UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the quarterly period ended September 30, 2026
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the transition period from to
Commission File Number:001-32846
Commission File Number:
(Exact name of registrant as specified in its charter)
| Ireland | |||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
(Address, including zip code and telephone number, including area code, of registrant's principal executive offices)
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||
| Title of each class: | Trading Symbols: | Name of each exchange on which registered: | ||||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
CRH FORM 10-Q
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| ☒ | Accelerated filer | ☐ | ||||||||||||
| Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
| Emerging growth company | ||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
☐ Yes ☒No
☐ Yes ☒
As of October 19, 2026, the number of outstanding Ordinary Shares was 665,230,751 (excluding Treasury stock of 35,457,541 Ordinary Shares).
CRH FORM 10-Q
TABLE OF CONTENTS
| PAGE | ||||||||
| PART I | FINANCIAL INFORMATION | |||||||
| Item 1. | ||||||||
| Item 2. | ||||||||
| Item 3. | ||||||||
| Item 4. | ||||||||
| PART II | OTHER INFORMATION | |||||||
| Item 1. | ||||||||
| Item 1A. | ||||||||
| Item 2. | ||||||||
| Item 3. | ||||||||
| Item 4. | ||||||||
| Item 5. | ||||||||
| Item 6. | ||||||||
1 | ||
CRH FORM 10-Q
CERTAIN TERMS
Except as otherwise specified or the context otherwise requires, references to "CRH", the "Company", "we", "us" or "our" refer to CRH plc (together with its consolidated subsidiaries), and references to years indicate our fiscal year ended December 31 of the respective year.
References to the "2025 Form 10-K" are to our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 18, 2026. References to this "Quarterly Report" are to our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026. All references to the "Condensed Consolidated Financial Statements" are to Part I, Item 1 of this Quarterly Report. All references to the "same period in 2025" refer to the three months ended September 30, 2025, or the nine months ended September 30, 2025, as applicable, unless otherwise indicated.
References to "Ordinary Shares", "Common Shares" and "Common stock" refer to our ordinary shares of €0.32 each.
Forward-Looking Statements
In reliance upon the “Safe Harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, CRH is providing the following cautionary statement.
This Quarterly Report contains statements that are, or may be deemed to be, forward-looking statements with respect to the financial condition, results of operations, business, viability, and future performance of CRH and certain of the plans and objectives of CRH. These forward-looking statements may generally, but not always, be identified by the use of words such as “will”, “anticipates”, “should”, “could”, “would”, “targets”, “aims”, “may”, “continues”, “expects”, “is expected to”, “estimates”, “believes”, “intends” or similar expressions. These forward-looking statements include all matters that are not historical facts or matters of fact at the date of this Quarterly Report.
In particular, the following, among other statements, are all forward looking in nature: expectations regarding CRH’s outlook for 2026, including drivers of CRH's performance, demand outlook, trends in CRH’s markets and key end-markets, government funding initiatives and manufacturing trends (including public investment in infrastructure and reindustrialization activity), pricing trends, costs and weather patterns; plans and expectations regarding business strategy and cash returns for shareholders, including expectations regarding dividends and share buybacks (including the new share buyback program); plans and expectations regarding CRH’s financial capacity, including our ability to fund acquisitions and meet working capital needs, capital expenditures, contractual obligations, dividends, share repurchases, upcoming debt maturities and other liquidity requirements; plans and expectations regarding the expansion of our operations and the timing and benefits of our acquisitions and divestitures; the anticipated benefits of the acquisition of Arcosa, Inc. ("Arcosa") by CRH (the "Arcosa Acquisition"), including expected synergies, accretion and financial impact; CRH’s expected financial performance following the completion of the Arcosa Acquisition; the expected benefits, costs, timing and ambition of Velocity; and plans and expectations regarding market trends and dynamics in regions where CRH operates.
By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future and reflect our current expectations and assumptions as to such future events and circumstances that may not prove accurate. You are cautioned not to place undue reliance on any forward-looking statements. These forward-looking statements are made as of the date of this Quarterly Report. We expressly disclaim any obligation or undertaking to publicly update or revise these forward-looking statements other than as required by applicable law.
A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, certain of which are beyond our control, and which include, but are not limited to: economic and financial conditions, including changes in interest rates, inflation, price volatility and/or labor and materials shortages; demand for infrastructure, residential and non-residential construction and our products in geographic markets in which we operate; increased competition and its impact on prices and market position; increases in energy, labor and/or other raw materials costs; adverse changes to laws and regulations, including in relation to climate change; the impact of unfavorable weather; investor and/or consumer sentiment regarding the importance of sustainable practices and products; availability of public sector funding for infrastructure programs; political uncertainty, including as a result of political and social conditions in the jurisdictions CRH operates in, or adverse political developments, including the ongoing geopolitical conflicts in Ukraine and the Middle East; failure to complete or successfully integrate acquisitions or make timely divestitures; cyber-attacks and exposure of associates, contractors, customers, suppliers and other individuals to health and safety risks, including due to product failures; risks that the integration of Arcosa disrupts CRH’s current plans and operations; the ability to integrate Arcosa successfully and in a timely manner and to recognize the anticipated benefits of the Arcosa Acquisition; the amount of costs, fees, expenses and charges related to the Arcosa Acquisition; the indebtedness incurred to finance the Arcosa Acquisition and its effect on CRH's financial condition; potential litigation relating to the Arcosa Acquisition; the effect of the Arcosa Acquisition on CRH’s and Arcosa’s business relationships, operating results and business generally; and the failure to achieve the expected operational and financial benefits from Velocity and unintended consequences in connection with its implementation, including disruptions to our business. Additional factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those expressed by the forward-looking statements in this Quarterly Report including, but not limited to, the risks and uncertainties described herein and in “Risk Factors” in Item 1A of this Quarterly Report and the Company's 2025 Form 10-K and in our other filings with the SEC.
2 | ||
CRH FORM 10-Q
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Statements of Income (Unaudited)
(in $ millions, except share and per share data)
| Three months ended | Nine months ended | |||||||||||||
| September 30 | September 30 | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| Product revenues | ||||||||||||||
| Service revenues | ||||||||||||||
| Total revenues | ||||||||||||||
| Cost of product revenues | ( | ( | ( | ( | ||||||||||
| Cost of service revenues | ( | ( | ( | ( | ||||||||||
| Total cost of revenues | ( | ( | ( | ( | ||||||||||
| Gross profit | ||||||||||||||
| Selling, general and administrative expenses | ( | ( | ( | ( | ||||||||||
| Gain on disposal of long-lived assets | ||||||||||||||
| Loss on impairments | ( | ( | ( | ( | ||||||||||
| Operating income | ||||||||||||||
| Interest income | ||||||||||||||
| Interest expense | ( | ( | ( | ( | ||||||||||
| Other nonoperating income (expense), net | ( | |||||||||||||
| Income from operations before income tax expense and income from equity method investments | ||||||||||||||
| Income tax expense | ( | ( | ( | ( | ||||||||||
| (Loss) income from equity method investments | ( | ( | ||||||||||||
| Net income | ||||||||||||||
| Net (income) attributable to redeemable noncontrolling interests | ( | ( | ( | ( | ||||||||||
| Net loss (income) attributable to noncontrolling interests | ( | ( | ||||||||||||
| Net income attributable to CRH | ||||||||||||||
| Earnings per share attributable to CRH | ||||||||||||||
| Basic | $ | $ | $ | $ | ||||||||||
| Diluted | $ | $ | $ | $ | ||||||||||
| Weighted average common shares outstanding | ||||||||||||||
| Basic | ||||||||||||||
| Diluted | ||||||||||||||
The accompanying notes form an integral part of the Condensed Consolidated Financial Statements.
3 | ||
CRH FORM 10-Q
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(in $ millions)
| Three months ended | Nine months ended | |||||||||||||
| September 30 | September 30 | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| Net income | ||||||||||||||
| Other comprehensive income (loss), net of tax: | ||||||||||||||
| Currency translation adjustment | ( | ( | ( | |||||||||||
Net change in fair value of effective portion of cash flow hedges, net of tax of $ | ( | |||||||||||||
Actuarial losses and prior service credits for pension and other postretirement plans, net of tax of $ | ( | ( | ( | ( | ||||||||||
| Other comprehensive income (loss) | ( | ( | ||||||||||||
| Comprehensive income | ||||||||||||||
| Comprehensive (income) attributable to redeemable noncontrolling interests | ( | ( | ( | ( | ||||||||||
| Comprehensive loss (income) attributable to noncontrolling interests | ( | ( | ||||||||||||
| Comprehensive income attributable to CRH | ||||||||||||||
The accompanying notes form an integral part of the Condensed Consolidated Financial Statements.
4 | ||
CRH FORM 10-Q
Condensed Consolidated Balance Sheets (Unaudited)
(in $ millions, except share data)
| September 30 | December 31 | September 30 | |||||||||
| 2026 | 2025 | 2025 | |||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | |||||||||||
| Restricted cash | |||||||||||
Accounts receivable, net of allowance for credit losses of $ | |||||||||||
| Inventories | |||||||||||
| Other current assets | |||||||||||
| Total current assets | |||||||||||
| Property, plant and equipment, net | |||||||||||
| Equity method investments | |||||||||||
| Goodwill | |||||||||||
| Intangible assets, net | |||||||||||
| Operating lease right-of-use assets, net | |||||||||||
| Other noncurrent assets | |||||||||||
| Total assets | |||||||||||
| Liabilities, redeemable noncontrolling interests and shareholders’ equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | |||||||||||
| Accrued expenses | |||||||||||
| Current portion of long-term debt | |||||||||||
| Operating lease liabilities | |||||||||||
| Other current liabilities | |||||||||||
| Total current liabilities | |||||||||||
| Long-term debt | |||||||||||
| Deferred income tax liabilities | |||||||||||
| Noncurrent operating lease liabilities | |||||||||||
| Other noncurrent liabilities | |||||||||||
| Total liabilities | |||||||||||
Commitments and contingencies (Note 18) | |||||||||||
| Redeemable noncontrolling interests | |||||||||||
| Shareholders’ equity | |||||||||||
Preferred stock, € | |||||||||||
Common stock, € | |||||||||||
Treasury stock, at cost ( | ( | ( | ( | ||||||||
| Additional paid-in capital | |||||||||||
| Accumulated other comprehensive loss | ( | ( | ( | ||||||||
| Retained earnings | |||||||||||
| Total shareholders’ equity attributable to CRH shareholders | |||||||||||
| Noncontrolling interests | |||||||||||
| Total equity | |||||||||||
| Total liabilities, redeemable noncontrolling interests and equity | |||||||||||
The accompanying notes form an integral part of the Condensed Consolidated Financial Statements.
5 | ||
CRH FORM 10-Q
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in $ millions)
(in $ millions)
| Nine months ended | ||||||||
| September 30 | ||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | ||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation, depletion, and amortization | ||||||||
| Loss on impairments | ||||||||
| Share-based compensation | ||||||||
| Gain on disposals from businesses and long-lived assets, net | ( | ( | ||||||
| Deferred tax expense | ||||||||
| Loss (income) from equity method investments | ( | |||||||
| Pension and other postretirement benefits net periodic benefit cost | ||||||||
| Non-cash operating lease costs | ||||||||
| Other items, net | ||||||||
| Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | ||||||||
| Accounts receivable, net | ( | ( | ||||||
| Inventories | ( | ( | ||||||
| Accounts payable | ( | |||||||
| Operating lease liabilities | ( | ( | ||||||
| Other assets | ( | ( | ||||||
| Other liabilities | ||||||||
| Pension and other postretirement benefits contributions | ( | ( | ||||||
| Dividends received from equity method investments | ||||||||
| Net cash provided by operating activities | ||||||||
| Cash flows from investing activities: | ||||||||
| Purchases of property, plant and equipment, and intangibles | ( | ( | ||||||
| Acquisitions, net of cash acquired | ( | ( | ||||||
| Proceeds from divestitures | ||||||||
| Proceeds from disposal of long-lived assets | ||||||||
| Distributions received from equity method investments | ||||||||
| Settlements of derivatives | ( | ( | ||||||
| Deferred divestiture consideration received | ||||||||
| Other investing activities, net | ||||||||
| Net cash used in investing activities | ( | ( | ||||||
6 | ||
CRH FORM 10-Q
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in $ millions)
(in $ millions)
| Nine months ended | ||||||||
| September 30 | ||||||||
| 2026 | 2025 | |||||||
| Cash flows from financing activities: | ||||||||
| Proceeds from debt issuances | ||||||||
| Payments on debt | ( | ( | ||||||
| Settlements of derivatives | ( | |||||||
| Payments of finance lease obligations | ( | ( | ||||||
| Deferred and contingent acquisition consideration paid | ( | ( | ||||||
| Dividends paid | ( | ( | ||||||
| Distributions to noncontrolling and redeemable noncontrolling interests | ( | ( | ||||||
| Transactions involving noncontrolling interests | ( | |||||||
| Repurchases of common stock | ( | ( | ||||||
| Amounts related to employee share plans | ( | ( | ||||||
| Net cash provided by financing activities | ||||||||
| Effect of exchange rate changes on cash and cash equivalents, including restricted cash | ( | |||||||
| Increase in cash and cash equivalents, including restricted cash | ||||||||
| Cash and cash equivalents and restricted cash at the beginning of period | ||||||||
| Cash and cash equivalents and restricted cash at the end of period | ||||||||
| Supplemental cash flow information: | ||||||||
| Cash paid for interest (including finance leases) | ||||||||
| Cash paid for income taxes | ||||||||
| Reconciliation of cash and cash equivalents and restricted cash | ||||||||
| Cash and cash equivalents presented in the Condensed Consolidated Balance Sheets | ||||||||
| Restricted cash presented in the Condensed Consolidated Balance Sheets | ||||||||
| Total cash and cash equivalents and restricted cash presented in the Condensed Consolidated Statements of Cash Flows | ||||||||
The accompanying notes form an integral part of the Condensed Consolidated Financial Statements.
7 | ||
CRH FORM 10-Q
Condensed Consolidated Statements of Changes in Equity (Unaudited)
(in $ millions, except share and per share data)
| Preferred stock | Common stock | Treasury stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total Shareholders' Equity Attributable to CRH Shareholders | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||
| Balance as of June 30, 2026 | $ | $ | ( | ($ | $ | ($ | $ | $ | $ | $ | ||||||||||||||||||||||||||||
| Net income (loss) | – | – | – | – | – | – | – | – | ( | |||||||||||||||||||||||||||||
| Other comprehensive income | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
| Share-based compensation | – | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||||
| Repurchases and retirement of common stock | – | – | ( | – | – | – | – | – | ( | ( | – | ( | ||||||||||||||||||||||||||
| Shares issued under employee share plans | – | – | – | – | – | – | ( | – | – | ( | – | ( | ||||||||||||||||||||||||||
| Dividends declared on common stock | – | – | – | – | – | – | – | – | ( | ( | – | ( | ||||||||||||||||||||||||||
| Distributions to noncontrolling interests | – | – | – | – | – | – | – | – | – | – | ( | ( | ||||||||||||||||||||||||||
| Noncontrolling interests arising on acquisition | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||
| Adjustment of redeemable noncontrolling interests to redemption value | – | – | – | – | – | – | – | – | ( | ( | – | ( | ||||||||||||||||||||||||||
| Balance as of September 30, 2026 | $ | $ | ( | ($ | $ | ($ | $ | $ | $ | $ | ||||||||||||||||||||||||||||
For the three months ended September 30, 2026, dividends declared on Common stock were $0.39 per common share.
| Preferred stock | Common stock | Treasury stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total Shareholders' Equity Attributable to CRH Shareholders | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||
| Balance as of December 31, 2025 | $ | $ | ( | ($ | $ | ($ | $ | $ | $ | $ | ||||||||||||||||||||||||||||
| Net income (loss) | – | – | – | – | – | – | – | – | ( | |||||||||||||||||||||||||||||
| Other comprehensive (loss) income | – | – | – | – | – | – | – | ( | – | ( | ( | |||||||||||||||||||||||||||
| Share-based compensation | – | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||||
| Repurchases and retirement of preferred stock | ( | ( | – | – | – | – | – | – | – | ( | – | ( | ||||||||||||||||||||||||||
| Repurchases and retirement of common stock | – | – | ( | ( | – | – | – | – | ( | ( | – | ( | ||||||||||||||||||||||||||
| Shares issued under employee share plans | – | – | – | – | ( | – | ( | ( | – | ( | ||||||||||||||||||||||||||||
| Dividends declared on common stock | – | – | – | – | – | – | – | – | ( | ( | – | ( | ||||||||||||||||||||||||||
| Distributions to noncontrolling interests | – | – | – | – | – | – | – | – | – | – | ( | ( | ||||||||||||||||||||||||||
| Noncontrolling interests arising on acquisition | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||
| Transactions involving noncontrolling interests | – | – | – | – | – | – | – | – | ( | ( | – | ( | ||||||||||||||||||||||||||
| Adjustment of redeemable noncontrolling interests to redemption value | – | – | – | – | – | – | – | – | ( | ( | – | ( | ||||||||||||||||||||||||||
| Balance as of September 30, 2026 | $ | $ | ( | ($ | $ | ($ | $ | $ | $ | $ | ||||||||||||||||||||||||||||
For the nine months ended September 30, 2026, dividends declared on Common stock were $1.17 per common share.
8 | ||
CRH FORM 10-Q
Condensed Consolidated Statements of Changes in Equity (Unaudited)
(in $ millions, except share and per share data)
| Preferred stock | Common stock | Treasury stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total Shareholders' Equity Attributable to CRH Shareholders | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||
| Balance as of June 30, 2025 | $ | $ | ( | ($ | $ | ($ | $ | $ | $ | $ | ||||||||||||||||||||||||||||
| Net income | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
| Other comprehensive loss | – | – | – | – | – | – | – | ( | – | ( | ( | ( | ||||||||||||||||||||||||||
| Share-based compensation | – | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||||
| Repurchases and retirement of common stock | – | – | ( | ( | – | – | – | – | ( | ( | – | ( | ||||||||||||||||||||||||||
| Shares issued under employee share plans | – | – | – | – | – | – | – | |||||||||||||||||||||||||||||||
| Dividends declared on common stock | – | – | – | – | – | – | – | – | ( | ( | – | ( | ||||||||||||||||||||||||||
| Distributions to noncontrolling interests | – | – | – | – | – | – | – | – | – | – | ( | ( | ||||||||||||||||||||||||||
| Noncontrolling interests arising on acquisition | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||
| Adjustment of redeemable noncontrolling interests to redemption value | – | – | – | – | – | – | – | – | ( | ( | – | ( | ||||||||||||||||||||||||||
| Balance as of September 30, 2025 | $ | $ | ( | ($ | $ | ($ | $ | $ | $ | $ | ||||||||||||||||||||||||||||
For the three months ended September 30, 2025, dividends declared on Common stock were $0.37 per common share.
| Preferred stock | Common stock | Treasury stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total Shareholders' Equity Attributable to CRH Shareholders | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||
| Balance as of December 31, 2024 | $ | $ | ( | ($ | $ | ($ | $ | $ | $ | $ | ||||||||||||||||||||||||||||
| Net income | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
| Other comprehensive income | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
| Share-based compensation | – | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||||
| Repurchases and retirement of common stock | – | – | ( | ( | – | – | – | – | ( | ( | – | ( | ||||||||||||||||||||||||||
| Shares issued under employee share plans | – | – | – | – | ( | – | – | ( | – | ( | ||||||||||||||||||||||||||||
| Dividends declared on common stock | – | – | – | – | – | – | – | – | ( | ( | – | ( | ||||||||||||||||||||||||||
| Distributions to noncontrolling interests | – | – | – | – | – | – | – | – | – | – | ( | ( | ||||||||||||||||||||||||||
| Noncontrolling interests arising on acquisition | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||
| Transactions involving noncontrolling interests | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||
| Adjustment of redeemable noncontrolling interests to redemption value | – | – | – | – | – | – | – | – | ( | ( | – | ( | ||||||||||||||||||||||||||
| Balance as of September 30, 2025 | $ | $ | ( | ($ | $ | ($ | $ | $ | $ | $ | ||||||||||||||||||||||||||||
The accompanying notes form an integral part of the Condensed Consolidated Financial Statements.
9 | ||
CRH FORM 10-Q
Notes to Condensed Consolidated Financial Statements (Unaudited)
1. Summary of significant accounting policies
1.1. Description of business
CRH is the leading provider of building materials critical to modernizing infrastructure. The Company operates in the building materials industry, providing essential materials and products for construction projects across its Americas and International footprint. The Company is a major producer of aggregates, cementitious materials, ready mix concrete, asphalt, precast concrete and outdoor living products and is a provider of paving and construction services, supplying a wide range of customers, including federal and local authorities, general contractors, critical utility providers, and the commercial and residential markets. A summary of significant accounting policies used in the preparation of the accompanying Condensed Consolidated Financial Statements follows.
1.2. Basis of presentation and use of estimates
The accompanying unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and in Article 10 of Regulation S-X. The Company has continued to follow the accounting policies set forth in the audited Consolidated Financial Statements and related notes thereto included in the Company’s 2025 Form 10-K. In the opinion of our management, these statements reflect all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of our results of operations and financial condition for the periods and as of the dates presented. Operating results for the three and nine months ended September 30, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026 or any future interim period. The Condensed Consolidated Balance Sheet as of December 31, 2025 has been derived from the audited Consolidated Financial Statements at that date but does not include all of the information and notes required by U.S. GAAP for complete financial statements. These Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s 2025 Form 10-K.
Estimates and underlying assumptions are reviewed on an ongoing basis. Changes in accounting estimates may be necessary if there are changes in the circumstances or experiences on which the estimate was based or as a result of new information.
Changes in estimates, including those resulting from changes in the economic environment, are reflected in the period in which the change in estimate occurs.
1.3. Cash and cash equivalents and restricted cash
Cash and cash equivalents include cash on hand and all highly liquid investments with original maturities at the time of purchase of three months or less. Restricted cash consists of amounts held in escrow designated for exchange of assets under Section 1031 of the U.S. Internal Revenue Code of 1986, as amended.
1.4. New accounting standards
Refer to the audited Consolidated Financial Statements included in the Company's 2025 Form 10-K for impacts of new accounting standards. There were no material impacts from the adoption of new accounting standards to the Company's Condensed Consolidated Financial Statements for the nine months ended September 30, 2026.
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CRH FORM 10-Q
2. Revenues
The Company disaggregates Total revenues based on its operating and reportable segments. The Company’s operating and reportable segments are: (1) Americas Materials Solutions, (2) Americas Building Solutions, and (3) International Solutions.
Total revenues are disaggregated by principal activities and products and by primary geographic market. Business lines are reviewed and evaluated as follows: (1) Essential Materials, (2) Road Solutions, (3) Building & Infrastructure Solutions, and (4) Outdoor Living Solutions.
The Essential Materials businesses manufacture and supply aggregates and cementitious materials for use in a range of construction and industrial applications.
Road Solutions support the manufacturing, installation and maintenance of public highway infrastructure projects and commercial infrastructure.
Building & Infrastructure Solutions provide products that connect and protect critical water, energy and data infrastructure and deliver complex commercial building projects.
Outdoor Living Solutions integrate specialized materials, products and design features to enhance the quality of private and public spaces.
| Three months ended September 30, 2026 | ||||||||||||||
| in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total | ||||||||||
| Principal activities and products | ||||||||||||||
| Essential Materials (i) | ||||||||||||||
| Road Solutions (i) | ||||||||||||||
| Building & Infrastructure Solutions (ii) | ||||||||||||||
| Outdoor Living Solutions | ||||||||||||||
| Total revenues | ||||||||||||||
| Three months ended September 30, 2025 | ||||||||||||||
| in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total | ||||||||||
| Principal activities and products | ||||||||||||||
| Essential Materials | ||||||||||||||
| Road Solutions (i) | ||||||||||||||
| Building & Infrastructure Solutions (ii) | ||||||||||||||
| Outdoor Living Solutions | ||||||||||||||
| Total revenues | ||||||||||||||
| Nine months ended September 30, 2026 | ||||||||||||||
| in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total | ||||||||||
| Principal activities and products | ||||||||||||||
| Essential Materials (i) | ||||||||||||||
| Road Solutions (i) | ||||||||||||||
| Building & Infrastructure Solutions (ii) | ||||||||||||||
| Outdoor Living Solutions | ||||||||||||||
| Total revenues | ||||||||||||||
| Nine months ended September 30, 2025 | ||||||||||||||
| in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total | ||||||||||
| Principal activities and products | ||||||||||||||
| Essential Materials | ||||||||||||||
| Road Solutions (i) | ||||||||||||||
| Building & Infrastructure Solutions (ii) | ||||||||||||||
| Outdoor Living Solutions | ||||||||||||||
| Total revenues | ||||||||||||||
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CRH FORM 10-Q
(i) Revenues from contracts with customers in the Essential Materials and Road Solutions principal activities and products categories that are recognized over time were:
| Three months ended | Nine months ended | |||||||||||||
| September 30 | September 30 | |||||||||||||
| in $ millions | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Americas Materials Solutions | ||||||||||||||
| International Solutions | ||||||||||||||
| Total revenues from contracts with customers | ||||||||||||||
(ii) Revenues from contracts with customers in the Building & Infrastructure Solutions principal activities and products category that are recognized over time were:
| Three months ended | Nine months ended | |||||||||||||
| September 30 | September 30 | |||||||||||||
| in $ millions | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Americas Building Solutions | ||||||||||||||
| International Solutions | ||||||||||||||
| Total revenues from contracts with customers | ||||||||||||||
Contract assets were $887 million, $525 million and $957 million and contract liabilities were $347 million, $405 million and $405 million, as of September 30, 2026, December 31, 2025, and September 30, 2025, respectively. The Company recognized revenues of $348 million and $382 million for the nine months ended September 30, 2026, and September 30, 2025, respectively, which were previously included in the contract liability balance as of December 31, 2025, and December 31, 2024, respectively.
Contract assets include unbilled revenues and retentions held by customers in respect of construction contracts as of September 30, 2026, December 31, 2025, and September 30, 2025 amounting to $655 million and $232 million, $299 million and $226 million, and $697 million and $260 million, respectively. Unbilled revenues represent the estimated value of unbilled work for projects with performance obligations recognized over time. Retentions represent amounts that have been billed to customers but payment is withheld until final acceptance of the performance obligation by the customer. Retentions that have been billed but are not due until completion of performance and acceptance by customers, are generally expected to be collected within one year. The Company applies the practical expedient and does not adjust any of its transaction prices for the time value of money.
On September 30, 2026, the Company had $3,280 million of transaction price allocated to remaining performance obligations. The majority of open contracts as of September 30, 2026 are expected to close and revenues to be recognized within 12 months of the balance sheet date.
3. Assets held for sale and divestitures
On May 8, 2026, the Company divested its lawn and garden operations. On May 29, 2026, the Company divested its construction accessories operations. For the nine months ended September 30, 2026, total divestitures resulted in a pre-tax gain of $263 million which is included in Other nonoperating income (expense), net in the Condensed Consolidated Statement of Income.
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CRH FORM 10-Q
4. Acquisitions
The Company strategically acquires companies in order to increase its footprint and offer products and services that enhance its existing offerings. These acquisitions are accounted for as business combinations using the acquisition method, whereby the purchase price is allocated to the assets acquired and liabilities assumed, based on their estimated fair values at the date of the acquisition with the remaining amount recorded in Goodwill.
During the nine months ended September 30, 2026, the Company completed the acquisition of 25 companies. The total cash consideration for these acquisitions, net of cash acquired, was $1,659 million. The estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition dates. The Company expects to finalize the valuation and complete the purchase price allocations as soon as practical but no later than one year from the acquisition dates.
The provisional amounts for assets acquired, liabilities assumed, and consideration related to the acquisitions as of September 30, 2026, including measurement period adjustments to provisional fair values in respect of acquisitions completed in previous periods, were:
| in $ millions | Total (i) | ||||
| Identifiable assets acquired and liabilities assumed | |||||
| Assets | |||||
| Cash and cash equivalents | |||||
| Accounts receivable, net | |||||
| Inventories | |||||
| Other current assets | |||||
| Property, plant and equipment, net | |||||
| Intangible assets, net | |||||
| Operating lease right-of-use assets, net | |||||
| Total assets | |||||
| Liabilities | |||||
| Accounts payable | |||||
| Accrued expenses | |||||
| Operating lease liabilities | |||||
| Long-term debt | |||||
| Deferred income tax liabilities | |||||
| Other liabilities | |||||
| Total liabilities | |||||
| Total identifiable net assets at fair value | |||||
| Goodwill | |||||
| Noncontrolling interests | ( | ||||
| Total consideration | |||||
| Consideration satisfied by: | |||||
| Cash payments | |||||
| Deferred consideration (stated at net present cost) | |||||
| Total consideration | |||||
| Acquisitions of businesses, net of cash acquired | |||||
| Cash consideration | |||||
| Less: cash and cash equivalents acquired | ( | ||||
| Total outflow in the Condensed Consolidated Statements of Cash Flows | |||||
(i) Acquisitions are aggregated on the basis of individual immateriality. The acquisition balance sheet presented in this note reflects the identifiable net assets acquired in respect of acquisitions completed in the nine months ended September 30, 2026, together with measurement period adjustments to provisional fair values in respect of acquisitions completed during previous periods; none of which were material or non-routine substantial.
As a result of the acquisitions completed in the nine months ended September 30, 2026, including adjustments to provisional values, the Company recognized $132 million of amortizable intangible assets and $947 million of goodwill. Goodwill represents the excess of the consideration paid over the fair value of net assets acquired and includes the expected benefit of cost savings and synergies within the Company’s segments and intangible assets that do not qualify for separate recognition. Of the goodwill recognized in respect of the acquisitions completed in the nine months ended September 30, 2026, $379 million is expected to be deductible for tax purposes. The amortizable intangible assets will be amortized against earnings over a weighted average of nine years .
On October 23, 2026, CRH completed its acquisition of Arcosa, a leading U.S. provider of aggregates and critical infrastructure products. Under the terms of the merger agreement, Arcosa stockholders received $150.00 per share in cash, for a total enterprise value of approximately $8.5 billion. CRH financed the transaction with proceeds from borrowings under the Bridge and Term Loan Facilities and cash on hand.
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CRH FORM 10-Q
Acquisition-related costs
Acquisition-related costs have been included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Income. These costs include legal and consulting expenses incurred in connection with acquisitions. The Company incurred the following acquisition-related costs:
| Three months ended | Nine months ended | |||||||||||||
| September 30 | September 30 | |||||||||||||
| in $ millions | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Acquisition-related costs | ||||||||||||||
| Substantial acquisition-related (i) | ||||||||||||||
| Other acquisitions | ||||||||||||||
| Total acquisition-related costs | ||||||||||||||
(i) Represents expenses associated with the non-routine substantial acquisition of Arcosa which were incurred during the third quarter of 2026. The comparative periods presented include expenses related to the acquisition of Eco Material Technologies, a leading supplier of cementitious materials headquartered in Utah, United States.
For the period from acquisition date through September 30, 2026, and September 30, 2025, respectively, acquisitions contributed $254 million and $322 million to Total revenues, and a loss of $24 million and $13 million to Net income attributable to CRH, including the effect of interest expense to finance the acquisitions.
Pro forma results of operations for the acquisitions completed in the nine months ended September 30, 2026, as if they were combined as of January 1, 2025, have not been presented because they are not material to the Condensed Consolidated Financial Statements.
5. Accounts receivable, net
Accounts receivable, net, were:
| September 30 | December 31 | September 30 | |||||||||
| in $ millions | 2026 | 2025 | 2025 | ||||||||
| Trade receivables | |||||||||||
| Construction contract assets | |||||||||||
| Total accounts receivable | |||||||||||
| Less: allowance for credit losses | ( | ( | ( | ||||||||
| Other current receivables | |||||||||||
| Total accounts receivable, net | |||||||||||
Of the total Accounts receivable, net balances, $12 million, $32 million and $61 million as of September 30, 2026, December 31, 2025, and September 30, 2025, respectively, were due from equity method investments.
The changes in the allowance for credit losses were:
| in $ millions | 2026 | 2025 | ||||||
| As of January 1 | ||||||||
| Charge-offs | ( | ( | ||||||
| Provision for credit losses | ||||||||
| Foreign currency translation and other | ( | |||||||
| As of September 30 | ||||||||
6. Inventories
Inventories were:
| September 30 | December 31 | September 30 | |||||||||
| in $ millions | 2026 | 2025 | 2025 | ||||||||
| Raw materials | |||||||||||
| Work-in-process | |||||||||||
| Finished goods | |||||||||||
| Total inventories | |||||||||||
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CRH FORM 10-Q
7. Goodwill
The changes in the carrying amount of goodwill were:
| in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total | ||||||||||
| Carrying value, December 31, 2025 | ||||||||||||||
| Acquisitions | ||||||||||||||
| Foreign currency translation adjustment | ( | ( | ( | ( | ||||||||||
| Impairment charge | ( | ( | ||||||||||||
| Divestitures | ( | ( | ( | ( | ||||||||||
| Reallocation | ( | |||||||||||||
| Carrying value, September 30, 2026 | ||||||||||||||
| in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total | ||||||||||
| Carrying value, December 31, 2024 | ||||||||||||||
| Acquisitions | ||||||||||||||
| Foreign currency translation adjustment | ||||||||||||||
| Divestitures | ( | ( | ( | |||||||||||
| Carrying value, December 31, 2025 | ||||||||||||||
| in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total | ||||||||||
| Carrying value, December 31, 2024 | ||||||||||||||
| Acquisitions | ||||||||||||||
| Foreign currency translation adjustment | ||||||||||||||
| Divestitures | ( | ( | ||||||||||||
| Carrying value, September 30, 2025 | ||||||||||||||
As of September 30, 2026, the carrying amount of the Philippines reporting unit within International Solutions exceeded its estimated fair value, resulting in a goodwill impairment loss of $178 million recorded in Loss on impairments during the three months ended September 30, 2026.
For the nine months ended September 30, 2026, the total impairment loss of $226 million principally relates to the $178 million goodwill impairment of the Philippines reporting unit, driven by challenging market conditions which had an impact on growth prospects. The assumptions underlying the calculation of its estimated future cash flows resulted in a present value (using a real pre-tax discount rate of 8.2 %) of $699 million and a related goodwill impairment of $178 million. There were no goodwill impairment losses recorded during the nine months ended September 30, 2025.
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CRH FORM 10-Q
8. Additional financial information
Other current assets were:
| September 30 | December 31 | September 30 | |||||||||
| in $ millions | 2026 | 2025 | 2025 | ||||||||
| Prepayments | |||||||||||
| Income taxes recoverable | |||||||||||
| Other | |||||||||||
| Total other current assets | |||||||||||
Accrued expenses were:
| September 30 | December 31 | September 30 | |||||||||
| in $ millions | 2026 | 2025 | 2025 | ||||||||
| Accrued payroll and employee benefits | |||||||||||
| Other accruals | |||||||||||
| Total accrued expenses | |||||||||||
Other current liabilities were:
| September 30 | December 31 | September 30 | |||||||||
| in $ millions | 2026 | 2025 | 2025 | ||||||||
| Construction contract liabilities | |||||||||||
| Insurance liability | |||||||||||
| Income tax payable | |||||||||||
| Accrued external interest payable (excluding lease interest) | |||||||||||
| Finance lease liability | |||||||||||
| Other | |||||||||||
| Total other current liabilities | |||||||||||
Other noncurrent liabilities were:
| September 30 | December 31 | September 30 | |||||||||
| in $ millions | 2026 | 2025 | 2025 | ||||||||
| Income tax payable | |||||||||||
| Asset retirement obligations | |||||||||||
| Pension liability | |||||||||||
| Insurance liability | |||||||||||
| Finance lease liability | |||||||||||
| Other | |||||||||||
| Total other noncurrent liabilities | |||||||||||
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CRH FORM 10-Q
9. Debt
Long-term debt was:
| September 30 | December 31 | September 30 | ||||||||||||
| in $ millions | Effective interest rate | 2026 | 2025 | 2025 | ||||||||||
| Senior Notes (U.S. Dollar denominated unless otherwise noted) | ||||||||||||||
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| Bank and Other Debt Obligations | ||||||||||||||
| USD interest-bearing loan due 2027 | % | |||||||||||||
| PHP interest-bearing loan due 2027 | % | |||||||||||||
| AUD interest-bearing loan due 2028 | % | |||||||||||||
| AUD interest-bearing loan due 2029 | % | |||||||||||||
| AUD interest-bearing loan due 2030 | % | |||||||||||||
| U.S. Dollar Commercial Paper | % | |||||||||||||
| Euro Commercial Paper | % | |||||||||||||
| Other obligations | ||||||||||||||
| Unamortized discounts and debt issuance costs | ( | ( | ( | |||||||||||
| Total long-term debt (ii) | ||||||||||||||
| Less: current portion of long-term debt (iii) | ( | ( | ( | |||||||||||
| Long-term debt | ||||||||||||||
(i) The $300 million 6.400 % Senior Notes were issued in September 2003, and at the time of issuance the Senior Notes were partially swapped to floating interest rates. In August 2009 and December 2010, $87 21 million, $23 million, and $24 million as of September 30, 2026, December 31, 2025, and September 30, 2025, respectively.
(ii) Of the Company’s nominal fixed rate debt as of September 30, 2026, December 31, 2025, and September 30, 2025, $500 million, $500 million, and $500 million, respectively, was hedged to daily compounded Secured Overnight Financing Rate (SOFR) using interest rate swaps. Of the Company’s nominal floating rate debt as of September 30, 2026, December 31, 2025, and September 30, 2025, $418 million, $nil million, and $nil million, respectively, was hedged to fixed rates using interest rate swaps.
(iii) Excludes borrowings from bank overdrafts of $121 million, $120 million, and $123 million, which are recorded within Current portion of long-term debt in the Condensed Consolidated Balance Sheets as of September 30, 2026, December 31, 2025, and September 30, 2025, respectively.
Senior Notes:
The Senior Notes are issued by wholly-owned subsidiaries of the Company and carry full and unconditional guarantees from the Company, as defined in the indentures that govern them. These Senior Notes represent senior unsecured obligations of the Company and hold an equal standing in payment priority with the Company's existing and future senior unsubordinated indebtedness.
With the exception of the 6.400 % Senior Notes due 2033, all other Senior Notes can be redeemed before their respective par call dates, at a make-whole redemption price. Post par call dates and before the respective maturity dates, the Senior Notes can be redeemed at a price equal to 100 % of the principal amount, along with any accrued and unpaid interest.
17 | ||
CRH FORM 10-Q
In the event of a change-of-control repurchase event, the Company is obligated to offer repurchase options for the 3.400 % Senior Notes due 2027, 3.950 % Senior Notes due 2028, 5.200 % Senior Notes due 2029, 5.125 % Senior Notes due 2030, 4.400 % Senior Notes due 2031, 5.400 % Senior Notes due 2034, 5.500 % Senior Notes due 2035, 5.000 % Senior Notes due 2036, 5.125 % Senior Notes due 2045, 4.400 % Senior Notes due 2047, 4.500 % Senior Notes due 2048, 5.875 % Senior Notes due 2055, and 5.600 % Senior Notes due 2056. This repurchase involves a cash payment equal to 101 % of the principal amount, along with any accrued and unpaid interest.
If the Company's credit rating falls below investment-grade, the Company would be required to make an additional coupon step-up payment on the 5.125 % Senior Notes due 2045. The increase is 25 basis points (bps) per rating notch per agency, capped at 100 bps per agency. However, this coupon step-up would reverse if the Company returns to an investment-grade rating.
During the three months ended September 30, 2026, the Company entered into rate lock agreements to hedge variability in future cash interest payments attributable to changes in benchmark interest rates associated with anticipated debt issuances in connection with the Arcosa Acquisition. The rate locks were designated as cash flow hedges. As of September 30, 2026, the aggregate fair value of these contracts was immaterial.
In October 2026, the Company entered into additional rate locks in connection with anticipated debt issuances for the Arcosa Acquisition. The additional rate locks were also designated as cash flow hedges.
Bank Debt:
The Company maintains a multi-currency Revolving Credit Facility (the "RCF") with a syndicate of lenders. The RCF offers a senior unsecured revolving credit facility of €3,500 million over five years , maturing May 11, 2030. Borrowings under the RCF bear interest at rates based upon an underlying base rate, plus a margin determined in accordance with a ratings-based pricing grid. Base rates include SOFR for U.S. Dollar, Euro Interbank Offer Rate (EURIBOR) for euros, Sterling Overnight Index Average (SONIA) for Sterling, and Swiss Average Rate Overnight (SARON) for Swiss Francs, respectively. A commitment fee is payable on a quarterly basis based on a percentage of the applicable margin and calculated on the daily undrawn amount of the facility.
The deferred financing costs associated with the RCF were $4 million as of September 30, 2026. The total potential credit available through this arrangement is €3,500 million, inclusive of the ability to issue letters of credit.
As of September 30, 2026, December 31, 2025, and September 30, 2025, there were no 3,973 million (€3,500 million equivalent).
The RCF includes customary terms and conditions for investment-grade borrowers. There are no financial covenants.
In December 2024, the Company entered into a new $750 million two-year fixed rate term loan facility which was fully drawn. In December 2025, this facility was extended by one year to 2027.
In connection with the Arcosa Acquisition, on June 22, 2026, the Company, as guarantor, and CRH America Finance, Inc., a Delaware corporation and indirect wholly-owned subsidiary of the Company ("America Finance"), as borrower, entered into a bridge facility agreement with the lenders party thereto, pursuant to which the lenders committed to provide a 364-day $5.8 billion U.S. dollar term loan facility (the "Bridge Facility") to finance, in part, the consideration payable in connection with the Arcosa Acquisition, the refinancing of certain of Arcosa’s existing debt and related fees and expenses. Borrowings under the Bridge Facility bear interest at SOFR plus a margin which increases over the tenor of the loan, initially at 0.25 % for the first quarter, increasing to 0.40 % for the next quarter, and increasing by another 0.20 % each quarter thereafter. A ticking fee is payable on a quarterly basis based on a percentage of the applicable margin and calculated on the daily undrawn amount of the Bridge Facility. As of September 30, 2026, there were no outstanding borrowings under the Bridge Facility.
On July 17, 2026, the Company, as guarantor, and America Finance, as borrower, entered into a three-year $2.5 billion term loan facility in connection with the Arcosa Acquisition (the "Term Loan Facility"). As a result of the Term Loan Facility, the commitments under the Bridge Facility were reduced from $5.8 billion to $3.3 billion. Borrowings under the Term Loan Facility bear interest at SOFR plus a margin determined in accordance with a ratings-based pricing grid. A ticking fee is payable on a quarterly basis based on a percentage of the applicable margin and calculated on the daily undrawn amount of the Term Loan Facility.
Both the Bridge Facility and the Term Loan Facility include customary terms and conditions for investment-grade borrowers. There are no financial covenants. The Arcosa Acquisition completed in October 2026, and the funding of the Bridge Facility and the Term Loan Facility was subject to customary closing conditions for the Arcosa Acquisition.
Philippines (PHP) Debt:
The Company's subsidiary, Republic Cement & Building Materials, Inc., has entered into a number of committed credit arrangements with local banks totaling $0.4 billion (PHP23.6 billion). The Company does not guarantee these facilities. The funds drawn from these facilities carry a combination of fixed and floating interest rates.
Australian (AUD) Debt:
In July 2024, the Company acquired Adbri which had committed credit agreements with a range of banks and credit institutions totaling $0.7 billion (AUD0.9 billion). The funds drawn from these facilities carried a combination of fixed and floating interest rates. In November 2025, Adbri entered into a new credit facility with a range of banks and credit institutions totaling $0.8 billion (AUD1.2 billion). Funds were initially drawn to retire a portion of Adbri's existing credit facilities. The Company does not provide a guarantee for Adbri's facilities. The funds drawn from these facilities carry a combination of fixed and floating interest rates.
Commercial Paper:
As of September 30, 2026, the Company had a $4.0 billion U.S. Dollar Commercial Paper Program and a €1.5 billion Euro Commercial Paper Program. The purpose of these programs is to provide short-term liquidity as required. The Company’s RCF supports the commercial paper programs with a separate €750 million swingline sublimit which allows for same-day drawing in either euro or U.S. Dollar. Commercial paper borrowings may vary during the period, largely as a result of fluctuations in funding requirements.
18 | ||
CRH FORM 10-Q
The long-term debt maturities, net of the unamortized discounts and debt issuance costs, for the periods subsequent to September 30, 2026 are as follows:
| in $ millions | Remainder of 2026 | 2027 | 2028 | 2029 | 2030 | 2031 and thereafter | Total | ||||||||||||||||
| Long-term debt maturities | |||||||||||||||||||||||
10. Fair value measurement
Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured using inputs in one of the following three categories:
Level 1 measurements are based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation of these items does not entail a significant amount of judgment.
Level 2 measurements are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or market data other than quoted prices that are observable for the assets or liabilities.
Level 3 measurements are based on unobservable data that are supported by little or no market activity and are significant to the fair value of the assets or liabilities.
Considerable judgment may be required in interpreting market data used to develop the estimates of fair value.
The carrying values of the Company’s Long-term debt were $19,503 million, $17,533 million, and $18,579 million as of September 30, 2026, December 31, 2025, and September 30, 2025, respectively. The fair values of the Company’s Long-term debt were $18,691 million, $17,502 million, and $18,584 million as of September 30, 2026, December 31, 2025, and September 30, 2025, respectively. The Company’s Long-term debt obligations are Level 2 instruments whose fair value is derived from quoted market prices.
The Redeemable noncontrolling interests included in the Condensed Consolidated Balance Sheets are marked to fair value on a recurring basis using Level 3 inputs. The redemption value of Redeemable noncontrolling interests approximates the fair value and is based on a range of estimated potential outcomes of the expected payment amounts primarily dependent on underlying performance metrics. The unobservable inputs in the valuation include a discount rate determined using a Capital Asset Pricing Model methodology with ranges of between 6.27 % and 7.32 %.
See Note 17 for the changes in the fair value of Redeemable noncontrolling interests.
The carrying values of the Company’s Cash and cash equivalents, Restricted cash, Accounts receivable, net, Current portion of long-term debt, Accounts payable, Accrued expenses, and Other current liabilities approximate their fair values because of the short-term nature of these instruments.
11. Income taxes
The Company’s tax provision for the interim period is calculated using an estimated annual effective tax rate based on the expected full-year results which is applied to ordinary year-to-date income or loss. The tax provision is adjusted for discrete items that occur in the applicable interim period to arrive at the effective income tax rate.
The summary of the income tax expense from operations was:
| Three months ended | Nine months ended | |||||||||||||
| September 30 | September 30 | |||||||||||||
| in $ millions | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Total tax expense | ||||||||||||||
| Effective income tax rate | ||||||||||||||
The increase in effective tax rate for the three months ended September 30, 2026 was mainly driven by non-deductible impairments within International Solutions during the period and the movement in uncertain tax positions in the three months ended September 30, 2025. The increase in the effective tax rate for the nine months ended September 30, 2026 was mainly driven by the divestiture of the lawn and garden and construction accessories operations and non-deductible impairments within International Solutions during the period and the movement in uncertain tax positions and valuation allowances in the nine months ended September 30, 2025.
19 | ||
CRH FORM 10-Q
12. Earnings per share (EPS)
The calculation of basic and diluted earnings per share was:
| Three months ended | Nine months ended | |||||||||||||
| September 30 | September 30 | |||||||||||||
| in $ millions, except share and per share data | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Numerator | ||||||||||||||
| Net income | ||||||||||||||
| Net (income) attributable to redeemable noncontrolling interests | ( | ( | ( | ( | ||||||||||
| Net loss (income) attributable to noncontrolling interests | ( | ( | ||||||||||||
| Adjustment of redeemable noncontrolling interests to redemption value | ( | ( | ( | ( | ||||||||||
| Net income attributable to CRH for EPS - basic and diluted | ||||||||||||||
| Denominator | ||||||||||||||
| Weighted average common shares outstanding - basic (i) | ||||||||||||||
| Effect of dilutive employee share awards (ii) | ||||||||||||||
| Weighted average common shares outstanding - diluted | ||||||||||||||
| Earnings per share attributable to CRH | ||||||||||||||
| Basic | $ | $ | $ | $ | ||||||||||
| Diluted | $ | $ | $ | $ | ||||||||||
(i) The weighted average number of common shares included in the computation of basic and diluted earnings per share has been adjusted to exclude common shares repurchased and held by the Company as Treasury stock given that these shares are not entitled to receive dividends.
20 | ||
CRH FORM 10-Q
13. Accumulated other comprehensive loss
The changes in the balances for each component of Accumulated other comprehensive loss, net of tax, were:
| in $ millions | Currency Translation | Cash Flow Hedges | Pension and Other Postretirement Plans | Total | ||||||||||
| Balance as of June 30, 2026 | ( | ( | ( | ( | ||||||||||
| Other comprehensive (loss) income before reclassifications | ( | ( | ||||||||||||
| Amounts reclassified from Accumulated other comprehensive loss | ( | ( | ( | |||||||||||
| Net current-period other comprehensive (loss) income | ( | ( | ||||||||||||
| Other comprehensive (income) attributable to noncontrolling interests | ( | ( | ||||||||||||
| Balance as of September 30, 2026 | ( | ( | ( | |||||||||||
| Balance as of December 31, 2025 | ( | ( | ( | ( | ||||||||||
| Other comprehensive (loss) income before reclassifications | ( | |||||||||||||
| Amounts reclassified from Accumulated other comprehensive loss | ( | ( | ( | ( | ||||||||||
| Net current-period other comprehensive (loss) income | ( | ( | ( | |||||||||||
| Other comprehensive (income) attributable to noncontrolling interests | ( | ( | ||||||||||||
| Balance as of September 30, 2026 | ( | ( | ( | |||||||||||
| Balance as of June 30, 2025 | ( | ( | ( | ( | ||||||||||
| Other comprehensive (loss) income before reclassifications | ( | ( | ||||||||||||
| Amounts reclassified from Accumulated other comprehensive loss | ( | ( | ( | |||||||||||
| Net current-period other comprehensive (loss) income | ( | ( | ( | |||||||||||
| Other comprehensive loss attributable to noncontrolling interests | ||||||||||||||
| Balance as of September 30, 2025 | ( | ( | ( | ( | ||||||||||
| Balance as of December 31, 2024 | ( | ( | ( | ( | ||||||||||
| Other comprehensive income (loss) before reclassifications | ( | |||||||||||||
| Amounts reclassified from Accumulated other comprehensive loss | ( | ( | ( | ( | ||||||||||
| Net current-period other comprehensive income (loss) | ( | ( | ||||||||||||
| Other comprehensive (income) attributable to noncontrolling interests | ( | ( | ||||||||||||
| Balance as of September 30, 2025 | ( | ( | ( | ( | ||||||||||
The amounts reclassified from Accumulated other comprehensive loss to income were:
| Three months ended | Nine months ended | |||||||||||||
| September 30 | September 30 | |||||||||||||
| in $ millions | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Cash flow hedges | ||||||||||||||
| Cost of product revenues | ( | ( | ( | ( | ||||||||||
| Income tax expense | ||||||||||||||
| Total | ( | ( | ( | ( | ||||||||||
| Pension and other postretirement plans | ||||||||||||||
| Other nonoperating income, net | ( | ( | ( | ( | ||||||||||
| Income tax expense | ||||||||||||||
| Total | ( | ( | ( | ( | ||||||||||
| Reclassifications from Accumulated other comprehensive loss to income | ( | ( | ( | ( | ||||||||||
21 | ||
CRH FORM 10-Q
14. Segment information
The Company has the following three
Americas Materials Solutions;
Americas Building Solutions; and
International Solutions
The Americas Materials Solutions segment provides building materials, products and services for the construction and maintenance of public infrastructure and commercial and residential buildings in North America. The primary materials produced by this segment include aggregates, cementitious materials, ready mix concrete and asphalt. This segment also provides paving and construction services for customers.
The Americas Building Solutions segment manufactures, supplies and delivers building products for the built environment in communities across North America. Our subsidiaries within this segment offer building and infrastructure solutions serving complex critical infrastructure (such as water, energy, transportation and data projects) and outdoor living solutions for enhancing private and public spaces.
The International Solutions segment provides building materials, products and services across Europe and Australia, for use in the construction of critical infrastructure, commercial and residential buildings and outdoor living spaces.
Adjusted EBITDA is defined as earnings from continuing operations before interest, taxes, depreciation, depletion, amortization, Loss on impairments, gain/loss on divestitures and investments, Income/loss from equity method investments, substantial acquisition and integration-related costs, pension expense/income excluding current service cost component and transformation-related costs.
The key performance measures and segment expenses for the Company’s reportable segments were:
| Three months ended September 30, 2026 | ||||||||||||||
| in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total | ||||||||||
| Total revenues | ||||||||||||||
| Less: | ||||||||||||||
| Labor | ||||||||||||||
| Energy costs | ||||||||||||||
| Other segment items (i) | ||||||||||||||
| Adjusted EBITDA | ||||||||||||||
| Three months ended September 30, 2025 | ||||||||||||||
| in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total | ||||||||||
| Total revenues | ||||||||||||||
| Less: | ||||||||||||||
| Labor | ||||||||||||||
| Energy costs | ||||||||||||||
| Other segment items (i) | ||||||||||||||
| Adjusted EBITDA | ||||||||||||||
| Nine months ended September 30, 2026 | ||||||||||||||
| in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total | ||||||||||
| Total revenues | ||||||||||||||
| Less: | ||||||||||||||
| Labor | ||||||||||||||
| Energy costs | ||||||||||||||
| Other segment items (i) | ||||||||||||||
| Adjusted EBITDA | ||||||||||||||
22 | ||
CRH FORM 10-Q
| Nine months ended September 30, 2025 | ||||||||||||||
| in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total | ||||||||||
| Total revenues | ||||||||||||||
| Less: | ||||||||||||||
| Labor | ||||||||||||||
| Energy costs | ||||||||||||||
| Other segment items (i) | ||||||||||||||
| Adjusted EBITDA | ||||||||||||||
(i) The nature of other segment items is similar for each segment and primarily includes raw materials, haulage costs, subcontractor costs and other Selling, general and administrative expenses. The composition of other segment items is such that at a segment level none of these items is individually significant in determining segment performance.
| Three months ended | Nine months ended | |||||||||||||
| September 30 | September 30 | |||||||||||||
| in $ millions | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Adjusted EBITDA | ||||||||||||||
| Depreciation, depletion, and amortization | ( | ( | ( | ( | ||||||||||
| Loss on impairments (i) | ( | ( | ( | ( | ||||||||||
| Interest income | ||||||||||||||
| Interest expense | ( | ( | ( | ( | ||||||||||
| Gain (loss) on divestitures and investments (ii) | ( | |||||||||||||
| Pension income excluding current service cost component (ii) | ||||||||||||||
| Other interest, net (ii) | ||||||||||||||
| Substantial acquisition and integration-related costs | ( | ( | ( | ( | ||||||||||
| Transformation-related costs | ( | ( | ||||||||||||
| Income from operations before income tax expense and income from equity method investments | ||||||||||||||
(i) Loss on impairments is comprised of $226 million within International Solutions for the nine months ended September 30, 2026.
(ii) Gain (loss) on divestitures and investments, pension income excluding current service cost component and other interest, net have been included in Other nonoperating income (expense), net in the Condensed Consolidated Statements of Income.
Depreciation, depletion and amortization for each of the segments were:
| Three months ended | Nine months ended | |||||||||||||
| September 30 | September 30 | |||||||||||||
| in $ millions | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Depreciation, depletion and amortization | ||||||||||||||
| Americas Materials Solutions | ||||||||||||||
| Americas Building Solutions | ||||||||||||||
| International Solutions | ||||||||||||||
| Total depreciation, depletion and amortization | ||||||||||||||
The segment assets were:
| September 30 | December 31 | September 30 | |||||||||
| in $ millions | 2026 | 2025 | 2025 | ||||||||
| Assets | |||||||||||
| Americas Materials Solutions | |||||||||||
| Americas Building Solutions | |||||||||||
| International Solutions | |||||||||||
| Total assets for reportable segments | |||||||||||
23 | ||
CRH FORM 10-Q
Additions to property, plant and equipment and intangible assets for each of the segments were:
| Nine months ended | ||||||||
| September 30 | ||||||||
| in $ millions | 2026 | 2025 | ||||||
| Property, plant and equipment and intangible asset additions (i) | ||||||||
| Americas Materials Solutions | ||||||||
| Americas Building Solutions | ||||||||
| International Solutions | ||||||||
| Total property, plant and equipment and intangible asset additions | ||||||||
(i) Property, plant and equipment and intangible asset additions exclude asset retirement cost additions.
15. Pension and other postretirement benefits
Components of Net Periodic Benefit Cost
The components of net periodic benefit cost recognized in the Condensed Consolidated Statements of Income for the Pension and Other Postretirement Benefit (OPEB) Plans were:
| U.S. | Non-U.S. | |||||||||||||||||||||||||
| Three months ended | Nine months ended | Three months ended | Nine months ended | |||||||||||||||||||||||
| September 30 | September 30 | September 30 | September 30 | |||||||||||||||||||||||
| in $ millions | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||
| Service cost | ||||||||||||||||||||||||||
| Interest cost | ||||||||||||||||||||||||||
| Expected return on assets | ( | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||
| Amortization of: | ||||||||||||||||||||||||||
| Prior service credit | ( | ( | ( | ( | ||||||||||||||||||||||
| Actuarial loss | ||||||||||||||||||||||||||
| Curtailment gain | ( | |||||||||||||||||||||||||
| Settlement gain (i) | ( | |||||||||||||||||||||||||
| Net periodic benefit cost (ii) (iii) | ||||||||||||||||||||||||||
(i) Settlement gain of $9 million for the nine months ended September 30, 2026 relates to pension plans divested as part of the sale of the Company's construction accessories operations (see Note 3) and is included within Other nonoperating income (expense), net.
(ii) Includes net periodic benefit cost of $1 million and $1 million related to OPEB plans for the three months ended September 30, 2026 and September 30, 2025, respectively, and $4 million and $3 million for the nine months ended September 30, 2026 and September 30, 2025, respectively.
(iii) Service cost is included within Cost of revenues and Selling, general and administrative expenses while all other cost components are recorded within Other nonoperating income (expense), net.
24 | ||
CRH FORM 10-Q
16. Variable interest entities
The Company’s operations in the Philippines are conducted through a Variable Interest Entity (VIE), wherein the Company holds 40 % of the equity share capital and a 55 % share of earnings and distributions. The remaining noncontrolling interest of 60 % equity share capital and 45 % share of earnings and distributions is held by an unrelated party. The Company’s voting rights are not proportional to its share of earnings and distributions, and substantially all of the activities of the Philippines business are conducted on behalf of the Company and controlled by the Company through contractual relationships. The Philippines business meets the definition of a VIE for which the Company is the primary beneficiary and, therefore, is consolidated.
Further, the Company has provided subordinated debt to the intermediate parent of the Philippines business which exposes the Company to the profits and losses of the Philippines business. The debt is repayable only where the shareholder agreement of the intermediate parent of the Philippines business is terminated or where the Company transfers its shares in the intermediate parent to an unrelated entity (i.e., the debt exposure of the Company becomes in substance a residual interest in the intermediate parent).
The carrying amounts of assets and liabilities of the consolidated VIE, reported within the Condensed Consolidated Balance Sheets before intragroup eliminations with other CRH companies were:
| September 30 | December 31 | September 30 | |||||||||
| in $ millions | 2026 | 2025 | 2025 | ||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | |||||||||||
| Accounts receivable, net | |||||||||||
| Inventories | |||||||||||
| Other current assets | |||||||||||
| Total current assets | |||||||||||
| Property, plant and equipment, net | |||||||||||
| Goodwill | |||||||||||
| Operating lease right-of-use assets, net | |||||||||||
| Other noncurrent assets | |||||||||||
| Total assets | |||||||||||
| Liabilities | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | |||||||||||
| Accrued expenses | |||||||||||
| Current portion of long-term debt | |||||||||||
| Operating lease liabilities | |||||||||||
| Other current liabilities | |||||||||||
| Total current liabilities | |||||||||||
| Long-term debt | |||||||||||
| Deferred income tax liabilities | |||||||||||
| Noncurrent operating lease liabilities | |||||||||||
| Other noncurrent liabilities | |||||||||||
| Total liabilities | |||||||||||
The operating results of the consolidated VIE, reported within the Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Cash Flows before intragroup eliminations with other CRH companies were:
| Three months ended | Nine months ended | |||||||||||||
| September 30 | September 30 | |||||||||||||
| in $ millions | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Total revenues | ||||||||||||||
| Total cost of revenues | ( | ( | ( | ( | ||||||||||
| Gross (loss) profit | ( | ( | ||||||||||||
| Net loss | ( | ( | ( | ( | ||||||||||
| Net cash used in operating activities | ( | ( | ||||||||||||
25 | ||
CRH FORM 10-Q
17. Redeemable noncontrolling interests
The Redeemable noncontrolling interests primarily comprise the noncontrolling interests in two of the Company’s North American subsidiaries, which are currently redeemable. The Company has the ability to exercise the call options for the noncontrolling interests on or after December 31, 2035, and December 31, 2040, respectively. In addition to the call options, the noncontrolling interest holder has the right to sell the noncontrolling interests to the Company, which are currently exercisable. These noncontrolling interests have put and call options and both are redeemable based on multiples of EBITDA. The noncontrolling interests are considered redeemable noncontrolling equity interests, classified as temporary or mezzanine equity, as their redemption is not solely within the Company’s control. The noncontrolling interests were recorded at their respective fair values as of the acquisition dates and are adjusted to their expected redemption values, with an offsetting entry to retained earnings, as of the reporting date as if that date was the redemption date, if those amounts exceed their respective carrying values.
During the periods ended September 30, 2026 and September 30, 2025 the Company adjusted the carrying amount of the redeemable noncontrolling interests to reflect the estimated redemption values as of the balance sheet date. The adjustment was based on the formulaic redemption values, with an offsetting entry to retained earnings.
The following table summarizes the redeemable noncontrolling interest for the following periods:
| in $ millions | |||||
| Balance as of June 30, 2026 | |||||
| Net income attributable to redeemable noncontrolling interests | |||||
| Adjustment to the redemption value | |||||
| Foreign currency translation adjustment | ( | ||||
| Dividends paid | ( | ||||
| Balance as of September 30, 2026 | |||||
| Balance as of June 30, 2025 | |||||
| Net income attributable to redeemable noncontrolling interests | |||||
| Acquisitions | |||||
| Adjustment to the redemption value | |||||
| Dividends paid | ( | ||||
| Balance as of September 30, 2025 | |||||
| in $ millions | |||||
| Balance as of December 31, 2025 | |||||
| Net income attributable to redeemable noncontrolling interests | |||||
| Adjustment to the redemption value | |||||
| Foreign currency translation adjustment | ( | ||||
| Dividends paid | ( | ||||
| Balance as of September 30, 2026 | |||||
| Balance as of December 31, 2024 | |||||
| Net income attributable to redeemable noncontrolling interests | |||||
| Acquisitions | |||||
| Adjustment to the redemption value | |||||
| Dividends paid | ( | ||||
| Balance as of September 30, 2025 | |||||
18. Commitments and contingencies
Guarantees
The Company has given letters of guarantee to secure obligations of subsidiary undertakings as follows: $18.7 billion, $16.6 billion, and $17.8 billion in respect of loans and borrowings, bank advances and derivative obligations as of September 30, 2026, December 31, 2025, and September 30, 2025, respectively, and $0.5 billion, $0.5 billion, and $0.5 billion as of September 30, 2026, December 31, 2025, and September 30, 2025, respectively, in respect of letters of credit due within one year
Legal Proceedings
The Company is not involved in any proceedings that it believes could reasonably be expected to have a material adverse effect on the Company’s financial condition, results of operations or liquidity.
26 | ||
CRH FORM 10-Q
19. Transformation-related costs
During the third quarter of 2026, CRH launched Velocity, a transformation initiative focused on delivering an enhanced scalable operating model that will support ongoing strategy execution. Velocity will underpin growth objectives while enhancing operational efficiency thereby delivering a structurally higher margin business. The program will simplify organizational structures and processes, optimize process technology, the use of Artificial Intelligence and data, supporting accelerated decision-making and deployment of best practices.
The two-year program is expected to result in total non-routine costs of approximately $400 million including costs associated with process redesign, technology implementation and organizational optimization. Since inception of the program through to the end of the third quarter 2026, CRH has recognized non-routine transformation-related program costs of $49 million.
20. Subsequent events
The Company has evaluated subsequent events occurring through to the date the Condensed Consolidated Financial Statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the Condensed Consolidated Financial Statements except as noted below.
On October 23, 2026, CRH completed its acquisition of Arcosa, a leading U.S. provider of aggregates and critical infrastructure products. Under the terms of the merger agreement, Arcosa stockholders received $150.00 per share in cash, for a total enterprise value of approximately $8.5 billion. CRH financed the transaction with proceeds from borrowings under the Bridge and Term Loan Facilities and cash on hand.
27 | ||
CRH FORM 10-Q
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Introduction
Our Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to convey management’s perspective regarding operational and financial performance for the three and nine months ended September 30, 2026. This MD&A should be read in conjunction with the unaudited Condensed Consolidated Financial Statements and related notes appearing in Part I, Item 1. "Financial Statements” of this Quarterly Report.
The following discussion contains trend information and forward-looking statements. Actual results could differ materially from those discussed in these forward-looking statements, as well as from our historical performance, due to various factors, including, but not limited to, those discussed in this Quarterly Report, particularly "Forward-Looking Statements," and Item 1A. "Risk Factors" in this Quarterly Report and the Company's 2025 Form 10-K and in our other filings with the SEC. Our operating results depend upon economic cycles, seasonal and other weather‐related conditions, and trends in government funding initiatives, among other factors. Accordingly, financial results for any financial period presented, or period-to-period comparisons of reported results, may not be indicative of future operating results.
Overview
CRH is the leading provider of building materials critical to modernizing infrastructure. Our unmatched scale, connected portfolio, and deep local relationships make us the partner of choice for transportation, water and reindustrialization projects, shaping communities for a better tomorrow.
CRH’s connected portfolio supplies building materials across the construction value chain, better serving our customers’ needs and driving repeat business while making construction simpler, safer and more sustainable. This customer-centric approach combines our unique entrepreneurial culture, leading performance and local market knowledge with our value-added building products and services to be a valuable partner for customers across our end-markets.
The Company has a proven track record of growing and creating value through acquisition with over 1,250 deals completed in our history. We acquire businesses at attractive valuations and create value by connecting them with our existing operations and generating synergies. The Company takes an active approach to portfolio management and continuously reviews the competitive landscape for attractive investment and divestiture opportunities to deliver further growth and value creation for shareholders.
Operating in 25 countries across North America, Europe and Australia, CRH’s leading positions of scale serve transportation and critical infrastructure, reindustrialization projects, and commercial and residential construction activity.
Seasonality
Activity in the construction industry is dependent to a considerable extent on the seasonal impact of weather on the Company’s operating locations, with periods of higher activity in some markets during spring, summer and autumn which may reduce significantly in winter due to inclement conditions or generally as a result of extreme weather events. In addition to impacting demand for our products and services, adverse weather can negatively impact the production processes for a variety of reasons. For example, workers may not be able to work outdoors in sustained high temperatures and heavy rainfall and/or other unfavorable weather conditions. Therefore, our financial results for any particular quarter may not necessarily be indicative of our financial results for the full year or any future interim period.
Financial performance highlights
Three months ended September 30, 2026
CRH delivered a resilient third quarter performance despite a challenging cost environment and subdued residential activity, resulting in the following performance highlights (comparisons are versus the prior year's third quarter):
•Total revenues increased 3% to $11.4 billion;
•Net income was $1.2 billion compared with $1.5 billion, a decrease of $0.3 billion or 22%. Adjusted EBITDA*1was $2.7 billion, in line with $2.7 billion in the prior year's third quarter;
•Net income margin was 10.4% compared with 13.7%, a decrease of 330bps. Adjusted EBITDA margin* was 23.5%, a decrease of 80bps on the prior year's third quarter Adjusted EBITDA margin* of 24.3%; and
•Diluted Earnings Per Share (EPS) was $1.86 compared to $2.21. Diluted EPS pre-impairment* was $2.09 compared to $2.27.
Nine months ended September 30, 2026
CRH delivered a solid performance in the nine months ended September 30, 2026, resulting in the following performance highlights (comparisons are versus the prior year's first nine months):
•Total revenues increased 5% to $29.5 billion;
•Net income was $2.5 billion compared with $2.8 billion, a decrease of $0.2 billion or 9%. Adjusted EBITDA*2was $5.9 billion, an increase of $0.2 billion, or 4%;
•Net income margin was 8.5%, compared with 9.8%, a decrease of 130bps. Adjusted EBITDA margin* was 20.0%, a decrease of 20bps on the prior year's first nine months Adjusted EBITDA margin* of 20.2%; and
•Diluted EPS was $3.79 compared to $3.99. Diluted EPS pre-impairment* was $4.09 compared to $4.05.
*Represents a non-GAAP financial measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 34 to 35.1
2
28 | ||
CRH FORM 10-Q
Capital allocation highlights
Nine months ended September 30, 2026
•The final tranche of the legacy share buyback program was completed on July 28, 2026, with $0.7 billion cash returned to shareholders for the nine months ended September 30, 2026, compared with $0.9 billion in the first nine months of the prior year. On October 29, 2026, CRH announced that its Board of Directors has authorized a new share buyback program of up to $6 billion, expiring at the end of 2030;
•CRH declared a quarterly dividend of $0.39 per share in February 2026, April 2026 and July 2026 and a fourth quarterly dividend per share of $0.39 per share was announced on October 29, 2026, representing an annualized increase of 5% on the prior year;
•A total of 25 acquisitions were completed during the nine months ended September 30, 2026, for a total consideration of $1.7 billion, compared with $3.2 billion in the first nine months of the prior year. Subsequent to the period end, a further three acquisitions were completed in October, including the acquisition of Arcosa for a total enterprise value of $8.5 billion, bringing the year-to-date total consideration to $10.4 billion, inclusive of debt acquired; and
•$1.8 billion was invested in the nine months ended September 30, 2026, in growth and maintenance capital expenditure projects, compared with the $1.9 billion invested in the comparable period in 2025.
Development Review
In the three months ended September 30, 2026, CRH completed nine acquisitions for total consideration of $0.5 billion, compared with $2.5 billion in the same period in 2025. Americas Materials Solutions completed four acquisitions, Americas Building Solutions completed two and International Solutions completed three acquisitions.
For the nine months ended September 30, 2026, CRH completed 25 acquisitions for a total consideration of $1.7 billion, compared to $3.2 billion in the first nine months of the prior year.
On October 23, 2026, CRH completed its acquisition of Arcosa, a leading U.S. provider of aggregates and critical infrastructure products. Under the terms of the merger agreement, Arcosa stockholders received $150.00 per share in cash, for a total enterprise value of approximately $8.5 billion. CRH financed the transaction with proceeds from borrowings under the Bridge and Term Loan Facilities and cash on hand. The completed acquisition advances the Company’s connected portfolio.
With respect to divestitures, in the three months ended September 30, 2026, cash proceeds from divestitures and disposals of long-lived assets were $0.1 billion, net of disposal costs and deferred proceeds, in line with $0.1 billion proceeds in the same period in 2025.
For the nine months ended September 30, 2026, CRH realized cash proceeds from divestitures and disposals of long-lived assets of $1.9 billion, net of disposal costs and deferred proceeds, compared with $0.2 billion in the same period of the prior year. These primarily comprised the divestiture of three non-core businesses: CRH's construction accessories operations for $0.7 billion, its lawn and garden operations for $1.1 billion, and MoistureShield, a manufacturer of composite decking for $0.1 billion.
Outlook
Notwithstanding the volatile cost environment, we continue to expect favorable underlying demand across our key end-markets, underpinned by significant public investment in infrastructure and continued reindustrialization activity. We expect the residential end-market to remain weak in the near-term. Assuming normal seasonal weather patterns and absent any further major dislocations in the geopolitical or macroeconomic environment, CRH's superior strategy, connected portfolio and leading positions of scale in attractive high-growth markets, together with our strong and flexible balance sheet, are expected to underpin another year of growth and value creation in 2026 and beyond.
Results of Operations
Revenues are derived from a range of products and services across three segments. The Americas Materials Solutions segment uses an extensive network of reserve-backed quarry locations to produce and supply a range of materials including aggregates, cementitious materials, ready mix concrete and asphalt, as well as providing paving and construction services. The Americas Building Solutions segment manufactures, supplies and delivers high-quality building products. The International Solutions segment integrates building materials, products and services for the construction and renovation of transportation infrastructure, critical utility networks, commercial and residential buildings, and outdoor living spaces.
The table below summarizes CRH’s unaudited Condensed Consolidated Statements of Income for the periods indicated.3
3
29 | ||
CRH FORM 10-Q
Condensed Consolidated Statements of Income (Unaudited)
(in $ millions, except per share data)
| Three months ended | Nine months ended | |||||||||||||
| September 30 | September 30 | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| Total revenues | 11,396 | 11,069 | 29,543 | 28,031 | ||||||||||
| Total cost of revenues | (6,975) | (6,760) | (18,783) | (17,859) | ||||||||||
| Gross profit | 4,421 | 4,309 | 10,760 | 10,172 | ||||||||||
| Selling, general and administrative expenses | (2,366) | (2,298) | (6,690) | (6,251) | ||||||||||
| Gain on disposal of long-lived assets | 19 | 110 | 93 | 153 | ||||||||||
| Loss on impairments | (178) | (40) | (226) | (40) | ||||||||||
| Operating income | 1,896 | 2,081 | 3,937 | 4,034 | ||||||||||
| Interest income | 22 | 37 | 65 | 104 | ||||||||||
| Interest expense | (209) | (209) | (632) | (590) | ||||||||||
| Other nonoperating income (expense), net | 10 | 12 | 288 | (17) | ||||||||||
| Income from operations before income tax expense and income from equity method investments | 1,719 | 1,921 | 3,658 | 3,531 | ||||||||||
| Income tax expense | (494) | (428) | (1,100) | (795) | ||||||||||
| (Loss) income from equity method investments | (41) | 26 | (43) | 17 | ||||||||||
| Net income | 1,184 | 1,519 | 2,515 | 2,753 | ||||||||||
| Net (income) attributable to redeemable noncontrolling interests | (9) | (10) | (19) | (18) | ||||||||||
| Net loss (income) attributable to noncontrolling interests | 70 | (6) | 59 | (7) | ||||||||||
| Net income attributable to CRH | 1,245 | 1,503 | 2,555 | 2,728 | ||||||||||
| Diluted earnings per share attributable to CRH | $1.86 | $2.21 | $3.79 | $3.99 | ||||||||||
| Diluted earnings per share attributable to CRH - pre-impairment* | $2.09 | $2.27 | $4.09 | $4.05 | ||||||||||
| Adjusted EBITDA* | 2,682 | 2,695 | 5,895 | 5,653 | ||||||||||
Total revenues4
Total revenues were $11.4 billion for the three months ended September 30, 2026, an increase of $0.3 billion, or 3%, from the third quarter of 2025, driven by positive pricing momentum, resilient underlying demand, and contributions from acquisitions.
Total revenues were $29.5 billion for the nine months ended September 30, 2026, an increase of $1.5 billion, or 5%, from the first nine months of 2025, driven by positive underlying demand, disciplined commercial execution, and contributions from acquisitions.
For additional discussion on segment revenues, see “Segments” section on pages 31 to 33.
Gross profit
Gross profit for the three months ended September 30, 2026, was $4.4 billion, an increase of $0.1 billion, or 3% from the third quarter of 2025. The gross profit margin of 38.8% decreased 10bps from 38.9% in the third quarter of the prior year. The increase in Total cost of revenues was primarily driven by a 19% increase in energy costs, driven by cost inflation, higher activity levels and acquisitions and a 2% increase in labor costs, attributable to inflationary pressures, while other costs were 2% ahead of the third quarter of the prior year.
Gross profit for the first nine months ended September 30, 2026, was $10.8 billion, an increase of $0.6 billion, or 6% from the same period of 2025. The gross profit margin of 36.4% increased 10bps from 36.3% in the first nine months of the prior year. The increase in Total cost of revenues was primarily driven by a 14% increase in energy costs, driven by cost inflation, higher activity levels and acquisitions, an 11% increase in depreciation and amortization charges, reflecting the impact of acquisitions and capital expenditure, as well as a 4% increase in labor costs, attributable to wage inflation. Other costs were 4% ahead of the first nine months of the prior year.
Selling, general and administrative expenses
Selling, general and administrative expenses, which are primarily comprised of haulage costs, labor costs, and other selling and administrative expenses were $2.4 billion for the three months ended September 30, 2026, an increase of $0.1 billion, or 3%, from the comparable 2025 period. The increase was primarily driven by a 14% increase in haulage expenses resulting from fuel price inflation, acquisitions and higher activity levels.
Selling, general and administrative expenses, were $6.7 billion for the nine months ended September 30, 2026, an increase of $0.4 billion, or 7%, from the comparable 2025 period. The increase was primarily driven by a 17% increase in haulage expenses resulting from fuel price inflation, acquisitions and higher activity levels, as well as a 3% increase in labor costs reflecting wage inflation.
Gain on disposal of long-lived assets
Gain on disposal of long-lived assets was $19 million for the three months ended September 30, 2026, a decrease of $91 million compared with the same period in 2025, and $93 million for the nine months ended September 30, 2026, a decrease of $60 million compared with the same period in 2025. The decrease in both periods is due to the non-recurrence of the prior year gain on the disposal of certain land assets in the Americas Building Solutions segment.
Interest income
Interest income was $22 million for the three months ended September 30, 2026, a reduction of $15 million from the comparable period in 2025, and $65 million for the nine months ended September 30, 2026, a reduction of $39 million from the comparable period in 2025, primarily due to lower average cash on deposit.
4*Represents a non-GAAP financial measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 34 to 35.
30 | ||
CRH FORM 10-Q
Interest expense
Interest expense was $209 million for the three months ended September 30, 2026, in line with the same period in 2025, and $632 million for the nine months ended September 30, 2026, an increase of $42 million from the comparable period in 2025. The increase was primarily due to higher gross debt balances.
Other nonoperating income (expense), net
For the three months ended September 30, 2026, Other nonoperating income (expense), net, was an income of $10 million, compared with $12 million in the same period in 2025. Other nonoperating income (expense), net, includes pension and postretirement benefit costs (excluding service costs), gains and losses from divestitures, and other miscellaneous income and expenses.
For the nine months ended September 30, 2026, Other nonoperating income (expense), net, was an income of $288 million, primarily related to the gain on divestiture of the lawn and garden operations within Americas Building Solutions, compared with an expense of $17 million in the same period in 2025.
Income tax expense
For the three months ended September 30, 2026, the Company had an Income tax expense of $494 million, compared with $428 million for the comparable period in 2025. The effective tax rate was 29% for the third quarter of 2026 compared with an effective tax rate of 22% for the third quarter of 2025. The increase in the effective tax rate was primarily driven by non-deductible impairments within International Solutions during the period and the movement in uncertain tax positions in the three months ended September 30, 2025.
For the nine months ended September 30, 2026, the Company had an Income tax expense of $1,100 million, compared to $795 million for the comparable period in 2025. The effective tax rate was 30% for the first nine months of 2026 compared with an effective tax rate of 23% for the first nine months of 2025. The increase in the effective tax rate was mainly driven by the divestiture of the lawn and garden and construction accessories operations and non-deductible impairments within International Solutions during the period and the movement in uncertain tax positions and valuation allowances in the nine months ended September 30, 2025.
(Loss) income from equity method investments
For the three months ended September 30, 2026, a loss of $41 million was recorded in equity method investments, compared with income of $26 million for the comparable period in 2025, and a loss of $43 million was recorded for the nine months ended September 30, 2026, compared with income of $17 million for the comparable period in 2025. The loss in the current period primarily reflected an impairment, including tax impact, of the Company’s equity method investment in China, where market conditions remained challenging.
Segments
CRH is organized through three reportable segments across two Divisions. CRH’s Americas Division comprises two segments: Americas Materials Solutions and Americas Building Solutions; and CRH’s International Division comprises the other segment.
Within CRH’s segments, revenues are disaggregated by principal activities and products. Business lines are reviewed and evaluated as follows: (1) Essential Materials, (2) Road Solutions, (3) Building & Infrastructure Solutions, and (4) Outdoor Living Solutions. The Essential Materials businesses manufacture and supply aggregates and cementitious materials for use in a range of construction and industrial applications. Road Solutions support the manufacturing, installation and maintenance of public highway infrastructure projects and commercial infrastructure. Building & Infrastructure Solutions connect and protect critical water, energy and data infrastructure and deliver complex commercial building projects. Outdoor Living Solutions integrate specialized materials, products and design features to enhance the quality of private and public spaces.
The Company’s measure of segment profit is Adjusted EBITDA, which is defined as earnings from continuing operations before interest, taxes, depreciation, depletion, amortization, Loss on impairments, gain/loss on divestitures and investments, Income/loss from equity method investments, substantial acquisition and integration-related costs, pension expense/income excluding current service cost component and transformation-related costs.
Americas Materials Solutions
Three months ended September 30, 2026
| Analysis of Change | |||||||||||||||||||||||
| in $ millions | Three months ended September 30, 2025 | Currency | Acquisitions | Divestitures | Organic | Three months ended September 30, 2026 | % change | ||||||||||||||||
| Total revenues | 5,637 | (7) | +373 | (83) | +65 | 5,985 | +6% | ||||||||||||||||
| Adjusted EBITDA | 1,555 | (2) | +83 | (12) | (49) | 1,575 | +1% | ||||||||||||||||
| Adjusted EBITDA margin | 27.6% | 26.3% | |||||||||||||||||||||
Americas Materials Solutions' Total revenues were 6% ahead of the third quarter of 2025, driven by higher pricing across aggregates and asphalt, strong demand from major projects and contributions from acquisitions.
In Essential Materials, Total revenues increased by 19%, reflecting higher aggregates pricing and the contribution from the 2025 acquisition of Eco Material Technologies. Aggregates volumes increased by 2% and pricing increased by 5%, while cement volumes were in line with the prior year period and pricing was 2% behind, reflecting weakness in residential demand and the impact of geographic mix-effects.
In Road Solutions, Total revenues were 2% ahead of the prior year period. Asphalt volumes declined 2%, impacted by adverse weather and divestitures, while pricing increased by 7%. Ready mix concrete volumes increased by 2%, supported by project demand and acquisitions, with pricing up 3% over the same period. Paving and construction revenues were 1% behind the prior year period, as contributions from acquisitions were offset by adverse weather.
Adjusted EBITDA for Americas Materials Solutions was 1% ahead of the third quarter of 2025, supported by positive pricing momentum, disciplined cost management and contributions from acquisitions, offsetting the impact of divestitures and cost inflation. Adjusted EBITDA margin was 130bps lower than the third quarter of 2025.
31 | ||
CRH FORM 10-Q
Americas Materials Solutions
Nine months ended September 30, 2026
| Analysis of Change | |||||||||||||||||||||||
| in $ millions | Nine months ended September 30, 2025 | Currency | Acquisitions | Divestitures | Organic | Nine months ended September 30, 2026 | % change | ||||||||||||||||
| Total revenues | 12,389 | (1) | +954 | (122) | +446 | 13,666 | +10% | ||||||||||||||||
| Adjusted EBITDA | 2,855 | (3) | +187 | (5) | +28 | 3,062 | +7% | ||||||||||||||||
| Adjusted EBITDA margin | 23.0% | 22.4% | |||||||||||||||||||||
Americas Materials Solutions' Total revenues were 10% ahead of the first nine months of 2025, driven by positive pricing momentum, favorable underlying demand and contributions from acquisitions.
In Essential Materials, Total revenues increased by 22%, reflecting higher aggregates pricing, positive underlying demand across most regions and contributions from acquisitions. Aggregates volumes increased by 5% year-over-year, while pricing increased by 4%. Cement volumes were 2% ahead of the prior year period, while pricing was 2% behind, reflecting weakness in residential demand and the impact of geographic mix-effects.
In Road Solutions, Total revenues were 5% ahead of the prior year period, driven by robust project activity. Asphalt volumes increased by 1%, while pricing increased by 6%. Ready mix concrete volumes increased by 4%, with pricing up 3% over the same period. Paving and construction revenues increased by 4%, supported by contributions from acquisitions and a strong demand in the first half of 2026.
Adjusted EBITDA for Americas Materials Solutions was 7% ahead of the first nine months of 2025, driven by positive pricing, disciplined cost management and contributions from acquisitions. Adjusted EBITDA margin was 60bps behind the first nine months of 2025.
Americas Building Solutions
Three months ended September 30, 2026
| Analysis of Change | |||||||||||||||||||||||
| in $ millions | Three months ended September 30, 2025 | Currency | Acquisitions | Divestitures | Organic | Three months ended September 30, 2026 | % change | ||||||||||||||||
| Total revenues | 1,797 | (1) | +76 | (100) | (20) | 1,752 | (3%) | ||||||||||||||||
| Adjusted EBITDA | 432 | – | +7 | (6) | (80) | 353 | (18%) | ||||||||||||||||
| Adjusted EBITDA margin | 24.0% | 20.1% | |||||||||||||||||||||
Americas Building Solutions' Total revenues were 3% behind the third quarter of 2025, as strong utility infrastructure, data center activity and contributions from acquisitions were offset by the impact of divestitures and subdued residential demand.
In Building & Infrastructure Solutions, Total revenues were 16% ahead of the third quarter of 2025, reflecting higher demand in energy and water infrastructure markets, together with the contribution from the Axius Water acquisition.
In Outdoor Living Solutions, Total revenues were 15% lower than the prior year period, reflecting the impact of divestitures and subdued residential demand.
Americas Building Solutions' Adjusted EBITDA was 18% behind the third quarter of 2025, primarily due to the non-recurrence of the prior year gain on the disposal of certain land assets and cost inflation, partially offset by performance improvement initiatives. Adjusted EBITDA margin was 390bps behind the third quarter of 2025.
Americas Building Solutions
Nine months ended September 30, 2026
| Analysis of Change | |||||||||||||||||||||||
| in $ millions | Nine months ended September 30, 2025 | Currency | Acquisitions | Divestitures | Organic | Nine months ended September 30, 2026 | % change | ||||||||||||||||
| Total revenues | 5,638 | +2 | +99 | (292) | +90 | 5,537 | (2%) | ||||||||||||||||
| Adjusted EBITDA | 1,220 | – | +29 | (43) | (104) | 1,102 | (10%) | ||||||||||||||||
| Adjusted EBITDA margin | 21.6% | 19.9% | |||||||||||||||||||||
Americas Building Solutions' Total revenues were 2% behind the first nine months of 2025, as higher demand in energy infrastructure and data center markets and contributions from acquisitions were offset by the impact of divestitures and lower residential demand.
In Building & Infrastructure Solutions, Total revenues were 10% ahead of the first nine months of 2025, driven by higher demand in our energy, water treatment and data infrastructure markets.
In Outdoor Living Solutions, Total revenues were 8% behind the prior year period, reflecting the impact of divestitures, lower residential demand and adverse weather conditions earlier in the year.
Americas Building Solutions' Adjusted EBITDA was 10% behind the first nine months of 2025, reflecting the impact of divestitures, the non-recurrence of a prior year gain on the disposal of certain land assets and cost inflation, partly offset by contributions from acquisitions and ongoing performance improvement initiatives. Adjusted EBITDA margin was 170bps behind the first nine months of 2025.
32 | ||
CRH FORM 10-Q
International Solutions
Three months ended September 30, 2026
| Analysis of Change | |||||||||||||||||||||||
| in $ millions | Three months ended September 30, 2025 | Currency | Acquisitions | Divestitures | Organic | Three months ended September 30, 2026 | % change | ||||||||||||||||
| Total revenues | 3,635 | (18) | +234 | (269) | +77 | 3,659 | +1% | ||||||||||||||||
| Adjusted EBITDA | 708 | (7) | +36 | (17) | +34 | 754 | +6% | ||||||||||||||||
| Adjusted EBITDA margin | 19.5% | 20.6% | |||||||||||||||||||||
International Solutions' Total revenues were 1% ahead of the third quarter of 2025, as positive pricing momentum, increased activity levels in certain markets and contributions from acquisitions offset the impact of divestitures.
In Essential Materials, Total revenues were 9% ahead of the third quarter of 2025, supported by continued pricing progress, increased activity in certain markets and contributions from acquisitions. Aggregates and Cement volumes were 9% and 1% ahead of the comparable period in 2025, respectively. Aggregates and Cement pricing was also ahead by 5% and 6%, respectively, reflecting continued pricing momentum.
In Road Solutions, Total revenues were 1% ahead of the prior year period, with continued pricing progress, contributions from acquisitions and increased activity in certain markets partially offset by the impact of divestitures. Ready mix concrete volumes and pricing were 10% and 5% ahead of the comparable period in 2025, respectively. Asphalt volumes were 1% ahead of the prior year period, supported by higher activity levels in Western Europe, while pricing was 16% ahead, benefiting from geographic mix-effects.
Within Building & Infrastructure Solutions and Outdoor Living Solutions, Total revenues were 18% behind the third quarter of 2025, due to the impact of divestitures.
Adjusted EBITDA in International Solutions was 6% ahead of the third quarter of 2025, benefiting from positive pricing momentum, operational excellence initiatives and contributions from acquisitions, which more than offset the impact of divestitures and cost inflation. Adjusted EBITDA margin increased by 110bps.
International Solutions
Nine months ended September 30, 2026
| Analysis of Change | |||||||||||||||||||||||
| in $ millions | Nine months ended September 30, 2025 | Currency | Acquisitions | Divestitures | Organic | Nine months ended September 30, 2026 | % change | ||||||||||||||||
| Total revenues | 10,004 | +328 | +621 | (648) | +35 | 10,340 | +3% | ||||||||||||||||
| Adjusted EBITDA | 1,578 | +14 | +95 | (17) | +61 | 1,731 | +10% | ||||||||||||||||
| Adjusted EBITDA margin | 15.8% | 16.7% | |||||||||||||||||||||
International Solutions' Total revenues were 3% ahead of the first nine months of 2025, primarily driven by contributions from acquisitions, continued positive pricing momentum, increased activity levels in certain markets and currency tailwinds, which more than offset the impact of divestitures.
In Essential Materials, Total revenues were 12% ahead of the comparable period in 2025, supported by continued pricing progress, increased activity in certain markets and contributions from acquisitions. Aggregates and Cement volumes were 9% and 2% ahead of the prior year period, respectively, while pricing increased by 3% in Aggregates and 5% in Cement.
In Road Solutions, Total revenues were 1% behind the prior year period, impacted by divestitures. Ready mix concrete volumes and pricing were 6% and 4% ahead of the prior year period, respectively. Asphalt volumes were in line with the prior year period, while pricing was 14% ahead, benefiting from geographic mix-effects.
Total revenues in Building & Infrastructure Solutions and Outdoor Living Solutions were 5% behind the first nine months of 2025, reflecting the impact of divestitures.
Adjusted EBITDA in International Solutions was 10% ahead of the comparable period in 2025, with continued pricing progress, operational efficiencies and contributions from acquisitions offsetting the impact of cost inflation. Adjusted EBITDA margin increased by 90bps.
33 | ||
CRH FORM 10-Q
Velocity
During the third quarter of 2026, CRH launched Velocity, a transformation initiative focused on delivering an enhanced scalable operating model that will support ongoing strategy execution. Velocity will underpin growth objectives while enhancing operational efficiency thereby delivering a structurally higher margin business. The program will simplify organizational structures and processes, optimize process technology, the use of Artificial Intelligence and data, supporting accelerated decision-making and deployment of best practices.
By end of 2028, the two-year program is expected to deliver annual run-rate benefits of approximately $400 million. Velocity is expected to result in total non-routine costs of approximately $400 million including costs associated with process redesign, technology implementation and organizational optimization. Since inception of the program through to the end of the third quarter 2026, CRH has recognized non-routine transformation-related program costs of $49 million.
Non-GAAP Reconciliation and Supplementary Information
CRH uses a number of non-GAAP financial measures to monitor financial performance. These measures are referred to throughout the discussion of our reported financial position and operating performance on a continuing operations basis unless otherwise defined and are measures which are regularly reviewed by CRH management. These financial measures may not be uniformly defined by all companies and accordingly may not be directly comparable with similarly titled measures and disclosures by other companies.
Certain information presented is derived from amounts calculated in accordance with U.S. GAAP but is not itself an expressly permitted GAAP measure. The non-GAAP financial measures as summarized below should not be viewed in isolation or as an alternative to the most directly comparable GAAP measure.
Adjusted EBITDA: Adjusted EBITDA is defined as earnings from continuing operations before interest, taxes, depreciation, depletion, amortization, Loss on impairments, gain/loss on divestitures and investments, Income/loss from equity method investments, substantial acquisition and integration-related costs, pension expense/income excluding current service cost component and transformation-related costs. It is quoted by management in conjunction with other GAAP and non-GAAP financial measures to aid investors in their analysis of the performance of the Company. During the third quarter of 2026, the Company revised its definition of Adjusted EBITDA to exclude substantial acquisition-related integration costs and transformation-related costs. Management believes this revised measure provides a more meaningful representation of performance by excluding non-routine costs that are not reflective of the Company's underlying performance and may affect comparability. Adjusted EBITDA by segment is monitored by management in order to allocate resources between segments and to assess performance.
Adjusted EBITDA margin is calculated by expressing Adjusted EBITDA as a percentage of Total revenues.
Reconciliation to its most directly comparable GAAP measure is presented below:
| Three months ended | Nine months ended | |||||||||||||
| September 30 | September 30 | |||||||||||||
| in $ millions | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Net income | 1,184 | 1,519 | 2,515 | 2,753 | ||||||||||
| Loss (income) from equity method investments (i) | 41 | (26) | 43 | (17) | ||||||||||
| Income tax expense | 494 | 428 | 1,100 | 795 | ||||||||||
| (Gain) loss on divestitures and investments (ii) | (3) | (4) | (263) | 38 | ||||||||||
| Pension income excluding current service cost component (ii) | (4) | (5) | (22) | (14) | ||||||||||
| Other interest, net (ii) | (3) | (3) | (3) | (7) | ||||||||||
| Interest income | (22) | (37) | (65) | (104) | ||||||||||
| Interest expense | 209 | 209 | 632 | 590 | ||||||||||
| Depreciation, depletion, and amortization | 555 | 561 | 1,679 | 1,566 | ||||||||||
| Loss on impairments (i) | 178 | 40 | 226 | 40 | ||||||||||
| Substantial acquisition and integration-related costs (iii) | 4 | 13 | 4 | 13 | ||||||||||
| Transformation-related costs (iv) | 49 | – | 49 | – | ||||||||||
| Adjusted EBITDA | 2,682 | 2,695 | 5,895 | 5,653 | ||||||||||
| Total revenues | 11,396 | 11,069 | 29,543 | 28,031 | ||||||||||
| Net income margin | 10.4% | 13.7% | 8.5% | 9.8% | ||||||||||
| Adjusted EBITDA margin | 23.5% | 24.3% | 20.0% | 20.2% | ||||||||||
(i) For the nine months ended September 30, 2026, the total impairment loss including tax impact comprised of $282 million, principally related to a goodwill impairment recorded within Philippines reporting unit within International Solutions, and the equity method investment in China. | ||||||||||||||
(ii) (Gain) loss on divestitures and investments, pension income excluding current service cost component and other interest, net have been included in Other nonoperating income (expense), net in the Condensed Consolidated Statements of Income. | ||||||||||||||
(iii) Represents expenses associated with non-routine substantial acquisitions, which meet the criteria for being separately reported in Note 4 “Acquisitions” of the unaudited financial statements, as well as other acquisition and integration costs of an extraordinary nature. Expenses in Q3 2026 and Q3 2025 primarily include legal, consulting and tax expenses related to these acquisitions. | ||||||||||||||
(iv) Represents non-routine transformation-related costs associated with the implementation of Velocity. | ||||||||||||||
34 | ||
CRH FORM 10-Q
Net Debt: Net Debt is used by management as it gives additional insight into the Company’s current debt position less available cash. Net Debt is provided to enable investors to see the economic effect of gross debt, related hedges and cash and cash equivalents in total. Net Debt is comprised of short and long-term debt, finance lease liabilities, cash and cash equivalents and current and noncurrent derivative financial instruments (net).
Reconciliation to the most directly comparable GAAP measure is presented below:
| September 30 | December 31 | September 30 | |||||||||
| in $ millions | 2026 | 2025 | 2025 | ||||||||
| Short and long-term debt | (19,624) | (17,653) | (18,702) | ||||||||
| Cash and cash equivalents | 5,108 | 4,096 | 4,198 | ||||||||
| Finance lease liabilities | (633) | (534) | (506) | ||||||||
| Derivative financial instruments (net) | 105 | (60) | 4 | ||||||||
| Net Debt | (15,044) | (14,151) | (15,006) | ||||||||
Organic Revenues and Organic Adjusted EBITDA: CRH pursues a strategy of growth through acquisitions and investments, with total consideration on acquisitions and investments of $1.7 billion in the nine months ended September 30, 2026, compared with $3.2 billion for the same period in 2025. Acquisitions completed in 2025 and the first nine months of 2026 contributed incremental total revenues of $0.7 billion and Adjusted EBITDA of $0.1 billion for the three months ended September 30, 2026 and total revenues of $1.7 billion and Adjusted EBITDA of $0.3 billion for the nine months ended September 30, 2026. Cash proceeds from divestitures and disposals of long-lived assets (net of disposal costs and deferred proceeds) amounted to $1.9 billion for the nine months ended September 30, 2026, compared with $0.2 billion for the nine months ended September 30, 2025. The Total revenues impact of divestitures was a negative $0.5 billion and the impact at an Adjusted EBITDA level was a negative $35 million for the three months ended September 30, 2026, and for the nine months ended September 30, 2026 the Total revenues impact was a negative $1.1 billion and the impact at an Adjusted EBITDA level was a negative $65 million.
The U.S. Dollar strengthened against most major currencies during the three months ended September 30, 2026, compared with the prior year period, resulting in an overall negative currency exchange impact.
Because of the impact of acquisitions, divestitures, currency exchange translation and other non-recurring items on reported results each reporting period, CRH uses organic revenues and organic Adjusted EBITDA as additional performance indicators to assess performance of pre-existing (also referred to as underlying, like-for-like or ongoing) operations each reporting period.
Organic revenues and organic Adjusted EBITDA are arrived at by excluding the incremental revenues and Adjusted EBITDA contributions from current and prior year acquisitions and divestitures, the impact of exchange translation, and the impact of any one-off items. In Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section on pages 31 to 33, changes in organic revenues and organic Adjusted EBITDA are presented as additional measures of revenues and Adjusted EBITDA to provide a greater understanding of the performance of the Company. Organic change % is calculated by expressing the organic movement as a percentage of the prior year reporting period (adjusted for currency exchange effects). A reconciliation of the changes in organic revenues and organic Adjusted EBITDA to the changes in Total revenues and Adjusted EBITDA by segment is presented with the discussion within each segment’s performance in tables contained in the segment discussion in Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” commencing on page 31.
Diluted EPS pre‑impairment: Diluted EPS pre‑impairment is a measure of the Company's profitability per Common Share from continuing operations excluding any Loss on impairments (which is non-cash) and the related tax impact of such impairments. It is used by management to evaluate the Company's underlying profit performance and its own past performance. Diluted EPS information presented on a pre‑impairment basis is useful to investors as it provides an insight into the Company's underlying performance and profitability. Diluted EPS pre‑impairment is calculated as Net income (loss) adjusted for (i) Net (income) loss attributable to redeemable noncontrolling interests (ii) Net (income) loss attributable to noncontrolling interests (iii) adjustment of redeemable noncontrolling interests to redemption value and excluding any Loss on impairments (and the related tax impact of such impairments) divided by the diluted weighted average number of Common Shares outstanding for the respective period.
Reconciliation to its most directly comparable GAAP measure is presented below:
| Three months ended | Nine months ended | |||||||||||||||||||||||||
| September 30 | September 30 | |||||||||||||||||||||||||
| in $ millions, except share and per share data | 2026 | Per Share - diluted | 2025 | Per Share - diluted | 2026 | Per Share - diluted | 2025 | Per Share - diluted | ||||||||||||||||||
| Weighted average common shares outstanding – diluted | 666.9 | 675.5 | 669.2 | 678.2 | ||||||||||||||||||||||
| Net income | 1,184 | $1.78 | 1,519 | $2.25 | 2,515 | $3.76 | 2,753 | $4.06 | ||||||||||||||||||
| Net (income) attributable to redeemable noncontrolling interests | (9) | ($0.01) | (10) | ($0.02) | (19) | ($0.03) | (18) | ($0.03) | ||||||||||||||||||
| Net loss (income) attributable to noncontrolling interests | 70 | $0.10 | (6) | ($0.01) | 59 | $0.09 | (7) | ($0.01) | ||||||||||||||||||
| Adjustment of redeemable noncontrolling interests to redemption value | (7) | ($0.01) | (7) | ($0.01) | (21) | ($0.03) | (20) | ($0.03) | ||||||||||||||||||
| Net income attributable to CRH for EPS | 1,238 | $1.86 | 1,496 | $2.21 | 2,534 | $3.79 | 2,708 | $3.99 | ||||||||||||||||||
| Impairment of property, plant and equipment and intangible assets | 98 | $0.15 | 40 | $0.06 | 146 | $0.22 | 40 | $0.06 | ||||||||||||||||||
| Impairment of equity method investments (net of tax) | 56 | $0.08 | – | – | 56 | $0.08 | – | – | ||||||||||||||||||
| Net income attributable to CRH for EPS – pre-impairment (i) | 1,392 | $2.09 | 1,536 | $2.27 | 2,736 | $4.09 | 2,748 | $4.05 | ||||||||||||||||||
(i) Reflective of CRH’s share of impairment of property, plant and equipment and intangible assets ($146 million and $40 million, respectively, for the nine months ended September 30, 2026 and September 30, 2025) and equity method investments including tax impact ($56 million and $nil million, respectively, for the nine months ended September 30, 2026 and September 30, 2025). | ||||||||||||||||||||||||||
35 | ||
CRH FORM 10-Q
Liquidity and Capital Resources
The Company’s primary source of incremental liquidity is cash flows from operating activities, which combined with the cash and cash equivalents balance, the uncommitted U.S. Dollar and Euro Commercial Paper Programs, and committed credit lines, is expected to be sufficient to meet the Company’s working capital needs, capital expenditure, dividends, share repurchases, upcoming debt maturities, and other liquidity requirements associated with our operations for the foreseeable future. In addition, the Company believes that it will have sufficient ability to fund additional acquisitions via cash flows from internally available cash, cash flows from operating activities and, subject to market conditions, via obtaining additional borrowings and/or issuing additional debt or equity securities.
Total short and long-term debt was $19.6 billion as of September 30, 2026, compared with $17.7 billion as of December 31, 2025, and $18.7 billion as of September 30, 2025. In the nine months ended September 30, 2026, $2.4 billion, net of repayments, of U.S. Dollar Commercial Paper was issued and $0.2 billion of Euro Commercial Paper was repaid.
Net Debt* as of September 30, 2026, was $15.0 billion, compared with $14.2 billion as of December 31, 2025, and $15.0 billion as of September 30, 2025. The increase in Net Debt* compared to December 31, 2025, reflects purchases of property, plant and equipment, acquisitions, as well as cash returns to shareholders through dividends and share buybacks, partially offset by inflows from operating activities and proceeds from divestitures.
As of September 30, 2026, CRH had cash and cash equivalents and restricted cash of $5.1 billion, compared to $4.1 billion as of December 31, 2025, and $4.3 billion as of September 30, 2025. Total lease liabilities were $2.0 billion, compared to $2.1 billion as of December 31, 2025, and $2.0 billion as of September 30, 2025.
As of September 30, 2026, the Company had $4.5 billion of undrawn committed facilities available for use for general corporate purposes, which were available until May 2030. As of September 30, 2026, the weighted average maturity of the term debt (net of cash and cash equivalents) was 8.2 years.
As of September 30, 2026, the Company had entered into a bridge facility agreement with commitments of $3.3 billion and a $2.5 billion term loan facility, the purpose of which was to finance, in part, the consideration payable in connection with the Arcosa Acquisition, the refinancing of certain of Arcosa’s existing debt and related fees and expenses. For additional information, see Note 9 “Debt” and Note 20 "Subsequent events" in Part I, Item 1. “Financial Statements”.
Other than items updated in this Quarterly Report, CRH's financial condition and the nature and composition of the Company’s material cash requirements, which include debt service and related interest payments, operating lease obligations, share repurchase commitments and other purchase obligations arising in the normal course of business, have not materially changed from those disclosed in the Company's 2025 Form 10-K.
Cash flows
Cash flows from operating activities
| Nine months ended | ||||||||
| September 30 | ||||||||
| in $ millions | 2026 | 2025 | ||||||
| Net cash provided by operating activities | 2,271 | 2,710 | ||||||
Net cash provided by operating activities was $2.3 billion for the nine months ended September 30, 2026, compared to $2.7 billion in the same period in 2025. The decrease in net cash provided by operating activities was primarily driven by higher working capital outflows due to the timing of divestitures and lower operating income in the period.
Cash flows from investing activities
| Nine months ended | ||||||||
| September 30 | ||||||||
| in $ millions | 2026 | 2025 | ||||||
| Net cash used in investing activities | (1,603) | (4,705) | ||||||
Net cash used in investing activities was $1.6 billion for the nine months ended September 30, 2026, compared to $4.7 billion in the same period in 2025. During the nine months ended September 30, 2026, the Company invested $1.7 billion in acquisitions, compared to $3.1 billion invested in the same period in 2025. Capital expenditure totaled $1.8 billion in the first nine months of 2026, compared to $1.9 billion in the prior year period. Investing outflows were partially offset by the proceeds from divestitures and disposals of long-lived assets and other investing activities totaling $1.8 billion in the first nine months of 2026, compared with $0.3 billion in the same period in 2025.
Cash flows from financing activities
| Nine months ended | ||||||||||||||
| September 30 | ||||||||||||||
| in $ millions | 2026 | 2025 | ||||||||||||
| Net cash provided by financing activities | 319 | 2,319 | ||||||||||||
Net cash provided by financing activities was $0.3 billion for the nine months ended September 30, 2026, compared to $2.3 billion provided in the same period in 2025. Proceeds from debt issuances were $5.8 billion, related to the issuance of commercial paper. This compared with $7.8 billion in the same period in 2025, which included the issuance of $3.0 billion in new senior notes in January 2025 and the issuance of $4.6 billion of commercial paper. Payments on debt in the first nine months of 2026 were $3.7 billion, primarily being the repayment of $3.4 billion issued under the Company’s commercial paper programs. This compared with a repayment of $3.7 billion in the prior year comparable period, being the repayment of $2.4 billion issued under the Company’s commercial paper programs and the repayment of a $1.25 billion bond on maturity in May 2025. Dividends paid and outflows related to the repurchases of common stock were $0.8 billion and $0.7 billion, respectively, in the first nine months of 2026, compared with $0.7 billion and $0.9 billion, respectively, in the prior year period.
*Represents a non-GAAP financial measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 34 to 35.*
36 | ||
CRH FORM 10-Q
Debt facilities
The following section summarizes certain material provisions of our debt facilities and long-term debt obligations. The following description is only a summary, does not purport to be complete and is qualified in its entirety by reference to the documents governing such indebtedness (which are filed as exhibits to the Company's 2025 Form 10-K).
As of September 30, 2026, we expect maturities of our debt facilities and long-term debt obligations for the remainder of 2026 as follows:
| 2026 Debt Maturities | |||||
| Fourth Quarter | $2.6 billion | ||||
Unsecured senior notes
The main sources of Company debt funding are public bond markets in North America and Europe. See Note 9 “Debt” in Part I, Item 1. “Financial Statements” for further details regarding our debt obligations.
Bank credit facilities
The Company partly manages its borrowing requirements by entering into committed borrowing agreements. The Company has a multi-currency RCF, dated May 2023, consisting of a €3.5 billion unsecured, revolving loan facility, maturing May 2030. See Note 9 “Debt” in Part I, Item 1. “Financial Statements” of this Quarterly Report for further details regarding the RCF. As of September 30, 2026, the RCF was undrawn and currently continues to remain undrawn as of the date of this Quarterly Report.
As of September 30, 2026, and in connection with the Arcosa Acquisition, the Company had entered into a bridge facility agreement with commitments of $3.3 billion and a $2.5 billion term loan facility. For additional information about the Bridge Facility and Term Loan Facility, see Note 9 “Debt” in Part I, Item 1. “Financial Statements”.
Guarantees
The Company has given letters of guarantee to secure obligations of subsidiary undertakings as follows: $18.7 billion in respect of loans and borrowings, bank advances and derivative obligations, and $0.5 billion in respect of letters of credit due within one year as of September 30, 2026.
Commercial paper programs
As of September 30, 2026, the Company had a $4.0 billion U.S. Dollar Commercial Paper Program and a €1.5 billion Euro Commercial Paper Program. Commercial paper borrowings bear interest at rates determined at the time of borrowing. As of September 30, 2026, there was $2.4 billion of outstanding notes issued under the U.S. Dollar Commercial Paper Program and $nil billion of outstanding notes issued under the Euro Commercial Paper Program. The purpose of these programs is to provide short-term liquidity.
Off-Balance sheet arrangements
CRH does not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on CRH’s financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that may be material to investors.
Credit ratings1*
Our credit ratings and outlooks as of September 30, 2026, are as follows:
| Short-Term | Long-Term | Outlook | |||||||||
| S&P | A-2 | BBB+ | Stable | ||||||||
| Moody’s | P-2 | Baa1 | Stable | ||||||||
| Fitch | F1 | BBB+ | Stable | ||||||||
Contractual obligations
An analysis of the maturity profile of debt, leases capitalized, purchase obligations and deferred and contingent acquisition consideration as of September 30, 2026, is as follows:
| Payments due by period | Total | Less than 1 year | 1-3 years | 4-5 years | More than 5 years | ||||||||||||
| in $ millions | |||||||||||||||||
| Short and long-term debt (i) | 19,715 | 4,841 | 3,526 | 4,685 | 6,663 | ||||||||||||
| Lease liabilities (ii) | 2,525 | 402 | 674 | 438 | 1,011 | ||||||||||||
| Estimated interest payments on contractually committed debt (iii) | 6,131 | 768 | 1,226 | 878 | 3,259 | ||||||||||||
| Deferred and contingent acquisition consideration | 43 | 19 | 9 | 10 | 5 | ||||||||||||
| Purchase obligations (iv) | 1,713 | 994 | 433 | 56 | 230 | ||||||||||||
| Total (v) | 30,127 | 7,024 | 5,868 | 6,067 | 11,168 | ||||||||||||
(i) Of the $19.7 billion short and long-term debt, $0.7 billion is drawn on revolving facilities which may be repaid and redrawn up to the date of maturity.
(ii) Lease liabilities are presented on an undiscounted basis.
(iii) These interest payments have been estimated on the basis of the following assumptions: (a) no change in variable interest rates; (b) no change in
exchange rates; (c) that all debt is repaid as if it falls due from future cash generation; and (d) that none is refinanced by future debt issuance.
exchange rates; (c) that all debt is repaid as if it falls due from future cash generation; and (d) that none is refinanced by future debt issuance.
(iv) Purchase obligations include contracted-for capital expenditure. These expenditures for replacement and new projects are in the ordinary course of business and will be financed from internal resources.
(v) Over the long-term, CRH believes that its available cash and cash equivalents, cash from operating activities, along with access to borrowing facilities will be sufficient to fund its long-term contractual obligations, maturing debt obligations and capital expenditures.
1A security rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time by the assigning rating organization. Each rating should be
evaluated independently of any other rating. Lower credit ratings generally result in higher-borrowing costs, including costs of derivative transactions and reduced access to debt capital
markets, and may adversely impact our liquidity.*
37 | ||
CRH FORM 10-Q
Supplemental Guarantor Information
Guarantor financial information
As of September 30, 2026, CRH plc (the "Guarantor") has fully and unconditionally guaranteed: (1) $750 million of 5.200% Senior Notes due 2029 (the "5.200% Notes") and $1,250 million of 5.125% Senior Notes due 2030 (the "5.125% Notes"), each issued by CRH SMW Finance Designated Activity Company ("SMW Finance"); (2) $300 million of 6.400% Senior Notes due 2033(i) (the "6.400% Notes") issued by CRH America, Inc. ("CRH America"); and (3) $1,000 million of 4.400% Senior Notes due 2031 (the "4.400% Notes"), $750 million of 5.400% Senior Notes due 2034 (the "5.400% Notes"), $1,250 million of 5.500% Senior Notes due 2035 (the "5.500% Notes"), $1,000 million of 5.000% Senior Notes due 2036 (the "5.000% Notes"), $500 million of 5.875% Senior Notes due 2055 (the "5.875% Notes"), and $500 million of 5.600% Senior Notes due 2056 (the "5.600% Notes"), each issued by CRH America Finance, Inc. ("America Finance"). Together, the 5.200% Notes, the 5.125% Notes, the 6.400% Notes, the 4.400% Notes, the 5.400% Notes, the 5.500% Notes, the 5.000% Notes, the 5.875% Notes and the 5.600% Notes are referred to in this Supplemental Guarantor Information as the "Notes", and together, SMW Finance, CRH America and CRH America Finance are referred to in this Supplemental Guarantor Information as the "Issuers".
The Issuers are each 100% owned by CRH plc, directly or indirectly. SMW Finance is an indirect wholly-owned finance subsidiary of CRH plc incorporated under the laws of Ireland and is a financing vehicle for CRH’s group companies. CRH America is an indirect wholly-owned finance subsidiary of CRH plc incorporated under the laws of the State of Delaware and is a holding company for certain of CRH's U.S. operating companies as well as a financing vehicle for the Company. America Finance is an indirect wholly-owned finance subsidiary of CRH plc incorporated under the laws of the State of Delaware and is a financing vehicle for CRH’s U.S. operating companies.
Each series of Notes is unsecured and ranks equally with all other present and future unsecured and unsubordinated obligations of the relevant Issuer and CRH plc, subject to exceptions for obligations required by law. Each series of Notes is fully and unconditionally guaranteed by CRH plc as defined in the respective indenture governing each series of Notes. Each guarantee is a full, irrevocable, and unconditional guarantee of the principal, interest, premium, if any, and any other amounts due in respect of the relevant series of Notes given by CRH plc.
(i) Originally issued in September 2003 as $300 million 6.400% Senior Notes due 2033. CRH subsequently acquired $87 million of the 6.400% Notes in liability management exercises in August 2009 and December 2010.
Basis of presentation
The following summarized financial information reflects, on a combined basis, the Balance Sheet as of September 30, 2026, and as of December 31, 2025, and the Income Statement for the nine months ended September 30, 2026, and for the year ended December 31, 2025 of CRH America and CRH plc, which guarantees the registered debt; collectively the "Obligor Group". Intercompany balances and transactions within the Obligor Group have been eliminated in the summarized financial information below. Amounts attributable to the Obligor Group’s investment in non-obligor subsidiaries have also been excluded. Intercompany receivables/payables and transactions with non-obligor subsidiaries are separately disclosed as applicable. This summarized financial information has been prepared and presented pursuant to Regulation S-X Rule 13-01 and is not intended to present the financial position and results of operations of the Obligor Group in accordance with U.S. GAAP.
The summarized Income Statement information is as follows:
| in $ millions | Nine months ended September 30, 2026 | Year ended December 31, 2025 | ||||||
| Income from operations before income tax benefit and income from equity method investments (i) | 35,159 | 3,503 | ||||||
| - of which relates to transactions with non-obligor subsidiaries | 35,034 | 3,431 | ||||||
| Net income – all of which is attributable to equity holders of the Company | 35,152 | 3,502 | ||||||
| - of which relates to transactions with non-obligor subsidiaries | 35,034 | 3,431 | ||||||
(i) Revenues and gross profit for the Obligor Group for the nine months ended September 30, 2026 and for the year ended December 31, 2025 amounted to $nil million and $nil million, respectively. | ||||||||
The summarized Balance Sheet information is as follows: | ||||||||
| September 30 | December 31 | |||||||
| 2026 | 2025 | |||||||
| Current assets | 1,115 | 864 | ||||||
| Current assets – of which is due from non-obligor subsidiaries | 516 | 613 | ||||||
| Noncurrent assets | 1,894 | 2,235 | ||||||
| Noncurrent assets – of which is due from non-obligor subsidiaries | 1,893 | 2,235 | ||||||
| Current liabilities | 5,162 | 1,594 | ||||||
| Current liabilities – of which is due to non-obligor subsidiaries | 5,145 | 1,587 | ||||||
| Noncurrent liabilities | 739 | 743 | ||||||
38 | ||
CRH FORM 10-Q
Critical Accounting Policies and Estimates
There were no material changes during the three months ended September 30, 2026, to our critical accounting policies and/or estimates disclosed in the Consolidated Financial Statements included in the Company's 2025 Form 10-K other than as noted below.
Impairment of Goodwill
We determine the carrying value of each reporting unit by assigning assets and liabilities, including goodwill, to those reporting units as of the measurement date. We estimate the fair values using a discounted cash flow model which requires management to make significant estimates and judgments regarding the future cash flows expected to be generated by reporting units to which goodwill has been allocated. The cash flow forecasts are primarily based on a five-year strategic plan document formally approved by the Board of Directors. In assessing the fair value, cash flow forecasts are extrapolated using long-term growth rates to determine the basis for an annuity-based terminal value. These net cash flow forecasts reflect volume, price and cost assumptions in addition to other cash flow movements. Adjusted EBITDA margin* is deemed an appropriate measure for assessing the estimation uncertainty associated with price and cost assumptions. Future cash flows, including the terminal value, are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the future cash flow estimates have not been adjusted. The estimates of future cash flows exclude cash inflows or outflows attributable to financing activities and income tax. Management periodically evaluates and updates the estimates based on the conditions which influence these variables.
The results of the Company’s third quarter impairment assessment indicated that a triggering event had occurred due to reduced future growth prospects for the Philippines reporting unit. An interim goodwill impairment test was performed. As in prior years, the terminal value is based on a 30-year annuity. Projected cash flows beyond the initial evaluation period are then extrapolated using real growth rates of 3.0% per annum. Such real growth rates do not exceed the long-term average annual growth rates for the countries in which the reporting unit operates. The fair value represents the present value of the future cash flows, including the terminal value, discounted at a rate appropriate to each reporting unit.
The results of the interim goodwill impairment test indicated that the carrying amount of the Philippines reporting unit within International Solutions exceeded its estimated fair value, resulting in a goodwill impairment loss of $178 million and a goodwill balance of $nil million. For additional information about goodwill impairment, see Note 7 "Goodwill" in Part I, Item 1. "Financial Statements".
Available Information
The Company maintains an internet address at www.crh.com and makes available free of charge through its website its annual reports on Form 10-K, quarterly reports and current reports on Form 8-K, and amendments thereto, if any, filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, which are available as soon as reasonably practicable after CRH files or furnishes such information to the SEC. Investors may also access such documents via the SEC’s website at www.sec.gov.
From time to time, we may post on our website news releases, announcements and other statements about our business performance, results of operations and sustainability matters, some of which may contain information that may be deemed material to investors. Additionally, we may use our LinkedIn account (www.linkedin.com/company/crh), as well as our other social media channels from time to time, to post announcements that may contain information that may be deemed material to investors. Our officers may use similar social media channels to disclose information about the Company. We encourage investors, the media and others interested in CRH to review the business and financial information we or our officers post on our website and the social media channels identified above. Information on CRH’s website or such social media channels does not form part of, and is not incorporated into, this Quarterly Report.
*Represents a non-GAAP financial measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 34 to 35.
39 | ||
CRH FORM 10-Q
Item 3. Quantitative and Qualitative Disclosures About Market Risk
CRH is exposed to market risks relating to fluctuations in foreign exchange risks, interest rates, and commodity prices. Changes in those factors could impact the Company’s results of operations and financial condition. Financial risk management at the Company seeks to minimize the negative impact of foreign exchange, interest rate and commodity price fluctuations on the Company’s earnings, cash flows and equity. Management provides oversight for risk management and derivative activities, determines certain of the Company’s financial risk policies and objectives, and provides guidelines for derivative instrument utilization.
To manage these risks, CRH uses various derivative financial instruments, including interest rate swaps, foreign exchange forwards and swaps, and commodity contracts. CRH only uses commonly traded and non-leveraged instruments. These contracts are entered into primarily with major banking institutions and utility companies, while CRH actively monitors its exposure to counterparty risk through the use of counterparty approvals and credit limits, thereby managing the risk of counterparty loss.
The following discussion presents the sensitivity of the market value, earnings and cash flows of the Company’s financial instruments to hypothetical changes in interest and exchange rates assuming these changes occurred as of September 30, 2026.
Interest Rate Risk
CRH may be impacted by interest rate volatility with respect to existing debt and future debt issuances as well as cash balances. For fixed rate debt instruments, interest rate changes affect the fair market value but do not impact earnings or cash flows. Conversely, for floating rate debt instruments, interest rate changes generally do not affect the fair market value of the instrument but impact future earnings and cash flows, assuming that other factors are held constant. Cash balances are held on short-term deposits and changing interest rates will impact deposit interest income earned. The Company uses interest rate swaps to convert a portion of its fixed rate debt to floating rate debt and these may be designated and qualify as fair value hedges. The Company also uses interest rate swaps to convert a portion of its floating rate debt to fixed rate debt and these may be designated and qualify as cash flow hedges. Under these arrangements, the Company agrees to exchange, at specified intervals, the difference between fixed and benchmark floating interest rates calculated by reference to an agreed-upon notional principal amount. In addition, we use rate lock contracts periodically to manage our exposure to changes in interest rates.
As of September 30, 2026, of total debt including overdrafts, finance leases and the impact of derivatives, the Company had fixed rate debt of $16.9 billion and floating rate debt of $3.3 billion, representing 84% and 16%, respectively. The equivalent figures as of December 31, 2025, were fixed rate debt of $16.6 billion and floating rate debt of $1.6 billion, representing 91% and 9%, respectively, and as of September 30, 2025, fixed rate debt of $14.1 billion and floating rate debt of $5.1 billion, representing 73% and 27%, respectively. The Company’s interest rate swaps as of September 30, 2026 whereby the Company swaps from fixed interest rates to floating interest rates, were $0.5 billion, compared to $0.5 billion as of December 31, 2025 and $0.5 billion as of September 30, 2025. The Company’s interest rate swaps as of September 30, 2026 whereby the Company swaps from floating interest rates to fixed interest rates, were $0.4 billion, compared to $nil billion as of December 31, 2025 and $nil billion as of September 30, 2025. During the three months ended September 30, 2026, the Company entered into rate lock agreements to hedge variability in future cash interest payments attributable to changes in benchmark interest rates associated with anticipated debt issuances in connection with the Arcosa Acquisition. The rate locks were designated as cash flow hedges. As of September 30, 2026, the aggregate fair value of these contracts was immaterial.
Cash and cash equivalents and restricted cash as of September 30, 2026, were $5.1 billion, compared to $4.1 billion as of December 31, 2025 and $4.3 billion as of September 30, 2025, which were all held on short-term deposits and investments.
Sensitivity to interest rate moves
As of September 30, 2026, the before-tax earnings and cash flows impact of a 100bps increase in interest rates, including the offsetting impact of derivatives, on the variable rate cash and debt portfolio would be approximately $18 million favorable ($24 million favorable as of December 31, 2025 and $9 million unfavorable as of September 30, 2025).
Foreign Exchange Rate Risk
CRH’s exchange rate exposures result primarily from its investments and ongoing operations in countries outside of the United States and other business transactions such as the procurement of products, services and equipment from foreign sources. Fluctuations in foreign currency exchange rates may affect (i) the carrying value of the Company’s net investment in foreign subsidiaries; (ii) the translation of foreign currency earnings; and (iii) the cash flows related to foreign currency denominated transactions.
Where economically feasible, the Company maintains Net Debt*2in the same relative ratio as capital employed to act as an economic hedge of the underlying currency assets. Where it is not feasible to do so, the Company may enter into foreign exchange forward contracts to hedge a portion of the net investment against the effect of exchange rate fluctuations. These transactions are designated as net investment hedges.
The Company also enters into foreign exchange forward contracts to hedge against the effect of exchange rate fluctuations on cash flows denominated in foreign currencies. These transactions are designated as cash flow hedges. In addition, the Company may enter into foreign currency contracts that are not designated in hedging relationships to offset, in part, the impacts of changes in value of various non-functional currency denominated items including certain intercompany financing balances. The U.S. Dollar equivalent gross notional amount of the Company’s foreign exchange forward contracts was $5.5 billion as of September 30, 2026, compared to $4.3 billion as of December 31, 2025 and $4.1 billion as of September 30, 2025.
Holding all other variables constant, if there was a 10% weakening in foreign currency exchange rates versus U.S. Dollar for the portfolio, the fair market value of foreign currency contracts outstanding as of September 30, 2026, would increase by approximately $237 million with an offsetting movement in the hedged foreign currency exposure. In comparison, the fair market value of foreign currency contracts outstanding as of December 31, 2025 would increase by approximately $201 million and as of September 30, 2025, would increase by approximately $20 million, with an offsetting movement in the hedged foreign currency exposure.
Commodity Price Risk
Some of the Company’s products use significant amounts of commodity-priced materials, predominantly oil, electricity, coal and carbon credits which are subject to price changes based upon fluctuations in the commodities market. This price volatility could potentially have a material impact on our financial condition and/or our results of operations. Where feasible, the Company manages commodity price risks through negotiated supply contracts and forward contracts to manage operating costs. The Company monitors commodity trends and where possible has alternative sourcing plans in place to mitigate the risk of supplier concentration and passing commodity-related inflation to customers or suppliers.
* Represents a non-GAAP financial measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 34 to 35.2
40 | ||
CRH FORM 10-Q
Where appropriate, the Company also has a number of derivative hedging programs in place to hedge commodity risks, with the aim of the programs being to neutralize variability arising from changes in associated commodity indices. The timeframe for such programs can be up to three years.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Management has evaluated the effectiveness of the design and operation of the disclosure controls and procedures as defined in Securities Exchange Act Rule 13a-15(e) as of September 30, 2026. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer have concluded that these disclosure controls and procedures were effective as of such date at the level of providing reasonable assurance.
In designing and evaluating our disclosure controls and procedures, management, including the Chief Executive Officer and the Chief Financial Officer, recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
41 | ||
CRH FORM 10-Q
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
The Company is from time to time a party to various legal proceedings that arise in the ordinary course of business. We do not believe any pending legal proceeding to which the Company is a party will have a material effect on our financial condition, results of operations or liquidity.
1A. Risk Factors
There have been no material changes with respect to the risk factors disclosed in 'Item 1A. Risk Factors' of our 2025 Form 10-K and our other filings with the SEC.
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
The following table presents the number and average price of shares purchased in each month of the third quarter of 2026:
| Period | (a) Total Number of Shares Purchased | (b) Average Price Paid per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (i) | (d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||
| July 1 – July 31, 2026 | 802,429 | $103.94 | 802,429 | $— | ||||||||||
| August 1 – August 31, 2026 | – | $— | – | $— | ||||||||||
| September 1 – September 30, 2026 | – | $— | – | $— | ||||||||||
| Total | 802,429 | 802,429 | ||||||||||||
(i) In May 2018, CRH announced its intention to introduce a share repurchase program to repurchase Ordinary Shares (the "Program"). In the third quarter of 2026, the Company returned a further $0.1 billion of cash to shareholders through the repurchase of 802,429 Ordinary Shares (equivalent to 0.1% of the Company’s issued and outstanding Ordinary Shares as of September 30, 2026). This brought total cash returned to shareholders under the legacy program to $10.3 billion since its commencement in May 2018.
The purchases in the third quarter of 2026 were completed under the following tranche:
| Date Announced | Max Amount to be Repurchased (in $ millions) | Termination Date | |||||||||
| April 30, 2026 | (Tranche 29) | 300 | July 28, 2026 | ||||||||
On October 29, 2026, the Company announced that its Board of Directors authorized a new share buyback program of up to $6 billion (the "New Program"), expiring at the end of 2030. No repurchases have been made under the New Program as of the date of this Quarterly Report.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd‐Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S‐K (17 CFR 229.104) is included in Exhibit 95.1 to this Quarterly Report.
Item 5. Other Information
During the three months ended September 30, 2026, no Director or officer (as defined in Section 16 of the Exchange Act) of the Company adopted terminated
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CRH FORM 10-Q
Item 6. Exhibits
The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report.
Exhibits
2.1* | ||||||||
3.1 | ||||||||
22.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1** | ||||||||
32.2** | ||||||||
95.1 | ||||||||
101 | Inline eXtensible Business Reporting Language (XBRL). | |||||||
104 | Cover Page Interactive Data File (formatted in iXBRL in Exhibit 101). | |||||||
* | Annexes, schedules and/or exhibits have been omitted pursuant to Item 601(a)(5) and Item 601(b)(2) of Regulation S-K. CRH agrees to furnish supplementally a copy of any omitted annexes, schedules or exhibits to the SEC upon request. | |||||||
** | Furnished herewith. | |||||||
The total amount of long-term debt of the registrant and its subsidiaries authorized under any one instrument does not exceed 10% of the total assets of CRH plc and its subsidiaries on a consolidated basis. The Company agrees to furnish copies of any such instrument to the SEC upon request.
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CRH FORM 10-Q
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CRH public limited company (Registrant)
By /s/ Aylwyn Bryan
Aylwyn Bryan
Chief Financial Officer
Aylwyn Bryan
Chief Financial Officer
October 29, 2026
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