What changed in this filing

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Item 1. Business

2026-02-26 compared with 2025-02-27 · 32 added, 22 removed, 131 unchanged (29% of the section changed)

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The Company has two reporting segments:

Aerospace & Electronics (“A&E”) and Process Flow Technologies (“PFT”).

Aerospace & Advanced Technologies (“AAT”) and Process Flow Technologies (“PFT”).

We have been committed to the highest standards of business conduct since our inception in 1855 when our founder, R.T.

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Recent Transactions

Acquisition of Druck, Panametrics and Reuter-Stokes

On January 1, 2026, the Company completed the acquisition of the Druck, Panametrics and Reuter-Stokes brands (previously known as Precision Sensors & Instrumentation) from the Baker Hughes Company.

Druck, Panametrics and Reuter-Stokes are all leading providers of sensor-based technologies for aerospace, nuclear and process industries.

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 o ptek-Danulat

Also 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.

Divestiture of Engineered Materials

On January 1, 2025, the Company completed the sale of the Engineered Materials segment.

We determined that the Engineered Materials segment met the criteria of being reported as a discontinued operation as of December 31, 2024.

The Engineered Materials segment met the criteria of being reported as a discontinued operation as of December 31, 2024.

As a result, the related assets, liabilities and operating results of Engineered Materials are presented as discontinued operations and, as such, have been excluded from both continuing operations and segment results for all periods presented.

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See Item 8 under Note 3, “Discontinued Operations,” in the Notes to Consolidated Financial Statements for additional details.

Other Acquisitions

On November 1, 2024, the Company completed the acquisition of Technifab Products, Inc.

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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 & Electronics segment.

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 is included in our Process Flow Technologies segment.

BAUM has been integrated into our Process Flow Technologies segment.

On April 3, 2023, Crane Holdings, Co.

completed the Separation into two independent, publicly-traded companies, Crane NXT, Co.

and Crane Company (the “Separation”), through a pro-rata distribution (the "Distribution") of all of the outstanding common stock of Crane Company to the stockholders of Crane Holdings, Co., which on April 3, 2023 was renamed “Crane

NXT, Co.” The Distribution was effective at 5:00 p.m., Eastern Time, on April 3, 2023.

As a result of the Distribution, Crane Company became an independent public company.

Our common stock is listed under the symbol "CR" on the New York Stock Exchange.

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For additional information on recent business developments and other information about us and our business, please refer to the information set forth under the captions, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in Part II, Item 7 of this report, as well as in Part II, Item 8 under Note 4, “Segment Information,” in the Notes to Consolidated Financial Statements for sales, operating profit and assets employed by each segment.

Aerospace & Electronics

The Aerospace & Electronics segment supplies critical components and systems, including original equipment and aftermarket parts, primarily for the commercial aerospace, and the military aerospace, defense and space markets.

Aerospace & Advanced Technologies

The Aerospace & Advanced Technologies segment supplies critical components and systems, including original equipment and aftermarket parts, primarily for the commercial aerospace, military aerospace, defense, and space markets.

The commercial market and military market accounted for 61% and 39%, respectively, of total segment sales in 2025.

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Crane Company has invented many of the fundamental technologies that are now the industry standard in the areas where we compete, with a track record for performance, reliability and innovation.

A&E’s integrated capabilities include the following:

AAT’s integrated capabilities include the following:

• Power Solutions:

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Provides components and systems for condition and position sensing, and pressure and flow measurement, with high-accuracy, reliability and engineering to excel in rugged aerospace environments.

With the acquisition of Druck, these capabilities have been expanded to include test and calibration equipment.

• Fluid & Thermal Management:

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Designs and manufactures high-performance radio frequency and intermediate frequency components and millimeter-wave systems and subsystems for defense, space and commercial end-use customers.

A&E has a long-term growth profile driven by positions on market leading platforms, recent new program wins and continued investment in technology readiness.

The segment is also positioned to benefit from underlying market growth driven by increasing new commercial aircraft deliveries, air passenger travel growth, defense investment, ongoing maintenance, repair and overhaul organizations requirements and emerging applications in the space market, as well as a strong trend driving greater electrification for aerospace and defense applications.

AAT has a long-term growth profile driven by positions on market leading platforms, recent new program wins and continued investment in technology readiness.

The segment is also positioned to benefit from underlying market growth driven by increasing new commercial aircraft deliveries, air passenger travel growth, defense investment, ongoing maintenance, repair and overhaul requirements and emerging applications in the space market, as well as a strong trend driving greater electrification for aerospace and defense applications.

Our unique position to drive sustained growth is driven by differentiated technology investment focused on high-growth market segments, including next-generation aircraft engines, advanced ground and sea-based radar systems, Low Earth Orbit satellite constellations, as well as high-power and bi-directional power conversion for numerous emerging commercial and military applications, including more-electric and hybrid-electric ground vehicles and hybrid-electric and pure electric-propulsion aircraft.

Facilities are located in the United States, Taiwan, and France.

Manufacturing facilities are located in the United States, United Kingdom, Taiwan, and France.

Process Flow Technologies

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• Process Valves and Related Products:

Manufactures a wide range of on/off isolation valves, including check valves, sleeved plug valves, lined valves, process ball valves, high performance butterfly valves, bellows sealed globe valves, aseptic and industrial diaphragm valves and multi / quarter-turn valve actuation.

Other related products include lined pipe, fittings and hoses, vacuum jacketed air operated diaphragm and peristaltic pumps, instrumentation and sampling systems, valve positioning and control systems, vacuum insulated pipe systems and valve diagnostic and calibration systems.

Across the portfolio, the primary focus is on chemical, pharmaceutical, cryogenic and general industrial end markets.

Manufacturing facilities, along with sales and service centers, are located across North America, Europe, the Middle East, Asia and Australia.

Manufactures a wide range of products and solutions for the process end markets.

Capabilities include a wide range of sensing and instrumentation, sampling systems, valve positioning and control systems, vacuum insulated pipe and valve systems for advanced cryogenic applications, valve diagnostic and calibration systems, as well as a broad portfolio of on/off isolation valves and associated actuation.

Across the portfolio, the primary focus is on pharmaceutical, cryogenic, chemical, nuclear, and general industrial end markets, with some additional exposure to energy and oil & gas.

Manufacturing facilities, along with sales and service centers, are located across North America, South America, Europe, the Middle East, Asia and Australia.

• Pumps and Systems:

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The primary geographies served by the manufacturing operations are the United Kingdom, the Middle East and continental Europe.

Our portfolio strategically targets the higher growth and less cyclical chemical, pharmaceutical, cryogenic, water and wastewater and general industrial industries.

Our portfolio strategically targets the higher growth and less cyclical pharmaceutical, cryogenic, water and wastewater, chemical and general industrial industries.

We expect these segments to outgrow the overall process market, driven by investment in sustainability and clean energy, aging infrastructure, tightening wastewater regulations and an aging population with a growing demand for healthcare.

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As such, our revenues depend on numerous unpredictable factors, including changes in market demand, general economic conditions, customer capital spending, timing and amount of contract awards and credit availability.

Since our products are sold in such a wide variety of markets, we do not believe that we can reliably quantify or predict the potential effects of changes in any of the aforementioned factors.

Since our products are sold in such a wide variety of markets, we do not believe that we can reliably quantify or predict the potential effects of changes in any of the

aforementioned factors.

Our engineering and product development activities are focused on improving existing products, customizing existing products for particular customer requirements, as well as the development of new products.

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We purchase raw materials from a large number of independent sources around the world.

Although market forces have at times , including in 2024, caused increases in the costs of key raw materials, there have been no raw materials shortages that have had a material adverse impact on our business.

Although market forces have at times caused increases in the costs of key raw materials, there have been no raw materials shortages that have had a material adverse impact on our business.

We believe that we will generally be able to obtain adequate supplies of major raw material requirements or reasonable substitutes at acceptable costs.

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Government Contracts

We have agreements relating to the sale of products to government entities, primarily involving products in our Aerospace & Electronics segment and, to a lesser extent, our Process Flow Technologies segment.

We have agreements relating to the sale of products to government entities, primarily involving products in our Aerospace & Advanced Technologies segment and, to a lesser extent, our Process Flow Technologies segment.

As a result, we are subject to various statutes and regulations that apply to companies doing business with the government.

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We are committed to developing our associates personally and professionally by leveraging a structured and disciplined Intellectual Capital (“IC”) process.

Our regular IC cadence includes constructive reviews and various talent and leadership development initiatives conducted by the executive management team and provided throughout an associate’s career.

Our regular IC cadence includes constructive reviews and various talent and leadership development initiatives conducted by our leadership team and provided throughout an associate’s career.

Succession planning is a key benefit of our intellectual capital process across all functions.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business