Amrize (AMRZ) Financials

Amrize’s first quarter of 2026 shows a sharp deterioration in profitability and cash generation compared with the stronger quarters in 2025 and 2024. Revenue held up reasonably well at $2.18 billion, but the company posted a net loss, burned cash from operations, and ended the quarter with a much weaker liquidity profile than it had at the end of 2025.

• Revenue was $2.18 billion in Q1 2026, which indicates the business is still generating a large top line despite the downturn in earnings.
• Gross profit was positive at $211 million, showing the company is still clearing raw product and production costs before overhead.
• Cash and equivalents were $1.099 billion at quarter-end, up from $826 million in Q3 2025 and $601 million in Q2 2025.
• Amrize produced a net cash inflow from financing activities of $743 million, supported by $777 million of debt issuance.
• Depreciation remained sizable at $236 million, which continues to support operating cash flow quality over time.
• Accounts receivable, inventories, and goodwill remain large balance-sheet items, reflecting a capital-intensive operating model and prior acquisitions.
• Long-term debt was $4.94 billion, only slightly below the $4.93 billion level in Q3 2025, so leverage remains elevated but stable quarter to quarter.
• The company recorded a large goodwill balance of $9.07 billion, which is something investors should watch for impairment risk if operating results stay weak.
• Q1 2026 net income was a loss of $118 million, a steep reversal from the $543 million profit in Q3 2025 and $298 million in Q4 2025.
• Operating income swung to a loss of $76 million, versus a profit of $778 million in Q3 2025, showing a major margin compression.
• Operating cash flow was negative $896 million, driven by a massive $1.047 billion use of working capital.
• Free cash flow was also under pressure, with $272 million of capital spending and $425 million of acquisitions adding to cash outflows.
• Net change in cash and equivalents was negative $823 million in Q1 2026, compared with positive cash generation in the prior year period and a much stronger Q4 2025.
• Interest and investment income was reported as a negative $70 million in Q1 2026, and total other expense was a $69 million drag on pre-tax results.
• Short-term debt increased to $1.11 billion from $879 million in Q3 2025, while total current liabilities remained high at $3.054 billion.

Bottom line: Amrize entered 2026 with a solid revenue base and decent cash on hand, but the first quarter showed weak profitability, heavy working-capital pressure, and negative operating cash flow. The sharp drop from the stronger 2025 quarters suggests investors should watch whether this was a temporary reset or the start of a more durable earnings slowdown.