cxt-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: 1-1657

CRANE NXT, CO.

(Exact name of registrant as specified in its charter)



Delaware						88-0706021
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


950 Winter Street 4th Floor North	Waltham	MA	02451
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: 781-755-6868

(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	CXT	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 30, 2026

Common stock, $1.00 Par Value – 57,542,367 shares

Crane NXT, Co.

Table of Contents

Form 10-Q

Page

Part I - Financial Information

Item 1.

Financial Statements (Unaudited)

Condensed Consolidated Statements of Operations

Page 3

Condensed Consolidated Statements of Comprehensive Income

Page 4

Condensed Consolidated Balance Sheets

Page 5

Condensed Consolidated Statements of Cash Flows

Page 7

Condensed Consolidated Statements of Changes in Equity

Page 9

Notes to Condensed Consolidated Financial Statements

Page 10

Item 2.

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

Page 23

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Page 29

Item 4.

Controls and Procedures

Page 29

Part II - Other Information

Page 30

Page 30

Unregistered Sales of Equity Securities and Use of Proceeds

Page 30

Item 3.

Defaults Upon Senior Securities

Page 30

Item 4.

Mine Safety Disclosures

Page 30

Page 30

Page 31

Page 32

PART I: FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

CRANE NXT, CO. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)


	Three Months Ended
	March 31,
(in millions, except per share data)		2026		2025
Net sales		$	387.7	$	330.3
Operating costs and expenses:
Cost of sales		231.8		190.1
Selling, general and administrative		130.6		102.9


Restructuring charges		3.1		—
Operating profit		22.2		37.3
Other (expense) income:
Interest expense		(17.8)		(11.5)

Equity investment income		4.7		0.1
Miscellaneous income, net		0.1		2.2
Total other expense, net		(13.0)		(9.2)
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 share:


Basic		$	0.11	$	0.38
Diluted		$	0.11	$	0.38





Average shares outstanding:
Basic		57.5		57.3
Diluted		58.0		57.9

Dividends per share		$	0.18	$	0.17

See Notes to Unaudited Condensed Consolidated Financial Statements.

CRANE NXT, CO. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)


	Three Months Ended
	March 31,
(in millions)		2026		2025
Net income before allocation to noncontrolling interest		$	6.8	$	21.7
Components of other comprehensive (loss) income, net of tax
Currency translation adjustment		(10.8)		31.1
Changes in pension and postretirement plan assets and benefit obligation, net of tax		(0.2)		(0.2)
Other comprehensive (loss) income, net of tax		(11.0)		30.9
Comprehensive (loss) income before allocation to noncontrolling interest		$	(4.2)	$	52.6
Less: Noncontrolling interest in comprehensive income		0.4		—
Comprehensive (loss) income attributable to common shareholders		$	(4.6)	$	52.6

See Notes to Unaudited Condensed Consolidated Financial Statements.

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 of allowance for credit losses of $9.5 as of March 31, 2026 and $8.9 as of December 31, 2025	420.0		351.8
U.S. and foreign taxes on income	14.1		12.7
Inventories, net:
Finished goods	77.1		26.6
Finished parts and subassemblies	32.6		23.8
Work in process	34.1		29.4
Raw materials	116.7		89.7
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:
Cost	716.3		688.9
Less: accumulated depreciation	395.1		385.1
Property, plant and equipment, net	321.2		303.8
Long-term deferred tax assets	11.6		2.5
Investment in equity affiliates and joint ventures	8.1		139.4
Intangible assets, net	789.3		557.2
Goodwill	1,398.2		1,164.0

Other assets	97.9		96.6
Total assets	$	3,640.4	$	3,116.4

See Notes to Unaudited Condensed Consolidated Financial Statements.

CRANE NXT, CO. AND SUBSIDIARIES

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	$	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

Total liabilities	2,381.8		1,859.6
Commitments and contingencies (Note 11)
Redeemable noncontrolling Interests	21.1		6.9
Equity:
Preferred shares, par value $0.01; 5,000,000 shares authorized	—		—
Common shares, par value $1.00; 200,000,000 shares authorized	72.4		72.4
Capital surplus	1,709.3		1,716.5
Retained earnings	370.6		374.5
Accumulated other comprehensive loss	(110.9)		(99.9)
Treasury stock	(802.3)		(810.5)
Total shareholders’ equity	1,239.1		1,253.0
Nonredeemable noncontrolling interests	(1.6)		(3.1)
Total equity	1,237.5		1,249.9
Total liabilities, redeemable noncontrolling interests, and equity	$	3,640.4	$	3,116.4


Share data:
Common shares issued	72,441,647		72,441,647
Less: Common shares held in treasury	14,904,359		15,000,106
Common shares outstanding	57,537,288		57,441,541

See Notes to Unaudited Condensed Consolidated Financial Statements.

CRANE NXT, CO. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	Three Months Ended
	March 31,
(in millions)	2026		2025
Operating activities:
Net income before allocation to noncontrolling interest	$	6.8	$	21.7


Adjustments to reconcile net income to net cash flows used for operating activities:
Depreciation and amortization	29.7		21.6
Stock-based compensation expense1	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 period2	246.2		173.4
Cash, cash equivalents and restricted cash at end of period3	$	239.0	$	185.4

1 Includes $10.7 million liability-classified stock-based compensation issued to senior management of Antares Vision. See Note 2, “Acquisitions” for further details.

2 Includes both current and non-current balances of restricted cash. Current restricted cash, included within “Other current assets” in our Unaudited Condensed Consolidated Balance Sheets, was $5.3 million and $0.8 million as of December 31, 2025, and 2024, respectively. Non-current restricted cash, included within “Other assets” in our Unaudited Condensed Consolidated Balance Sheets, was $7.2 million and $6.8 million as of December 31, 2025, and 2024, respectively.

3 Includes both current and non-current balances of restricted cash. Current restricted cash, included within “Other current assets” in our Unaudited Condensed Consolidated Balance Sheets, was $3.7 million and $0.9 million as of March 31, 2026, and 2025, respectively. Non-current restricted cash, included within “Other assets” in our Unaudited Condensed Consolidated Balance Sheets, was $7.0 million and $10.7 million as of March 31, 2026, and 2025, respectively.

See Notes to Unaudited Condensed Consolidated Financial Statements.

CRANE NXT, CO. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	Three Months Ended
	March 31,
(in millions)	2026		2025
Detail of cash used for operating working capital:
Accounts receivable	$	(9.0)	$	1.5
Inventories	(23.2)		(9.8)
Other current assets	(5.1)		(5.0)
Accounts payable	(26.8)		(27.3)
Accrued liabilities	19.9		(11.5)
U.S. and foreign taxes on income	(7.1)		(9.3)
Total	$	(51.3)	$	(61.4)

Supplemental disclosure of cash flow information:
Interest paid	$	15.9	$	10.7
Income taxes paid, net	$	11.2	$	15.9
Unpaid capital expenditures	$	2.7	$	1.4

See Notes to Unaudited Condensed Consolidated Financial Statements.

CRANE NXT, CO. AND SUBSIDIARIES

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		Treasury Stock		Total Share-holders’ Equity		Non-controlling Interest		Total
Balance as of December 31, 2025	$	72.4	$	1,716.5	$	374.5	$	(99.9)	$	(810.5)	$	1,253.0	$	(3.1)	$	1,249.9
Noncontrolling interest of acquired entity	—		—		—		—		—		—		0.9		0.9
Net income	—		—		6.4		—		—		6.4		0.4		6.8
Cash dividends ($0.18 per share)	—		—		(10.3)		—		—		(10.3)		—		(10.3)
Redeemable noncontrolling interest adjustment	—		(0.2)		—		—		—		(0.2)		0.2		—
Exercise of stock options of 2,032 shares	—		—		—		—		—		—		—		—

Impact from settlement of stock-based awards, net of shares acquired	—		(11.1)		—		—		8.2		(2.9)		—		(2.9)
Stock-based compensation expense	—		4.1		—		—		—		4.1		—		4.1
Changes in pension and postretirement plan assets and benefit obligation, net of tax	—		—		—		(0.2)		—		(0.2)		—		(0.2)
Currency translation adjustment	—		—		—		(10.8)		—		(10.8)		—		(10.8)
Balance as of March 31, 2026	$	72.4	$	1,709.3	$

SEC Form 10-Q filed by Crane NXT Co.