CRH Reports Third Quarter 2025 Results

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Summary Financials	Q3 2025	YoY Change
Total revenues	$11.1bn	+5%
Net income	$1.5bn	+9%
Net income margin	13.7%	+50bps
Adjusted EBITDA*	$2.7bn	+10%
Adjusted EBITDA margin*	24.3%	+100bps
Diluted Earnings Per Share	$2.21	+12%

2025 Guidance (i)	Updated Guidance		Previous Guidance
*(in $ billions, except per share data)*	Low	High	Low	High
Net income (ii)	3.8	3.9	3.8	3.9
Adjusted EBITDA*	7.6	7.7	7.5	7.7
Diluted EPS (ii)	$5.49	$5.72	$5.49	$5.72
Capital expenditure	2.7	2.8	2.8	3.0

^{(i) The 2025 guidance does not assume any significant one-off or non-recurring items, including the impact of further potential changes to global trade policies, impairments or other unforeseen events.}
^{(ii) 2025 net income and diluted EPS are based on approximately $0.65 billion interest expense, net, an effective tax rate of approximately 22% and a year-to-date average of approximately 680 million diluted common shares outstanding.}

Condensed Consolidated Statements of Income (Unaudited) (in $ millions, except share and per share data)

	Three months ended		Nine months ended
	September 30		September 30
	2025	2024	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	December 31	September 30
	2025	2024	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	58,527	50,613	51,221

Condensed Consolidated Statements of Cash Flows (Unaudited) (in $ millions)

	Nine months ended
	September 30
	2025	2024
Cash Flows from Operating Activities:
Net income	2,753	2,812
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, amortization and impairment	1,606	1,288
Share-based compensation	104	96
Gains on disposals from businesses and long-lived assets, net	(126)	(389)
Deferred tax expense	175	195
Income from equity method investments	(17)	(27)
Pension and other postretirement benefits net periodic benefit cost	17	27
Non-cash operating lease costs	208	188
Other items, net	5	(17)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable, net	(1,940)	(1,527)
Inventories	(24)	(45)
Accounts payable	(264)	(276)
Operating lease liabilities	(226)	(218)
Other assets	(163)	(311)
Other liabilities	632	498
Pension and other postretirement benefits contributions	(30)	(35)
Net cash provided by operating activities	2,710	2,259

Cash Flows from Investing Activities:
Purchases of property, plant and equipment, and intangibles	(1,892)	(1,635)
Acquisitions, net of cash acquired	(3,121)	(3,853)
Proceeds from divestitures	52	977
Proceeds from disposal of long-lived assets	183	203
Dividends received from equity method investments	23	22
Settlements of derivatives	(72)	(21)
Deferred divestiture consideration received	40	82
Other investing activities, net	82	(180)
Net cash used in investing activities	(4,705)	(4,405)

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	Updated Guidance	Previous Guidance
*in $ billions*	2025 Mid-Point	2025 Mid-Point
Net income	3.85	3.9
Income tax expense	1.00	1.1
Interest expense, net	0.65	0.6
Depreciation, depletion, amortization and impairment	2.20	2.1
Other (i)	(0.05)	(0.1)
Adjusted EBITDA	7.65	7.6

^{(i) Other primarily relates to (income) loss from equity method investments and other nonoperating (income) expense, net.}