Crane NXT (CXT) Q4 2025 earnings summary

Executive summary

• Achieved sales growth of 20% in Q4 and 11.4% for the full year, driven by acquisitions and strong performance in currency and authentication businesses.

• Adjusted EBITDA margin reached 25% in Q4 and 24% for the year; Adjusted EPS was $1.27 in Q4 and $4.06 for the year.

• Secured 20 new currency denomination wins using micro-optics technology and completed key equipment upgrades for the new U.S. currency series.

• Completed acquisition of De La Rue Authentication and initial equity investment in Antares Vision, with full acquisition and privatization expected by mid-2026.

• Raised annual dividend by 6% and declared a Q1 2026 dividend of $0.18 per share.

Financial highlights

• Q4 sales were $477 million, up 20% year-over-year; full-year sales reached $1.7 billion, up 11.4%.

• Q4 adjusted EPS was $1.27; full-year adjusted EPS was $4.06; adjusted free cash flow conversion was 135% in Q4 and 94% for the year.

• Net leverage ended at 2.3x; total debt rose to $1,139.5M at year-end.

• Cash provided by operating activities was $241.5M; adjusted free cash flow was $221.8M, up 19% year-over-year.

• Adjusted EBITDA for 2025 was $402.7M (24.3% margin).

Outlook and guidance

• 2026 sales growth expected at 4%-6%, with high single-digit growth in Security & Authentication and flat CPI segment.

• Adjusted EPS guidance for 2026 is $4.10-$4.40; adjusted EBITDA margin projected at 25%-28%.

• Adjusted free cash flow conversion expected between 90%-110% in 2026.

• CapEx for currency to rise to 7% of revenue in 2026, with total company CapEx at 3%-5% of sales.

• Full-year guidance includes full-year contribution from De La Rue and anticipated consolidation of Antares Vision.