Revenue and gross margins appear to have recovered into the 28-30% range in peak-season quarters, with Q2 2026 operating margin of 20.3% suggesting operating leverage, though Q1 losses (operating margin -3.7%) highlight pronounced seasonality.
Amrize Ltd (AMRZ) annual income statement — 4-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 |
|---|
| Sales/Revenue | 12.28B | 11.81B | 11.7B | 11.68B | 10.73B |
| Revenue Growth % | 3.86% | 0.95% | 0.23% | 8.87% | - |
| Cost of Goods Sold | 9.24B | 8.78B | 8.63B | 8.91B | 8.25B |
| COGS % of Revenue | - | 74.32% | 73.77% | 76.29% | 76.95% |
| Gross Profit | 3.04B | 3.03B | 3.07B | 2.77B | 2.47B |
| Gross Margin % | 24.79% | 25.68% | 26.23% | 23.71% | 23.05% |
| Gross Profit Growth % | - | -1.17% | 10.87% | 12.01% | - |
| Operating Expenses | 1.14B | 1.13B | 944M | 881M | 773M |
| OpEx % of Revenue | - | 9.55% | 8.07% | 7.54% | 7.21% |
| Selling, General & Admin | 1.14B | 1.13B | 944M | 898M | 752M |
| SG&A % of Revenue | - | 9.55% | 8.07% | 7.69% | 7.01% |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | -17M | 21M |
| Operating Income | 1.9B | 1.91B | 2.13B | 1.89B | 1.7B |
| Operating Margin % | 15.48% | 16.13% | 18.16% | 16.17% | 15.84% |
| Operating Income Growth % | - | -10.35% | 12.61% | 11.12% | - |
| EBITDA | 2.9B | 2.82B | 3B | 2.74B | 2.49B |
| EBITDA Margin % | 23.59% | 23.87% | 25.64% | 23.46% | 23.19% |
| EBITDA Growth % | 3.17% | -6.03% | 9.57% | 10.13% | - |
| D&A (Non-Cash Add-back) | 996M | 914M | 875M | 851M | 788M |
| EBIT | 1.9B | 1.91B | 2.14B | 1.85B | 1.71B |
| Net Interest Income | -333M | -413M | -302M | -549M | -248M |
| Interest Income | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 333M | 413M | 302M | 549M | 248M |
| Other Income/Expense | -315M | -398M | -485M | -572M | -226M |
| Pretax Income | 1.59B | 1.51B | 1.64B | 1.32B | 1.47B |
| Pretax Margin % | 12.91% | 12.76% | 14.02% | 11.27% | 13.73% |
| Income Tax | 372M | 326M | 368M | 361M | 366M |
| Effective Tax Rate % | 23.46% | 21.62% | 22.43% | 27.43% | 24.85% |
| Net Income | 1.22B | 1.19B | 1.27B | 956M | 1.11B |
| Net Margin % | 9.93% | 10.03% | 10.89% | 8.19% | 10.33% |
| Net Income Growth % | -9.44% | -6.99% | 33.26% | -13.72% | - |
| Net Income (Continuing) | 1.21B | 1.18B | 1.27B | 955M | 1.11B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | -1M | 0 | 1M |
| EPS (Diluted) | 2.23 | 2.14 | 2.30 | 1.73 | 2.00 |
| EPS Growth % | -11.62% | -6.96% | 32.95% | -13.5% | - |
| EPS (Basic) | - | 2.14 | 2.30 | 1.73 | 2.00 |
| Diluted Shares Outstanding | 545.5M | 553.6M | 553.3M | 552.7M | 552.7M |
| Basic Shares Outstanding | 544.6M | 553.6M | 553.3M | 552.7M | 552.7M |
| Dividend Payout Ratio | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Cyclical construction demand exposure
Metrics are mathematically derived from official filings.
Revenue Re-Accelerating Through Mega-Project Demand
Based on reported quarterly figures, AMRZ's revenue grew 8.5% year-over-year in Q2 2026 to $3.5B, reversing a flat-to-negative trend in late 2025 and early 2026 and suggesting renewed top-line momentum.
The reacceleration from roughly -0.4% in Q4 2025 to 8.5% in Q2 2026 suggests demand is shifting toward large-scale projects such as data centers and energy infrastructure, as cited in management commentary. Q3 2026 growth moderated to 2.6%, which implies the trajectory may be lumpy rather than linear. Investors should monitor whether mega-project backlog converts into sustained volume growth or whether the Q2 spike reflects timing effects.
Gross Margin Anchored by Solutions Mix
As reported in the quarterly income statements, AMRZ's gross margin held near 28-30% in the non-winter quarters of 2025 and 2026, well above the 9-13% seen in Q1 periods, indicating strong seasonality in profitability.
The gross margin pattern suggests a structural ceiling for heavy materials, but the stable ~28% level in recent quarters likely reflects the contribution of higher-margin roofing and building envelope products. Q1 margin compression to roughly 10% points to fixed-cost absorption issues during low-volume seasons. The gap versus peers VMC at 27.3% and MLM at 30.0% appears modest, which may indicate AMRZ's pricing power is broadly in line with aggregates peers.
Operating Leverage Visible in Peak Quarters
Based on EDBL's reported figures equivalent here, AMRZ's operating margin expanded from 20.3% in Q2 2026 on $3.5B revenue, with operating income of $710M against gross profit of $993M, showing SG&A absorption of roughly 29% of gross profit.
SG&A has remained relatively flat at $278M to $312M across the period while revenue swung materially, which suggests overhead is largely fixed and that incremental volume drops disproportionately to operating income. This operating leverage cuts both ways, as the Q1 2026 operating loss of -$81M illustrates. Investors should weigh whether standalone SG&A post-spin-off will remain at these levels.
Net Income Swings Track Seasonal Operating Results
According to recent SEC filings, AMRZ's net income moved from -$116M in Q1 2026 to $559M in Q3 2026, with the net margin range spanning -5.3% to 14.8%, indicating earnings are highly dependent on the timing of the construction season.
Stock-based compensation appears minimal, with reported SBC near zero in most quarters, which suggests reported earnings are not materially flattered by equity award expense. The EPS trajectory, including a $1.02 diluted figure in Q3 2026 and a -$0.21 loss in Q1 2026, may warrant analysis on a trailing-twelve-month basis rather than quarterly. Tax and non-operating items are not separately disclosed in the supplied data, so their contribution cannot be assessed.
Standalone Overhead and Growth Durability Risks
Based on the supplied figures, the Q2 2026 revenue growth of 8.5% and EPS beat rest on a single quarter, while the Q3 2026 growth slowed to 2.6%, raising questions about whether momentum is sustainable.
Short-side analysts would likely point to the deceleration from 8.5% to 2.6% in one quarter as evidence that the mega-project tailwind may be overstated. Carve-out accounting and a shift to standalone cost structure could compress margins below the 28% gross level observed in peak quarters. Negative conclusions here remain analytical inference rather than established fact, and the data available does not allow confirmation of either thesis.