Amrize (AMRZ) Financials

Amrize’s Q2 2026 results show a strong sequential rebound and year-over-year earnings growth, although cash conversion and liquidity require monitoring. Revenue increased to $3.49 billion, up 8.6% from $3.22 billion in Q2 2025. Gross profit rose 5.5% to $993 million, while operating income increased to $711 million from $657 million. The company’s operating margin was approximately 20.3%, broadly consistent with the 20.4% reported in the prior-year quarter.

Profitability improved significantly from Q1 2026, when Amrize reported an operating loss of $76 million and a net loss attributable to common shareholders of $116 million. Q2 net income attributable to common shareholders reached $478 million, compared with $417 million in the restated Q2 2025 results. Diluted EPS rose to $0.86 from $0.75, while the share count remained relatively stable.

Operating cash flow was positive at $421 million in Q2, slightly above $415 million in the year-earlier period. However, the first-quarter cash outflow means operating cash flow remained negative on a first-half basis. The company also used $237 million for investing activities and $555 million for financing activities, resulting in a $370 million quarterly decline in cash and equivalents.

• Strong year-over-year earnings growth: Q2 net income attributable to common shareholders increased approximately 15%, and diluted EPS improved by the same amount to $0.86.
• Meaningful sequential recovery: Revenue increased 60% from Q1, and Amrize moved from a $76 million operating loss to $711 million of operating income as seasonal activity improved.
• Operating cash flow remained positive in Q2: The company generated $421 million from operations, slightly exceeding the prior-year quarter despite a $383 million use of operating working capital.
• Debt declined modestly: Short-term and long-term debt totaled approximately $6.0 billion at June 30, down from roughly $6.05 billion at the end of Q1 and $6.20 billion a year earlier.
• Equity remained substantial: Total equity and noncontrolling interests were $12.9 billion, representing roughly 52% of total assets and providing a significant capital base.
• Gross margin edged lower: The Q2 gross margin was approximately 28.4%, compared with 29.2% in the restated prior-year quarter, suggesting that revenue growth has not fully translated into gross-profit expansion.
• Capital investment remains elevated: Amrize spent $248 million on property, plant and equipment in Q2, above depreciation expense of $258 million only modestly and contributing to negative free cash flow after investment spending.
• Cash balances declined sharply: Cash and equivalents fell to $729 million from $1.10 billion at the end of Q1, a 34% sequential decrease.
• Working-capital demands remain a headwind: Accounts receivable increased to $2.06 billion from $1.36 billion in Q1, while changes in operating assets and liabilities consumed $383 million of Q2 cash.
• Short-term liquidity became tighter: Current liabilities rose to $4.15 billion, including $1.77 billion of short-term debt, compared with $3.05 billion of current liabilities and $1.11 billion of short-term debt at the end of Q1. The current ratio declined to approximately 1.1 from 1.4.

Overall, Q2 2026 was encouraging from an earnings perspective, with stable operating margins and a substantial rebound from the seasonally weak first quarter. Investors should nevertheless watch whether Amrize can sustain positive operating cash flow, reduce receivables and rebuild its cash balance while funding capital expenditures and managing its sizable short-term debt obligations.