Crane NXT (CXT) Q3 2025 earnings summary

Executive summary

• Q3 2025 sales grew 10% year-over-year to $445.1 million, driven by acquisitions, favorable currency, and strong SAT performance.

• Adjusted EPS was $1.28, with net income up 7.2% to $50.5 million.

• Signed agreements to acquire Antares Vision, expected to close in H1 2026, expanding into life sciences and food & beverage detection and authentication.

• International Currency backlog remains at record highs, with orders booked into 2027.

• Ongoing softness in CPI short-cycle businesses, but margins maintained through pricing, productivity, and cost actions.

Financial highlights

• Q3 2025 net sales: $445.1M (+10.3% YoY); operating profit: $81.9M (+9.2% YoY); net income: $50.5M (+7.2% YoY).

• Adjusted EPS was $1.28; adjusted segment operating profit margin increased ~50 bps to 27.6%.

• Adjusted EBITDA for Q3 was $122.4 million (27.5% margin).

• Free cash flow conversion reached ~115% for the quarter.

• Cash provided by operating activities was $92.0 million, with adjusted free cash flow of $85.3 million.

Outlook and guidance

• Full-year 2025 sales growth guidance raised to 9–11% (from 6–8%), with adjusted EPS guidance narrowed to $4.00–$4.10.

• Adjusted segment operating margin expected at ~25%–26.5%; adjusted free cash flow conversion targeted at 90–110%.

• US Currency business expected to see high-single-digit revenue growth in 2026, with new $10 bill production starting mid-2026.

• CPI segment sales expected to decline 2–0%, while SAT segment sales are projected to grow 19–21%.

• Management expects to recognize 57% of remaining $557M in performance obligations as revenue in 2025, 43% in 2026.