Amrize第二季收入34.94億美元增8.6% 完成4.25億美元收購擴版圖

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UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549
FORM 10-Q

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE 
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
OR

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE 
SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to ______________
Commission file number: 1-42542
Amrize Ltd
(Exact name of Registrant as specified in its charter)

Switzerland

98-1807904

(State or Other Jurisdiction of Incorporation or 
Organization)

(I.R.S. Employer Identification No.)

Grafenauweg 8

6300

6300

Zug

Switzerland

(Address of Principal Executive Offices)

(Zip Code)

+ 41 41 562 3490
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class

Trading symbols(s)

Name of exchange on which registered

Ordinary Shares, par value $0.01 per share

AMRZ

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the 
Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was 
required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be 
submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such 
shorter period that the registrant was required to submit such files). Yes ☒ No ☐.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 
smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated 
filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):  

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition 
period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the 
Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒.
As of July 31, 2026, the number of outstanding Ordinary Shares was 546,925,644, net of Treasury Shares.

2

Amrize Ltd

ITEM

PAGE

PART I - FINANCIAL INFORMATION 

4

Item 1. Financial Statements

4

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of 
Operations

44

Item 3. Quantitative and Qualitative Disclosures About Market Risk

58

Item 4. Controls and Procedures

58

PART II - OTHER INFORMATION

59

Item 1. Legal Proceedings

59

Item 1A. Risk Factors

59

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of 
Equity Securities

59

Item 3. Defaults Upon Senior Securities

59

Item 4. Mine Safety Disclosures

59

Item 5. Other Information

59

Item 6. Exhibits

60

Certain Terms
Unless the context requires otherwise, the “Company”, “Amrize”, “we”, “us”, or “our” refers to Amrize Ltd on a 
consolidated basis. References to the Company’s “Ordinary Shares”, “Common Shares”, “Common Stock” or 
“Company Shares” refer to our Ordinary Shares.

3

Amrize Ltd

Cautionary Note Regarding Forward-Looking Statements
Investors are cautioned that all statements in this Quarterly Report on Form 10-Q (the “Quarterly Report”) that relate to the future 
involve risks and uncertainties, and are based on assumptions that we believe in good faith are reasonable but which may be 
materially different from actual results. These statements, which are forward-looking statements within the meaning of Section 
21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and 27A of the Securities Act of 1933, as amended 
(the “Securities Act”), and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act, provide 
the investor with the Company’s expectations or forecasts of future events. These forward-looking statements concern our goals, 
beliefs, expectations, strategies, objectives, plans, future operating results and underlying assumptions, and other statements that 
are not necessarily based on historical facts. Without limitation, you can identify these statements by the fact that they do not 
relate strictly to historical or current facts, and these statements may contain words such as “may,” “will,” “could,” “should,” 
“might,” “projects,” “expects,” “believes,” “anticipates,” “intends,” “plans,” “continue,” “estimate,” or “pursue,” or similar expressions, 
or the negative or other variations thereof or comparable terms. In particular, they include statements relating to, among other 
things, future actions, strategies, future performance, future revenues, income and cash flows, the outcome of contingencies such 
as legal proceedings, and regulatory compliance. Actual results may differ materially from those contemplated (expressed or 
implied) by such forward-looking statements because of, among other things, potential risks and uncertainties, such as:
•the effect of political, economic and market conditions and geopolitical events;
•the level of demand in the construction industry;
•the cyclicality of the industries and businesses in which our customers operate;
•changes in the cost and/or availability of raw materials required to run our business;
•energy and fuel costs;
•adverse weather conditions and natural disasters;
•the logistical and other challenges inherent in our operations;
•the actions and initiatives of current and potential competitors;
•the level and volatility of, interest rates and other market indices;
•the ability of Amrize to realize the expected synergies for our acquisitions; 
•the ability of Amrize to achieve margin expansion goals; 
•the ability of Amrize to maintain satisfactory credit ratings;
•the outcome of pending litigation or future litigation;
•the impact of current, pending and future legislation and regulation;
•factors related to the failure of Amrize to achieve some or all of the expected strategic benefits or opportunities 
expected from the separation from Holcim Ltd (“Holcim”);
•material costs and expenses as a result of the separation from Holcim;
•our limited history operating as an independent, publicly traded company;
•our obligation to indemnify Holcim pursuant to the agreements entered into connection with the separation and the risk 
Holcim may not fulfill any obligations to indemnify Amrize under such agreements;
•that under applicable tax law, Amrize may be liable for certain tax liabilities of Holcim following the separation if Holcim 
were to fail to pay such taxes;
•the fact that Amrize may receive worse commercial terms from third-parties for services it used to receive from Holcim 
prior to the separation;
•the fact that certain of Amrize's executive officers and directors may have actual or potential conflicts of interest 
because of their previous positions at Holcim; and
•potential difficulties in maintaining relationships with key personnel.
These are only some of the factors that may affect the forward-looking statements contained in this Quarterly Report. We operate 
in a very competitive and rapidly changing environment. New risks emerge from time to time. Other risks and uncertainties include 
those described elsewhere in this Quarterly Report, including Item 2, “Management’s Discussion and Analysis of Financial 
Condition and Results of Operations” and Item 3, “Quantitative and Qualitative Disclosures About Market Risk” of Part I, and Item 1, 
“Legal Proceedings” and Item 1A, “Risk Factors” of Part II; in the Company’s Annual Report on Form 10-K for the year ended 
December 31, 2025, including Item 1A, “Risk Factors,” Item 7, “Management’s Discussion and Analysis of Financial Condition and 
Results of Operations,” and Item 7A, “Quantitative and Qualitative Disclosures About Market Risk,” and the Company’s other filings 
and submissions within the Securities and Exchange Commission.
It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any 
factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking 
statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this 
Quarterly Report and our future levels of activity and performance, may not occur and actual results could differ materially and 
adversely from those described or implied in the forward-looking statements. As a result, you should not regard any of these 
forward-looking statements as a forecast, or as a representation or warranty or guarantee of future performance by us or any 
other person, or place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of 
the date on which it is made, and we do not undertake or assume any obligation to publicly update or revise any forward-looking 
statement, whether as a result of new information, future developments, or otherwise, except as required by law. You are advised 
to review any further disclosures we make on related subjects in our filings with the SEC and in our other public statements.

4

Amrize Ltd

PART I - FINANCIAL INFORMATION 

Item 1. Financial Statements

Condensed Consolidated Statements of Operations (Unaudited)
(In millions, except per share data)

For the three months

For the six months

ended June 30, 

ended June 30, 

2026

2025

2026

2025

Revenues

$3,494

$3,218

$5,675

$5,307

Cost of revenues

(2,501)

(2,277)

(4,474)

(4,129)

Gross profit

993

941

1,201

1,178

Selling, general and administrative expenses

(283)

(286)

(568)

(529)

Gain on disposal of long-lived assets

3

4

8

5

Loss on impairments

(2)

(2)

(2)

(2)

Operating income

711

657

639

652

Interest expense, net

(89)

(121)

(167)

(239)

Other non-operating income, net

(1)

1

1

2

Income before income tax expense and income from equity 
method investments

621

537

473

415

Income tax expense

(146)

(122)

(105)

(94)

Income from equity method investments

1

1

1

1

Net income

476

416

369

322

Net loss attributable to noncontrolling interests

2

1

4

1

Net income attributable to the Company

$478

$417

$373

$323

Earnings per share attributable to the Company:

Basic

$0.87

$0.75

$0.67

$0.58

Diluted

$0.86

$0.75

$0.67

$0.58

Weighted-average number of shares outstanding:

Basic

552.5

553.1

552.9

553.1

Diluted

553.6

553.1

554.1

553.1

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5

Amrize Ltd

Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(In millions)

For the three months

For the six months

ended June 30, 

ended June 30, 

2026

2025

2026

2025

Comprehensive income:

Net income

$476

$416

$369

$322

Comprehensive income (loss), net of tax:

Foreign currency translation

(94)

222

(158)

238

Net change in fair value of cash flow hedges, net of tax

(5)

(1)

8

7

Actuarial losses and prior service costs for defined benefit 
pension plans and other postretirement benefit plans, net of 
tax

(1)

(1)

(3)

(2)

Total other comprehensive income (loss), net of tax

(100)

220

(153)

243

Total comprehensive income

376

636

216

565

Comprehensive loss attributable to noncontrolling interests

2

1

4

1

Comprehensive income attributable to the Company

$378

$637

$220

$566

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

6

Amrize Ltd

Condensed Consolidated Balance Sheets
(In millions, except share data)

As of June 30, 

As of December 31,

2026

2025

(unaudited)

Assets

Current Assets:

Cash and cash equivalents

$729

$1,922

Accounts receivable, net

2,057

1,113

Inventories, net

1,553

1,490

Prepaid expenses and other current assets

245

88

Total current assets

4,584

4,613

Property, plant and equipment, net

8,454

7,936

Goodwill

9,044

9,044

Intangible assets, net

1,682

1,728

Operating lease right-of-use assets, net

601

615

Other noncurrent assets

238

273

Total Assets

$24,603

$24,209

Liabilities and Equity

Current Liabilities:

Accounts payable

$1,347

$1,530

Short-term borrowings

735

—

Current portion of long-term debt

1,034

333

Operating lease liabilities

132

136

Other current liabilities

906

886

Total current liabilities

4,154

2,885

Long-term debt

4,235

4,936

Deferred income tax liabilities

1,146

1,042

Noncurrent operating lease liabilities

497

500

Other noncurrent liabilities

1,713

1,725

Total Liabilities

11,745

11,088

Commitments and contingencies (see Note 18)

Equity

Common stock, par value of $0.01 per share, 680,250,615 shares authorized, 
566,875,513 issued and 549,779,621 outstanding as of June 30, 2026
    566,875,513 issued and 553,082,525 outstanding as of December 31, 2025

6

6

Additional paid-in capital

12,590

12,569

Retained earnings

997

930

Treasury stock, 17,095,892 shares as of June 30, 2026 and 13,792,988 shares as of 
December 31, 2025

(194)

—

Accumulated other comprehensive loss

(533)

(380)

Total equity attributable to the Company

12,866

13,125

Noncontrolling interests

(8)

(4)

Total Equity

12,858

13,121

Total Liabilities and Equity

$24,603

$24,209

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

7

Amrize Ltd

Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)

For the six months ended June 30, 

2026

2025

Cash Flows from Operating Activities:

Net income

$369

$322

Adjustments to reconcile net income to net cash used in operating activities:

Depreciation, depletion, accretion and amortization

494

444

Share-based compensation

20

3

Deferred tax benefit (expense)

27

(2)

Other items, net

72

54

Changes in operating assets and liabilities, net of effects of acquisitions:

Accounts receivable, net

(939)

(827)

Due from related party

—

49

Inventories, net

(40)

(108)

Accounts payable

(186)

18

Due to related party

—

(96)

Other assets

(159)

(115)

Other liabilities

(121)

(170)

Defined benefit pension plans and other postretirement benefit plans

(12)

(13)

Net cash used in operating activities

(475)

(441)

Cash Flows from Investing Activities:

Purchases of property, plant and equipment

(520)

(448)

Acquisitions, net of cash acquired

(425)

(78)

Net decrease in short-term related-party notes receivable from cash pooling 
program 

—

522

Other investing activities, net

49

(7)

Net cash used in investing activities

(896)

(11)

Cash Flows from Financing Activities:

Transfers to Holcim, net

—

(98)

Proceeds from short-term borrowings, net

735

930

Proceeds from issuance of long-term debt, net of discount

—

3,398

Payments of debt issuance costs

—

(24)

Net repayments of short-term related-party debt

—

(129)

Proceeds from debt-for-debt exchange with Holcim

—

922

Proceeds from issuances of long-term related-party debt

—

22

Repayments of long-term related-party debt

—

(5,541)

Payments of finance lease obligations

(64)

(48)

Repurchases of common stock

(178)

—

Dividends paid

(304)

—

Other financing activities, net

(1)

2

Net cash provided by (used in) financing activities

188

(566)

Effect of exchange rate changes on cash and cash equivalents

(10)

34

Decrease in cash and cash equivalents

(1,193)

(984)

Cash and cash equivalents at the beginning of period

1,922

1,585

Cash and cash equivalents at the end of period

$729

$601

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

8

Amrize Ltd

Condensed Consolidated Statements of Equity (Unaudited)
For the Three Months Ended June 30, 2026 and 2025
(In millions)

Common stock

Treasury stock

Additional 
paid-in

Retained

Net parent

Accumulated 
other 
comprehensive

Equity 
attributable to 
noncontrolling

Total

Shares

Amount

Shares

Amount

capital

earnings

investment

loss

inter