US Market News
3週前
Eagle Materials Announces Fourth Quarter and Fiscal Year 2026 ResultsMay 19, 2026 6:30 AM
Business Wire Achieved Record Annual Revenue Advanced Organic Growth Initiatives Enhanced Capital Structure to Support Continued Growth and Disciplined Capital Allocation Eagle Materials Inc. (NYSE: EXP) today reported financial results for fiscal year 2026 and the fiscal fourth quarter ended March 31, 2026. Notable items for the fiscal year and quarter are highlighted below. (Unless otherwise noted, all comparisons are with the prior fiscal year or prior year’s fiscal fourth quarter, as applicable.) Full Year Fiscal 2026 Highlights Record Revenue of $2.3 billion, up 2% Net Earnings of $423.8 million, down 9% Net earnings per diluted share of $13.16, down 4% Adjusted EBITDA of $774.5 million, down 5% Adjusted EBITDA is a non-GAAP financial measure calculated by excluding non-routine items and certain non-cash expenses in the manner described in Attachment 6 Repurchased approximately 1.7 million shares of Eagle’s common stock for $382 million Fourth Quarter Fiscal 2026 Highlights Record Revenue of $479.1 million, up 2% Net earnings of $60.2 million, down 10% Net earnings per diluted share of $1.91, down 5% Adjusted EBITDA of $136.1 million, down 4% Adjusted EBITDA is a non-GAAP financial measure calculated by excluding non-routine items and certain non-cash expenses in the manner described in Attachment 6 Repurchased approximately 338,000 shares of Eagle’s common stock for $71.5 million Commenting on the annual results, Michael Haack, President and CEO, said, “Amid geopolitical uncertainty and ongoing fiscal and trade policy disruptions, our combined businesses delivered strong financial, operational, and strategic performance in fiscal 2026. We generated record revenue of $2.3 billion, gross profit margin of 28.3%, and operating cash flow of $614 million. Our Cement sales volume was up 8%, and our organic Aggregates sales volume increased 24%, supported by continued growth in public construction activity and large private non-residential projects, as well as more typical weather patterns. While continuing to invest in our plant network and employee health and safety, we returned $414 million of cash to shareholders through share repurchases and dividends and strengthened our balance sheet with a debt issuance that enhances our debt maturity schedule, increases our liquidity, and aligns our capital structure with the long-term investments we are making in our asset network. We ended the year with debt of $1.8 billion, net debt of $1.5 billion, and a net leverage ratio (net debt to Adjusted EBITDA) of 1.9x, giving us substantial financial flexibility that supports disciplined, value-enhancing capital allocation and long-term growth.” (Net debt is a non-GAAP financial measure calculated by subtracting cash and cash equivalents from debt as described in Attachment 6). “Employee health, safety, and environmental stewardship remain paramount priorities, and I am proud that our team continues to advance our leadership in these areas. In fiscal 2026, hazard observation reporting improved by 24%, and remains our most valuable leading indicator for preventing incidents. As always, we continue to strive for zero safety incidents. “On the strategic front, we made significant progress modernizing our Laramie, Wyoming Cement plant and our Duke, Oklahoma Gypsum Wallboard plant. We are approximately 60% complete with the Mountain Cement plant modernization and expect commissioning of the new kiln line to begin in late calendar 2026. Construction on the Duke, Oklahoma wallboard plant modernization started in the fall of 2025, and we expect to commission the new wallboard line in the second half of calendar 2027. These investments are expected to increase the capacity of both plants, reduce operating costs, and enhance production flexibility and reliability, thereby strengthening our competitive position. Mr. Haack concluded, “While evolving geopolitical, trade and fiscal-policy conditions create some near-term uncertainty in the demand outlook for our products, we remain resolute in our focus and committed to positioning Eagle for sustained performance across economic cycles. We have a long track record of navigating challenging market conditions, and I am confident that our strong market positions, solid capital structure, and ongoing disciplined investment in our people and assets position us for continued success over the long term.” Capital Allocation Priorities Eagle maintains a disciplined capital allocation process to enhance shareholder value. Our allocation priorities remain: 1. Investing in growth opportunities that are consistent with our strategic priorities and meet our strict financial return standards; 2. Making operating capital investments to maintain and strengthen our low-cost producer position; and 3. Returning excess cash to shareholders, primarily through our share repurchase program. Over the past five fiscal years, we have invested $388.4 million in acquisitions, $905.0 million in organic capital expenditures, and $2.2 billion in share repurchases and dividends. Segment Financial Results Heavy Materials: Cement, Concrete and Aggregates Fiscal 2026 revenue in the Heavy Materials sector, which includes Cement and Concrete and Aggregates, as well as Joint Venture and intersegment Cement revenue, was up 10% to $1.6 billion, and annual operating earnings also increased 10%, to $341.2 million. Both increases were due primarily to higher Cement and Aggregates sales volume and the contribution from the acquired aggregates businesses in Western Pennsylvania and Northern Kentucky during the prior year. The sales volume increases were driven by continued strength in public infrastructure construction activity as well as increased construction activity in certain areas of private non-residential construction. Fiscal 2026 Cement revenue, including Joint Venture and intersegment revenue, was up 8% to $1.3 billion, and Cement operating earnings increased 3% to $328.3 million. These increases reflect higher Cement sales volume, partially offset by lower net sales prices. Annual Cement sales volume was up 8% to 7.5 million tons, while the average annual net Cement sales price for the year decreased 1% to $155.18 per ton. Fourth quarter Cement revenue, including Joint Venture and intersegment revenue, was up 15% to $245.7 million, reflecting higher sales volume, partially offset by lower Cement sales prices. Operating earnings increased 31% to $36.1 million, reflecting higher sales volume and lower operating costs, namely maintenance costs, partially offset by lower net sales prices. Fourth quarter Cement sales volume was up 15% to 1.4 million tons. The average net Cement sales price for the quarter decreased 2% to $153.99 per ton. Fiscal 2026 Concrete and Aggregates revenue increased 19% to $283.3 million, as a result of higher sales volume and $30.6 million of revenue from the acquired aggregates businesses. Excluding the contribution from the recently acquired businesses, Aggregates revenue increased 6%, and sales volume was up 24%. Concrete and Aggregates operating earnings was $12.9 million in fiscal 2026. Fourth quarter Concrete and Aggregates revenue was $58.9 million, an increase of 8%, primarily driven by higher Aggregates sales volume. Concrete and Aggregates reported a fourth quarter operating loss of $2.6 million, compared with a loss of $9.4 million in the prior-year fourth quarter. The current quarter operating loss primarily reflects normal seasonal trends in the business, which resulted in lower demand and reduced operating leverage. The prior year’s fourth quarter operating loss included $1.9 million of acquisition-related expenses. Light Materials: Gypsum Wallboard and Recycled Paperboard Fiscal 2026 revenue in the Light Materials sector, which includes Gypsum Wallboard and Recycled Paperboard, decreased 9% to $881.4 million, as a result of lower Gypsum Wallboard sales volume and prices. Gypsum Wallboard annual sales volume was 2.8 billion square feet (BSF), down 7% from the prior year because of continued softness in residential construction, and the average net sales price was down 4% to $226.08 per MSF. Recycled Paperboard annual sales volume was down 3% to 341,000 tons. Fiscal 2026 Light Materials operating earnings were $331.4 million, a decrease of 15%, resulting principally from lower Gypsum Wallboard sales volume and net sales prices. Fourth quarter Light Materials revenue declined 9% to $214.6 million, reflecting lower Gypsum Wallboard sales volume, which decreased 4% to 690 million square feet (MMSF), while the average net sales price was down 8% to $213.27 per MSF. Sequentially, the Gypsum Wallboard net sales price was down approximately $12 per msf, approximately $2 of which was associated with higher freight costs in the fourth quarter. Recycled Paperboard sales volume for the quarter was up 5% to 88,000 tons. The average Recycled Paperboard net sales price for the fourth quarter was $587.33 per ton, down 1%, consistent with the pricing provisions in our long-term sales agreements that factor in changes to input costs. Fourth quarter operating earnings in the sector were $78.3 million, a decrease of 14%, reflecting lower Gypsum Wallboard sales volume and net sales prices. Corporate General and Administrative Expenses Fiscal 2026 Corporate General and Administrative Expenses increased by approximately 21%, primarily because of $4.8 million in costs for technology upgrades, and $7.8 million of compensation related costs. Details of Financial Results We conduct one of our cement plant operations through a 50/50 joint venture, Texas Lehigh Cement Company LP (the Joint Venture). We use the equity method of accounting for our 50% interest in the Joint Venture. For segment reporting purposes only, we proportionately consolidate our 50% share of the Joint Venture’s revenue and operating earnings, which is consistent with the way management organizes the segments within Eagle for making operating decisions and assessing performance. In addition, for segment reporting purposes, we report intersegment revenue as a part of a segment’s total revenue. Intersegment sales are eliminated on the Consolidated Statement of Earnings. Refer to Attachment 3 for a reconciliation of these amounts. About Eagle Materials Inc. Eagle Materials Inc. is a leading U.S. manufacturer of heavy construction products and light building materials. Eagle’s primary products, Portland Cement and Gypsum Wallboard, are essential for building, expanding and repairing roads, highways, and residential, commercial and industrial structures across America. Headquartered in Dallas, Texas, Eagle manufactures and sells its products through a network of more than 70 facilities spanning 21 states. Visit eaglematerials.com for more information. Eagle’s senior management will conduct a conference call to discuss the financial results, forward-looking information and other matters at 8:30 a.m. Eastern Time (7:30 a.m. Central Time) on Tuesday, May 19, 2026. The conference call will be webcast on the Eagle website, eaglematerials.com. A replay of the webcast and the presentation will be archived on the site for one year. Forward-Looking Statements. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statements and generally arise when the Company is discussing its beliefs, estimates or expectations as to future events. These statements are not historical facts or guarantees of future performance but instead represent only the Company’s belief at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside the Company’s control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. The principal risks and uncertainties that may affect the Company’s actual performance include the following: the cyclical and seasonal nature of the Company’s businesses; fluctuations in public infrastructure expenditures; the effects of adverse weather conditions on infrastructure and other construction projects as well as our facilities and operations; the fact that our products are commodities and that prices for our products are subject to material fluctuation due to market conditions and other factors beyond our control; the availability of and fluctuations in the cost of raw materials; changes in the costs of energy, including, without limitation, natural gas, coal and oil (including diesel), and the nature of our obligations to counterparties under energy supply contracts, such as those related to market conditions (for example, spot market prices), governmental orders and other matters; changes in the cost and availability of transportation; unexpected operational difficulties, including unexpected maintenance costs, equipment downtime and interruption of production; material nonpayment or non-performance by any of our key customers; consolidation of our customers; interruptions in our supply chain; difficulties or obstacles encountered in executing capacity expansion or improvement projects, including the inability to execute or complete such projects on time and within budget or to realize expected efficiency gains or costs savings from such projects; difficulties and delays in the development of new business lines; governmental regulation and changes in governmental and public policy (including, without limitation, climate change and other environmental regulation); changes in trade policy, including tariffs and the effects of any increases in tariffs on our business, including increases in cost of inputs used in our facility expansion and modernization projects; possible losses or other adverse outcomes from pending or future litigation or arbitration proceedings; changes in economic conditions or the nature or level of activity in any one or more of the markets or industries in which the Company or its customers are engaged; competition; cyber-attacks or data security breaches, together with the costs of protecting our systems against such incidents and the possible effects thereof on our operations; increases in capacity in the gypsum wallboard and cement industries; changes in the demand for residential housing construction or commercial construction or construction projects undertaken by state or local governments; the availability of acquisitions or other growth opportunities that meet our financial return standards and fit our strategic focus; risks related to pursuit of acquisitions, joint ventures and other transactions or the execution or implementation of such transactions, including the integration of operations acquired by the Company; general economic conditions, including inflation and recessionary conditions; and increases in interest rates (including mortgage rates) or the continuation of high levels of interest rates and the resulting effects on the Company and demand for our products. For example, increases in interest rates, decreases in demand for construction materials or increases in the cost of our raw materials can be expected to adversely affect the revenue and operating earnings of our operations. In addition, changes in national or regional economic conditions and levels of infrastructure and construction spending could also adversely affect the Company’s results of operations. Finally, any forward-looking statements made by the Company are subject to the risks and impacts associated with natural disasters, the outbreak, escalation or resurgence of health emergencies, pandemics or other unforeseen events, including, without limitation, the COVID-19 pandemic and responses thereto designed to contain its spread and mitigate its public health effects, as well as their impact on our operations and on economic conditions, capital and financial markets. These and other factors are described in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2025, and subsequent quarterly and annual reports upon filing. These reports are filed with the Securities and Exchange Commission. All forward-looking statements made herein are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. The Company undertakes no duty to update any forward-looking statement to reflect future events or changes in the Company’s expectations. Attachment 1 Statement of Consolidated Earnings
Attachment 2 Revenue and Earnings by Business Segment
Attachment 3 Sales Volume, Average Net Sales Prices and Intersegment and Cement Revenue
Attachment 4 Consolidated Balance Sheets
Attachment 5 Depreciation, Depletion and Amortization by Business Segment
Attachment 6 Reconciliation of Non-GAAP Financial Measures Attachment 1 Eagle Materials Inc. Consolidated Statement of Earnings (dollars in thousands, except per share data) (unaudited) Quarter Ended
March 31, Fiscal Year Ended
March 31, 2026 2025 2026 2025 Revenue $ 479,106 $ 470,175 $ 2,308,658 $ 2,260,508 Cost of Goods Sold 372,780 365,563 1,656,115 1,587,371 Gross Profit 106,326 104,612 652,543 673,137 Equity in Earnings of Unconsolidated JV 5,456 4,417 19,989 26,396 Corporate General and Administrative Expenses (23,073) (19,596) (89,182) (73,942) Other Non-Operating Income 1,379 1,632 5,108 6,420 Earnings Before Interest and Income Taxes 90,088 91,065 588,458 632,011 Interest Expense, net (11,692) (10,067) (46,482) (40,526) Earnings Before Income Taxes 78,396 80,998 541,976 591,485 Income Tax Expense (18,235) (14,518) (118,167) (128,069) Net Earnings $ 60,161 $ 66,480 $ 423,809 $ 463,416 NET EARNINGS PER SHARE Basic $ 1.92 $ 2.01 $ 13.24 $ 13.88 Diluted $ 1.91 $ 2.00 $ 13.16 $ 13.77 AVERAGE SHARES OUTSTANDING Basic 31,303,963 33,025,648 32,014,721 33,378,050 Diluted 31,477,955 33,264,197 32,193,791 33,646,395 Attachment 2 Eagle Materials Inc. Revenue and Earnings by Business Segment (dollars in thousands) (unaudited) Quarter Ended
March 31, Fiscal Year Ended
March 31, 2026 2025 2026 2025 Revenue* Heavy Materials: Cement (Wholly Owned) $ 205,556 $ 180,587 $ 1,144,031 $ 1,053,620 Concrete and Aggregates 58,914 54,350 283,275 237,723 264,470 234,937 1,427,306 1,291,343 Light Materials: Gypsum Wallboard 183,621 204,205 764,493 846,499 Recycled Paperboard 31,015 31,033 116,859 122,666 214,636 235,238 881,352 969,165 Total Revenue $ 479,106 $ 470,175 $ 2,308,658 $ 2,260,508 Segment Operating Earnings Heavy Materials: Cement (Wholly Owned) $ 30,649 $ 23,218 $ 308,317 $ 293,060 Cement (Joint Venture) 5,456 4,417 19,989 26,396 Concrete and Aggregates (2,615) (9,353) 12,864 (8,765) 33,490 18,282 341,170 310,691 Light Materials: Gypsum Wallboard 65,526 80,254 286,831 350,764 Recycled Paperboard 12,766 10,493 44,531 38,078 78,292 90,747 331,362 388,842 Sub-total 111,782 109,029 672,532 699,533 Corporate General and Administrative Expense (23,073) (19,596) (89,182) (73,942) Other Non-Operating Income 1,379 1,632 5,108 6,420 Earnings Before Interest and Income Taxes $ 90,088 $ 91,065 $ 588,458 $ 632,011 *Excluding Intersegment and Joint Venture Revenue listed on Attachment 3 Attachment 3 Eagle Materials Inc. Sales Volume, Net Sales Prices and Intersegment and Cement Revenue (unaudited) Sales Volume Quarter Ended
March 31, Fiscal Year Ended
March 31, 2026 2025 Change 2026 2025 Change Cement (M Tons): Wholly Owned 1,227 1,081 +14% 6,770 6,237 +9% Joint Venture 194 158 +23% 701 675 +4% 1,421 1,239 +15% 7,471 6,912 +8% Concrete (M Cubic Yards) 265 246 +8% 1,232 1,235 0% Aggregates (M Tons) 1,239 1,183 +5% 6,567 3,854 +70% Gypsum Wallboard (MMSFs) 690 722 -4% 2,759 2,968 -7% Recycled Paperboard (M Tons): Internal 34 31 +10% 136 142 -4% External 54 53 +2% 205 208 -1% 88 84 +5% 341 350 -3% Average Net Sales Price* Quarter Ended
March 31, Fiscal Year Ended
March 31, 2026 2025 Change 2026 2025 Change Cement (Ton) $ 153.99 $ 157.62 -2% $ 155.18 $ 156.67 -1% Concrete (Cubic Yard) $ 155.56 $ 148.56 +5% $ 153.18 $ 148.48 +3% Aggregates (Ton) $ 14.17 $ 13.83 +2% $ 14.23 $ 13.09 +9% Gypsum Wallboard (MSF) $ 213.27 $ 231.54 -8% $ 226.08 $ 236.04 -4% Recycled Paperboard (Ton) $ 587.33 $ 595.69 -1% $ 584.77 $ 604.02 -3% *Net of freight and delivery costs billed to customers Intersegment and Cement Revenue (dollars in thousands) Quarter Ended
March 31, Fiscal Year Ended
March 31, 2026 2025 2026 2025 Intersegment Revenue: Cement $ 7,785 $ 7,051 $ 36,011 $ 36,799 Concrete and Aggregates 3,699 1,775 16,229 13,913 Recycled Paperboard 20,662 19,516 82,356 89,058 $ 32,146 $ 28,342 $ 134,596 $ 139,770 Cement Revenue: Wholly Owned $ 205,556 $ 180,587 $ 1,144,031 $ 1,053,620 Joint Venture 32,380 26,382 119,341 110,943 $ 237,936 $ 206,969 $ 1,263,372 $ 1,164,563 Attachment 4 Eagle Materials Inc. Consolidated Balance Sheets (dollars in thousands) (unaudited) March 31, 2026 2025 ASSETS Current Assets – Cash and Cash Equivalents $ 297,920 $ 20,401 Accounts and Notes Receivable, net 228,573 212,332 Inventories 408,391 415,175 Federal Income Tax Receivable 7,536 10,020 Prepaid and Other Assets 8,469 10,729 Total Current Assets 950,889 668,657 Property, Plant and Equipment, net 2,064,622 1,792,982 Investments in Joint Venture 160,078 140,089 Operating Lease Right-of-Use Assets 29,346 29,313 Goodwill and Intangibles 585,443 595,752 Other Assets 51,866 37,795 $ 3,842,244 $ 3,264,588 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities – Accounts Payable $ 138,884 $ 129,895 Accrued Liabilities 102,127 96,077 Current Portion of Long-Term Debt 15,000 15,000 Current Lease Liabilities 4,144 4,032 Total Current Liabilities 260,155 245,004 Long-Term Liabilities 99,518 99,626 Bank Credit Facility - 200,000 Bank Term Loan 266,250 281,250 2.500% Senior Unsecured Notes due 2031 743,334 742,066 5.000% Senior Unsecured Notes due 2036 735,497 - Deferred Income Taxes 262,662 239,942 Stockholders’ Equity – Preferred Stock, Par Value $0.01; Authorized 5,000,000 Shares; None Issued - - Common Stock, Par Value $0.01; Authorized 100,000,000 Shares; Issued and Outstanding 31,227,012 and 32,973,121 Shares, respectively. 312 330 Capital in Excess of Par Value - - Accumulated Other Comprehensive Losses (4,404) (3,125) Retained Earnings 1,478,920 1,459,495 Total Stockholders’ Equity 1,474,828 1,456,700 $ 3,842,244 $ 3,264,588 Attachment 5 Eagle Materials Inc. Depreciation, Depletion and Amortization by Business Segment (dollars in thousands) (unaudited) The following table presents depreciation, depletion and amortization by business segment for the quarters and fiscal years ended March 31, 2026 and 2025: Depreciation, Depletion and Amortization Quarter Ended
March 31, Fiscal Year Ended
March 31, 2026 2025 2026 2025 Cement $ 24,149 $ 22,964 $ 94,380 $ 91,817 Concrete and Aggregates 7,232 8,173 28,159 23,247 Gypsum Wallboard 5,214 6,469 23,890 25,807 Recycled Paperboard 2,337 3,700 13,210 14,782 Corporate and Other 1,571 935 5,107 3,249 $ 40,503 $ 42,241 $ 164,746 $ 158,902 Attachment 6 Eagle Materials Inc. Reconciliation of Non-GAAP Financial Measures (unaudited) (dollars in thousands) EBITDA and Adjusted EBITDA We present Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA to provide additional measures of operating performance and allow for more consistent comparison of operating performance from period to period. EBITDA is a non-GAAP financial measure that provides supplemental information regarding the operating performance of our business without regard to financing methods, capital structures or historical cost basis. Adjusted EBITDA is also a non-GAAP financial measure that further excludes the impact from Non-routine Items and stock-based compensation. Management uses EBITDA and Adjusted EBITDA as alternative bases for comparing the operating performance of Eagle from period to period and for purposes of its budgeting and planning processes. Adjusted EBITDA may not be comparable to similarly titled measures of other companies because other companies may not calculate Adjusted EBITDA in the same manner. Neither EBITDA nor Adjusted EBITDA should be considered in isolation or as an alternative to net income, cash flow from operations or any other measure of financial performance or liquidity in accordance with GAAP. The following shows the calculation of EBITDA and Adjusted EBITDA and reconciles them to net earnings in accordance with GAAP for the quarters and fiscal years ended March 31, 2026 and 2025: Quarter Ended
March 31, Fiscal Year Ended
March 31, 2026 2025 2026 2025 Net Earnings, as reported $ 60,161 $ 66,480 $ 423,809 $ 463,416 Income Tax Expense 18,235 14,518 118,167 128,069 Interest Expense 11,692 10,067 46,482 40,526 Depreciation, Depletion and Amortization 40,503 42,241 164,746 158,902 EBITDA $ 130,591 $ 133,306 $ 753,204 $ 790,913 Acquisition accounting and related expenses 1 - 3,359 - 6,318 Litigation Loss - - - 700 Stock-based Compensation 5,462 4,522 21,266 18,743 Adjusted EBITDA $ 136,053 $ 141,187 $ 774,470 $ 816,674 1 Represents the impact of selling acquired inventory after its markup to fair value as part of acquisition accounting and business development costs Attachment 6, continued Reconciliation of Net Debt to Adjusted EBITDA GAAP does not define “Net Debt” and it should not be considered as an alternative to debt as defined by GAAP. We define Net Debt as total debt minus cash and cash equivalents to indicate the amount of total debt that would remain if the Company applied the cash and cash equivalents held by it to the payment of outstanding debt. The Company also uses “Net Debt to Adjusted EBITDA,” which it defines as Net Debt divided by Adjusted EBITDA for the trailing twelve months, as an alternative metric to assist it in understanding its leverage position. We present this metric for the convenience of the investment community and rating agencies who use such metrics in their analysis, and for investors who need to understand the metrics we use to assess performance and monitor our cash and liquidity positions. Fiscal Year Ended
March 31, 2026 2025 Total debt, excluding debt issuance costs $ 1,781,250 $ 1,246,250 Cash and cash equivalents 297,920 20,401 Net Debt $ 1,483,330 $ 1,225,849 Adjusted EBITDA 774,470 816,674 Net Debt to Adjusted EBITDA 1.9x 1.5x View source version on businesswire.com: https://www.businesswire.com/news/home/20260519072601/en/ For additional information, contact at 214-432-2000 Michael R. Haack
President and Chief Executive Officer D. Craig Kesler
Executive Vice President and Chief Financial Officer Alex Haddock
Senior Vice President, Investor Relations, Strategy and Corporate Development Original: Eagle Materials Announces Fourth Quarter and Fiscal Year 2026 Results
US Market News
4月前
Eagle Materials Reports Third Quarter ResultsJanuary 29, 2026 6:30 AM
Business Wire
Eagle Materials Inc. (NYSE: EXP) today reported financial results for the third quarter of fiscal 2026 ended December 31, 2025. Notable items for the quarter are highlighted below (unless otherwise noted, all comparisons are with the prior year’s fiscal third quarter).
Third Quarter Fiscal 2026 Highlights
Revenue of $556.0 million
Net Earnings of $102.9 million
Net Earnings per share of $3.22
Adjusted EBITDA of $190.1 million
Adjusted EBITDA is a non-GAAP financial measure calculated by excluding non-routine items and certain non-cash expenses in the manner described in Attachment 6
Repurchased approximately 648,000 shares of Eagle’s common stock for $142.6 million
Commenting on the third quarter results, Michael Haack, President and CEO, said, “Despite a mixed construction environment, Eagle’s portfolio of businesses continued to perform well during the quarter, generating revenue of $556 million, EPS of $3.22 and gross margins of 28.9%. While the residential construction market was challenged, federal, state, and local spending on public infrastructure projects and private non-residential construction remained elevated, supporting strong demand for our Heavy construction products. Our Cement sales volume was up 9% and our organic Aggregates sales volume increased 34%.”
Mr. Haack continued, “During the quarter, we strengthened our financial position, issuing $750 million of 10-year senior notes with an interest rate of 5.00%, which extended our total debt maturity schedule and increased committed liquidity. A portion of the proceeds were used to repay our bank credit facility. We also significantly increased our distribution of cash to shareholders, returning nearly $150 million through our quarterly cash dividend and the repurchase of approximately 648,000 shares of our common stock. We ended the quarter with debt of $1.8 billion, net debt of $1.4 billion, and a net leverage ratio (net debt to Adjusted EBITDA) of 1.8x, giving us substantial financial flexibility that supports disciplined, value-enhancing capital allocation and long-term growth.” (Net debt is a non-GAAP financial measure calculated by subtracting cash and cash equivalents from debt as described in Attachment 6.)
Mr. Haack concluded, “Our low-cost operations continue to generate strong cashflow that we are investing to advance our operational efficiency and our low-cost position. We continued to make good progress this quarter on our projects to modernize our Laramie, Wyoming Cement plant and our Duke, Oklahoma Gypsum Wallboard plant. These growth investments will lower each plant’s cost structure, improve their reliability, and expand their production capabilities, which will strengthen our already low-cost competitive position. We are highly confident that our strong market position, advantaged capital structure, and rigorous operating discipline position us for continued success over the long term.”
Segment Financial Results
Heavy Materials: Cement, Concrete and Aggregates
Revenue in the Heavy Materials sector, which includes Cement, Concrete and Aggregates, as well as Joint Venture and intersegment Cement revenue, was up 11% to $390.2 million. Heavy Materials operating earnings increased by 9% to $92.7 million. Both increases resulted from higher Cement and Aggregates sales volume and the contribution from the recently acquired aggregates business in Western Pennsylvania.
Cement revenue for the quarter, including Joint Venture and intersegment revenue, was up 9% to $321.2 million, and operating earnings were up 5% to $91.3 million. These increases reflect higher Cement sales volume, partially offset by a 1% decline in Cement net sales prices. Cement sales volume increased 9% to 1.9 million tons.
Concrete and Aggregates revenue was up 22% to $69.0 million, and operating earnings increased to $1.4 million, reflecting higher Aggregates sales volume, increased Concrete and Aggregates pricing, and $7.6 million of revenue contribution from the recently acquired aggregates business. Excluding the recently acquired business, Aggregates revenue increased 9%, and sales volume was up 34%.
Light Materials: Gypsum Wallboard and Recycled Paperboard
Revenue in the Light Materials sector, which includes Gypsum Wallboard and Recycled Paperboard, decreased 16% to $203.5 million, reflecting lower Wallboard and Paperboard sales volume and prices. Gypsum Wallboard sales volume was down 14% to 637 million square feet (MMSF), and the average Gypsum Wallboard net sales price decreased 5% to $225.19 per MSF.
Paperboard sales volume for the quarter was down 10% to 81,000 tons. The average Paperboard net sales price was $588.77 per ton, down 6%, consistent with the pricing provisions in our long-term sales agreements that factor in changes to input costs.
Operating earnings in the sector were $72.6 million, a decrease of 25%, reflecting lower Wallboard and Paperboard sales volume and pricing.
Corporate General and Administrative Expenses
Corporate General and Administrative Expenses increased by approximately 15% compared with the prior year. The increase was primarily related to increases in information technology costs of $1.2 million for technology upgrades, and $1.4 million of costs associated with business-development and professional services.
Details of Financial Results
We conduct one of our cement plant operations through a 50/50 joint venture, Texas Lehigh Cement Company LP (the Joint Venture). We use the equity method of accounting for our 50% interest in the Joint Venture. For segment reporting purposes only, we proportionately consolidate our 50% share of the Joint Venture’s revenue and operating earnings, which is consistent with the way management organizes the segments within the Company for making operating decisions and assessing performance.
In addition, for segment reporting purposes, we report intersegment revenue as part of a segment’s total revenue. Intersegment sales are eliminated on the consolidated income statement. Refer to Attachment 3 for a reconciliation of these amounts.
About Eagle Materials Inc.
Eagle Materials Inc. is a leading U.S. manufacturer of heavy construction products and light building materials. Eagle’s primary products, Portland Cement and Gypsum Wallboard, are essential for building, expanding, and repairing roads and highways and for building and renovating residential, commercial, and industrial structures across America. Eagle manufactures and sells its products through a network of more than 70 facilities spanning 21 states and is headquartered in Dallas, Texas. Visit eaglematerials.com for more information.
Eagle’s senior management will conduct a conference call to discuss the financial results, forward-looking information, and other matters at 8:30 a.m. Eastern Time (7:30 a.m. Central Time) on Thursday, January 29, 2026. The conference call will be webcast on the Eagle website, eaglematerials.com. A replay of the webcast and the presentation will be archived on the website for one year.
Forward-Looking Statements. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statements and generally arise when the Company is discussing its beliefs, estimates or expectations as to future events. These statements are not historical facts or guarantees of future performance but instead represent only the Company’s belief at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside the Company’s control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. The principal risks and uncertainties that may affect the Company’s actual performance include the following: the cyclical and seasonal nature of the Company’s businesses; fluctuations in public infrastructure expenditures; the effects of adverse weather conditions on infrastructure and other construction projects as well as our facilities and operations; the fact that our products are commodities and that prices for our products are subject to material fluctuation due to market conditions and other factors beyond our control; the availability of and fluctuations in the cost of raw materials; changes in the costs of energy, including, without limitation, natural gas, coal and oil (including diesel), and the nature of our obligations to counterparties under energy supply contracts, such as those related to market conditions (for example, spot market prices), governmental orders and other matters; changes in the cost and availability of transportation; unexpected operational difficulties, including unexpected maintenance costs, equipment downtime and interruption of production; material nonpayment or non-performance by any of our key customers; consolidation of our customers; interruptions in our supply chain; inability to timely execute or realize capacity expansions or efficiency gains from capital improvement projects; difficulties and delays in the development of new business lines; governmental regulation and changes in governmental and public policy (including, without limitation, climate change and other environmental regulation); changes in trade policy, including tariffs and the effects of any increases in tariffs on our business, including increases in cost of inputs used in our facility expansion and modernization projects; possible losses or other adverse outcomes from pending or future litigation or arbitration proceedings; changes in economic conditions or the nature or level of activity in any one or more of the markets or industries in which the Company or its customers are engaged; competition; cyber-attacks or data security breaches, together with the costs of protecting our systems against such incidents and the possible effects thereof on our operations; increases in capacity in the gypsum wallboard and cement industries; changes in the demand for residential housing construction or commercial construction or construction projects undertaken by state or local governments; the availability of acquisitions or other growth opportunities that meet our financial return standards and fit our strategic focus; risks related to pursuit of acquisitions, joint ventures and other transactions or the execution or implementation of such transactions, including the integration of operations acquired by the Company; general economic conditions, including inflation and recessionary conditions; and changes in interest rates (including mortgage rates) and the resulting effects on the Company and demand for our products. For example, increases in interest rates, decreases in demand for construction materials or increases in the cost of our raw materials can be expected to adversely affect the revenue and operating earnings of our operations. In addition, changes in national or regional economic conditions and levels of infrastructure and construction spending could also adversely affect the Company’s results of operations. Finally, any forward-looking statements made by the Company are subject to the risks and impacts associated with natural disasters, the outbreak, escalation or resurgence of health emergencies, pandemics or other unforeseen events, including, without limitation, the COVID-19 pandemic and responses thereto designed to contain its spread and mitigate its public health effects, as well as their impact on our operations and on economic conditions, capital and financial markets. These and other factors are described in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2025, and subsequent quarterly and annual reports upon filing. These reports are filed with the Securities and Exchange Commission. All forward-looking statements made herein are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. The Company undertakes no duty to update any forward-looking statement to reflect future events or changes in the Company’s expectations.
Attachment 1 Statement of Consolidated Earnings
Attachment 2 Revenue and Earnings by Business Segment
Attachment 3 Sales Volume, Average Net Sales Prices and Intersegment and Cement Revenue
Attachment 4 Consolidated Balance Sheets
Attachment 5 Depreciation, Depletion and Amortization by Business Segment
Attachment 6 Reconciliation of Non-GAAP Financial Measures
Attachment 1
Eagle Materials Inc.
Statement of Consolidated Earnings
(dollars in thousands, except per share data)
(unaudited)
Quarter Ended
December 31,
Nine Months Ended
December 31,
2025
2024
2025
2024
Revenue
$
555,956
$
558,025
$
1,829,552
$
1,790,333
Cost of Goods Sold
395,050
380,212
1,283,335
1,221,808
Gross Profit
160,906
177,813
546,217
568,525
Equity in Earnings of Unconsolidated JV
4,420
4,987
14,533
21,979
Corporate General and Administrative Expenses
(24,010
)
(20,818
)
(66,109
)
(54,346
)
Other Non-Operating Income
1,644
1,381
3,729
4,788
Earnings before Interest and Income Taxes
142,960
163,363
498,370
540,946
Interest Expense, net
(13,712
)
(9,061
)
(34,790
)
(30,459
)
Earnings before Income Taxes
129,248
154,302
463,580
510,487
Income Tax Expense
(26,345
)
(34,728
)
(99,932
)
(113,551
)
Net Earnings
$
102,903
$
119,574
$
363,648
$
396,936
NET EARNINGS PER SHARE
Basic
$
3.23
$
3.59
$
11.28
$
11.85
Diluted
$
3.22
$
3.56
$
11.21
$
11.75
AVERAGE SHARES OUTSTANDING
Basic
31,824,706
33,317,168
32,247,333
33,493,382
Diluted
32,005,925
33,608,538
32,429,251
33,771,660
Attachment 2
Eagle Materials Inc.
Revenue and Earnings by Business Segment
(dollars in thousands)
(unaudited)
Quarter Ended
December 31,
Nine Months Ended
December 31,
2025
2024
2025
2024
Revenue*
Heavy Materials:
Cement (Wholly Owned)
$
283,496
$
259,890
$
938,475
$
873,033
Concrete and Aggregates
68,999
56,405
224,361
183,373
352,495
316,295
1,162,836
1,056,406
Light Materials:
Gypsum Wallboard
175,874
209,493
580,872
642,294
Recycled Paperboard
27,587
32,237
85,844
91,633
203,461
241,730
666,716
733,927
Total Revenue
$
555,956
$
558,025
$
1,829,552
$
1,790,333
Segment Operating Earnings
Heavy Materials:
Cement (Wholly Owned)
$
86,923
$
81,776
$
277,668
$
269,842
Cement (Joint Venture)
4,420
4,987
14,533
21,979
Concrete and Aggregates
1,380
(1,397
)
15,479
588
92,723
85,366
307,680
292,409
Light Materials:
Gypsum Wallboard
61,357
86,393
221,305
270,510
Recycled Paperboard
11,246
11,041
31,765
27,585
72,603
97,434
253,070
298,095
Sub-total
165,326
182,800
560,750
590,504
Corporate General and Administrative Expense
(24,010
)
(20,818
)
(66,109
)
(54,346
)
Other Non-Operating Income
1,644
1,381
3,729
4,788
Earnings before Interest and Income Taxes
$
142,960
$
163,363
$
498,370
$
540,946
* Excluding Intersegment and Joint Venture Revenue listed on Attachment 3
Attachment 3
Eagle Materials Inc.
Sales Volume, Average Net Sales Prices and Intersegment and Cement Revenue
(unaudited)
Sales Volume
Quarter Ended
December 31,
Nine Months Ended
December 31,
2025
2024
Change
2025
2024
Change
Cement (M Tons):
Wholly Owned
1,687
1,541
+9%
5,543
5,156
+8%
Joint Venture
174
161
+8%
507
517
-2%
1,861
1,702
+9%
6,050
5,673
+7%
Concrete (M Cubic Yards)
298
298
0%
967
989
-2%
Aggregates (M Tons)
1,612
893
+81%
5,328
2,671
+99%
Gypsum Wallboard (MMSFs)
637
737
-14%
2,069
2,246
-8%
Recycled Paperboard (M Tons):
Internal
33
37
-11%
102
111
-8%
External
48
53
-9%
151
155
-3%
81
90
-10%
253
266
-5%
Average Net Sales Price*
Quarter Ended
December 31,
Nine Months Ended
December 31,
2025
2024
Change
2025
2024
Change
Cement (Ton)
$
154.52
$
156.82
-1%
$
155.46
$
156.46
-1%
Concrete (Cubic Yard)
$
153.44
$
147.53
+4%
$
152.52
$
148.46
+3%
Aggregates (Ton)
$
14.19
$
13.19
+8%
$
14.25
$
12.83
+11%
Gypsum Wallboard (MSF)
$
225.19
$
236.11
-5%
$
230.35
$
237.49
-3%
Recycled Paperboard (Ton)
$
588.77
$
627.04
-6%
$
583.87
$
606.68
-4%
*Net of freight and delivery costs billed to customers.
Intersegment and Cement Revenue
Quarter Ended
December 31,
Nine Months Ended
December 31,
2025
2024
2025
2024
Intersegment Revenue:
Cement
$
8,309
$
9,084
$
28,226
$
29,748
Concrete and Aggregates
4,500
4,311
12,530
12,138
Recycled Paperboard
20,251
23,921
61,694
69,542
$
33,060
$
37,316
$
102,450
$
111,428
Cement Revenue:
Wholly Owned
$
283,496
$
259,890
$
938,475
$
873,033
Joint Venture
29,366
26,426
86,961
84,561
$
312,862
$
286,316
$
1,025,436
$
957,594
Attachment 4
Eagle Materials Inc.
Consolidated Balance Sheets
(dollars in thousands)
(unaudited)
December 31,
March 31,
2025
2024
2025*
ASSETS
Current Assets –
Cash and Cash Equivalents
$
418,999
$
31,173
$
20,401
Accounts and Notes Receivable, net
208,511
182,379
212,332
Inventories
384,879
392,266
415,175
Federal Income Tax Receivable
8,123
1,743
10,020
Prepaid and Other Assets
11,603
10,901
10,729
Total Current Assets
1,032,115
618,462
668,657
Property, Plant and Equipment, net
1,984,828
1,736,159
1,792,982
Investments in Joint Venture
154,622
135,672
140,089
Operating Lease Right-of-Use Assets
30,108
34,227
29,313
Goodwill and Intangibles
588,019
487,388
595,752
Other Assets
53,743
31,762
37,795
$
3,843,435
$
3,043,670
$
3,264,588
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities –
Accounts Payable
$
124,241
$
118,718
$
129,895
Accrued Liabilities
96,247
86,999
96,077
Income Taxes Payable
1,774
3,090
-
Current Portion of Long-Term Debt
15,000
10,000
15,000
Operating Lease Liabilities
4,241
5,074
4,032
Total Current Liabilities
241,503
223,881
245,004
Long-term Liabilities
99,228
85,647
99,626
Bank Credit Facility
-
85,000
200,000
Bank Term Loan
270,000
165,000
281,250
2.500% Senior Unsecured Notes due 2031
743,014
741,749
742,066
5.000% Senior Unsecured Notes due 2036
735,165
-
-
Deferred Income Taxes
260,900
246,254
239,942
Stockholders’ Equity –
Preferred Stock, Par Value $0.01; Authorized 5,000,000 Shares; None Issued
-
-
-
Common Stock, Par Value $0.01; Authorized 100,000,000 Shares; Issued and Outstanding 31,554,877; 33,391,155 and 32,973,121 Shares, respectively
316
334
330
Capital in Excess of Par Value
-
-
-
Accumulated Other Comprehensive Losses
(3,002
)
(3,238
)
(3,125
)
Retained Earnings
1,496,311
1,499,043
1,459,495
Total Stockholders’ Equity
1,493,625
1,496,139
1,456,700
$
3,843,435
$
3,043,670
3,264,588
*From audited financial statements
Attachment 5
Eagle Materials Inc.
Depreciation, Depletion and Amortization by Business Segment
(dollars in thousands)
(unaudited)
The following table presents Depreciation, Depletion and Amortization by business segment for the quarters and nine months ended December 31, 2025 and 2024:
Depreciation, Depletion and Amortization
Quarter Ended
December 31,
Nine Months Ended
December 31,
2025
2024
2025
2024
Cement
$
24,169
$
23,029
$
70,231
$
68,853
Concrete and Aggregates
6,999
5,261
20,927
15,074
Gypsum Wallboard
5,663
6,414
18,676
19,338
Recycled Paperboard
3,295
3,723
10,873
11,082
Corporate and Other
1,484
807
3,536
2,314
$
41,610
$
39,234
$
124,243
$
116,661
Attachment 6
Eagle Materials Inc.
Reconciliation of Non-GAAP Financial Measures
(dollars in thousands)
(unaudited)
EBITDA and Adjusted EBITDA
We present Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA to provide additional measures of operating performance and allow for more consistent comparison of operating performance from period to period. EBITDA is a non-GAAP financial measure that provides supplemental information regarding the operating performance of our business without regard to financing methods, capital structures or historical cost basis. Adjusted EBITDA is also a non-GAAP financial measure that further excludes the impact from Non-routine Items and stock-based compensation. Management uses EBITDA and Adjusted EBITDA as alternative bases for comparing the operating performance of Eagle from period to period and for purposes of its budgeting and planning processes. Adjusted EBITDA may not be comparable to similarly titled measures of other companies because other companies may not calculate Adjusted EBITDA in the same manner. Neither EBITDA nor Adjusted EBITDA should be considered in isolation or as an alternative to net income, cash flow from operations or any other measure of financial performance or liquidity in accordance with GAAP. The following shows the calculation of EBITDA and Adjusted EBITDA and reconciles them to net earnings in accordance with GAAP for the quarters and nine months ended December 31, 2025, and 2024, and the trailing twelve months ended December 31, 2025, and March 31, 2025:
Quarter Ended
Nine Months Ended
December 31,
December 31,
2025
2024
2025
2024
Net Earnings, as reported
$
102,903
$
119,574
$
363,648
$
396,936
Income Tax Expense
26,345
34,728
99,932
113,551
Interest Expense
13,712
9,061
34,790
30,459
Depreciation, Depletion and Amortization
41,610
39,234
124,243
116,661
EBITDA
$
184,570
$
202,597
$
622,613
$
657,607
Acquisition accounting and related expenses 1
-
1,341
-
2,959
Litigation Loss
-
-
-
700
Stock-based Compensation
5,514
4,818
15,804
14,221
Adjusted EBITDA
$
190,084
$
208,756
$
638,417
$
675,487
Twelve Months Ended
December 31,
March 31,
2025
2025
Net Earnings, as reported
$
430,128
$
463,416
Income Tax Expense
114,450
128,069
Interest Expense
44,857
40,526
Depreciation, Depletion and Amortization
166,484
158,902
EBITDA
$
755,919
$
790,913
Acquisition accounting and related expenses 1
3,359
6,318
Litigation loss
-
700
Stock-based Compensation
20,326
18,743
Adjusted EBITDA
$
779,604
$
816,674
1 Represents the impact of selling acquired inventory after its markup to fair value as part of acquisition accounting and business development costs
Attachment 6, continued
Reconciliation of Net Debt to Adjusted EBITDA
GAAP does not define “Net Debt” and it should not be considered as an alternative to debt as defined by GAAP. We define Net Debt as total debt minus cash and cash equivalents to indicate the amount of total debt that would remain if the Company applied the cash and cash equivalents held by it to the payment of outstanding debt. The Company also uses “Net Debt to Adjusted EBITDA,” which it defines as Net Debt divided by Adjusted EBITDA for the trailing twelve months, as an alternative metric to assist it in understanding its leverage position. We present this metric for the convenience of the investment community and rating agencies who use such metrics in their analysis, and for investors who need to understand the metrics we use to assess performance and monitor our cash and liquidity positions.
As of
As of
December 31, 2025
March 31, 2025
Total debt, excluding debt issuance costs
$
1,785,000
$
1,246,250
Cash and cash equivalents
418,999
20,401
Net Debt
$
1,366,001
$
1,225,849
Trailing Twelve Months Adjusted EBITDA
$
779,604
$
816,674
Net Debt to Adjusted EBITDA
1.8x
1.5x
View source version on businesswire.com: https://www.businesswire.com/news/home/20260129893244/en/
For additional information, contact at 214-432-2000:
Michael R. Haack
President and Chief Executive Officer
D. Craig Kesler
Executive Vice President and Chief Financial Officer
Alex Haddock
Senior Vice President, Investor Relations, Strategy and Corporate Development
Original: Eagle Materials Reports Third Quarter Results
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