Crane NXT NYSE: CXT reported first-quarter 2026 sales growth and reaffirmed its earnings outlook while updating its full-year guidance to include the recently completed acquisition of Antares Vision.
President and Chief Executive Officer Aaron Saak said the company began the year with “solid momentum,” citing organic sales growth of approximately 6% and total sales growth of approximately 17% year over year. Saak said Crane NXT delivered against its three stated value creation priorities: accelerating organic growth, building on leadership positions and driving operational excellence through the Crane Business System.
Senior Vice President and Chief Financial Officer Christina Cristiano said first-quarter sales totaled $388 million. Adjusted EBITDA margin increased approximately 80 basis points to 19%, and adjusted earnings per share rose approximately 11% to $0.60. Cristiano said free cash flow reflected normal seasonality and the timing of payments, adding that the company expects free cash flow to accelerate through the year and achieve a full-year conversion ratio of 90% to 110%.
Antares Vision Acquisition Expands Traceability Portfolio
Crane NXT completed the Antares Vision acquisition at the end of March, ahead of its original schedule. Saak said the acquisition expands the company’s reach into the life sciences and food and beverage markets and strengthens its position in authentication and traceability technologies.
Antares Vision provides detection and inspection equipment, field and remote services, and track-and-trace software designed to ensure product quality and traceability from manufacturing through distribution to consumers. Saak said the company’s core end markets include life sciences and food and beverage, with sales primarily in the Americas and Western Europe and a growing customer base in emerging markets.
Saak said Antares Vision is now part of Crane NXT’s newly established Detection and Traceability Technology segment, or DTT, alongside the CPI business. He said Crane NXT sees “clear and actionable opportunities” for operational synergies between Antares Vision and CPI because both businesses involve equipment manufacturing, advanced detection systems and field services.
During the question-and-answer session, Saak said Crane NXT has not seen any significant or material impact on Antares Vision from the war in Europe or broader macro events. He said the acquisition gives Crane NXT exposure to secular growth in pharmaceuticals, life sciences and food and beverage.
Asked about Antares Vision’s software capabilities, Saak highlighted its Diamond Platform, describing it as a more sophisticated track-and-trace software offering that can follow products from manufacturing through consumption. He said Crane NXT is initially focused on pairing Crane Authentication products with Antares Vision’s sales channels and products.
Security and Authentication Technologies Drives Growth
In the Security and Authentication Technologies segment, or SAT, first-quarter sales increased 51% year over year, including the contribution from the De La Rue Authentication acquisition, which closed in May 2025. Organic sales in the segment grew approximately 22%, driven by strong demand in international currency and a favorable comparison in U.S. currency.
Cristiano said adjusted EBITDA margin in SAT rose approximately 600 basis points to 20%, reflecting higher U.S. currency volume and planned synergies in the authentication business. She said the company expects continued margin expansion in SAT and remains on track to end the year with an adjusted EBITDA margin of approximately 25%.
Cristiano also said Crane NXT ended the quarter with three new micro-optics wins in its international currency business and remains on track to achieve its full-year target of 10 to 15 new denominations. She noted that Curaçao and Sint Maarten central bank notes featuring Crane NXT’s advanced micro-optics technology were named the 2025 Banknote of the Year by the International Bank Note Society.
In response to an analyst question about the international currency funnel, Saak said the company has backlog in place through 2026, is building out 2027, and has some bookings into 2028. He said Crane NXT expects to approach 200 denominations using its micro-optics by 2028, compared with 150 in 2024. Saak also said the company sees more than 70 denominations expected to be quoted and designed between now and 2030.
On U.S. currency, Saak said Crane NXT is ready for the new $10 banknote and is focused on preparation for the $50 banknote. He said the company expects high single-digit growth in U.S. currency in 2026, with the more material uplift from new U.S. currency occurring in 2027.
DTT Results Reflect CPI Before Antares Contribution
Crane NXT said first-quarter DTT sales and adjusted EBITDA reflected CPI only, because Antares Vision closed at the end of the quarter. DTT sales declined approximately 4% year over year, as mid-single-digit growth in CPI service was more than offset by expected lower hardware sales. Adjusted EBITDA margin declined approximately 160 basis points due to lower hardware volume and product mix.
Cristiano said the company expects accelerating sales growth and margin accretion in CPI through the year, driven by productivity programs and disciplined cost management. She said those efforts are expected to improve CPI’s full-year adjusted EBITDA margin by approximately 20 to 30 basis points.
Segment backlog was $221 million, including approximately $100 million from Antares Vision that Crane NXT expects to deliver in 2026. CPI backlog was approximately $120 million, up approximately 8% sequentially, with a book-to-bill ratio of approximately 1.
Saak said CPI performed as expected in the quarter. He said service revenue grew mid-single digits and is benefiting from expanded service offerings, improved attach rates and service for third-party equipment. Hardware and vending were described as largely in line with expectations, with some recovery expected through the year.
Guidance Updated for Antares Vision
Crane NXT updated its 2026 guidance to include Antares Vision. The company now expects total sales growth of 15% to 17% for the year. In SAT, it continues to expect high single-digit sales growth, driven by high single-digit growth in U.S. currency and low single-digit growth in international currency following a strong 2025.
For Crane Authentication, the company expects mid-single-digit organic growth and total growth in the low 20% range, including a full-year contribution from De La Rue Authentication. In DTT, Crane NXT expects low-20% sales growth including Antares Vision. CPI sales are expected to be flat year over year, with mid-single-digit growth in service offset by flat to slightly lower sales in hardware and vending.
Antares Vision is expected to add approximately $200 million to $210 million of revenue for the nine months included in 2026, with the fourth quarter expected to be its highest quarter. Crane NXT now expects full-year adjusted segment EBITDA margin of approximately 27%, including Antares Vision.
The company maintained its full-year adjusted EPS guidance range of $4.10 to $4.40. Cristiano said productivity initiatives in the core businesses and EBITDA contribution from Antares Vision are expected to offset incremental interest expense from the acquisition financing.
Crane NXT ended the quarter with net leverage of approximately 2.9 times, including the financing for Antares Vision. Cristiano said the company expects to use free cash flow to reduce debt and end 2026 with net leverage of approximately 2.3 times. Saak said the company is focused on integrating Antares Vision and is not looking toward additional acquisitions until 2027, while maintaining net leverage below 3 times.
Looking further ahead, Saak reiterated Crane NXT’s longer-term targets, including sustainable mid-single-digit organic growth, approximately $2.5 billion in sales in 2028, adjusted EBITDA margins in the mid-20% range and approximately 100% free cash flow conversion.
About Crane NXT NYSE: CXT
Crane NXT, Co operates as an industrial technology company that provides technology solutions to secure, detect, and authenticate customers' important assets. The company operates through Crane Payment Innovations and Crane Currency segments. The Crane Payment Innovations segment offers electronic equipment and associated software, as well as advanced automation solutions, processing systems, field service solutions, remote diagnostics, and productivity software solutions. The Crane Currency segment provides advanced security solutions based on proprietary technology for securing physical products, including banknotes, consumer goods, and industrial products.
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