Cash generation is highly erratic, highlighted by a $1.2 billion free cash flow outflow in 2026Q1 and an operating cash flow to net income ratio of 7.72 that suggests significant earnings quality volatility.
| Cash from Operations | 2.17B | 2.21B | 2.28B | 2.04B | 1.99B |
| Operating CF Margin % | - | 18.69% | 19.5% | 17.44% | 18.53% |
| Operating CF Growth % | 36.86% | -3.24% | 12.08% | 2.41% | - |
| Net Income | 1.16B | 1.19B | 1.27B | 955M | 1.11B |
| Depreciation & Amortization | 932M | 914M | 889M | 851M | 788M |
| Stock-Based Compensation | 2M | 0 | 6M | 5M | 4M |
| Deferred Taxes | -17M | 0 | -35M | 11M | 66M |
| Other Non-Cash Items | 416M | 425M | 111M | 97M | 9M |
| Working Capital Changes | -320M | -316M | 38M | 117M | 14M |
| Change in Receivables | 80M | -43M | 189M | -82M | 35M |
| Change in Inventory | 76M | -61M | -146M | -7M | -296M |
| Change in Payables | -234M | 0 | 28M | 60M | 195M |
| Cash from Investing | -960M | -361M | -1.21B | -2.02B | -2.52B |
| Capital Expenditures | -849M | -788M | -642M | -630M | -488M |
| CapEx % of Revenue | 7.13% | 6.67% | 5.49% | 5.4% | 4.55% |
| Acquisitions | -492M | -86M | -249M | -1.61B | -2.03B |
| Investments | - | - | - | - | - |
| Other Investing | 381M | 513M | -317M | 212M | 0 |
| Cash from Financing | -715M | -1.55B | -537M | 734M | 497M |
| Debt Issued (Net) | -137M | -2.23B | -225M | 747M | 725M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -578M | 675M | -312M | -13M | -228M |
| Net Change in Cash | 525M | 337M | 478M | 756M | -48M |
| Free Cash Flow | 1.32B | 1.42B | 1.64B | 1.41B | 1.5B |
| FCF Margin % | 11.07% | 12.02% | 14.01% | 12.04% | 13.98% |
| FCF Growth % | 562.81% | -13.41% | 16.64% | -6.27% | - |
| FCF per Share | 2.38 | 2.57 | 2.96 | 2.54 | 2.71 |
| FCF Conversion (FCF/Net Income) | 1.14x | 1.86x | 1.61x | 2.13x | 1.79x |
| Interest Paid | 69M | 0 | 0 | 0 | 0 |
| Taxes Paid | 81M | 0 | 0 | 0 | 0 |
Extreme Seasonal Working Capital
As reported in recent financial statements, AMRZ's operating cash flow to net income ratio reached an extreme 7.72 in 2026Q1, highlighting a significant disconnect between accounting profits and actual cash generation that warrants close scrutiny from investors evaluating the company's underlying earnings quality.
The wide variance in the OCF/NI ratio suggests that net income is a poor proxy for cash performance due to the lumpy nature of construction project accounting. Investors should monitor whether this divergence is a temporary byproduct of the recent spin-off or a structural feature of the company's revenue recognition practices.
Based on quarterly cash flow data, AMRZ's free cash flow trajectory remains highly erratic, swinging from a $1.6 billion inflow in 2025Q4 to a $1.2 billion outflow in 2026Q1, which underscores the company's vulnerability to seasonal construction cycles and project-based cash timing.
The sharp contraction in FCF margins during the first quarters of 2024 and 2026 suggests that the business model requires significant cash buffers to navigate off-peak periods. This pattern implies that the company's cash flow profile is heavily dependent on maintaining high utilization rates during the primary construction season.
According to the provided cash flow tables, working capital changes are the primary driver of liquidity, with a massive $1.0 billion outflow in 2026Q1 following a $937 million inflow in 2025Q4, indicating that inventory and receivables management is the most critical lever for short-term cash stability.
The extreme magnitude of these working capital swings suggests that the company is effectively financing its customers or building significant inventory ahead of seasonal demand. This reliance on working capital management may indicate that the company's cash position is more sensitive to operational timing than to underlying product demand.
As indicated by the reported figures, AMRZ's capital expenditure as a percentage of revenue reached 12.5% in 2026Q1, suggesting that the company must maintain high levels of reinvestment to sustain its heavy manufacturing assets despite the recent transition to an independent entity.
The consistent level of CapEx relative to revenue implies that the company's infrastructure, including cement kilns and aggregate quarries, requires substantial ongoing maintenance to remain operational. Investors should monitor whether this capital intensity will compress future free cash flow as the company seeks to modernize its asset base.
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.