Revenue

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue

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.

	Three months ended March 31, 2026
in $ millions	Americas Materials Solutions	Americas Building Solutions	International Solutions	Total
Principal activities and products
Essential Materials	1,144	–	1,188	2,332
Road Solutions (i)	1,580	–	1,132	2,712
Building & Infrastructure Solutions (ii)	–	591	538	1,129
Outdoor Living Solutions	–	1,077	120	1,197
Total revenues	2,724	1,668	2,978	7,370
	Three months ended March 31, 2025
in $ millions	Americas Materials Solutions	Americas Building Solutions	International Solutions	Total
Principal activities and products
Essential Materials	876	–	1,062	1,938
Road Solutions (i)	1,367	–	1,135	2,502
Building & Infrastructure Solutions (ii)	–	568	506	1,074
Outdoor Living Solutions	–	1,114	128	1,242
Total revenues	2,243	1,682	2,831	6,756

(i) Revenue from contracts with customers in the Road Solutions principal activities and products category that is recognized over time was:

	Three months ended
	March 31
in $ millions	2026	2025
Americas Materials Solutions	738	638
International Solutions	288	395
Total revenue from contracts with customers	1,026	1,033

(ii) Revenue from contracts with customers in the Building & Infrastructure Solutions principal activities and products category that is recognized over time was:

	Three months ended
	March 31
in $ millions	2026	2025
Americas Building Solutions	11	14
International Solutions	99	97
Total revenue from contracts with customers	110	111

Contract assets were $510 million, $525 million and $659 million and contract liabilities were $391 million, $405 million and $481 million, as of March 31, 2026, December 31, 2025, and March 31, 2025, respectively. The Company recognized revenue of $188 million and $276 million for the three months ended March 31, 2026, and March 31, 2025, respectively, which was previously included in the contract liability balance as of December 31, 2025, and December 31, 2024, respectively.

Contract assets include unbilled revenue and retentions held by customers in respect of construction contracts as of March 31, 2026, December 31, 2025, and March 31, 2025 amounting to $298 million and $212 million, $299 million and $226 million, and $430 million and $229 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 March 31, 2026, the Company had $3,176 million of transaction price allocated to remaining performance obligations. The majority of open contracts as of March 31, 2026 are expected to close and revenue to be recognized within 12 months of the balance sheet date.