The guidance reduction signals that cost inflation and interest rate headwinds are more persistent than previously expected, particularly in Building Envelope where price-cost positivity is pushed into 2027. Monitor Q4 2026 for Building Materials price-cost trajectory and any further guidance adjustments. The sharp decline in cash ($299M vs $1.9B at year-end) and increased leverage (1.8x) warrant attention to working capital management and M&A spending.
Price Chart
Executive Summary
Amrize reported Q3 2026 revenue of $3,771M (+2.2% YoY) and diluted EPS of $1.02 (+4.1% YoY), slightly above the consensus EPS of $1.00 but revenue of $3,771M missed the $3.83B consensus. Adjusted EBITDA was essentially flat at $1,076M (+0.2% YoY). The company lowered its full-year 2026 guidance: revenue now $12.2B-$12.4B (from $12.29B-$12.52B) and Adjusted EBITDA $2.95B-$3.05B (from $3.25B-$3.34B), citing continued cost inflation and elevated interest rates. The Building Envelope segment saw a 14.6% decline in Adjusted EBITDA, and free cash flow was negative $551M year-to-date. The $1B share repurchase program was completed on October 28, 2026.
Key Financial Metrics
Key Facts
- Q3 2026 revenue $3,771M, +2.2% YoY (consensus $3.83B, miss)
- Q3 2026 diluted EPS $1.02, +4.1% YoY (consensus $1.00, beat)
- Q3 2026 Adjusted EBITDA $1,076M, +0.2% YoY
- Full-year 2026 guidance lowered: revenue $12.2B-$12.4B (from $12.29B-$12.52B), Adjusted EBITDA $2.95B-$3.05B (from $3.25B-$3.34B)
- Building Envelope segment Adjusted EBITDA declined 14.6% YoY to $182M
- Free cash flow was negative $551M for the nine months ended September 30, 2026
- Net leverage ratio increased to 1.8x from 1.1x at year-end 2025
- Completed $1B share repurchase program on October 28, 2026
- Cash and cash equivalents fell to $299M from $1,922M at December 31, 2025
- Prior period financial statements revised for immaterial adjustments related to extended warranty misstatement
Financial Impact
FY 2026 guidance lowered by approximately $290M-$310M at the midpoint for revenue and $245M-$295M for Adjusted EBITDA; Building Envelope EBITDA down 14.6% YoY; free cash flow negative $551M YTD
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Building Materials | $2.8B | +1.8% |
| Building Envelope | $929.0M | +3.6% |
Risk Factors
- Continued cost inflation (freight, diesel, raw materials) pressuring margins, especially in Building Envelope
- Elevated interest rates weighing on residential construction and Q4 volumes
- Negative free cash flow YTD and reduced cash position limit financial flexibility
- Building Envelope price-cost positivity delayed to 2027
- Weather-related volume disruptions in Q3 may persist
- Prior period financial statement revisions, though immaterial, raise governance questions
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0002035989-26-000087 |
| Document: amrizeq32026earningspres.htm | 0002035989-26-000087 |
| Document: amrize-20261028.htm | 0002035989-26-000087 |
| Document: 0002035989-26-000087-index-headers.html | 0002035989-26-000087 |
| Document: 0002035989-26-000087-index.html | 0002035989-26-000087 |
| Document: 0002035989-26-000087.txt | 0002035989-26-000087 |
| 8-K Data (Synthetic) | 0002035989-26-000087 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 1d ago | Institutional Cluster | $41.61 $41.38 | ▲ +0.55% | ▼ −1.22% | $41.38 (+0.55%) |
Oct 28, 2026 2d ago | 8-K | $41.61 $41.38 | ▲ +0.55% | ▼ −1.22% | $41.38 (+0.55%) |
Sep 3, 2026 8w ago | Insider Cluster | $44.01 $43.82 | ▼ −0.43% | ▼ −0.05% | $41.38 (−5.98%) |
Sep 1, 2026 8w ago | 8-K | $42.97 $44.01 | ▲ +2.42% | ▲ +1.37% | $41.38 (−3.70%) |
Aug 31, 2026 8w ago | Insider Cluster | $43.70 $42.81 | ▼ −2.04% | ▼ −1.35% | $41.38 (−5.31%) |
Aug 26, 2026 9w ago | Insider Cluster | $44.29 $44.67 | ▲ +0.86% | ▲ +1.08% | $41.38 (−6.57%) |
Aug 26, 2026 9w ago | Insider Cluster | $44.74 $44.29 | ▼ −1.01% | ▼ −1.66% | $41.38 (−7.51%) |
Aug 24, 2026 9w ago | 8-K | $44.25 $44.74 | ▲ +1.11% | ▲ +1.09% | $41.38 (−6.49%) |
Aug 18, 2026 10w ago | Insider Cluster | $44.63 $45.26 | ▲ +1.41% | ▲ +1.20% | $41.38 (−7.28%) |
Aug 13, 2026 11w ago | Insider Cluster | $46.75 $46.69 | ▼ −0.13% | ▲ +0.07% | $41.38 (−11.49%) |
US Market Status
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