filings.toolsItem 1. Financial Statements
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Item 1. Financial Statements
Condensed Consolidated Statements of Income (Unaudited)
(in $ millions, except share and per share data)
| Three months ended | ||||||||||||||||||||||||||
| March 31 | ||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||
| Product revenues | 6,234 | 5,612 | ||||||||||||||||||||||||
| Service revenues | 1,136 | 1,144 | ||||||||||||||||||||||||
| Total revenues | 7,370 | 6,756 | ||||||||||||||||||||||||
| Cost of product revenues | (4,251) | (3,826) | ||||||||||||||||||||||||
| Cost of service revenues | (1,074) | (1,093) | ||||||||||||||||||||||||
| Total cost of revenues | (5,325) | (4,919) | ||||||||||||||||||||||||
| Gross profit | 2,045 | 1,837 | ||||||||||||||||||||||||
| Selling, general and administrative expenses | (2,057) | (1,833) | ||||||||||||||||||||||||
| Gain on disposal of long-lived assets | 22 | 14 | ||||||||||||||||||||||||
| Loss on impairments | (48) | – | ||||||||||||||||||||||||
| Operating (loss) income | (38) | 18 | ||||||||||||||||||||||||
| Interest income | 21 | 37 | ||||||||||||||||||||||||
| Interest expense | (203) | (181) | ||||||||||||||||||||||||
| Other nonoperating expense, net | (4) | (20) | ||||||||||||||||||||||||
| Loss from operations before income tax benefit and loss from equity method investments | (224) | (146) | ||||||||||||||||||||||||
| Income tax benefit | 55 | 58 | ||||||||||||||||||||||||
| Loss from equity method investments | (11) | (10) | ||||||||||||||||||||||||
| Net loss | (180) | (98) | ||||||||||||||||||||||||
| Net loss attributable to noncontrolling interests | 4 | 4 | ||||||||||||||||||||||||
| Net loss attributable to CRH | (176) | (94) | ||||||||||||||||||||||||
| Loss per share attributable to CRH | ||||||||||||||||||||||||||
| Basic | ($0.27) | ($0.15) | ||||||||||||||||||||||||
| Diluted | ($0.27) | ($0.15) | ||||||||||||||||||||||||
| Weighted average common shares outstanding | ||||||||||||||||||||||||||
| Basic | 668.5 | 676.7 | ||||||||||||||||||||||||
| Diluted | 668.5 | 676.7 |
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 | ||||||||||||||||||||||||||
| March 31 | ||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||
| Net loss | (180) | (98) | ||||||||||||||||||||||||
| Other comprehensive (loss) income, net of tax: | ||||||||||||||||||||||||||
| Currency translation adjustment | (89) | 238 | ||||||||||||||||||||||||
| Net change in fair value of effective portion of cash flow hedges, net of tax of $(7) million and $2 million for the three months ended March 31, 2026, and March 31, 2025, respectively | 6 | (23) | ||||||||||||||||||||||||
| Actuarial losses and prior service credits for pension and other postretirement plans, net of tax of $nil million and $1 million for the three months ended March 31, 2026, and March 31, 2025, respectively | (1) | (7) | ||||||||||||||||||||||||
| Other comprehensive (loss) income | (84) | 208 | ||||||||||||||||||||||||
| Comprehensive (loss) income | (264) | 110 | ||||||||||||||||||||||||
| Comprehensive (income) attributable to noncontrolling interests | (8) | (5) | ||||||||||||||||||||||||
| Comprehensive (loss) income attributable to CRH | (272) | 105 |
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)
| March 31 | December 31 | March 31 | |||||||||
| 2026 | 2025 | 2025 | |||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | 3,240 | 4,096 | 3,352 | ||||||||
| Restricted cash | 40 | 51 | – | ||||||||
| Accounts receivable, net | 5,213 | 5,178 | 5,141 | ||||||||
| Inventories | 5,058 | 5,251 | 4,960 | ||||||||
| Assets held for sale | 1,811 | – | – | ||||||||
| Other current assets | 877 | 678 | 789 | ||||||||
| Total current assets | 16,239 | 15,254 | 14,242 | ||||||||
| Property, plant and equipment, net | 24,657 | 24,937 | 22,179 | ||||||||
| Equity method investments | 487 | 502 | 732 | ||||||||
| Goodwill | 12,592 | 13,099 | 11,475 | ||||||||
| Intangible assets, net | 1,956 | 2,048 | 1,208 | ||||||||
| Operating lease right-of-use assets, net | 1,274 | 1,471 | 1,272 | ||||||||
| Other noncurrent assets | 962 | 1,018 | 813 | ||||||||
| Total assets | 58,167 | 58,329 | 51,921 | ||||||||
| Liabilities, redeemable noncontrolling interests and shareholders’ equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | 2,947 | 3,263 | 2,777 | ||||||||
| Accrued expenses | 2,143 | 2,196 | 2,270 | ||||||||
| Current portion of long-term debt | 2,478 | 1,175 | 1,458 | ||||||||
| Operating lease liabilities | 247 | 286 | 247 | ||||||||
| Liabilities held for sale | 428 | – | – | ||||||||
| Other current liabilities | 1,968 | 1,834 | 1,960 | ||||||||
| Total current liabilities | 10,211 | 8,754 | 8,712 | ||||||||
| Long-term debt | 16,071 | 16,478 | 14,213 | ||||||||
| Deferred income tax liabilities | 3,301 | 3,511 | 3,141 | ||||||||
| Noncurrent operating lease liabilities | 1,066 | 1,232 | 1,075 | ||||||||
| Other noncurrent liabilities | 2,973 | 2,876 | 2,423 | ||||||||
| Total liabilities | 33,622 | 32,851 | 29,564 | ||||||||
| Commitments and contingencies (Note 18) | |||||||||||
| Redeemable noncontrolling interests | 422 | 430 | 379 | ||||||||
| Shareholders’ equity | |||||||||||
| Preferred stock, €1.27 par value, 150,000 shares authorized and 50,000 shares issued and outstanding for 5% preferred stock and 872,000 shares authorized, issued and outstanding for 7% 'A' preferred stock, as of March 31, 2026, December 31, 2025, and March 31, 2025 | 1 | 1 | 1 | ||||||||
| Common stock, €0.32 par value, 1,250,000,000 shares authorized; 704,021,684, 706,946,142 and 715,487,343 issued and outstanding, as of March 31, 2026, December 31, 2025, and March 31, 2025, respectively | 285 | 286 | 289 | ||||||||
| Treasury stock, at cost (35,793,257, 38,315,792 and 38,850,691 shares as of March 31, 2026, December 31, 2025, and March 31, 2025, respectively) | (1,905) | (2,016) | (2,038) | ||||||||
| Additional paid-in capital | 250 | 397 | 298 | ||||||||
| Accumulated other comprehensive loss | (353) | (257) | (806) | ||||||||
| Retained earnings | 24,793 | 25,593 | 23,375 | ||||||||
| Total shareholders’ equity attributable to CRH shareholders | 23,071 | 24,004 | 21,119 | ||||||||
| Noncontrolling interests | 1,052 | 1,044 | 859 | ||||||||
| Total equity | 24,123 | 25,048 | 21,978 | ||||||||
| Total liabilities, redeemable noncontrolling interests and equity | 58,167 | 58,329 | 51,921 |
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)
| Three months ended | ||||||||
| March 31 | ||||||||
| 2026 | 2025 | |||||||
| Cash Flows from Operating Activities: | ||||||||
| Net loss | (180) | (98) | ||||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
| Depreciation, depletion, and amortization | 576 | 477 | ||||||
| Loss on impairments | 48 | – | ||||||
| Share-based compensation | 29 | 32 | ||||||
| (Gain) loss on disposals from businesses and long-lived assets, net | (16) | 1 | ||||||
| Deferred tax (benefit) expense | (160) | 4 | ||||||
| Loss from equity method investments | 11 | 10 | ||||||
| Pension and other postretirement benefits net periodic benefit cost | 4 | 6 | ||||||
| Non-cash operating lease costs | 83 | 59 | ||||||
| Other items, net | 9 | (14) | ||||||
| Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | ||||||||
| Accounts receivable, net | (478) | (268) | ||||||
| Inventories | (156) | (139) | ||||||
| Accounts payable | (287) | (503) | ||||||
| Operating lease liabilities | (86) | (78) | ||||||
| Other assets | (131) | (210) | ||||||
| Other liabilities | 128 | 72 | ||||||
| Pension and other postretirement benefits contributions | (10) | (10) | ||||||
| Net cash used in operating activities | (616) | (659) | ||||||
| Cash Flows from Investing Activities: | ||||||||
| Purchases of property, plant and equipment, and intangibles | (601) | (645) | ||||||
| Acquisitions, net of cash acquired | (126) | (585) | ||||||
| Proceeds from divestitures | 6 | 36 | ||||||
| Proceeds from disposal of long-lived assets | 28 | 35 | ||||||
| Distributions received from equity method investments | – | 9 | ||||||
| Settlements of derivatives | (24) | 20 | ||||||
| Deferred divestiture consideration received | – | 36 | ||||||
| Other investing activities, net | (5) | 130 | ||||||
| Net cash used in investing activities | (722) | (964) |
| 6 |
CRH FORM 10-Q
Condensed Consolidated Statements of Cash Flows (Unaudited)****(in $ millions)
| Three months ended | ||||||||
| March 31 | ||||||||
| 2026 | 2025 | |||||||
| Cash Flows from Financing Activities: | ||||||||
| Proceeds from debt issuances | 1,212 | 3,017 | ||||||
| Payments on debt | (207) | (1,533) | ||||||
| Settlements of derivatives | (15) | 15 | ||||||
| Payments of finance lease obligations | (37) | (21) | ||||||
| Deferred and contingent acquisition consideration paid | (12) | (11) | ||||||
| Distributions to noncontrolling and redeemable noncontrolling interests | (15) | (17) | ||||||
| Transactions involving noncontrolling interests | (24) | – | ||||||
| Repurchases of common stock | (332) | (310) | ||||||
| Amounts related to employee share plans | 2 | 1 | ||||||
| Net cash provided by financing activities | 572 | 1,141 | ||||||
| Effect of exchange rate changes on cash and cash equivalents, including restricted cash | (48) | 75 | ||||||
| Decrease in cash and cash equivalents, including restricted cash | (814) | (407) | ||||||
| Cash and cash equivalents and restricted cash at the beginning of period | 4,147 | 3,759 | ||||||
| Cash and cash equivalents and restricted cash at the end of period | 3,333 | 3,352 | ||||||
| Supplemental cash flow information: | ||||||||
| Cash paid for interest (including finance leases) | 160 | 63 | ||||||
| Cash paid for income taxes | 39 | 134 | ||||||
| Reconciliation of cash and cash equivalents and restricted cash | ||||||||
| Cash and cash equivalents presented in the Condensed Consolidated Balance Sheets | 3,240 | 3,352 | ||||||
| Cash and cash equivalents included in Assets held for sale | 53 | – | ||||||
| Restricted cash presented in the Condensed Consolidated Balance Sheets | 40 | – | ||||||
| Total cash and cash equivalents and restricted cash presented in the Condensed Consolidated Statements of Cash Flows | 3,333 | 3,352 |
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 December 31, 2025 | 0.9 | $1 | 706.9 | $286 | (38.3) | ($2,016) | $397 | ($257) | $25,593 | $24,004 | $1,044 | $25,048 | ||||||||||||||||||||||||||
| Net loss | – | – | – | – | – | – | – | – | (176) | (176) | (4) | (180) | ||||||||||||||||||||||||||
| Other comprehensive loss | – | – | – | – | – | – | – | (96) | – | (96) | 12 | (84) | ||||||||||||||||||||||||||
| Share-based compensation | – | – | – | – | – | – | 29 | – | – | 29 | – | 29 | ||||||||||||||||||||||||||
| Repurchases and retirement of common stock | – | – | (2.9) | (1) | – | – | – | – | (331) | (332) | – | (332) | ||||||||||||||||||||||||||
| Shares issued under employee share plans | – | – | – | – | 2.5 | 111 | (176) | – | (1) | (66) | – | (66) | ||||||||||||||||||||||||||
| Dividends declared on common stock | – | – | – | – | – | – | – | – | (261) | (261) | – | (261) | ||||||||||||||||||||||||||
| Transactions involving noncontrolling interests | – | – | – | – | – | – | – | – | (24) | (24) | – | (24) | ||||||||||||||||||||||||||
| Adjustment of redeemable noncontrolling interests to redemption value | – | – | – | – | – | – | – | – | (7) | (7) | – | (7) | ||||||||||||||||||||||||||
| Balance as of March 31, 2026 | 0.9 | $1 | 704 | $285 | (35.8) | ($1,905) | $250 | ($353) | $24,793 | $23,071 | $1,052 | $24,123 |
For the three months ended March 31, 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, 2024 | 0.9 | $1 | 718.6 | $290 | (41.4) | ($2,137) | $422 | ($1,005) | $24,036 | $21,607 | $859 | $22,466 | ||||||||||||||||||||||||||
| Net loss | – | – | – | – | – | – | – | – | (94) | (94) | (4) | (98) | ||||||||||||||||||||||||||
| Other comprehensive income | – | – | – | – | – | – | – | 199 | – | 199 | 9 | 208 | ||||||||||||||||||||||||||
| Share-based compensation | – | – | – | – | – | – | 32 | – | – | 32 | – | 32 | ||||||||||||||||||||||||||
| Repurchases and retirement of common stock | – | – | (3.2) | (1) | – | – | – | – | (309) | (310) | – | (310) | ||||||||||||||||||||||||||
| Shares issued under employee share plans | – | – | – | – | 2.5 | 99 | (156) | – | – | (57) | – | (57) | ||||||||||||||||||||||||||
| Dividends declared on common stock | – | – | – | – | – | – | – | – | (251) | (251) | – | (251) | ||||||||||||||||||||||||||
| Distributions to noncontrolling interests | – | – | – | – | – | – | – | – | – | – | (5) | (5) | ||||||||||||||||||||||||||
| Adjustment of redeemable noncontrolling interests to redemption value | – | – | – | – | – | – | – | – | (7) | (7) | – | (7) | ||||||||||||||||||||||||||
| Balance as of March 31, 2025 | 0.9 | $1 | 715.4 | $289 | (38.9) | ($2,038) | $298 | ($806) | $23,375 | $21,119 | $859 | $21,978 |
For the three months ended March 31, 2025, dividends declared on Common stock were $0.37 per common share.
The accompanying notes form an integral part of the Condensed Consolidated Financial Statements.
| 8 |
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, readymixed 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, 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 the Quarterly Report on 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 months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. 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.
The preparation of the Company's Condensed Consolidated Financial Statements requires management to make certain estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenues and expenses. Such estimates include impairment of long-lived assets, impairment of goodwill, pension and other postretirement benefits, tax matters and litigation, including insurance and environmental compliance costs. These estimates and assumptions are based on management’s judgment.
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 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 three months ended March 31, 2026.
| 9 |
CRH FORM 10-Q
2. Revenue
The Company disaggregates revenue 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.
Revenue is 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 telecommunications 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 March 31, 2026 | ||||||||||||||
| in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total | ||||||||||
| Principal activities and products | ||||||||||||||
| Essential Materials | 1,144 | – | 1,188 | 2,332 | ||||||||||
| Road Solutions (i) | 1,580 | – | 1,132 | 2,712 | ||||||||||
| Building & Infrastructure Solutions (ii) | – | 591 | 538 | 1,129 | ||||||||||
| Outdoor Living Solutions | – | 1,077 | 120 | 1,197 | ||||||||||
| Total revenues | 2,724 | 1,668 | 2,978 | 7,370 | ||||||||||
| Three months ended March 31, 2025 | ||||||||||||||
| in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total | ||||||||||
| Principal activities and products | ||||||||||||||
| Essential Materials | 876 | – | 1,062 | 1,938 | ||||||||||
| Road Solutions (i) | 1,367 | – | 1,135 | 2,502 | ||||||||||
| Building & Infrastructure Solutions (ii) | – | 568 | 506 | 1,074 | ||||||||||
| Outdoor Living Solutions | – | 1,114 | 128 | 1,242 | ||||||||||
| Total revenues | 2,243 | 1,682 | 2,831 | 6,756 |
(i) Revenue from contracts with customers in the Road Solutions principal activities and products category that is recognized over time was:
| Three months ended | ||||||||||||||||||||
| March 31 | ||||||||||||||||||||
| in $ millions | 2026 | 2025 | ||||||||||||||||||
| Americas Materials Solutions | 738 | 638 | ||||||||||||||||||
| International Solutions | 288 | 395 | ||||||||||||||||||
| Total revenue from contracts with customers | 1,026 | 1,033 |
(ii) Revenue from contracts with customers in the Building & Infrastructure Solutions principal activities and products category that is recognized over time was:
| Three months ended | ||||||||||||||||||||
| March 31 | ||||||||||||||||||||
| in $ millions | 2026 | 2025 | ||||||||||||||||||
| Americas Building Solutions | 11 | 14 | ||||||||||||||||||
| International Solutions | 99 | 97 | ||||||||||||||||||
| Total revenue from contracts with customers | 110 | 111 |
Contract assets were $510 million, $525 million and $659 million and contract liabilities were $391 million, $405 million and $481 million, as of March 31, 2026, December 31, 2025, and March 31, 2025, respectively. The Company recognized revenue of $188 million and $276 million for the three months ended March 31, 2026, and March 31, 2025, respectively, which was previously included in the contract liability balance as of December 31, 2025, and December 31, 2024, respectively.
Contract assets include unbilled revenue and retentions held by customers in respect of construction contracts as of March 31, 2026, December 31, 2025, and March 31, 2025 amounting to $298 million and $212 million, $299 million and $226 million, and $430 million and $229 million, respectively. Unbilled revenue represents 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 March 31, 2026, the Company had $3,176 million of transaction price allocated to remaining performance obligations. The majority of open contracts as of March 31, 2026 are expected to close and revenue to be recognized within 12 months of the balance sheet date.
| 10 |
CRH FORM 10-Q
3. Assets held for sale
On January 27, 2026, the Company entered into an agreement to divest of its construction accessories operations for consideration of $0.7 billion. The transaction is expected to close in the second quarter of 2026 subject to customary closing conditions and regulatory approvals. An impairment of $48 million has been recognized on the operations' assets in the first quarter of 2026 to reflect the reduction to fair value less costs to sell, inclusive of Cumulative Translation Adjustment (CTA), the primary driver of the impairment. The operations being sold in this transaction comprise part of the Company’s International Solutions segment, and the relevant assets and liabilities have accordingly been reclassified as assets and liabilities held for sale.
On March 16, 2026, the Company entered into an agreement to divest of its lawn and garden operations for consideration of $1.1 billion. The transaction is expected to close in the second quarter of 2026 subject to customary closing conditions and regulatory approvals. No impairment loss was recognized on the reclassification of the lawn and garden operations as held for sale. The operations being sold in this transaction comprise part of the Company’s Americas Building Solutions segment, and the relevant assets and liabilities have accordingly been reclassified as assets and liabilities held for sale.
The Company determined that these operations classified as held for sale did not meet the criteria for classification as discontinued operations.
The major classes of assets and liabilities classified as held for sale as of March 31, 2026 were:
| in $ millions | Construction Accessories | Lawn and Garden | Total | |||||||||||||||||
| Assets | ||||||||||||||||||||
| Cash and cash equivalents | 53 | – | 53 | |||||||||||||||||
| Accounts receivable, net | 130 | 233 | 363 | |||||||||||||||||
| Inventories | 116 | 205 | 321 | |||||||||||||||||
| Property, plant and equipment, net | 140 | 216 | 356 | |||||||||||||||||
| Goodwill | 168 | 300 | 468 | |||||||||||||||||
| Intangible assets | 48 | 12 | 60 | |||||||||||||||||
| Operating lease right-of-use assets, net | 138 | 18 | 156 | |||||||||||||||||
| Other assets | 34 | – | 34 | |||||||||||||||||
| Assets held for sale | 827 | 984 | 1,811 | |||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Accounts payable | 32 | 57 | 89 | |||||||||||||||||
| Accrued expenses | 67 | 11 | 78 | |||||||||||||||||
| Deferred income tax liabilities | 36 | – | 36 | |||||||||||||||||
| Operating lease liabilities | 140 | 19 | 159 | |||||||||||||||||
| Other liabilities | 42 | 24 | 66 | |||||||||||||||||
| Liabilities held for sale | 317 | 111 | 428 |
| 11 |
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 three months ended March 31, 2026, the Company completed the acquisition of five companies. The total cash consideration for these acquisitions, net of cash acquired, was $126 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 March 31, 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 | 9 | ||||||||||
| Accounts receivable, net | (8) | ||||||||||
| Inventories | 11 | ||||||||||
| Other current assets | 4 | ||||||||||
| Property, plant and equipment, net | 88 | ||||||||||
| Intangible assets, net | 2 | ||||||||||
| Operating lease right-of-use assets, net | (1) | ||||||||||
| Total assets | 105 | ||||||||||
| Liabilities | |||||||||||
| Accounts payable | (9) | ||||||||||
| Accrued expenses | (6) | ||||||||||
| Operating lease liabilities | (1) | ||||||||||
| Long-term debt | 1 | ||||||||||
| Deferred income tax liabilities | (10) | ||||||||||
| Other liabilities | 37 | ||||||||||
| Total liabilities | 12 | ||||||||||
| Total identifiable net assets at fair value | 93 | ||||||||||
| Goodwill | 43 | ||||||||||
| Total consideration | 136 | ||||||||||
| Consideration satisfied by: | |||||||||||
| Cash payments | 135 | ||||||||||
| Deferred consideration (stated at net present cost) | 1 | ||||||||||
| Total consideration | 136 | ||||||||||
| Acquisitions of businesses, net of cash acquired | |||||||||||
| Cash consideration | 135 | ||||||||||
| Less: cash and cash equivalents acquired | (9) | ||||||||||
| Total outflow in the Condensed Consolidated Statements of Cash Flows | 126 |
(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 three months ended March 31, 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 three months ended March 31, 2026, including adjustments to provisional values, the Company recognized $2 million of amortizable intangible assets and $43 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 three months ended March 31, 2026, $18 million is expected to be deductible for tax purposes. The amortizable intangible assets will be amortized against earnings over a weighted average of 19 years.
| 12 |
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 completed acquisitions. The Company incurred acquisition-related costs of $4 million and $5 million for the three months ended March 31, 2026 and March 31, 2025, respectively.
For the period from acquisition date through March 31, 2026, and March 31, 2025, respectively, acquisitions contributed $6 million and $28 million to Total revenues and a loss of $5 million and $9 million to Net loss attributable to CRH, including the effect of interest expense to finance the acquisitions.
Pro forma results of operations for the current year acquisitions, 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:
| March 31 | December 31 | March 31 | |||||||||
| in $ millions | 2026 | 2025 | 2025 | ||||||||
| Trade receivables | 4,380 | 4,296 | 4,214 | ||||||||
| Construction contract assets | 510 | 525 | 659 | ||||||||
| Total accounts receivable | 4,890 | 4,821 | 4,873 | ||||||||
| Less: allowance for credit losses | (139) | (137) | (154) | ||||||||
| Other current receivables | 462 | 494 | 422 | ||||||||
| Total accounts receivable, net | 5,213 | 5,178 | 5,141 |
Of the total Accounts receivable, net balances, $17 million, $32 million and $63 million as of March 31, 2026, December 31, 2025, and March 31, 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 | 137 | 140 | |||||||||
| Charge-offs | (6) | (2) | |||||||||
| Provision for credit losses | 10 | 6 | |||||||||
| Foreign currency translation and other | (2) | 10 | |||||||||
| As of March 31 | 139 | 154 |
6. Inventories
Inventories were:
| March 31 | December 31 | March 31 | |||||||||
| in $ millions | 2026 | 2025 | 2025 | ||||||||
| Raw materials | 2,305 | 2,295 | 2,323 | ||||||||
| Work-in-process | 324 | 360 | 262 | ||||||||
| Finished goods | 2,429 | 2,596 | 2,375 | ||||||||
| Total inventories | 5,058 | 5,251 | 4,960 |
| 13 |
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 | 6,964 | 3,328 | 2,807 | 13,099 | ||||||||||
| Acquisitions | 19 | – | 24 | 43 | ||||||||||
| Foreign currency translation adjustment | (9) | (2) | (23) | (34) | ||||||||||
| Impairment charge | – | – | (48) | (48) | ||||||||||
| Reclassified as held for sale | – | (300) | (168) | (468) | ||||||||||
| Reallocation | – | (14) | 14 | – | ||||||||||
| Carrying value, March 31, 2026 | 6,974 | 3,012 | 2,606 | 12,592 | ||||||||||
| in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total | ||||||||||
| Carrying value, December 31, 2024 | 5,803 | 3,070 | 2,188 | 11,061 | ||||||||||
| Acquisitions | 1,144 | 188 | 488 | 1,820 | ||||||||||
| Foreign currency translation adjustment | 24 | 70 | 134 | 228 | ||||||||||
| Divestitures | (7) | – | (3) | (10) | ||||||||||
| Carrying value, December 31, 2025 | 6,964 | 3,328 | 2,807 | 13,099 | ||||||||||
| in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total | ||||||||||
| Carrying value, December 31, 2024 | 5,803 | 3,070 | 2,188 | 11,061 | ||||||||||
| Acquisitions | 184 | 142 | 14 | 340 | ||||||||||
| Foreign currency translation adjustment | 2 | 1 | 71 | 74 | ||||||||||
| Carrying value, March 31, 2025 | 5,989 | 3,213 | 2,273 | 11,475 |
During the three months ended March 31, 2026, a goodwill impairment loss of $48 million has been recorded within the Company’s International Solutions segment relating to assets held for sale. There were no goodwill impairment charges recorded during the three months ended March 31, 2025.
| 14 |
CRH FORM 10-Q
8. Additional financial information
Other current assets were:
| March 31 | December 31 | March 31 | |||||||||
| in $ millions | 2026 | 2025 | 2025 | ||||||||
| Prepayments | 495 | 394 | 391 | ||||||||
| Income taxes recoverable | 293 | 274 | 352 | ||||||||
| Other | 89 | 10 | 46 | ||||||||
| Total other current assets | 877 | 678 | 789 |
Accrued expenses were:
| March 31 | December 31 | March 31 | |||||||||
| in $ millions | 2026 | 2025 | 2025 | ||||||||
| Accrued payroll and employee benefits | 999 | 996 | 1,058 | ||||||||
| Other accruals | 1,144 | 1,200 | 1,212 | ||||||||
| Total accrued expenses | 2,143 | 2,196 | 2,270 |
Other current liabilities were:
| March 31 | December 31 | March 31 | |||||||||
| in $ millions | 2026 | 2025 | 2025 | ||||||||
| Dividends payable | 261 | – | 251 | ||||||||
| Construction contract liabilities | 391 | 405 | 481 | ||||||||
| Insurance liability | 163 | 163 | 190 | ||||||||
| Income tax payable | 99 | 106 | 58 | ||||||||
| Accrued external interest payable (excluding lease interest) | 261 | 214 | 247 | ||||||||
| Finance lease liability | 118 | 116 | 74 | ||||||||
| Other | 675 | 830 | 659 | ||||||||
| Total other current liabilities | 1,968 | 1,834 | 1,960 |
Other noncurrent liabilities were:
| March 31 | December 31 | March 31 | |||||||||
| in $ millions | 2026 | 2025 | 2025 | ||||||||
| Income tax payable | 950 | 868 | 724 | ||||||||
| Asset retirement obligations | 351 | 357 | 339 | ||||||||
| Pension liability | 216 | 248 | 229 | ||||||||
| Insurance liability | 347 | 335 | 284 | ||||||||
| Finance lease liability | 448 | 418 | 262 | ||||||||
| Other | 661 | 650 | 585 | ||||||||
| Total other noncurrent liabilities | 2,973 | 2,876 | 2,423 |
| 15 |
CRH FORM 10-Q
9. Debt
Long-term debt was:
| March 31 | December 31 | March 31 | ||||||||||||
| in $ millions | Effective interest rate | 2026 | 2025 | 2025 | ||||||||||
| Senior Notes (U.S. Dollar denominated unless otherwise noted) | ||||||||||||||
| 3.875% Senior Notes due 2025 | 3.93 | % | – | – | 1,250 | |||||||||
| 1.250% euro Senior Notes due 2026 | 1.25 | % | 862 | 882 | 812 | |||||||||
| 3.400% Senior Notes due 2027 | 3.49 | % | 600 | 600 | 600 | |||||||||
| 4.000% euro Senior Notes due 2027 | 4.13 | % | 574 | 588 | 541 | |||||||||
| 3.950% Senior Notes due 2028 | 4.07 | % | 900 | 900 | 900 | |||||||||
| 1.375% euro Senior Notes due 2028 | 1.42 | % | 689 | 705 | 650 | |||||||||
| 5.200% Senior Notes due 2029 | 5.30 | % | 750 | 750 | 750 | |||||||||
| 4.125% Sterling Senior Notes due 2029 | 4.22 | % | 529 | 539 | 518 | |||||||||
| 5.125% Senior Notes due 2030 | 5.25 | % | 1,250 | 1,250 | 1,250 | |||||||||
| 1.625% euro Senior Notes due 2030 | 1.72 | % | 862 | 882 | 812 | |||||||||
| 4.400% Senior Notes due 2031 | 4.58 | % | 1,000 | 1,000 | – | |||||||||
| 4.000% euro Senior Notes due 2031 | 4.10 | % | 862 | 882 | 812 | |||||||||
| 6.400% Senior Notes due 2033 (i) | 6.43 | % | 213 | 213 | 213 | |||||||||
| 5.400% Senior Notes due 2034 | 5.52 | % | 750 | 750 | 750 | |||||||||
| 5.500% Senior Notes due 2035 | 5.57 | % | 1,250 | 1,250 | 1,250 | |||||||||
| 4.250% euro Senior Notes due 2035 | 4.38 | % | 862 | 882 | 812 | |||||||||
| 5.000% Senior Notes due 2036 | 5.15 | % | 1,000 | 1,000 | – | |||||||||
| 5.125% Senior Notes due 2045 | 5.25 | % | 500 | 500 | 500 | |||||||||
| 4.400% Senior Notes due 2047 | 4.44 | % | 400 | 400 | 400 | |||||||||
| 4.500% Senior Notes due 2048 | 4.63 | % | 600 | 600 | 600 | |||||||||
| 5.875% Senior Notes due 2055 | 5.97 | % | 500 | 500 | 500 | |||||||||
| 5.600% Senior Notes due 2056 | 5.74 | % | 500 | 500 | – | |||||||||
| Bank and Other Debt Obligations | ||||||||||||||
| USD interest-bearing loan due 2027 | 4.96 | % | 750 | 750 | 750 | |||||||||
| PHP interest-bearing loan due 2027 | 5.68 | % | 390 | 391 | 399 | |||||||||
| AUD interest-bearing loan due 2028 | 5.26 | % | 422 | 411 | – | |||||||||
| AUD interest-bearing loan due 2029 | 4.95 | % | – | – | 478 | |||||||||
| AUD interest-bearing loan due 2030 | 5.18 | % | 241 | 258 | – | |||||||||
| U.S. Dollar Commercial Paper | 4.13 | % | 1,199 | – | 56 | |||||||||
| Euro Commercial Paper | 2.20 | % | – | 170 | – | |||||||||
| Other obligations | 76 | 78 | 60 | |||||||||||
| Unamortized discounts and debt issuance costs | (93) | (98) | (85) | |||||||||||
| Total long-term debt (ii) | 18,438 | 17,533 | 15,578 | |||||||||||
| Less: current portion of long-term debt (iii) | (2,367) | (1,055) | (1,365) | |||||||||||
| Long-term debt | 16,071 | 16,478 | 14,213 |
(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 million of the issued Senior Notes were acquired by the Company as part of liability management exercises undertaken and the interest rate hedge was closed out. The remaining fair value hedge adjustment on the hedged item in the Condensed Consolidated Balance Sheets was $23 million, $23 million, and $26 million as of March 31, 2026, December 31, 2025, and March 31, 2025, respectively.
(ii) Of the Company’s nominal fixed rate debt as of March 31, 2026, December 31, 2025, and March 31, 2025, $500 million, $500 million and $1,375 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 March 31, 2026, December 31, 2025, and March 31, 2025, $413 million, $nil million, and $nil million, respectively, was hedged to fixed rates using interest rate swaps.
(iii) Excludes borrowings from bank overdrafts of $111 million, $120 million and $93 million, which are recorded within Current portion of long-term debt in the Condensed Consolidated Balance Sheets as of March 31, 2026, December 31, 2025, and March 31, 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.
| 16 |
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 per rating notch per agency, capped at 100 basis points per agency. However, this coupon step-up would reverse if the Company returns to an investment-grade rating.
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 $5 million as of March 31, 2026. The total potential credit available through this arrangement is €3,500 million, inclusive of the ability to issue letters of credit.
As of March 31, 2026, December 31, 2025, and March 31, 2025, there were no outstanding borrowings or letters of credit issued under the RCF and the undrawn committed facility available to be drawn by the Company as of March 31, 2026 was $4,021 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.
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 $0.6 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 March 31, 2026, the Company had a $4,000 million U.S. Dollar Commercial Paper Program and a €1,500 million 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.
The long-term debt maturities, net of the unamortized discounts and debt issuance costs, for the periods subsequent to March 31, 2026 are as follows:
| in $ millions | Remainder of 2026 | 2027 | 2028 | 2029 | 2030 | 2031 and thereafter | Total | ||||||||||||||||
| Long-term debt maturities | 2,082 | 2,215 | 1,993 | 1,349 | 2,275 | 8,524 | 18,438 |
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 $18,438 million, $17,533 million, and $15,578 million as of March 31, 2026, December 31, 2025, and March 31, 2025, respectively. The fair values of the Company’s Long-term debt were $18,156 million, $17,502 million, and $15,342 million as of March 31, 2026, December 31, 2025, and March 31, 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 6.08% and 7.12%.
| 17 |
CRH FORM 10-Q
See Note 17 for the changes in the fair value of Redeemable noncontrolling interests.
The Company has classified certain operations as held for sale as of March 31, 2026 which are held at the lower of their carrying value or fair value less costs to sell, determined using Level 3 inputs.
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 income tax provision for interim periods 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 income 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 benefit from operations was:
| Three months ended | ||||||||||||||||||||
| March 31 | ||||||||||||||||||||
| in $ millions | 2026 | 2025 | ||||||||||||||||||
| Total tax benefit | 55 | 58 | ||||||||||||||||||
| Effective income tax rate | 25% | 40% |
The effective tax rate for March 31, 2026 decreased compared to the three months ended March 31, 2025. The decrease for the three months ended March 31, 2026 is primarily driven by a change in valuation allowances arising from the reclassification of the construction accessories operations to held for sale.
12. Earnings per share (EPS)
The calculation of basic and diluted earnings per share was:
| Three months ended | ||||||||||||||||||||||||||
| March 31 | ||||||||||||||||||||||||||
| in $ millions, except share and per share data | 2026 | 2025 | ||||||||||||||||||||||||
| Numerator | ||||||||||||||||||||||||||
| Net loss | (180) | (98) | ||||||||||||||||||||||||
| Net loss attributable to noncontrolling interests | 4 | 4 | ||||||||||||||||||||||||
| Adjustment of redeemable noncontrolling interests to redemption value | (7) | (7) | ||||||||||||||||||||||||
| Net loss attributable to CRH for EPS - basic and diluted | (183) | (101) | ||||||||||||||||||||||||
| Denominator | ||||||||||||||||||||||||||
| Weighted average common shares outstanding - basic (i) | 668.5 | 676.7 | ||||||||||||||||||||||||
| Effect of dilutive employee share awards (ii) | – | – | ||||||||||||||||||||||||
| Weighted average common shares outstanding - diluted | 668.5 | 676.7 | ||||||||||||||||||||||||
| Loss per share attributable to CRH | ||||||||||||||||||||||||||
| Basic | ($0.27) | ($0.15) | ||||||||||||||||||||||||
| Diluted | ($0.27) | ($0.15) |
(i) The weighted average number of common shares included in the computation of basic and diluted earnings per share has been adjusted to exclude shares repurchased and held by the Company as Treasury stock given that these shares are not entitled to receive dividends.
(ii) In periods of net loss, shares that otherwise would have been included in the diluted weighted average common shares outstanding computation have been excluded. Due to the net loss for each of the three months ended March 31, 2026, and March 31, 2025, contingently issuable common shares representing 3,154,781 and 5,268,459 respectively, were excluded from the computation of diluted loss per share as their inclusion would have been antidilutive.
| 18 |
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 December 31, 2025 | (187) | (48) | (22) | (257) | ||||||||||
| Other comprehensive (loss) income before reclassifications | (89) | 8 | 1 | (80) | ||||||||||
| Amounts reclassified from Accumulated other comprehensive loss | – | (2) | (2) | (4) | ||||||||||
| Net current-period other comprehensive (loss) income | (89) | 6 | (1) | (84) | ||||||||||
| Other comprehensive (income) attributable to noncontrolling interests | (12) | – | – | (12) | ||||||||||
| Balance as of March 31, 2026 | (288) | (42) | (23) | (353) | ||||||||||
| Balance as of December 31, 2024 | (856) | (63) | (86) | (1,005) | ||||||||||
| Other comprehensive income (loss) before reclassifications | 264 | (21) | – | 243 | ||||||||||
| Amounts reclassified from Accumulated other comprehensive loss | (26) | (2) | (7) | (35) | ||||||||||
| Net current-period other comprehensive income (loss) | 238 | (23) | (7) | 208 | ||||||||||
| Other comprehensive (income) attributable to noncontrolling interests | (9) | – | – | (9) | ||||||||||
| Balance as of March 31, 2025 | (627) | (86) | (93) | (806) |
The amounts reclassified from Accumulated other comprehensive loss to income were:
| Three months ended | ||||||||||||||
| March 31 | ||||||||||||||
| in $ millions | 2026 | 2025 | ||||||||||||
| Cash flow hedges | ||||||||||||||
| Cost of product revenues | (2) | (2) | ||||||||||||
| Total | (2) | (2) | ||||||||||||
| Pension and other postretirement plans | ||||||||||||||
| Other nonoperating income, net | (2) | (8) | ||||||||||||
| Income tax expense | – | 1 | ||||||||||||
| Total | (2) | (7) | ||||||||||||
| Reclassifications from Accumulated other comprehensive loss to income | (4) | (9) |
| 19 |
CRH FORM 10-Q
14. Segment information
The Company has the following three operating and reportable segments:
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, readymixed 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 telecommunications 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-related costs and pension expense/income excluding current service cost component.
The key performance measures and segment expenses for the Company’s reportable segments were:
| Three months ended March 31, 2026 | ||||||||||||||
| in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total | ||||||||||
| Revenue | 2,724 | 1,668 | 2,978 | 7,370 | ||||||||||
| Less: | ||||||||||||||
| Labor | 847 | 375 | 705 | 1,927 | ||||||||||
| Energy costs | 150 | 35 | 236 | 421 | ||||||||||
| Other segment items (i) | 1,624 | 971 | 1,841 | 4,436 | ||||||||||
| Adjusted EBITDA | 103 | 287 | 196 | 586 | ||||||||||
| Three months ended March 31, 2025 | ||||||||||||||
| in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total | ||||||||||
| Revenue | 2,243 | 1,682 | 2,831 | 6,756 | ||||||||||
| Less: | ||||||||||||||
| Labor | 754 | 375 | 657 | 1,786 | ||||||||||
| Energy costs | 140 | 32 | 220 | 392 | ||||||||||
| Other segment items (i) | 1,290 | 988 | 1,805 | 4,083 | ||||||||||
| Adjusted EBITDA | 59 | 287 | 149 | 495 | ||||||||||
(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 | ||||||||||||||
| March 31 | ||||||||||||||
| in $ millions | 2026 | 2025 | ||||||||||||
| Adjusted EBITDA | 586 | 495 | ||||||||||||
| Depreciation, depletion, and amortization | (576) | (477) | ||||||||||||
| Loss on impairments (i) | (48) | – | ||||||||||||
| Interest income | 21 | 37 | ||||||||||||
| Interest expense | (203) | (181) | ||||||||||||
| Loss on divestitures and investments (ii) | (6) | (26) | ||||||||||||
| Pension income excluding current service cost component (ii) | 5 | 4 | ||||||||||||
| Other interest, net (ii) | (3) | 2 | ||||||||||||
| Loss from operations before income tax benefit and loss from equity method investments | (224) | (146) |
(i) Loss on impairments is comprised of $48 million within International Solutions for the three months ended March 31, 2026.
(ii) Loss on divestitures and investments, pension income excluding current service cost component and other interest, net have been included in Other nonoperating expense, net in the Condensed Consolidated Statements of Income.
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CRH FORM 10-Q
Depreciation, depletion and amortization for each of the segments were:
| Three months ended | ||||||||||||||||||||
| March 31 | ||||||||||||||||||||
| in $ millions | 2026 | 2025 | ||||||||||||||||||
| Americas Materials Solutions | 261 | 220 | ||||||||||||||||||
| Americas Building Solutions | 93 | 91 | ||||||||||||||||||
| International Solutions | 222 | 166 | ||||||||||||||||||
| Total depreciation, depletion and amortization | 576 | 477 |
The segment assets were:
| March 31 | December 31 | March 31 | |||||||||
| in $ millions | 2026 | 2025 | 2025 | ||||||||
| Assets | |||||||||||
| Americas Materials Solutions | 24,440 | 25,396 | 21,715 | ||||||||
| Americas Building Solutions | 9,758 | 9,712 | 9,786 | ||||||||
| International Solutions | 17,877 | 18,121 | 15,793 | ||||||||
| Total assets for reportable segments | 52,075 | 53,229 | 47,294 | ||||||||
Additions to property, plant and equipment and intangible assets for each of the segments were:
| Three months ended | ||||||||
| March 31 | ||||||||
| in $ millions | 2026 | 2025 | ||||||
| Property, plant and equipment and intangible asset additions (i) | ||||||||
| Americas Materials Solutions | 307 | 240 | ||||||
| Americas Building Solutions | 100 | 199 | ||||||
| International Solutions | 276 | 244 | ||||||
| Total property, plant and equipment and intangible asset additions | 683 | 683 |
(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 | Three months ended | |||||||||||||||||||
| March 31 | March 31 | |||||||||||||||||||
| in $ millions | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||
| Service cost | – | – | 9 | 10 | ||||||||||||||||
| Interest cost | 6 | 6 | 23 | 20 | ||||||||||||||||
| Expected return on assets | (6) | (5) | (26) | (23) | ||||||||||||||||
| Amortization of: | ||||||||||||||||||||
| Prior service credit | – | – | (3) | (3) | ||||||||||||||||
| Actuarial loss | – | – | 1 | 1 | ||||||||||||||||
| Net periodic benefit cost (i) (ii) | – | 1 | 4 | 5 |
(i) Includes net periodic benefit cost of $1 million and $1 million related to OPEB plans for the three months ended March 31, 2026 and March 31, 2025, respectively.
(ii) Service cost is included within Cost of revenues and Selling, general and administrative expenses while all other cost components are recorded within Other nonoperating expense, net.
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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:
| March 31 | December 31 | March 31 | |||||||||
| in $ millions | 2026 | 2025 | 2025 | ||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | 30 | 40 | 18 | ||||||||
| Accounts receivable, net | 39 | 42 | 43 | ||||||||
| Inventories | 79 | 81 | 88 | ||||||||
| Other current assets | 35 | 39 | 60 | ||||||||
| Total current assets | 183 | 202 | 209 | ||||||||
| Property, plant and equipment, net | 760 | 793 | 845 | ||||||||
| Goodwill | 182 | 187 | 193 | ||||||||
| Intangible assets, net | – | – | 1 | ||||||||
| Operating lease right-of-use assets, net | 4 | 4 | 5 | ||||||||
| Other noncurrent assets | 9 | 9 | 9 | ||||||||
| Total assets | 1,138 | 1,195 | 1,262 | ||||||||
| Liabilities | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | 103 | 119 | 94 | ||||||||
| Accrued expenses | 36 | 33 | 43 | ||||||||
| Current portion of long-term debt | 316 | 13 | 55 | ||||||||
| Operating lease liabilities | 1 | 1 | 1 | ||||||||
| Other current liabilities | 16 | 21 | 23 | ||||||||
| Total current liabilities | 472 | 187 | 216 | ||||||||
| Long-term debt | 73 | 377 | 343 | ||||||||
| Deferred income tax liabilities | 85 | 89 | 94 | ||||||||
| Noncurrent operating lease liabilities | 3 | 3 | 4 | ||||||||
| Other noncurrent liabilities | 21 | 21 | 22 | ||||||||
| Total liabilities | 654 | 677 | 679 |
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 | ||||||||||||||
| March 31 | ||||||||||||||
| in $ millions | 2026 | 2025 | ||||||||||||
| Total revenues | 74 | 84 | ||||||||||||
| Total cost of revenues | (84) | (80) | ||||||||||||
| Gross (loss) profit | (10) | 4 | ||||||||||||
| Net loss | (22) | (13) | ||||||||||||
| Net cash used in operating activities | (21) | (18) |
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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 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 March 31, 2026 and March 31, 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 December 31, 2025 | 430 | ||||
| Adjustment to the redemption value | 7 | ||||
| Dividends paid | (15) | ||||
| Balance as of March 31, 2026 | 422 | ||||
| Balance as of December 31, 2024 | 384 | ||||
| Adjustment to the redemption value | 7 | ||||
| Dividends paid | (12) | ||||
| Balance as of March 31, 2025 | 379 |
18. Commitments and contingencies
Guarantees
The Company has given letters of guarantee to secure obligations of subsidiary undertakings as follows: $17.5 billion, $16.6 billion, and $14.8 billion in respect of loans and borrowings, bank advances and derivative obligations as of March 31, 2026, December 31, 2025, and March 31, 2025, respectively, and $0.5 billion, $0.5 billion, and $0.5 billion as of March 31, 2026, December 31, 2025, and March 31, 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.
19. 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.
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CRH FORM 10-Q
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