Revenue

12 Months Ended

Dec. 31, 2025

Revenue Recognition and Deferred Revenue [Abstract]

2. Revenue
The Company disaggregates revenue based on its operating and reportable segments. The Company’s operating and reportable segments are: (1) Americas Materials Solutions, (2) Americas Building Solutions, and (3) International Solutions.

Revenue is disaggregated by principal activities and products and by primary geographic market. Business lines are reviewed and evaluated as follows: (1) Essential Materials, (2) Road Solutions, (3) Building & Infrastructure Solutions, and (4) Outdoor Living Solutions.

The Essential Materials businesses manufacture and supply aggregates and cementitious materials for use in a range of construction and industrial applications.

Road Solutions support the manufacturing, installation and maintenance of public highway infrastructure projects and commercial infrastructure.

Building & Infrastructure Solutions provide products that connect and protect critical water, energy and telecommunications infrastructure and deliver complex commercial building projects.

Outdoor Living Solutions integrate specialized materials, products and design features to enhance the quality of private and public spaces.


	For the year ended December 31, 2025
in $ millions	Americas Materials Solutions	Americas Building Solutions	International Solutions	Total
Principal activities and products
Essential Materials	5,195	–	5,179	10,374
Road Solutions (i)	11,834	–	5,255	17,089
Building & Infrastructure Solutions (ii)	–	2,632	2,236	4,868
Outdoor Living Solutions	–	4,490	626	5,116
Total revenues	17,029	7,122	13,296	37,447


	For the year ended December 31, 2024
in $ millions	Americas Materials Solutions	Americas Building Solutions	International Solutions	Total
Principal activities and products
Essential Materials	4,793	–	4,767	9,560
Road Solutions (i)	11,380	–	4,930	16,310
Building & Infrastructure Solutions (ii)	–	2,569	1,998	4,567
Outdoor Living Solutions	–	4,490	645	5,135
Total revenues	16,173	7,059	12,340	35,572


	For the year ended December 31, 2023
in $ millions	Americas Materials Solutions	Americas Building Solutions	International Solutions	Total
Principal activities and products
Essential Materials	4,583	–	4,876	9,459
Road Solutions (i)	10,852	–	4,814	15,666
Building & Infrastructure Solutions (ii)	–	2,524	2,174	4,698
Outdoor Living Solutions	–	4,493	633	5,126
Total revenues	15,435	7,017	12,497	34,949

(i) Revenue from contracts with customers in the Road Solutions principal activities and products category that is recognized over time for the years ended December 31 were:



in $ millions	2025	2024	2023
Americas Materials Solutions	6,578	6,426	6,146
International Solutions	1,651	1,880	2,004
Total revenue from contracts with customers	8,229	8,306	8,150

(ii) Revenue from contracts with customers in the Building & Infrastructure Solutions principal activities and products category that is recognized over time for the years ended December 31 were:



in $ millions	2025	2024	2023
Americas Building Solutions	51	81	70
International Solutions	413	486	573
Total revenue from contracts with customers	464	567	643


	For the year ended December 31, 2025
in $ millions	Americas Materials Solutions	Americas Building Solutions	International Solutions	Total
Primary geographic markets

United States	15,882	6,814	138	22,834
Rest of World (i)	1,147	308	2,018	3,473
United Kingdom	–	–	3,767	3,767
Rest of Europe (ii)	–	–	7,373	7,373
Total revenues	17,029	7,122	13,296	37,447


	For the year ended December 31, 2024
in $ millions	Americas Materials Solutions	Americas Building Solutions	International Solutions	Total
Primary geographic markets

United States	14,975	6,736	123	21,834
Rest of World (i)	1,198	323	1,199	2,720
United Kingdom	–	–	3,994	3,994
Rest of Europe (ii)	–	–	7,024	7,024
Total revenues	16,173	7,059	12,340	35,572


	For the year ended December 31, 2023
in $ millions	Americas Materials Solutions	Americas Building Solutions	International Solutions	Total
Primary geographic markets

United States	14,088	6,692	150	20,930
Rest of World (i)	1,347	325	633	2,305
United Kingdom	–	–	4,312	4,312
Rest of Europe (ii)	–	–	7,402	7,402
Total revenues	15,435	7,017	12,497	34,949

(i) The Rest of World principally includes Australia, Canada and the Philippines.

(ii) The Rest of Europe principally includes Austria, Belgium, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, Ireland, Luxembourg, the Netherlands, Poland, Romania, Serbia, Slovakia, Spain, Sweden, Switzerland and Ukraine. Revenues generated in the Republic of Ireland represented approximately 2%, 2%, and 3% of our consolidated revenues for the years ended December 31, 2025, 2024, and 2023, respectively.

Contract assets were $525 million and $690 million and contract liabilities were $405 million and $500 million, as of December 31, 2025 and 2024, respectively. The decrease in contract assets was primarily attributed to the timing of billings partially offset by revenue recognized on certain contracts. The decrease in contract liabilities was due to revenue recognized during the period and the timing of advance payments. The Company recognized revenue of $354 million and $387 million for the years ended December 31, 2025 and 2024, respectively, which was previously included in the contract liability balance as of December 31, 2024 and 2023, respectively.

Contract assets include unbilled revenue and retentions held by customers in respect of construction contracts as of December 31, 2025 and 2024 amounting to $299 million and $226 million, and $450 million and $240 million respectively. Unbilled revenue represents the estimated value of unbilled work for projects with performance obligations recognized over time. Retentions represent amounts that have been billed to customers but payment is withheld until final acceptance of the performance obligation by the customer. Retentions that have been billed, but are not due until completion of performance and acceptance by customers, are generally expected to be collected within one year. The Company applies the practical expedient and does not adjust any of its transaction prices for the time value of money.

On December 31, 2025, the Company had $3,114 million of transaction price allocated to remaining performance obligations. The majority of open contracts as of December 31, 2025, are expected to close and revenue to be recognized within 12 months of the balance sheet date.

Revenue from sales to equity method investments for the years ended December 31, 2025, 2024, and 2023 were $302 million, $296 million, and $221 million, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

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