Cemex lifts sales 8% to $4.590 billion and expands EBITDA margin to 21.6%
Key Facts
Cemex reported an 8% year-on-year increase in third-quarter 2026 sales to $4.590 billion and a 12% rise in operating EBITDA to $990 million, according to a filing with the U.S. Securities and Exchange Commission. On a like-for-like basis for currency and assets, sales grew 5% and EBITDA rose 9%. The EBITDA margin widened to 21.6% from 20.8% a year earlier, an increase of 0.8 percentage points. Chief Executive Jaime Muguiro said teams delivered "another quarter of solid performance" despite a volatile macroeconomic environment. The filing attributed the performance to the Project Cutting Edge program, higher prices and growth in cement aggregates volumes.
Profit growth extended to net income attributable to controlling shareholders, which reached $407 million, up 55% from $264 million in the third quarter of 2025. From the start of the year through the end of September, operating EBITDA was $2.802 billion, compared with $2.299 billion in the year-earlier period, a 22% increase. The EBITDA margin for the period rose to 21.2% from 19.2%. The figures show that quarterly profitability growth was part of a broader improvement over the first nine months. Free cash flow from operations also hit a third-quarter record of $723 million, up 34% year on year.
Performance varied across markets. In the United States, sales rose 5% as cement and aggregates volumes increased, while operating EBITDA fell 4% to $259 million. The U.S. EBITDA margin declined to 18.9% from 20.6% a year earlier, despite revenue growth. In Europe, the Middle East and Africa, EBITDA rose 4%, supported by pricing strength and cost efficiencies. The company said higher energy costs partly offset those positive factors. In Central and South America and the Caribbean, cement demand remained resilient, with strong performance in Colombia and Jamaica.
Year to date, free cash flow from operations was $1.389 billion, up 194% from the comparable period. Alongside EBITDA growth and margins, this cash flow provides a fuller picture of financial performance than earnings alone. By contrast, U.S. figures show a divergence between sales growth and a decline in operating profitability there. Cemex said higher prices, growth in cement aggregates volumes and the Cutting Edge program supported overall performance. The company’s filing distinguishes the cost-cutting program from its asset-pruning initiative and does not attribute proceeds from asset disposals to the program’s target.
On assets, Cemex completed the sale of ready-mix concrete and recycled concrete assets in the Atlanta market during the third quarter. It also began exclusive negotiations with Vicat Group to sell ready-mix concrete and aggregates assets in southeastern France. The proposed French deal remains subject to completing employee consultations, securing regulatory approvals and signing final agreements. The proposed deal therefore differs from the Atlanta transaction, which was completed during the quarter. The filing did not set a deadline for completing the French deal.
For the full year, the company expects EBITDA to grow between 16% and 17% year on year in 2026. Cemex said the outlook reflects its estimates as of October 26, 2026. At the market level, Investing.com, in a report attributed to Reuters, said earnings per share were $0.280 versus analysts’ estimate of $0.240, and quarterly revenue of $4.59 billion exceeded the $4.45 billion estimate. The source reported that the stock closed at $10.20 on October 26, down 12.820% over three months and up 8.970% over 12 months. The proposed French deal remains subject to completing the procedures and approvals set out by the company.