Crh — Income Statement, Cash Flows & Balance Sheet
Is CRH profitable?
CRH has delivered consistent, growing profitability, with revenue and operating income both rising meaningfully in 2025.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Total revenues ($m) | 35,572 | 37,447 | +5.3% |
| Gross profit ($m) | 12,701 | 13,528 | +6.5% |
| Gross margin | 35.7% | 36.1% | +0.4pp |
| Operating income ($m) | 4,925 | 5,440 | +10.5% |
| Net income attributable to CRH ($m) | 3,492 | 3,753 | +7.5% |
| Diluted EPS ($) | 5.02 | 5.51 | +9.8% |
Revenue growth is modest at the top line, but margins are expanding — gross profit is growing faster than revenue, and operating income is growing faster still. Earnings per share growth outpaced net income growth because CRH has been buying back its own shares, reducing the count and boosting the per-share figure.
Interest expense has risen sharply, reflecting the cost of financing a busy acquisition programme.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Interest expense ($m) | 612 | 810 | +32.4% |
| Interest income ($m) | 143 | 146 | +2.1% |
| Net interest cost ($m) | 469 | 664 | +41.6% |
CRH spent nearly $4bn on acquisitions in 2025 and raised significant new debt to fund it. The resulting interest bill is now a meaningful drag — worth keeping an eye on if rates stay elevated.
Where does CRH's revenue come from?
Americas Materials Solutions is the largest and fastest-growing segment, now accounting for nearly half of group revenue.
| Segment | 2024 Revenue ($m) | 2025 Revenue ($m) | Change |
|---|---|---|---|
| Americas Materials Solutions | 16,173 | 17,029 | +5.3% |
| Americas Building Solutions | 7,059 | 7,122 | +0.9% |
| International Solutions | 12,340 | 13,296 | +7.7% |
| Total | 35,572 | 37,447 | +5.3% |
Americas Materials Solutions — which includes aggregates, cement, asphalt and road construction — grew meaningfully, partly boosted by the Eco Material acquisition in September 2025. International Solutions also grew well, aided by currency tailwinds. Americas Building Solutions (pipes, precast concrete and outdoor living products) was broadly flat.
Adjusted EBITDA growth was strongest in International Solutions, though Americas Materials Solutions remains the biggest profit contributor.
| Segment | 2024 Adj. EBITDA ($m) | 2025 Adj. EBITDA ($m) | Change |
|---|---|---|---|
| Americas Materials Solutions | 3,745 | 4,002 | +6.9% |
| Americas Building Solutions | 1,389 | 1,474 | +6.1% |
| International Solutions | 1,796 | 2,205 | +22.8% |
| Total | 6,930 | 7,681 | +10.8% |
International Solutions delivered an impressive profitability improvement, with its Adjusted EBITDA margin expanding notably. The Americas segments grew more steadily. Adjusted EBITDA is a non-GAAP measure that excludes interest, tax, depreciation, impairments and certain acquisition costs.
Does CRH generate cash?
CRH is a strong cash generator — operating cash flow exceeded $5.6bn in 2025.
| Metric | 2024 ($m) | 2025 ($m) | Change |
|---|---|---|---|
| Net cash from operating activities | 4,989 | 5,625 | +12.7% |
| Capital expenditure (PP&E and intangibles) | (2,578) | (2,713) | +5.2% |
| Free cash flow (operating less capex) | 2,411 | 2,912 | +20.8% |
Operating cash flow has grown in line with profits and free cash flow (operating cash after capital spending — a GAAP-derived figure) improved meaningfully. CRH reinvests heavily in its asset base, but still has substantial cash left over after doing so.
CRH deployed capital aggressively through acquisitions while continuing to return cash to shareholders.
| Use of cash | 2024 ($m) | 2025 ($m) | Change |
|---|---|---|---|
| Acquisitions, net of cash | (4,900) | (3,856) | -21.3% |
| Dividends paid | (1,706) | (996) | -41.6% |
| Share buybacks | (1,482) | (1,181) | -20.3% |
Acquisition spending moderated slightly from its 2024 peak. Dividends look lower year-on-year because 2024 included a special payment; the regular dividend per share actually rose from $1.40 to $1.48. Buybacks continued, reducing the share count further.
How strong is CRH's balance sheet?
Debt has risen substantially to fund acquisitions, but liquidity remains comfortable.
| Metric | 2024 ($m) | 2025 ($m) | Change |
|---|---|---|---|
| Total long-term debt (gross) | 13,851 | 17,533 | +26.6% |
| Cash and equivalents | 3,720 | 4,096 | +10.1% |
| Net debt (approx.) | ~10,131 | ~13,437 | +32.6% |
| Undrawn revolving credit facility | — | 4,115 | — |
CRH raised over $10bn in new debt during 2025 to fund acquisitions and refinance maturities. The debt maturity schedule is well spread — no single year beyond 2026 faces an outsized repayment — and the company holds over $4bn in cash plus an undrawn $4bn+ credit facility, providing ample short-term headroom.
The asset base has grown significantly, with goodwill and intangibles rising on the back of acquisitions.
| Metric | 2024 ($m) | 2025 ($m) | Change |
|---|---|---|---|
| Total assets | 50,613 | 58,329 | +15.2% |
| Goodwill | 11,061 | 13,099 | +18.4% |
| Intangible assets, net | 1,211 | 2,048 | +69.1% |
| Total shareholders' equity (CRH) | 21,607 | 24,004 | +11.1% |
The sharp rise in intangibles is largely explained by supply-agreement assets acquired with Eco Material. Goodwill now represents a large portion of total assets — standard for a company that grows by acquisition — but no impairment was recorded in 2025, and equity grew healthily.