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Amrize cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$431M in Q3 2026 · $1.1B over twelve months

Operating cash flow$697M
Capital spending−$266M
Free cash flow+$431M
Cash / net income1.2×

Analysis

In Q3 2026, Amrize generated $697M of operating cash flow and spent $266M on capital projects, leaving free cash flow of $431M. That is $238M less than in Q3 2025 ($669M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.0B; the largest uses were other financing ($1.1B), capital spending ($937M), acquisitions ($467M); besides operations, cash came from other investing ($58.0M); the cash balance fell by $527M.

Operating cash flow was $697M against net income of $558M — 1.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$223M, receivables −$130M, prepaid and other assets +$59.0M.

Free cash flow

Amrize: free cash flow by quarterAmrize: free cash flow by quarter$1.6BQ4 2024−$1.1BQ1 2025$171MQ2 2025$669MQ3 2025$1.6BQ4 2025−$1.2BQ1 2026$173MQ2 2026$431MQ3 2026
Operating cash flow less capital spending.
Amrize: operating cash flow against capital spendingAmrize: operating cash flow against capital spendingOperating cash flowCapital spending$1.7B$84.0MQ4 2024−$847M$213MQ1 2025$406M$235MQ2 2025$858M$189MQ3 2025$1.8B$151MQ4 2025−$893M$275MQ1 2026$418M$245MQ2 2026$697M$266MQ3 2026
Latest (Q3 2026): Operating cash flow $697M, Capital spending $266M.

Capital allocation, year by year

Amrize: where the cash came from (up) and went (down), by fiscal yearAmrize: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsFY2023: Operating cash flow $2.0BFY2023: Net borrowing −$55.0MFY2023: Asset sales $49.0MFY2023: Capital spending −$630MFY2023: Acquisitions −$1.6B$2.1BFY2023FY2024: Operating cash flow $2.3BFY2024: Net borrowing −$82.0MFY2024: Asset sales $61.0MFY2024: Capital spending −$642MFY2024: Acquisitions −$249M$2.3BFY2024FY2025: Operating cash flow $2.2BFY2025: Net borrowing $3.3BFY2025: Asset sales $21.0MFY2025: Capital spending −$788MFY2025: Acquisitions −$86.0M$5.5BFY2025
Over these 3 years operating cash flow totalled $6.5B; the largest uses were capital spending ($2.1B) and acquisitions ($1.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$299M
Debt$5.8B
Net debt$5.5B
Due within a year$333M

Amrize funds itself: free cash flow was $1.1B over the last twelve months, and $299M of cash and investments stands against $5.8B of debt ($333M due within a year, 0.9× covered by cash).

Amrize: debt maturities by year (FY2025)Amrize: debt maturities by year (FY2025)$333MYear 1$701MYear 2$701MYear 3$1.0MYear 4$1.0BYear 5$2.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $299M of cash and investments now.

Where the cash came from and went

Amrize: sources (+) and uses (−) of cash, Q3 2026Amrize: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$697MBuybacks−$572MCash drawn (+) / kept (−)$430MOther financing−$319MCapital spending−$266MNet borrowing (+) / repaid (−)$135MDividends−$60.0MAcquisitions−$42.0MExchange rates−$5.0MOther investing$2.0M
Amrize: sources (+) and uses (−) of cash, TTM to Q3 2026Amrize: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$2.0BOther financing−$1.1BCapital spending−$937MCash drawn (+) / kept (−)$527MAcquisitions−$467MNet borrowing (+) / repaid (−)−$129MOther investing$58.0MExchange rates$4.0M

From profit to cash

Amrize: net income to operating cash flow, Q3 2026Amrize: net income to operating cash flow, Q3 2026Net income$558MDepreciation & amortization$223MStock-based pay$9.0MDeferred taxes−$41.0MGains on disposals−$3.0MOther non-cash$20.0MReceivables−$130MInventory−$25.0MPayables−$58.0MPrepaid and other assets$59.0MOther liabilities$47.0MOperating cash flow$697M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$697M−$266M−$42.0M−$572M−$60.0M$135M$430M$431M
Q2 2026$418M−$245M———−$75.0M$370M$173M
Q1 2026−$893M−$275M−$425M——$746M$823M−$1.2B
Q4 2025$1.8B−$151M———−$31.0M−$1.1B$1.6B
Q3 2025$858M−$189M−$8.0M——−$413M−$225M$669M
Q2 2025$406M−$235M−$69.0M——$904M−$27.0M$171M
Q1 2025−$847M−$213M−$9.0M——−$22.0M$1.0B−$1.1B
Q4 2024$1.7B−$84.0M−$228M——−$23.0M−$1.2B$1.6B

Amrize: income statement and cash flow

Amrize, Q3 2026: revenue $3.8B (+2% year over year), operating margin 21.0%. The chart follows the revenue to costs, profit and cash.

Amrize: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.