Cemex announced its results for the fourth quarter and full year of 2025, reporting strong progress across key transformation metrics. For the full year, free cash flow increased by 50%, adjusting for one-off items including severance and discontinued operations
EBITDA increased by 1%, supported by Project Cutting Edge. Fourth-quarter net income was impacted by goodwill and asset impairments, while full-year net income increased by 2%. Adjusting for these impairments, net income would have increased by 41% to $1.5 billion in the year.
With momentum building in the second half of the year, supported by a recovery in Mexico and solid performance in EMEA, fourth-quarter net sales and EBITDA increased at a double-digit rate. Full-year EBITDA margin remained stable with a significant expansion in the second half. All regions reported relatively flat to improved EBITDA margins in 2025.
“I am proud of what we have accomplished so far and expect even better results in 2026 supported by our transformation plan, improved market demand, and operating leverage available to us in most markets,” said Jaime Muguiro, CEO of Cemex. “I want to recognize our teams across the organization. 2025 was a demanding year with the introduction of our transformation plan, and required discipline, resilience and a strong execution mindset.”
Regional performance reflected broad-based improvement. In Mexico, fourth-quarter results strengthened, with year-over-year sales and EBITDA growth, margin expansion and continued recovery in demand conditions. The United States delivered record fourth-quarter EBITDA and higher margins, supported by operating efficiencies and Project Cutting Edge. EMEA reported solid full-year performance, led by higher volumes, pricing and cost efficiencies, while South, Central America and the Caribbean achieved a third consecutive year of EBITDA growth despite fourth-quarter weather disruptions.
Decarbonization progress continued in 2025. Consolidated gross CO₂ emissions declined by 2%, primarily driven by further reductions in clinker factor. Cemex’s operations in Europe reached the Cement Europe Association’s 2030 gross CO₂ emissions reduction target five years ahead of schedule, while operations in Mexico and South, Central America and the Caribbean profitably achieved record clinker factor levels during the year.
