Strong EPS Growth
Adjusted EPS of $1.53 in Q4, up 21% year-over-year; full-year adjusted EPS increased 24% driven by productivity, pricing and volume.
Solid Top-Line Performance and Backlog
Company core sales growth of 5.4% in the quarter; core FX-neutral backlog up 14% year-over-year, providing strong multi-quarter visibility.
Aerospace & Advanced Technologies Outperformance
AAT sales of $272 million, up 15% year-over-year (nearly all organic); AAT backlog just over $1 billion, up 25% YoY; OEM sales up 23% (commercial OEM +27%, military OEM +18%); segment margin expanded to 23.6%, +50 basis points.
PFT Margin Expansion Despite Softer Revenues
Process Flow Technologies delivered $309 million in sales (flat YoY) while adjusted operating margin expanded to 22%, up 170 basis points, reflecting productivity and pricing discipline.
High Free Cash Conversion and Manageable Leverage
Adjusted free cash conversion of 102% in 2025; net leverage of ~1.1x after closing Druck/Panametrics/Reuter-Stokes and ~1.4x after optek-Danulat, leaving capacity for further M&A.
Strategic Acquisitions Closed and Accelerating
Closed Druck, Panametrics and Reuter-Stokes (Jan 1) plus optek-Danulat; Reuter-Stokes doubles the size of Crane's nuclear business; management now expects the acquisitions to be slightly accretive to 2026 earnings (improvement versus prior expectation of no accretion).
2026 Initial Guidance and Non-GAAP Presentation Update
2026 adjusted EPS guidance of $6.55 to $6.75 (roughly 10% growth at midpoint excluding the $0.16 hurricane benefit in 2025); company will exclude acquisition-related intangible amortization from adjusted EPS beginning 2026 to align with peers.
Segment Wins and End-Market Strength
Notable wins in AAT: F-16 brake control follow-on orders and defense vehicle programs; PFT wins in cryogenics (space launch customers), pharma (GLP-1 capacity orders) and targeted chemical projects in the Middle East.