Eagle Materials Reports Strong Third Quarter Fiscal 2026 Results

Dallas, Texas – January 29, 2026 – Eagle Materials Inc. (NYSE: EXP) reported financial results for its third quarter of fiscal 2026 ended December 31, 2025, delivering solid performance despite a mixed construction environment.

The Company generated revenue of $556.0 million, with net earnings of $102.9 million, or $3.22 per diluted share. Adjusted EBITDA reached $190.1 million, reflecting strong operating discipline and continued demand for Eagle’s heavy construction materials.

Eagle returned nearly $150 million to shareholders during the quarter through dividends and share repurchases, including the repurchase of approximately 648,000 shares for $142.6 million.

President and CEO Michael Haack stated that while residential construction remained challenged, elevated federal, state, and local infrastructure spending supported strong demand for cement and aggregates. Cement sales volumes increased 9%, while organic aggregates volumes rose 34% year over year.

During the quarter, Eagle strengthened its balance sheet by issuing $750 million of 10-year senior unsecured notes at a 5.00% interest rate, extending its debt maturity profile and increasing liquidity. A portion of the proceeds was used to repay borrowings under the Company’s bank credit facility. Eagle ended the quarter with net debt of $1.4 billion and a net leverage ratio of 1.8x, providing significant financial flexibility.

Eagle continues to invest in growth and efficiency, advancing major modernization projects at its Laramie, Wyoming cement plant and Duke, Oklahoma gypsum wallboard plant, which are expected to lower costs, improve reliability, and expand production capacity.

Management expressed confidence that Eagle’s low-cost operations, strong market position, disciplined capital allocation, and infrastructure-driven demand will support long-term growth and value creation.

📌 Key Information Extracted (For Investors & Analysis)

Financial Performance

• Revenue: $556.0 million (Q3 FY26)

• Net Earnings: $102.9 million

• EPS (Diluted): $3.22

• Adjusted EBITDA: $190.1 million

• Gross Margin: 28.9%

• Trailing 12-Month Adjusted EBITDA: $779.6 million

Segment Performance

Heavy Materials (Cement, Concrete & Aggregates)

• Revenue: $390.2 million (+11% YoY)

• Cement volume: +9%

• Aggregates volume (organic): +34%

• Benefit from recent aggregates acquisition in Western Pennsylvania

Light Materials (Gypsum Wallboard & Recycled Paperboard)

• Revenue: $203.5 million (-16% YoY)

• Wallboard volume: -14%

• Paperboard volume: -10%

• Impacted by weaker residential construction and pricing pressure

Capital Allocation & Shareholder Returns

• Share repurchases: ~648,000 shares for $142.6 million

• Cash dividends: Paid during the quarter (amount included in ~$150M total returns)

• Capital discipline: Focused on efficiency and high-return investments

Debt, Liquidity & Balance Sheet

• New debt issued: $750 million senior unsecured notes due 2036 (5.00%)

• Total debt: $1.8 billion

• Net debt: $1.4 billion

• Net leverage: 1.8x Adjusted EBITDA

• Cash & equivalents: $419.0 million

Capital Expenditure & Projects

Active Modernization Projects

• Laramie, Wyoming Cement Plant

• Duke, Oklahoma Gypsum Wallboard Plant