Record Financial Performance for 2025
Total revenues of $37.4 billion (+5% YoY), adjusted EBITDA of $7.7 billion (+11% YoY) and 100 basis points of full‑year margin expansion. Diluted EPS increased 3% YoY (or +8% excluding prior‑year one‑off divestiture gains).
Strong Cash Generation and Balance Sheet
Adjusted free cash flow of $5.0 billion (+18% YoY) with adjusted FCF conversion of 130% of net income; net debt to adjusted EBITDA of 1.8x at year‑end, supporting capital deployment and shareholder returns.
Active, Value‑Accretive M&A Program
Invested ~$4.1 billion across 38 value‑accretive acquisitions in 2025 (part of 100+ acquisitions over 3 years), adding 1 billion tons of aggregate reserves and incremental annual production capacity of ~8 million tons aggregates, 2 million tons asphalt and 10 million tons cementitious materials.
Robust Capital Allocation to Growth
Growth CapEx of $1.7 billion in 2025 targeted at high‑return, low‑risk projects (examples: $75M Roseville quarry, new grinding/blending facility in Marissa, $100M precast plant near Austin). Company deployed ~$8 billion to growth investments and shareholder returns in 2025.
Shareholder Returns and Buybacks
Dividend per share increased 5% for the quarter to $0.39 and company returned $1.0 billion in dividends in 2025 (+6% per share vs prior year); repurchased $1.2 billion of shares in 2025 and initiated an additional $300 million quarterly buyback tranche.
Segment‑Level Outperformance
Americas Materials Solutions: revenue +5%, adjusted EBITDA +7%, aggregates pricing +4% (6% mix‑adjusted), roads revenue +4%, margins expanded to 23.5% (+30 bps). Americas Building Solutions: revenue +1%, adjusted EBITDA +6%, margin +100 bps. International Solutions: revenue +8%, adjusted EBITDA +23%, margin +200 bps.
Clear 2026 Guidance and Medium‑Term Targets
2026 guidance: adjusted EBITDA $8.1–$8.5 billion, net income $3.9–$4.1 billion, EPS $5.60–$6.05. Medium‑term targets reiterated: average annual revenue growth 7–9%, adjusted EBITDA margin target 22–24% by 2030 and >100% average annual adjusted FCF conversion over next 5 years (~$40B financial capacity).
Competitive Positioning and Megatrend Alignment
Emphasized #1 infrastructure positioning in North America with 230 million tons annualized aggregates volumes and 20 billion tons reserves; strategic alignment to transportation, water and reindustrialization megatrends and strong pipeline (100+ data center projects).