Cemex, S.A.B. de C.V. (NYSE:CX) reported third-quarter 2026 earnings and revenue above analysts’ expectations, supported by higher cement sales volumes in Mexico, pricing adjustments and lower operating costs in parts of its business.
The Mexican building materials producer reported adjusted earnings of $0.28 per American Depositary Share (ADS), exceeding the analyst consensus estimate of $0.24.
Quarterly revenue increased 8% year on year to $4.59 billion, compared with $4.25 billion in the corresponding period of 2025. The result was also above market expectations of $4.45 billion.
Operating EBITDA rose 12% to $990 million, representing the company’s fifth consecutive quarter of double-digit year-on-year growth in the measure.
Cemex shares advanced 2.84% in pre-market trading on Monday following the earnings announcement.
Operating EBITDA Margin Expands to 21.6%
Cemex reported an Operating EBITDA margin of 21.6% for the third quarter, an increase of 0.8 percentage points compared with the same period last year.
The company attributed the improvement to pricing increases, reduced energy costs in cement operations and higher profitability in its Urbanization Solutions business.
Operating EBITDA reached $990 million, compared with the previous year’s level, reflecting a 12% increase.
The margin expansion indicates that Operating EBITDA grew at a faster rate than revenue during the quarter.
Cemex also reported controlling interest net income of $407 million, representing a 55% increase year on year.
The increase in net income occurred alongside growth in revenue and improvements in operating profitability across several of the company’s geographic markets.
Mexico Operating EBITDA Rises 30%
Cemex’s Mexican operations recorded a 30% year-on-year increase in Operating EBITDA to $480 million during the third quarter.
The company reported a 7% increase in cement sales volumes in Mexico, reflecting higher demand during the period.
Operational efficiencies associated with its Project Cutting Edge initiative also contributed to the segment’s financial performance.
Project Cutting Edge forms part of Cemex’s efforts to improve operating efficiency and manage costs across its business.
In its earnings announcement, the company commented on the performance of its Mexican operations.
“Mexico delivered another strong quarter supported by growing cement demand and cost efficiencies, leading to a double-digit increase in Operating EBITDA year-over-year for the quarter,” Cemex stated.
The combination of higher sales volumes and cost efficiencies contributed to the 30% increase in Mexican Operating EBITDA.
Mexico was a significant contributor to the company’s consolidated quarterly results, accounting for $480 million of the $990 million in reported Operating EBITDA.
US Cement and Aggregates Volumes Increase 4%
Cemex reported higher sales volumes in its United States operations, although segment profitability declined compared with the previous year.
Cement and aggregates volumes each increased 4% during the third quarter.
Despite the increase in volumes, US Operating EBITDA declined 4% year on year to $259 million.
The company attributed the reduction primarily to an unplanned operational outage and higher raw material costs.
These factors affected profitability despite increased demand for the company’s products.
The results highlight the different operating conditions across Cemex’s geographic markets, with volume growth in the United States accompanied by higher production-related expenses.
Cemex did not provide further details in the supplied announcement regarding the duration of the outage or its individual financial impact.
Europe, Middle East and Africa EBITDA Increases 4%
Cemex’s Europe, Middle East and Africa region reported Operating EBITDA of $257 million for the third quarter.
The figure represented a 4% increase compared with the corresponding period of 2025.
According to the company, growth was recorded across both subregions within the reporting segment.
The increase contributed to Cemex’s consolidated Operating EBITDA growth during the quarter.
The regional performance followed different trends in Mexico and the United States, where operating earnings increased 30% and declined 4%, respectively.
The company did not provide additional country-level financial figures for the Europe, Middle East and Africa region in the supplied results.
Free Cash Flow From Operations Rises 34%
Cemex reported free cash flow from operations of $723 million for the third quarter of 2026.
This represented a 34% increase compared with the same period last year.
The improvement occurred alongside higher consolidated Operating EBITDA and an increase in operating profitability.
Free cash flow from operations provides a measure of cash generated by the business after relevant operating and investment requirements under the company’s reporting methodology.
The company’s net debt stood at $5.42 billion as of 30 September 2026.
This compared with $5.59 billion at the end of September 2025, representing a year-on-year reduction of $170 million.
The lower net debt balance reflects a decrease in the company’s reported debt position after accounting for applicable cash balances.
Cemex did not provide additional details in the supplied announcement regarding the allocation of quarterly free cash flow between debt reduction and other corporate purposes.
Cemex Reports Higher Profitability Across Consolidated Operations
The third-quarter results showed increases in several of Cemex’s principal financial measures.
Revenue rose 8% to $4.59 billion, while Operating EBITDA increased 12% to $990 million.
The company’s Operating EBITDA margin expanded to 21.6%, supported by pricing adjustments, lower energy costs and improvements in its Urbanization Solutions operations.
Controlling interest net income increased 55% to $407 million.
Regional results were mixed, with Mexico reporting a 30% increase in Operating EBITDA and Europe, Middle East and Africa recording 4% growth.
In the United States, higher cement and aggregates volumes were offset by an unplanned outage and increased raw material costs, resulting in a 4% decline in Operating EBITDA.
The company’s free cash flow from operations also increased, while net debt declined compared with the previous year.
Cemex Financial Outlook
Cemex’s third-quarter earnings exceeded analysts’ expectations for both adjusted earnings per ADS and revenue.
The company reported its fifth consecutive quarter of double-digit Operating EBITDA growth, with improvements in profitability supported by its Mexican operations and cost management initiatives.
The results also showed higher sales volumes in the United States, although operating earnings in that market were affected by production disruptions and raw material expenses.
Free cash flow from operations reached $723 million, while net debt decreased to $5.42 billion.
Future financial performance will depend on construction materials demand, pricing, production costs, regional operating conditions and the continued implementation of efficiency measures.
The supplied earnings announcement did not include updated full-year financial guidance.