EarningsQ2 2026 Earnings Report
MX:CEMEXB Q2 2026 EPS Results
Actual EPS$0.41
Consensus EPS―
Beat/Miss―
One Year Ago EPS$0.42
MX:CEMEXB Q2 2026 Revenue Results
Actual Revenue$79.90B
Expected Revenue―
Beat/Miss―
YoY Revenue Growth-0.81%
Earnings Announcement Details
QuarterQ2 2026
Date07/23/2026
TimeBefore Open
Conference CallThursday, July 23, 2026
MX:CEMEXB Upcoming Earnings
Cemex SAB de CV Class B's next earnings date is estimated for October 26, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong operational and financial progress driven by Project Cutting Edge: record quarterly free cash flow, double-digit like-for-like EBITDA growth, margin expansion, meaningful cost reductions and proactive liability management (debt refinancing, longer maturities). Several regions (Mexico, Middle East & Africa, South/Central America & Caribbean) showed solid momentum and management raised full-year EBITDA guidance to +16%–17%. However, the results were partially aided by non-recurring items (Europe settlement), favorable one-offs (energy, FX) and temporary market dynamics (competitor outages). Near-term risks include weather and operational disruptions in the U.S., softer European volumes and geopolitical/energy uncertainty that could affect savings realization and costs. Overall, the positive drivers and structural improvements appear to outweigh the transitory and regional headwinds.Company Guidance
Strong Consolidated EBITDA and Margin Expansion
Consolidated EBITDA exceeded $1 billion in Q2; like-for-like EBITDA growth ~18-19% year-over-year and EBIT grew ~29% year-over-year. Consolidated EBITDA margin expanded by ~1.4 to 2.1 percentage points to ~21.4%, the highest level since 2008.
Record Free Cash Flow and Conversion Rate
Q2 free cash flow from operations reached a record $651 million (up >$400 million YoY adjusted). Trailing 12-month free cash flow from operations conversion rate improved to 60% versus 33% a year ago; first-half free cash flow from operations increased to $666 million.
Progress on Project Cutting Edge Cost Savings
Captured incremental efficiencies (~$60 million) in the quarter; achieved ~80% of the initial $400 million savings target and raised the program target to $475 million. Expected savings composition: ~$230 million overhead reductions and ~$245 million operating efficiencies by program end; 2026 target ~$185 million and ~ $90 million expected in full year 2027.
Improved Working Capital and Lower Operating Costs
Year-to-date working capital investment was $175 million lower than last year; working capital days at negative 9 days (H1). Cost of sales and operating expenses as a percentage of sales fell by ~106 and ~167 basis points respectively year-over-year.
Energy and Fuel Cost Improvements
Energy cost per ton of cement produced declined ~6% in the quarter; fuel costs were down ~12% in Q2 and ~10% for the first half. Diesel hedging offset ~$32 million of diesel costs year-to-date and ~80% of 2027 diesel consumption is hedged. Company now expects full-year energy costs in cement to rise only low single digits vs. prior year.
Balance Sheet and Liability Management Progress
Repaid ~$1.5 billion of bank term loans, redeemed $1.0 billion subordinated notes, and priced $1.5 billion 10-year senior notes at 5.75% (tight spread). Swapped $500 million to euros, established a new $3.0 billion revolving credit facility (5-year bullet) with pricing linked to CO2 targets, and reduced net financial leverage to 2.08x (down 0.22x vs Q1).
Raised Full-Year Guidance
Based on first-half performance and Project Cutting Edge contributions, full-year EBITDA guidance was raised to +16% to +17% year-over-year.
Regional Operational Strengths and Market Wins
Mexico reported second consecutive quarter of year-over-year cement volume growth and a record clinker factor of 62.6%; awarded ~135,000 social housing units (up 12% vs prior quarter) and negotiating ~145,000 additional units. Middle East & Africa EBITDA grew ~34%. South, Central America & Caribbean posted double-digit EBITDA growth and margin expansion >4 percentage points. U.S. operations showed resilient volumes (adjusted: cement and ready-mix +1%, aggregates +7%) and sequential price increases (cement +1%, ready-mix +2%).
Successful Integration and Operational Pilots
Consolidated Omega acquisition as of April 1 (mortars business), and AI pilot at Balcones plant (Texas) showing operational advances with plans to scale globally.
MX:CEMEXB 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