01—Abstract
Summary
Summary of the 10-Q filed October 29, 2026. Cited figures are marked; the original filing is the authoritative source.
Amrize Ltd. (AMRZ) reported solid revenue growth for the nine months ended September 30, 2026, with a 5.0% increase to $9.445 billiona, driven by volume growth, acquisitions, and price increases.
Net income also saw a healthy rise of 7.7% to $927 millionb for the same period. The company's Building Materials segment continues to be the larger contributor to revenue and showed robust growth, while the Building Envelope segment experienced a decline in Segment Adjusted EBITDA despite revenue growth. A key concern for investors is the significant decrease in cash and cash equivalents, dropping from $1.922 billion at the start of the year to $299 million by September 30, 2026, coupled with a substantial negative free cash flow of $(551) million for the nine-month period.
This was largely due to increased investing activities, particularly acquisitions and capital expenditures, and significant share repurchases and dividend payments. The company faces ongoing risks related to inflationary pressures, supply chain disruptions, and a previously disclosed material weakness in internal controls over financial reporting, although remediation efforts are underway.
02—Key points
Key Highlights
- Revenue increased by 5.0% to $9.445 billion for the nine months ended September 30, 2026, compared to the prior year period.
- Net income attributable to the Company grew by 7.7% to $932 million for the nine months ended September 30, 2026.
- Cash and cash equivalents decreased significantly from $1.922 billion as of December 31, 2025, to $299 million as of September 30, 2026.
- Free Cash Flow was negative at $(551) million for the nine months ended September 30, 2026, a substantial decrease from $(186) million in the prior year period.
- The company completed two acquisitions in the Building Materials segment during the first nine months of 2026, contributing $154 million to revenue.
- Segment Adjusted EBITDA for the Building Materials segment increased by 5.5% to $1,898 million, while the Building Envelope segment's Segment Adjusted EBITDA decreased by 14.8% to $499 million for the nine months ended September 30, 2026.
- Amrize Ltd. is actively repurchasing shares, having spent $750 million on share repurchases during the nine months ended September 30, 2026.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q3 FY2026, Amrize kept $0.15.
- Revenue$3.77B100.0%
- Cost of revenue−$2.69B71.3%
- Gross profit$1.08B28.7%
- Operating costs−$288.0M7.6%
- Operating income$793.0M21.0%
- Interest, other & tax−$234.0M6.2%
- Net income$559.0M14.8%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2026filed October 29, 2026Financial Statements
Q3 FY2026 against Q3 FY2025
| Line item | Q3 FY2026Q3 FY2025 | Change |
|---|---|---|
| Revenue | $3.77B$3.69B | +2.2% |
| Cost of Revenue | $2.69B$2.60B | +3.5% |
| Gross Profit | $1.08B$1.09B | −1.0% |
| SG&A Expenses | $291.00M$313.00M | −7.0% |
| Operating Income | $793.00M$783.00M | +1.3% |
| Interest Expense | $76.00M$79.00M | −3.8% |
| Net Income | $559.00M$540.00M | +3.5% |
| EPS (Basic) | $1.03$0.98 | +5.1% |
| EPS (Diluted) | $1.02$0.98 | +4.1% |
| Shares Outstanding (Basic) | 544.60M553.10M | −1.5% |
| Shares Outstanding (Diluted) | 545.50M553.90M | −1.5% |
05—Questions
Frequently Asked Questions
What were the main drivers of Amrize's revenue growth in the nine months ended September 30, 2026?
Amrize's revenue growth for the first nine months of 2026 was primarily driven by volume growth (+$207 million), contributions from acquisitions (+$154 million), price increases (+$42 million), and surcharges (+$37 million). Foreign exchange also had a favorable impact of $19 million.
What is the company's current cash position and what is impacting it?
Amrize's cash and cash equivalents have significantly decreased from $1.922 billion at the end of 2025 to $299 million at the end of Q3 2026. This reduction is attributed to substantial investments in acquisitions ($467 million) and capital expenditures ($786 million), alongside significant financing activities such as share repurchases ($750 million) and dividend payments ($365 million), leading to a negative free cash flow of $(551) million for the nine-month period.
What are the key differences in performance between the Building Materials and Building Envelope segments?
The Building Materials segment continues to be the larger and stronger performer, with revenues increasing by 6.2% and Segment Adjusted EBITDA growing by 5.5% for the nine months ended September 30, 2026. In contrast, the Building Envelope segment saw slower revenue growth of 2.0% and a significant 14.8% decline in Segment Adjusted EBITDA, impacted by higher freight and raw material costs.
What are the company's primary risks and challenges as highlighted in this report?
Key risks include ongoing inflationary pressures affecting material, freight, and diesel costs, potential customer unwillingness to accept price increases, disruptions in the construction industry, and a previously disclosed material weakness in internal controls over financial reporting. The company is actively working on remediation for the internal control issue.
06—Continue