James Hardie QQ3 2025 results show solid profitability and strong cash generation despite a modest revenue decline. Revenue totaled USD 953.3 million, down 3.35% year over year and 0.78% quarter over quarter, while gross profit reached USD 362.4 million for a gross margin of 38.0%. EBITDA stood at USD 261.3 million with operating income of USD 206.1 million (margins of 27.4% and 21.6%, respectively). Net income was USD 141.7 million and EPS USD 0.33, supported by robust operating cash flow of USD 293.1 million and free cash flow of USD 185.3 million. Free cash flow generation was accompanied by prudent capital expenditure of USD 107.8 million and depreciation of USD 55.1 million, underscoring efficient capital allocation. The balance sheet remains solid, with total assets of USD 4.91 billion, a cash balance at year-end of about USD 558 million, and net debt of USD 649 million equating to roughly 2.5x net debt to EBITDA. These dynamics position James Hardie to weather near-term cyclical headwinds in construction while preserving optionality for growth investments or capital returns, contingent on market conditions and competitive dynamics.