CRH (CRH) Q4 2025 earnings summary

Executive summary

• Achieved record financial performance in 2025, with total revenues of $37.4 billion (+5% YoY), double-digit adjusted EBITDA growth (+11% YoY), and 12th consecutive year of margin expansion, driven by strong end-market demand, pricing, and acquisitions.

• Invested $4.1 billion in 38 acquisitions and $1.7 billion in high-return growth capex, supporting organic and inorganic growth across aggregates, cementitious, roads, and water platforms.

• Returned $2.2 billion to shareholders via $1 billion in dividends (up 5–6% per share) and $1.2 billion in share buybacks, continuing a 42-year streak of dividend growth.

• Strong cash generation with $5 billion in adjusted free cash flow, up 18% year-over-year.

• Included in the S&P 500 Index, reflecting scale and market leadership.

Financial highlights

• Full-year revenues reached $37.4 billion, up 5% year-over-year, with Q4 revenues at $9.4 billion (+6% YoY), driven by end market demand, commercial execution, and acquisitions.

• Adjusted EBITDA was $7.7 billion, up 11%, with margin improved to 20.5% (+100bps YoY); Q4 adjusted EBITDA was $2.0 billion (+14% YoY).

• Diluted EPS for FY 2025 was $5.51 (+10% YoY); pre-impairment EPS was $5.57 (+3% YoY).

• Adjusted free cash flow conversion ratio was 130–131% of net income.

• Net debt to adjusted EBITDA at year-end was 1.8x; net debt at year-end was $14.2 billion.

Outlook and guidance

• 2026 guidance: Adjusted EBITDA of $8.1–$8.5 billion, net income of $3.9–$4.1 billion, and diluted EPS of $5.60–$6.05.

• Capital expenditure guidance for 2026 is $2.8–$3.0 billion; effective tax rate of 24%; average diluted share count of 675 million.

• Positive outlook supported by robust infrastructure funding, strong backlogs, and favorable megatrends in transportation, water, reindustrialization, and resilient repair/remodel activity.

• 2030 targets: 7–9% annual revenue growth, adjusted EBITDA margin of 22–24%, and over 100% adjusted free cash flow conversion.

• Expect continued margin progression and strong cash generation, with $40 billion financial capacity for growth and returns over five years.