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EarningsQ2 2026 Earnings Report
CX Q2 2026 EPS Results
Actual EPS$0.20
Consensus EPS$0.24
Beat/MissMissed by -$0.04
One Year Ago EPS$0.20
CX Q2 2026 Revenue Results
Actual Revenue$4.58B
Expected Revenue$4.46B
Beat/MissBeat by +$120.42M
YoY Revenue Growth+9.67%
Earnings Announcement Details
QuarterQ2 2026
Date07/23/2026
TimeBefore Open
Conference CallThursday, July 23, 2026
CX Upcoming Earnings
Cemex SAB's next earnings date is estimated for October 26, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
CX Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive: CEMEX reported strong underlying operational and financial progress (EBITDA >$1B, double‑digit adjusted EBITDA/EBIT growth, record free cash flow, material cost reductions and accelerated Project Cutting Edge savings) and raised full‑year EBITDA guidance. Management also executed liability management and hedging actions that improve financial resilience. However, near‑term headwinds remain (weather disruptions, softer European volumes, one‑off items affecting comparability, some debt increase from strategic actions, and geopolitical/energy risks) and several transformation benefits are expected to materialize over 2027–2028. Overall, positive achievements materially outweigh the challenges highlighted.Company Guidance
Record EBITDA and Strong Margin Expansion
Consolidated EBITDA exceeded $1 billion in the quarter. Adjusting for a one-off $42 million settlement, sales grew ~11% year‑over‑year, EBITDA expanded ~19% and EBIT grew ~29%. Consolidated EBITDA margin expanded (adjusted) by ~1.4 percentage points to 21.4%; management also cited a 2.1 percentage‑point improvement to the highest level since 2008.
Exceptional Free Cash Flow and Conversion
Q2 free cash flow from operations reached a record $651 million (up more than $400 million YoY after adjustments). Trailing 12‑month free cash flow conversion rate improved to 60% from 33% a year ago.
Project Cutting Edge Delivering Material Savings
Project Cutting Edge delivered ~$60 million of efficiencies in the quarter; ~80% of the initial $400 million savings target already achieved. Management raised the total target to $475 million (majority procurement and operating efficiencies) with incremental savings expected into 2027.
Cost Structure Improvements
Cost of sales and operating expenses as a percentage of sales declined materially: cost of sales down ~106 basis points and operating expenses down ~167 basis points year‑over‑year in the quarter. Energy cost per ton of cement produced declined ~6% YoY.
Hedging and Energy Risk Management
Diesel hedging program offset roughly $32 million of diesel costs year‑to‑date; ~80% of 2027 diesel consumption is hedged. Management updated 2026 guidance expecting energy costs in cement to rise only low single digits YoY.
Improved Balance Sheet and Liability Management
Executed liability management: repaid ~$1.5 billion of bank term loans, redeemed $1 billion subordinated notes and issued $1.5 billion 10‑year senior notes at 5.75% (tightest spread in company history). Net financial leverage including subordinated perpetual notes was 2.08x (down 0.22x vs Q1).
Raised Full‑Year Guidance
Based on first‑half performance and Project Cutting Edge, full‑year EBITDA guidance was raised to +16% to +17% year‑over‑year.
Regional Operational Wins
Mexico: second consecutive quarter of year‑over‑year cement volume growth and a clinker factor record of 62.6%. Middle East & Africa: EBITDA grew 34%. South, Central America & Caribbean: double‑digit EBITDA growth and margin expansion of >4 percentage points. U.S.: prices and volumes largely resilient after weather adjustments.
Strategic Actions and M&A Integration
Integration of Omega began April 1; asset pruning progressed with disposal of 12 facilities. Management signaled further bolt‑on M&A focus and AI pilots (Balcones plant) to drive future efficiencies.
CX Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed