01—Abstract
Summary
Summary of the 8-K filed February 18, 2026. Cited figures are marked; the original filing is the authoritative source.
CRH plc reported fiscal 2025 results that show continued growth: total revenues rose 5% to $37.4 billiona, net income rose 8% to $3.8 billion, and Adjusted EBITDA rose 11% to $7.7 billion, lifting the Adjusted EBITDA margin to 20.5% (up 100bps).
Diluted EPS was $5.51b (+10%), or $5.57 pre-impairment (+3%). Operating cash flow reached $5.6 billion and Adjusted Free Cash Flow was $5.0 billion (+18%). Growth was driven largely by acquisitions ($4.1 billion across 38 deals, including the $2.1 billion Eco Material purchase), pricing, and cost discipline, while organic revenue in Americas Building Solutions and the subdued residential market remained soft.
Balance sheet leverage increased meaningfully. Net Debt rose to $14.2 billionc from $10.5 billion, and gross debt rose to $17.7 billion from $14.0 billion, reflecting acquisition spend and shareholder returns of $2.2 billion. Management says it remains committed to a strong investment-grade rating and cites $4.1 billion of available committed facilities.
For 2026, CRH guided to net income of $3.9d–4.1 billion, Adjusted EBITDA of $8.1–8.5 billion, diluted EPS of $5.60–6.05, and capex of $2.8–3.0 billion. The guidance excludes significant one-off items and impairments.
The Board declared a $0.39 quarterly dividend (+5% year over year), payable April 8, 2026, and CRH is launching a new $0.3 billion quarterly share buyback. Separately, the company is reviewing its LSE ordinary share listing and preference share structure, with an update expected in Q1 2026.
02—Key points
Key Highlights
- FY 2025 total revenues of $37.4bn (+5%); net income of $3.8bn (+8%); Adjusted EBITDA of $7.7bn (+11%), with margin up 100bps to 20.5%.
- Diluted EPS of $5.51 (+10%); pre-impairment EPS of $5.57 (+3%), held back by the non-recurrence of 2024 divestiture gains.
- Adjusted Free Cash Flow of $5.0bn (+18%) and operating cash flow of $5.6bn (+13%), with Adjusted FCF conversion of 131%.
- Net Debt rose to $14.2bn from $10.5bn, driven by $4.1bn of acquisitions and $2.2bn of shareholder returns; gross debt was $17.7bn.
- 2026 guidance: net income $3.9–4.1bn, Adjusted EBITDA $8.1–8.5bn, diluted EPS $5.60–6.05, capex $2.8–3.0bn; guidance excludes significant one-offs and impairments.
- Quarterly dividend declared at $0.39 per share (+5% YoY), payable April 8, 2026, with record and ex-dividend date March 6, 2026; a new $0.3bn quarterly buyback is commencing.
- Review of LSE ordinary share listing and preference share capital structure could lead to delistings and cancellation of preference shares; NYSE listing is out of scope and the update is expected in Q1 2026.
03—Questions
Frequently Asked Questions
How did CRH's profitability change in 2025?
Net income grew 8% to $3.8bn and Adjusted EBITDA grew 11% to $7.7bn. Net income margin improved to 10.1% and Adjusted EBITDA margin to 20.5%, extending a 12th consecutive year of margin expansion. Diluted EPS rose 10% to $5.51, while pre-impairment EPS rose 3% to $5.57 because 2024 included divestiture gains.
Is CRH's balance sheet getting more leveraged?
Yes. Net Debt increased to $14.2bn from $10.5bn, and gross debt increased to $17.7bn from $14.0bn. The increase reflects acquisition spending and shareholder returns, partly offset by operating cash inflows. Management states it intends to maintain a strong investment-grade rating and has $4.3bn of undrawn committed facilities.
What does 2026 guidance imply for investors?
Guidance calls for net income of $3.9–4.1bn, Adjusted EBITDA of $8.1–8.5bn, and diluted EPS of $5.60–6.05, implying continued growth at the midpoint. The guidance assumes normal seasonal weather, excludes significant one-off items and impairments, and assumes roughly $0.7bn of net interest expense and a ~24% effective tax rate.
Will the dividend and share buybacks change?
The quarterly dividend is $0.39 per share, up 5% year over year, consistent with CRH's long-term dividend growth policy. Management is also commencing a new $0.3bn quarterly share buyback. In 2025, the company returned $2.2bn to shareholders through dividends and buybacks.
Does the LSE listing review affect CRH's NYSE listing?
No. The review covers the LSE-listed ordinary shares, the 7% preference shares on the LSE, and the 5% preference shares on Euronext Growth Dublin. CRH's primary NYSE listing is out of scope. Cancelling preference shares would require shareholder approval, and an update is expected during Q1 2026.
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