Revenue growth remains highly erratic, swinging from a 8.3% contraction in 2025Q1 to an 11.8% expansion by 2025Q4, while operating margins fluctuate between 6.8% and 14.4% due to SG&A overhead.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 16.54B | 16.13B | 16.06B | 16.4B | 14.71B | 14.38B | 12.67B | 12.96B | 13.53B | 650.76M | 580.24M | 731.11M | 985.26M | 1.14B | 1.13B | 998.44M | 1.16B | 1.16B | 1.39B | 1.99B | 1.68B | 1.56B | 762.13M | 651.62M | 582.97M | 618.16M | 501.44M | 432.76M | 385.19M | 425.41M | 319.95M |
| Revenue Growth % | 5.1% | 0.43% | -2.08% | 11.55% | 2.27% | 13.5% | -2.24% | -4.23% | 1979.25% | 12.15% | -20.64% | -25.79% | -13.39% | 0.76% | 13.07% | -14.24% | 0.59% | -16.56% | -30.3% | 18.15% | 7.69% | 105.23% | 16.96% | 11.78% | -5.69% | 23.28% | 15.87% | 12.35% | -9.46% | 32.96% | - |
| Cost of Goods Sold | 11.03B | 10.82B | 10.65B | 10.87B | 10.22B | 9.74B | 8.59B | 8.71B | 8.85B | 421.14M | 372.01M | 481.79M | 663.97M | 780.92M | 794.75M | 716.05M | 837.87M | 817.25M | 946.33M | 1.33B | 1.08B | 946.53M | 428.88M | 375.65M | 325.69M | 347.7M | 236.58M | 202.25M | 187.64M | 260.69M | 194.01M |
| COGS % of Revenue | - | 67.08% | 66.33% | 66.25% | 69.5% | 67.76% | 67.77% | 67.24% | 65.4% | 64.71% | 64.11% | 65.9% | 67.39% | 68.65% | 70.4% | 71.72% | 71.97% | 70.61% | 68.23% | 66.63% | 63.83% | 60.52% | 56.27% | 57.65% | 55.87% | 56.25% | 47.18% | 46.73% | 48.71% | 61.28% | 60.64% |
| Gross Profit | 5.51B | 5.31B | 5.41B | 5.54B | 4.49B | 4.64B | 4.08B | 4.25B | 4.68B | 229.62M | 208.23M | 249.33M | 321.29M | 356.65M | 334.22M | 282.39M | 326.35M | 340.13M | 440.7M | 664.04M | 609.16M | 617.58M | 333.25M | 275.96M | 257.27M | 270.45M | 264.86M | 230.51M | 197.55M | 164.72M | 125.94M |
| Gross Margin % | 33.3% | 32.92% | 33.67% | 33.75% | 30.5% | 32.24% | 32.23% | 32.76% | 34.6% | 35.29% | 35.89% | 34.1% | 32.61% | 31.35% | 29.6% | 28.28% | 28.03% | 29.39% | 31.77% | 33.37% | 36.17% | 39.48% | 43.73% | 42.35% | 44.13% | 43.75% | 52.82% | 53.27% | 51.29% | 38.72% | 39.36% |
| Gross Profit Growth % | - | -1.79% | -2.31% | 23.43% | -3.26% | 13.54% | -3.82% | -9.33% | 1938.98% | 10.27% | -16.48% | -22.4% | -9.91% | 6.71% | 18.35% | -13.47% | -4.05% | -22.82% | -33.63% | 9.01% | -1.36% | 85.32% | 20.76% | 7.26% | -4.87% | 2.11% | 14.9% | 16.69% | 19.93% | 30.79% | - |
| Operating Expenses | 3.51B | 3.52B | 3.58B | 3.59B | 3.12B | 3B | 4.55B | 3.28B | 3.27B | 152.6M | 129.28M | 169.83M | 238.46M | 270.5M | 268.26M | 247.53M | 297.51M | 247.44M | 280.35M | 391.25M | 337.35M | 363.74M | 160.05M | 143.64M | 140.52M | 122.83M | 117.32M | 101.75M | 92.42M | 64.2M | 49.67M |
| OpEx % of Revenue | - | 21.83% | 22.32% | 21.88% | 21.24% | 20.86% | 35.95% | 25.31% | 24.2% | 23.45% | 22.28% | 23.23% | 24.2% | 23.78% | 23.76% | 24.79% | 25.55% | 21.38% | 20.21% | 19.66% | 20.03% | 23.26% | 21% | 22.04% | 24.1% | 19.87% | 23.4% | 23.51% | 23.99% | 15.09% | 15.53% |
| Selling, General & Admin | 1.59B | 1.57B | 1.47B | 1.45B | 1.19B | 1.05B | 1.11B | 1.14B | 2.98B | 142.28M | 125.39M | 159.73M | 213.6M | 241.44M | 236.8M | 220.02M | 255.99M | 247.44M | 280.35M | 391.25M | 337.35M | 363.65M | 162.82M | 145.16M | 140.52M | 122.83M | 73.7M | 62.88M | 57.34M | 64.2M | 49.67M |
| SG&A % of Revenue | - | 9.73% | 9.13% | 8.81% | 8.1% | 7.3% | 8.75% | 8.8% | 22.02% | 21.86% | 21.61% | 21.85% | 21.68% | 21.22% | 20.98% | 22.04% | 21.99% | 21.38% | 20.21% | 19.66% | 20.03% | 23.25% | 21.36% | 22.28% | 24.1% | 19.87% | 14.7% | 14.53% | 14.89% | 15.09% | 15.53% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 1.95B | 2.12B | 2.14B | 1.93B | 1.95B | 3.44B | 2.14B | 296M | 10.32M | 3.88M | 10.11M | 24.86M | 29.06M | 31.46M | 27.52M | 41.52M | 0 | 0 | 0 | 0 | 93.53K | -2.77M | -1.52M | 0 | -89 | 43.62M | 38.86M | 35.07M | 0 | 0 |
| Operating Income | 2B | 1.79B | 1.82B | 1.95B | 1.36B | 1.64B | -471M | 965M | 1.41B | 77.03M | 78.96M | 79.49M | 82.83M | 86.15M | 65.96M | 34.86M | 28.84M | 92.68M | 160.35M | 272.8M | 271.82M | 253.84M | 173.2M | 132.32M | 116.75M | 147.62M | 147.54M | 128.76M | 105.13M | 100.52M | 76.27M |
| Operating Margin % | 12.07% | 11.09% | 11.35% | 11.86% | 9.25% | 11.38% | -3.72% | 7.45% | 10.4% | 11.84% | 13.61% | 10.87% | 8.41% | 7.57% | 5.84% | 3.49% | 2.48% | 8.01% | 11.56% | 13.71% | 16.14% | 16.23% | 22.73% | 20.31% | 20.03% | 23.88% | 29.42% | 29.75% | 27.29% | 23.63% | 23.84% |
| Operating Income Growth % | - | -1.87% | -6.32% | 42.98% | -16.86% | 447.56% | -148.81% | -31.41% | 1726.6% | -2.44% | -0.67% | -4.02% | -3.86% | 30.62% | 89.22% | 20.85% | -68.88% | -42.2% | -41.22% | 0.36% | 7.08% | 46.56% | 30.89% | 13.33% | -20.91% | 0.05% | 14.58% | 22.47% | 4.59% | 31.8% | - |
| EBITDA | 3.3B | 3.08B | 3.06B | 3.12B | 2.43B | 2.76B | 634M | 2B | 2.39B | 125.51M | 116.14M | 128.36M | 150.35M | 170.81M | 166.25M | 128.7M | 154.07M | 211.54M | 281.42M | 421.27M | 381.83M | 365.24M | 253.36M | 207.31M | 184.93M | 218.4M | 191.16M | 167.62M | 140.21M | 100.52M | 76.27M |
| EBITDA Margin % | 19.94% | 19.09% | 19.03% | 19.01% | 16.54% | 19.17% | 5% | 15.46% | 17.66% | 19.29% | 20.02% | 17.56% | 15.26% | 15.02% | 14.73% | 12.89% | 13.23% | 18.28% | 20.29% | 21.17% | 22.67% | 23.35% | 33.24% | 31.81% | 31.72% | 35.33% | 38.12% | 38.73% | 36.4% | 23.63% | 23.84% |
| EBITDA Growth % | 13.51% | 0.75% | -1.99% | 28.2% | -11.75% | 334.86% | -68.36% | -16.12% | 1803.42% | 8.07% | -9.52% | -14.63% | -11.98% | 2.74% | 29.18% | -16.47% | -27.17% | -24.83% | -33.2% | 10.33% | 4.54% | 44.16% | 22.21% | 12.1% | -15.32% | 14.25% | 14.04% | 19.56% | 39.48% | 31.8% | - |
| D&A (Non-Cash Add-back) | 1.3B | 1.29B | 1.23B | 1.17B | 1.07B | 1.12B | 1.1B | 1.04B | 982M | 48.48M | 37.18M | 48.87M | 67.52M | 84.66M | 100.3M | 93.85M | 125.23M | 118.86M | 121.08M | 148.47M | 110.02M | 111.39M | 80.16M | 74.99M | 68.18M | 70.78M | 43.62M | 38.86M | 35.07M | 0 | 0 |
| EBIT | 1.42B | 1.28B | 1.58B | 1.9B | 1.1B | 1.56B | -510M | 988M | 1.44B | 87.95M | 90.95M | 77.51M | 96.75M | 97.79M | 75.72M | 21.46M | 22.22M | 51.91M | -77.28M | 272.8M | 271.82M | 253.75M | 173.29M | 132.32M | 116.75M | 147.62M | 147.54M | 128.76M | 105.13M | 100.52M | 76.27M |
| Net Interest Income | -487.49M | -527.6M | -577M | -506.21M | -374M | -636M | -757M | -687.61M | -704M | -1B | -1.07B | -1.23B | -1.49B | -1.53B | -1.47B | -1.23B | -1.22B | -1B | -704.13M | -7.95B | -4.84B | -5.59B | -3.89B | -4.08B | -2.99B | -3.38B | -4.34B | 0 | -4.8B | 0 | -4.92B |
| Interest Income | 22.46M | 15.95M | 18M | 37.31M | 27M | 22M | 20M | 20.93M | 18M | 17.88M | 20.13M | 20.28M | 21.99M | 33.21M | 48.3M | 35.12M | 35.6M | 28.34M | 42.09M | 862.27M | 496.57M | 0 | 261.05M | 187.33M | 463.08M | 370.95M | 162.88M | 0 | 0 | 0 | 689.2M |
| Interest Expense | 509.95M | 543.55M | 595M | 543.52M | 401M | 658M | 777M | 708.53M | 722M | 1.02B | 1.04B | 1.25B | 1.46B | 1.56B | 1.43B | 1.67B | 1.32B | 993.61M | 743.17M | 8.81B | 5.33B | 5.59B | 4.15B | 4.27B | 3.45B | 3.75B | 4.5B | 0 | 4.8B | 0 | 5.6B |
| Other Income/Expense | -1.06B | -1B | -832M | -620M | -791M | -683M | -839M | -727M | -690M | -43.75M | -37.99M | -67.94M | -91.94M | -107.34M | -96.29M | -102.14M | -103.31M | -119.84M | -300.31M | -5.88M | -7.2M | -7.39M | -32.83M | -65.8M | -65.51M | -27.56M | -44.3M | -35.46M | -29.31M | 2.38M | 34.09M |
| Pretax Income | 938.48M | 789M | 991M | 1.33B | 570M | 954M | -1.31B | 238M | 717M | 33.28M | 40.97M | 11.55M | -9.12M | -21.19M | -30.34M | -67.29M | -74.46M | -27.16M | -139.97M | 266.92M | 264.62M | 246.45M | 140.37M | 66.52M | 51.24M | 120.06M | 103.24M | 93.31M | 75.82M | 102.9M | 110.36M |
| Pretax Margin % | 5.68% | 4.89% | 6.17% | 8.08% | 3.88% | 6.63% | -10.34% | 1.84% | 5.3% | 5.11% | 7.06% | 1.58% | -0.93% | -1.86% | -2.69% | -6.74% | -6.4% | -2.35% | -10.09% | 13.41% | 15.71% | 15.76% | 18.42% | 10.21% | 8.79% | 19.42% | 20.59% | 21.56% | 19.68% | 24.19% | 34.49% |
| Income Tax | 427.17M | 385M | 67M | 1.21B | 168M | 137M | 36M | 157M | 224M | 805.52K | 7.27M | 7.89M | 19.32M | 36.82M | 34.62M | 63.81M | 13.59M | -61.82M | -141.35M | 40.31M | 44.86M | 34.23M | 17.18M | 8.11M | 4.89M | 14.89M | 14.09M | 6.13M | 4.12M | 7.45M | 9.44M |
| Effective Tax Rate % | 45.52% | 48.8% | 6.76% | 90.87% | 29.47% | 14.36% | -2.75% | 65.97% | 31.24% | 2.42% | 17.74% | 68.36% | -211.89% | -173.77% | -114.13% | -94.83% | -18.25% | 227.67% | 100.99% | 15.1% | 16.95% | 13.89% | 12.24% | 12.2% | 9.53% | 12.41% | 13.65% | 6.57% | 5.44% | 7.24% | 8.55% |
| Net Income | 453.7M | 960M | 939M | 182M | 858M | 753M | -1.47B | 143M | 528M | 39.87M | 32.63M | 4M | -33.42M | -64.74M | -68.76M | -131.2M | -88.36M | 8.24M | 14M | 219.54M | 219.48M | 215.59M | 122.21M | 57.15M | 46.35M | 105.16M | 89.15M | 87.18M | 71.7M | 85.43M | 92.89M |
| Net Margin % | 2.74% | 5.95% | 5.85% | 1.11% | 5.83% | 5.24% | -11.58% | 1.1% | 3.9% | 6.13% | 5.62% | 0.55% | -3.39% | -5.69% | -6.09% | -13.14% | -7.59% | 0.71% | 1.01% | 11.03% | 13.03% | 13.78% | 16.03% | 8.77% | 7.95% | 17.01% | 17.78% | 20.14% | 18.61% | 20.08% | 29.03% |
| Net Income Growth % | -68.02% | 2.24% | 415.93% | -78.79% | 13.94% | 151.33% | -1125.87% | -72.92% | 1224.19% | 22.19% | 715.03% | 111.98% | 48.37% | 5.84% | 47.6% | -48.49% | -1171.74% | -41.12% | -93.62% | 0.03% | 1.81% | 76.41% | 113.82% | 23.3% | -55.92% | 17.96% | 2.26% | 21.59% | -16.08% | -8.03% | - |
| Net Income (Continuing) | 511.31M | 404M | 924M | 121M | 402M | 817M | -1.35B | 81M | 493M | 32.47M | 33.7M | 3.65M | -28.43M | -58.01M | -64.96M | -131.09M | -88.06M | 34.67M | 1.39M | 219.54M | 219.48M | 215.59M | 122.21M | 57.15M | 46.35M | 105.16M | 89.15M | 87.18M | 71.7M | 85.43M | 92.89M |
| Discontinued Operations | 0 | 566M | 36M | 78M | 483M | -39M | -100M | 98M | 77M | 11.18M | 1.66M | 3.43M | 0 | 0 | 0 | 0 | 0 | -25.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 306.14M | 307.68M | 301M | 352M | 408M | 444M | 877M | 1.5B | 1.57B | 1.58B | 964.78M | 735.79M | 691.94M | 1.14B | 1.12B | 1.19B | 1.58B | 3.35B | 3.36B | 3.76B | 1.91B | 527.65M | 388.69M | 532.58M | 1.21B | 1.98B | 2.4B | 1.26B | 1.25B | 0 | 0 |
| EPS (Diluted) | 3.10 | 6.60 | 0.61 | 0.12 | 0.58 | 0.50 | -0.98 | 0.09 | 0.33 | 0.52 | 0.46 | 0.05 | -0.28 | -0.50 | -0.71 | -1.10 | -1.10 | 0.09 | 0.16 | 2.20 | 2.40 | 2.30 | 1.40 | 0.70 | 1.20 | 1.70 | 2.40 | 2.70 | 2.20 | 2.50 | 2.40 |
| EPS Growth % | 709.47% | 981.97% | 408.33% | -79.31% | 16% | 151.02% | -1176.92% | -72.42% | -36.54% | 13.04% | 858.33% | 117.14% | 44% | 29.58% | 35.45% | 0% | -1350% | -45% | -92.73% | -8.33% | 4.35% | 64.29% | 100% | -41.67% | -29.41% | -29.17% | -11.11% | 22.73% | -12% | 4.17% | - |
| EPS (Basic) | - | 6.60 | 0.58 | 0.12 | 0.59 | 0.51 | -1.00 | 0.10 | 0.35 | 0.52 | 0.46 | 0.05 | -0.33 | -0.61 | -0.71 | -1.10 | -1.10 | 0.09 | 0.16 | 2.20 | 2.40 | 2.30 | 1.50 | 0.71 | 1.20 | 1.70 | 2.40 | 2.70 | 2.20 | 2.50 | 2.70 |
| Diluted Shares Outstanding | 146.3M | 144.89M | 1.47B | 1.47B | 1.48B | 1.5B | 1.5B | 1.58B | 1.6B | 1.61B | 1.65B | 1.63B | 1.63B | 1.65B | 1.31B | 1.27B | 1.26B | 1.18B | 1.05B | 1.1B | 1.06B | 949.87M | 915.96M | 882.67M | 442.11M | 694.08M | 410.71M | 364.55M | 372.36M | 384.91M | 438.3M |
| Basic Shares Outstanding | 146.3M | 144.89M | 1.55B | 1.47B | 1.48B | 1.47B | 1.47B | 1.51B | 1.54B | 1.52B | 1.49B | 1.46B | 1.4B | 1.37B | 1.31B | 1.27B | 1.26B | 1.18B | 1.05B | 1.1B | 1.06B | 946.92M | 911.23M | 862.78M | 441.25M | 694.08M | 408.94M | 363.1M | 372.36M | 379.15M | 382.82M |
| Dividend Payout Ratio | - | 13.32% | 9.58% | 65.93% | 5.94% | 3.18% | - | 125.17% | - | - | - | - | - | - | - | - | - | - | 3639.07% | 276.94% | 241.93% | 231.92% | 317.23% | 629.87% | 704.86% | 290.05% | 257.6% | 228.85% | 231.38% | - | 147.24% |
Energy Cost Volatility Exposure
As indicated by the provided quarterly income statements, CEMEX's top-line performance has fluctuated significantly, with revenue growth rates swinging from a contraction of 8.3% in 2025Q1 to an expansion of 11.8% by 2025Q4, reflecting the inherent cyclicality of the global construction materials market.
The inconsistent revenue trajectory suggests that the company remains highly sensitive to regional demand shifts and macroeconomic headwinds. Investors should monitor whether the recent return to double-digit growth in late 2025 represents a sustainable recovery or merely a temporary rebound from prior-year weakness.
According to the reported financial data, CEMEX has maintained a relatively stable gross margin profile, hovering around 32.8% to 34.0% over the last ten quarters, which suggests a successful implementation of price-over-cost strategies despite persistent inflationary pressures on energy and raw material inputs.
The ability to defend these margins in a capital-intensive industry implies a degree of pricing power, likely supported by the company's vertical integration and local market dominance. However, the slight compression observed in early 2025 warrants caution regarding the company's long-term ability to pass through rising fuel costs.
Based on the income statement history, CEMEX's operating income has failed to scale consistently with gross profit, as evidenced by operating margins that fluctuated between 6.8% and 14.4% over the observed period, indicating that SG&A expenses remain a significant drag on overall profitability.
The lack of clear operating leverage suggests that administrative and overhead costs are not yet fully optimized despite the deployment of digital platforms like Cemex Go. Further investigation into the efficiency of these SG&A expenditures is necessary to determine if the company can achieve meaningful margin expansion.
As reported in the financial statements, CEMEX's net income has experienced extreme volatility, including significant quarterly losses such as the $355.7 million deficit in 2025Q4, which appears largely driven by non-operating items rather than core operational performance or consistent underlying business trends.
The wide variance in net income and EPS figures suggests that investors should focus on operating income as a more reliable proxy for performance. The presence of large, irregular charges warrants further investigation into the company's accounting for non-core assets and potential impairment risks.
While the company has demonstrated resilience, the data reveals that CEMEX remains vulnerable to margin compression, as evidenced by the sharp decline in operating margins to 6.8% in 2025Q1, which may indicate that the current pricing strategy is insufficient to offset sustained cost inflation.
Short-term fluctuations in energy prices and the potential for cyclical downturns in key markets like Mexico and the US Sunbelt present a credible threat to the current profitability narrative. Investors should remain skeptical of the company's ability to maintain these margins if volume growth continues to exhibit such high levels of instability.
Quick answers to the most common questions about buying CX stock.
For fiscal year 2025, CEMEX, S.A.B. de C.V. (CX) reported total revenue of $16.13B. This represents a 4942.0% increase compared to $320.0M in 1996.
CEMEX, S.A.B. de C.V. (CX) is profitable, generating $960.0M in net income for the fiscal year ending 2025 with a net profit margin of 6.0%.
CEMEX, S.A.B. de C.V. (CX) reported an operating income of $1.79B, resulting in an operating profit margin of 11.1%. This margin reflects the operational efficiency of the business before interest and taxes.
CEMEX, S.A.B. de C.V. (CX) generated $5.31B in gross profit for the year, representing a gross profit margin of 32.9%. This demonstrates the company's core pricing power and production efficiency.