CRH Public Limited Co. – Q2 2026 10-Q Summary
Business Context and Reporting Period
This report covers the quarterly period ended June 30, 2026. CRH is a leading global provider of building materials, operating across three segments: Americas Materials Solutions, Americas Building Solutions, and International Solutions. The company operates in 25 countries, supplying aggregates, cementitious materials, asphalt, and construction services.
Key Financial Metrics
| Metric | Q2 2026 (3 Months) | Q2 2025 (3 Months) | YTD 2026 (6 Months) | YTD 2025 (6 Months) |
|---|---|---|---|---|
| Total Revenues | $10,777 million | $10,206 million | $18,147 million | $16,962 million |
| Net Income (Attributable to CRH) | $1,486 million | $1,319 million | $1,310 million | $1,225 million |
| Diluted EPS | $2.21 | $1.94 | $1.93 | $1.78 |
| Adjusted EBITDA | $2,627 million | $2,463 million | $3,213 million | $2,958 million |
| Operating Cash Flow (YTD) | $513 million | $719 million | $513 million | $719 million |
| Net Debt | $15.4 billion | $13.4 billion | $15.4 billion | $13.4 billion |
| Cash & Equivalents | $3.0 billion | $2.9 billion | $3.0 billion | $2.9 billion |
Material Changes vs. Prior Period
- Revenue Growth: Total revenues increased 6% in Q2 and 7% YTD, driven by positive pricing momentum, underlying demand, and acquisition contributions.
- Profitability: Net income rose 13% in Q2 and 8% YTD. Adjusted EBITDA margins expanded to 24.4% in Q2 (up 30 bps) and 17.7% YTD (up 30 bps).
- Divestitures: The company completed significant divestitures in Q2, including construction accessories ($0.7 billion) and lawn/garden operations ($1.1 billion), generating a pre-tax gain of $266 million.
- Impairments: A goodwill impairment of $48 million was recorded in the International Solutions segment related to assets held for sale.
- Cost Pressures: Cost of revenues increased due to higher energy costs (16% increase in Q2), labor costs, and depreciation from acquisitions.
Guidance, Outlook, and Risks
- Arcosa Acquisition: On June 22, 2026, CRH announced a definitive agreement to acquire Arcosa, Inc. for approximately $8.5 billion in an all-cash transaction. The deal is expected to close in Q1 2027, subject to regulatory and shareholder approvals. Financing includes a $5.8 billion bridge facility and a $2.5 billion term loan.
- Outlook: Management expects favorable underlying demand in infrastructure and reindustrialization sectors. Residential repair/remodel is expected to be resilient, while new-build remains subdued.
- Capital Allocation: Share buybacks totaled $0.6 billion YTD. The company paused new buyback tranches pending the Arcosa deal. Dividends were increased 5% annually.
- Risks: Key risks include the successful integration of Arcosa, regulatory approval delays, geopolitical conflicts (Ukraine, Middle East), and potential increases in energy and labor costs.
Investor Verification Checklist
- Arcosa Deal Status: Monitor progress on regulatory approvals and shareholder votes for the $8.5 billion Arcosa acquisition.
- Debt Maturity Profile: Verify the impact of the new $5.8 billion bridge facility and $2.5 billion term loan on leverage ratios and interest coverage.
- Divestiture Integration: Assess the financial impact of the completed divestitures on the Americas Building Solutions and International Solutions segments.
- Working Capital Trends: Review the $1.8 billion outflow in accounts receivable YTD and its impact on operating cash flow.
- Impairment Review: Confirm if the $48 million impairment in International Solutions is isolated or indicative of broader asset valuation issues.