The company's profitability remains highly sensitive to seasonal demand, evidenced by a gross margin compression from 30.0% in 2025Q2 to 9.7% in 2026Q1.
| Sales/Revenue | 11.91B | 11.81B | 11.7B | 11.68B | 10.73B |
| Revenue Growth % | 13% | 0.95% | 0.23% | 8.87% | - |
| Cost of Goods Sold | 8.89B | 8.78B | 8.63B | 8.91B | 8.25B |
| COGS % of Revenue | - | 74.32% | 73.77% | 76.29% | 76.95% |
| Gross Profit | 3.02B | 3.03B | 3.07B | 2.77B | 2.47B |
| Gross Margin % | 25.38% | 25.68% | 26.23% | 23.71% | 23.05% |
| Gross Profit Growth % | - | -1.17% | 10.87% | 12.01% | - |
| Operating Expenses | 1.18B | 1.13B | 893M | 881M | 773M |
| OpEx % of Revenue | - | 9.55% | 7.63% | 7.54% | 7.21% |
| Selling, General & Admin | 1.18B | 1.13B | 962M | 898M | 752M |
| SG&A % of Revenue | - | 9.55% | 8.22% | 7.69% | 7.01% |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | -69M | -17M | 21M |
| Operating Income | 1.84B | 1.91B | 2.18B | 1.89B | 1.7B |
| Operating Margin % | 15.48% | 16.13% | 18.6% | 16.17% | 15.84% |
| Operating Income Growth % | - | -12.45% | 15.31% | 11.12% | - |
| EBITDA | 2.78B | 2.82B | 3.07B | 2.74B | 2.49B |
| EBITDA Margin % | 23.3% | 23.87% | 26.2% | 23.46% | 23.19% |
| EBITDA Growth % | 21.49% | -8.02% | 11.94% | 10.13% | - |
| D&A (Non-Cash Add-back) | 932M | 914M | 889M | 851M | 788M |
| EBIT | 1.85B | 1.91B | 2.12B | 1.85B | 1.71B |
| Net Interest Income | -365M | -413M | -302M | -549M | -248M |
| Interest Income | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 365M | 0 | 302M | 549M | 248M |
| Other Income/Expense | -348M | -398M | -344M | -572M | -226M |
| Pretax Income | 1.5B | 1.51B | 1.83B | 1.32B | 1.47B |
| Pretax Margin % | 12.56% | 12.76% | 15.66% | 11.27% | 13.73% |
| Income Tax | 345M | 326M | 415M | 361M | 366M |
| Effective Tax Rate % | 23.06% | 21.62% | 22.64% | 27.43% | 24.85% |
| Net Income | 1.16B | 1.19B | 1.42B | 956M | 1.11B |
| Net Margin % | 9.7% | 10.03% | 12.12% | 8.19% | 10.33% |
| Net Income Growth % | 29.89% | -16.49% | 48.43% | -13.72% | - |
| Net Income (Continuing) | 1.15B | 1.18B | 1.42B | 955M | 1.11B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | -1M | 0 | 1M |
| EPS (Diluted) | 2.09 | 2.14 | 2.30 | 1.73 | 2.00 |
| EPS Growth % | 30.36% | -6.96% | 32.95% | -13.5% | - |
| EPS (Basic) | - | 2.14 | 2.30 | 1.73 | 2.00 |
| Diluted Shares Outstanding | 553.2M | 553.6M | 553.3M | 552.7M | 552.7M |
| Basic Shares Outstanding | 553.2M | 553.74M | 553.3M | 552.7M | 552.7M |
| Dividend Payout Ratio | - | - | - | - | - |
Cyclical Margin Volatility
According to the provided quarterly income statements, AMRZ's revenue exhibits significant seasonal fluctuations, peaking at $3.7 billion in 2025Q3 before contracting to $2.2 billion in 2026Q1, suggesting that the company remains highly sensitive to the construction industry's inherent seasonality and project-based revenue recognition cycles.
The revenue trajectory appears inconsistent, with a 4.7% year-over-year growth in 2026Q1 failing to mask the underlying volatility observed in previous quarters. Investors should monitor whether this pattern reflects genuine demand shifts or merely the timing of large-scale infrastructure project completions.
As reported in the financial data, AMRZ's gross margin plummeted to 9.7% in 2026Q1 from a peak of 30.0% in 2025Q2, indicating that the company's high-fixed-cost manufacturing base struggles to maintain profitability during periods of lower volume and reduced capacity utilization.
The sharp contraction in gross margins suggests that the company lacks the pricing power to fully offset input cost inflation when volumes decline. This sensitivity warrants further investigation into whether the current cost structure can support sustainable profitability outside of peak construction seasons.
Based on the income statement figures, AMRZ's operating income swung from a $774 million profit in 2025Q3 to an $81 million loss in 2026Q1, demonstrating that the company's operating leverage acts as a double-edged sword during periods of top-line contraction.
The inability to scale SG&A expenses down in proportion to revenue declines suggests a rigid cost structure that may hinder bottom-line stability. This operational profile implies that profitability is heavily dependent on maintaining high utilization rates across its cement and aggregate assets.
Data from recent filings reveals that AMRZ's net income turned negative in 2026Q1, raising concerns about the company's ability to maintain profitability as an independent entity without the historical support of its former parent's global procurement and R&D infrastructure.
The transition to a standalone entity appears to have exposed the company to greater earnings volatility than its peers. Investors should be cautious, as the current net margin profile may not yet reflect the full impact of operating as a smaller, independent firm in a competitive market.
Quick answers to the most common questions about buying AMRZ stock.
For fiscal year 2025, Amrize Ltd (AMRZ) reported total revenue of $11.81B. This represents a 10.2% increase compared to $10.73B in 2022.
Amrize Ltd (AMRZ) is profitable, generating $1.19B in net income for the fiscal year ending 2025 with a net profit margin of 10.0%.
Amrize Ltd (AMRZ) reported an operating income of $1.91B, resulting in an operating profit margin of 16.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Amrize Ltd (AMRZ) generated $3.03B in gross profit for the year, representing a gross profit margin of 25.7%. This demonstrates the company's core pricing power and production efficiency.