CEMEX SAB DE CV (CX) Company Report

Analyst Earnings Quarterly Reports

Earnings summaries and quarterly performance for CEMEX SAB DE CV.

Q4 2025

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Analyst Coverage

Research analysts who have asked questions during CEMEX SAB DE CV earnings calls.

Wilfredo Jorel Guilloty

Goldman Sachs

8 questions for CX

Also covers: VTMX

Adrian Huerta

JPMorgan Chase & Co.

7 questions for CX

Also covers: AMRZ, CRH, VMC +1 more

Alejandra Obregon

Morgan Stanley

7 questions for CX

Also covers: VTMX

Anne Milne

Bank of America Merrill Lynch

7 questions for CX

Also covers: BAK, EC, GPRK +1 more

Gordon Lee

BTG Pactual

7 questions for CX

Also covers: VTMX

Francisco Suarez

Scotiabank

6 questions for CX

Also covers: VTMX

Yassine Touahri

On Field Investment Research

6 questions for CX

Also covers: AMRZ, CODYY, HDELY +3 more

Paul Roger

BNP Paribas

5 questions for CX

Also covers: AMRZ, HOLN

Benjamin Theurer

Barclays Corporate & Investment Bank

4 questions for CX

Also covers: ADM, BG, BYND +17 more

Carlos Peyrelongue

Bank of America

4 questions for CX

Adam Thalhimer

Thompson, Davis & Company, Inc.

3 questions for CX

Also covers: ACM, AZZ, DY +17 more

Ben Theurer

Barclays

3 questions for CX

Also covers: ADM, BG, CF +8 more

Marcelo Furlan

Itau

3 questions for CX

Anna Schumacher

BNP Paribas

2 questions for CX

Arnaud Pinatel

Onfield

2 questions for CX

Daniel Rojas

Bank of America Corporation

2 questions for CX

Also covers: CAAP

Alberto Valerio

UBS Group AG

1 question for CX

Also covers: ASR, AZUL, CPA +4 more

Alejandra Obregón Martínez

Morgan Stanley

1 question for CX

Also covers: VTMX

Anne Jean Milne

BofA Securities

1 question for CX

Benjamine Theurer

Barclays

1 question for CX

Also covers: KOF, PPC

Daniel Sasson

Itaú BBA

1 question for CX

Also covers: CSNA3.SA, GGB, SID +2 more

José Itzamna Espitia Hernández

BBVA México

1 question for CX

Latest news

Recent press releases and 8-K filings for CX.

CEMEX Outlines Strategic Transformation, Shareholder Return Commitments, and Growth Initiatives

Share Buyback

Dividends

M&A

CEMEX is committed to returning 40%-50% of free cash flow to shareholders by 2030 through progressive dividends and share buybacks, having already announced a 40% increase in dividends and completed $99.9 million in share buybacks at an average price of $12.70. The company anticipates generating $2.5 billion in free cash flow in 2026 and 2027.
The target for structural savings from Project Cutting Edge has been increased to $400 million, with $200 million from global overhead reduction already secured. Additionally, business reviews have identified incremental opportunities for $80 million-$120 million in EBITDA and $100 million-$150 million in free cash flow.
CEMEX is reorienting its growth strategy to materially reduce strategic CapEx, instead allocating 40%-50% of cash to bolt-on acquisitions, primarily in U.S. aggregates and adjacent synergetic businesses. This includes the recently announced acquisition of Omega, a stucco producer with $110 million in revenue and $23 million in EBITDA (before synergies), acquired at a multiple below 7x after synergies. The company also expects at least $1 billion in divestitures to be recycled into U.S. bolt-ons.
For the second half of 2025, CEMEX reported an 8% growth in top line, 17% in EBITDA, and 25% in EBITA, with a 160 basis point expansion in EBITDA margin. The company is committed to achieving 10% EBITDA growth annually over the 2025-2027 sprint and aims to increase ROIC by almost 200 basis points.

1 day ago

Transcript

CEMEX Outlines Strategic Transformation and Financial Targets at Investor Day

Guidance Update

M&A

Share Buyback

CEMEX is undergoing a strategic transformation focused on putting investors at the center, targeting $3.7 billion EBITDA by 2027 (10% CAGR from 2025) and 47% free cash flow conversion from operations by the end of 2027. This growth is largely driven by self-help measures (55%).
The company is committed to maintaining an investment-grade credit rating and plans to distribute 40%-50% of free cash flow to shareholders by 2030 through progressive dividends and share buybacks. CEMEX has already initiated $100 million in share buybacks and proposed a 40% increase in dividends.
CEMEX announced the acquisition of Omega, a stucco producer with $110 million revenue and $23 million EBITDA before synergies, with an acquisition multiple below 7x after synergies. The company also expects at least $1 billion in divestitures during the current sprint, with proceeds recycled into bolt-on acquisitions, primarily in US aggregates and adjacent businesses.
CapEx and interest expenses are projected to reduce by $500 million in 2026 compared to 2024, with $327 million from CapEx and $160 million from interest.

1 day ago

Transcript

CEMEX Outlines 2025-2027 Strategic Sprint with Ambitious Financial Targets and Shareholder Return Commitments

Guidance Update

Dividends

Share Buyback

CEMEX has introduced a new three-year sprint (2025-2027) with key financial targets for 2027, including $3.7 billion in EBITDA (a 10% compounded annual growth rate from 2025), a 14% EBIT CAGR, a 170 basis point expansion in ROIC, and at least 47% free cash flow conversion from operations.
The company is committed to robust shareholder returns, announcing a 40% increase in dividends (subject to shareholder meeting approval in March) and initiating a $500 million share buyback program, with $99.9 million already purchased as of yesterday at an average price of $12.70. CEMEX aims to return 40%-50% of its free cash flow to shareholders by 2030.
The strategic focus includes a new capital allocation framework prioritizing risk-adjusted shareholder returns and maintaining an investment-grade credit rating. 55% of the targeted growth relies on self-help measures, and the company expects at least $1 billion of divestitures during the sprint, with proceeds recycled into U.S. bolt-on acquisitions.
In the second half of 2025, CEMEX achieved 8% top-line growth, 17% EBITDA growth, and 25% EBITA growth, with a 160 basis point expansion in EBITDA margin. The company also projects a $500 million reduction in CapEx and interest expenses in 2026 compared to 2024.

1 day ago

Transcript

CEMEX Reports 2025 Results and Outlines 2027 Strategic and Financial Targets

Guidance Update

Dividends

Share Buyback

CEMEX reported Net Sales of $16.1 billion, EBITDA of $3.1 billion, and EBIT of $1.8 billion for 2025, and targets $17.8 billion in Sales, $3.7 billion in EBITDA, and $2.3 billion in EBIT by 2027, with EBITDA and EBIT growing at 10% and 14% CAGRs respectively.
The company's "Project Cutting Edge" is expected to deliver $400 million in recurrent EBITDA savings by 2027, and it is transitioning its investment strategy to bolt-on M&A, including the acquisition of Omega.
CEMEX is implementing a new capital allocation framework, targeting 40-50% of Free Cash Flow for shareholder return, which includes a 40% growth in dividend in 2026 and an intent to repurchase up to $500 million in shares over the next 3 years.
The company aims to reduce its Total Net Financial Leverage from 2.26x in 2025 to 1.5x-2.0x and expand its ROIC spread by 170 bps by 2027, with Free Cash Flow from Operations conversion rate targeted at 47% by 2027.
CEMEX is leading European decarbonization efforts, with 507 gross CO2 emissions per ton of cement in 2025, which is 19% ahead of the Cement Europe 2030 Target, and expects its carbon allowances to cover emissions through 2029.

1 day ago

6-K

Cemex to Acquire Omega Products International

M&A

New Projects/Investments

Cemex, S.A.B. de C.V. (CX) announced an agreement to acquire Omega Products International, a leading stucco manufacturer in the western U.S..
Omega Products International generates approximately US$23 million in EBITDA per year.
The acquisition is expected to strengthen Cemex's position in the U.S. broader mortars market and is anticipated to close during the first quarter of 2026.

1 day ago

6-K

Cemex to Acquire Omega Products International

M&A

New Projects/Investments

Cemex has reached an agreement to acquire Omega Products International, a leading stucco manufacturer in the western United States.
Omega generates approximately US$23 million in EBITDA per year.
This acquisition strengthens Cemex's position in the U.S. broader mortars market and aligns with its U.S. growth strategy.
The transaction is expected to close during the first quarter of 2026.

1 day ago

Press Release

CEMEX Reports Strong Q4 2025 Results and Provides 2026 Guidance

Earnings

Guidance Update

Share Buyback

CEMEX reported $1.4 billion in free cash flow from operations for full year 2025, achieving a 46% conversion rate (adjusted for one-off items) and fully realizing its $200 million EBITDA recurring savings target from Project Cutting Edge.
For 2026, the company guides for high single-digit EBITDA growth, anticipating $165 million in incremental savings from Project Cutting Edge and $80 million in incremental EBITDA from completed growth portfolio projects.
The board plans to propose an annual cash dividend close to 40% higher than 2025 and will activate a share buyback program of up to $500 million over the next three years, subject to shareholder approval.
In Q4 2025, Mexico's EBITDA increased by 20% like-for-like with a 5 percentage point margin expansion, the U.S. posted record Q4 EBITDA, and EMEA achieved record EBITDA and EBITDA margin for full year 2025.

Feb 5, 2026, 3:00 PM

Transcript

CEMEX Reports Strong 2025 Performance, Guides for High Single-Digit EBITDA Growth in 2026, and Announces Increased Shareholder Returns

Earnings

Guidance Update

Share Buyback

CEMEX reported $1.4 billion in free cash flow from operations in 2025, with a 46% conversion rate, and an adjusted net income of $1.5 billion, a 41% increase year-over-year.
The company fully achieved its $200 million EBITDA recurring savings target for 2025 under Project Cutting Edge and expanded the program to target $400 million in recurring savings by 2027.
For 2026, CEMEX anticipates high single-digit rate growth in EBITDA, driven by a more favorable demand environment, $165 million in incremental Project Cutting Edge savings, and $80 million from completed growth projects.
The board will propose an annual cash dividend of $180 million, representing an almost 40% increase over the prior year, and plans to activate a share buyback program of up to $500 million over the next three years, subject to shareholder approval.

Feb 5, 2026, 3:00 PM

Transcript

CEMEX Reports Strong 2025 Performance and Outlines 2026 Guidance

Earnings

Guidance Update

Dividends

CEMEX reported $1.4 billion in adjusted free cash flow from operations in 2025, achieving a 46% conversion rate, and an adjusted net income of $1.5 billion, representing a 41% increase.
The company fully realized $200 million in EBITDA recurring savings from Project Cutting Edge in 2025 and anticipates high single-digit EBITDA growth for 2026, supported by an additional $125 million in savings and an expected more favorable demand environment.
To enhance shareholder returns, CEMEX's board will propose an annual cash dividend close to 40% higher than 2025, totaling $180 million, and plans to activate a buyback program for up to $500 million in shares over the next three years.
CEMEX continued its portfolio rebalancing by divesting most operations in Panama and investing in targeted businesses in the U.S., while aiming to reach and maintain a net total financial leverage target of 1.5-2 times.

Feb 5, 2026, 3:00 PM

Transcript

CEMEX SAB DE CV Announces

Earnings

Sales for the fourth quarter of 2025 increased by 11% to $4,179,704 thousand, while full-year 2025 sales remained flat at $16,131,879 thousand.
Operating EBITDA for Q4 2025 grew by 16% to $781,034 thousand, and for the full year 2025, it increased by 1% to $3,080,073 thousand.
CEMEX reported a controlling interest net loss of $(355,518) thousand or $(0.25) per ADS in Q4 2025, contrasting with a net income of $48,309 thousand or $0.03 per ADS in Q4 2024. However, full-year 2025 controlling interest net income increased by 2% to $960,158 thousand, or $0.66 per ADS.
Consolidated cement volume in Q4 2025 increased by 4% to 13,361 thousand metric tons, while ready-mix volume decreased by 3% to 10,715 thousand cubic meters, and aggregates volume increased by 2% to 33,847 thousand metric tons.