CRH dividend: cash coverage and yield
The forecast has CRH dividends rising from $1.62 to $1.79 per share in the base case, with a bear range of $1.56 to $1.62 and a bull range of $1.65 to $1.92. CRH generated $2,769 million of real free cash flow in 2025 after $2,713 million of capital spending; dividends and buybacks returned $2.2 billion to shareholders.
How much does CRH pay in dividends?
Dividends rise from $1.62 to $1.79 per share in the base. The bear moves from $1.56 to $1.62, while the bull moves from $1.65 to $1.92. The base follows the recent 5% increase and the progressive policy; the bear reflects financing pressure, while the bull requires stronger cash generation.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| − Dividends paid, per share | 1.47 | 2.47 | 1.29 | 1.20 | 1.15 |
| − Share buybacks, per share | 1.74 | 2.15 | 4.21 | 1.54 | 1.14 |
| = FCF not paid out, per share | 1.04 | 0.21 | 0.74 | ||
| = Paid out more than FCF, per share | 1.20 | 1.15 |
What this means. The company’s own free cash flow per share is higher because it includes money from selling businesses and subtracts only maintenance spending, while our count subtracts all equipment spending.
Is CRH’s dividend covered by its cash?
CRH spent $2,713 million on capital spending, leaving $2,912 million in the cash bridge after total capex. Deducting share-based pay produced “real free cash flow” of $2,769 million. This is the more demanding view because it recognizes all capital spending.
The year-end 2025 current ratio was 1.7x, up from 1.4x in 2024. That is a snapshot, not a guarantee: seasonal working capital can make liquidity look different across the year. Interest expense rose to $810 million in 2025 from $612 million in 2024. Acquisitions cost $4.1 billion in 2025, while dividends and buybacks returned $2.2 billion to shareholders.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 2,912 | 2,411 | 3,200 | 2,277 | 2,425 |
| − Dividends paid | 996 | 1,706 | 940 | 917 | 906 |
| − Share buybacks | 1,181 | 1,482 | 3,067 | 1,178 | 896 |
| = Free cash flow not paid out | 701 | 159 | 583 | ||
| Paid to shareholders | 2,177 | 3,188 | 4,007 | 2,095 | 1,802 |
| Paid out, % of free cash flow | 74.8% | 132.2% | 125.2% | 92.0% | 74.3% |
What this means. The company reports slightly different net debt because it includes derivative balances, and in 2023 it counted cash held for sale that we left out.
What could change CRH’s dividend?
Dividends give shareholders income, while buybacks let CRH purchase shares from investors who choose to sell. Buybacks reduce the number of shares remaining, but CRH completed its latest tranche on July 28, 2026 and paused new repurchases while preparing for Arcosa. The company can still return cash, but preserving financing capacity now takes priority. The result is a company that can fund growth and returns, but each new purchase competes with balance-sheet capacity.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Normal operating profit | 6,270 (5,160 / 6,530) | 6,730 (5,610 / 7,280) | 7,210 (6,110 / 8,100) |
| Dividends per share | 1.62 (1.56 / 1.65) | 1.70 (1.59 / 1.78) | 1.79 (1.62 / 1.92) |
| Enterprise value to normal operating profit | 11.50 (10.50 / 13.00) | 12.00 (10.50 / 14.00) | 12.50 (10.50 / 15.00) |
| Net debt | 23,230 (24,456 / 23,021) | 22,388 (24,702 / 21,691) | 21,271 (24,456 / 20,211) |
What is CRH’s dividend yield at today’s price?
CRH plc makes the stone, cement, asphalt and other materials that become roads, buildings and infrastructure. At $83.63 a share, its valuation asks whether this large, acquisition-minded business can keep turning construction demand into cash.