Revenues

The Company primarily earns revenue from the sale of Building Materials products and Building Envelope

products. Revenue is disaggregated by product line, which the Company believes best depicts how the

nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

The following table disaggregates revenues by product line for each of the Company’s reportable segments:


	For the years ended December 31,
(In millions)	2025	2024	2023
Building Materials
Cement	$4,389	$4,481	$4,561
Aggregates and other construction materials	4,665	4,446	4,671
Interproduct revenues	(540)	(598)	(668)
Building Envelope	3,301	3,375	3,113
Total Revenues	$11,815	$11,704	$11,677

The following table disaggregates the Company’s revenues by geographic region based on customer location:


	For the years ended December 31,
(In millions)	2025	2024	2023
Central	$3,623	$3,806	$3,592
South	3,529	3,165	3,291
Great Lakes	2,424	2,632	2,591
Northeast	1,879	1,939	1,964
Pacific	1,334	1,260	1,303
Eliminations and other(1)	(974)	(1,098)	(1,064)
Total Revenues	$11,815	$11,704	$11,677

__________

(1)Other includes revenues from the Company’s trading operations.

Contract assets include estimated earnings in excess of billings on uncompleted construction contracts. The

current portion of contract assets were $25 million, $30 million, and $24 million as of December 31, 2025,

2024 and 2023, respectively, and are included within Prepaid expenses and other current assets on the

consolidated balance sheets. The noncurrent portion of contract assets were $13 million, $15 million, and $2

million as of December 31, 2025, 2024 and 2023, respectively, and are included within Other noncurrent

assets on the consolidated balance sheets.

Contract liabilities

Contract liabilities relate to payments received in advance of performance under a contract, primarily related

to extended service warranties in the Building Envelope segment. Contract liabilities are recognized as

revenue as (or when) the Company performs under the contract. Prior to the Spin-Off, certain contract liability

balances were related-party in nature and are recorded in Due to related-party on the consolidated balance

sheets as of December 31, 2024. The following table includes a summary of the change in contract liabilities:


(In millions)	2025	2024
Balance as of January 1	$408	$316
Revenue recognized	(73)	(46)
Revenue deferred	110	138
Balance as of December 31,	$445	$408

The Company’s remaining performance obligations represent the transaction price allocated to performance

obligations that are unsatisfied or partially satisfied, consisting of deferred revenue. As of December 31,

2025, the Company’s remaining performance obligations were $445 million. The Company expects to

recognize $44 million of the deferred revenue during the next twelve months, and the remaining $401 million

thereafter.

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

Amrize Ltd Revenue Disclosure

About Revenue Disclosures

Other Available Disclosures