New York, Feb 19, 2026, 09:31 (EST) — Regular session
- Amrize shares pulled back at the open, giving up ground after jumping sharply the previous session.
- A $1 billion buyback plan, proposed dividends, and guidance for 2026 are all on the table as investors try to make sense of the moves.
- The PB Materials deal in West Texas has closed, the company said.
Shares of Amrize Ltd slipped 1.1% to $63 in the early going Thursday, pulling back after the building materials company’s nearly 11% surge to $63.70 the day before.
This pullback stands out—it’s the first earnings season where Amrize is working to recalibrate expectations as an independent company. Cash returns are now in focus, and there’s 2026 guidance out there as well.
It comes as investors eye U.S. construction demand for any signs of weakness—especially in housing-related segments—even as infrastructure and commercial projects have shown more resilience for certain suppliers.
On Feb. 17, Amrize bumped its 2025 revenue up 0.9%, landing at $11.8 billion, with adjusted EBITDA coming in at $3.0 billion. The company also logged operating cash flow of $2.2 billion and free cash flow at $1.5 billion. Looking ahead, Amrize is projecting 2026 revenue to climb 4% to 6%, with adjusted EBITDA expected to grow between 8% and 11%.
The board signed off on a $1.0 billion share buyback, though that hinges on shareholders giving the nod to the 2025 financials at the annual meeting. Alongside, Amrize put forward plans for a special, one-off dividend of $0.44 per share, plus a regular annual payout at the same $0.44 rate.
Late Wednesday, Amrize announced it had finalized the purchase of PB Materials Holdings, bringing 26 new sites and over $180 million in revenue into its West Texas portfolio. The aggregates and ready-mix operator now falls under Amrize’s umbrella. Looking ahead, the company expects the acquisition to boost both EPS and cash in 2026.
Chairman and CEO Jan Jenisch described the addition of 340 PB Materials employees as a “welcome” move in the transaction statement, framing the deal as another step toward “value-accretive M&A.” Business Wire
Amrize has submitted its Form 10-K annual report for fiscal 2025 to the U.S. Securities and Exchange Commission, according to a company announcement.
Bernstein bumped up its price target on Amrize to $75, citing the company’s outlook and a shareholder return that analysts called a pleasant surprise.
Still, there’s plenty that could derail things. Capital returns depend on shareholders signing off, and Amrize’s building envelope unit has already pointed to weaker residential roofing demand. If U.S. volumes fail to rebound as the company hopes, the stock could be at risk.
Looking ahead, Amrize’s annual meeting lands April 21. Investors are set to zero in on the financial statement vote—key for both the buyback and dividend moves. Details about when repurchases might actually begin are also on the radar.
