CRH (NYSE: CRH) Q3 2025 Financial Results Summary
On November 5, 2025, CRH, a leading provider of building materials, released its financial results for the third quarter of 2025. Below is a summary of the key highlights and metrics from the report.
Key Financial Metrics
- Total Revenues: $11.1 billion (compared to Q3 2024: $10.5 billion)
Growth: +5% YoY - Net Income: $1.5 billion (compared to Q3 2024: $1.4 billion)
Growth: +9% YoY - Net Income Margin: 13.7% (Q3 2024: 13.2%)
Change: +50 basis points YoY - Adjusted EBITDA: $2.7 billion (Q3 2024: $2.5 billion)
Growth: +10% YoY - Adjusted EBITDA Margin: 24.3% (Q3 2024: 23.3%)
Change: +100 basis points YoY - Diluted Earnings Per Share: $2.21 (Q3 2024: $1.97)
Growth: +12% YoY
Quarterly Highlights
- CRH reaffirmed its FY25 net income guidance while raising the midpoint of its FY25 Adjusted EBITDA guidance, indicating 2025 could be another record year for the company.
- The third quarter achieved record numbers for both net income margin and adjusted EBITDA margin thanks to factors such as:
- Favorable demand conditions
- Positive pricing momentum
- Contributions from acquisitions
- For the year to date, CRH has invested $3.5 billion in 27 value-accretive acquisitions.
- A quarterly dividend of $0.37 per share was declared, marking a 6% increase versus the prior year. This dividend payment is scheduled for December 17, 2025, to shareholders registered by November 21, 2025.
- CRH continues its active share repurchase program, having returned $1.1 billion to shareholders year-to-date, with an additional $0.3 billion tranche initiating to be completed by February 17, 2026.
Segment Performance
- Americas Materials Solutions
- Total revenues were 6% higher than the previous year, driven by favorable underlying activity levels and pricing momentum.
-
Adjusted EBITDA increased by 5% YoY due to effective commercial management and acquisition contributions, showing resilience against a tough comparison base.
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Americas Building Solutions
- Total revenues grew 2% YoY, thanks to acquisition contributions and favorable demand, particularly in the energy sector.
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Adjusted EBITDA was up 22% YoY, largely aided by business and asset optimization initiatives.
-
International Solutions
- Total revenues rose 5% YoY thanks to robust commercial execution and acquisition contributions.
- Adjusted EBITDA also grew by 15% YoY, driven by operational efficiencies and solid pricing dynamics.
Other Financial Highlights
- Depreciation, depletion, amortization, and impairment expenses increased by $0.1 billion compared to the prior year, totaling $0.6 billion.
- Interest income for the quarter was $37 million, an increase of $4 million compared to Q3 2024. Conversely, interest expenses rose to $209 million from $164 million due to increased gross debt balances.
- The income tax expense decreased to $0.4 billion from $0.5 billion year over year, reflecting a lower effective tax rate.
Balance Sheet and Liquidity
- As of September 30, 2025, total short and long-term debt stood at $18.7 billion, up from $14.0 billion at December 31, 2024.
- CRH reported a net debt of $15 billion, an increase from $10.5 billion reported at December 31, 2024, attributed to acquisitions and shareholder returns.
- Cash and cash equivalents totaled $4.3 billion, compared to $3.1 billion at the same time last year, while utilizing undrawn committed facilities totaling $4.2 billion.
Future Outlook
- CRH has positive expectations for 2026 across critical end-markets, supported by significant public investments in infrastructure and continued reindustrialization activity.
- Within the residential sector, while new builds may be subdued, repair and remodel activity are anticipated to remain resilient.
CRH’s performance metrics demonstrate a solid performance trajectory, enhanced by favorable market conditions and strategic investments. The company expects continued growth and value creation in the upcoming year.
Condensed Consolidated Statements of Income (Unaudited)
(in $ millions, except share and per share data)
| Three months ended | September 30 | 2025 | 2024 | Nine months ended | September 30 | 2025 | 2024 |
|---|---|---|---|---|---|---|---|
| Product revenues | 8,087 | 7,482 | 21,618 | 20,158 | |||
| Service revenues | 2,982 | 3,033 | 6,413 | 6,544 | |||
| Total revenues | 11,069 | 10,515 | 28,031 | 26,702 | |||
| Cost of product revenues | -4,083 | -3,674 | -11,992 | -11,010 | |||
| Cost of service revenues | -2,677 | -2,782 | -5,867 | -6,151 | |||
| Total cost of revenues | -6,760 | -6,456 | -17,859 | -17,161 | |||
| Gross profit | 4,309 | 4,059 | 10,172 | 9,541 | |||
| Selling, general and administrative expenses | -2,338 | -2,184 | -6,291 | -5,919 | |||
| Gain on disposal of long-lived assets | 110 | 89 | 153 | 199 | |||
| Operating income | 2,081 | 1,964 | 4,034 | 3,821 | |||
| Interest income | 37 | 33 | 104 | 112 | |||
| Interest expense | -209 | -164 | -590 | -452 | |||
| Other nonoperating income (expense), net | 12 | 62 | -17 | 246 | |||
| Income from operations before income tax expense and income from equity method investments | 1,921 | 1,895 | 3,531 | 3,727 | |||
| Income tax expense | -428 | -531 | -795 | -942 | |||
| Income from equity method investments | 26 | 25 | 17 | 27 | |||
| Net income | 1,519 | 1,389 | 2,753 | 2,812 | |||
| Net (income) attributable to redeemable noncontrolling interests | -10 | -9 | -18 | -21 | |||
| Net (income) attributable to noncontrolling interests | -6 | -4 | -7 | -2 | |||
| Net income attributable to CRH | 1,503 | 1,376 | 2,728 | 2,789 | |||
| Earnings per share attributable to CRH Basic | $2.23 | $1.99 | $4.02 | $4.03 | |||
| Diluted | $2.21 | $1.97 | $3.99 | $4.00 | |||
| Weighted average common shares outstanding Basic | 672.3 | 681.6 | 674.4 | 685.0 | |||
| Diluted | 675.5 | 685.5 | 678.2 | 690.0 |
Condensed Consolidated Balance Sheets (Unaudited)
(in $ millions, except share data)
| September 30 | 2025 | December 31 | 2024 | September 30 | 2024 |
|---|---|---|---|---|---|
| Assets Current assets: Cash and cash equivalents | 4,198 | 3,720 | 2,978 | ||
| Restricted cash | 90 | 39 | 102 | ||
| Accounts receivable, net | 6,961 | 4,820 | 6,422 | ||
| Inventories | 5,019 | 4,755 | 4,644 | ||
| Other current assets | 584 | 749 | 694 | ||
| Total current assets | 16,852 | 14,083 | 14,840 | ||
| Property, plant and equipment, net | 23,783 | 21,452 | 21,289 | ||
| Equity method investments | 743 | 737 | 929 | ||
| Goodwill | 12,676 | 11,061 | 10,906 | ||
| Intangible assets, net | 2,146 | 1,211 | 1,105 | ||
| Operating lease right-of-use assets, net | 1,412 | 1,274 | 1,322 | ||
| Other noncurrent assets | 915 | 795 | 830 | ||
| Total assets | 58,527 | 50,613 | 51,221 | ||
| Liabilities, redeemable noncontrolling interests and shareholders’ equity Current liabilities: Accounts payable | 3,156 | 3,207 | 2,963 | ||
| Accrued expenses | 2,393 | 2,248 | 2,513 | ||
| Current portion of long-term debt | 3,968 | 2,999 | 3,218 | ||
| Operating lease liabilities | 257 | 265 | 271 | ||
| Other current liabilities | 1,822 | 1,577 | 1,703 | ||
| Total current liabilities | 11,596 | 10,296 | 10,668 | ||
| Long-term debt | 14,734 | 10,969 | 10,672 | ||
| Deferred income tax liabilities | 3,595 | 3,105 | 3,168 | ||
| Noncurrent operating lease liabilities | 1,188 | 1,074 | 1,117 | ||
| Other noncurrent liabilities | 2,785 | 2,319 | 2,430 | ||
| Total liabilities | 33,898 | 27,763 | 28,055 | ||
| Commitments and contingencies Redeemable noncontrolling interests | 419 | 384 | 361 | ||
| Shareholders’ equity Preferred stock, €1.27 par value, 150,000 shares authorized and 50,000 shares issued and outstanding for 5% preferred stock and 872,000 shares authorized, issued and outstanding for 7% ‘A’ preferred stock, as of September 30, 2025, December 31, 2024, and September 30, 2024 | 1 | 1 | 1 | ||
| Common stock, €0.32 par value, 1,250,000,000 shares authorized; 709,054,314, 718,647,277 and 721,319,880 issued and outstanding, as of September 30, 2025, December 31, 2024, and September 30, 2024 respectively | 287 | 290 | 291 | ||
| Treasury stock, at cost (38,581,568, 41,355,384 and 41,493,074 shares as of September 30, 2025, December 31, 2024 and September 30, 2024 respectively) | -2,027 | -2,137 | -2,141 | ||
| Additional paid-in capital | 361 | 422 | 392 | ||
| Accumulated other comprehensive loss | -381 | -1,005 | -499 | ||
| Retained earnings | 25,068 | 24,036 | 23,831 | ||
| Total shareholders’ equity attributable to CRH shareholders | 23,309 | 21,607 | 21,875 | ||
| Noncontrolling interests | 901 | 859 | 930 | ||
| Total equity | 24,210 | 22,466 | 22,805 | ||
| Total liabilities, redeemable noncontrolling interests and equity |
