# Crane Co (CR) Informational only - not investment advice. CIK: 0001944013 SIC: 3490 Miscellaneous Fabricated Metal Products SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 34](/major-group/34/) > [SIC 3490 Miscellaneous Fabricated Metal Products](/industry/3490/) Latest 10-K filed: 2026-02-26 SEC page: https://www.sec.gov/edgar/browse/?CIK=1944013 Filing source: https://www.sec.gov/Archives/edgar/data/1944013/000194401326000095/cr-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0001944013-26-000095 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001944013.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 2,305,000,000 USD | 2025 | verified | | Net income | 366,600,000 USD | 2025 | verified | | Assets | 3,853,400,000 USD | 2025 | verified | | Free cash flow | 341,300,000 USD | 2025 | computed | | Net margin | 15.90% | 2025 | computed | | Operating margin | 18.40% | 2025 | computed | | Revenue YoY | +8.16% | 2025 | computed | | ROE | 17.79% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | CR | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 15.9% | 6.1% | 88 | 35 | | Operating margin | 18.4% | 9.3% | 90 | 32 | | Revenue growth | 8.2% | 4.5% | 69 | 36 | | FCF margin | 14.8% | 10.7% | 85 | 35 | | ROE | 17.8% | 11.6% | 79 | 35 | | ROA | 9.5% | 4.4% | 69 | 36 | | Liabilities / equity | 0.87 | 0.89 | 44 | 35 | | Current ratio | 5.53 | 2.59 | 97 | 36 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 34 SIC Major Group 34, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 2305000000 | USD | 2025 | 2026-02-26 | | Net income | 366600000 | USD | 2025 | 2026-02-26 | | Assets | 3853400000 | USD | 2025 | 2026-02-26 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001944013.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | | Revenue | | 1,776,700,000 | 1,862,100,000 | 2,131,200,000 | 2,305,000,000 | | Net income | 435,400,000 | 401,100,000 | 255,900,000 | 294,700,000 | 366,600,000 | | Operating income | 221,700,000 | 5,300,000 | 250,400,000 | 355,800,000 | 424,200,000 | | Gross profit | | | 751,000,000 | 867,800,000 | | | Diluted EPS | 7.36 | 7.01 | 4.45 | 5.05 | 6.26 | | Operating cash flow | 185,100,000 | -498,800,000 | 162,100,000 | 257,800,000 | 394,800,000 | | Capital expenditures | 35,300,000 | 33,300,000 | 39,000,000 | 36,600,000 | 53,500,000 | | Dividends paid | 100,600,000 | 105,900,000 | 57,300,000 | 46,900,000 | 52,900,000 | | Assets | | 4,391,600,000 | 2,351,400,000 | 2,641,900,000 | 3,853,400,000 | | Stockholders' equity | | 1,901,400,000 | 1,357,800,000 | 1,638,700,000 | 2,061,100,000 | | Cash and cash equivalents | | 427,000,000 | 329,600,000 | 306,700,000 | 506,500,000 | | Free cash flow | 149,800,000 | -532,100,000 | 123,100,000 | 221,200,000 | 341,300,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | | Net margin | | 22.58% | 13.74% | 13.83% | 15.90% | | Operating margin | | 0.30% | 13.45% | 16.69% | 18.40% | | Return on equity | | 21.09% | 18.85% | 17.98% | 17.79% | | Return on assets | | 9.13% | 10.88% | 11.15% | 9.51% | | Liabilities / equity | | 1.31 | 0.73 | 0.61 | 0.87 | | Current ratio | | 1.18 | 2.34 | 2.58 | 5.53 | ## As-reported value updates 6 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/CR/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-31. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001944013.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2023-Q2 | 2023-06-30 | 509,600,000 | | 0.79 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 530,100,000 | 55,200,000 | 0.96 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | | 49,400,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 565,300,000 | 64,800,000 | 1.12 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 581,200,000 | 71,600,000 | 1.23 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 597,200,000 | 77,300,000 | 1.33 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 387,500,000 | 81,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 557,600,000 | 107,100,000 | 1.83 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 577,200,000 | 86,400,000 | 1.47 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 589,200,000 | 91,400,000 | 1.56 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 581,000,000 | 81,700,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 696,400,000 | 67,100,000 | 1.14 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 724,700,000 | 95,900,000 | 1.63 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from CR's latest 10-K: [/company/CR/business/](/company/CR/business/). ## Risk Factors Verbatim Item 1A Risk Factors from CR's latest 10-K: [/company/CR/risk-factors/](/company/CR/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1944013/000194401326000186/cr-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-07-31 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations This Quarterly Report on Form 10-Q contains information about Crane Company some of which includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical information or statements about our current condition. You can identify forward-looking statements by the use of terms such as “believes,” “contemplates,” “expects,” “may,” “could,” “should,” “would,” or “anticipates,” other similar phrases, or the negatives of these terms. Reference herein to “Crane,” “the Company,” “we,” “us” and “our” refer to Crane Company and its subsidiaries unless the context specifically states or implies otherwise. References to changes in “core sales” or “core sales growth” in this report include the change in sales excluding the impact of foreign currency translation and acquisitions and divestitures from closing up to the first anniversary, of such acquisitions or divestitures. Amounts in the following discussion are presented in millions, except employee, share and per share data, or unless otherwise stated. Due to rounding, numbers presented throughout this report may not add up precisely to totals we provide, and percentages may not precisely reflect the absolute figures. We have based the forward-looking statements relating to our operations on our current expectations, estimates and projections about us and the markets we serve. We caution you that these statements are not guarantees of future performance and involve risks and uncertainties. These statements should be considered in conjunction with the discussion in Part I, the information set forth under Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025. We have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. Accordingly, our actual outcomes and results may differ materially from what we have expressed or forecast in the forward-looking statements. Any differences could result from a variety of factors, including the following: •The effect of changes in economic conditions in the markets in which we operate, including the impact of U.S. tariff policy and retaliatory tariffs on our business, financial market conditions, end markets for our products, fluctuations in raw material prices, inflationary pressures, supply chain disruptions and access to key raw materials, higher interest rates and the financial condition of our customers and suppliers; •Economic, social and political instability, geopolitical uncertainties including the ongoing conflict in the Middle East, currency fluctuation and other risks of doing business outside of the United States; •Our ability to successfully identify, value and integrate acquisitions and to realize synergies and opportunities for growth and innovation; •The impact of commercial air traffic levels which are affected by a different array of factors including geopolitical instability, general economic conditions and global corporate travel spending, or terrorism; •Competitive pressures, including the need for technology improvement, successful new product development and introduction, impact from pricing strategies and/or any inability to pass increased costs of raw materials, including tariffs, to customers; •A reduction in congressional appropriations that affect defense spending; •The ability of the U.S. government to terminate our government contracts; •Information systems and technology networks failures and breaches in data security, personally identifiable and other information, non-compliance with our contractual or other legal obligations regarding such information; •The impact of governmental regulations and failure to comply with those regulations; •Our ongoing need to attract and retain highly qualified personnel and key management; •Adverse effects of changes in tax, environmental and other laws and regulations in the United States and other countries in which we operate; •The outcomes of legal proceedings, claims and contract disputes; •Investment performance of our pension plan assets and fluctuations in interest rates, which may affect the amount and timing of future pension plan contributions; and 29 Table of Contents MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS •Adverse effects as a result of further increases in environmental remediation activities, costs and related claims. 30 Table of Contents MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Recent Transactions and Events Acquisition of Druck, Panametrics and Reuter-Stokes On January 1, 2026, the Company completed the acquisition of Druck, Panametrics and Reuter-Stokes. Collectively, they are leading providers of sensor-based technologies for aerospace, nuclear and process industries. The Druck brand is integrated into the Aerospace & Advanced Technologies segment. Panametrics and Reuter-Stokes brands are integrated into the Process Flow Technologies segment. Other Acquisition On January 1, 2026, the Company completed the acquisition of a leading provider of inline process control optical measurement solutions for biopharma, pharmaceutical and other demanding markets. The acquired company has been integrated into our Process Flow Technologies segment. Tariff Refunds On February 20, 2026, the U.S. Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act ("IEEPA") were not authorized by the statute. The Company is the importer of record for certain raw materials and products that were previously subject to such tariffs under IEEPA. On March 4, 2026, the U.S. Court of International Trade issued an additional ruling that importers that paid tariffs under the IEEPA are due refunds and ordered U.S. Customs and Border Protection (“CBP”) to begin the refund process for all importers who were subject to IEEPA duties. On April 20, 2026, CBP launched Phase 1 of its process for submitting IEEPA refund claims. As the nature, timing, and amount of any such refunds remain uncertain, the Company elected to account for such refunds under the gain contingency model. During the three and six months ended June 30, 2026, the Company recognized $18.7 million of tariff refunds as a reduction to “Cost of sales” in the Condensed Consolidated Statements of Operations. No portion of the recognized refunds was allocated to inventory, as the underlying inventory to which the refunds related had been sold prior to June 30, 2026. In addition, the Company recognized $0.8 million of interest income related to tariff refunds received through June 30, 2026. Outlook Our sales depend heavily on industries that are cyclical in nature or are subject to market conditions, which may cause customer demand for our products to be volatile and unpredictable. Demand in these industries is affected by fluctuations in domestic and international economic conditions, geopolitical instability including the ongoing conflict in the Middle East, as well as currency fluctuations, commodity costs, tariff impacts, and a variety of other factors. For 2026, we expect total sales growth in the mid 20%s, driven by the Druck, Panametrics, Reuter-Stokes, and Optek acquisitions, as well as core sales growth at the mid-to-higher end of our long-term 5-6% core growth expectation and a slight foreign exchange benefit. We expect an improvement in operating profit driven primarily by productivity benefits and operating leverage on higher volumes, lower transaction related expenses, higher pricing net of inflation and contributions from the Druck, Panametrics, Reuter-Stokes, and Optek acquisitions. Aerospace & Advanced Technologies In 2026, we expect Aerospace & Advanced Technologies sales to increase in the mid 20%s range driven by core sales growth modestly above our 7-9% long-term core sales expectation, a mid-teen percentage contribution from the Druck acquisition and a slight benefit from favorable foreign exchange. We expect an improvement in our commercial OEM business driven by higher aircraft build rates, and increased demand for our military OEM and aftermarket business driven by continued global geopolitical uncertainty. We expect segment operating profit to increase compared to 2025 due to higher volumes, positive net price and the contribution from the Druck acquisition. However, we expect operating margin to decline modestly compared to 2025 driven by the dilutive impact of the Druck acquisition. Process Flow Technologies In 2026, we expect Process Flow Technologies sales to increase in the mid 20%s driven by flat-to-low single digit core sales growth, a low-20% contribution from the Panametrics, Reuter-Stokes, and Optek acquisitions, as well as a 1% benefit from foreign exchange. We expect core sales to be driven by demand in the pharmaceutical, water and waste-water and cryogenic markets offset by continued market softness in the chemical markets. We expect segment operating profit to increase compared to 2025 due primarily to the contribution from the Panametrics, Reuter-Stokes, and Optek acquisitions. However, we expect operating margin to be relatively flat compared to 2025 driven primarily by productivity and net price offset by the dilutive impact of the Panametrics, Reuter-Stokes, and Optek acquisitions. 31 Table of Contents MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Results from Continuing Operations – Three Months Ended June 30, 2026 and 2025 The following information should be read in conjunction with our condensed consolidated financial statements and related notes. All comparisons below refer to the second quarter 2026 versus the second quarter 2025, unless otherwise specified. [[GREPCENT_TABLE]] [["","Second Quarter","","Favorable/(Unfavorable) Change"],["(dollars in millions)","2026","","2025","","$","","%(a)"],["Net sales","$","724.7","","","$","577.2","","","$","147.5","","","25.6","%"],["Cost of sales","417.2","","","334.9","","","(82.3)","","","(24.6)","%"],["as a percentage of sales","57.6","%","","58.0","%"],["Engineering, selling and administrative","163.2","","","139.4","","","(23.8)","","","(17.1)","%"],["as a percentage of sales","22.5","%","","24.2","%"],["Operating profit","144.3","","","102.9","","","41.4","","","40.2","%"],["Operating margin","19.9","%","","17.8","%"],["Other income (expense):"],["Interest income","2.1","","","2.9","","","(0.8)","","","(27.6)","%"],["Interest expense","(16.6)","","","(4.3)","","","(12.3)","","","(286.0)","%"],["Miscellaneous (expense) income, net","(1.8)","","","3.1","","","(4.9)","","","(158.1)","%"],["Total other (expense) income, net","(16.3)","","","1.7","","","(18.0)","","","NM"],["Income from continuing operations before income taxes","128.0","","","104.6","","","23.4","","","22.4","%"],["Provision for income taxes","32.1","","","24.3","","","(7.8)","","","(32.1)","%"],["Net income from continuing operations attributable to common shareholders","$","95.9","","","$","80.3","","","$","15.6","","","19.4","%"],["(a) A variance designated as \u201cNM\u201d indicates such calculation is not meaningful."]] [[/GREPCENT_TABLE]] Sales increased by $147.5 million, or 25.6%, to $724.7 million in 2026. The period-over-period change in sales included: •an increase in sales related to the Druck, Panametrics, Reuter-Stokes and Optek acquisitions of $114.5 million, or 19.8%; •an increase in core sales of $30.0 million, or 5.2%, which was driven by higher pricing; and •favorable foreign currency translation of $3.0 million, or 0.6%. Cost of sales increased by $82.3 million, or 24.6%, to $417.2 million in 2026. The increase primarily reflects the impact of the Druck, Panametrics, Reuter-Stokes and Optek acquisitions of [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1944013/000194401326000095/cr-20251231.htm Complete FY 2025 MD&A: /company/CR/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-02-26 Report date: 2025-12-31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with our Consolidated financial statements and related notes included under Item 8 of this Annual Report on Form 10-K. Crane Company has delivered innovation and technology-led solutions for customers since its founding in 1855. Today, Crane is a leading manufacturer of highly engineered components for challenging, mission-critical applications focused on the aerospace, defense, space and process industry end markets. The Company has two reporting segments: Aerospace & Advanced Technologies and Process Flow Technologies. Our strategy is to grow earnings and cash flow by focusing on the development and manufacturing of highly engineered industrial products for specific markets where our scale is a relative advantage, and where we can compete based on our proprietary and differentiated technology, our deep vertical expertise, and our responsiveness to unique and diverse customer needs. We continuously evaluate our portfolio, pursue acquisitions that complement our existing businesses and are accretive to our growth profile, selectively divest businesses where appropriate, and pursue internal mergers to improve efficiency. We strive to foster a performance-based culture focused on productivity and continuous improvement, to attract and retain a committed management team whose interests are directly aligned with those of our shareholders, and to maintain a focused, efficient corporate structure. We will continue to execute this strategy while remaining committed to the values of our founder, R.T. Crane, who resolved to conduct business "in the strictest honesty and fairness; to avoid all deception and trickery; to deal fairly with both customers and competitors; to be liberal and just toward employees; and to put my whole mind upon the business." References to changes in “core sales” or “core growth” in this report include sales and the change in sales excluding the impact of foreign currency translation as well as acquisitions and divestitures from closing up to the first anniversary, of such acquisitions or divestitures. Due to rounding, numbers presented throughout this report may not add up precisely to totals we provide, and percentages may not precisely reflect the absolute figures. Recent Events and Transactions Acquisition of Druck, Panametrics and Reuter-Stokes On June 6, 2025, the Company entered into a definitive Purchase Agreement with the Baker Hughes Company for the acquisition of Druck, Panametrics and Reuter-Stokes. Collectively, they are leading providers of sensor-based technologies for aerospace, nuclear and process industries. The Company completed the acquisition on January 1, 2026. The Druck brand is being integrated into the Aerospace & Advanced Technologies segment. Panametrics and Reuter-Stokes brands are being integrated into the Process Flow Technologies segment. Acquisition of optek-Danulat On January 1, 2026, the Company completed the acquisition of optek-Danulat (“Optek”). Optek is a leading provider of inline process control optical measurement solutions for biopharma, pharmaceutical and other demanding markets. Optek is being integrated into the Process Flow Technologies segment. 22 Table of Contents MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Acquisitions and Items Affecting Comparability of Reported Results The comparability of our results for the years ended December 31, 2025, 2024 and 2023 is affected by the following significant items: Acquisitions On November 1, 2024, the Company completed the acquisition of Technifab Products, Inc. (“Technifab”). Technifab, is a leading provider of vacuum insulated pipe systems and valves for cryogenic applications. Technifab has been integrated into the Process Flow Technologies segment. On May 1, 2024, the Company completed the acquisition of CryoWorks, Inc. (“CryoWorks”). CryoWorks, is a leading supplier of vacuum insulated pipe systems for cryogenic and hydrogen applications. CryoWorks has been integrated into the Process Flow Technologies segment. On January 2, 2024, the Company completed the acquisition of Vian Enterprises, Inc. (“Vian”). Vian is a global designer and manufacturer of multi-stage lubrication pumps and lubrication system components technology for critical aerospace and defense applications with sole-sourced and proprietary content on the highest volume commercial and military aircraft platforms. Vian has been integrated into the Aerospace & Advanced Technologies segment. On October 4, 2023, the Company completed the acquisition of Baum lined piping GmbH (“BAUM”). BAUM is a German based company that designs, manufactures, and distributes lined piping products primarily focused on chemical and industrial end markets. BAUM has been integrated into the Process Flow Technologies segment. Transaction Related Expenses In 2025, we recorded pre-tax transaction related expenses of $14.8 million primarily related to the Druck, Panametrics, Reuter-Stokes and Optek acquisitions. In 2024, we recorded pre-tax transaction related expenses of $8.4 million primarily related to the Vian, CryoWorks and Technifab acquisitions and the divestiture of the Engineered Materials segment. In 2023, we recorded pre-tax transaction related expenses of $39.3 million related to the separation. Marion Site Hurricane Damage and Recovery In September 2024, our manufacturing site in Marion, North Carolina was directly affected by flooding from Hurricane Helene. Our insurance covered the repair or replacement of assets that suffered damage or loss and also provided for business interruption coverage, which included lost profits, and reimbursement for other expenses and costs that have been incurred relating to the damages and losses suffered. The recovery related to business interruption was recognized when realized and received. We worked with our insurance carrier to assess the damage and ascertain the amount of insurance recoveries due to us as a result of the damage and loss we incurred, as such the timing of insurance proceeds lagged behind the actual losses incurred. As of December 31, 2025, the full insurance claim has been settled and no additional proceeds are expected to be recovered. For the year ended December 31, 2025 and 2024, we incurred expenses of $6.0 million and $23.3 million, respectively related to damage caused by the hurricane, which included professional fees to restore and maintain the site. These costs are included in Engineering, selling and administrative expenses in the Consolidated Statements of Operations. On a cumulative basis, we incurred expenses of $29.3 million related to damage caused by the hurricane, all of which were fully covered by insurance except for the $0.5 million deductible. During the year ended December 31, 2025, we also received insurance proceeds for lost profits of $9.3 million, included in Miscellaneous income, net in the Consolidated Statements of Operations. 23 Table of Contents MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Results of Operations - For the Years ended December 31, 2025, 2024 and 2023 [[GREPCENT_TABLE]] [["","","For the year ended December 31,","","2025 vs 2024 Favorable / (Unfavorable) Change","","2024 vs 2023 Favorable / (Unfavorable) Change"],["(in millions, except %)","","2025","","2024","","2023","","$","","%","","$","","%"],["Net sales:"],["Aerospace & Advanced Technologies","","$","1,048.9","","","$","932.7","","","$","789.3","","","$","116.2","","","12.5","%","","$","143.4","","","18.2","%"],["Process Flow Technologies","","1,256.1","","","1,198.5","","","1,072.8","","","57.6","","","4.8","%","","125.7","","","11.7","%"],["Total net sales","","$","2,305.0","","","$","2,131.2","","","$","1,862.1","","","$","173.8","","","8.2","%","","$","269.1","","","14.5","%"],["Sales growth:"],["Core business","","","","","","","","$","132.7","","","6.2","%","","$","156.0","","","8.4","%"],["Acquisitions","","","","","","","","29.1","","","1.4","%","","110.2","","","5.9","%"],["Foreign exchange","","","","","","","","12.0","","","0.6","%","","2.9","","","0.2","%"],["Total sales growth","","","","","","","","$","173.8","","","8.2","%","","$","269.1","","","14.5","%"],["Cost of sales","","$","1,332.2","","","$","1,263.4","","","$","1,111.1","","","$","(68.8)","","","(5.4)","%","","$","(152.3)","","","(13.7)","%"],["Engineering, selling and administrative","","$","548.6","","","$","512.0","","","$","500.6","","","$","(36.6)","","","(7.1)","%","","$","(11.4)","","","(2.3)","%"],["Operating profit:"],["Aerospace & Advanced Technologies","","$","262.5","","","$","209.0","","","$","159.0","","","$","53.5","","","25.6","%","","$","50.0","","","31.4","%"],["Process Flow Technologies","","263.5","","","240.3","","","208.5","","","23.2","","","9.7","%","","31.8","","","15.3","%"],["Corporate expense(a)","","(101.8)","","","(93.5)","","","(117.1)","","","(8.3)","","","(8.9)","%","","23.6","","","20.2","%"],["Total operating profit","","$","424.2","","","$","355.8","","","$","250.4","","","$","68.4","","","19.2","%","","$","105.4","","","42.1","%"],["Operating margin:"],["Aerospace & Advanced Technologies","","25.0","%","","22.4","%","","20.1","%"],["Process Flow Technologies","","21.0","%","","20.1","%","","19.4","%"],["Total operating margin","","18.4","%","","16.7","%","","13.4","%"]] [[/GREPCENT_TABLE]] (a) For the years ended December 31, 2025, 2024 and 2023, Corporate expense included transaction related expenses of $14.8 million, $9.8 million and $41.5 million, respectively. OVERALL 2025 compared to 2024 Sales increased by $173.8 million, or 8.2%, to $2,305.0 million in 2025. The year-over-year higher sales included: •an increase in core sales of $132.7 million, or 6.2%, which was driven primarily by higher pricing; •an increase in sales related to the CryoWorks, and Technifab acquisitions of $29.1 million, or 1.4%; and •favorable foreign currency translation of $12.0 million, or 0.6%. Cost of sales increased by $68.8 million, or 5.4%, to $1,332.2 million in 2025. The increase is primarily related to higher material, labor and other manufacturing costs, inclusive of tariffs of $110.7 million, or 8.8%, the impact from the CryoWorks, and Technifab acquisitions of $19.8 million, or 1.6%, unfavorable foreign currency translation of $6.7 million, or 0.5%, partially offset by strong productivity gains of $53.7 million, or 4.3%, lower volumes of $9.8 million, or 0.8%, and cost savings of $5.2 million, or 0.4%. Engineering, selling and administrative expenses increased by $36.6 million, or 7.1%, to $548.6 million in 2025, primarily driven by the increase in administrative expenses of $27.0 million, or 5.3%, coupled with higher selling expenses of $5.0 million, or 1.0%. The increase in administrative expenses was primarily driven by investments in core businesses and the acquisitions of CryoWorks and Technifab. Operating profit increased by $68.4 million, or 19.2%, to $424.2 million in 2025. The increase primarily reflected strong net price, inclusive of tariffs and productivity gains of $66.3 million, or 18.6%. 24 Table of Contents MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Comprehensive income [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/CR/mda/fy2025/ All MD&A years: /company/CR/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/CR/mda/fy2024/): filed 2025-02-27; accession 0001628280-25-008728 (https://www.sec.gov/Archives/edgar/data/1944013/000162828025008728/cr-20241231.htm) - [FY 2023 MD&A](/company/CR/mda/fy2023/): filed 2024-02-26; accession 0001628280-24-006915 (https://www.sec.gov/Archives/edgar/data/1944013/000162828024006915/cr-20231231.htm) - [FY 2022 MD&A](/company/CR/mda/fy2022/): filed 2023-03-31; accession 0001193125-23-086014 (https://www.sec.gov/Archives/edgar/data/1944013/000119312523086014/d462111d10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 3490 Miscellaneous Fabricated Metal Products) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/CR.md · JSON record: /company/CR.json · verified financials: /company/CR/financials.json / /company/CR/financials.csv · machine TOC for the whole site: /llms.txt