Cemex's third quarter earnings beat expectations behind strong EBITDA margin expansion

Cemex reported third quarter 2026 results that met revenue targets while beating earnings and EBITDA estimates. The performance was characterized by double-digit EBITDA growth for the fifth consecutive quarter, supported by "Project Cutting Edge" efficiencies and robust cement demand in Mexico. Despite macro volatility, the company achieved record quarterly free cash flow from operations and continued its asset-pruning strategy.

Key Highlights

• Operating EBITDA rose 12% to $990 million, surpassing the estimated $935 million behind strong pricing and consolidated volume growth.
• Operating EBITDA margin expanded to 21.6% as cost of sales as a percentage of revenue fell 1.9 percentage points due to operational efficiencies.
• Free cash flow from operations reached a third-quarter record of $723 million, a 34% increase year-over-year.
• The company reported over $200 million in total divestment proceeds from its asset efficiency initiative, including the sale of Atlanta-based ready-mix and concrete assets.