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Crane Nxt (CXT) FY2025 results: revenue $1.7 billion, up 11.4% on the year

Crane Nxt, Co. (CXT) reported revenue of $1.7 billion for fiscal 2025, the year ended 31 December 2025, up 11.4% on the year before. Net income was $145 million, down 21.2%, and diluted earnings per share $2.50. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue
$1.7 billion
+11.4% on the year
FY2018FY2025
Operating margin
14.9%
18.1% a year earlier
FY2018FY2025
Net income
$145 million
-21.2% on the year
FY2018FY2025
Diluted EPS
$2.50
-21.6% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 10 new.

  • Fourth quarter sales up 19.5%: Fourth quarter net sales were $476.9 million, up 19.5% year over year. Management attributed the increase to acquisitions, core growth and favorable foreign exchange.
  • Security and Authentication sales up 41.6%: SAT sales were $260.9 million. De La Rue added 23.7 points, core sales rose 10.7% and favorable foreign exchange added 7.2 points.
  • SAT margin fell on manufacturing costs: SAT operating margin was 14.4%, down from 20.3%; adjusted SAT margin was 20.5%, down from 24.7%. Higher volumes and productivity gains were outweighed by costs, mix and acquisition dilution.
  • Q4 adjusted margin down 130 basis points: Adjusted operating margin was 22.4% against 23.7%; GAAP operating margin was 16.7% against 17.7%, as higher manufacturing costs, unfavorable mix and acquisitions weighed.
  • SAT backlog declined in quarter: Security and Authentication order backlog fell from the prior quarter, while Crane Payment Innovations backlog rose slightly, per the backlog table.
Read the Q4 FY2025 earnings call summary

From this 10-K

Crane NXT makes technology that secures, detects and authenticates: micro-optics and other materials that protect banknotes and physical products against counterfeiting, digital authentication and content protection, and electronic equipment and software that verify payments. It reports two segments, Crane Payment Innovations (CPI) and Security and Authentication Technologies (SAT). Its main end markets include payment automation, banknote design and production, and a range of consumer and financial services markets.

Crane Nxt, Co., the 10-K for 2025

Crane NXT makes technology that secures, detects and authenticates: micro-optics and other materials that protect banknotes and physical products against counterfeiting, digital authentication and content protection, and electronic equipment and software that verify payments. It reports two segments, Crane Payment Innovations (CPI) and Security and Authentication Technologies (SAT). Its main end markets include payment automation, banknote design and production, and a range of consumer and financial services markets.

How it came to be

The company was formerly the group holding company, which the filing calls Holdings. On April 3, 2023 Holdings was separated into two independent public companies through a distribution of the shares of Crane Company to stockholders. The Aerospace & Electronics, Process Flow Technologies and Engineered Materials businesses went to Crane Company. The holding company kept the Payment and Merchandising Technologies business and was renamed Crane NXT, Co., and its stock trades under the symbol CXT on the New York Stock Exchange.

Crane Payment Innovations

CPI makes electronic equipment and software that use detection and sensing technologies to verify and authenticate payment transactions. It also sells automation and processing systems, field service, and remote diagnostics and productivity software. Its product lines are payment acceptance and dispensing products, and services. Its main research and development and manufacturing facilities are in the United States, the United Kingdom, Mexico, Japan and Germany.

Security and Authentication Technologies

SAT secures physical products, including banknotes, consumer goods and industrial products, using its own technology. It also provides brand protection, authentication and digital content protection across online marketplaces, social media platforms and websites, for brands, government agencies and financial institutions. Its main research and development and manufacturing facilities are in the United States, United Kingdom, Sweden and Malta. The segment holds the Crane Currency business and the Crane Authentication business. Crane Authentication combines the acquired OpSec business with De La Rue Authentication Solutions, which the company bought on May 1, 2025. Products sold to government entities are mainly in this segment.

The pending acquisition

On December 16, 2025 the company began a multi-phase acquisition of Antares Vision S.p.A., an Italian provider of inspection and detection systems and track and trace software. In the first phase it bought a 32.3% stake and then launched a mandatory tender offer under Italian law for the remaining publicly traded shares at the same price. It intends to delist Antares Vision and buy the stake owned by Regolo S.p.A., making Antares Vision a subsidiary, and states that it expects the final phase in 2026. The company says the deal adds end markets including life sciences and food and beverage.

Inputs and people

Its raw materials include steel, copper, electronic components, aluminum, plastics, cotton, flax, films and petroleum-based products, bought from many independent sources. It runs its operations under the Crane Business System. At December 31, 2025 it employed approximately 4,800 people in 35 countries, including approximately 2,200 across 32 locations in the United States.

From Crane NXT's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 26 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue1,6571,4871,391+11.4%
Cost of revenue953822737+16.0%
Gross profit704665654+5.8%
Gross margin42.5%44.7%47.0%
Research and development46.039.542.8+16.5%
Selling, general and administrative440386367+14.0%
Operating income247269287-8.2%
Operating margin14.9%18.1%20.6%
Pre-tax income181226240-20.1%
Income tax35.942.351.5-15.1%
Effective tax rate19.8%18.7%21.5%
Net income145184188-21.2%
Net margin8.8%12.4%13.5%
Diluted EPS$2.50$3.19$3.28-21.6%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow242214276+12.8%
Capital expenditure43.245.431.1-4.8%
Free cash flow198169245+17.5%
Free cash flow margin12.0%11.3%17.6%
Cash from investing-549-318-31.1
Cash from financing36462.1-252+485.5%
Depreciation and amortisation10786.877.6+22.8%
Share-based compensation12.710.610.3+19.8%
Dividends paid39.036.623.7+6.6%
Dividend per share$0.68$0.64$0.42+6.3%
Diluted shares, weighted58m58m58m+0.3%
Shares outstanding at period end57m57m57m+0.4%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity1,2531,065964+17.7%
Non-controlling interest-3.10.0n/a
Redeemable equity6.90.0n/a
Debt1,140751645+51.8%
Operating lease liabilities55.652.742.6+5.5%
Other liabilities664518478+28.2%
Total liabilities and equity3,1162,3862,129+30.6%
Fixed assets304272261+11.6%
Goodwill1,164957841+21.7%
Intangible assets557419309+32.9%
Cash and equivalents234166227+41.0%
Receivables352266215+32.3%
Inventory170145157+17.1%
Other assets336162119+107.8%
Total assets3,1162,3862,129+30.6%

10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.