assets, net	667.3		149.5
Goodwill	1,346.4		683.9
Total assets	$	4,051.7	$	3,853.4

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

CRANE COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


(in millions, except per share and share data)	March 31, 2026		December 31, 2025
Liabilities and equity
Current liabilities:
Short-term borrowings	$	5.6	$	—
Accounts payable	211.2		189.6
Accrued liabilities	288.0		269.3
U.S. and foreign taxes on income	15.4		6.3
Total current liabilities	520.2		465.2
Long-term debt, net	1,192.6		1,148.2
Accrued pension, postretirement benefits and post-employment benefits	41.7		43.0
Long-term deferred tax liability	106.0		45.9
Other liabilities	92.0		87.7
Total liabilities	1,952.5		1,790.0
Commitments and contingencies (Note 12)
Equity:
Common shares, par value $1.00; 66,475,307 shares authorized; 57,743,867 and 57,607,816 shares issued and outstanding, respectively	57.7		57.6
Capital surplus	451.5		452.0
Retained earnings	1,583.9		1,531.5
Accumulated other comprehensive loss	3.8		20.0
Total shareholders’ equity	2,096.9		2,061.1
Noncontrolling interests	2.3		2.3
Total equity	2,099.2		2,063.4
Total liabilities and equity	$	4,051.7	$	3,853.4

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

CRANE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	Three Months Ended
	March 31,
(in millions)	2026		2025
Operating activities:
Net income attributable to common shareholders	$	67.1	$	107.1
Less: Income from discontinued operations, net of tax	—		28.8
Net income from continuing operations attributable to common shareholders	67.1		78.3
Depreciation and amortization	28.1		12.5
Stock-based compensation expense	8.4		9.3
Defined benefit plans and postretirement cost	1.3		2.0
Deferred income taxes	—		—
Cash used for operating working capital	(133.2)		(146.4)
Defined benefit plans and postretirement contributions	(0.5)		(0.6)
Environmental payments, net of reimbursements	(0.3)		(1.1)
Other	(0.4)		(0.2)
Total used for operating activities from continuing operations	(29.5)		(46.2)
Investing activities:
Payment for acquisitions - net of cash acquired and working capital adjustments	(1,355.4)		(0.2)
Capital expenditures	(10.7)		(14.2)
Other investing activities	0.1		—
Total used for investing activities from continuing operations	(1,366.0)		(14.4)
Financing activities:
Dividends paid	(14.7)		(13.2)
Net payments related to employee stock plans	(10.9)		(10.4)

Proceeds from debt	50.0		—

Total provided by (used for) financing activities from continuing and discontinued operations	24.4		(23.6)
Discontinued Operations:

Total provided by investing activities(a)	—		207.7
Increase in cash and cash equivalents from discontinued operations	—		207.7
Effect of exchange rate on cash and cash equivalents	(3.3)		4.9
(Decrease) Increase in cash and cash equivalents	(1,374.4)		128.4
Cash, cash equivalents and restricted cash at beginning of period(b)	1,729.8		306.7
Cash and cash equivalent at end of period	$	355.4	$	435.1


(a) For the three months ended March 31, 2025, the cash provided by investing activities from discontinued operations was from the sale of the Engineered Materials segment. See Note 3, “Discontinued Operations” for additional information.
(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 acquisition of Druck, Panametrics, and Reuter-Stokes brands.

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

CRANE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	Three Months Ended
	March 31,
(in millions)	2026		2025
Detail of cash used for operating working capital from continuing operations:
Accounts receivable	$	(48.8)	$	(42.1)
Inventories	(17.9)		(8.4)
Other current assets	(14.7)		(7.9)
Accounts payable	(27.2)		(40.7)
Accrued liabilities	(30.1)		(60.2)
U.S. and foreign taxes on income	5.5		12.9
Total	$	(133.2)	$	(146.4)

Supplemental disclosure of cash flow information:
Interest paid	$	15.5	$	3.8
Income taxes paid	$	12.5	$	7.6

See Notes to Condensed Consolidated Financial Statements.

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CRANE COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(UNAUDITED)


(in millions, except share data)	Common Shares Issued at Par Value	Capital Surplus		Retained Earnings		Accumulated Other Comprehensive Loss		Total Share- holders’ Equity		Non-controlling Interest		Total Equity
BALANCE DECEMBER 31, 2025	57.6	$	452.0	$	1,531.5	$	20.0	$	2,061.1	$	2.3	$	2,063.4
Net income	—	—		67.1		—		67.1		—		67.1
Cash dividends ($0.255 per share)	—	—		(14.7)		—		(14.7)		—		(14.7)
Exercise of stock options	—	2.1		—		—		2.1		—		2.1
Impact from settlement of share-based awards, net of shares acquired	0.1	(13.1)		—		—		(13.0)		—		(13.0)
Impact from settlement of liability PRSUs (Note 1)	—	1.9		—		—		1.9		—		1.9
Stock-based compensation expense	—	8.6		—		—		8.6		—		8.6
Changes in pension and postretirement plan assets and benefit obligation, net of tax	—	—		—		2.4		2.4		—		2.4
Currency translation adjustment	—	—		—		(18.6)		(18.6)		—		(18.6)
BALANCE MARCH 31, 2026	57.7	$	451.5	$	1,583.9	$	3.8	$	2,096.9	$	2.3	$	2,099.2

SEC Form 10-Q filed by Crane Company