MEXICO · EARNINGS
Key Facts
- The country Mexico is Latin America’s second-largest economy, and Monterrey, its northern industrial city, is the home of cement giant Cemex.
- Why it matters Cemex trades in New York and earns about 30% of its sales in the United States, so its results speak to US construction demand and Mexican growth at once.
- Why now Cemex published its third-quarter results on Monday 26 October 2026.
- What happened Net income rose 55% to US$407 million on sales of US$4.59 billion, up 8%, and Mexican sales jumped 16% to US$1.3 billion.
- The numbers EBITDA, the cash profit before interest, taxes and depreciation, rose 12% to US$990 million, and free cash flow from operations hit a record US$723 million for a third quarter.
- What it means for you Holders of Cemex shares in New York see Mexico carrying the quarter while US operating EBITDA fell 4%.
- Still open Whether Mexican demand holds once rival plants return, and whether the US business recovers from an outage and softer prices.
- Power Index Mexico ranks 2nd of 14 in The Rio Times Latin America Power Index, with 71.4 points (October 2026 edition).
Cemex, the Monterrey-based cement producer whose shares trade in New York, earned US$407 million in the third quarter of 2026, a 55% increase on the same period of 2025, and Mexico supplied the growth. The company published the figures on Monday 26 October 2026, with net sales up 8% to US$4.59 billion.
Sales in Mexico rose 16% to US$1.3 billion, while US operating EBITDA fell 4% to US$259 million, a split that matters to American holders of the New York-listed shares. Background on the company is in its Company Intelligence profile, and the previous quarter is covered in the second-quarter results report.
The Numbers Behind the Quarter
Operating EBITDA, the cash profit before interest, taxes, depreciation and amortization, rose 12% to US$990 million, and the margin widened to 21.6% from 20.8%. Free cash flow from operations reached US$723 million, up 34% and a record for a third quarter.
For the first nine months, sales rose 10% to US$13.2 billion and EBITDA rose 22% to US$2.8 billion. Free cash flow from operations for the period reached US$1.4 billion, up 194% from a year earlier.
Net income for the nine months fell 25% to US$982 million from US$1.32 billion, because the 2025 period included US$632 million of results from discontinued operations, among them a US$551 million gain on the sale of the Dominican Republic business. Management said on the earnings call that without that gain the nine-month figure would have risen 47%, a figure that does not appear in the filing.
Mexico Drives the Result
Sales in Mexico rose 16% to US$1.3 billion (9% on a like-for-like basis), about 28% of the group total, as cement demand grew. Domestic cement volumes rose 7%, and cement prices rose 12% in US dollars and 5% in local currency, according to Cemex’s results report.
Mexican EBITDA rose 30% to US$480 million (22% like-for-like) on a margin of 37.0%, far above the 21.6% margin for the group. Management pointed on the call to residential demand, government social programs and temporary outages at competitors’ plants as supports, according to the transcript.
A mid-single-digit price increase for bagged cement took effect in early October, the transcript says, which carries into the fourth quarter. The guidance assumes a peso rate of 18.25 to 18.50 per US$ for that quarter.
Live Company IntelligenceCemex SAB de CV ADR — the full investor dossier
Wall Street view
Valuation & profitability
Price & risk
$9.3052-wk high
$13.60
Revenue trend · 6y
Ownership
Dividend
The United States and Other Regions
In the United States, revenue rose 5% to US$1.37 billion, but EBITDA fell 4% to US$259 million. Cemex attributed the drop to an unplanned plant stoppage, higher raw-material costs and lower cement prices in some areas.
Cemex’s results report shows US cement prices down 4% from a year earlier, even as cement and aggregates volumes each rose 4%, and the call transcript puts the drop at 3% from the previous quarter. The United States supplied about 30% of group sales in the quarter, so profit there weighs on the group result.
Europe, the Middle East and Africa lifted sales 4% to US$1.4 billion, with EBITDA up 4% to US$257 million. Central America, South America and the Caribbean grew revenue 12% to US$333 million, but EBITDA fell 5%.
Guidance, Debt and the Cost Program
Cemex expects 2026 EBITDA to grow 16% to 17% on a like-for-like basis. It also plans about US$900 million of maintenance capital spending and about US$300 million for growth projects this year.
The debt ratio, net debt plus subordinated notes against EBITDA, stood at 1.80 times at the end of September, down from 2.08 times in June and 2.52 times a year earlier. Chief Executive Jaime Muguiro credited Project Cutting Edge, the company’s transformation program, for another quarter of solid performance.
Divestments announced or completed under the program total more than US$200 million and cover over 140 facilities, including the sale of Atlanta ready-mix assets. Cemex has also entered exclusive talks with France’s Vicat group on selected ready-mix and aggregates assets in southeastern France.
What It Means for You
Holders of Cemex shares in New York (NYSE: CX) own a business whose growth now leans on Mexico, where residential building and public programs are lifting cement demand. The US side, about 30% of sales, is growing in revenue but losing profit to a plant outage and softer prices.
Cement is sold close to where it is made, so the results are a read on local construction demand rather than on trade flows. For US readers the clearest signals are the 4% annual drop in US cement prices and the 7% rise in Mexican volumes.
What Is Not Known
It is not known how long Mexican demand can keep growing at this pace, because management cited temporary outages at competitors’ plants as one support. Nor is it clear how much of the 16% sales gain is lasting, because the like-for-like rise was 9% and Mexican cement prices rose 12% in US dollars but only 5% in local currency.
The terms and timing of the talks with Vicat over assets in southeastern France are not public. Whether US cement prices recover after falling 4% from a year earlier will show in the fourth-quarter results.
Frequently Asked Questions
How much did Cemex earn in the third quarter of 2026?
Cemex earned US$407 million, up 55% from a year earlier, on net sales of US$4.59 billion. EBITDA rose 12% to US$990 million.
Why did Cemex sales in Mexico rise?
Sales in Mexico rose 16% to US$1.3 billion, with cement volumes up 7%. Management pointed to residential demand, government social programs and temporary competitor outages.
What went wrong for Cemex in the United States?
US EBITDA fell 4% to US$259 million even though revenue rose 5%. Cemex cited an unplanned plant stoppage, higher raw-material costs and lower cement prices.
What is Cemex expecting for 2026?
Cemex expects 2026 EBITDA to grow 16% to 17% on a like-for-like basis. It plans about US$900 million of maintenance capital spending and about US$300 million for growth projects.
Where do Cemex shares trade?
Cemex shares trade in New York under the symbol CX, according to its filing with the US Securities and Exchange Commission. The company reports its results in US dollars.
Sources: Cemex third-quarter 2026 press release, Form 6-K Exhibit 1, Securities and Exchange Commission, 26 October 2026; Cemex third-quarter 2026 results report, Exhibit 2, 26 October 2026; Cemex third-quarter 2026 results presentation with 2026 outlook, Exhibit 3, 26 October 2026; Forbes México, 26 October 2026; MVS Noticias, 26 October 2026; Zócalo, 26 October 2026; Cemex third-quarter earnings call, automated transcript, Benzinga, 26 October 2026.
In depth
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error
LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.