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Crane NXT (CXT) is trading sharply higher this morning after announcing it expects its US currency business to grow in the high single digits in 2026 based on the Federal Reserve Board's recently published 2026 print order. Its Security and Authentication Technologies (SAT) segment provides advanced security solutions based on proprietary technology for securing physical products, including banknotes, consumer goods, and industrial products, so the new print order plays directly into its strengths.

• The 2026 print order projects demand of 3.8-5.1 bln banknotes, with the volume of higher denomination notes ($10, $20, $50, $100) increasing ~90% at the midpoint vs. 2025, partially offset by a decline in lower denominations.
• Along with stronger volume, Crane NXT will continue supporting the U.S. currency redesign program, beginning with the new $10 bill launch next year.
• In its Q2 report (Aug 7), SAT revenue, which was roughly 48% of total revenue, increased 32% yr/yr (9% core), fueled mainly by international strength. Importantly, its U.S. currency business resumed production after major tech upgrades, setting the stage for the new series rollout in 2026.
• Management reiterated confidence in both U.S. and international growth drivers, pointing to a strong 2026 pipeline. Additional details on its 2026 outlook are expected in its Q3 earnings call.

Briefing.com Analyst Insight

The Fed's print order shows a sharp acceleration in demand for higher-value notes, which carry more sophisticated security features, where Crane NXT excels. With SAT already nearly half of total revenue and backed by record backlogs, the company looks well positioned to cash in on structural demand tailwinds in both U.S. and international markets. Strong execution on recent mergers is also contributing to growth momentum.