Amrize
AMRZ · NYSECement, Hydraulic · Fiscal year ends Dec 31
Amrize reported revenue of $11.8B in the fiscal year ended Dec 2025, up 0.9% from the year before. Operating income was $1.9B, an operating margin of 16.1%, and net income was $1.2B. Operating cash flow of $2.2B less capital expenditure of $788M left free cash flow of $1.4B. Net debt was $3.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | $11.7B | $11.7B | $11.8B |
| Cost of revenue | $8.9B | $8.6B | $8.8B |
| Gross profit | $2.8B | $3.1B | $3B |
| Selling, general & admin | $898M | $944M | $1.1B |
| Operating income | $1.9B | $2.2B | $1.9B |
| Interest expense | $564M | $547M | $461M |
| Pre-tax income | $1.3B | $1.6B | $1.5B |
| Income tax | $361M | $368M | $326M |
| Net income | $956M | $1.3B | $1.2B |
| Diluted EPS | 1.73 | 2.30 | 2.14 |
| Diluted shares | 553M | 553M | 554M |
Balance sheet
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | $1.1B | $1.6B | $1.9B |
| Inventory | – | $1.5B | $1.5B |
| Current assets | – | $4.8B | $4.6B |
| Goodwill | $9B | $8.9B | $9B |
| Total assets | – | $23.8B | $24.2B |
| Payables | – | – | $1.5B |
| Deferred revenue | $316M | $67M | $61M |
| Current liabilities | – | $2.6B | $2.9B |
| Short-term debt | – | $0 | $333M |
| Long-term debt | – | – | $4.9B |
| Total liabilities | – | $13.9B | $11.1B |
| Shareholders' equity | $9.2B | $9.9B | $13.1B |
| Backlog (remaining obligations) | – | – | $445M |
Cash flow
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | $2B | $2.3B | $2.2B |
| Capital expenditure | $630M | $642M | $788M |
| Free cash flow | $1.4B | $1.6B | $1.4B |
| Depreciation & amortisation | $689M | $736M | $758M |
| Stock-based compensation | $5M | $6M | $14M |
| Acquisitions | $1.6B | $249M | $86M |
Key ratios
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 0.2% | 0.9% |
| Operating income growth (YoY) | – | 16.3% | −13.2% |
| EPS growth (YoY) | – | 32.9% | −7.0% |
| Gross margin | 23.7% | 26.2% | 25.7% |
| Operating margin | 16.2% | 18.8% | 16.1% |
| Net margin | 8.2% | 10.9% | 10.0% |
| Return on equityBlank when equity is negative | 10.4% | 12.8% | 9.0% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 10.3% | 8.9% |
| Free cash flow margin | 12.0% | 14.0% | 12.0% |
| Cash conversion (CFO ÷ net income) | 2.13x | 1.79x | 1.86x |
| Inventory days | – | 61 | 62 |
| Payable days | – | – | 64 |
| Interest cover | 3.35x | 4.01x | 4.13x |
| Debt ÷ equity | – | – | 0.40x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | $3.3B |
| Current ratio | – | 1.87x | 1.60x |
Recent filings
More in Cement, Hydraulic
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.