Filing update · Arcosa (ACA)

Arcosa's last chapter: what CRH paid $7.5 billion for

CRH completed its $150-a-share cash acquisition of Arcosa on October 23, 2026, months ahead of the expected first-quarter 2027 close, for about $7.5 billion. Arcosa's final filings show a business that had sold its barges for $450 million, grown its utility-structures backlog 49% in six months, and posted negative free cash flow in its last reported quarter.

Published
October 24, 2026
Data through
June 30, 2026
Latest filing used
October 23, 2026
Key numbers
Price per share
$150.00
In cash, paid by CRH [2]
Aggregate consideration
$7.5B
For the shares and cash-settled equity awards [1]
Utility backlog
$648.1M
Up 49% in the first half of 2026 [2]
Barge sale
$450M
Completed April 1, 2026 [2]
What changed

Arcosa, the Texas-based maker of aggregates, construction materials and utility and wind structures, is no longer a public company. On October 23, 2026 CRH completed its acquisition, paying $150.00 a share in cash [2] [1]. This note reads Arcosa's final filings for what the buyer took on.

  • The price: about $7.5 billion in cash for the shares and cash-settled equity awards [1].
  • The timing: signed June 21, 2026, expected to close in the first quarter of 2027 [2], closed October 23 [1].
  • The last quarter: continuing revenue of $658.7 million, up 1.7%, and adjusted EBITDA of $145.9 million, up 5% [2] [3].
  • Before the sale: the barge business was sold for $450 million on April 1 [2].
  • At closing: the board resigned, Merger Sub's directors and officers took over, and the credit agreement was repaid [1].
The last reported quarter

Continuing operations grew modestly in the final quarter Arcosa reported on its own.

Chart: Last reported quarter: continuing operations, second quarter
Last reported quarter: continuing operations, second quarter
$0M$200M$400M$600M$800MRevenue: Q2 2025 $648M, Q2 2026 $659M$659MRevenueAdjusted EBITDA: Q2 2025 $140M, Q2 2026 $146M$146MAdjusted EBITDA
As Arcosa reported them, excluding the sold barge business [3]. Adjusted EBITDA is a non-GAAP measure.
Show the numbers
ItemQ2 2025Q2 2026
Revenue$648M$659M
Adjusted EBITDA$140M$146M
The utility backlog

The fastest-growing part of the business at the end was utility and related structures.

Chart: Backlog for utility and related structures
Backlog for utility and related structures
$0M$200M$400M$600M$800MSep 2025: $462M$462MSep 2025Jun 2026: $648M$648MJun 2026
As reported [9] [2].
Show the numbers
ItemQuarter end
Sep 2025$462M
Jun 2026$648M
Anomalies worth a closer look

Five things in the final filings worth knowing.

Anomalies (5)
Two ways to read it

The same filings support two different views of the price CRH paid. We set out both; Arcosa shares no longer trade.

The two readings

The case that CRH bought a growing infrastructure franchise

On this reading CRH acquired aggregates and utility-structure assets just as grid and infrastructure spending accelerates.

  1. 01
    Utility demand is surging
    Utility and related structures backlog rose 49% in the first half to $648.1 million [2], from $461.5 million at September 30, 2025 [9].
  2. 02
    Aggregates were being built out
    Arcosa completed three aggregates acquisitions in the first half of 2026 [2], after the $1.2 billion Stavola deal [9].
  3. 03
    Margins were rising
    Adjusted EBITDA margin from continuing operations rose to 22.1% from 21.5% [3].
  4. 04
    The portfolio was simplified
    The barge business was sold for $450 million [2], and $83.0 million of the proceeds prepaid debt [2].
  5. 05
    Wind backlog adds visibility
    Wind tower backlog was $537.4 million at June 30 [2].

The case that CRH paid a full price for slowing growth

On this reading the price reflected a strong run that was already slowing in the last reported quarter.

  1. 01
    Growth had slowed
    Continuing revenue grew 1.7% in the second quarter [2].
  2. 02
    Cash flow turned negative
    Free cash flow was negative $51.0 million [3].
  3. 03
    Flat continuing EPS
    Diluted EPS from continuing operations was $1.03, the same as a year earlier [3].
  4. 04
    Wind is policy-dependent
    Only 28% of the wind tower backlog was expected to be recognised in the rest of 2026 [2], leaving most of it exposed to later demand.
  5. 05
    Debt-funded deal
    CRH relied on $5.75 billion of bridge and term loans (calculated from [1]).
Hypotheses: short, medium and long term

Testable statements about how the acquired businesses will perform inside CRH, each with what would support or contradict it. Thresholds marked "our marker" are ours.

Hypotheses (3)
  1. Short termH1
    Next 3 to 6 months

    CRH's first reports show Arcosa adding to its Americas growth

    Arcosa no longer files its own results; its performance will appear inside CRH's reporting. Its final quarter showed adjusted EBITDA of $145.9 million [3].
    What would support it
    CRH reporting Arcosa's contribution in line with the $145.9 million quarterly run-rate (our marker).
    What would contradict it
    Early integration charges or write-downs tied to the acquired businesses.
    Next check: CRH's next quarterly and annual reports.
  2. Medium termH2
    Next 12 months

    The utility backlog converts into revenue

    Utility structures backlog stood at $648.1 million at June 30 [2].
    What would support it
    CRH citing growth in utility structures and grid-related demand.
    What would contradict it
    Backlog cancellations or delays in utility capital programmes.
    Next check: CRH's segment disclosures.
  3. Long termH3
    Three years and more

    Aggregates and recycled materials justify the price

    Arcosa's strategy centred on aggregates, including recycled aggregates acquisitions in 2026 [2].
    What would support it
    Sustained margin growth in the acquired aggregates operations within CRH.
    What would contradict it
    Impairment of goodwill or mineral reserves recorded on the acquired businesses.
    Next check: CRH's annual reports.
Risks and contrary evidence
  • Integration. The value of the deal depends on how Arcosa's businesses perform inside CRH, which is no longer reported separately in Arcosa filings.
  • Leverage at the buyer. The purchase was funded largely with bridge and term loans [1].
  • Wind policy. Most of the wind tower backlog extends beyond 2026 [2].
What would change the view
  • CRH disclosing Arcosa's contribution well below its final $145.9 million quarterly adjusted EBITDA [3].
  • Impairments on the acquired aggregates or structures businesses.
Next check

CRH's next quarterly and annual reports, which will include the acquired businesses.

How this report was made

Every figure comes from Arcosa's own SEC filings, listed below; no market prices or third-party data were used. Statements were extracted from the filings with the help of an AI model, each quoted passage was matched against the filing text, and this report was written by Claude (Anthropic) from that evidence. Every figure was checked against the quoted filing text before publication. Figures marked "calculated" are simple arithmetic on reported numbers.

Sources

Company filings with the U.S. Securities and Exchange Commission (SEC).

  1. [1]Current report: completion of the merger with CRH · Form 8-K, filed October 23, 2026 · accession 0001140361-26-040596
  2. [2]Quarterly report, quarter ended June 30, 2026 · Form 10-Q, filed August 5, 2026 · accession 0001739445-26-000126
  3. [3]Second-quarter 2026 earnings release · Form 8-K, filed August 5, 2026 · accession 0001739445-26-000124
  4. [4]Quarterly report, quarter ended March 31, 2026 · Form 10-Q, filed May 1, 2026 · accession 0001739445-26-000067
  5. [5]First-quarter 2026 earnings release · Form 8-K, filed April 30, 2026 · accession 0001739445-26-000064
  6. [6]Annual report for 2025 · Form 10-K, filed February 27, 2026 · accession 0001739445-26-000029
  7. [7]Fourth-quarter 2025 earnings release · Form 8-K, filed February 24, 2026 · accession 0001739445-26-000007
  8. [8]Quarterly report, quarter ended September 30, 2025 · Form 10-Q, filed October 31, 2025 · accession 0001739445-25-000135
  9. [9]Third-quarter 2025 earnings release · Form 8-K, filed October 30, 2025 · accession 0001739445-25-000133

This report is general information and education, not a recommendation to buy or sell any security and not personalised financial advice. It follows our editorial principles: every figure traces to the sources above, and figures we calculated are marked as such.

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