Crane NXT, Co.

What they do

Crane NXT operates two reportable segments: Crane Payment Innovations (CPI), which makes electronic payment verification and authentication equipment, automation, field service and remote diagnostics software, and Security and Authentication Technologies (SAT), which provides security solutions for banknotes, consumer and industrial products plus brand protection and digital content protection. Following the Antares Vision acquisition, Antares Vision is included within CPI in the renamed Detection and Traceability Technologies segment and adds inspection, detection and track-and-trace capabilities for life sciences and food and beverage customers. The company was created from the April 3, 2023 separation from Crane Company and is listed on the NYSE under CXT.

Revenue drivers

• Detection and Traceability Technologies (CPI, incl. Antares Vision) — Largest segment in the latest quarter at $266.5 million of sales, up 26.1% reported but down 3.4% organic, with 16.5% GAAP operating margin and 26.4% adjusted EBITDA margin.
• Security and Authentication Technologies (SAT) — Second quarter 2026 sales of $226.7 million, up 17.5% reported and 9.6% organic, with 17.2% GAAP operating margin and 25.9% adjusted EBITDA margin.
• Currency business within SAT — The earnings release cites continued strong demand in the Currency business as a driver of second quarter results, alongside cost savings in Crane Authentication.
• Acquisitions (Antares Vision, De La Rue) — Acquired revenue supplied the bulk of reported growth: total company sales rose 22.0% while organic growth was only 2.8% in the second quarter.

Recent performance

Second quarter 2026 sales were $493.2 million, up 22.0% year over year, of which only 2.8% was organic. GAAP net income was $35.4 million, or $0.61 per diluted share, with adjusted EPS of $1.10, up 13%, and adjusted EBITDA of $115.5 million at a 23.4% margin, down 80 basis points. SAT operating profit rose 116.1% to $38.9 million while Detection and Traceability operating profit fell 10.2% to $44.0 million on lower CPI volumes. Cash from operations was $86.7 million with adjusted free cash flow conversion of 124%. Full year 2025 revenue was $1.66 billion with net income of $145.1 million and diluted EPS of $2.50.

Strategy

Management is focused on proprietary, differentiated technology, organic growth in core businesses, and acquisitions into higher-growth adjacencies, funded by a balance sheet it describes as strong and flexible. The multi-phase Antares Vision acquisition closed March 31, 2026, bringing 100% ownership, and the company is applying the Crane Business System to drive growth and margin expansion there. In 2025 it expanded its credit agreement with a 430 million Term Loan B maturing 2032 and extended Term Loan A and the revolver to 2030 while increasing the revolver to $800 million. The release also cites cost saving actions in Crane Authentication and the sales benefit from acquisitions.

Risks

• Tariffs and trade measures — The company specifically lists the impact of tariffs and other trade measures among factors that could cause results to differ from expectations.
• Middle East conflict supply chain pressure — The latest 10-Q states the company experienced higher freight costs and extended lead times related to the conflict, though it does not believe the impacts were material.
• Acquisition integration risk — The company cites being unable to identify or complete acquisitions, or to successfully integrate acquired businesses, as a risk, relevant given the multi-phase Antares Vision deal and assumed Antares Vision debt of $123.5 million.
• Variable demand and competition — The 10-K states demand for its products is variable and subject to factors beyond its control, and that its markets are highly competitive with different competitors in each geography and end market.

Outlook

Management raised full year 2026 adjusted EPS guidance to a range of $4.22 to $4.42 from $4.10 to $4.40, citing strong first-half performance and expected continued momentum. The CEO said the company is well positioned to deliver long-term value creation and is implementing the Crane Business System at Antares Vision. No revenue guidance figure is provided in the excerpt.