- Company name
- CRH
- Sector
- Building materials
- About
- CRH makes and sells building materials and products, mainly in North America. Americas Materials Solutions produces aggregates, cementitious materials, asphalt and concrete and builds roads. Americas Building Solutions makes products for infrastructure, such as energy, water and data center projects, and for homes. International Solutions has materials and products businesses outside North America. Total revenues were $11.4 billion in Q3 2026. CRH is listed on the New York Stock Exchange and reports in U.S. dollars. On October 23, 2026, it completed the purchase of Arcosa, a U.S. aggregates and infrastructure products company, for an enterprise value of about $8.5 billion. Jim Mintern is CEO.
- Thesis
- The market prices CRH for the risk of a slower U.S. construction market, for cost inflation and for the cost of its acquisitions. CRH completed the purchase of Arcosa for about $8.5 billion on October 23, 2026, with a term loan, a bridge facility and cash, and it invested a further $1.9 billion in 27 acquisitions in 2026 to date. On October 29, 2026, CRH cut its 2026 guidance to adjusted EBITDA of $7.8 billion to $8.0 billion because of cost inflation and weak residential demand, even with Arcosa in the fourth quarter. For the gap to close, three things must be true. CRH must reach its new 2026 guidance and grow adjusted EBITDA in 2027, as it expects from its main end markets. Arcosa must deliver the planned $175 million of yearly cost synergies by year three, and Velocity must deliver about $400 million of yearly benefits by the end of 2028. Leverage must fall after the Arcosa purchase, so that CRH keeps a strong investment grade rating while it buys back shares. The FY 2026 report with the 2027 guidance, expected in early 2027, is the next test. If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is a fall in U.S. construction spending or more cost inflation, which CRH cannot control.
- Risks
- Demand for building materials depends on U.S. construction and public infrastructure spending. Residential demand was subdued in Q3 2026, and CRH expects it to stay weak in the near term. A fall in construction activity lowers volumes and prices.
The Arcosa purchase, completed on October 23, 2026, adds about $8.5 billion of enterprise value, paid mostly with new debt. If integration is slow or the $175 million of synergies does not come, CRH has more debt for less return.
CRH buys many businesses each year. Paying too much or poor integration can lower returns on capital.
Energy and labor costs are rising. The adjusted EBITDA margin fell to 23.5% in Q3 2026 from 24.3% a year earlier. If CRH cannot raise prices enough, margins fall more.
- Balance sheet
- Cash: $5.1B
Debt: $19.6B
Net debt: $14.5B
Interest cover: 6.2×
Debt due within 12 months: $4.8B
Last debt due: 2056
CRH funds itself mostly with long-dated senior notes and keeps an investment grade rating. Total short and long-term debt was $19.6 billion at September 30, 2026, and cash was $5.11 billion, so debt less cash was $14.5 billion. CRH's own net debt figure also includes finance leases and derivatives, and was $15.0 billion. Debt of $4.82 billion was due within 12 months, including $2.38 billion of commercial paper and $121 million of bank overdrafts. These figures are before the Arcosa purchase. CRH completed it on October 23, 2026 with a $2.5 billion three-year term loan, a $3.3 billion bridge facility and cash, so net debt rose after the balance sheet date. The €3.5 billion revolving credit facility matures in May 2030. Interest cover is operating income divided by interest expense for the first nine months of 2026. CRH says that it expects to keep a strong investment grade credit rating, and it announced a share buyback of up to $6 billion to the end of 2030.
As of Sep 30, 2026.
- Checkpoints
- Oct 23, 2026: Arcosa purchase closes. Passed. Watch: The deal closes in Q1 2027 on the agreed terms and leverage stays near 2.4 times pass; a delay, new conditions or a rating downgrade fail. Outcome: The deal closed on October 23, 2026, earlier than planned, on the agreed terms, and CRH said that it expects to keep a strong investment grade rating.
Oct 29, 2026: Q3 2026 earnings: guidance. Failed. Watch: 2026 guidance for adjusted EBITDA of $8.1 billion to $8.5 billion kept or raised pass; a guidance cut fails. Outcome: CRH cut its 2026 adjusted EBITDA guidance to $7.8 billion to $8.0 billion, although the new guidance includes Arcosa.
Jan 29, 2027 (estimate): FY 2026 results and 2027 guidance. Pending. Watch: 2027 guidance for growth in adjusted EBITDA with Arcosa and lower leverage pass; guidance for flat or lower adjusted EBITDA fails.
- Recent events
- Nov 9, 2026: CRH sold $4.2 billion of guaranteed notes: $1.35 billion of 5.375% notes due 2032, $1.0 billion of 5.625% notes due 2034, $1.35 billion of 5.750% notes due 2037 and $500 million of 6.250% notes due 2057. It plans to use the money for tender offers for Arcosa's notes, to repay debt and for general corporate purposes.
Oct 29, 2026: CRH reported Q3 2026 results. Total revenues rose 3% to $11.4 billion, adjusted EBITDA was flat at $2.7 billion, and net income fell 22% to $1.2 billion, mainly because of a $178 million impairment in the Philippines. CRH cut its 2026 guidance to net income of $3.1 billion to $3.3 billion and adjusted EBITDA of $7.8 billion to $8.0 billion, from $3.9 billion to $4.1 billion and $8.1 billion to $8.5 billion. It gave cost inflation and a weaker residential market as reasons, and the new guidance includes Arcosa. The board approved a new share buyback of up to $6 billion to the end of 2030.
Oct 29, 2026: CRH started Velocity, a two-year program to simplify its operating model. It expects yearly run-rate benefits of about $400 million by the end of 2028 and one-time costs of about $400 million.
Oct 23, 2026: CRH completed the purchase of Arcosa for an enterprise value of about $8.5 billion, earlier than the Q1 2027 date that it expected. It paid with a $2.5 billion term loan, a $3.3 billion bridge facility and cash.
Sep 4, 2026: Arcosa stockholders approved the purchase by CRH at a special meeting. About 99.8% of the votes cast were for the deal. The deal still needs regulatory approvals, and CRH and Arcosa expect it to close in Q1 2027.
Jul 30, 2026: CRH reported Q2 2026 results. Total revenues rose 6% to $10.8 billion, net income rose 13% to $1.5 billion, and adjusted EBITDA rose 7% to $2.6 billion. CRH sold three non-core businesses for about $1.9 billion in total and bought Axius Water for $0.7 billion. It reaffirmed its 2026 guidance and raised the quarterly dividend 5% to $0.39.
Jul 17, 2026: CRH signed a three-year $2.5 billion term loan facility for the Arcosa purchase, which reduced the commitments under its bridge facility to $3.25 billion.
Jun 22, 2026: CRH agreed to buy Arcosa for $150 per share in cash, an enterprise value of about $8.5 billion, or 11.5 times 2026 estimated adjusted EBITDA including $175 million of expected cost synergies. CRH expects the deal to close in Q1 2027, subject to Arcosa stockholder and regulatory approvals, and expects pro forma net debt to adjusted EBITDA of 2.4 times for 2026.
May 11, 2026: CRH appointed Aylwyn Bryan as Chief Financial Officer, effective May 12, 2026. He replaced Nancy Buese, who stepped down by mutual agreement.