The Zacks Auto Retail and Wholesale industry faces a subdued outlook, shaped by affordability pressures, moderating sales, geopolitical risks and a challenging electric vehicle (EV) landscape. High vehicle prices, elevated interest rates, and economic uncertainty continue to weigh on demand, while sales are weakening after a strong prior year. Rising geopolitical tensions could further impact fuel costs and consumer sentiment. At the same time, slowing EV demand contrasts with steady hybrid growth. Despite the headwinds, stocks like Penske Automotive (PAG - Free Report) and AutoNation (AN - Free Report) are better positioned, thanks to their strategic buyouts, digitization efforts and investor friendly movies.
About the Industry The auto retail and wholesale industry plays a key role in how cars, trucks and auto parts reach consumers. Companies in this space operate through dealership networks and retail chains, selling both new and used vehicles, offering repair and maintenance services, and helping customers with financing. Since this is a consumer-driven industry, its performance often depends on how strong the economy is. When people have more disposable income, they're more likely to spend on vehicles. But during tougher times, like economic slowdowns, big purchases are often put on hold. The COVID-19 pandemic changed the way the industry works, pushing dealers to focus more on online tools and e-commerce. That digital shift is expected to continue, shaping how vehicles are bought and sold in the future.
Factors Shaping the Industry's Fate Affordability Concerns: Affordability remains a key headwind for the U.S. auto retail industry, as high vehicle prices and economic uncertainty weigh on consumer demand. The average transaction price of a new vehicle was around $49,353 in February, making it too expensive for many buyers. At the same time, tariff policies—such as a 25% levy on imported parts and 50% on steel and aluminum—are pushing production costs higher. These pressures are keeping vehicle prices elevated, making affordability the industry’s most persistent challenge.
Cooling Sales Momentum: The U.S. auto retail industry is expected to see sales ease after a strong period last year. March sales are projected to decline nearly 12% year over year, largely due to a high base, as pre-tariff buying in March 2025 had pushed annualized sales pace to a four-year high. Monthly sales are now forecast at 1.37 million units, reflecting a drop from that surge. More broadly, higher vehicle prices, persistent inflation, and elevated interest rates are weighing on demand, with full-year 2026 sales expected to decline a modest 2.6% year over year to 15.8 million units.
Geopolitical Uncertainty: Geopolitical tensions are also a cause of concern for the U.S. auto retail industry. Escalating conflicts in the Middle East and rising threats around critical oil routes like the Strait of Hormuz have disrupted global energy supplies and pushed fuel prices higher. This can have ripple effects across the economy, raising overall living costs. As expenses rise, consumer sentiment toward big-ticket purchases like vehicles may further weaken. Prolonged conflict or further escalation could also hurt global economic stability, creating a challenging environment for auto sales.
Challenging EV Landscape: The EV market is facing a more challenging phase after a surge last year, owing to incentive-related buying. Demand has softened in early 2026, as the removal of federal tax incentives continues to weigh on consumer interest. EV sales are projected to decline sharply, down nearly 28% year over year in the first quarter. In contrast, hybrid vehicles are seeing steady growth, with strong momentum led by automakers like Toyota and Honda.
Zacks Industry Rank is Discouraging The Zacks Auto Retail & Wholesale industry is part of the broader Zacks Auto-Tires-Trucks sector. The industry currently carries a Zacks Industry Rank #213, which places it in the bottom 13% of nearly 245 Zacks industries.
The group’s Zacks Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates weak near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
The industry’s position in the bottom 50% of the Zacks-ranked industries is a result of a negative earnings outlook for the constituent companies in aggregate.Looking at the aggregate earnings estimate revisions, it appears that analysts are getting pessimistic about this group’s earnings growth potential. Over the past year, the industry's earnings estimate for 2026 has declined 8%.
We will present a couple of stocks that you might consider adding to your watchlist. But before that, let’s discuss the industry’s recent stock market performance and valuation picture.
Industry Lags Sector and S&P 500 The Zacks Auto Retail & Whole Sales industry has remained flat, underperforming the Zacks S&P 500 composite as well as the Auto, Tires and Truck sector over the past year, which grew 16.5% and 31.2%, respectively.
One-Year Price PerformanceIndustry's Current Valuation Since automotive companies are debt-laden, it makes sense to value them based on the enterprise value/earnings before interest, tax, depreciation and amortization (EV/EBITDA) ratio.
On the basis of the trailing 12-month EV/EBITDA, the industry is currently trading at 8.37X compared with the S&P 500’s 16.55X and the sector’s trailing 12-month EV/EBITDA of 27.48X.
Over the past five years, the industry has traded as high as 10.66X, as low as 4.78X and at a median of 7.21X, as the chart below shows.
EV/EBITDA Ratio (Past 5 Years)
2 Stocks to Keep An Eye On Penske: It is one of the leading automotive and commercial truck retailers with a well-diversified and resilient business model. The company continues to expand through strategic acquisitions, including the recent purchase of Lexus dealerships in Central Florida, which is expected to add around $450 million in annual revenues. Its service and parts segment provides a stable, recurring income stream, supported by rising demand for complex repairs in advanced vehicles.
Penske also benefits from steady earnings from Penske Transportation Solutions, which is positioned for growth as freight demand improves. Backed by a strong balance sheet, consistent share buybacks, and 21 consecutive dividend hikes, PAG offers a compelling mix of growth and shareholder returns.
Penske currently carries a Zacks Rank #3 (Hold). The Zacks Consensus Estimate for 2026 and 2027 sales implies year-over-year growth of 5.5% and 2.5%, respectively. While the consensus mark for 2026 EPS calls for a 1% year-over-year decline, the same for 2027 points to a 7% uptick from projected 2026 levels.
Price & Consensus: PAGAutoNation: It is one of the largest automotive retailers in the United States, supported by its broad geographic footprint and expanding dealership network. The company continues to grow through acquisitions. Last year, AN inked deals that are expected to contribute more than $650 million in annual revenues. Its Finance division is its key strength, showing improved profitability, higher in-store penetration, and solid credit performance, further boosted by the acquisition of CIG Financial.
AutoNation is also enhancing its digital presence through the AutoNation Express platform, improving the online buying experience. Strong shareholder returns remain a priority, with significant share repurchases and nearly $1 billion still available under its current buyback program.
AutoNation currently carries a Zacks Rank #3. The Zacks Consensus Estimate for 2026 and 2027 sales implies year-over-year growth of 2% and 3%, respectively. The consensus mark for 2026 and 2027 EPS calls for a year-over-year uptick of 6% and 12%, respectively, from projected 2026 levels.
Price & Consensus: ANYou can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Allspring Global Investments Holdings LLC trimmed its position in AutoNation, Inc. (NYSE:AN – Free Report) by 12.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 58,698 shares of the company’s stock after selling 8,633 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.16% of AutoNation worth $12,120,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also bought and sold shares of the company. Arrowstreet Capital Limited Partnership raised its stake in AutoNation by 260.2% in the third quarter. Arrowstreet Capital Limited Partnership now owns 333,975 shares of the company’s stock valued at $73,064,000 after buying an additional 241,265 shares during the last quarter. Squarepoint Ops LLC increased its holdings in shares of AutoNation by 219.6% during the second quarter. Squarepoint Ops LLC now owns 316,923 shares of the company’s stock valued at $62,957,000 after acquiring an additional 217,774 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of AutoNation by 51.8% during the second quarter. AQR Capital Management LLC now owns 631,744 shares of the company’s stock valued at $125,439,000 after acquiring an additional 215,577 shares in the last quarter. Wedge Capital Management L L P NC purchased a new position in shares of AutoNation in the 3rd quarter valued at approximately $34,601,000. Finally, Holocene Advisors LP raised its position in shares of AutoNation by 38.3% in the 3rd quarter. Holocene Advisors LP now owns 548,677 shares of the company’s stock valued at $120,034,000 after purchasing an additional 151,966 shares during the last quarter. 94.62% of the stock is owned by hedge funds and other institutional investors.
AutoNation Stock Down 0.0% NYSE:AN opened at $197.61 on Monday. The company has a debt-to-equity ratio of 2.39, a current ratio of 0.84 and a quick ratio of 0.22. The company’s fifty day moving average price is $198.07 and its 200-day moving average price is $205.91. AutoNation, Inc. has a 1-year low of $148.33 and a 1-year high of $228.92. The firm has a market capitalization of $6.78 billion, a P/E ratio of 11.58 and a beta of 0.81.
AutoNation (NYSE:AN – Get Free Report) last posted its earnings results on Friday, February 6th. The company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.91 by $0.17. AutoNation had a net margin of 2.35% and a return on equity of 31.69%. The company had revenue of $6.93 billion during the quarter, compared to the consensus estimate of $7.21 billion. During the same period in the previous year, the firm posted $4.97 earnings per share. The firm’s quarterly revenue was down 3.9% on a year-over-year basis. As a group, equities research analysts anticipate that AutoNation, Inc. will post 18.15 EPS for the current year.
Wall Street Analysts Forecast Growth AN has been the topic of several research analyst reports. Morgan Stanley boosted their target price on shares of AutoNation from $233.00 to $238.00 and gave the stock an “overweight” rating in a research report on Monday, March 2nd. Weiss Ratings downgraded shares of AutoNation from a “buy (b)” rating to a “hold (c+)” rating in a research note on Tuesday, February 17th. Wells Fargo & Company boosted their price objective on shares of AutoNation from $222.00 to $230.00 and gave the company an “equal weight” rating in a report on Sunday, February 8th. Stephens upped their target price on AutoNation from $228.00 to $232.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 11th. Finally, Bank of America assumed coverage on AutoNation in a research note on Wednesday, March 4th. They issued a “buy” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, AutoNation has a consensus rating of “Moderate Buy” and an average target price of $248.67.
Read Our Latest Research Report on AN
About AutoNation (Free Report)
AutoNation, Inc is the largest automotive retailer in the United States, operating a network of franchised new vehicle dealerships, pre-owned vehicle superstores and collision-repair centers. The company offers a comprehensive range of automotive products and services, including the sale of new cars and light trucks from leading manufacturers, certified pre-owned vehicles and a wide selection of used models. In addition to retail vehicle sales, AutoNation provides financing, insurance and extended service contracts through its in-house financial services division, as well as genuine and aftermarket parts, factory-recommended maintenance and collision-repair services.
Headquartered in Fort Lauderdale, Florida, AutoNation was founded in 1996 by entrepreneur H.
Featured Articles Five stocks we like better than AutoNation Want to see what other hedge funds are holding AN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AutoNation, Inc. (NYSE:AN – Free Report).
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SG Americas Securities LLC decreased its holdings in shares of AutoNation, Inc. (NYSE:AN – Free Report) by 61.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,436 shares of the company’s stock after selling 13,569 shares during the quarter. SG Americas Securities LLC’s holdings in AutoNation were worth $1,742,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. HM Payson & Co. bought a new position in shares of AutoNation in the third quarter valued at approximately $31,000. Root Financial Partners LLC acquired a new stake in AutoNation in the 3rd quarter valued at approximately $37,000. Smartleaf Asset Management LLC increased its position in AutoNation by 355.3% during the third quarter. Smartleaf Asset Management LLC now owns 173 shares of the company’s stock worth $38,000 after acquiring an additional 135 shares during the period. Employees Retirement System of Texas bought a new position in shares of AutoNation during the 3rd quarter worth about $48,000. Finally, SJS Investment Consulting Inc. raised its holdings in AutoNation by 2,477.8% in the 3rd quarter. SJS Investment Consulting Inc. now owns 232 shares of the company’s stock valued at $51,000 after acquiring an additional 223 shares in the last quarter. 94.62% of the stock is owned by institutional investors.
AutoNation Stock Down 0.0% Shares of AN stock opened at $197.61 on Monday. The firm has a fifty day moving average of $198.07 and a 200-day moving average of $205.91. AutoNation, Inc. has a 12-month low of $148.33 and a 12-month high of $228.92. The company has a market capitalization of $6.78 billion, a price-to-earnings ratio of 11.58 and a beta of 0.81. The company has a quick ratio of 0.22, a current ratio of 0.84 and a debt-to-equity ratio of 2.39.
AutoNation (NYSE:AN – Get Free Report) last issued its quarterly earnings results on Friday, February 6th. The company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.91 by $0.17. The company had revenue of $6.93 billion for the quarter, compared to analyst estimates of $7.21 billion. AutoNation had a return on equity of 31.69% and a net margin of 2.35%.The company’s quarterly revenue was down 3.9% compared to the same quarter last year. During the same period in the previous year, the company posted $4.97 earnings per share. As a group, equities research analysts predict that AutoNation, Inc. will post 18.15 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades A number of equities analysts have recently issued reports on the stock. Stephens increased their price objective on shares of AutoNation from $228.00 to $232.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 11th. Barclays reduced their price objective on AutoNation from $250.00 to $245.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 21st. Weiss Ratings cut shares of AutoNation from a “buy (b)” rating to a “hold (c+)” rating in a research note on Tuesday, February 17th. Morgan Stanley lifted their price objective on AutoNation from $233.00 to $238.00 and gave the stock an “overweight” rating in a research report on Monday, March 2nd. Finally, Bank of America initiated coverage on shares of AutoNation in a report on Wednesday, March 4th. They set a “buy” rating for the company. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $248.67.
View Our Latest Analysis on AN
AutoNation Company Profile (Free Report)
AutoNation, Inc is the largest automotive retailer in the United States, operating a network of franchised new vehicle dealerships, pre-owned vehicle superstores and collision-repair centers. The company offers a comprehensive range of automotive products and services, including the sale of new cars and light trucks from leading manufacturers, certified pre-owned vehicles and a wide selection of used models. In addition to retail vehicle sales, AutoNation provides financing, insurance and extended service contracts through its in-house financial services division, as well as genuine and aftermarket parts, factory-recommended maintenance and collision-repair services.
Headquartered in Fort Lauderdale, Florida, AutoNation was founded in 1996 by entrepreneur H.
Featured Stories Five stocks we like better than AutoNation Want to see what other hedge funds are holding AN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AutoNation, Inc. (NYSE:AN – Free Report).
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FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--During National Car Care Month in April, the experts at AutoNation, Inc. (NYSE:AN) are urging drivers to take a proactive approach to vehicle maintenance, a move that can improve safety, boost fuel efficiency and reduce long-term repair costs.
“Preventive maintenance remains one of the smartest financial and safety decisions a vehicle owner can make,” said Christian Treiber, AutoNation’s President of After-Sales. “Small maintenance steps taken now can help drivers prevent larger, more expensive problems down the road. In addition, a vehicle that’s never missed an oil change and has a documented maintenance history might bring an owner as much as 10% higher trade-in value.”
AutoNation’s service experts recommend the following tips during National Car Care Month:
Check tire pressure and tread. Warmer temperatures are on the way and can affect tire pressure. Drivers should check tire pressure monthly and inspect tread depth before spring road trips. According to the National Highway Traffic Safety Administration, properly inflated tires improve fuel efficiency, saving up to 11 cents per gallon, extend tire life by 4,700 miles, and enhance safety.
Inspect brakes and address warning signs early. Drivers shouldn’t wait for squealing, grinding or vibration during braking, all possible signs of wear and tear that can lead to costly repairs. Brake wear depends heavily on driving habits, and most manufacturers don’t list a fixed mileage for brake pad replacement. Instead, routine brake inspections are recommended at every tire rotation or oil change to determine when these should be replaced to avoid major service bills and minimize safety risks.
Test the battery before summer heat. High temperatures strain aging batteries. Testing batteries in April can help drivers avoid getting stranded when summer heat peaks. Most batteries last three to five years.
Replace wiper blades and inspect lights. Spring showers demand clear visibility. Drivers should replace worn wiper blades and confirm that headlights, brake lights and turn signals function properly.
Top off and replace essential fluids. Checking engine oil, coolant, brake fluid and windshield washer fluid helps vehicles run efficiently and prevents wear on major systems that could lead to expensive fixes.
Replace air filters to improve efficiency. Maintaining a clean engine air filter can improve fuel efficiency and engine performance. Even small improvements in efficiency contribute to fuel savings over time.
Schedule a checkup. Factory-trained technicians will inspect the battery, tires, antifreeze, brakes, and headlights. At AutoNation, complimentary multi-point inspections include a vehicle status report, tire pressure adjustment, and fluid top-off.
AutoNation’s service experts also encourage drivers to review their owner’s manual for recommended service intervals.
“National Car Care Month serves as an important reminder that routine maintenance protects drivers’ safety and their budgets,” said Treiber.
AutoNation hosts complimentary Car Care Clinics at select stores, along with a variety of community-focused events year-round, reinforcing its commitment to supporting families and promoting safe driving practices nationwide. For information or to register to attend an upcoming AutoNation Car Care Clinic, visit https://tinyurl.com/FBAutoNationCarCareClinic .
For locations or to book a service, visit AutoNation.com.
About AutoNation, Inc.
AutoNation, one of the largest automotive retailers in the United States, offers innovative products and exceptional services as part of a portfolio of comprehensive solutions for our customers and their automotive needs. With a nationwide network of dealerships strengthened by a recognized brand, we offer a wide variety of new and used vehicles, customer financing, parts, and expert maintenance and repair services. Through DRV PNK, we have raised over $45 million for cancer-related causes, demonstrating our commitment to making a positive difference in the lives of our Associates, Customers, and the communities we serve.
Please visit www.autonation.com, investors.autonation.com, and www.x.com/autonation, where AutoNation discloses additional information about the Company, its business, and its results of operations.
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--AutoNation, Inc. (NYSE: AN), today announced that it will release its financial results for the first quarter ended March 31, 2026, on Friday, May 1, 2026, before the market opens. AutoNation management will discuss these results and other information regarding the Company during a conference call and audio webcast that same day at 9:00 a.m. Eastern Time.
The conference call may be accessed by telephone at 800-715-9871 (Conference ID: 90621) or on AutoNation’s investor relations website at investors.autonation.com. The webcast will also be made available on AutoNation’s website following the call under “Events & Presentations."
About AutoNation, Inc.
AutoNation, one of the largest automotive retailers in the United States, offers innovative products and exceptional services as part of a portfolio of comprehensive solutions for our customers and their automotive needs. With a nationwide network of dealerships strengthened by a recognized brand, we offer a wide variety of new and used vehicles, customer financing, parts, and expert maintenance and repair services. Through DRV PNK, we have raised over $45 million for cancer-related causes, demonstrating our commitment to making a positive difference in the lives of our Associates, Customers, and the communities we serve.
Please visit www.autonation.com, investors.autonation.com, and www.x.com/autonation, where AutoNation discloses additional information about the Company, its business, and its results of operations.
Aaron Wealth Advisors LLC reduced its stake in AutoNation, Inc. (NYSE:AN – Free Report) by 80.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,237 shares of the company’s stock after selling 5,169 shares during the period. Aaron Wealth Advisors LLC’s holdings in AutoNation were worth $255,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. HM Payson & Co. bought a new stake in shares of AutoNation during the third quarter valued at approximately $31,000. Root Financial Partners LLC bought a new stake in shares of AutoNation during the third quarter valued at approximately $37,000. Smartleaf Asset Management LLC raised its holdings in shares of AutoNation by 355.3% during the third quarter. Smartleaf Asset Management LLC now owns 173 shares of the company’s stock valued at $38,000 after buying an additional 135 shares during the last quarter. Geneos Wealth Management Inc. raised its holdings in shares of AutoNation by 37.4% during the first quarter. Geneos Wealth Management Inc. now owns 235 shares of the company’s stock valued at $38,000 after buying an additional 64 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of AutoNation during the fourth quarter valued at approximately $41,000. 94.62% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes A number of equities research analysts have recently weighed in on AN shares. Bank of America started coverage on AutoNation in a report on Wednesday, March 4th. They set a “buy” rating on the stock. Weiss Ratings cut AutoNation from a “buy (b)” rating to a “hold (c+)” rating in a report on Tuesday, February 17th. Stephens lifted their price target on AutoNation from $228.00 to $232.00 and gave the company an “equal weight” rating in a report on Wednesday, February 11th. Barclays cut their price target on AutoNation from $245.00 to $240.00 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. Finally, Morgan Stanley lifted their price target on AutoNation from $233.00 to $238.00 and gave the company an “overweight” rating in a report on Monday, March 2nd. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $246.89.
View Our Latest Research Report on AutoNation
AutoNation Price Performance Shares of NYSE:AN opened at $200.47 on Friday. AutoNation, Inc. has a 12 month low of $155.29 and a 12 month high of $228.92. The stock has a market cap of $6.88 billion, a price-to-earnings ratio of 11.75 and a beta of 0.81. The stock’s 50 day moving average price is $196.77 and its 200 day moving average price is $205.23. The company has a debt-to-equity ratio of 2.39, a current ratio of 0.84 and a quick ratio of 0.22.
AutoNation (NYSE:AN – Get Free Report) last announced its earnings results on Friday, February 6th. The company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.91 by $0.17. AutoNation had a return on equity of 31.69% and a net margin of 2.35%.The firm had revenue of $6.93 billion for the quarter, compared to analysts’ expectations of $7.21 billion. During the same quarter in the previous year, the company earned $4.97 earnings per share. The firm’s quarterly revenue was down 3.9% compared to the same quarter last year. Equities research analysts anticipate that AutoNation, Inc. will post 18.15 earnings per share for the current fiscal year.
About AutoNation (Free Report)
AutoNation, Inc is the largest automotive retailer in the United States, operating a network of franchised new vehicle dealerships, pre-owned vehicle superstores and collision-repair centers. The company offers a comprehensive range of automotive products and services, including the sale of new cars and light trucks from leading manufacturers, certified pre-owned vehicles and a wide selection of used models. In addition to retail vehicle sales, AutoNation provides financing, insurance and extended service contracts through its in-house financial services division, as well as genuine and aftermarket parts, factory-recommended maintenance and collision-repair services.
Headquartered in Fort Lauderdale, Florida, AutoNation was founded in 1996 by entrepreneur H.
Featured Articles Five stocks we like better than AutoNation Want to see what other hedge funds are holding AN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AutoNation, Inc. (NYSE:AN – Free Report).
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Stock to Watch: AutoNation (AN - Free Report) AutoNation, Inc. is one of the largest automotive retailers in the United States. Apart from retailing new and used vehicles, the company offers vehicle maintenance and repair services, vehicle parts, extended service contracts, vehicle protection products, and other aftermarket products. In addition, it arranges financing for vehicle purchases through third-party sources.
AN is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 9.37; value investors should take notice.
For fiscal 2026, five analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.14 to $21.33 per share. AN boasts an average earnings surprise of +7.6%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, AN should be on investors' short list.
Cwm LLC trimmed its holdings in shares of AutoNation, Inc. (NYSE:AN – Free Report) by 21.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,763 shares of the company’s stock after selling 4,025 shares during the quarter. Cwm LLC’s holdings in AutoNation were worth $3,048,000 as of its most recent SEC filing.
A number of other large investors also recently bought and sold shares of AN. HM Payson & Co. purchased a new stake in AutoNation during the third quarter worth $31,000. Root Financial Partners LLC purchased a new position in shares of AutoNation in the 3rd quarter valued at $37,000. Smartleaf Asset Management LLC increased its holdings in shares of AutoNation by 355.3% in the 3rd quarter. Smartleaf Asset Management LLC now owns 173 shares of the company’s stock valued at $38,000 after acquiring an additional 135 shares during the period. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of AutoNation in the 4th quarter worth $41,000. Finally, Employees Retirement System of Texas bought a new position in shares of AutoNation in the 3rd quarter worth $48,000. Institutional investors own 94.62% of the company’s stock.
AutoNation Trading Down 0.1% NYSE AN opened at $203.23 on Friday. The company has a fifty day simple moving average of $195.66 and a two-hundred day simple moving average of $204.25. The stock has a market cap of $6.98 billion, a P/E ratio of 11.91, a P/E/G ratio of 1.08 and a beta of 0.81. AutoNation, Inc. has a 12-month low of $155.29 and a 12-month high of $228.92. The company has a current ratio of 0.84, a quick ratio of 0.22 and a debt-to-equity ratio of 2.39.
AutoNation (NYSE:AN – Get Free Report) last posted its quarterly earnings data on Friday, February 6th. The company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.91 by $0.17. The business had revenue of $6.93 billion during the quarter, compared to the consensus estimate of $7.21 billion. AutoNation had a net margin of 2.35% and a return on equity of 31.69%. The business’s revenue for the quarter was down 3.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.97 earnings per share. On average, analysts forecast that AutoNation, Inc. will post 21.31 earnings per share for the current year.
Analyst Ratings Changes A number of equities research analysts recently weighed in on AN shares. Weiss Ratings downgraded AutoNation from a “buy (b)” rating to a “hold (c+)” rating in a research report on Tuesday, February 17th. Wells Fargo & Company reduced their target price on shares of AutoNation from $230.00 to $207.00 and set an “equal weight” rating for the company in a report on Monday, April 13th. Bank of America started coverage on shares of AutoNation in a research report on Wednesday, March 4th. They set a “buy” rating for the company. Barclays lowered their price target on shares of AutoNation from $245.00 to $240.00 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. Finally, Stephens lifted their price objective on shares of AutoNation from $228.00 to $232.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $244.33.
Get Our Latest Research Report on AN
AutoNation Company Profile (Free Report)
AutoNation, Inc is the largest automotive retailer in the United States, operating a network of franchised new vehicle dealerships, pre-owned vehicle superstores and collision-repair centers. The company offers a comprehensive range of automotive products and services, including the sale of new cars and light trucks from leading manufacturers, certified pre-owned vehicles and a wide selection of used models. In addition to retail vehicle sales, AutoNation provides financing, insurance and extended service contracts through its in-house financial services division, as well as genuine and aftermarket parts, factory-recommended maintenance and collision-repair services.
Headquartered in Fort Lauderdale, Florida, AutoNation was founded in 1996 by entrepreneur H.
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The market expects AutoNation (AN - Free Report) to deliver a year-over-year increase in earnings on lower revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on May 1, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis auto retailer is expected to post quarterly earnings of $4.71 per share in its upcoming report, which represents a year-over-year change of +0.6%.
Revenues are expected to be $6.66 billion, down 0.5% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.91% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for AutoNation?For AutoNation, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -2.87%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that AutoNation will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that AutoNation would post earnings of $4.91 per share when it actually produced earnings of $5.08, delivering a surprise of +3.46%.
Over the last four quarters, the company has beaten consensus EPS estimates four times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
AutoNation doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
An Industry Player's Expected ResultsGroup 1 Automotive (GPI - Free Report) , another stock in the Zacks Automotive - Retail and Whole Sales industry, is expected to report earnings per share of $8.93 for the quarter ended March 2026. This estimate points to a year-over-year change of -12.2%. Revenues for the quarter are expected to be $5.5 billion, down 0% from the year-ago quarter.
Over the last 30 days, the consensus EPS estimate for Group 1 Automotive has been revised 0.4% down to the current level. Nevertheless, the company now has an Earnings ESP of -1.38%, reflecting a lower Most Accurate Estimate.
When combined with a Zacks Rank of #3 (Hold), this Earnings ESP makes it difficult to conclusively predict that Group 1 Automotive will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates two times.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
AutoNation, Inc. (NYSE:AN) will release earnings for its first quarter before the opening bell on Friday, May 1.
Analysts expect the Fort Lauderdale, Florida-based company to report quarterly earnings of $4.61 per share, down from $4.68 per share in the year-ago period. The consensus estimate for AutoNation's quarterly revenue is $6.65 billion (it reported $6.69 billion last year), according to Benzinga Pro.
On Feb. 6, AutoNation reported better-than-expected fourth-quarter EPS results.
AutoNation shares gained 3.3% to close at $212.38 on Thursday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate analysts have rated the company in the recent period.
Considering buying AN stock? Here’s what analysts think:
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FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--AutoNation, Inc. (NYSE: AN) today reported first quarter 2026 revenue of $6.6 billion, a decrease of 2% compared to the same period a year ago. For the quarter, EPS was $5.85, compared to $4.45 a year ago, and Adjusted EPS was $4.69, compared to $4.68 a year ago. Reconciliations of non-GAAP financial measures are included in the attached financial tables.
“We are pleased to report our strong first quarter results highlighted by record gross profit in After-Sales and record unit profitability in Customer Financial Services. Unit profitability for new and used vehicles increased sequentially. These gains largely offset expected year‑over‑year declines in unit sales,” said Mike Manley, Chief Executive Officer of AutoNation. “Adjusted earnings per share increased year-over-year for the fifth consecutive quarter, and strong cash flow conversion supported our continued deployment of capital toward share repurchases. AutoNation Finance continued to scale, growing its portfolio to $2.4 billion while improving profitability, credit performance, and debt funding. Our diversified earnings profile, flexible cost structure, and strong balance sheet and cash flows continue to support resilient performance and disciplined capital deployment to generate shareholder returns in a dynamic operating environment,” Manley concluded.
Operational Summary
First Quarter 2026 compared to the year-ago period:
Selected GAAP Financial Data
($ in millions, except per share data and unit sales)
Three Months Ended March 31,
2026
2025
YoY
Revenue
$
6,552.1
$
6,690.4
-2
%
Gross Profit
$
1,211.1
$
1,219.9
-1
%
Operating Income
$
314.3
$
336.0
-6
%
Net Income
$
205.4
$
175.5
17
%
Diluted EPS
$
5.85
$
4.45
31
%
Diluted weighted average common shares outstanding
35.1
39.4
-11
%
Same-store Revenue
$
6,404.7
$
6,650.5
-4
%
Same-store Gross Profit
$
1,182.7
$
1,212.9
-2
%
Same-store New Vehicle Retail Unit Sales
56,316
62,156
-9
%
Same-store Used Vehicle Retail Unit Sales
64,182
67,370
-5
%
Selected Non-GAAP Financial Data*
($ in millions, except per share data)
Three Months Ended March 31,
2026
2025
YoY
Adjusted Operating Income
$
311.7
$
334.5
-7
%
Adjusted Net Income
$
164.6
$
184.2
-11
%
Adjusted Diluted EPS
$
4.69
$
4.68
—
%
*Reconciliations of non-GAAP financial measures are included in the attached financial tables. 2026 Adjusted Diluted EPS excludes net gains on equity investments of $54 million.
Capital Allocation, Liquidity, and Leverage
For the quarter, cash used in operating activities was $22 million, auto loans receivable, net, increased $254 million, capital expenditures were $56 million, and adjusted free cash flow was $256 million, or 155% of adjusted net income.
During the quarter, AutoNation repurchased 1.5 million shares of common stock for an aggregate purchase price of $300 million, or $201 per share. Year-to-date through April 29, 2026, AutoNation repurchased 1.9 million shares, for an aggregate purchase price of $391 million, or $201 per share, and has more than $685 million of repurchase authorization remaining under its current share repurchase program.
As of March 31, 2026, AutoNation had $1.6 billion of liquidity, including $66 million in cash and $1.6 billion of availability under its revolving credit facility, net of commercial paper borrowings. The Company’s covenant leverage ratio was 2.57x at quarter end and the Company had $4.1 billion of non-vehicle debt outstanding.
In January 2026, AN Finance completed its second asset-backed term securitization, generating $749.2 million in funding for its auto loan portfolio at a weighted-average fixed interest rate of 4.25%. The strong advance rates of this ABS transaction helped improve the debt funded status of the $2.4 billion portfolio to 90 percent.
The first quarter conference call may be accessed by telephone at 800-715-9871 (Conference ID: 90621) at 9:00 a.m. Eastern Time today or on AutoNation’s investor relations website at investors.autonation.com. The webcast will also be made available on AutoNation’s investor relations website following the call under “Events & Presentations.” Finally, additional information regarding AutoNation’s results can be found in the Investor Presentation available on the investor relations website.
About AutoNation, Inc.
AutoNation, one of the largest automotive retailers in the United States, offers innovative products and exceptional services as part of a portfolio of comprehensive solutions for our customers and their automotive needs. With a nationwide network of dealerships strengthened by a recognized brand, we offer a wide variety of new and used vehicles, customer financing, parts, and expert maintenance and repair services. Through DRV PNK, we have raised over $50 million for cancer-related causes, demonstrating our commitment to making a positive difference in the lives of our Associates, Customers, and the communities we serve.
Please visit www.autonation.com, investors.autonation.com, and www.x.com/autonation, where AutoNation discloses additional information about the Company, its business, and its results of operations.
NON-GAAP FINANCIAL MEASURES
This news release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, which exclude certain items disclosed in the attached financial tables. As required by SEC rules, the Company provides reconciliations of these measures to the most directly comparable GAAP measures. The Company believes that these non-GAAP financial measures improve the transparency of the Company's disclosure, provide a meaningful presentation of the Company's results excluding the impact of items not related to the Company's ongoing core business operations, and improve the period-to-period comparability of the Company's results from its core business operations. Non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated and presented in accordance with GAAP.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words such as “anticipates,” “expects,” “estimates,” “intends,” “goals,” “targets,” “projects,” “plans,” “believes,” “continues,” “may,” “will,” “could,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Statements regarding our strategic initiatives, partnerships, and investments, including AutoNation Finance, statements regarding our expectations for shareholder returns, potential tariff-related impacts, and the future performance of our business and the automotive retail industry, including during 2026, and other statements that describe our objectives, goals, or plans, are forward-looking statements. Our forward-looking statements reflect our current expectations concerning future results and events, and they involve known and unknown risks, uncertainties, and other factors that are difficult to predict and may cause our actual results, performance, or achievements to be materially different from any future results, performance, and achievements expressed or implied by these statements. These risks, uncertainties, and other factors include, among others: economic conditions, including changes in tariffs, unemployment, interest, and/or inflation rates, consumer demand, and fuel prices; our ability to implement successfully our strategic acquisitions, initiatives, partnerships, and investments; our ability to maintain or improve gross profit margins; our ability to maintain or gain market share; legal, reputational, and financial risks resulting from cyber incidents and the potential impact on our operating results; the receipt of any insurance or other recoveries in connection with any cyber incidents; our ability to successfully implement and maintain expense controls; our ability to maintain and enhance our retail brands and reputation and to attract consumers to our own digital channels; our ability to acquire and integrate successfully new acquisitions; restrictions imposed by vehicle manufacturers and our ability to obtain manufacturer approval for franchise acquisitions; the success and financial viability and the incentive and marketing programs of vehicle manufacturers and distributors with which we hold franchises; natural disasters and other adverse weather events; the resolution of legal and administrative proceedings; changes in automotive laws and regulation affecting our business, including fuel economy requirements; factors affecting our goodwill and other intangible asset impairment testing; and other factors described in our news releases and filings made under the securities laws, including, among others, our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Forward-looking statements contained in this news release speak only as of the date of this news release, and we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances.
AUTONATION, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)
Three Months Ended March 31,
2026
2025
Revenue:
New vehicle
$
3,011.0
$
3,248.1
Used vehicle
1,963.8
1,922.4
Parts and service
1,220.9
1,164.0
Finance and insurance, net
352.0
352.5
Other
4.4
3.4
Total revenue
6,552.1
6,690.4
Cost of sales:
New vehicle
2,866.5
3,073.2
Used vehicle
1,842.4
1,797.9
Parts and service
627.5
596.3
Other
4.6
3.1
Total cost of sales
5,341.0
5,470.5
Gross profit
1,211.1
1,219.9
AutoNation Finance income
9.4
0.1
Selling, general, and administrative expenses
842.2
821.9
Depreciation and amortization
63.0
61.8
Other expense, net(1)
1.0
0.3
Operating income
314.3
336.0
Non-operating income (expense) items:
Floorplan interest expense
(41.8
)
(46.5
)
Other interest expense
(48.0
)
(42.3
)
Other income (loss), net(2)
51.2
(13.2
)
Income before income taxes
275.7
234.0
Income tax provision
70.3
58.5
Net income
$
205.4
$
175.5
Diluted earnings per share
$
5.85
$
4.45
Diluted weighted average common shares outstanding
35.1
39.4
Common shares outstanding, net of treasury stock, at period end
33.9
37.9
AUTONATION, INC.
UNAUDITED SUPPLEMENTARY DATA
($ in millions, except per vehicle data)
Operating Highlights
Three Months Ended March 31,
2026
2025
$ Variance
% Variance
Revenue:
New vehicle
$
3,011.0
$
3,248.1
$
(237.1
)
(7.3
)
Retail used vehicle
1,819.6
1,792.1
27.5
1.5
Wholesale
144.2
130.3
13.9
10.7
Used vehicle
1,963.8
1,922.4
41.4
2.2
Finance and insurance, net
352.0
352.5
(0.5
)
(0.1
)
Total variable operations
5,326.8
5,523.0
(196.2
)
(3.6
)
Parts and service
1,220.9
1,164.0
56.9
4.9
Other
4.4
3.4
1.0
Total revenue
$
6,552.1
$
6,690.4
$
(138.3
)
(2.1
)
Gross profit:
New vehicle
$
144.5
$
174.9
$
(30.4
)
(17.4
)
Retail used vehicle
104.9
113.0
(8.1
)
(7.2
)
Wholesale
16.5
11.5
5.0
Used vehicle
121.4
124.5
(3.1
)
(2.5
)
Finance and insurance
352.0
352.5
(0.5
)
(0.1
)
Total variable operations
617.9
651.9
(34.0
)
(5.2
)
Parts and service
593.4
567.7
25.7
4.5
Other
(0.2
)
0.3
(0.5
)
Total gross profit
1,211.1
1,219.9
(8.8
)
(0.7
)
AutoNation Finance income
9.4
0.1
9.3
Selling, general, and administrative expenses
842.2
821.9
(20.3
)
(2.5
)
Depreciation and amortization
63.0
61.8
(1.2
)
Other expense, net
1.0
0.3
(0.7
)
Operating income
314.3
336.0
(21.7
)
(6.5
)
Non-operating income (expense) items:
Floorplan interest expense
(41.8
)
(46.5
)
4.7
Other interest expense
(48.0
)
(42.3
)
(5.7
)
Other income (loss), net
51.2
(13.2
)
64.4
Income before income taxes
$
275.7
$
234.0
$
41.7
17.8
Retail vehicle unit sales:
New
57,482
62,387
(4,905
)
(7.9
)
Used
65,818
68,000
(2,182
)
(3.2
)
123,300
130,387
(7,087
)
(5.4
)
Revenue per vehicle retailed:
New
$
52,382
$
52,064
$
318
0.6
Used
$
27,646
$
26,354
$
1,292
4.9
Gross profit per vehicle retailed:
New
$
2,514
$
2,803
$
(289
)
(10.3
)
Used
$
1,594
$
1,662
$
(68
)
(4.1
)
Finance and insurance
$
2,855
$
2,703
$
152
5.6
Total variable operations(1)
$
4,878
$
4,912
$
(34
)
(0.7
)
Operating Percentages
Three Months Ended March 31,
2026 (%)
2025 (%)
Revenue mix percentages:
New vehicle
46.0
48.5
Used vehicle
30.0
28.7
Parts and service
18.6
17.4
Finance and insurance, net
5.4
5.3
Other
—
0.1
100.0
100.0
Gross profit mix percentages:
New vehicle
11.9
14.3
Used vehicle
10.0
10.2
Parts and service
49.0
46.5
Finance and insurance
29.1
28.9
Other
—
0.1
100.0
100.0
Operating items as a percentage of revenue:
Gross profit:
New vehicle
4.8
5.4
Used vehicle - retail
5.8
6.3
Parts and service
48.6
48.8
Total
18.5
18.2
Selling, general, and administrative expenses
12.9
12.3
Operating income
4.8
5.0
Operating items as a percentage of total gross profit:
Selling, general, and administrative expenses
69.5
67.4
Operating income
26.0
27.5
AUTONATION, INC.
UNAUDITED SUPPLEMENTARY DATA
($ in millions)
Segment Operating Highlights
Three Months Ended March 31,
2026
2025
$ Variance
% Variance
Revenue:
Domestic
$
1,716.6
$
1,717.4
$
(0.8
)
—
Import
2,048.1
2,047.3
0.8
—
Premium luxury
2,441.5
2,576.5
(135.0
)
(5.2
)
Total Franchised Dealerships
6,206.2
6,341.2
(135.0
)
(2.1
)
Corporate and other
345.9
349.2
(3.3
)
(0.9
)
Total consolidated revenue
$
6,552.1
$
6,690.4
$
(138.3
)
(2.1
)
Segment income(1):
Domestic
$
78.1
$
69.0
$
9.1
13.2
Import
113.8
126.2
(12.4
)
(9.8
)
Premium luxury
154.8
178.7
(23.9
)
(13.4
)
Total Franchised Dealerships
346.7
373.9
(27.2
)
(7.3
)
AutoNation Finance income
9.4
0.1
9.3
Corporate and other
(83.6
)
(84.5
)
0.9
Add: Floorplan interest expense
41.8
46.5
(4.7
)
Operating income
$
314.3
$
336.0
$
(21.7
)
(6.5
)
Retail new vehicle unit sales:
Domestic
15,858
16,778
(920
)
(5.5
)
Import
26,779
28,003
(1,224
)
(4.4
)
Premium luxury
14,845
17,606
(2,761
)
(15.7
)
Retail used vehicle unit sales:
Domestic
17,907
18,424
(517
)
(2.8
)
Import
23,034
23,155
(121
)
(0.5
)
Premium luxury
18,174
19,017
(843
)
(4.4
)
Brand Mix - Retail New Vehicle Units Sold
Three Months Ended
March 31,
2026 (%)
2025 (%)
Domestic:
Ford, Lincoln
12.1
11.3
Chevrolet, Buick, Cadillac, GMC
10.4
10.7
Chrysler, Dodge, Jeep, Ram
5.1
4.9
Domestic total
27.6
26.9
Import:
Toyota
22.7
20.2
Honda
12.3
12.7
Hyundai
3.4
3.5
Subaru
3.9
4.1
Other Import
4.3
4.4
Import total
46.6
44.9
Premium Luxury:
Mercedes-Benz
9.2
9.7
BMW
8.6
9.2
Lexus
3.2
3.5
Audi
1.7
2.1
Jaguar Land Rover
1.9
2.2
Other Premium Luxury
1.2
1.5
Premium Luxury total
25.8
28.2
100.0
100.0
AutoNation Finance
Three Months Ended March 31,
2026
2025
$ Variance
Interest margin:
Interest and fee income
$
62.7
$
41.9
$
20.8
Interest expense
(24.4
)
(13.9
)
(10.5
)
Total interest margin
38.3
28.0
10.3
Provision for credit losses
(19.5
)
(18.9
)
(0.6
)
Total interest margin after provision for credit losses
18.8
9.1
9.7
Direct expenses(1)
(9.4
)
(9.0
)
(0.4
)
AutoNation Finance income
$
9.4
$
0.1
$
9.3
AUTONATION, INC.
UNAUDITED SUPPLEMENTARY DATA, Continued
($ in millions)
Capital Allocation
Three Months Ended March 31,
2026
2025
Capital expenditures
$
56.4
$
75.2
Cash paid for acquisitions, net of cash acquired
$
—
$
69.6
Cash received from divestitures, net of cash relinquished
$
12.7
$
—
Stock repurchases:
Aggregate purchase price(1)
$
300.0
$
224.8
Shares repurchased (in millions)
1.5
1.4
New Vehicle Floorplan Assistance and Expense
Three Months Ended March 31,
2026
2025
Variance
Floorplan assistance earned (included in cost of sales)
$
30.4
$
31.1
$
(0.7
)
New vehicle floorplan interest expense
(40.0
)
(44.0
)
4.0
Net new vehicle inventory carrying expense
$
(9.6
)
$
(12.9
)
$
3.3
Balance Sheet and Other Highlights
March 31, 2026
December 31, 2025
March 31, 2025
Cash and cash equivalents
$
65.5
$
58.6
$
70.5
Inventory
$
3,444.4
$
3,404.9
$
3,231.6
Floorplan notes payable
$
3,759.0
$
3,828.3
$
3,558.9
Auto loans receivable, net
$
2,371.2
$
2,140.2
$
1,397.7
Non-recourse debt
$
2,185.6
$
1,944.6
$
1,080.2
Non-vehicle debt
$
4,115.9
$
3,979.5
$
3,962.7
Equity
$
2,226.9
$
2,341.1
$
2,403.2
New days supply (industry standard of selling days)
46 days
45 days
38 days
Used days supply (trailing calendar month days)
35 days
38 days
36 days
AUTONATION, INC.
UNAUDITED SUPPLEMENTARY DATA, Continued
($ in millions, except per share data)
Comparable Basis Reconciliations(1)
Three Months Ended March 31,
Operating Income
Income Before
Income Taxes
Income Tax Provision(2)
Effective Tax Rate
Net Income
Diluted Earnings
Per Share(3)
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
As reported
$
314.3
$
336.0
$
275.7
$
234.0
$
70.3
$
58.5
25.5
%
25.0
%
$
205.4
$
175.5
$
5.85
$
4.45
Decrease in compensation expense related to market valuation changes in deferred compensation obligations(4)
(2.6
)
(1.5
)
—
—
—
—
—
—
$
—
$
—
Net (gain) loss on equity investments
—
—
(54.0
)
11.5
(13.2
)
2.8
(40.8
)
8.7
$
(1.16
)
$
0.22
Adjusted
$
311.7
$
334.5
$
221.7
$
245.5
$
57.1
$
61.3
25.8
%
25.0
%
$
164.6
$
184.2
$
4.69
$
4.68
Three Months Ended March 31,
SG&A
SG&A as a Percentage of Gross Profit (%)
2026
2025
2026
2025
As reported
$
842.2
$
821.9
69.5
67.4
Excluding:
Decrease in compensation expense related to market valuation changes in deferred compensation obligations
(2.6
)
(1.5
)
Adjusted
$
844.8
$
823.4
69.8
67.5
Free Cash Flow
Three Months Ended March 31,
2026
2025
Net cash provided by (used in) operating activities
$
22.2
$
(52.5
)
Net proceeds from (payments of) vehicle floorplan - non-trade
AutoNation (AN - Free Report) came out with quarterly earnings of $4.69 per share, missing the Zacks Consensus Estimate of $4.71 per share. This compares to earnings of $4.68 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -0.43%. A quarter ago, it was expected that this auto retailer would post earnings of $4.91 per share when it actually produced earnings of $5.08, delivering a surprise of +3.46%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
AutoNation, which belongs to the Zacks Automotive - Retail and Whole Sales industry, posted revenues of $6.55 billion for the quarter ended March 2026, missing the Zacks Consensus Estimate by 1.6%. This compares to year-ago revenues of $6.69 billion. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
AutoNation shares have added about 2.9% since the beginning of the year versus the S&P 500's gain of 5.3%.
What's Next for AutoNation?While AutoNation has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for AutoNation was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $5.47 on $7.01 billion in revenues for the coming quarter and $21.31 on $28.07 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Automotive - Retail and Whole Sales is currently in the bottom 25% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Titan Machinery (TITN - Free Report) , has yet to report results for the quarter ended April 2026.
This agriculture and construction equipment seller is expected to post quarterly loss of $0.61 per share in its upcoming report, which represents a year-over-year change of -5.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Titan Machinery's revenues are expected to be $493.22 million, down 17% from the year-ago quarter.
AutoNation (AN - Free Report) reported $6.55 billion in revenue for the quarter ended March 2026, representing a year-over-year decline of 2.1%. EPS of $4.69 for the same period compares to $4.68 a year ago.
The reported revenue represents a surprise of -1.6% over the Zacks Consensus Estimate of $6.66 billion. With the consensus EPS estimate being $4.71, the EPS surprise was -0.43%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how AutoNation performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Retail vehicle unit sales - Total: 123,300 versus the four-analyst average estimate of 128,790.Revenue per vehicle retailed - New: $52,382.00 versus $52,208.53 estimated by four analysts on average.Revenue per vehicle retailed - Used: $27,646.00 compared to the $26,605.80 average estimate based on four analysts.Gross profit per vehicle retailed - Finance and insurance: $2,855.00 versus $2,722.82 estimated by four analysts on average.Retail vehicle unit sales - Used: 65,818 versus the four-analyst average estimate of 67,774.Revenue- Other: $4.4 million compared to the $4.58 million average estimate based on four analysts. The reported number represents a change of +29.4% year over year.Revenue- New Vehicle: $3.01 billion versus the four-analyst average estimate of $3.18 billion. The reported number represents a year-over-year change of -7.3%.Revenue- Used Vehicle: $1.96 billion compared to the $1.9 billion average estimate based on four analysts. The reported number represents a change of +2.2% year over year.Revenue- Parts and service: $1.22 billion versus the four-analyst average estimate of $1.21 billion. The reported number represents a year-over-year change of +4.9%.Revenue- Finance and insurance net: $352 million compared to the $350.49 million average estimate based on four analysts. The reported number represents a change of -0.1% year over year.Revenue- Used Vehicle- Retail used vehicle: $1.82 billion compared to the $1.81 billion average estimate based on three analysts. The reported number represents a change of +1.5% year over year.Revenue- Used Vehicle- Wholesale: $144.2 million versus $130.46 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +10.7% change.View all Key Company Metrics for AutoNation here>>>
Shares of AutoNation have returned +7.4% over the past month versus the Zacks S&P 500 composite's +10.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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Published in earnings earnings-estimates-revisions earnings-surprise
Key Takeaways AutoNation Q1 EPS and revenues missed estimates as sales fell and costs rose year over year.AN's new-vehicle revenues dropped on lower volumes, with units down 7.9% and profit per unit shrinking.AutoNation's parts, service and finance segments showed resilience, supporting overall profit. AutoNation, Inc. (AN - Free Report) reported first-quarter 2026 adjusted earnings of $4.69 per share, which missed the Zacks Consensus Estimate of $4.71 by 0.43%. Revenues amounted to $6.55 billion, which missed the Zacks Consensus Estimate of $6.66 billion by 1.6%. The top line declined from $6.69 billion reported in the first quarter of 2025.
The results showed a familiar pattern: strong performance in higher-margin businesses was offset by weaker sales volumes and higher costs. Adjusted free cash flow was $255.6 million, with a solid 155% conversion of adjusted net income.
AN’s Top-Line Miss Tied to Lower New-Vehicle RevenuesAN’s consolidated revenues declined as new-vehicle sales softened. New-vehicle revenues fell to $3.01 billion from $3.25 billion a year ago, mainly due to fewer cars being sold and a lower contribution from this segment.
New vehicle retail units sold dropped 7.9% year over year to 57,482 units. The average selling price (ASP) per new vehicle unit retailed was $52,382. Gross profit from the segment was $144.5 million, which declined 17.4% year over year. Gross profit per new vehicle retailed slid to $2,514, indicating profitability pressures in the new-vehicle channel versus the year-ago period.
AN’s Used and F&I Trends Show Resilience Despite VolumesAN’s used-vehicle results were more stable than new vehicles, helped by pricing and mix. Retail used-vehicle revenues increased 1.5% year over year to $1.82 billion, while used vehicle retail units sold declined 3.2% to 65,818 units. ASP per used vehicle unit retailed totaled $27,646. Gross profit from the segment was $104.9 million. Gross profit per used vehicle retailed totaled $1,594.
Revenues from wholesale used vehicles were up 10.7% to $144.2 million. Gross profit rose to $16.5 million from $11.5 million reported a year ago.
Finance and insurance remained a steady earnings contributor. Finance and insurance, net revenues were essentially flat at $352 million, and gross profit from the segment was $352 million. Gross profit per unit in this category improved to $2,855. Combined with used-vehicle dynamics, these steadier lines continued to support gross profit durability even as total retail units fell.
AutoNation’s After-Sales Business Again Carries the MixAutoNation’s parts and service operation delivered the clearest growth signal in the quarter. Parts and service revenues increased 4.9% year over year to $1.22 billion, supported by continued demand for maintenance and repair work.
Profitability remained strong in this area. Parts and service gross profit increased to $593.4 million from $567.7 million last year, making it the biggest contributor to overall profit and helping offset weaker new-vehicle performance.
AN Segment Performance Mixed Across RegionsRevenues from the Domestic segment totaled $1.72 billion. The segment’s income climbed 13.2% to $78.1 million.
Revenues from the Import segment totaled $2.05 billion. The segment’s income declined 9.8% to $113.8 million.
Premium Luxury segment sales fell 5.2% to $2.44 billion. The segmental income declined 13.4% year over year to $154.8 million.
AutoNation’s Expense Profile Pressures Operating LeverageGross profit was mostly steady, but costs moved higher. Total gross profit dipped slightly to $1.21 billion from $1.22 billion, while SG&A expenses rose to $842.2 million from $821.9 million, putting pressure on margins.
Operating income fell 6.5% year over year to $314.3 million. On a comparable basis, it declined to $311.7 million, while adjusted SG&A rose to 69.8% of gross profit from 67.5% last year, highlighting higher costs despite only a small change in gross profit.
AN Finance Growth and Capital Returns Stay in FocusAN’s captive finance platform expanded meaningfully and became a larger contributor to profitability. AutoNation Finance income improved to $9.4 million from $0.1 million a year ago, reflecting stronger net interest dynamics and portfolio scaling.
Cash deployment remained shareholder-friendly. Adjusted free cash flow was $255.6 million, and Capital expenditure in the quarter amounted to $56.4 million. Liquidity stood at roughly $1.6 billion at quarter-end, including $66 million of cash and $1.6 billion of available capacity under the revolving credit facility. At the end of the first quarter, non-vehicle debt was $4.12 billion.
During the quarter, the company bought back 1.5 million shares for $300 million. Currently, AN has $685 million remaining under its share repurchase program.
AN currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Peer ReleasesLithia Motors (LAD - Free Report) posted first-quarter 2026 adjusted earnings of $7.34 per share, down 4% from $7.66 a year ago. However, the bottom line beat the Zacks Consensus Estimate of $7.06 by 4%. Quarterly revenues rose 1% year over year to $9.27 billion but came in below the Zacks Consensus Estimate of $9.36 billion by 0.9%.
As of March 31, 2026, Lithia’s cash, restricted cash and cash equivalents totaled $421.3 million, up from $341.8 million at year-end 2025. The board approved a quarterly dividend of 57 cents per share, expected to be paid on May 22, 2026, to shareholders of record on May 8, 2026.
Penske Automotive Group, Inc. (PAG - Free Report) reported first-quarter 2026 adjusted earnings of $3.05 per share, which declined 15.0% year over year but topped the Zacks Consensus Estimate of $2.91 by 4.8%. Total revenues of $7.86 billion dipped 1.1% from the year-ago quarter and missed the consensus mark of $7.95 billion by 1.1%.
The company paid $92.6 million in dividends and repurchased 170,393 shares for $26.4 million. Liquidity was approximately $1.3 billion, including $83.7 million in cash and $1.2 billion of availability under credit agreements and revolving mortgage facilities. Balance sheet leverage increased, with long-term debt rising to $2.21 billion as of March 31, 2026.
$120,000 to fund a rebuild of the Arizona Association for Foster and Adoptive Parents community park; $10,000 to support a Make-A-Wish Arizona pediatric cancer patient from Phoenix Children’s Hospital
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--On May 29, AutoNation Subaru Scottsdale donated a combined $130,000 to two Arizona nonprofits during a day of giving led by General Manager, Sara Bishop.
The morning ceremony, held at the AZAFAP community park, featured the presentation of a $120,000 check, the largest single contribution that AutoNation Subaru Scottsdale has presented to the organization.
"Friday marked a meaningful milestone in our 12-year partnership with AZAFAP and our long-term commitment to driving out cancer through Make-A-Wish,” said Sara Bishop, General Manager at AutoNation Subaru Scottsdale. "From investing in the rebuild of this community park to creating a memorable camping experience for Elsa and her family, we are proud to help make a lasting impact across the Phoenix community.”
The event included the unveiling of architectural renderings for the new park, remarks from AutoNation, Subaru and AZAFAP leadership, and family-friendly activities for the families in attendance. The donation builds on a 12-year partnership between AutoNation Subaru Scottsdale and AZAFAP that has now totaled more than $230,000 in donations. Over the course of the partnership, the store has served as the lead sponsor of AZAFAP's annual back-to-school shoe drive, helping hundreds of children receive new shoes each year, and has supported the organization's Operation Warm jacket distribution and its annual holiday bike and toy drive.
"AutoNation Subaru Scottsdale is one of the most consistent and generous partners we have. For more than a decade, Sara and her team have shown up for our families," said Lynn Fox-Embrey, Treasurer of the Arizona Association for Foster and Adoptive Parents. "This investment will transform our community park into a space where our foster and adoptive families can come together for years to come."
The afternoon ceremony, held at the AutoNation Subaru Scottsdale store, marked a $10,000 donation to Make-A-Wish Arizona with a celebration for Elsa, a seven-year-old pediatric cancer patient from Phoenix Children's Hospital. Sara and her team hosted a camping-themed party, inspired by Elsa’s wish to go camping with her family. “We are grateful to Sara and the AutoNation Subaru Scottsdale team, for providing a day of joy for Elsa,” said Fran Mallace, President and CEO of Make-A-Wish Arizona “Donations like this are essential to our mission and will help us bring her wish to life, giving Elsa the chance to reconnect with nature and make new memories with her family.”
These donations reflect AutoNation's ongoing commitment to the communities it serves and to driving out cancer through its DRV PNK initiative, which has raised more than $50 million for cancer-related causes to date.
About AutoNation, Inc.
AutoNation, one of the largest automotive retailers in the United States, offers innovative products and exceptional services as part of a portfolio of comprehensive solutions for our customers and their automotive needs. With a nationwide network of dealerships strengthened by a recognized brand, we offer a wide variety of new and used vehicles, customer financing, parts, and expert maintenance and repair services. Through DRV PNK, we have raised over $50 million for cancer-related causes, demonstrating our commitment to making a positive difference in the lives of our Associates, Customers, and the communities we serve.
Please visit www.autonation.com, investors.autonation.com, and www.x.com/autonation, where AutoNation discloses additional information about the Company, its business, and its results of operations.
Arizona Association for Foster and Adoptive Parents
The Arizona Association of Foster and Adoptive Parents (AZAFAP) is a statewide nonprofit organization dedicated to supporting foster, adoptive, and kinship families throughout Arizona. AZAFAP provides advocacy, education, resources, and meaningful connections to help families navigate the unique journey of caring for children impacted by foster care. Through statewide events, family support programs, training opportunities, and children's basic needs resources, AZAFAP works to strengthen families, build supportive communities, and create positive experiences for children and caregivers alike.
About Make-A-Wish® Arizona
Make-A-Wish Arizona grants life-changing wishes for children with critical illnesses. Together with generous donors, supporters, staff and volunteers, Make-A-Wish delivers hope and joy to children and their families when they need it most. Make-A-Wish brings the power of wishing to every child with a critical illness because wish experiences can help improve emotional and physical health. Founded in Arizona in 1980, Make-A-Wish Arizona has granted more than 8,500 wishes in the local community, contributing to the more than 650,000 wishes granted worldwide; with more than 400,000 wishes in the U.S. and its territories alone. With 57 chapters nationwide, Make-A-Wish is the most trusted nonprofit operating locally across 50 states. For more information about Make-A-Wish Arizona, visit arizona.wish.org.
AutoNation remains a compelling long-term buy despite near-term economic headwinds and recent underperformance versus the S&P 500. AN faces declining new vehicle sales and margin compression, but resilient parts and service revenues bolster overall profitability. Used vehicle pricing is rising, indicating shifting consumer demand amid economic distress and supporting AN's diversified revenue streams.
ATLANTA--(BUSINESS WIRE)--AutoNation, Inc. (NYSE: AN) today announced its acquisition of Toyota of Newnan, effective June 8, 2026. The dealership has been renamed AutoNation Toyota Newnan and represents approximately $200 million in annual revenue and 4,900 retail new and used vehicle annual unit sales.
In 2025, AutoNation was the largest Toyota dealer in the U.S. by new vehicle sales volume combined for Toyota and Lexus brands. This acquisition marks AutoNation's 21st Toyota store nationwide and its third Toyota location in Georgia, further strengthening its footprint in a key market. With this addition, AutoNation now operates 19 locations in Georgia, including 1 premium luxury store, 2 domestic stores, 11 import stores, 3 collision centers, 1 AutoNation USA store, and 1 auction center.
"I am delighted to be adding another Toyota Franchise to our portfolio, and welcoming our new colleagues to AutoNation,” said Mike Manley, Chief Executive Officer. "This acquisition reflects our approach to growth through the addition of great assets in great markets, building density which yields additional group synergies and drives value creation for our shareholders."
About AutoNation, Inc.
AutoNation, one of the largest automotive retailers in the United States, offers innovative products and exceptional services as part of a portfolio of comprehensive solutions for our customers and their automotive needs. With a nationwide network of dealerships strengthened by a recognized brand, we offer a wide variety of new and used vehicles, customer financing, parts, and expert maintenance and repair services. Through DRV PNK, we have raised over $50 million for cancer-related causes, demonstrating our commitment to making a positive difference in the lives of our Associates, Customers, and the communities we serve.
Please visit www.autonation.com, investors.autonation.com, and www.x.com/autonation, where AutoNation discloses additional information about the Company, its business, and its results of operations.
AutoNation, Inc. (NYSE: AN) today announced its acquisition of Toyota of Newnan, effective June 8, 2026. The dealership has been renamed AutoNation Toyota Newnan and represents approximately $200 million in annual revenue and 4,900 retail new and used vehicle annual unit sales.
In 2025, AutoNation was the largest Toyota dealer in the U.S. by new vehicle sales volume combined for Toyota and Lexus brands. This acquisition marks AutoNation's 21st Toyota store nationwide and its third Toyota location in Georgia, further strengthening its footprint in a key market. With this addition, AutoNation now operates 19 locations in Georgia, including 1 premium luxury store, 2 domestic stores, 11 import stores, 3 collision centers, 1 AutoNation USA store, and 1 auction center.
"I am delighted to be adding another Toyota Franchise to our portfolio, and welcoming our new colleagues to AutoNation,” said Mike Manley, Chief Executive Officer. "This acquisition reflects our approach to growth through the addition of great assets in great markets, building density which yields additional group synergies and drives value creation for our shareholders."
About AutoNation, Inc.
AutoNation, one of the largest automotive retailers in the United States, offers innovative products and exceptional services as part of a portfolio of comprehensive solutions for our customers and their automotive needs. With a nationwide network of dealerships strengthened by a recognized brand, we offer a wide variety of new and used vehicles, customer financing, parts, and expert maintenance and repair services. Through DRV PNK, we have raised over $50 million for cancer-related causes, demonstrating our commitment to making a positive difference in the lives of our Associates, Customers, and the communities we serve.
Please visit www.autonation.com, investors.autonation.com, and www.x.com/autonation, where AutoNation discloses additional information about the Company, its business, and its results of operations.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260609954537/en/
Capital International Investors decreased its holdings in shares of Crane (NYSE: CR) by 37.5% during the undefined quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 874,630 shares of the conglomerate's stock after selling 525,435 shares during the period. Capital International
WALTHAM, Mass., March 12, 2026 (GLOBE NEWSWIRE) -- Crane NXT, Co. (NYSE: CXT) ("Crane NXT" or the "Company"), a global leader in authentication and traceability technologies, today announced that its Board of Directors (“Board”) has appointed Jeffrey Benck as a Director of Crane NXT.
Mr. Benck brings over 35 years of broad industry experience, as a chief executive officer and leader of technology companies, spanning software, services and hardware. Since March 2019, Mr. Benck has served as President, Chief Executive Officer and Director of Benchmark Electronics (NYSE: BHE), a global provider of engineering design and manufacturing services. Mr. Benck also serves as a Director and Chair of the Human Resource and Governance Committee of UNS Energy Corporation, the non-public subsidiary of Fortis Inc.
Prior to joining Benchmark Electronics, Mr. Benck served as President and Chief Executive Officer of Lantronix, global provider of secure data access and management solutions for Internet-of-Things (IOT) and information technology assets. Prior to Lantronix, Mr. Benck served as President and Chief Executive Officer of Emulex Corporation, a global supplier of advanced networking, monitoring, and management solutions from July 2013 until Emulex was acquired by Avago Technologies (now Broadcom, Inc.) in May 2015. Prior to Emulex, Mr. Benck was President and Chief Operating Officer of QLogic Corporation, a supplier of storage networking solutions. He also spent 18 years at IBM Corporation where he held a variety of senior leadership roles.
Mr. Benck holds a Master of Science degree in management of technology from University of Miami and a Bachelor of Science degree in mechanical engineering from Rochester Institute of Technology.
On March 6, 2026, James L.L. Tullis, a current Director of the Board, notified the Board that he will not stand for reelection at the Company’s 2026 Annual Meeting of Stockholders (the “Annual Meeting”). Accordingly, Mr. Tullis will cease to serve as a director of the Company at the conclusion of the Annual Meeting scheduled for May 21, 2026.
John S. Stroup, Chairman of the Crane NXT Board, said: “I am pleased to welcome Jeff to Crane NXT’s Board of Directors. With over 35 years of experience across technology-driven businesses, Jeff offers a valuable combination of seasoned leadership and customer-focus that will strengthen our support of Crane NXT’s strategy. I would also like to thank Jim for his thoughtful perspective and partnership over the past several years, which have been invaluable to the Company.”
About Crane NXT, Co.
Crane NXT is a global leader in authentication and traceability technologies. Through its industry-leading businesses, Crane NXT provides customers with advanced technologies to secure high-value products for governments and leading global brands, sophisticated detection equipment and systems, and proprietary products to protect identities. Crane NXT’s approximately 5,000 employees help its customers protect their most important assets and ensure secure, seamless transactions around the world every day. For more information visit www.cranenxt.com.
• Xanadu to Become the First Publicly Listed Photonic Quantum Technology Company
• Expected to Begin Trading on the Nasdaq and TSX on March 27, 2026
Under Ticker XNDU
• Gross Proceeds of Approximately USD$302 Million, In Addition to Previously Announced Negotiations with the Government of Canada and Ontario for an Up to CAD$390 Million Investment, Sets Company Up to Execute Against Technical Roadmap
TORONTO, March 19, 2026 (GLOBE NEWSWIRE) -- Crane Harbor Acquisition Corp. (“Crane Harbor”) (Nasdaq: CHAC) today announced that its shareholders approved all proposals necessary to complete the previously announced business combination with Xanadu Quantum Technologies Inc. (“Xanadu”), a leading photonic quantum computing company, at Crane Harbor’s extraordinary general meeting of shareholders. The approval represents an important milestone toward completing the transaction and advancing Xanadu’s scalable photonic quantum technology platform.
The closing of the business combination is expected to occur on March 26, 2026. Following the closing, the combined company will operate under the name Xanadu Quantum Technologies Limited (the “Company”), with its shares anticipated to begin trading on the Nasdaq Stock Market (“Nasdaq”) and the Toronto Stock Exchange (“TSX”) under the ticker symbol “XNDU” on March 27, 2026, subject to the satisfaction of customary closing conditions and stock exchange approval.
The transaction is expected to deliver gross proceeds of approximately US$302 million to the Company, consisting of funds held in Crane Harbor’s trust account and proceeds from a fully committed PIPE financing. These proceeds are separate from and incremental to the previously announced negotiations with the Government of Canada and the Government of Ontario for an up to CAD$390 million investment under Project OPTIMISM. The proposed support remains subject to the completion of due diligence and the execution of final agreements.
Xanadu is a leader in photonic quantum computing, pioneering a light-based approach to develop scalable, modular, and networked quantum computers that compute at room temperature. The company attracts world-class talent, led by Founder and Chief Executive Officer, Christian Weedbrook, a member of Canada’s Quantum Advisory Council who has advanced quantum technologies through groundbreaking research and leadership for over 15 years. Xanadu is committed to building quantum computers that are useful and available to people and institutions everywhere.
“We’re excited to help Xanadu continue pursuing its mission of widely accessible, fault tolerant quantum computing,” said Bill Fradin, Chief Executive Officer of Crane Harbor. “We look forward to completing the transaction and providing Xanadu with a strong capital base and public-market platform to support its commercial roadmap and further strengthen its leadership in photonic quantum computing.”
“The anticipated close of the transaction marks a major milestone for our team and partners,” said Christian Weedbrook, Founder and Chief Executive Officer of Xanadu. “As the first publicly traded photonic quantum computing company, we believe Xanadu is entering this next chapter from a position of technological leadership and with a clear focus on providing practical quantum solutions to customers worldwide.”
About Xanadu
Xanadu is a Canadian quantum computing company with the mission to build quantum computers that are useful and available to people everywhere. Founded in 2016, Xanadu has become one of the world’s leading quantum hardware and software companies. The Company also leads the development of PennyLane, an open-source software library for quantum computing and application development. Visit xanadu.ai or follow us on X @XanaduAI.
About Crane Harbor Acquisition Corp.
Crane Harbor Acquisition Corp. (Nasdaq: CHAC) is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
Forward-Looking Statements
This communication includes “forward-looking statements” within the meaning of the U.S. federal securities laws and “forward-looking information” within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. We have based these forward-looking statements on current expectations and projections about future events. These statements include: the expected closing date of the business combination; the expectation of the transaction’s gross proceeds to Xanadu, including the amounts from the Crane Harbor trust account and the fully committed PIPE financing; the expectation that the Company will be listed on Nasdaq and on the Toronto Stock Exchange under the ticker symbol “XNDU," including the expected commencement date of trading thereof; Xanadu's mission to build quantum computers that are useful and available to people everywhere; the expected benefits from having access to the public markets; upon the consummation of the business combination, Xanadu becoming the first publicly listed photonic quantum technology company; Xanadu pursuing its mission of widely accessible, fault tolerant quantum computing; Xanadu’s support in achieving its commercial roadmap and strengthening its leadership in photonic quantum computing; the transaction as a major milestone for Xanadu and its partners; Xanadu is entering its next chapter from a position of technological leadership and with a clear focus on providing practical quantum solutions to customers worldwide; the previously announced negotiations with the Government of Canada and the Government of Ontario for an up to CAD$390 million investment under Project OPTIMISM, including the completion of due diligence and the execution of final agreements in connection therewith; and Xanadu building on its technology leadership and delivering practical quantum solutions worldwide.
These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions, many of which are beyond the control of Xanadu and Crane Harbor. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause the actual results of the combined company following the proposed transaction, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such statements. Such risks and uncertainties include: that Xanadu is pursuing an emerging technology, faces significant technical challenges and may not achieve commercialization or market acceptance; Xanadu’s historical net losses and limited operating history; that there is substantial doubt about Xanadu's ability to continue as a going concern; Xanadu’s expectations regarding future financial performance, capital requirements and unit economics; Xanadu’s use and reporting of business and operational metrics; Xanadu’s competitive landscape; Xanadu’s dependence on members of its senior management and its ability to attract and retain qualified personnel; the potential need for additional future financing; Xanadu’s ability to manage growth and expand its operations; potential future acquisitions or investments in companies, products, services or technologies; Xanadu’s reliance on strategic partners and other third parties; Xanadu’s concentration of revenue in contracts with government or state-funded entities; Xanadu’s ability to maintain, protect and defend its intellectual property rights; risks associated with privacy, data protection or cybersecurity incidents and related regulations; the use, rate of adoption, and regulation of artificial intelligence and machine learning; uncertainty or changes with respect to laws and regulations; uncertainty or changes with respect to taxes, trade conditions and the macroeconomic environment; material weaknesses in Xanadu's internal control over financial reporting and the combined company’s ability to maintain internal control over financial reporting and operate as a public company; the possibility that required regulatory approvals for the proposed transaction are delayed or are not obtained, which could adversely affect the combined company or the expected benefits of the proposed transaction;; the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; the outcome of any legal proceedings or government investigations that may be commenced against Xanadu or Crane Harbor; failure to realize the anticipated benefits of the proposed transaction; the ability of Crane Harbor or the combined company to issue equity or equity-linked securities in connection with the proposed transaction or in the future; and other factors described in Crane Harbor’s filings with the SEC. These forward-looking statements are based on certain assumptions, including that none of the risks identified above materialize; that there are no unforeseen changes to economic and market conditions, and that no significant events occur outside the ordinary course of business. Additional information concerning these and other factors that may impact such forward-looking statements can be found in filings and potential filings by Xanadu, Crane Harbor or the combined company resulting from the proposed transaction with the SEC, including under the heading “Risk Factors.” If any of these risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, these statements reflect the expectations, plans and forecasts of Xanadu’s and Crane Harbor’s management as of the date of this communication; subsequent events and developments may cause their assessments to change. While Xanadu and Crane Harbor may elect to update these forward-looking statements at some point in the future, they specifically disclaim any obligation to do so, unless required by applicable securities laws. Accordingly, undue reliance should not be placed upon these statements.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this communication, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.
An investment in Crane Harbor is not an investment in any of Crane Harbor’s founders’ or sponsors’ past investments, companies or affiliated funds. The historical results of those investments are not indicative of future performance of Crane Harbor, which may differ materially from the performance of Crane Harbor’s founders’ or sponsors’ past investments.
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This communication is not, and under no circumstances is to be construed as, a prospectus, an advertisement or a public offering of the securities described herein in the United States or any other jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or exemptions therefrom. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED BY THE U.S. SECURITIES AND EXCHANGE COMMISSION OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. This communication is not, and under no circumstances is to be construed as, a prospectus, an advertisement or a public offering in any province or territory of Canada. In addition, no securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this communication or the merits of any of the securities described herein and any representation to the contrary is an offense.
Congress Asset Management Co. lessened its holdings in Crane (NYSE: CR) by 17.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 424,003 shares of the conglomerate's stock after selling 89,832 shares during the period. Congress Asset Management Co. owned
Phoenix, AZ, March 31, 2026 (GLOBE NEWSWIRE) -- Rider Levett Bucknall (RLB) has released its Q1 2026 Crane Index, offering a fresh view of construction activity across eighteen major North American cities. The findings show that although the total number of cranes remains stable, development patterns are shifting. Commercial crane counts collectively increased by 60 percent across surveyed markets, underscoring a reorientation of urban construction priorities.
The index measures fixed tower cranes on active construction sites, providing a direct indicator of the industry’s physical workload. Among the cities tracked, eight recorded no change in crane counts, six reported decreases, and four saw increases. This mix of activity points to a cautious but deliberate approach, as developers advance select projects while responding to broader economic conditions.
Report Highlights:
• Commercial Sector Growth: Crane counts for commercial projects rose 60 percent, driven by new office, retail, and mixed-use starts.
• Regional Activity: Miami posted a 55 percent increase, adding 18 cranes to its skyline. Other cities, including Chicago, experienced growth supported by hospitality and residential development.
• Market Stability: Overall crane counts across North America remained consistent, as gains in some regions offset moderated activity in others.
“The first quarter of 2026 reflects a measured but steady start to the year,” said Paul Brussow, President of RLB North America. “We are seeing owners and developers carefully evaluate long-term investment decisions while still advancing projects in key sectors. The data indicates a transition away from predominantly residential-driven expansion toward a more diversified development landscape, with notable strength in commercial and mixed-use projects.”
Read the full report here: Q1 2026 RLB Crane Index
About Rider Levett Bucknall (RLB)
With a network that covers the globe and a heritage spanning over two centuries, Rider Levett Bucknall is a leading independent organization in cost management and quantity surveying, project management, advisory services, and sustainability services. Rider Levett Bucknall’s North American practice has offices in over 30 cities across the North America, including Austin, Boston, Calgary, Charlotte, Chicago, Dallas, Denver, Hilo, Honolulu, Las Vegas, Los Angeles, Maui, Miami, Nashville, New York, Phoenix, Portland, San Francisco, San Jose, Seattle, Toronto, Tucson, Waimea, and Washington, D.C. With more than 4,600 employees worldwide, Rider Levett Bucknall brings unparalleled value and service to its prestigious group of clients through its robust experience and high-level expertise. The firm enjoys a professional heritage that spans over 240 years, and it continues to be a global leader in the construction industry throughout the Americas, Africa, Asia, Europe, the Middle East, and Oceania.
Q1 2026 North American Construction: RLB Crane Index Signals Market Stability
Q1 2026 North American Construction: RLB Crane Index Signals Market Stability Steady Crane Counts and Strategic Growth Define the Start of 2026
Adds Market-Leading Capabilities in Detection, Inspection, and Traceability Technologies
Expands Crane NXT’s Portfolio into the ~$3 Billion Life Sciences and Food & Beverage Sectors
WALTHAM, Mass., April 01, 2026 (GLOBE NEWSWIRE) -- Crane NXT, Co. (NYSE: CXT) (“Crane NXT” or the “Company”), a global leader in authentication and traceability technologies, today announced the successful completion of the acquisition of Antares Vision S.p.A. (“Antares Vision”). Antares Vision has been delisted from the Euronext Milan stock exchange and is now a wholly owned subsidiary of the Company.
Aaron W. Saak, Crane NXT’s President and Chief Executive Officer, stated: “The acquisition of Antares Vision is an important milestone in the continued evolution of Crane NXT. Antares Vision’s market-leading technology, software, and service offerings expands our capabilities as a global leader in authentication and traceability technologies. Additionally, Antares Vision positions Crane NXT to further capture the secular growth tailwinds in the life sciences and food & beverage markets.”
Antares Vision will be included in Crane NXT’s newly established Detection & Traceability Technologies segment, alongside the Company’s CPI business, and its results will be consolidated into Crane NXT’s financial statements. The Company will provide updated 2026 guidance reflecting the Antares Vision acquisition in its Q1 2026 earnings release.
About Crane NXT, Co.
Crane NXT is a global leader in authentication and traceability technologies that secure, detect, and authenticate what matters most to its customers. Through its two market-leading business segments, Security & Authentication Technologies and Detection & Traceability Technologies, Crane NXT provides innovative solutions that prevent the counterfeiting of products and identities and ensure the quality, authenticity, and traceability of products across the supply chain. Crane NXT’s approximately 6,000 employees help its customers protect their most important assets and ensure secure, seamless transactions around the world every day. For more information visit www.cranenxt.com.
Forward-Looking Statements Disclaimer
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding the Company's intent, belief, or expectations. Words such as “anticipate(s),” “expect(s),” “intend(s),” “believe(s),” “plan(s),” “may,” “will,” “would,” “could,” “should,” “seek(s),” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. The Company assumes no (and disclaims any) obligation to revise or update these statements to reflect future events or circumstances. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, it can give no assurance that its expectations will be attained. The Company cautions investors not to place undue reliance on any such forward-looking statements. Risks and uncertainties that could cause actual results to differ materially from the Company's expectations include, but are not limited to: the impact of tariffs and other trade measures; changes in global economic conditions (including inflationary pressures) and geopolitical risks, including macroeconomic fluctuations; demand for its products, which is variable and subject to factors beyond its control; risks associated with conducting a substantial portion of its business outside the U.S.; information systems and technology networks failures, breaches in data security, theft of personally identifiable and other information, and non-compliance with its contractual or other legal obligations regarding such information; being unable to identify or complete acquisitions, or to successfully integrate the businesses the Company acquires; fluctuation in the prices of, or disruption in its ability to source, components and raw materials, and delays in the distribution of its products; loss of personnel or being able to hire and retain additional personnel needed to sustain and grow its business as planned; being unable to successfully develop and introduce new products, which would limit its ability to grow and maintain its competitive position; governmental regulations and failure to comply with those regulations; the ability to protect its intellectual property; risks from litigation, claims and investigations, including those related to product liability and warranties, and employee, commercial, intellectual property and environmental matters; risks related to its ability to improve productivity, reduce costs and align manufacturing capacity with customer demand; significant competition in the Company's markets; additional tax expenses or exposures; adverse impacts from intangible asset impairment charges; inadequate or ineffective internal controls; and risks related to the Separation, including not obtaining the intended tax treatment of the Separation transaction, failure of Crane Company to perform under the various transaction agreements and actual or potential conflicts of interest with Crane Company. Readers should carefully review Crane NXT, Co.’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Crane NXT, Co.’s Annual Report on Form 10-K for the year ended December 31, 2025 and the other documents Crane NXT, Co. and its subsidiaries file from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
Contact:
Matt Roache
VP, Investor Relations [email protected]
www.cranenxt.com
STAMFORD, Conn.--(BUSINESS WIRE)--Crane Company (NYSE: CR) announces the following schedule and teleconference information for its first quarter 2026 earnings release:
Earnings Release: April 27, 2026 after close of market by public distribution and the Crane Company website at www.craneco.com. Teleconference: April 28, 2026 at 10:00 AM (Eastern) hosted by Alex Alcala, Executive Vice President & COO (Incoming President & CEO), and Richard A. Maue, Executive Vice President & CFO. The call can be accessed in a listen-only mode via the Company’s website www.craneco.com. An accompanying slide presentation will also be available on the Company’s website. Web Replay: Will be available on the Company’s website shortly after completion of the live call. About Crane Company
Crane Company has delivered innovation and technology-led solutions to its 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 is comprised of two strategic growth platforms, Aerospace & Electronics and Process Flow Technologies. Crane has approximately 8,500 employees in the Americas, Europe, the Middle East, Asia and Australia. For more information, visit www.craneco.com.
WALTHAM, Mass., April 09, 2026 (GLOBE NEWSWIRE) -- Crane NXT, Co. (NYSE: CXT), a premier industrial technology company, today announced its schedule for the company’s first quarter 2026 results.
Earnings Release: Wednesday, May 6, 2026, after close of market by public distribution. To access the earnings release, please visit the Investors section of Crane NXT’s website at www.cranenxt.com.Earnings Call: Thursday, May 7, 2026, at 10:00 a.m. Eastern Time. To access the webcast, please visit the Investors section of Crane NXT’s website at www.cranenxt.com. The archived webcast will be available on the company’s website. About Crane NXT, Co.
Crane NXT is a global leader in authentication and traceability technologies that secure, detect, and authenticate what matters most to its customers. Through its two market-leading business segments, Security & Authentication Technologies and Detection & Traceability Technologies, Crane NXT provides innovative solutions that prevent the counterfeiting of products and identities and ensure the quality, authenticity, and traceability of products across the supply chain. Crane NXT’s approximately 6,000 employees help its customers protect their most important assets and ensure secure, seamless transactions around the world every day. For more information visit www.cranenxt.com.
Investors:
Matt Roache
VP, Investor Relations [email protected]
www.cranenxt.com
Crane Company remains rated a soft "Sell" due to high absolute valuation despite strong operational momentum and acquisition-driven growth. CR's 2026 guidance projects revenue of $2.845–$2.875 billion and adjusted EPS of $6.55–$6.75, with core sales expected to grow mid-single digits. Aerospace & Advanced Technologies outperforms with 14.7% revenue growth and backlog expansion, while Process Flow Technologies faces organic headwinds.
State of Alaska Department of Revenue lowered its stake in shares of Crane (NYSE:CR – Free Report) by 54.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,892 shares of the conglomerate’s stock after selling 5,869 shares during the quarter. State of Alaska Department of Revenue’s holdings in Crane were worth $902,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of the stock. First Horizon Corp acquired a new position in Crane in the third quarter valued at about $26,000. Headlands Technologies LLC bought a new position in shares of Crane in the 2nd quarter valued at $29,000. Assetmark Inc. increased its stake in shares of Crane by 57.9% in the 3rd quarter. Assetmark Inc. now owns 180 shares of the conglomerate’s stock valued at $33,000 after purchasing an additional 66 shares during the last quarter. Kelleher Financial Advisors bought a new position in shares of Crane in the third quarter worth about $33,000. Finally, Flagship Harbor Advisors LLC bought a new stake in shares of Crane during the fourth quarter worth $33,000. Institutional investors own 75.14% of the company’s stock.
Insiders Place Their Bets In related news, Director Sanjay Kapoor bought 2,814 shares of Crane stock in a transaction that occurred on Thursday, January 29th. The shares were acquired at an average cost of $177.68 per share, for a total transaction of $499,991.52. Following the completion of the acquisition, the director directly owned 2,814 shares of the company’s stock, valued at approximately $499,991.52. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jennifer Pollino bought 1,500 shares of Crane stock in a transaction that occurred on Thursday, January 29th. The stock was bought at an average price of $184.29 per share, for a total transaction of $276,435.00. Following the completion of the acquisition, the director directly owned 1,500 shares of the company’s stock, valued at $276,435. The trade was a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 5,464 shares of company stock valued at $987,470 over the last three months. Insiders own 2.12% of the company’s stock.
Wall Street Analyst Weigh In A number of analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $238.00 target price on shares of Crane in a research note on Thursday, January 29th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Crane in a research report on Friday, March 27th. DA Davidson reiterated a “buy” rating and issued a $235.00 target price on shares of Crane in a research report on Thursday, January 29th. Wall Street Zen upgraded Crane from a “hold” rating to a “buy” rating in a research report on Saturday, March 14th. Finally, Stifel Nicolaus dropped their target price on Crane from $201.00 to $200.00 and set a “hold” rating for the company in a research report on Tuesday, April 14th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $223.83.
View Our Latest Stock Report on Crane
Crane Trading Down 3.2% CR opened at $179.46 on Thursday. The firm has a market capitalization of $10.35 billion, a price-to-earnings ratio of 23.77, a PEG ratio of 1.93 and a beta of 1.34. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.18 and a quick ratio of 0.88. Crane has a fifty-two week low of $141.51 and a fifty-two week high of $214.31. The company’s 50 day moving average price is $186.52 and its two-hundred day moving average price is $188.34.
Crane (NYSE:CR – Get Free Report) last announced its earnings results on Monday, January 26th. The conglomerate reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.10. The business had revenue of $581.00 million during the quarter, compared to analyst estimates of $572.16 million. Crane had a return on equity of 24.45% and a net margin of 13.10%.Crane’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period last year, the company earned $1.38 EPS. Crane has set its FY 2026 guidance at 6.550-6.75 EPS. As a group, research analysts predict that Crane will post 7.87 earnings per share for the current year.
Crane Increases Dividend The business also recently announced a quarterly dividend, which was paid on Wednesday, March 11th. Investors of record on Friday, February 27th were issued a $0.255 dividend. The ex-dividend date was Friday, February 27th. This is a boost from Crane’s previous quarterly dividend of $0.23. This represents a $1.02 annualized dividend and a yield of 0.6%. Crane’s dividend payout ratio (DPR) is currently 16.32%.
Crane Profile (Free Report)
Crane Co, headquartered in Stamford, Connecticut, is a diversified manufacturer of engineered industrial products serving customers around the world. The company operates through two primary segments: Aerospace & Electronics and Engineered Materials. Its Aerospace & Electronics division designs and produces valves, fittings, manifolds, and filtration systems for aircraft fuel, hydraulics, and environmental control systems. The Engineered Materials segment focuses on advanced polymers, heat exchangers, and specialized composite solutions for industries including chemical processing, semiconductor manufacturing, and power generation.
With roots dating back to its founding in 1855 in Chicago by R.T.
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Crane (NYSE:CR – Get Free Report) and EnWave (OTCMKTS:NWVCF – Get Free Report) are both industrials companies, but which is the superior business? We will contrast the two companies based on the strength of their valuation, analyst recommendations, risk, profitability, earnings, institutional ownership and dividends.
Analyst Ratings This is a summary of current ratings and price targets for Crane and EnWave, as provided by MarketBeat.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Crane 0 1 5 2 3.13 EnWave 0 0 0 0 0.00 Crane currently has a consensus target price of $223.83, suggesting a potential upside of 24.68%. Given Crane’s stronger consensus rating and higher possible upside, equities analysts clearly believe Crane is more favorable than EnWave.
Insider & Institutional Ownership 75.1% of Crane shares are owned by institutional investors. Comparatively, 9.9% of EnWave shares are owned by institutional investors. 2.1% of Crane shares are owned by insiders. Strong institutional ownership is an indication that hedge funds, large money managers and endowments believe a stock will outperform the market over the long term.
Earnings and Valuation This table compares Crane and EnWave”s revenue, earnings per share and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Crane $2.31 billion 4.49 $401.10 million $6.25 28.73 EnWave N/A N/A N/A ($0.08) -2.50 Crane has higher revenue and earnings than EnWave. EnWave is trading at a lower price-to-earnings ratio than Crane, indicating that it is currently the more affordable of the two stocks.
Profitability This table compares Crane and EnWave’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Crane 13.10% 24.45% 10.14% EnWave N/A N/A N/A Summary Crane beats EnWave on 12 of the 12 factors compared between the two stocks.
About Crane (Get Free Report)
Crane Company, together with its subsidiaries, manufactures and sells engineered industrial products in the United States, Canada, the United Kingdom, Continental Europe, and internationally. The company operates in three segments: Aerospace & Electronics, Process Flow Technologies, and Engineered Materials. The Aerospace & Electronics segment supplies critical components and systems, including original equipment and aftermarket parts for commercial aerospace, as well as the military aerospace, defense, and space markets. This segment also offers pressure sensors for aircraft engine control, aircraft braking systems for commercial aircraft and fighter jets, power conversion solutions for spacecraft, and lubrication systems. The Process Flow Technologies segment provides engineered fluid handling equipment for mission-critical applications. It offers process valves and related products, such as lined pipe, fittings and hoses, air-operated diaphragm and peristaltic pumps, instrumentation and sampling systems, valve positioning and control systems, and valve diagnostic and calibration systems; commercial valves; and pumps and systems. The Engineered Materials segment manufactures fiberglass-reinforced plastic panels and coils for use in the manufacturing of recreational vehicles, as well as in commercial and industrial building applications. This segment sells directly to RV, trailer, and truck manufacturers, as well as through distributors and retailers. The company provides its products and solutions to end markets, including commercial and military aerospace, defense, and space; chemical and pharmaceutical production; water and wastewater; non-residential and municipal construction; energy; and other general industrial and consumer-related applications. The company was formerly known as Crane Holdings, Co. Crane Company was founded in 1855 and is based in Stamford, Connecticut.
About EnWave (Get Free Report)
EnWave Corporation designs, constructs, markets, and sells vacuum-microwave machinery for the food, cannabis, and biomaterial dehydration industries in Canada and the United States. The company operates through EnWave and NutraDried segments. It also offers radiant energy vacuum (REV) platforms, such as nutraREV for dehydration of fruits, vegetables, herbs, dairy products, meats, and seafood; and quantaREV designed for low-temperature dehydration of solid, liquid, and granular or encapsulated food or cannabis products. In addition, the company provides freezeREV for the dehydration of biomaterial and pharmaceutical products; and REVworx offers toll manufacturing services for various food product. Further, it manufactures, markets, and sells certain dehydrated food products. EnWave Corporation is headquartered in Delta, Canada.
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STAMFORD, Conn.--(BUSINESS WIRE)--Crane Company (NYSE: CR) today announced the completion of its previously disclosed CEO succession plan, effective April 27, 2026. Mr. Alex Alcala has assumed the role of President and Chief Executive Officer, succeeding Mr. Max Mitchell, who has transitioned to the role of Executive Chairman, as planned.
Mr. Alcala brings thirteen years of experience within Crane and deep knowledge of the Company’s markets, operations, and strategic priorities. During his tenure, Mr. Alcala has played a significant role in shaping Crane’s strategy, strengthening the portfolio, and driving disciplined execution across the organization.
“I am honored to step into this role and grateful to the Board for its confidence,” said Mr. Alcala. “I have never been more energized by our technology, our global solutions, our culture, and our execution. I look forward to continuing to execute on our priorities, serving our customers, supporting our associates, and delivering long‑term value creation for our shareholders.”
Mr. Mitchell added, “It has been an honor and privilege to lead Crane and this incredible organization. The transition has been seamless as expected and Crane is in excellent position for our future under Alex’s leadership.”
About Crane Company
Crane Company has delivered innovative and technology-led solutions to its 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 is comprised of two strategic growth platforms, Aerospace & Advanced Technologies and Process Flow Technologies. Crane has approximately 9,000 employees in the Americas, Europe, the Middle East, Asia and Australia. For more information, visit www.craneco.com.
Forward-Looking Statements Disclaimer
This press release contains forward-looking statements within the meaning of the federal securities laws. Any statements contained in this press release, except to the extent that they contain historical facts, are forward-looking and accordingly are based on management’s current assumptions, expectations, and beliefs. Forward-looking statements are subject to risks and uncertainties that could lead to actual results differing materially from those expected or implied. Risk factors are discussed in the Company’s filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release are made as of the date hereof, and Crane assumes no (and disclaims any) obligation to revise or update any forward-looking statements.
STAMFORD, Conn.--(BUSINESS WIRE)--Crane Company ("Crane," NYSE:CR) today announced its financial results for the first quarter of 2026 and raised its full year adjusted EPS outlook.
Alex Alcala, Crane's President and Chief Executive Officer, stated: "We delivered a very strong start to 2026, generating 15% adjusted EPS growth in the first quarter. Results exceeded our expectations with the majority of our outperformance driven by outstanding execution and momentum across our recent acquisitions which are already contributing meaningfully to earnings growth. Our legacy business also performed well, with nearly 4% core sales growth and solid operating leverage.
"We entered the year with strong momentum, underpinned by continued execution of our strategy, progress across growth initiatives, and solid performance by our recently acquired businesses. With geopolitical developments and a more uncertain macroeconomic environment, our first‑quarter results demonstrate the resilience of our business and the strength of our operating fundamentals. Reflecting this performance and balanced against the evolving external backdrop, we are raising our full year adjusted EPS outlook to a range of $6.65–$6.85, up from $6.55–$6.75."
CEO Alcala concludes: "Our incredible culture and unique business system position us to outperform in evolving market conditions and generate long‑term value for shareholders. We remain focused on executing with discipline in the areas within our control, staying agile and supporting our customers globally while continuing to invest in our growth priorities and technology platforms.”
First Quarter 2026 Results
First quarter 2026 GAAP EPS from continuing operations of $1.14 compared to $1.34 in the first quarter of 2025. First quarter 2026 adjusted EPS from continuing operations of $1.65 compared to $1.43 in the first quarter of 2025.
First quarter sales increased 24.9%, with 3.8% core sales growth, an 18.3% contribution from the previously announced acquisitions of Druck, Panametrics, Reuter-Stokes, and optek-Danulat and a 2.7% benefit from foreign exchange. Operating profit of $100.1 million decreased 1.0% compared to last year primarily reflecting acquisition related transaction costs and acquisition related intangible amortization, partially offset by strong productivity. Adjusted operating profit of $137.8 million increased 28.7% compared to last year, driven by contribution from recent acquisitions and productivity.
Summary of First Quarter 2026 Results
First Quarter
Change
(unaudited, dollars in millions)
2026
2025
$
%
Net sales
$696.4
$557.6
$
138.8
24.9%
Core sales
21.4
3.8%
Acquisitions
102.2
18.3%
Foreign exchange
15.2
2.7%
Operating profit
$100.1
$101.1
$
(1.0
)
(1.0%)
Adjusted operating profit*
$137.8
$107.1
$
30.7
28.7%
Operating profit margin
14.4%
18.1%
(370bps)
Adjusted operating profit margin*
19.8%
19.2%
60bps
*Please see the attached Non-GAAP Financial Measures tables
Cash Flow, Financing Activities and Other Financial Metrics
During the first quarter of 2026, cash used for operating activities from continuing operations was $29.5 million, capital expenditures were $10.7 million, and free cash flow (cash provided by operating activities less capital spending) was negative $40.2 million. Adjusted free cash flow from continuing operations (free cash flow excluding transaction related cash outflows) was negative $23.5 million. (Please see the attached non-GAAP Financial Measures tables.)
As of March 31, 2026, the Company's cash balance was $355.4 million with total debt outstanding of $1,198.2 million.
First Quarter 2026 Segment Results
All comparisons detailed in this section refer to operating results for the first quarter 2026 versus the first quarter 2025.
Aerospace & Advanced Technologies
First Quarter
Change
(unaudited, dollars in millions)
2026
2025
$
%
Net sales
$
318.3
$
248.9
$
69.4
27.9%
Core sales
23.4
9.4%
Acquisitions
42.9
17.2%
Foreign Exchange
3.1
1.2%
Operating profit
$
71.5
$
64.6
$
6.9
10.7%
Adjusted operating profit*
$
78.3
$
65.2
$
13.1
20.1%
Operating profit margin
22.5
%
26.0
%
(350bps)
Adjusted operating profit margin*
24.6
%
26.2
%
(160bps)
*Please see the attached Non-GAAP Financial Measures tables
Sales of $318.3 million increased 27.9% compared to the prior year, driven by 9.4% core sales growth, a 17.2% contribution from the acquisition of Druck, and a 1.2% benefit from favorable foreign exchange. Operating profit margin of 22.5% declined 350 basis points year-over-year, primarily reflecting acquisition related transaction costs and intangible amortization coupled with dilution from the Druck acquisition offset by higher volumes and favorable net price. Adjusted operating profit margin, excluding acquisition related transaction costs and intangible amortization, of 24.6% declined 160 basis points compared to a year ago.
Process Flow Technologies
First Quarter
Change
(unaudited, dollars in millions)
2026
2025
$
%
Net sales
$
378.1
$
308.7
$
69.4
22.5%
Core sales
(2.0
)
(0.6%)
Acquisitions
59.3
19.2%
Foreign exchange
12.1
3.9%
Operating profit
$
64.2
$
62.8
$
1.4
2.2%
Adjusted operating profit*
$
83.5
$
66.8
$
16.7
25.0%
Operating profit margin
17.0
%
20.3
%
(330bps)
Adjusted operating profit margin*
22.1
%
21.6
%
50bps
*Please see the attached Non-GAAP Financial Measures tables
Sales of $378.1 million increased 22.5% compared to the prior year, primarily driven by a 19.2% contribution from the previously announced acquisitions of optek-Danulat, Panametrics, and Reuter-Stokes, and a 3.9% benefit from favorable foreign exchange offset slightly by a 0.6% core sales decline. Operating profit margin of 17.0% decreased 330bps compared to the prior year reflecting acquisition related transaction costs and intangible amortization, dilution from recent acquisitions, and lower volumes, partially offset by strong productivity and favorable net price. Adjusted operating profit margin, excluding acquisition related transaction costs and intangible amortization, was 22.1%, up 50 basis points compared to a year ago.
Raising 2026 Guidance
We are raising our full year adjusted EPS outlook to $6.65-$6.85 from $6.55-$6.75, representing approximately 12% growth at the midpoint versus 2025. Both periods exclude after‑tax amortization of acquisition‑related intangibles. In addition, the 2025 results exclude hurricane‑related insurance recoveries, which contributed $0.16 to full year EPS.
Key assumptions for our guidance include:
Total sales growth in the low- to mid-20%s, driven by the Druck, Panametrics, Reuter-Stokes, and optek-Danulat acquisitions, as well as mid-single digit core sales growth and a roughly 1 percent foreign exchange benefit. Adjusted segment operating margin of nearly 23.0% (up slightly from our prior estimate of 22.5%+). Corporate cost of approximately $80-$85 million. Net non-operating expense of approximately $58 million, with the increase driven by the interest expense associated with acquisition financing. Adjusted tax rate of approximately 23.0%. Diluted shares of ~59 million. Additional details of our outlook and guidance are included in the presentation that accompanies this earnings release available on our website at www.craneco.com in the "investors" section.
Declaring Second Quarter Dividend
Crane announced its regular quarterly dividend of $0.255 per share for the second quarter of 2026. The dividend is payable on June 10, 2026 to shareholders of record as of May 29, 2026.
Additional Information
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, as well as acquisitions and divestitures from the date of closing up to the first anniversary of such acquisitions or divestitures.
Conference Call
Crane has scheduled a conference call to discuss the first quarter financial results on Tuesday, April 28, 2026 at 10:00 A.M. (Eastern). All interested parties may listen to a live webcast of the call at www.craneco.com. An archived webcast will also be available to replay this conference call directly from the Company’s website under Investors, Events & Presentations. Slides that accompany the conference call will be available on the Company’s website.
About Crane Company
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 strategic growth platforms: Aerospace & Advanced Technologies and Process Flow Technologies. Crane has approximately 9,000 employees in the Americas, Europe, the Middle East, Asia and Australia. Crane Company is traded on the New York Stock Exchange (NYSE: CR). For more information, visit www.craneco.com.
Forward-Looking Statements Disclaimer
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations, including, but not limited to: benefits and synergies of the Druck, Panametrics and Reuter-Stokes, and optek-Danulat acquisitions; strategic and competitive advantages of Crane; future financing plans and opportunities; and business strategies, prospects and projected operating and financial results. We caution investors not to place undue reliance on any such forward-looking statements.
These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained.
Risks and uncertainties that could cause actual results to differ materially from our expectations include, but are not limited to: changes in global economic conditions (including inflationary pressures and tariffs) and geopolitical risks, including macroeconomic fluctuations that may harm our business, results of operation and stock price; being unable to identify or complete acquisitions, or to successfully integrate the businesses we acquire, or complete dispositions; information systems and technology network failures and breaches in data security, theft of personally identifiable and other information, non-compliance with our contractual or other legal obligations regarding such information; our ability to source components and raw materials from suppliers, including disruptions and delays in our supply chain; demand for our products, which is variable and subject to factors beyond our control; governmental regulations and failure to comply with those regulations; fluctuations in the prices of our components and raw materials; loss of personnel or being unable to hire and retain additional personnel needed to sustain and grow our business as planned; risks from environmental liabilities, costs, litigation and violations that could adversely affect our financial condition, results of operations, cash flows and reputation; risks associated with conducting a substantial portion of our business outside the U.S.; adverse impacts from intangible asset impairment charges; potential product liability or warranty claims; being unable to successfully develop and introduce new products, which would limit our ability to grow and maintain our competitive position and adversely affect our financial condition, results of operations and cash flow; significant competition in our markets; additional tax expenses or exposures that could affect our financial condition, results of operations and cash flows; inadequate or ineffective internal controls; specific risks relating to our reportable segments, including Aerospace & Advanced Technologies, and Process Flow Technologies; the ability and willingness of Crane Company and Crane NXT, Co. to meet and/or perform their obligations under any contractual arrangements that were entered into among the parties in connection with the separation transaction and any of their obligations to indemnify, defend and hold the other party harmless from and against various claims, litigation and liabilities; and the ability to achieve some or all the benefits that we expect to achieve from the separation transaction.
Readers should carefully review Crane’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Crane’s Annual Report on Form 10-K for the year ended December 31, 2025 and the other documents Crane files from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof, and Crane assumes no (and disclaims any) obligation to revise or update any forward-looking statements.
We make no representations or warranties as to the accuracy of any projections, statements or information contained in this press release. It is understood and agreed that any such projections, targets, statements and information are not to be viewed as facts and are subject to significant business, financial, economic, operating, competitive and other risks, uncertainties and contingencies many of which are beyond our control, that no assurance can be given that any particular financial projections ranges, or targets will be realized, that actual results may differ from projected results and that such differences may be material. While all financial projections, estimates and targets are necessarily speculative, we believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial projections, estimates and targets. The inclusion of financial projections, estimates and targets in this press release should not be regarded as an indication that we or our representatives considered or consider the financial projections, estimates and targets to be a reliable prediction of future events.
(Financial Tables Follow)
Source: Crane Company
CRANE COMPANY
Condensed Statements of Operations Data
(unaudited, in millions, except per share data)
Three Months Ended
March 31,
2026
2025
Net sales:
Aerospace & Advanced Technologies
$
318.3
$
248.9
Process Flow Technologies
378.1
308.7
Total net sales
$
696.4
$
557.6
Operating profit:
Aerospace & Advanced Technologies
$
71.5
$
64.6
Process Flow Technologies
64.2
62.8
Corporate
(35.6
)
(26.3
)
Total operating profit
$
100.1
$
101.1
Interest income
$
1.6
$
3.2
Interest expense
(16.8
)
(4.5
)
Miscellaneous income (expense), net
0.2
(1.0
)
Income from continuing operations before income taxes
85.1
98.8
Provision for income taxes
18.0
20.5
Net income from continuing operations attributable to common shareholders
67.1
78.3
Income from discontinued operations, net of tax
—
28.8
Net income attributable to common shareholders
$
67.1
$
107.1
Earnings per diluted share from continuing operations
$
1.14
$
1.34
Earnings per diluted share from discontinued operations
—
0.49
Earnings per diluted share
$
1.14
$
1.83
Average diluted shares outstanding
58.7
58.5
Average basic shares outstanding
57.7
57.4
Supplemental data:
Cost of sales
$
415.1
$
320.0
Engineering, selling and administrative
181.2
136.5
Transaction related expenses (a)
21.6
2.2
Repositioning related charges, net (a)
0.2
0.1
Depreciation and amortization (a)
28.1
12.5
Stock-based compensation expense (a)
8.4
9.3
(a) Amounts included within Cost of sales and/or Engineering, selling & administrative costs.
CRANE COMPANY Condensed Balance Sheets
(unaudited, in millions)
March 31,
2026
December 31,
2025
Assets
Current assets
Cash and cash equivalents
$
355.4
$
506.5
Restricted Cash
—
1,223.3
Accounts receivable, net
493.8
358.7
Inventories, net
507.1
376.5
Other current assets
125.4
106.4
Total current assets
1,481.7
2,571.4
Property, plant and equipment, net
367.7
278.8
Other assets
855.9
319.3
Goodwill
1,346.4
683.9
Total assets
$
4,051.7
$
3,853.4
Liabilities and Equity
Current liabilities
Short-term borrowings
$
5.6
$
—
Accounts payable
211.2
189.6
Accrued liabilities
288.0
269.3
Income taxes
15.4
6.3
Total current liabilities
520.2
465.2
Long-term debt
1,192.6
1,148.2
Long-term deferred tax liability
106.0
45.9
Other liabilities
133.7
130.7
Total liabilities
1,952.5
1,790.0
Total equity
2,099.2
2,063.4
Total liabilities and equity
$
4,051.7
$
3,853.4
CRANE COMPANY
Condensed Statements of Cash Flows
(unaudited, in millions)
Three Months Ended
March 31,
2026
2025
Operating activities:
Net income attributable to common shareholders
$
67.1
$
107.1
Less: Income from discontinued operations, net of tax
—
28.8
Net income from continuing operations attributable to common shareholders
67.1
78.3
Depreciation and amortization
28.1
12.5
Stock-based compensation expense
8.4
9.3
Defined benefit plans and postretirement cost
1.3
2.0
Cash provided by (used for) operating working capital
(133.2
)
(146.4
)
Defined benefit plans and postretirement contributions
(0.5
)
(0.6
)
Environmental payments, net of reimbursements
(0.3
)
(1.1
)
Other
(0.4
)
(0.2
)
Total used for operating activities from continuing operations
(29.5
)
(46.2
)
Investing activities:
Payment for acquisitions - net of cash acquired and working capital adjustments
(1,355.4
)
(0.2
)
Capital expenditures
(10.7
)
(14.2
)
Other investing activities
0.1
—
Total used for investing activities from continuing operations
(1,366.0
)
(14.4
)
Financing activities:
Dividends paid
(14.7
)
(13.2
)
Net payments related to employee stock plans
(10.9
)
(10.4
)
Proceeds from debt
50.0
—
Total provided by (used for) financing activities from continuing and discontinued operations
24.4
(23.6
)
Discontinued operations:
Total provided by investing activities(a)
—
207.7
Increase in cash and cash equivalents from discontinued operations
—
207.7
Effect of exchange rate on cash and cash equivalents
(3.3
)
4.9
(Decrease) Increase in cash and cash equivalents
(1,374.4
)
128.4
Cash, cash equivalents and restricted cash at beginning of period(b)
1,729.8
306.7
Cash and cash equivalents at end of period
$
355.4
$
435.1
(a) For the three months ended March 31, 2026, the cash provided by investing activities from discontinued operations was from the sale of the Engineered Materials segment.
(b) Cash, cash equivalents and restricted cash at beginning of period consisted of $1.2 billion in funds held in an escrow account related to the acquisition of Druck, Panametrics, and Reuter-Stokes brands.
CRANE COMPANY
Order Backlog
(unaudited, in millions)
March 31,
December 31,
September 30,
June 30,
March 31,
2026
2025
2025
2025
2025
Aerospace & Advanced Technologies(a)
$
1,188.6
$
1,075.5
$
1,054.1
$
1,052.8
$
960.1
Process Flow Technologies(b)
606.2
359.9
383.0
403.1
389.9
Total backlog
$
1,794.8
$
1,435.4
$
1,437.1
$
1,455.9
$
1,350.0
(a) Includes $93.4 million, of backlog as of March 31, 2026, pertaining to the Druck acquisition.
(b) Includes $222.2 million, of backlog as of March 31, 2026, pertaining to the Panametrics, Reuter-Stokes and optek-Danulat acquisition.
CRANE COMPANY
Non-GAAP Financial Measures
(unaudited, in millions, except per share data)
Three Months Ended March 31
2026
2025
% Change
$
Per Share
$
Per Share
(on $)
Net sales (GAAP)
$
696.4
$
557.6
24.9
%
Adjusted Operating Profit and Adjusted Operating Profit Margin
Operating profit (GAAP)
$
100.1
$
101.1
(1.0
)%
Operating profit margin (GAAP)
14.4
%
18.1
%
Special items impacting operating profit:
Transaction related expenses
21.6
2.2
Repositioning related charges, net
0.2
0.1
Amortization of acquisition-related intangibles
15.9
3.7
Adjusted operating profit (Non-GAAP)
$
137.8
$
107.1
28.7
%
Adjusted operating profit margin (Non-GAAP)
19.8
%
19.2
%
Adjusted Net Income and Adjusted Net Income per Share
Net income from continuing operations attributable to common shareholders (GAAP)
$
67.1
$
1.14
$
78.3
$
1.34
(14.3
)%
Transaction related expenses
21.6
0.37
2.3
0.04
Repositioning related charges, net
0.2
—
0.1
—
Amortization of acquisition-related intangibles
15.9
0.27
3.7
0.06
Impact of pension non-service costs
0.4
0.01
1.2
0.02
Tax effect of the Non-GAAP adjustments
(8.2
)
(0.14
)
(1.7
)
(0.03
)
Adjusted net income (Non-GAAP)
$
97.0
$
1.65
$
83.9
$
1.43
15.6
%
Adjusted EBITDA and Adjusted EBITDA Margin
Net income from continuing operations attributable to common shareholders (GAAP)
$
67.1
$
78.3
(14.3
)%
Net income margin (GAAP)
9.6
%
14.0
%
Adjustments to net income:
Interest expense, net
15.2
1.3
Income tax expense
18.0
20.5
Depreciation
12.2
8.8
Amortization
15.9
3.7
Miscellaneous (income) expense, net
(0.2
)
1.0
Repositioning related charges, net
0.2
0.1
Transaction related expenses
21.6
2.2
Adjusted EBITDA (Non-GAAP)
$
150.0
$
115.9
29.4
%
Adjusted EBITDA Margin (Non-GAAP)
21.5
%
20.8
%
Totals may not sum due to rounding
CRANE COMPANY
Non-GAAP Financial Measures by Segment
(unaudited, in millions)
Three Months Ended March 31, 2026
Aerospace & Advanced Technologies
Process Flow Technologies
Corporate
Total Company
Net sales
$
318.3
$
378.1
$
—
$
696.4
Operating profit (GAAP)
$
71.5
$
64.2
$
(35.6
)
$
100.1
Operating profit margin (GAAP)
22.5
%
17.0
%
14.4
%
Special items impacting operating profit:
Transaction related expenses
3.7
6.3
11.6
21.6
Repositioning related charges, net
—
0.2
—
0.2
Amortization of acquisition-related intangibles
3.1
12.8
—
15.9
Adjusted operating profit (Non-GAAP)
$
78.3
$
83.5
$
(24.0
)
$
137.8
Adjusted operating profit margin (Non-GAAP)
24.6
%
22.1
%
19.8
%
Three Months Ended March 31, 2025
Net sales
$
248.9
$
308.7
$
—
$
557.6
Operating profit (GAAP)
$
64.6
$
62.8
$
(26.3
)
$
101.1
Operating profit margin (GAAP)
26.0
%
20.3
%
18.1
%
Special items impacting operating profit:
Transaction related expenses
—
0.8
1.4
2.2
Repositioning related charges, net
—
0.1
—
0.1
Amortization of acquisition-related intangibles
0.6
3.1
—
3.7
Adjusted operating profit (Non-GAAP)
$
65.2
$
66.8
$
(24.9
)
$
107.1
Adjusted operating profit margin (Non-GAAP)
26.2
%
21.6
%
19.2
%
Totals may not sum due to rounding
CRANE COMPANY
Adjusted Free Cash Flow
(unaudited, in millions, except per share data)
Three Months Ended
March 31,
Cash Flow Items
2026
2025
Cash provided by operating activities from continuing operations
$
(29.5
)
$
(46.2
)
Less: Capital expenditures
(10.7
)
(14.2
)
Free cash flow
$
(40.2
)
$
(60.4
)
Adjustments:
Transaction-related expenses
18.8
2.2
Transaction-related adjustments
(2.1
)
—
Adjusted free cash flow from continuing operations
$
(23.5
)
$
(58.2
)
Crane Company reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). This press release includes certain non-GAAP financial measures, including adjusted operating profit, adjusted operating profit margin, adjusted tax rate, adjusted net income, adjusted EPS, adjusted EBITDA, Free Cash Flow and Adjusted Free Cash Flow, that are not prepared in accordance with GAAP. These non-GAAP measures are an addition, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to operating income, net income or any other performance measures derived in accordance with GAAP. We believe that these non-GAAP measures of financial results (including on a forward-looking or projected basis) provide useful supplemental information to investors about Crane Company. Our management uses certain forward looking non-GAAP measures to evaluate projected financial and operating results. However, there are a number of limitations related to the use of these non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently or may use other measures to calculate their financial performance, and therefore our non-GAAP measures may not be directly comparable to similarly titled measures of other companies.
Reconciliations of certain forward-looking and projected non-GAAP measures for Crane Company, including Adjusted EPS, and Adjusted segment margin to the closest corresponding GAAP measure are not available without unreasonable efforts due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures, which could have a potentially significant impact on our future GAAP results. For Crane Company, these forward looking and projected non-GAAP measures are calculated as follows:
"Adjusted segment operating margin" is calculated as adjusted segment operating profit divided by segment sales. Adjusted segment operating profit is calculated as operating profit excluding corporate costs and before Special Items which include acquisition-related intangible amortization, transaction related expenses and repositioning related charges. We believe that non-GAAP financial measures that exclude these items provide investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. "Adjusted Tax Rate" is calculated as tax excluding the impact from items which are outside of our core performance, some of which may or may not be non-recurring, and which we believe may complicate the presentation of the Company’s underlying earnings divided by "Adjusted Net Income". "Adjusted EPS" is calculated as adjusted net income divided by diluted shares. Adjusted net income is calculated as net income adjusted for Special Items which include transaction related expenses such as professional fees, and incremental costs related to acquisitions; repositioning related charges; acquisition-related intangible amortization and, the impact of pension non-service costs. We believe that non-GAAP financial measures adjusted for these items provide investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. We believe that each of the following non-GAAP measures provides useful information to investors regarding the Company’s financial conditions and operations:
"Adjusted Operating Profit" and "Adjusted Operating Margin" add back to Operating Profit items which are outside of our core performance, some of which may or may not be non-recurring, and which we believe may complicate the interpretation of the Company’s underlying earnings and operational performance. These items include income and expense such as: acquisition-related intangible amortization, transaction related expenses and repositioning related (gains) charges. These items are not incurred in all periods, the size of these items is difficult to predict, and none of these items are indicative of the operations of the underlying businesses. We believe that non-GAAP financial measures that exclude these items provide investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. "Adjusted Net Income" and "Adjusted EPS" exclude items which are outside of our core performance, some of which may or may not be non-recurring, and which we believe may complicate the presentation of the Company’s underlying earnings and operational performance. These measures include income and expense items that impacted Operating Profit such as: transaction related expenses and repositioning related (gains) charges. Additionally, these non-GAAP financial measures exclude income and expense items that impacted Net Income and Earnings per Diluted Share such as the impact of pension non-service costs. These items are not incurred in all periods, the size of these items is difficult to predict, and none of these items are indicative of the operations of the underlying businesses. We believe that non-GAAP financial measures that exclude these items provide investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. "Adjusted EBITDA" adds back to net income: net interest expense, income tax expense, depreciation and amortization, miscellaneous (income) expense, net, and items outside of our core performance such as transaction related expenses. "Adjusted EBITDA Margin" is calculated as adjusted EBITDA divided by net sales. We believe that adjusted EBITDA and adjusted EBITDA margin provide investors with an alternative metric that may be a meaningful indicator of our performance and provides useful information to investors regarding our financial conditions and results of operations that is complementary to GAAP metrics. “Free Cash Flow” and “Adjusted Free Cash Flow from continuing operations” provide supplemental information to assist management and investors in analyzing the Company’s ability to generate liquidity from its operating activities. The measure of free cash flow does not take into consideration certain other non-discretionary cash requirements such as, for example, mandatory principal payments on the Company’s long-term debt. Free Cash Flow is calculated as cash provided by operating activities less capital spending. Adjusted Free Cash Flow from continuing operations is calculated as Free Cash Flow adjusted for certain cash items which we believe may complicate the interpretation of the Company’s underlying free cash flow performance such as certain transaction related cash flow items related to acquisitions. These items are not incurred in all periods, the size of these items is difficult to predict, and none of these items are indicative of the operations of the underlying businesses. We believe that non-GAAP financial measures that exclude these items provide investors with an alternative metric that can assist in predicting future cash flows that are complementary to GAAP metrics.
On May 01, 2026, Crane Co CR shares fell 3.1% to $172.24. This decline comes amid a 52-week trading range of $159.58 to $214.31, indicating some volatility in the stock's performance.
GF Value™ verdict: Current price of $172.24 is 11.0% below the GF Value™ of $193.59.GF Score™ of 87/100 indicates a strong overall assessment of the company.Notable signal: Insiders have sold $0.5 million worth of shares in the last three months without any buying activity. Is CR Overvalued or Undervalued? Crane Co's current price of $172.24 presents an opportunity, as it is trading at a discount of 11.0% compared to the GF Value™ of $193.59. This suggests a margin of safety for potential investors, as the stock appears to be undervalued based on GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. The GF Valuation label indicates that Crane Co is considered modestly undervalued, which may entice long-term investors looking for opportunities in the industrial sector.
However, it is essential to be cautious. Although the current valuation appears attractive, potential investors should consider factors such as market conditions and company performance. The risk of overvaluation could increase if the market sentiment shifts or if the company fails to meet growth expectations.
How Does CR's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 31.0x 25.0x Forward P/E 25.7x N/A Crane Co's current P/E (TTM) of 31.0x is significantly above its 5-year median P/E of 25.0x, indicating that the stock is trading at a premium compared to its historical valuation. This analysis aligns with the GF Value™ verdict, suggesting that while the stock may be undervalued based on intrinsic value, it is currently trading at a higher multiple than in the past, which could indicate overvaluation relative to its earnings potential.
What Does CR's GF Score™ Tell Us? Metric Rating GF Score™ 87 Financial Strength 7/10 Profitability 7/10 Growth 7/10 Valuation 10/10 Momentum 7/10 The GF Score™ of 87/100 reflects a strong overall assessment of Crane Co, with particularly high marks in Valuation (10/10). Financial Strength, Profitability, Growth, and Momentum are all rated 7/10, indicating a stable performance across these dimensions. The strongest aspect is the Valuation rank, suggesting that the company may present a sound investment opportunity. However, the lack of insider buying activity could signal caution for some investors, as it may indicate a lack of confidence from those closest to the company.
What Are Insiders Doing with CR Stock? In the last three months, insiders at Crane Co have sold $0.5 million worth of shares without any reported buying activity. This trend could suggest a lack of confidence among insiders regarding the company's short-term performance or market conditions. While insider selling does not always indicate negative sentiment, it is a critical factor for investors to consider when evaluating the stock's potential and overall market perception.
What This Means for Investors Crane Co appears to be undervalued based on the GF Value™ assessment, which indicates a potential opportunity for investors. However, the elevated current P/E ratio compared to its historical median raises concerns about possible overvaluation in terms of earnings potential. Therefore, while the stock may offer intrinsic value, market dynamics and insider activity warrant careful consideration.
For the complete analysis, visit the Crane Co CR stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is CR's GF Score™?
Crane Co has a GF Score™ of 87/100, indicating a strong overall assessment based on various financial metrics.
Is CR overvalued or undervalued?
Crane Co is currently undervalued, with a GF Value™ of $193.59, representing an 11.0% discount to its current price.
What is CR's P/E ratio?
Crane Co's P/E (TTM) is 31.0x, which is 24% above its 5-year median P/E of 25.0x, suggesting the stock is trading at a higher multiple than its historical valuation.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Completes Acquisition of Antares Vision, a Global Leader in Inspection, Detection, and Track & Trace Technologies
Delivers Organic Sales Growth of 6%; Maintains Full Year EPS Guidance of $4.10 to $4.40
WALTHAM, Mass., May 06, 2026 (GLOBE NEWSWIRE) -- Crane NXT, Co. (NYSE: CXT) ("Crane NXT" or the "Company"), a global leader in authentication and traceability technologies, today announced its financial results for the first quarter ended March 31, 2026.
First Quarter 2026 and Recent Highlights
Completed the acquisition of Antares Vision on March 31, 2026 for approximately €362 million in cash.Sales of $388 million, up 17% year-over-year; organic sales growth of 6%, in-line with the Company's expectations.GAAP earnings per diluted share (EPS) of $0.11, and Adjusted EPS of $0.60.The Company is increasing its 2026 full year sales guidance to a range of 15% to 17% inclusive of Antares Vision and maintaining full year Adjusted EPS guidance in the range of $4.10 to $4.40. Please see the "Full Year 2026 Guidance" section in this press release for more details. Aaron W. Saak, Crane NXT's President and Chief Executive Officer, stated: "In the first quarter, we delivered on our value creation priorities, accelerating organic growth and building on our leadership positions. With the Antares Vision acquisition complete, our portfolio is increasingly integrated and aligned to growing markets with sustainable tailwinds."
Mr. Saak continued: “Our first quarter results continue to show progress in the evolution of Crane NXT, with approximately 6% organic sales growth and adjusted EPS of $0.60. We have meaningfully expanded our capabilities as a global leader in authentication and traceability technologies and are well positioned to deliver long-term value for shareholders.”
Summary of First Quarter 2026 Results
Three Months Ended March 31, Change(dollars in millions) 2026 2025 $ %Net sales (GAAP) $387.7 $330.3 $57.4 17.4%Organic sales $18.3 5.6%Net income (GAAP) $6.4 $21.7 $(15.3) (70.5)%Net income margin (GAAP) 1.7% 6.6% (490bps)Adjusted EBITDA $74.7 $61.1 $13.6 22.3%Adjusted EBITDA margin 19.3% 18.5% 80bps First quarter 2026 net income attributable to common shareholders was $6.4 million, or $0.11 per share. Net income margin was 1.7%. Strong demand in the Currency business and the sales benefit from acquisitions were offset by the impact of lower volumes in CPI and acquisition related expenses. Adjusted EPS for the quarter was $0.60 which excludes acquisition related expenses and restructuring actions. First quarter 2026 Adjusted EBITDA margin was 19.3%.
Summary of First Quarter 2026 Segment Financial Results
Three Months Ended March 31, Change(dollars in millions) 2026 2025 $ % Net sales (GAAP) $194.9 $202.9 $(8.0) (4.0)%Organic sales $(10.3) (5.1)%Operating profit (GAAP) $31.4 $49.7 $(18.3) (36.8)%Operating profit margin (GAAP) 16.1% 24.5% (840bps) Adjusted EBITDA $51.8 $57.2 $(5.4) (9.4)%Adjusted EBITDA margin 26.6% 28.2% (160bps) Totals may not sum due to rounding
Please see the Non-GAAP Financial Measures tables in this release
Full Year 2026 Guidance
The Company is updating its initial full year guidance provided on February 11, 2026 to reflect the acquisition of Antares Vision.
Full Year 2026 Guidance Details (dollars in millions, except per share data)Initial Guidance Updated Guidance Crane NXT Sales Growth+4% to +6% +15% to +17% SAT Segment Sales Growth~HSD ~HSD DTT Segment Sales Growth~Flat Low 20's % Adjusted Segment EBITDA Margin~28% ~27% Adjusted EBITDA Margin~25% ~24% Adjusted EPS$4.10 to $4.40 $4.10 to $4.40 Other items: Corporate Expense~$58 ~$58 Non-Operating Expense, Net~$60 ~$85 Adjusted Tax Rate~21.5% ~21.5% Adjusted Free Cash Flow Conversion~90% to ~110% ~90% to ~110% Diluted Shares~58 million ~58 million Please see the Non-GAAP Financial Measures definitions in this release Second Quarter 2026 Dividend
Crane NXT announced its quarterly dividend of $0.18 per share for the second quarter of 2026. The dividend is payable on June 10, 2026, to shareholders of record as of May 31, 2026.
Conference Call
Crane NXT scheduled a conference call to discuss the first quarter financial results on Thursday, May 7, 2026, at 10:00 A.M. (Eastern). Interested parties may listen to a live webcast of the conference call by visiting the Events section of the Investor Relations section of the Company’s website. For those wishing to participate in the Q&A session of the call, please visit the Investors section of Crane NXT's website at www.cranenxt.com to pre-register. Pre-registration may be completed at any time up to the call start time. An accompanying slide presentation and a replay of the live event will also be available on the Company’s website.
About Crane NXT, Co.
Crane NXT is a global leader in authentication and traceability technologies that secure, detect, and authenticate what matters most to its customers. Through its two market-leading business segments, Security & Authentication Technologies and Detection & Traceability Technologies, Crane NXT provides innovative solutions that prevent the counterfeiting of products and identities and ensure the quality, authenticity, and traceability of products across the supply chain. Crane NXT’s approximately 6,000 employees help its customers protect their most important assets and ensure secure, seamless transactions around the world every day. For more information, visit www.cranenxt.com.
Forward-Looking Statements Disclaimer
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding the Company's intent, belief, or expectations.
Words such as “anticipate(s),” “expect(s),” “intend(s),” “believe(s),” “plan(s),” “may,” “will,” “would,” “could,” “should,” “seek(s),” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. The Company assumes no (and disclaims any) obligation to revise or update these statements to reflect future events or circumstances. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, it can give no assurance that its expectations will be attained. The Company cautions investors not to place undue reliance on any such forward-looking statements.
Risks and uncertainties that could cause actual results to differ materially from the Company's expectations include, but are not limited to: the impact of tariffs and other trade measures; changes in global economic conditions (including inflationary pressures) and geopolitical risks, including macroeconomic fluctuations; demand for its products, which is variable and subject to factors beyond its control; risks associated with conducting a substantial portion of its business outside the U.S., including the risk of tariffs and other trade measures by the U.S. and other countries; information systems and technology networks failures, breaches in data security, theft of personally identifiable and other information, and non-compliance with its contractual or other legal obligations regarding such information; being unable to identify or complete acquisitions, or to successfully integrate the businesses the Company acquires; fluctuation in the prices of, or disruption in its ability to source, components and raw materials, and delays in the distribution of its products; loss of personnel or being able to hire and retain additional personnel needed to sustain and grow its business as planned; being unable to successfully develop and introduce new products, which would limit its ability to grow and maintain its competitive position; governmental regulations and failure to comply with those regulations; the ability to protect its intellectual property; risks from litigation, claims and investigations, including those related to product liability and warranties, and employee, commercial, intellectual property and environmental matters; risks related to its ability to improve productivity, reduce costs and align manufacturing capacity with customer demand; significant competition in the Company's markets; additional tax expenses or exposures; adverse impacts from intangible asset impairment charges; inadequate or ineffective internal controls; and risks related to the Separation, including not obtaining the intended tax treatment of the Separation transaction, failure of Crane Company to perform under the various transaction agreements and actual or potential conflicts of interest with Crane Company.
Readers should carefully review Crane NXT, Co.’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Crane NXT, Co.’s Annual Report on Form 10-K for the year ended December 31, 2025 and the other documents Crane NXT, Co. and its subsidiaries file from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
CRANE NXT, CO. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations Data
(unaudited, in millions, except per share data)
Three Months Ended March 31, 2026 2025 Net sales: Security and Authentication Technologies$192.8 $127.4 Detection and Traceability Technologies 194.9 202.9 Total net sales$387.7 $330.3 Operating profit (loss): Security and Authentication Technologies 15.1 $2.4 Detection and Traceability Technologies 31.4 49.7 Corporate (24.3) (14.8) Total operating profit$22.2 $37.3 Interest expense (17.8) (11.5) Equity investment income 4.7 0.1 Miscellaneous income, net 0.1 2.2 Income before income taxes 9.2 28.1 Provision for income taxes 2.4 6.4 Net income before allocation to noncontrolling interest 6.8 21.7 Less: Noncontrolling interest in subsidiaries’ earnings 0.4 — Net income attributable to common shareholders$6.4 $21.7 Earnings per diluted share$0.11 $0.38 Average diluted shares outstanding 58.0 57.9 Average basic shares outstanding 57.5 57.3 Supplemental data: Cost of sales$231.8 $190.1 Selling, general and administrative 130.6 102.9 Restructuring charges 3.1 — CRANE NXT, CO. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(unaudited, in millions)
March 31,
2026December 31,
2025 Assets Current assets: Cash and cash equivalents $228.3$233.8 Accounts receivable, net 420.0 351.8 U.S. and foreign taxes on income 14.1 12.7 Inventories, net 260.5 169.5 Other current assets 91.2 85.1 Total current assets 1,014.1 852.9 Property, plant and equipment, net 321.2 303.8 Long-term deferred tax assets 11.6 2.5 Investment in equity affiliates and join ventures 8.1 139.4 Other assets 97.9 96.6 Intangible assets, net 789.3 557.2 Goodwill 1,398.2 1,164.0 Total assets $3,640.4$3,116.4 Liabilities and equity Current liabilities: Short-term borrowings $249.5$135.1 Accounts payable 130.8 132.3 Accrued liabilities 358.1 273.0 U.S. and foreign taxes on income 24.3 28.7 Total current liabilities 762.7 569.1 Long-term debt 1,259.4 1,004.4 Accrued pension and postretirement benefits 27.8 19.1 Long-term deferred tax liability 212.3 151.0 Other liabilities 119.6 116.0 Redeemable noncontrolling interest 21.1 6.9 Total equity 1,237.5 1,249.9 Total liabilities, redeemable noncontrolling interest, and equity $3,640.4$3,116.4 CRANE NXT, CO. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(unaudited, in millions)
Three Months Ended March 31, 2026 2025 Operating activities: Net income before allocation to noncontrolling interest $6.8 $21.7 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation and amortization 29.7 21.6 Stock-based compensation expense 14.8 2.9 Income from equity investments (4.7) (0.1) Deferred income taxes (1.9) (0.5) Cash used for operating working capital (51.3) (61.4) Other (7.4) (3.3) Total used for operating activities $(14.0) $(19.1) Investing activities: Proceeds from disposition of assets 4.6 — Payment for acquisitions, net of cash acquired (225.4) — Capital expenditures (10.1) (13.1) Settlement of forward contracts (0.3) (0.5) Total used for investing activities $(231.2) $(13.6) Financing activities: Dividends paid (10.3) (9.7) Proceeds from stock options exercised — 0.6 Payment of tax withholding on equity awards vested (2.8) (5.6) Debt issuance costs (1.6) (0.8) Proceeds from revolving credit facility 30.0 106.0 Repayments of revolving credit facility (30.0) (52.5) Proceeds from term loan 366.9 — Repayment of term loan (112.4) — Total provided by financing activities $239.8 $38.0 Effect of exchange rates on cash, cash equivalents and restricted cash (1.8) 6.7 (Decrease) increase in cash, cash equivalents and restricted cash (7.2) 12.0 Cash, cash equivalents and restricted cash at beginning of period 246.2 173.4 Cash, cash equivalents and restricted cash at end of period $239.0 $185.4 CRANE NXT, CO. AND SUBSIDIARIES
Order Backlog
(unaudited, in millions)
March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025 March 31, 2025Security and Authentication Technologies $428.5 $379.4 $447.6 $447.2 $401.2Detection and Traceability Technologies1 $220.8 $113.4 $109.4 $144.4 $146.6Total backlog $649.3 $492.8 $557.0 $591.6 $547.8 1Includes $98.9 million of backlog as of March 31, 2026, pertaining to the Antares Vision business acquired in March 2026. CRANE NXT, CO. AND SUBSIDIARIES
Sales Growth
(unaudited, in millions)
Three Months Ended March 31, Change(dollars in millions) 2026 2025 $ %Total Crane NXT Net Sales $387.7 $330.3 $57.4 17.4%Organic sales 18.3 5.6%Acquisitions 26.5 8.0%Foreign exchange 12.6 3.8% Security and Authentication Technologies Net Sales $192.8 $127.4 $65.4 51.3%Organic sales 28.6 22.4%Acquisitions 26.5 20.8%Foreign exchange 10.3 8.1% Detection and Traceability Technologies Net Sales $194.9 $202.9 $(8.0) (4.0)%Organic sales (10.3) (5.1)%Foreign exchange 2.3 1.1% CRANE NXT, CO. AND SUBSIDIARIES
Non-GAAP Financial Measures
(unaudited, in millions, except per share data)
Three Months Ended March 31, 2026 2025 $ Per Share $ Per ShareNet sales (GAAP) $387.7 $330.3 Operating profit (GAAP) $22.2 $37.3 Operating profit margin (GAAP) 5.7% 11.3% Adjusted Net Income and Adjusted Net Income per Share* Net income attributable to common shareholders (GAAP) $6.4 $0.11 $21.7 $0.38 Acquired intangible asset amortization 15.7 0.27 11.0 0.19 Restructuring and related costs 3.4 0.06 — — Transaction related expenses 10.3 0.18 0.7 0.01 Acquisition related adjustments 6.5 0.11 0.3 0.01 Tax adjustments (7.6) (0.13) (2.4) (0.04)Adjusted net income (Non-GAAP) $34.7 $0.60 $31.3 $0.54 Adjusted EBITDA and Adjusted EBITDA margin* Net income attributable to common shareholders (GAAP) $6.4 $21.7 Net income margin (GAAP) 1.7% 6.6% Adjustments to net income attributable to common shareholders Income tax expense 2.4 6.4 Intangible asset amortization 16.2 11.3 Interest expense, net 17.6 11.3 Depreciation 11.9 9.4 Transaction related expenses 10.3 0.7 Acquisition related adjustments 6.5 0.3 Restructuring and related costs 3.4 — Adjusted EBITDA (Non-GAAP) $74.7 $61.1 Adjusted EBITDA Margin (Non-GAAP) 19.3% 18.5% Totals may not sum due to rounding
*Please see the Non-GAAP Financial Measures definitions in this release
CRANE NXT, CO. AND SUBSIDIARIES
Non-GAAP Financial Measures by Segment
(unaudited, in millions)
Three Months Ended March 31, Cash Flow Items 2026 2025 Cash used for operating activities (GAAP) $(14.0) $(19.1) Less: Capital expenditures (10.1) (13.1) Free cash flow $(24.1) $(32.2) Transaction related expenses1 5.2 1.7 Adjusted free cash flow (non-GAAP) $(18.9) $(30.5) Adjusted net income (non-GAAP)* $34.7 $31.3 Adjusted free cash flow conversion (non-GAAP) (54.5)% (97.4)% 1Represents cash paid for transaction related expenses.*Please see the Non-GAAP Financial Measures tables in this release. Net Leverage Ratio
(unaudited, in millions, except net leverage ratio)
March 31, 2026
Total debt (excluding deferred financing costs of $30.9 million) $1,539.8 Less: Cash and cash equivalents (228.3)Net debt $1,311.5 TTM Adjusted EBITDA (non-GAAP)* $448.9 Net leverage ratio 2.9 *The TTM Adjusted EBITDA includes Antares Vision for periods prior to the acquisition on March 31, 2026. Please refer to the Non-GAAP Financial Measures tables in prior quarter releases and in this release. Crane NXT reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). This press release includes certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EPS, free cash flow, and Adjusted free cash flow, that are not prepared in accordance with GAAP. These non-GAAP measures are an addition, and not a substitute for or superior, to measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to operating income, net income or any other performance measures derived in accordance with GAAP. The Company's management believes that these non-GAAP measures of financial results (including on a forward-looking or projected basis) provide useful supplemental information to investors about Crane NXT. However, there are a number of limitations related to the use of these non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently or may use other measures to calculate their financial performance, and therefore the Company's non-GAAP measures may not be directly comparable to similarly titled measures of other companies.
"Special items" are items that are not incurred in all periods, the size of these items is difficult to predict, and none of these items are indicative of the operations of the underlying businesses. Management believes that non-GAAP financial measures that exclude these items provide investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. Special items consist of:
Transaction related expenses including acquisition related expenses such as incremental professional fees associated with closing and integration of acquisitions.Acquired intangible asset amortization.Acquisition related adjustments primarily reflect purchase accounting adjustments arising from acquisitions, including fair value step‑ups (such as the amortization of acquisition‑related inventory). These adjustments include the fair value remeasurement of the Company’s equity‑method investment in Antares Vision as of the acquisition date, as well as stock‑based compensation issued to Antares Vision senior management in connection with the acquisition.
Restructuring and related costs are predominantly related to severance charges associated with the integration of the DLR and OpSec businesses, and the alignment of DTT's cost structure with existing economic conditions. These costs include formal restructuring programs as well as other discrete actions. Certain costs included in this adjustment are not reported as restructuring charges in the GAAP results due to their immateriality. Reconciliations of certain forward-looking and projected non-GAAP measures, including Adjusted segment EBITDA margin and Adjusted EPS, to the closest corresponding GAAP measure are not available without unreasonable efforts due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures, which could have a potentially significant impact on Crane NXT's future GAAP results. Crane NXT calculates Adjusted segment EBITDA margin and Adjusted EPS as described below.
"Adjusted Segment EBITDA" excludes net interest expense, tax expense and depreciation and amortization expense from net income, as well as special items. "Adjusted segment EBITDA margin" is calculated as Adjusted segment EBITDA divided by sales."Adjusted EPS" is calculated as Adjusted net income divided by diluted shares. Adjusted net income is calculated as net income excluding special items, the tax effect of these adjustments and other discrete tax items. The Company's management believes that each of the following non-GAAP measures provides useful information to investors regarding the Company’s financial conditions and operations:
"Adjusted net income" and "Adjusted EPS" exclude special items, the tax effect of these adjustments and other discrete tax items which are outside of the Company's underlying business performance, some of which may or may not be non-recurring, and which management believes may complicate the presentation of the Company’s underlying earnings and operational performance.“Free cash flow,” “Adjusted free cash flow” and "Adjusted free cash flow conversion” provide supplemental information to assist management and investors in analyzing the Company’s ability to generate liquidity from its operating activities. The measure of free cash flow does not take into consideration certain other non-discretionary cash requirements such as, for example, mandatory principal payments on the Company’s long-term debt. Free cash flow is calculated as cash provided by operating activities less capital expenditures. Adjusted free cash flow is calculated as free cash flow adjusted for certain cash items which management believes may complicate the interpretation of the Company’s underlying free cash flow performance such as certain transaction related cash flow items. Adjusted free cash flow conversion is calculated as Adjusted free cash flow divided by Adjusted net income. These items are not incurred in all periods, the size of these items is difficult to predict, and none of these items are indicative of the operations of the underlying businesses. Management believes that non-GAAP financial measures that exclude these items provide investors with an alternative metric that can assist in predicting future cash flows that are complementary to GAAP metrics."Adjusted EBITDA" and "Adjusted EBITDA margin" exclude net interest expense, tax expense, depreciation and amortization expense and special items. "Adjusted operating profit (loss)" excludes special items described above that impact operating profit. Management believes that non-GAAP financial measures that exclude these items provide investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics."Net leverage ratio" refers to Net debt divided by trailing twelve months (TTM) pro forma Adjusted EBITDA. "Net debt" represents total debt (excluding deferred financing costs), including acquired debt from Antares Vision acquisition, less cash and cash equivalents. The TTM Adjusted EBITDA includes the Antares Vision TTM Adjusted EBITDA for periods prior to the acquisition. Management believes that these non-GAAP financial measures provide useful information about our ability to satisfy our debt obligations.References to "organic," such as "organic sales," exclude currency effects and, where applicable, the first-year impacts of acquisitions and divestitures. Management believes that non-GAAP financial measures that exclude these items provide investors with an alternative metric that can assist in identifying underlying growth trends in our business and facilitate comparison of our sales performance, for example, with prior and future periods that are complementary to GAAP metrics.
CocaCola (NYSE:KO) EVP Jennifer Mann Sells 23,984 SharesMarketBeat
CocaCola Company (The) (NYSE:KO - Get Free Report) EVP Jennifer Mann sold 23,984 shares of the firm's stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $83.41, for a total value of $2,000,505.44. Following the completion of the transaction, the executive vice president owned 157,400 shares of the company's stock, valued at approximately $13,128,734. The trade was a 13.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
NYSE:KO
Read CocaCola (NYSE:KO) EVP Jennifer Mann Sells 23,984 Shares
2 hours ago
Dutch Bros (NYSE:BROS) Major Shareholder Sells $15,759,829.98 in StockMarketBeat
Dutch Bros Inc. (NYSE:BROS - Get Free Report) major shareholder Dm Individual Aggregator, Llc sold 261,054 shares of the company's stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $60.37, for a total transaction of $15,759,829.98. Following the completion of the sale, the insider owned 2,671,855 shares in the company, valued at $161,299,886.35. This represents a 8.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.
NYSE:BROS
Read Dutch Bros (NYSE:BROS) Major Shareholder Sells $15,759,829.98 in Stock
2 hours ago
Insider Selling: Dutch Bros (NYSE:BROS) Major Shareholder Sells 261,055 Shares of StockMarketBeat
Dutch Bros Inc. (NYSE:BROS - Get Free Report) major shareholder Dm Individual Aggregator, Llc sold 261,055 shares of the business's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $63.02, for a total value of $16,451,686.10. Following the completion of the transaction, the insider owned 2,410,800 shares in the company, valued at approximately $151,928,616. This trade represents a 9.77% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.
NYSE:BROS
Read Insider Selling: Dutch Bros (NYSE:BROS) Major Shareholder Sells 261,055 Shares of Stock
2 hours ago
Travis Boersma Sells 749,999 Shares of Dutch Bros (NYSE:BROS) StockMarketBeat
Dutch Bros Inc. (NYSE:BROS - Get Free Report) Chairman Travis Boersma sold 749,999 shares of Dutch Bros stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $60.39, for a total transaction of $45,292,439.61. Following the completion of the sale, the chairman owned 2,671,855 shares of the company's stock, valued at $161,353,323.45. This represents a 21.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Dutch Bros Inc. (NYSE:BROS - Get Free Report) Chairman Travis Boersma sold 750,000 shares of the company's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $63.02, for a total value of $47,265,000.00. Following the sale, the chairman owned 2,410,800 shares in the company, valued at approximately $151,928,616. This trade represents a 23.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
On May 15, 2026, Crane Co CR shares fell 4.1% to a current price of $172.19. This decline comes in the context of a 52-week range that saw a high of $214.31 and a low of $159.58.
GF Value™ verdict: shares are currently priced at $172.19, which is 11.9% below the GF Value™ of $195.45. GF Score™: 86/100 signifies a strong position relative to peers. Notable signal: insider activity shows no selling, with insiders buying $0.0M in the last 3 months. Is CR Overvalued or Undervalued? Crane Co's current price of $172.19 is below the GF Value™ of $195.45, reflecting an 11.9% margin of safety. This suggests that the stock may be undervalued, presenting a potential opportunity for investors. The GF Valuation label indicates that Crane Co is modestly undervalued. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.
While the stock appears to be undervalued based on GF Value™, investors should exercise caution. Market volatility and economic factors could affect future performance, and a margin of safety does not guarantee price recovery. Thus, while the stock might offer an attractive entry point, it is essential to consider broader market trends.
How Does CR's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 31.0x 25.3x Forward P/E 25.4x N/A The current P/E (TTM) of 31.0x is significantly above its 5-year median P/E of 25.3x, indicating that the stock is trading at a premium compared to its historical valuation. However, the forward P/E of 25.4x aligns more closely with the historical trend. This P/E analysis suggests a slight contradiction to the GF Value™ verdict, indicating that while the stock may be undervalued, its current earnings multiple could imply a level of overvaluation based on historical standards.
What Does CR's GF Score™ Tell Us? Metric Rating GF Score™ 86/100 Financial Strength 7/10 Profitability 7/10 Growth 7/10 Valuation 10/10 Momentum 8/10 The GF Score™ of 86/100 highlights Crane Co's strong financial health and profitability, alongside solid growth metrics. The strongest area is the Valuation rank, which is 10/10, indicating that the stock is viewed favorably from a valuation perspective. However, the predictability is rated at only 1 star, suggesting potential volatility and uncertainty in future performance, which is the weakest area in the analysis.
What Are Insiders Doing with CR Stock? In the last three months, there has been no selling of Crane Co stock by insiders, with purchases totaling $0.0M. This inactivity suggests that insiders may be confident in the company’s prospects, as they have not opted to liquidate their holdings. The absence of selling could be interpreted positively, indicating that insiders believe the company's stock is fairly valued or undervalued at current prices.
What This Means for Investors Based on the GF Value™ assessment, Crane Co CR is currently undervalued with a fair value estimate of $195.45 compared to its current price of $172.19. This suggests a potential opportunity, but investors should remain cautious due to market volatility and performance predictability.
For the complete analysis, visit the Crane Co CR stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is CR's GF Score™?
The GF Score™ for Crane Co is 86/100, indicating a strong overall position relative to its peers and a likelihood of generating higher long-term returns.
Is CR overvalued or undervalued?
Crane Co is currently undervalued according to the GF Value™, with a fair value estimate of $195.45 compared to its market price of $172.19.
What is CR's P/E ratio?
Crane Co's P/E (TTM) is 31.0x, which is 22% above its 5-year median P/E of 25.3x, indicating a premium valuation compared to its historical standards.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
ImmunityBio, Inc. (NASDAQ: IBRX), a commercial-stage immunotherapy company, today announced an exclusive U.S. Development and Supply Agreement with Japan BCG Laboratory ("JBL"), the Tokyo-based developer and manufacturer of the Tokyo strain of BCG (Tokyo-172 BCG). The agreement provides ImmunityBio exclusive U.S. rights to develop, import, and commercialize intravesical Tokyo-172 BCG.
JBL's Tokyo strain of BCG is supported by the February 2026 positive Phase III readout of SWOG S1602, a randomized Phase III study sponsored by the National Cancer Institute (NCI), which demonstrated non-inferiority of the Tokyo strain of BCG to TICE BCG in BCG-naïve high-grade non-muscle invasive bladder cancer (NMIBC). The pre-specified non-inferiority margin was a hazard ratio of 1.34 (hazard ratio 0.82; 95.8% CI 0.63–1.08). The Tokyo strain of BCG is investigational in the United States and has not been approved by the FDA.
Dr. Patrick Soon-Shiong will discuss the JBL agreement and provide updates on ImmunityBio’s efforts to expand BCG access and advance research in the BCG-naïve setting during his presentation, “The Role of IL-15 in the Urological Setting,” at the American Urological Association Annual Meeting on May 16, 2026 at 1:30 EDT. The presentation will also highlight the role of IL-15 in urological oncology, including mechanisms driving T cell and natural killer (NK) cell activation, current clinical evidence, and emerging combination approaches in bladder and prostate cancer. A livestream of the presentation will be available through the 2026 AUA Annual Meeting website.
“For more than 70 years, Japan BCG Laboratory has been dedicated to the development and manufacture of high-quality BCG products,” said Seiichi Inoue, President of Japan BCG Laboratory. “We are pleased to partner with ImmunityBio to bring the Tokyo strain of BCG to patients in the United States, and we look forward to supporting ImmunityBio in its engagement with the FDA.”
ImmunityBio plans to engage with the FDA to pursue U.S. approval of the Tokyo strain of BCG and will lead all regulatory submissions, clinical development, and commercialization in the United States as the sole BLA applicant. Upon any approval, ImmunityBio will be the sole Marketing Authorization Holder. The Tokyo strain of BCG has been used in Japan for almost 30 years for the treatment of high-risk NMIBC.
SWOG S1602 (NCT03091660) is a Phase III randomized controlled trial that enrolled 1,000 patients (984 eligible) between February 2017 and December 2020 with BCG-naïve high-grade NMIBC, randomized 1:1:1 to intravesical TICE BCG (n=330), intravesical Tokyo-172 BCG (n=327), or intradermal priming, followed by intravesical Tokyo-172 BCG (n=327). The pre-specified non-inferiority margin for the primary endpoint of high-grade recurrence-free survival (HGRFS) was a hazard ratio of 1.34.
At a median follow-up of 4.6 years, results presented at the February 2026 ASCO Genitourinary Cancers Symposium (Svatek RS, et al. J Clin Oncol. 2026;44[7 suppl]:LBA629) demonstrated non-inferiority of intravesical Tokyo strain of BCG versus intravesical TICE BCG on the primary endpoint of HGRFS (HR 0.82; 95.8% CI 0.63–1.08), with the upper confidence bound well below the pre-specified non-inferiority margin of HR 1.34. Complete response (CR) in carcinoma in situ (CIS) at 6 months was 66.4% (Tokyo) versus 70.2% (TICE). Progression-free survival was similar across arms. The estimated 5-year HGRFS was 64% in the Tokyo arm, 58% in the TICE arm.
ImmunityBio is in discussions with the SWOG Cancer Research Network, the NCI, and Fred Hutchinson Cancer Research Center to establish a Data Use Agreement that would allow incorporation of the S1602 data into the company's planned BLA submission.
“SWOG and the National Cancer Institute have our deep respect for designing and completing SWOG S1602, a randomized controlled trial of approximately one thousand patients in BCG-naïve high-grade NMIBC that took nearly a decade to read out,” said Patrick Soon-Shiong, M.D., Founder, Executive Chairman and Global Chief Scientific and Medical Officer of ImmunityBio. “S1602 is the kind of rigorous, publicly funded science that should inform FDA decision-making. Its non-inferiority finding for the Tokyo strain of BCG, alongside our rBCG partnership with Serum Institute and the FDA-approved use of ANKTIVA® with BCG in BCG-unresponsive disease, points to a future where U.S. patients with bladder cancer will have the supply and the treatment options they need.”
With the JBL agreement, ImmunityBio now has a second potential BCG source for the United States. The Company's ongoing partnership with Serum Institute of India, one of the world's largest vaccine manufacturers, supports the supply of recombinant BCG (rBCG), an investigational product. ImmunityBio will continue its FDA Expanded Access Program (EAP) for rBCG, so eligible patients can receive treatment while the regulatory path for the Tokyo strain of BCG moves forward. Taken together, the two partnerships aim to give U.S. urologists and their patients a more reliable BCG supply.
“U.S. urologists and their patients have lived with a chronic BCG shortage for more than a decade,” said Richard Adcock, President and Chief Executive Officer of ImmunityBio. “This agreement with Japan BCG Laboratory for the Tokyo strain of BCG gives ImmunityBio a second potential BCG source for the United States. We plan to work with the FDA on the regulatory path for the Tokyo strain of BCG. In the meantime, through our ongoing partnership with the Serum Institute of India, rBCG remains available to eligible patients through our FDA Expanded Access Program."
ANKTIVA is approved by the FDA in combination with BCG for the treatment of adult patients with BCG-unresponsive NMIBC with carcinoma in-situ (CIS), with or without papillary tumors. ImmunityBio expects to provide further updates on the U.S. regulatory pathway for the Tokyo strain of BCG, including the timing of pre-FDA interactions and any anticipated BLA submission, in future communications.
Important Safety Information
U.S. IMPORTANT SAFETY INFORMATION
INDICATION AND USAGE: ANKTIVA® is an interleukin-15 (IL-15) receptor agonist indicated with Bacillus Calmette-Guérin (BCG) for the treatment of adult patients with BCG-unresponsive non-muscle invasive bladder cancer (NMIBC) with carcinoma in situ (CIS) with or without papillary tumors.
WARNINGS AND PRECAUTIONS: Risk of Metastatic Bladder Cancer with Delayed Cystectomy. Delaying cystectomy can lead to the development of muscle-invasive or metastatic bladder cancer, which can be lethal. If patients with CIS do not have a complete response to treatment after a second induction course of ANKTIVA® with BCG, reconsider cystectomy.
DOSAGE AND ADMINISTRATION: For Intravesical Use Only. Do not administer by subcutaneous or intravenous routes. Please see the complete Indication and Important Safety Information and Prescribing Information for ANKTIVA® at Anktiva.com.
Investigational Use Notice: The Tokyo strain of BCG (manufactured by Japan BCG Laboratory) and recombinant BCG or rBCG (manufactured by Serum Institute of India under ongoing partnership with ImmunityBio) are investigational in the United States and have not been approved by the FDA. The safety and effectiveness of these investigational products have not been established. Availability of rBCG is limited to ImmunityBio's FDA Expanded Access Program for eligible patients. To enroll in the Expanded Access Program for recombinant BCG, please visit https://immunitybio.com/rbcg/
About ImmunityBio
ImmunityBio, Inc. is a biotechnology company focused on innovating, developing, and commercializing next-generation immunotherapies designed to activate the patient's immune system and deliver durable protection against cancer and infectious diseases. Our approach harnesses both the adaptive and innate immune systems with the goal of restoring immune function and generating lasting immunological memory in patients. At the core of our strategy is the Cancer BioShield™ platform, which is designed to stimulate critical lymphocytes, including natural killer (NK) cells, cytotoxic T cells, and memory T cells via our proprietary IL-15 superagonist. Our Cancer BioShield platform is anchored by this antibody-cytokine fusion protein and is complemented by an investigational portfolio that includes adenovirus-vectored vaccines, allogeneic (off-the-shelf) and autologous NK-cell therapies, and additional immunomodulators intended to promote immunogenic cell death and support durable immune responses while potentially reducing reliance on high-dose chemo-radiation therapy. For more information, visit ImmunityBio.com and connect with us on X (Twitter), Facebook, LinkedIn, and Instagram.
About Japan BCG Laboratory
Japan BCG Laboratory, headquartered in Tokyo, Japan, is a developer and manufacturer of Bacillus Calmette-Guérin (BCG) products, including intravesical BCG for bladder cancer and BCG vaccines for tuberculosis prevention. JBL has supplied BCG for more than 70 years.
About ImmunityBio's Partnership with Serum Institute of India
Serum Institute of India is one of the world's largest vaccine manufacturers and is ImmunityBio's manufacturing partner for recombinant BCG (rBCG). The ongoing partnership supports the continued availability of rBCG under ImmunityBio's FDA Expanded Access Program for eligible patients in the United States.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding the Development and Supply Agreement with Japan BCG Laboratory; the development, regulatory pathway, manufacturing, supply, and potential U.S. commercialization of the Tokyo strain of BCG; ImmunityBio's plans to engage with the U.S. Food and Drug Administration to pursue U.S. approval of the Tokyo strain of BCG; the SWOG S1602 trial, including the interpretation and use of S1602 data in the planned BLA, and the Company's ability to enter into a Data Use Agreement with SWOG, the National Cancer Institute, and Fred Hutchinson Cancer Research Center; the continuation, scope, and impact of ImmunityBio's Expanded Access Program for recombinant BCG (rBCG) and its role in helping address the U.S. BCG shortage; the potential complementary use of the Tokyo strain of BCG with ANKTIVA®; and statements regarding ImmunityBio's pipeline and strategy.
These forward-looking statements are based on ImmunityBio's current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to: the FDA's review and acceptance of any future BLA submission for the Tokyo strain of BCG; ImmunityBio's ability to secure a Data Use Agreement with SWOG, the NCI, and Fred Hutchinson Cancer Research Center on acceptable terms; manufacturing, supply, and import logistics for the Tokyo strain of BCG and rBCG; the continued availability of rBCG under the Expanded Access Program; clinical, regulatory, and commercial risks associated with ANKTIVA® and the Company's broader pipeline; competition; intellectual property; macroeconomic and geopolitical conditions; and the additional risks and uncertainties identified in ImmunityBio's filings with the U.S. Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, available at www.sec.gov. The forward-looking statements in this press release speak only as of the date hereof, and ImmunityBio undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260516297941/en/
Investors in Crane Company (CR - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the June 18, 2026 $150.00 Call had some of the highest implied volatility of all equity options today.
What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.
What do the Analysts Think?Clearly, options traders are pricing in a big move for Crane Company shares, but what is the fundamental picture for the company? Currently, Crane Company is a Zacks Rank #3 (Hold) in the Manufacturing - General Industrial industry that ranks in the Top 33% of our Zacks Industry Rank. Over the last 60 days, two analysts have increased their earnings estimates for the current quarter, while none have dropped their estimates. The net effect has taken our Zacks Consensus Estimate for the current quarter from $1.58 per share to $1.65 in that period.
Given the way analysts feel about Crane Company right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
An employee of a bank counts US dollar notes at a branch in Hanoi, Vietnam May 16, 2016. REUTERS/Kham Purchase Licensing Rights, opens new tab
CompaniesJune 9 (Reuters) - Canadian payments firm Nuvei is in advanced talks to acquire cross-border payments company Payoneer Global (PAYO.O), opens new tab for about $2.7 billion, according to two people familiar with the matter.
The $2.7 billion purchase price includes Payoneer's cash, implying an enterprise value of about $2.3 billion, the sources said.
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Nuvei, backed by private equity firms Advent International, Novacap and Canadian investment group CDPQ, could sign a deal to acquire New York-based Payoneer in the coming days, the sources added.
The talks are ongoing and it's possible the plans could change and a deal may not materialize, said the sources, who declined to be identified while discussing confidential information.
Nuvei and CDPQ did not immediately respond to requests for comment. Payoneer and Advent declined to comment.
A deal would combine Nuvei's business of helping merchants accept payments with Payoneer's networks for sending money to suppliers, freelancers and sellers.
It would also increase Nuvei's presence in emerging markets where Payoneer has built a large customer base, and give it access to Payoneer's large online marketplace clients, including Amazon (AMZN.O), opens new tab, Walmart (WMT.O), opens new tab and eBay (EBAY.O), opens new tab.
Payment companies are increasingly seeking scale through M&A as well as exposure to faster-growing segments such as cross-border and business-to-business payments amid slower growth for traditional payment processing.
Montreal-based Nuvei provides payment processing, risk management and payout solutions to merchants globally. It has pursued growth through acquisitions since it was taken private in a roughly $6.3 billion buyout led by Advent in 2024 alongside existing investors Novacap and CDPQ.
Payoneer, which has a current market capitalization of around $1.7 billion, processes cross-border transactions for freelancers, online sellers and smaller businesses. The company generates much of its revenue from businesses in emerging markets that sell to customers in the United States and Europe.
Payoneer faced uncertainty stemming from tariffs and U.S.-China trade tensions, with customers in greater China accounting for 34% of its revenue in 2025, according to company filings.
Though revenue rose 8% to $1.05 billion last year, net income slumped 40% to $73.2 million on a decline in interest income and higher operating expenses.
Reporting by Milana Vinn in New York; Editing by Echo Wang and Edwina Gibbs
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Milana Vinn reports on technology, media, and telecom (TMT) mergers and acquisitions. Her content usually appears in the markets and deals sections of the website. Milana previously worked at GLG and PE Hub, where she spent several years covering TMT deals in private equity. She graduated from CUNY Graduate School of Journalism with Masters in Business Journalism.
, /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD), a leading global provider of innovative medical technologies, today announced that its Board of Directors has authorized a new share repurchase program for up to approximately 10% of the Company's total shares outstanding, representing approximately 6.38 million ordinary shares.
In 2025, the Company repurchased approximately $127.4 million of its outstanding ordinary shares through share repurchase programs. Despite a challenging macroeconomic environment, the Company continues to generate strong cash flow and believes that repurchasing shares at its current valuation represents an attractive use of capital.
While management remains focused on navigating the ongoing regional conflict and maintaining a disciplined approach to capital allocation, the Company will continue to evaluate additional share repurchase programs and other capital allocation opportunities going forward.
The Company expects to fund repurchases under the program with available cash. Repurchases may be made from time to time in the open market or through other permitted means, subject to market conditions and applicable legal requirements. The program may be modified, suspended, or discontinued at any time at the Company's discretion.
About InMode
InMode is a leading global provider of innovative medical technologies. InMode develops, manufactures, and markets devices harnessing novel radio frequency ("RF") technology. InMode strives to enable new emerging surgical procedures as well as improve existing treatments. InMode has leveraged its medically accepted minimally invasive RF technologies to offer a comprehensive line of products across several categories for plastic surgery, gynecology, dermatology, otolaryngology, and ophthalmology. For more information about InMode, please visit www.inmodemd.com/.
Forward-Looking Statements
The information in this press release includes forward-looking statements within the meaning of the federal securities laws. These statements generally relate to future events or InMode's future financial or operating performance, including the actual amount of share repurchases made by the Company, if any. Actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. In some cases, you can identify these statements because they contain words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "would" and similar expressions that concern our expectations, strategic plans or intentions. Forward-looking statements are based on management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Consequently, actual results could differ materially from those indicated in these forward-looking statements. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in InMode's Annual Report on Form 20-F filed with the Securities and Exchange Commission on February 10, 2026, and our subsequent public filings. InMode undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which pertain only as of the date of this press release.
Logo - https://mma.prnewswire.com/media/1064477/5862039/InMode_Logo.jpg
InMode Ltd. (NASDAQ: INMD - Get Free Report) gapped up prior to trading on Friday. The stock had previously closed at $12.76, but opened at $13.71. InMode shares last traded at $13.5850, with a volume of 653,419 shares changing hands. Wall Street Analysts Forecast Growth A number of research firms have recently weighed in on
Shares of InMode Ltd. (NASDAQ: INMD - Get Free Report) have received an average rating of "Hold" from the nine ratings firms that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation and one has assigned a buy recommendation to the
, /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD), a leading global provider of innovative medical technologies, today announced that Moshe Mizrahy, Chief Executive Officer and Yair Malca, Chief Financial Officer will present at the 25th Annual Needham Virtual Healthcare Conference on Monday, April 13, 2026.
The fireside chat, moderated by Michael Matson, Senior Equity Analyst, is scheduled for 11:00 am Eastern Time on Monday, April 13, and a live webcast of the presentation can be accessed here. InMode will also hold virtual one-on-one investor meetings that same day. To schedule a meeting, please contact your Needham representative.
For more information about the event, visit InMode's investor relations site here.
About InMode
InMode is a leading global provider of innovative medical technologies. InMode develops, manufactures, and markets devices harnessing novel radiofrequency ("RF") technology. InMode strives to enable new emerging surgical procedures as well as improve existing treatments. InMode has leveraged its medically accepted minimally invasive RF technologies to offer a comprehensive line of products across several categories for plastic surgery, gynecology, dermatology, otolaryngology, and ophthalmology. For more information about InMode and its wide array of medical technologies, visit www.inmodemd.com.
Forward-Looking Statements
The information in this press release includes forward-looking statements within the meaning of the federal securities laws. These statements generally relate to future events or InMode's future financial or operating performance, including the actual amount of share repurchases made by the Company, if any. Actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. In some cases, you can identify these statements because they contain words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "would" and similar expressions that concern our expectations, strategic plans or intentions. Forward-looking statements are based on management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Consequently, actual results could differ materially from those indicated in these forward-looking statements. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in InMode's Annual Report on Form 20-F filed with the Securities and Exchange Commission on February 10, 2026, and our subsequent public filings. InMode undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which pertain only as of the date of this press release.
Shares of InMode Ltd. (NASDAQ:INMD – Get Free Report) have been assigned an average recommendation of “Hold” from the nine research firms that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and one has issued a buy recommendation on the company. The average 12 month target price among brokers that have covered the stock in the last year is $16.80.
Several research firms have commented on INMD. Canaccord Genuity Group set a $15.00 price target on InMode and gave the company a “hold” rating in a report on Wednesday, December 17th. Weiss Ratings reissued a “sell (d+)” rating on shares of InMode in a report on Thursday, January 22nd. Robert W. Baird set a $17.00 price target on InMode in a research report on Wednesday, February 11th. Finally, BTIG Research restated a “neutral” rating on shares of InMode in a research report on Monday, January 26th.
View Our Latest Analysis on InMode
InMode Stock Performance NASDAQ INMD opened at $13.53 on Monday. InMode has a twelve month low of $12.72 and a twelve month high of $16.74. The stock has a market capitalization of $857.26 million, a PE ratio of 9.40 and a beta of 2.12. The stock has a 50-day simple moving average of $14.00 and a 200 day simple moving average of $14.45.
InMode (NASDAQ:INMD – Get Free Report) last posted its quarterly earnings data on Tuesday, February 10th. The healthcare company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.04. InMode had a return on equity of 14.52% and a net margin of 25.33%.The business had revenue of $103.85 million during the quarter, compared to analysts’ expectations of $104.64 million. During the same quarter in the previous year, the firm earned $0.42 EPS. The firm’s revenue was up 6.1% compared to the same quarter last year. As a group, equities research analysts forecast that InMode will post 1.75 EPS for the current fiscal year.
Institutional Investors Weigh In On InMode A number of large investors have recently bought and sold shares of the business. Doma Perpetual Capital Management LLC grew its position in InMode by 26.8% during the 3rd quarter. Doma Perpetual Capital Management LLC now owns 2,838,431 shares of the healthcare company’s stock worth $42,293,000 after acquiring an additional 599,108 shares during the last quarter. Millennium Management LLC boosted its position in InMode by 111.4% in the 4th quarter. Millennium Management LLC now owns 1,778,681 shares of the healthcare company’s stock valued at $26,129,000 after buying an additional 937,376 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in InMode by 48.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,422,635 shares of the healthcare company’s stock valued at $20,899,000 after buying an additional 466,891 shares during the last quarter. Cooper Creek Partners Management LLC bought a new position in InMode in the 3rd quarter valued at $14,980,000. Finally, Ancient Art L.P. bought a new position in InMode in the 3rd quarter valued at $14,254,000. 68.04% of the stock is currently owned by institutional investors.
About InMode (Get Free Report)
InMode Ltd. (NASDAQ:INMD) is a medical technology company headquartered in Israel that develops, manufactures and markets devices for aesthetic and medical treatments. The company specializes in energy-based technologies, primarily radiofrequency platforms, designed to deliver minimally-invasive and non-invasive procedures.
InMode’s product portfolio encompasses a range of modular systems targeting body contouring, facial rejuvenation, skin tightening and other cosmetic applications. Key offerings include devices built on proprietary radiofrequency and radiofrequency-assisted lipolysis, enabling physicians to perform treatments such as tissue coagulation, skin resurfacing and subdermal volumizing with reduced downtime.
The company distributes its technologies through direct sales operations and distribution partners, serving medical professionals across multiple geographies including North America, Europe, Asia Pacific and Latin America.
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Conference call to be held on Wednesday, May 6, 2026, at 8:30 a.m. Eastern Time
, /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD), a leading global provider of innovative medical technologies, announced today that it expects to release its financial results for the first quarter of 2026 before the Nasdaq market opens on Wednesday, May 6, 2026.
InMode is currently finalizing its financial results for the first quarter of 2026. While complete financial information and operating data are not yet available, set forth below are certain preliminary results of InMode's financial results for such period, subject to final adjustments and other developments that may arise between now and the time such financial results are finalized. Based on preliminary results, management expects:
Revenue for the first quarter of 2026 to be in the range of $81.5 million to $81.7 million Non-GAAP1 gross margin to be in the range of 75% to 76% Full year 2026 revenue to be in the range of $365 million to $375 million 1Please refer to "Use of Non-GAAP Financial Measure" below for important information about non-GAAP financial measures. Non-GAAP gross margin excludes share-based compensation.
InMode will host a conference call to discuss the first quarter 2026 financial results on Wednesday, May 6 at 8:30 a.m. Eastern Time. Speakers on the call will include Moshe Mizrahy, Chief Executive Officer, Yair Malca, Chief Financial Officer and Dr. Michael Kreindel, Chief Technology Officer.
The Company encourages participants to pre-register for the conference call using the following link: https://dpregister.com/sreg/10207930/103b6ad5664. Callers will receive a unique dial-in upon registration, which enables immediate access on the day of the call. Participants may pre-register at any time, including up to and after the call start time.
For callers that opt out of pre-registration, please dial one of the following teleconferencing numbers. Please begin by placing your call 10 minutes before the conference call commences. If you are unable to connect using the toll-free number, please try the international dial-in number.
U.S. Toll-Free: 1-833-316-0562
Israel Toll-Free: 1-80-921-2373
International: 1-412-317-5736
The conference call will also be webcast live from a link on InMode's website at https://inmodemd.com/investors/events-presentations/. A replay of the conference call will be available from May 6, 2026, at 12:00 p.m. Eastern Time to May 20, 2026, at 11:59 p.m. Eastern Time. To access the replay, please dial one of the following numbers:
A replay will also be available for 90 days on InMode's website at: https://inmodemd.com/investors/events-presentations/.
About InMode
InMode is a leading global provider of innovative medical technologies. InMode develops, manufactures, and markets devices harnessing novel radio frequency ("RF") technology. InMode strives to enable new emerging surgical procedures as well as improve existing treatments. InMode has leveraged its medically accepted minimally invasive RF technologies to offer a comprehensive line of products across several categories for plastic surgery, gynecology, dermatology, otolaryngology, and ophthalmology. For more information about InMode, please visit www.inmodemd.com.
Forward-Looking Statements
The information in this press release includes forward-looking statements within the meaning of the federal securities laws. These statements generally relate to future events or InMode's future financial or operating performance, including the actual amount of share repurchases made by the Company, if any. Actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. In some cases, you can identify these statements because they contain words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "would" and similar expressions that concern our expectations, strategic plans or intentions. Forward-looking statements are based on management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Consequently, actual results could differ materially from those indicated in these forward-looking statements. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in InMode's Annual Report on Form 20-F filed with the Securities and Exchange Commission on February 10, 2026, and our subsequent public filings. InMode undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which pertain only as of the date of this press release.
Use of Non-GAAP Financial Measures
In addition to InMode's operating results presented in accordance with GAAP, this release includes non-GAAP gross margin. Because this measure is used in InMode's internal analysis of financial and operating performance, management believes that it provides greater transparency to investors of management's view of InMode's economic performance. Management also believes the presentation of this measure, when analyzed in conjunction with InMode's GAAP operating results, allows investors to evaluate and compare the performance of InMode to that of its peers, although InMode's presentation of its non-GAAP measure may not be comparable to other similarly titled measures of other companies more effectively.
Logo - https://mma.prnewswire.com/media/1064477/5910753/InMode_Logo.jpg
, /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) ("InMode"), a leading global provider of innovative medical technologies, today announced its consolidated financial results for the first quarter of 2026.
First Quarter 2026 Highlights:
● Quarterly GAAP revenues of $82.0 million, compared to $77.9 million in the first quarter of 2025.
● Quarterly revenues from consumables and service of $21.4 million, an increase of 6% compared to the first quarter of 2025.
● GAAP operating income of $10.1 million, *non-GAAP operating income of $14.0 million.
● Total cash position of $537.2 million as of March 31, 2026, including cash and cash equivalents, marketable securities and short-term bank deposits.
● As of March 31, 2026, we completed the repurchase of 2.55 million ordinary shares pursuant to our share repurchase program, returning $34.8 million of capital to shareholders ($3.6 million of which was paid during the second quarter of 2026).
● Announced CFO transition; Yair Malca steps down and will support an orderly transition as a consultant.
● Board transition: Dr. Michael Anghel resigns; Dr. Hadar Ron appointed Interim Chair of the Board.
U.S. GAAP Results
(U.S. dollars in thousands, except for per share data)
Q1 2026
Q1 2025
Revenues
$82,017
$77,874
Gross Margins
75 %
78 %
Operating Margins
12 %
20 %
Net Income
$11,562
$18,201
Earnings per Diluted Share
$0.18
$0.26
*Non-GAAP Results
(U.S. dollars in thousands, except for per share data)
Q1 2026
Q1 2025
Gross Margins
75 %
79 %
Operating Margins
17 %
23 %
Net Income
$15,872
$21,395
Earnings per Diluted Share
$0.25
$0.31
*Please refer to "Use of non-GAAP Financial Measures" below for important information about non-GAAP financial measures. A
reconciliation between U.S. GAAP and non-GAAP Statement of Income is provided following the financial statements included in this release.
Non-GAAP results exclude share-based compensation, expenses related to independent transaction committee review (representing non-
recurring cost) and related income tax adjustments where applicable.
Management Comments
"While the macroeconomic environment remains challenging, our total revenue this quarter reached our expectations, however our profitability was lower than expected," said Moshe Mizrahy, Chief Executive Officer of InMode. "We are continuing to re-shape our organization in North America and in Europe by enhancing our sales and management teams. While the demand in the aesthetics market may be deferred, it will not be diminished, and we believe we are well positioned for its return."
First Quarter 2026 Financial Results
Total GAAP revenues for the first quarter of 2026 were $82.0 million, an increase of 5% compared to $77.9 million in the first quarter of 2025.
Yair Malca, Chief Financial Officer of InMode added, "We are encouraged to report that Q1 revenue increased 5% year over year, with the U.S. contributing meaningfully to this growth. These results reflect our ability to execute consistently, even in a softer market environment and expand outside of the U.S."
GAAP gross margin for the first quarter of 2026 was 75%, compared to 78% for the first quarter of 2025.
*Non-GAAP gross margin for the first quarter of 2026 was 75%, compared to 79% for the first quarter of 2025.
GAAP operating margin for the first quarter of 2026 was 12%, compared to 20% in the first quarter of 2025.
*Non-GAAP operating margin for the first quarter of 2026 was 17%, compared to 23% for the first quarter of 2025. These decreases were primarily attributable to the increase in cost of goods, the new structure of the North America sales team implemented towards end of 2025 and subsidiary establishments in the latter part of 2025.
InMode reported GAAP net income of $11.6 million, or $0.18 per diluted share, in the first quarter of 2026, compared to $18.2 million, or $0.26 per diluted share, in the first quarter of 2025. On a *non-GAAP basis, InMode reported net income of $15.9 million, or $0.25 per diluted share, in the first quarter of 2026, compared to $21.4 million, or $0.31 per diluted share, in the first quarter of 2025.
As of March 31, 2026, InMode had cash and cash equivalents, marketable securities and short-term bank deposits of $537.2 million.
"In a quarter marked by ongoing macroeconomic uncertainty, we remained focused on what we can control: driving profitability, generating cash, and operating the business as usual. We also returned meaningful capital to shareholders, repurchasing $127.4 million of shares during 2025 and $52.7 million year to date under our new 2026 repurchase program, representing 3.86 million shares. With our strong financial position and continued flexibility, we remain well positioned to pursue a full range of capital allocation opportunities," concluded Malca.
Departure of Chairman; Resignation of Chief Financial Officer
The Company announced today that Dr. Michael Anghel has resigned from the Company's Board of Directors, effective May 5, 2026. His decision was not related to any disagreements with the Company's management, Board, or operations. The Company thanks Dr. Anghel for his service and wishes him continued success.
Dr. Hadar Ron has been appointed Interim Chair of the Board, effective immediately.
Separately, Yair Malca has stepped down from his role as Chief Financial Officer, effective May 5, 2026. The Company appreciates his contributions and thanks him for his service.
To support a smooth transition, Mr. Malca will remain engaged with the Company in a consulting capacity for at least six months.
2026 Financial Outlook
Management provided an outlook for the full fiscal year ending December 31, 2026. Based on current estimates, management expects:
Revenues between $365 million and $375 million *Non-GAAP gross margin between 74% and 76% *Non-GAAP income from operations to be between $73 million and $78 million *Non-GAAP earnings per diluted share between $1.33 and $1.38 This outlook is not a guarantee of future performance, and stockholders should not rely on such forward-looking statements. See "Forward-Looking Statements" for additional information.
*Please refer to "Use of non-GAAP Financial Measures" below for important information about non-GAAP financial measures. A reconciliation between U.S. GAAP and non-GAAP Statement of Income is provided following the financial statements that are included in this release. Non-GAAP results exclude share-based compensation, expenses related to independent transaction committee review (representing non-recurring cost) and related income tax adjustments where applicable.
However, these estimates are based on management's current estimates, which may be updated.
The Current Situation in Israel
Regarding the current situation in Israel, on October 9, 2025, a new cease-fire agreement between Hamas and Israel began, and the hostilities have formally paused after two years of conflicts.
Moreover, On February 28, 2026, the United States and Israel launched coordinated joint military strikes against Iran, targeting military, governmental, and nuclear-related sites. Iran subsequently responded with missile and drone attacks against targets in the region and sought to restrict commercial shipping traffic through the Strait of Hormuz. On April 7, 2026, a two-week ceasefire established and was extended on April 21, 2026, by the U.S government, amid ongoing negotiations, while a U.S. naval blockade of Iran continued.
The scope and severity of ongoing conflicts in Gaza, Northern Israel, Lebanon, Iran, and the broader region are unpredictable and could escalate any time. To date, our operations have not been materially affected. We continue to monitor political and military developments closely and examine the consequences for our operations and assets.
Use of Non-GAAP Financial Measures
In addition to InMode's operating results presented in accordance with GAAP, this release contains certain non-GAAP financial measures including non-GAAP net income, non-GAAP earnings per diluted share, non-GAAP operating margin, non-GAAP gross margin and non-GAAP income from operations. Because these measures are used in InMode's internal analysis of financial and operating performance, management believes they provide investors with greater transparency of its view of InMode's economic performance. Management also believes the presentation of these measures, when analyzed in conjunction with InMode's GAAP operating results, allows investors to more effectively evaluate and compare InMode's performance to that of its peers, although InMode's presentation of its non-GAAP measures may not be strictly comparable to the similarly titled measures of other companies. Schedules reconciling each of these non-GAAP financial measures are provided as a supplement to this release. Reconciliations of non-GAAP gross margin, non-GAAP income, and non-GAAP earnings for management's projections of such non-GAAP financials for the 2026 fiscal year are not available without unreasonable effort due to the variability, complexity and limited visibility of certain reconciling items. These reconciling items could have a significant and unpredictable impact on our future GAAP results.
Conference Call Information
Mr. Moshe Mizrahy, Chief Executive Officer, Dr. Michael Kreindel, Co-Founder and Chief Technology Officer and Mr. Yair Malca, Chief Financial Officer, will host a conference call today, May 6, 2026, at 8:30 a.m. Eastern Time to discuss the first quarter 2026 financial results.
The Company encourages participants to pre-register for the conference call using the following link:
https://dpregister.com/sreg/10207930/103b6ad5664.
Callers will receive a unique dial-in number upon registration, which enables immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.
For callers who opt out of pre-registration, please dial one of the following teleconferencing numbers. Please begin by placing your call 10 minutes before the conference call commences. If you are unable to connect using the toll-free number, please try the international dial-in number.
U.S./Canada Toll-Free Dial-in Number: 1-833-316-0562
Israel Toll-Free Dial-in Number: 1-80-921-2373
International Dial-in Number: 1-412-317-5736
Webcast URL: https://event.choruscall.com/mediaframe/webcast.html?webcastid=7s0HUsXw
At:
8:30 a.m. Eastern Time
5:30 a.m. Pacific Time
The conference call will also be webcast live from a link on InMode's website at https://inmodemd.com/investors/events-presentations/. A replay of the conference call will be available from May 6, 2026, at 12 p.m. Eastern Time to May 20, 2026, at 11:59 p.m. Eastern Time. To access the replay, please dial one of the following numbers:
A replay of the conference call will also be available for 90 days on InMode's website at https://inmodemd.com/investors/.
About InMode
InMode is a leading global provider of innovative medical technologies. InMode develops, manufactures, and markets devices harnessing novel radio frequency ("RF") technology. InMode strives to enable new emerging surgical procedures as well as improve existing treatments. InMode has leveraged its medically accepted minimally invasive RF technologies to offer a comprehensive line of products across several categories for plastic surgery, gynecology, dermatology, otolaryngology, and ophthalmology. For more information about InMode, please visit www.inmodemd.com.
Forward-Looking Statements
The information in this press release includes forward-looking statements within the meaning of the federal securities laws. These statements generally relate to future events or InMode's future financial or operating performance, including the actual amount of share repurchases made by the Company, if any. Actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. In some cases, you can identify these statements because they contain words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "would" and similar expressions that concern our expectations, strategic plans or intentions. Forward-looking statements are based on management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Consequently, actual results could differ materially from those indicated in these forward-looking statements. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in InMode's Annual Report on Form 20-F filed with the Securities and Exchange Commission on February 10, 2026, and our subsequent public filings. InMode undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which pertain only as of the date of this press release.
INMODE LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(U.S. dollars in thousands, except for per share data)
(Unaudited)
Three months ended
March 31,
2026
2025
REVENUES
82,017
77,874
COST OF REVENUES
20,465
16,963
GROSS PROFIT
61,552
60,911
OPERATING EXPENSES:
Research and development
3,542
2,895
Sales and marketing
42,932
39,727
General and administrative
5,022
2,671
TOTAL OPERATING EXPENSES
51,496
45,293
OPERATING INCOME
10,056
15,618
Finance income, net
4,296
6,859
INCOME BEFORE INCOME TAXES
14,352
22,477
INCOME TAXES
2,790
4,276
NET INCOME
11,562
18,201
EARNINGS PER SHARE:
Basic
0.18
0.26
Diluted
0.18
0.26
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING USED IN COMPUTATION OF EARNINGS PER
SHARE (in thousands)
Basic
63,401
68,760
Diluted
63,942
69,435
INMODE LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except for per share data)
(Unaudited)
March 31,
2026
December 31,
2025
Assets
CURRENT ASSETS:
Cash and cash equivalents
394,295
302,543
Marketable securities
57,032
83,632
Short-term bank deposits
85,832
169,159
Accounts receivable, net of allowance for credit losses
40,703
43,504
Prepaid expenses and other receivables
31,509
25,733
Inventories
71,408
74,050
TOTAL CURRENT ASSETS
680,779
698,621
NON-CURRENT ASSETS:
Accounts receivable, net of allowance for credit losses
5,210
3,005
Deferred income tax assets
52,922
53,230
Operating lease right-of-use assets
8,631
8,274
Property and equipment, net
2,595
2,599
Other investments
700
700
TOTAL NON-CURRENT ASSETS
70,058
67,808
TOTAL ASSETS
750,837
766,429
Liabilities and shareholders' equity
CURRENT LIABILITIES:
Accounts payables
16,853
17,912
Contract liabilities
16,369
12,093
Other liabilities
44,131
40,739
TOTAL CURRENT LIABILITIES
77,353
70,744
NON-CURRENT LIABILITIES:
Contract liabilities
2,745
3,043
Other liabilities
4,657
4,436
Operating lease liabilities
4,829
5,008
TOTAL NON-CURRENT LIABILITIES
12,231
12,487
TOTAL LIABILITIES
89,584
83,231
TOTAL SHAREHOLDERS' EQUITY
661,253
683,198
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
750,837
766,429
INMODE LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands, except for per share data)
(Unaudited)
Three months ended
March 31,
2026
2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
11,562
18,201
Adjustments required to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
175
174
Share-based compensation expenses
2,699
2,518
Change in allowance for credit losses of trade receivable
525
(94)
Gains on marketable securities, net
–
(2)
Finance expenses (income), net
719
(1,574)
Deferred income taxes, net
327
896
Changes in operating assets and liabilities:
Decrease in accounts receivable (current and non-current)
72
4,544
Increase in other receivables
(5,866)
(3,532)
Decrease (increase) in inventories
2,642
(4,233)
Increase (decrease) in accounts payable
(1,059)
1,270
Decrease in other liabilities (current and non-current)
(388)
(3,287)
Increase (decrease) in contract liabilities (current and non-current)
3,978
(837)
Net cash provided by operating activities
15,386
14,044
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in short-term deposits
(84,912)
–
Proceeds from short-term deposits
167,658
31,297
Purchase of fixed assets
(172)
(85)
Purchase of marketable securities
(9,727)
(20,877)
Proceeds from sale of marketable securities
–
3,003
Proceeds from maturity of marketable securities
36,256
62,147
Net cash provided by investing activities
109,103
75,485
CASH FLOWS FROM FINANCING ACTIVITIES:
Tax withholding related to vesting of restricted share units
(1,802)
-
Repurchase of ordinary shares
(31,241)
(99,960)
Exercise of options
617
494
Net cash used in financing activities
(32,426)
(99,466)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH
EQUIVALENTS
(311)
556
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
91,752
(9,381)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
302,543
155,329
CASH AND CASH EQUIVALENTS AT END OF PERIOD
394,295
145,948
INMODE LTD.
CONDENSED CONSOLIDATED FINANCIAL HIGHLIGHTS
(U.S. dollars in thousands, except for per share data)
(Unaudited)
Three months ended March 31,
2026
2025
Revenues by Category:
Capital Equipment revenues - United States
33,669
41 %
29,542
38 %
Capital Equipment revenues - International
26,985
33 %
28,133
36 %
Total Capital Equipment revenues
60,654
74 %
57,675
74 %
Consumables and service revenues
21,363
26 %
20,199
26 %
Total Revenue
82,017
100 %
77,874
100 %
Three months ended March 31,
2026
2025
%
%
United
States
International
Total
United
States
International
Total
Revenues by Technology:
Minimal-Invasive
75
80
77
93
79
87
Hands-Free
1
1
1
3
2
3
Non-Invasive
24
19
22
4
19
10
100
100
100
100
100
100
INMODE LTD.
RECONCILIATION OF GAAP CONDENSED CONSOLIDATED STATEMENTS OF
INCOME TO NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(U.S. dollars in thousands, except for per share data)
(Unaudited)
Three months ended March 31, 2026
Three months ended March 31, 2025
GAAP
Stock Based
Compensation
Expenses
Related to
Independent
Transaction
Committee Review
Non-GAAP
GAAP
Stock Based
Compensation
Non-GAAP
REVENUES
82,017
–
–
82,017
77,874
–
77,874
COST OF REVENUES
20,465
(314)
–
20,151
16,963
(310)
16,653
GROSS PROFIT
61,552
314
–
61,866
60,911
310
61,221
OPERATING EXPENSES:
Research and development
3,542
(268)
–
3,274
2,895
(222)
2,673
Sales and marketing
42,932
(1,861)
–
41,071
39,727
(1,763)
37,964
General and administrative
5,022
(256)
(1,262)
3,504
2,671
(223)
2,448
TOTAL OPERATING EXPENSES
51,496
(2,385)
(1,262)
47,849
45,293
(2,208)
43,085
OPERATING INCOME
10,056
2,699
1,262
14,017
15,618
2,518
18,136
Finance income, net
4,296
–
–
4,296
6,859
–
6,859
INCOME BEFORE INCOME TAXES
14,352
2,699
1,262
18,313
22,477
2,518
24,995
INCOME TAXES
2,790
(349)
–
2,441
4,276
(676)
3,600
NET INCOME
11,562
3,048
1,262
15,872
18,201
3,194
21,395
EARNINGS PER SHARE
Basic
0.18
0.25
0.26
0.31
Diluted
0.18
0.25
0.26
0.31
WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING USED IN
COMPUTATION OF NET INCOME PER
SHARE (in Thousands)
Basic
63,401
63,401
68,760
68,760
Diluted
63,942
64,494
69,435
69,611
Logo - https://mma.prnewswire.com/media/1064477/5954733/InMode_Logo.jpg
, /PRNewswire/ -- InMode Ltd. (NASDAQ: INMD), a leading global provider of innovative medical technologies, today announced the participation at the following investor conferences and events:
Barclays Virtual West Coast Bus Trip
Presenters: Yair Malca, Outgoing Chief Financial Officer and Moshik Itzkovich, Senior VP of Finance
Format: Virtual investor bus tour
When: Wednesday, May 20
Jefferies Global Healthcare Conference
Presenters: Yair Malca, Outgoing Chief Financial Officer and Moshik Itzkovich, Senior VP of Finance
Format: In-person fireside chat moderated by Matt Taylor, Senior Equity Analyst and one-on-one meetings
When: Wednesday, June 3, fireside chat at 12:45 pm ET
Location: New York, NY
A live webcast of the presentation can be accessed here.
About InMode
InMode is a leading global provider of innovative medical technologies. InMode develops, manufactures, and markets devices harnessing novel radiofrequency ("RF") technology. InMode strives to enable new emerging surgical procedures as well as improve existing treatments. InMode has leveraged its medically accepted minimally invasive RF technologies to offer a comprehensive line of products across several categories for plastic surgery, gynecology, dermatology, otolaryngology, and ophthalmology. For more information about InMode and its wide array of medical technologies, visit www.inmodemd.com.
Forward-Looking Statements
The information in this press release includes forward-looking statements within the meaning of the federal securities laws. These statements generally relate to future events or InMode's future financial or operating performance, including the actual amount of share repurchases made by the Company, if any. Actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. In some cases, you can identify these statements because they contain words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "would" and similar expressions that concern our expectations, strategic plans or intentions. Forward-looking statements are based on management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Consequently, actual results could differ materially from those indicated in these forward-looking statements. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in InMode's Annual Report on Form 20-F filed with the Securities and Exchange Commission on February 10, 2026, and our subsequent public filings. InMode undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which pertain only as of the date of this press release.
Investor Relations Contact:
Miri Segal-Scharia
MS-IR LLC
[email protected]
Logo - https://mma.prnewswire.com/media/1064477/InMode_Logo.jpg
, /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) ("InMode" or the "Company"), a leading global provider of innovative medical technologies, today announced the appointment of Dr. Shlomo Nass as Chairman of the Company's Board of Directors (the "Board") and Moshik Itzkovich as Chief Financial Officer, effective immediately.
Dr. Nass succeeds Dr. Michael Anghel, who retired earlier this month, and will lead the Board in supporting the Company's long-term strategic growth and governance priorities. Dr. Nass brings decades of expertise in corporate law, accounting, governance, and audit oversight, with extensive experience advising public and private companies on complex regulatory and financial matters.
"We are pleased to welcome Shlomo as Chairman of the Board," said Moshe Mizrahy, Chief Executive Officer. "His deep expertise in corporate governance, financial oversight, and regulatory matters, combined with his extensive leadership experience, will be invaluable as we continue to execute our strategic priorities and drive long-term shareholder value."
"On behalf of the Board and management team, we thank Michael Anghel for his many years of commitment and service to InMode and wish him all the best going forward," Mizrahy concluded.
At the same time, InMode announced the appointment of Moshik Itzkovich as Chief Financial Officer. Moshik has held senior finance roles at InMode and was previously Senior Vice President of Finance. He replaces Yair Malca, who stepped down earlier this month and will serve as a consultant at least through the Company's Annual General Meeting to ensure a smooth transition.
"Having partnered closely with Yair over the last three years, Moshik brings continuity, financial expertise, and strategic insight to this role," said Moshe Mizrahy, Chief Executive Officer. "We are confident he is well positioned to build on our strong financial foundation and support the Company's long-term objectives."
"We thank Yair for his many years of exceptional service. His leadership and contributions have been instrumental to our success, and he played a key role in our transition to a publicly traded Company. He leaves InMode with a very strong balance sheet and solid operational and financial foundations in place for his successor. We are grateful for his lasting impact on the Company," Mizrahy concluded.
About InMode
InMode is a leading global provider of innovative medical technologies. InMode develops, manufactures, and markets devices harnessing novel radiofrequency ("RF") technology. InMode strives to enable new emerging surgical procedures as well as improve existing treatments. InMode has leveraged its medically accepted minimally invasive RF technologies to offer a comprehensive line of products across several categories for plastic surgery, gynecology, dermatology, otolaryngology, and ophthalmology. For more information about InMode and its wide array of medical technologies, visit www.inmodemd.com.
Forward-Looking Statements
The information in this press release includes forward-looking statements within the meaning of the federal securities laws. These statements generally relate to future events or InMode's future financial or operating performance, including the actual amount of share repurchases made by the Company, if any. Actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. In some cases, you can identify these statements because they contain words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "would" and similar expressions that concern our expectations, strategic plans or intentions. Forward-looking statements are based on management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Consequently, actual results could differ materially from those indicated in these forward-looking statements. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in InMode's Annual Report on Form 20-F filed with the Securities and Exchange Commission on February 10, 2026, and our subsequent public filings. InMode undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which pertain only as of the date of this press release.
Investor Relations Contact:
Miri Segal-Scharia
MS-IR LLC
[email protected]
Logo - https://mma.prnewswire.com/media/1064477/5978883/InMode_Logo.jpg
