Free cash flow is concentrated in late-year quarters (11.4% FCF margin in Q3 2026 and 58.0% in Q4 2025) while Q1 2026 FCF was -$1.2B, and buybacks of $572M in Q3 2026 may reflect capital returns outpacing durable cash generation.
Amrize Ltd (AMRZ) cash flow statement — 4-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 |
|---|
| Cash from Operations | 2.03B | 2.21B | 2.28B | 2.04B | 1.99B |
| Operating CF Margin % | - | 18.69% | 19.5% | 17.44% | 18.53% |
| Operating CF Growth % | -14.9% | -3.24% | 12.08% | 2.41% | - |
| Net Income | 1.22B | 1.19B | 1.27B | 955M | 1.11B |
| Depreciation & Amortization | 996M | 914M | 875M | 851M | 788M |
| Stock-Based Compensation | 8M | 0 | 6M | 5M | 4M |
| Deferred Taxes | 52M | 78M | -35M | 11M | 66M |
| Other Non-Cash Items | 202M | 157M | 125M | 97M | 9M |
| Working Capital Changes | -451M | -126M | 38M | 117M | 14M |
| Change in Receivables | -108M | 6M | 189M | -82M | 35M |
| Change in Inventory | -102M | -61M | -146M | -7M | -296M |
| Change in Payables | -63M | 108M | 28M | 60M | 195M |
| Cash from Investing | -1.35B | -361M | -1.21B | -2.02B | -2.52B |
| Capital Expenditures | -943M | -788M | -642M | -630M | -488M |
| CapEx % of Revenue | 7.68% | 6.67% | 5.49% | 5.4% | 4.55% |
| Acquisitions | -453M | -86M | -249M | -1.61B | -1.98B |
| Investments | - | - | - | - | - |
| Other Investing | 44M | 513M | -317M | 212M | -52M |
| Cash from Financing | -1.21B | -1.55B | -537M | 734M | 497M |
| Debt Issued (Net) | -875M | -1.44B | -225M | 747M | 725M |
| Equity Issued (Net) | -753M | 0 | 0 | 0 | 0 |
| Dividends Paid | -364M | 0 | 0 | 0 | 0 |
| Share Repurchases | -753M | 0 | 0 | 0 | 0 |
| Other Financing | 787M | -118M | -312M | -13M | -228M |
| Net Change in Cash | -527M | 337M | 478M | 756M | -48M |
| Free Cash Flow | 1.08B | 1.42B | 1.64B | 1.41B | 1.5B |
| FCF Margin % | 8.82% | 12.02% | 14.01% | 12.04% | 13.98% |
| FCF Growth % | -23.52% | -13.41% | 16.64% | -6.27% | - |
| FCF per Share | 1.99 | 2.57 | 2.96 | 2.54 | 2.71 |
| FCF Conversion (FCF/Net Income) | 0.89x | 1.86x | 1.79x | 2.13x | 1.79x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying AMRZ stock.
Amrize Ltd (AMRZ) generated $2.21B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Amrize Ltd (AMRZ) generated $1.42B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Amrize Ltd (AMRZ) spent $788.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Seasonal cash flow volatility
Metrics are mathematically derived from official filings.
Operating Cash Conversion Swings With Seasonality
According to the reported quarterly figures, AMRZ's operating cash flow ranged from negative $896M in Q1 2026 to $1.8B in Q4 2025, with the OCF-to-net-income ratio swinging between 0.88 and 13.57 across the ten quarters shown.
The ratio figures suggest that operating cash flow is not tracking net income in any stable way, which may indicate that quarter-level earnings are a weak guide to cash generation for this business. Quarters with very high ratios appear to reflect working capital release after the construction season rather than underlying earnings quality. Investors should monitor whether conversion normalizes across a full annual cycle before drawing conclusions about earnings quality.
Free Cash Flow Concentrated in Late-Year Quarters
Based on the supplied quarterly data, AMRZ's free cash flow margin reached 58.0% in Q4 2025 and 11.4% in Q3 2026, but was negative at -53.6% in Q1 2026, underscoring extreme intra-year concentration.
Free cash flow appears to be generated predominantly in the second half of the calendar year, when working capital unwinds and construction activity peaks. The negative first-quarter figures are consistent with seasonal inventory and receivables build rather than a structural cash drain, though this interpretation should be tested against a full year of reported results. The gap between the peak and trough margins warrants caution when using any single quarter as a run-rate.
Capital Intensity Holds Near Seven Percent of Revenue
As reported in the quarterly statements, AMRZ's CapEx-to-revenue ratio was 7.1% in both Q2 and Q3 2026, compared with spikes of 12.5% in Q1 2026 and 10.1% in Q1 2025, indicating a capital base that is heavy but relatively steady outside winter periods.
Depreciation of roughly $220M to $265M per quarter sits below quarterly CapEx in most periods, suggesting the company is investing modestly ahead of asset replacement needs rather than harvesting its base. The elevated first-quarter CapEx ratios appear partly a function of depressed revenue rather than an acceleration in spending. Whether growth capex is rising alongside the mega-project pipeline is not separable from the supplied data.
Working Capital Release Drives Second-Half Cash
Based on the reported quarterly figures, AMRZ's working capital change swung from a $1.2B inflow in Q4 2024 to a $1.0B outflow in Q1 2025, a roughly $2.2B swing that dominates quarterly operating cash flow.
The magnitude of the working capital swings relative to net income suggests that receivables and inventory management, rather than reported profitability, explains most of the variation in operating cash flow. Consistent Q1 outflows followed by Q4 inflows may indicate a recurring seasonal cycle in receivables and inventory that is not visible in the income statement. Investors should monitor whether the year-end unwind is sustainable or reflects timing of collections.
Capital Returns Concentrated Around Separation Activity
According to recent SEC filings, AMRZ recorded $572M in share buybacks and $60M in dividends in Q3 2026, while acquisition outflows of $420M appeared in Q1 2026, with no capital returns recorded in most earlier quarters.
The sparse and lumpy pattern of distributions suggests that capital deployment in this period is shaped by the corporate separation rather than a stable return policy. Buybacks of this scale against a $431M quarterly free cash flow figure imply a deliberate draw on the balance sheet, which the reported cash position appears able to absorb. Whether these returns persist once the separation is complete remains an open question that warrants monitoring.
Cash Flow Strength May Be Overstated by Timing
Based on the supplied figures, AMRZ's strong Q3 2026 free cash flow of $431M and Q4 2025 FCF of $1.6B may reflect working capital timing rather than durable generation, as the cumulative ten-quarter picture is far less favorable.
Summing the reported quarterly free cash flow across the ten periods shown yields a figure that is heavily influenced by the large Q4 inflows offsetting Q1 outflows, which may mask the underlying cash intensity of the business. Buybacks and acquisition outflows absorbed a meaningful share of cash generated in the periods they occurred, so reported free cash flow may overstate cash available to shareholders on a sustained basis. Investors should weigh these timing effects before extrapolating recent peak-quarter cash generation.