Eagle Materials quarterly earnings fall to $112M

Six-month operating cash flow was $364.323 million, alongside $249.656 million of additions to property, plant and equipment.

Available on EDGAR 11/04/2026 - 04:31 PM EST Accepted by SEC EDGAR 11/04/2026 - 04:29 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Eagle Materials Inc. reported revenue of $652.748 million for the three months ended September 30, 2026, compared with $638.906 million in 2025. Net earnings were $111.531 million versus $137.383 million, with diluted earnings per share of $3.63 versus $4.23. Gross profit was $174.734 million, compared with $199.712 million.

For the six months ended September 30, revenue was $1,303.714 million versus $1,273.596 million, while net earnings were $213.658 million versus $260.745 million; diluted earnings per share were $6.91 versus $7.99. Net cash provided by operating activities was $364.323 million, compared with $341.231 million. Additions to property, plant and equipment were $249.656 million, versus $184.635 million.

At September 30, cash and cash equivalents were $241.168 million, total assets were $3,968.636 million and long-term debt was $1,738.940 million. The cash-flow statement lists $15.608 million for dividends paid and $145.960 million for purchase and retirement of common stock during the six-month period. Cash dividends per share were $0.25 for the quarter and $0.50 for six months, the same as in 2025.

1 point · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 1 point

How the balance works

Positive

• Moderate pointOperating cash flow was $364.323 million for the six months ended September 30, 2026, versus $341.231 million in 2025.

Negative

• Moderate pointSix-month net earnings were $213.658 million, compared with $260.745 million in 2025.

Filing Explained

Eagle Materials reported 30,398,658 common shares outstanding on November 2, 2026; its balance sheet lists 30,512,480 issued and outstanding at September 30, compared with 31,227,012 at March 31.

Key Figures

Revenue: $652.748 million Net earnings: $111.531 million Diluted earnings per share: $3.63 +5 more

8 metrics

Revenue $652.748 million Three months ended September 30, 2026; $638.906 million in 2025

Net earnings $111.531 million Three months ended September 30, 2026; $137.383 million in 2025

Diluted earnings per share $3.63 Three months ended September 30, 2026; $4.23 in 2025

Net earnings $213.658 million Six months ended September 30, 2026; $260.745 million in 2025

Net cash provided by operating activities $364.323 million Six months ended September 30, 2026; $341.231 million in 2025

Additions to property, plant and equipment $249.656 million Six months ended September 30, 2026; $184.635 million in 2025

Cash and cash equivalents $241.168 million As of September 30, 2026

Long-term debt $1,738.940 million As of September 30, 2026

Key Terms

Equity in Earnings of Unconsolidated Joint Venture, Weighted-Average Shares Outstanding, Net Cash Provided by Operating Activities, Operating Lease Right-of-Use Assets

4 terms

Equity in Earnings of Unconsolidated Joint Venture financial

"Equity in Earnings of Unconsolidated Joint Venture"

Weighted-Average Shares Outstanding financial

"WEIGHTED-AVERAGE SHARES OUTSTANDING"

Weighted-average shares outstanding is the average number of shares of a company's stock that are available to investors over a specific period, adjusted for any changes like new share issues or buybacks. It matters to investors because it ensures that earnings and profits are accurately divided among all shareholders, providing a fair view of the company's profitability per share over time.

Net Cash Provided by Operating Activities financial

"Net Cash Provided by Operating Activities"

Cash a company actually generates from its regular business activities during a reporting period, after accounting for day-to-day receipts and payments and excluding one-time financing or investing moves. Think of it as the cash left over from running a store each month after paying suppliers, wages and handling changes in inventory and customer payments, not counting loans or asset sales. Investors use it to judge whether the business can fund operations, pay debts and grow without relying on outside cash.

Operating Lease Right-of-Use Assets financial

"Operating Lease Right-of-Use Assets"

An operating lease right-of-use (ROU) asset is an accounting entry that shows the value of a leased item you have the legal right to use—like a building, vehicle, or equipment—recorded on a company’s balance sheet along with the corresponding lease obligation. Investors care because it adds to reported assets and liabilities, changing measures like leverage and return on assets much like bringing a long-term rental onto the company’s financial snapshot, which can affect credit terms and valuation.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were EXP's revenue and net earnings for the quarter?

Revenue was $652.748 million and net earnings were $111.531 million for the three months ended September 30, 2026. Diluted earnings per share were $3.63.

How much operating cash flow and capital spending did EXP report for six months?

Net cash provided by operating activities was $364.323 million for the six months ended September 30, 2026. Additions to property, plant and equipment were $249.656 million.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended

September 30, 2026

Commission File Number 1-12984

EAGLE MATERIALS INC.

(Exact name of registrant as specified in its charter)

Delaware (State of Incorporation)

75-2520779 (I.R.S. Employer Identification No.)

5960 Berkshire Lane, Suite 900, Dallas, Texas 75225 (Address of principal executive offices)

(214) 432-2000 (Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock (par value $.01 per share)		EXP		New York Stock Exchange
Common Stock (par value $.01 per share)		EXP		NYSE Texas, Inc.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer		☒		Accelerated filer		☐
Non-accelerated filer		☐		Smaller reporting company		☐
Emerging growth company		☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

As of November 2, 2026, the number of outstanding shares of common stock was:

Class		Outstanding Shares
Common Stock, $.01 Par Value		30,398,658

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION (UNAUDITED)

				Page
Item 1.		Consolidated Financial Statements
		Consolidated Statements of Earnings for the Three and Six Months Ended September 30, 2026, and 2025		1
		Consolidated Statements of Comprehensive Earnings for the Three and Six Months Ended September 30, 2026, and 2025		2
		Consolidated Balance Sheets as of September 30, 2026, and March 31, 2026		3
		Consolidated Statements of Cash Flows for the Six Months Ended September 30, 2026, and 2025		4
		Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended September 30, 2026, and 2025		5
		Notes to Unaudited Consolidated Financial Statements		6
Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations		27
Item 3.		Quantitative and Qualitative Disclosures About Market Risk		44
Item 4.		Controls and Procedures		45
PART II. OTHER INFORMATION
Item 1.		Legal Proceedings		46
Item 1A.		Risk Factors		46
Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds		46
Item 4.		Mine Safety Disclosures		46
Item 5.		Other Information		46
Item 6.		Exhibits		47
SIGNATURES				48

PART I. FINANCIAL INFORMATION (UNAUDITED)

Item 1. Consolidated Financial Statements

EAGLE MATERIALS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)

		For the Three Months Ended September 30,										For the Six Months Ended September 30,
			2026					2025					2026					2025
			(dollars in thousands, except share and per share data)										(dollars in thousands, except share and per share data)
Revenue		$		652,748			$		638,906			$		1,303,714			$		1,273,596
Cost of Goods Sold				478,014					439,194					967,735					888,285
Gross Profit				174,734					199,712					335,979					385,311
Equity in Earnings of    Unconsolidated Joint    Venture				6,574					6,309					9,417					10,113
Corporate General and    Administrative Expense				(26,929	)				(21,316	)				(47,131	)				(42,099	)
Other Non-Operating    Income				1,074					1,131					1,820					2,085
Interest Expense, net				(11,908	)				(9,362	)				(24,855	)				(21,078	)
Earnings Before Income    Taxes				143,545					176,474					275,230					334,332
Income Taxes				(32,014	)				(39,091	)				(61,572	)				(73,587	)
Net Earnings		$		111,531			$		137,383			$		213,658			$		260,745
EARNINGS PER SHARE
Basic		$		3.64			$		4.25			$		6.94			$		8.03
Diluted				3.63					4.23					6.91					7.99
WEIGHTED-AVERAGE    SHARES OUTSTANDING
Basic				30,610,694					32,297,313					30,772,611					32,459,801
Diluted				30,754,610					32,469,833					30,920,652					32,638,307
CASH DIVIDENDS PER    SHARE		$		0.25			$		0.25			$		0.50			$		0.50

See Notes to Unaudited Consolidated Financial Statements.

1

EAGLE MATERIALS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (unaudited)

		For the Three Months Ended September 30,										For the Six Months Ended September 30,
			2026					2025					2026					2025
			(dollars in thousands)										(dollars in thousands)
Net Earnings		$		111,531			$		137,383			$		213,658			$		260,745
Net Actuarial Change in Defined    Benefit Plans:
Amortization of Net Actuarial    Loss				156					53					312					106
Tax Expense				(37	)				(12	)				(74	)				(24	)
Comprehensive Earnings		$		111,650			$		137,424			$		213,896			$		260,827

See Notes to Unaudited Consolidated Financial Statements.

2

EAGLE MATERIALS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (unaudited)

			September 30,					March 31,
			2026					2026
			(dollars in thousands)
ASSETS
Current Assets
Cash and Cash Equivalents		$		241,168			$		297,920
Accounts Receivable, net				264,046					228,573
Inventories				361,691					408,391
Income Tax Receivable				6,581					7,536
Prepaid and Other Assets				14,395					8,469
Total Current Assets				887,881					950,889
Property, Plant, and Equipment, net				2,244,999					2,064,622
Investment in Joint Venture				169,496					160,078
Operating Lease Right-of-Use Assets				33,340					29,346
Goodwill and Intangible Assets, net				580,290					585,443
Other Assets				52,630					51,866
Total Assets		$		3,968,636			$		3,842,244
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts Payable		$		149,509			$		138,884
Accrued Liabilities				100,291					102,127
Operating Lease Liabilities				5,020					4,144
Current Portion of Long-Term Debt				15,000					15,000
Total Current Liabilities				269,820					260,155
Long-Term Debt				1,738,940					1,745,081
Noncurrent Operating Lease Liabilities				35,254					32,559
Other Long-Term Liabilities				70,624					66,959
Deferred Income Taxes				320,260					262,662
Total Liabilities				2,434,898					2,367,416
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    30,512,480 and 31,227,012 Shares, respectively				305					312
Capital in Excess of Par Value				—					—
Accumulated Other Comprehensive Losses				(4,166	)				(4,404	)
Retained Earnings				1,537,599					1,478,920
Total Stockholders’ Equity				1,533,738					1,474,828
		$		3,968,636			$		3,842,244

See Notes to Unaudited Consolidated Financial Statements.

3

EAGLE MATERIALS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

		For the Six Months Ended September 30,
			2026						2025
			(dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net Earnings		$		213,658				$		260,745
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating    Activities, Net of Effect of Non-Cash Activity:
Depreciation, Depletion, and Amortization				82,995						82,633
Deferred Income Tax Provision				57,598						13,129
Stock Compensation Expense				10,128						10,290
Equity in Earnings of Unconsolidated Joint Venture				(9,417	)					(10,113	)
Changes in Operating Assets and Liabilities:
Accounts Receivable				(35,473	)					(38,440	)
Inventories				46,700						44,967
Accounts Payable and Accrued Liabilities				7,489						(4,347	)
Other Assets				(8,938	)					(25,534	)
Income Taxes Payable (Receivable)				(417	)					7,901
Net Cash Provided by Operating Activities				364,323						341,231
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant, and Equipment				(249,656	)					(184,635	)
Net Cash Used in Investing Activities				(249,656	)					(184,635	)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings Under Revolving Credit Facility				—						130,000
Repayment of Borrowings Under Revolving Credit Facility				—						(75,000	)
Repayment of Term Loan				(7,500	)					(7,500	)
Dividends Paid to Stockholders				(15,608	)					(16,631	)
Purchase and Retirement of Common Stock				(145,960	)					(167,700	)
Proceeds from Stock Option Exercises				235						479
Shares Redeemed to Settle Employee Taxes on Stock Compensation				(2,586	)					(5,612	)
Net Cash Used in Financing Activities				(171,419	)					(141,964	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS				(56,752	)					14,632
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD				297,920						20,401
CASH AND CASH EQUIVALENTS AT END OF PERIOD		$		241,168				$		35,033

See Notes to Unaudited Consolidated Financial Statements.

4

EAGLE MATERIALS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (unaudited)

		Common Stock						Capital in Excess of Par Value						Retained Earnings						Accumulated Other Comprehensive Losses						Total
			(dollars in thousands)
Balance at March 31, 2025		$		330				$		—				$		1,459,495				$		(3,125	)			$		1,456,700
Net Earnings				—						—						123,362						—						123,362
Stock Option Exercises and Restricted Share Vesting				—						—						—						—						—
Stock Compensation Expense				—						4,822						—						—						4,822
Shares Redeemed to Settle Employee Taxes				(1	)					(4,822	)					(756	)					—						(5,579	)
Purchase and Retirement of Common Stock				(3	)					—						(79,400	)					—						(79,403	)
Dividends to Stockholders				—						—						(8,169	)					—						(8,169	)
Unfunded Pension Liability, net of tax				—						—						—						41						41
Balance at June 30, 2025		$		326				$		—				$		1,494,532				$		(3,084	)			$		1,491,774
Net Earnings				—						—						137,383						—						137,383
Stock Option Exercises and Restricted Share    Vesting				—						479						—						—						479
Stock Compensation Expense				—						5,468						—						—						5,468
Shares Redeemed to Settle Employee Taxes				—						(5,947	)					5,914						—						(33	)
Purchase and Retirement of Common Stock				(4	)					—						(89,971	)					—						(89,975	)
Dividends to Stockholders				—						—						(8,079	)					—						(8,079	)
Unfunded Pension Liability, net of tax				—						—						—						41						41
Balance at September 30, 2025		$		322				$		—				$		1,539,779				$		(3,043	)			$		1,537,058
		Common Stock						Capital in Excess of Par Value						Retained Earnings						Accumulated Other Comprehensive Losses						Total
			(dollars in thousands)
Balance at March 31, 2026		$		312				$		—				$		1,478,920				$		(4,404	)			$		1,474,828
Net Earnings				—						—						102,127						—						102,127
Stock Option Exercises and Restricted Share Vesting				—						67						—						—						67
Stock Compensation Expense				—						4,695						—						—						4,695
Shares Redeemed to Settle Employee Taxes				—						(2,524	)					—						—						(2,524	)
Purchase and Retirement of Common Stock				(4	)					(2,238	)					(82,429	)					—						(84,671	)
Dividends to Stockholders				—						—						(7,709	)					—						(7,709	)
Unfunded Pension Liability, net of tax				—						—						—						119						119
Balance at June 30, 2026		$		308				$		—				$		1,490,909				$		(4,285	)			$		1,486,932
Net Earnings				—						—						111,531						—						111,531
Stock Option Exercises and Restricted Share    Vesting				—						168						—						—						168
Stock Compensation Expense				—						5,433						—						—						5,433
Shares Redeemed to Settle Employee Taxes				—						(62	)					—						—						(62	)
Purchase and Retirement of Common Stock				(3	)					(5,539	)					(57,206	)					—						(62,748	)
Dividends to Stockholders				—						—						(7,635	)					—						(7,635	)
Unfunded Pension Liability, net of tax				—						—						—						119						119
Balance at September 30, 2026		$		305				$		—				$		1,537,599				$		(4,166	)			$		1,533,738

See Notes to Unaudited Consolidated Financial Statements.

5

Eagle Materials Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements

(A) BASIS OF PRESENTATION

The accompanying Unaudited Consolidated Financial Statements as of and for the three and six months ended September 30, 2026, include the accounts of Eagle Materials Inc. and its majority-owned subsidiaries (collectively, the Company, us, or we) and have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. These Unaudited Consolidated Financial Statements should be read in conjunction with the Audited Consolidated Financial Statements and the Notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2026, filed with the Securities and Exchange Commission on May 19, 2026.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures are adequate to make the information presented not misleading. In our opinion, all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the information in the following Unaudited Consolidated Financial Statements of the Company have been included. The results of operations for interim periods are not necessarily indicative of the results for the full year.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Recent Accounting Pronouncements

RECENTLY ADOPTED

In July 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2025-05, Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The standard applies when entities are developing a reasonable and supportable forecast as part of estimating expected credit losses on current accounts receivable and current contract assets arising from transactions accounted for under Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers. The update provides entities in these situations with a practical expedient to assume that the conditions as of the balance sheet date will remain unchanged for the remaining life of the asset. This standard should be applied prospectively and is effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years, with early adoption permitted. The standard became effective for the Company on April 1, 2026. Upon adoption, the Company elected to apply the practical expedient on a prospective basis. The adoption of this standard did not have a material impact on the Company’s Consolidated Financial Statements and related disclosures.

PENDING ADOPTION

In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income and Expenses (ASU 2024-03). ASU 2024-03 requires public business entities to disclose additional information about certain key expense categories within major income statement captions in the Notes to the Consolidated Financial

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Statements. The new standard is effective for fiscal years beginning after December 15, 2026, and is to be applied prospectively. Early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements.

In September 2025, the FASB issued Accounting Standards Update No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06), to modernize the accounting for and disclosure of internal-use software costs. The guidance removes all references to project stages, defines the threshold to begin capitalizing costs, and clarifies the disclosure requirements of capitalized software costs. The new standard is effective for annual periods beginning after December 15, 2027, and interim periods within those fiscal years, and can be applied retrospectively, prospectively, or on a modified transition approach. Early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements.

(B) SUPPLEMENTAL CASH FLOW INFORMATION

Supplemental cash flow information is as follows.

		For the Six Months Ended September 30,
		2026					2025
			(dollars in thousands)
Cash Payments:
Interest		$		36,015			$		24,504
Income Taxes				4,432					53,265
Operating Cash Flows Used for Operating Leases				3,179					2,968
Non-Cash Financing Activities:
Right-of-Use Assets Obtained for Capitalized Operating Leases		$		4,483			$		3,325
Excise Tax on Share Repurchases				1,460					1,678

(C) REVENUE

We earn Revenue primarily from the sale of products, which include cement, concrete, aggregates, gypsum wallboard, and recycled paperboard. The vast majority of Revenue from the sale of concrete, aggregates, and gypsum wallboard is originated by purchase orders from our customers, who are mostly third-party contractors and suppliers. Revenue from the sale of cement is recognized at the point-of-sale to customers under sales orders. Revenue from our Recycled Paperboard segment is generated mainly through long-term supply agreements. These agreements do not have a stated maturity date but may be terminated by either party with a two-to-three-year notice period. We invoice customers upon shipment, and our collection terms range from 30 to 75 days. Revenue from the sale of cement, concrete, aggregates, and gypsum wallboard not related to long-term supply agreements is recognized upon shipment of the related products to customers, which is when title and ownership are transferred, and the customer is obligated to pay.

Revenue from sales under our long-term supply agreements is also recognized upon transfer of control to the customer, which generally occurs at the time the product is shipped from the production facility or terminal location. Our long-term supply agreements with customers define, among other commitments, the volume of product we must provide and the volume that the customer must purchase by the end of the defined periods. Pricing structures under our agreements are generally market-based but are subject to certain contractual

7

adjustments. Shortfall amounts, if applicable under these arrangements, are constrained and not recognized as Revenue until an agreement is reached with the customer and, therefore, are not subject to the risk of reversal.

The Company offers certain customers, including those with long-term supply agreements, rebates and incentives, which we treat as variable consideration. We adjust the amount of Revenue recognized for the variable consideration using the most likely amount method based on past history and projected volumes in the rebate and incentive period. Any amounts billed to customers for taxes are excluded from Revenue.

The Company has elected to treat freight and delivery charges we pay for the delivery of goods to our customers as a fulfillment activity rather than a separate performance obligation. When we arrange for a third party to deliver products to customers, fees for shipping and handling billed to the customer are recorded as Revenue, while costs we incur for shipping and handling are recorded as expenses and included in Cost of Goods Sold.

Other Non-Operating Income includes lease and rental income, asset-sale income, non-inventoried aggregates sale income, and trucking income, as well as other miscellaneous Revenue items and costs that have not been allocated to a business segment.

See Note (M) to the Unaudited Consolidated Financial Statements for disaggregation of Revenue by segment.

(D) ACCOUNTS RECEIVABLE

Accounts Receivable are shown net of the allowance for credit losses totaling $6.8 million and $6.3 million at September 30, 2026, and March 31, 2026, respectively. We perform ongoing credit evaluations of our customers’ financial condition and generally require no collateral from our customers. The allowance for non-collection of receivables is based on analysis of economic trends in the construction industry, detailed analysis of the expected collectability of past due accounts receivable, and the expected collectability of overall receivables. We have no significant credit risk concentration among our diversified customer base.

(E) INVENTORIES

Inventories are stated at the lower of average cost (including applicable material, labor, depreciation, and plant overhead) or net realizable value. Raw Materials and Materials-in-Progress include clinker, which is an intermediary product before it is ground into cement powder. Quantities of Raw Materials and Materials-in-Progress, Aggregates, and Fuel and Coal inventories are based on measured volumes, subject to estimation based on the size and location of the inventory piles and are converted to tonnage using standard inventory density factors. Inventories consist of the following.

		September 30,				March 31,
			2026				2026
		(dollars in thousands)
Raw Materials and Materials-in-Progress		$	116,523			$	158,829
Finished Cement			58,369				63,293
Aggregates			14,241				16,073
Gypsum Wallboard			6,961				4,809
Recycled Paperboard			9,500				10,675
Repair Parts and Supplies			138,036				135,110
Fuel and Coal			18,061				19,602
		$	361,691			$	408,391

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(F) ACCRUED EXPENSES

Accrued Expenses consist of the following.

		September 30,					March 31,
		2026					2026
		(dollars in thousands)
Payroll and Incentive Compensation		$		31,179			$		35,642
Benefits				17,532					17,336
Interest				7,004					7,208
Dividends				7,798					8,062
Property Taxes				13,657					7,887
Power and Fuel				2,892					2,949
Freight				3,855					3,738
Excise Tax				2,978					5,052
Legal and Professional				3,602					4,534
Sales and Use Tax				2,054					1,613
Other				7,740					8,106
		$		100,291			$		102,127

(G) LEASES

We lease certain real estate, buildings, and equipment, including railcars and barges. Certain of these leases contain escalations of rent over the term of the lease, as well as options for us to extend the term of the lease at the end of the original term. These extensions range from periods of one year to 20 years. Our lease agreements do not contain material residual-value guarantees or material restrictive covenants. To calculate the present value of future minimum lease payments, we use the rate implicit in the lease, if it can be determined; otherwise, we use our incremental borrowing rate in effect at the commencement of the lease. Additionally, we lease certain equipment under short-term leases with initial terms of fewer than 12 months; these are not recorded on the Balance Sheet.

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Lease expense for our operating and short-term leases is as follows.

		For the Three Months Ended September 30,										For the Six Months Ended September 30,
		2026					2025					2026					2025
		(dollars in thousands)										(dollars in thousands)
Operating Lease Cost		$		2,199			$		2,260			$		4,372			$		4,459
Short-Term Lease Cost				470					518					1,154					1,141
Total Lease Cost		$		2,669			$		2,778			$		5,526			$		5,600

The Right-of-Use Assets and Lease Liabilities are reflected on our Balance Sheet as follows.

		September 30,					March 31,
		2026					2026
		(dollars in thousands)
Operating Leases:
Operating Lease Right-of-Use Assets		$		33,340			$		29,346
Current Operating Lease Liabilities		$		5,020			$		4,144
Noncurrent Operating Lease Liabilities				35,254					32,559
Total Operating Lease Liabilities		$		40,274			$		36,703

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Future payments for operating leases are shown below.

		Amount
Fiscal Year		(dollars in thousands)
2027 (remaining six months)		$		3,127
2028				5,734
2029				5,174
2030				4,848
2031				4,411
Thereafter				26,356
Total Lease Payments		$		49,650
Less: Imputed Interest				(9,376	)
Present Value of Lease Liabilities		$		40,274
Weighted-Average Remaining Lease Term (in years)				10.8
Weighted-Average Discount Rate				4.49	%

(H) EQUITY AWARDS

On August 3, 2023, our stockholders approved the Eagle Materials Inc. 2023 Equity Incentive Plan (the 2023 Plan), which reserves 1,425,000 shares for future grants of stock awards. Under the terms of the 2023 Plan, we can issue equity awards, including stock options, restricted stock units, restricted stock, and stock appreciation rights to employees of the Company, members of the Board of Directors, and consultants, independent contractors, and agents of the Company. The Compensation Committee of our Board of Directors (Compensation Committee) specifies grant terms for awards under the 2023 Plan.

Fiscal 2027 Equity Awards

In May 2026, the Compensation Committee awarded to certain officers and key employees an aggregate of 25,423 performance stock units and 33,536 performance stock options, which represents achievement of the target level of performance (collectively, the Performance Stock Awards or PSAs). For the Performance Stock Awards to be earned, the Company must achieve performance vesting criteria as modified based on the Company’s average absolute total stockholder return during the performance period. The performance vesting criteria are based upon certain levels of average annual return on equity (as defined in the Performance Stock Award Agreements) ranging from 10.0% to 20.0% measured at the end of fiscal 2029 (three-year performance period) as modified by total stockholder return. Performance outcomes (taking into account both criteria) will result in a threshold-vesting percentage of 50% of target, and maximum performance will result in a vesting percentage of 200% of target. If the threshold-vesting percentage is not achieved, no Performance Stock Awards will be earned.

Our Performance Stock Awards are evaluated on a quarterly basis with adjustments to compensation expense based on the likelihood of the performance targets being achieved or exceeded. The maximum expense for our outstanding Performance Stock Awards is approximately $11.3 million. Any forfeitures are recognized as a reduction to expense in the period in which they occur.

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The fair value of the above Performance Stock Awards was determined using a Monte Carlo simulation. The following are key inputs in the Monte Carlo analysis for the Fiscal 2027 Employee Performance Stock Awards.

		Fiscal 2027
Measurement Period (in years)			2.86
Risk-Free Interest Rate			4.1	%
Dividend Yield			0.5	%
Volatility			32.6	%
Estimated Fair Value of Market-Based PSAs at Grant Date		$	199.13

In addition to the Performance Stock Awards discussed above, the Compensation Committee approved the granting to certain officers and key employees an aggregate of 33,536 time-vesting stock options, which vest ratably over three years (the Fiscal 2027 Employee Time-Vesting Stock Option Grant) and 25,423 shares of time-vesting restricted stock units, which vest ratably over three years (the Fiscal 2027 Employee Restricted Stock Unit Time-Vesting Award). The Fiscal 2027 Employee Restricted Stock Unit Time-Vesting Award was valued at the closing stock price on the grant date and is being expensed over a three-year period. The Fiscal 2027 Employee Time-Vesting Stock Option Grant was valued at the grant date using the Black-Scholes option pricing model, which used similar inputs as the Monte Carlo analysis shown above.

In addition to the stock awards described above, from time to time we may issue to certain employees additional equity awards, including stock options, restricted stock, and restricted stock units. Any options issued are valued using the Black-Scholes options pricing model on the grant date and expensed over the vesting period, while restricted stock and restricted stock units are valued using the closing price on the grant date and expensed over the vesting period.

STOCK OPTIONS

Stock option expense for all outstanding stock option awards totaled approximately $0.9 million and $1.7 million for the three and six months ended September 30, 2026, respectively, and $0.5 million and $0.9 million for the three and six months ended September 30, 2025, respectively. At September 30, 2026, there was approximately $7.2 million of unrecognized compensation cost related to outstanding stock options, which is expected to be recognized over a weighted-average period of 2.2 years.

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The following table shows stock option activity for the six months ended September 30, 2026.

		Number of Shares					Weighted- Average Exercise Price
Outstanding Options at March 31, 2026			206,721			$		113.16
Granted			69,240			$		199.33
Exercised			(6,674	)		$		85.59
Cancelled			—			$		—
Outstanding Options at September 30, 2026			269,287			$		136.00
Options Exercisable at September 30, 2026			172,915
Weighted-Average Fair Value of Options Granted During the Year						$		76.25

The following table summarizes information about stock options outstanding at September 30, 2026.

		Options Outstanding												Options Exercisable
Range of Exercise Prices		Number of Shares Outstanding				Weighted- Average Remaining Contractual Life (in years)				Weighted- Average Exercise Price				Number of Shares Outstanding				Weighted- Average Exercise Price
$59.32 - $81.28			74,915				3.63			$	60.19				74,915			$	60.19
$91.21 - $100.88			32,746				1.76			$	94.94				32,746			$	94.94
$118.27 - $139.25			48,791				5.62			$	126.56				48,791			$	126.56
$143.09 - $261.76			112,835				9.00			$	202.33				16,463			$	192.40
			269,287				6.01			$	136.00				172,915			$	98.08

At September 30, 2026, the aggregate intrinsic value of the outstanding and exercisable options were both approximately $13.1 million. The total intrinsic value of options exercised during the six months ended September 30, 2026, was approximately $0.8 million.

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RESTRICTED STOCK UNITS AND RESTRICTED STOCK

The following table summarizes the activity for restricted stock units and nonvested restricted stock during the six months ended September 30, 2026.

		Number of Shares					Weighted- Average Grant Date Fair Value
Restricted Stock Units and Nonvested Restricted Stock at March 31, 2026			149,406			$		198.28
Granted			61,826			$		200.36
Vested			(44,977	)		$		189.65
Cancelled			—			$		—
Restricted Stock Units and Nonvested Restricted Stock at September 30, 2026			166,255			$		201.39

Expense related to restricted stock units and restricted stock was approximately $4.6 million and $8.3 million for the three and six months ended September 30, 2026, respectively, and $5.0 million and $9.4 million for the three and six months ended September 30, 2025, respectively. At September 30, 2026, there was approximately $33.5 million of unearned compensation from restricted stock units and nonvested restricted shares, which will be recognized over a weighted-average period of 1.4 years.

The number of shares available for future grants of stock options, restricted stock units, stock appreciation rights, and restricted stock under the Plan was 1,083,030 at September 30, 2026.

(I) COMPUTATION OF EARNINGS PER SHARE

The calculation of basic and diluted common shares outstanding is shown in the table below.

		For the Three Months Ended September 30,								For the Six Months Ended September 30,
		2026				2025				2026				2025
Weighted-Average Shares of Common    Stock Outstanding			30,610,694				32,297,313				30,772,611				32,459,801
Effect of Dilutive Shares:
Assumed Exercise of Outstanding         Dilutive Options			166,182				175,755				167,851				177,256
Less Shares Repurchased from         Proceeds of Assumed Exercised         Options			(76,414	)			(72,822	)			(75,442	)			(75,674	)
Restricted Stock and Restricted Stock         Units			54,148				69,587				55,632				76,924
Weighted-Average Common Stock and    Dilutive Securities Outstanding			30,754,610				32,469,833				30,920,652				32,638,307
Shares Excluded Due to Anti-Dilution    Effects, Including Contingent Awards			108,537				41,982				90,090				34,392

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(J) PENSION AND EMPLOYEE BENEFIT PLANS

We historically sponsored several single-employer defined benefit plans, which we merged into a single plan on March 31, 2025. This defined benefit plan, along with our defined contribution plan, covers substantially all our employees. Benefits paid under the single-employer defined benefit plans covering certain hourly employees were historically based on years of service and the employee’s qualifying compensation over the last few years of employment. These plans have been frozen to new participants and new benefits over the last several years, with the last plan frozen during fiscal 2020. Our defined benefit plan is fully funded, with plan assets exceeding the benefit obligation at March 31, 2026. Our expected pension expense for fiscal 2027 is $0.9 million, which primarily relates to administrative expenses.

Effective March 31, 2026, we began the process of terminating the defined benefit plan. During fiscal 2027, we have offered a lump-sum benefit payout option to certain plan participants prior to completing the purchase of group annuity contracts that will transfer the plan assets and pension benefit obligation to an insurance company.

(K) INCOME TAXES

Income Taxes for the interim periods presented have been included in the accompanying financial statements on the basis of an estimated annual effective tax rate. To arrive at an estimated overall tax amount, we use the amount of tax resulting from applying the estimated annual effective tax rate to pre-tax income, and, when appropriate, we will include certain items treated as discrete events. The effective tax rate for the six months ended September 30, 2026, was approximately 22%, which is consistent with the tax rate for the six months ended September 30, 2025. The effective tax rate was higher than the U.S. statutory rate of 21% mainly because of state income taxes, which were partially offset by a benefit recognized related to percentage depletion.

(L) LONG-TERM DEBT

Long-Term Debt at September 30, 2026 was as follows.

			September 30,					March 31,
		2026					2026
		(dollars in thousands)
Revolving Credit Facility		$		—			$		—
2.500% Senior Unsecured Notes Due 2031				750,000					750,000
5.000% Senior Unsecured Notes Due 2036				750,000					750,000
Term Loan				273,750					281,250
Total Debt				1,773,750					1,781,250
Less: Current Portion of Long-Term Debt				(15,000	)				(15,000	)
Less: Unamortized Discount and Debt Issuance Costs				(19,810	)				(21,169	)
Long-Term Debt		$		1,738,940			$		1,745,081

Revolving Credit Facility

We have an unsecured $750.0 million revolving credit facility (the Revolving Credit Facility), which includes a separate $300.0 million term loan facility (the Term Loan). The Revolving Credit Facility also provides the Company the option to increase the borrowing capacity by up to $375.0 million (for a total borrowing capacity of $1,125.0 million), provided the existing lenders, or new lenders, agree to such increase. The Revolving Credit

15

Facility includes a $40.0 million letter of credit facility and a swingline loan sub-facility of $25.0 million, and expires on February 4, 2030.

The Revolving Credit Facility contains customary covenants for an unsecured investment-grade facility, including covenants that restrict the Company’s and/or its subsidiaries’ ability to incur additional debt; encumber assets; merge with or transfer or sell assets to other persons; and enter into certain affiliate transactions. The Revolving Credit Facility also requires the Company to maintain at the end of each fiscal quarter a Leverage Ratio of 3.50:1.00 or less and an Interest Coverage Ratio (both ratios, as defined in the Revolving Credit Facility) equal to or greater than 2.50 to 1.00 (collectively, the Financial Covenants).

At the Company’s option, outstanding loans under the Revolving Credit Facility bear interest, at a variable rate equal to either (i) the adjusted term SOFR rate (secured overnight financing rate), plus 10 basis points, plus an agreed spread (ranging from 100 to 162.5 basis points, which is established based on the Company's credit rating); (ii) in respect of any Revolving Loans (until such time as the then-existing Benchmark (as defined in the Revolving Credit Facility) is replaced in accordance with the Revolving Credit Facility), the adjusted daily simple SOFR rate, plus 10 basis points, plus an agreed spread (ranging from 100 to 162.5 basis points, which is established based on the Company's credit rating) or (iii) an Alternate Base Rate (as defined in the Revolving Credit Facility), which is the highest of (a) the Prime Rate (as defined in the Revolving Credit Facility) in effect on any applicable day, (b) the NYFRB Rate (as defined in the Revolving Credit Facility) in effect on any applicable day, plus ½ of 1%, and (c) the Adjusted Term SOFR (as defined in the Revolving Credit Facility) for a one-month interest period on any applicable day, or if such day is not a business day, the immediately preceding business day, plus 1.0%, in each case plus an agreed upon spread (ranging from 0 to 62.5 basis points), which is established quarterly based on the Company's credit rating. The Company is also required to pay a facility fee on unused available borrowings under the Revolving Credit Facility ranging from 9 to 22.5 basis points, which is established based on the Company's then credit rating.

The Company pays each lender a participation fee with respect to such lender’s participations in letters of credit, which fee accrues at the same Applicable Rate (as defined in the Revolving Credit Facility) used to determine the interest rate applicable to Term Benchmark Revolving Loans (as defined in the Revolving Credit Facility), plus a fronting fee for each letter of credit issued by the issuing bank in an amount equal to 12.5 basis points per annum on the daily maximum amount then available to be drawn under such letter of credit. The Company also pays each issuing bank such bank’s standard fees with respect to issuance, amendment or extensions of letters of credit and other processing fees, and other standard costs and charges relating to such issuing bank’s letters of credit from time to time.

We had no outstanding borrowings under the Revolving Credit Facility. There were $13.1 million of letters of credit outstanding as of September 30, 2026, leaving us with $736.9 million of available borrowings under the Revolving Credit Facility, net of the letters of credit outstanding. We were in compliance with all Financial Covenants on September 30, 2026; therefore, the entire $736.9 million is available for future borrowings.

Term Loan

On February 4, 2025, we increased our Term Loan borrowings under the Revolving Credit Facility to $300.0 million, and used these proceeds to, among other things, pay down a portion of the Revolving Credit Facility. The Term Loan requires quarterly principal payments of approximately $3.8 million, with any unpaid amounts due upon maturity on February 4, 2030. At the Company’s option, principal amounts outstanding under the Term Loan bear interest as set forth in the Revolving Credit Facility (but not, for the avoidance of doubt, at a daily simple SOFR rate unless and until such time as the then-existing Benchmark (as defined in the Revolving Credit Facility) is replaced in accordance with the Revolving Credit Facility).

16

2.500% Senior Unsecured Notes Due 2031

On July 1, 2021, we issued $750.0 million aggregate principal amount of 2.500% senior notes due July 2031 (the 2.500% Senior Unsecured Notes). The 2.500% Senior Unsecured Notes are senior unsecured obligations of the Company and are not guaranteed by any of our subsidiaries. The 2.500% Senior Unsecured Notes were issued net of original issue discount of $6.3 million and have an effective interest rate of approximately 2.6%. The original issue discount is being amortized by the effective interest method over the 10-year term of the notes. The 2.500% Senior Unsecured Notes are redeemable prior to April 1, 2031, at a redemption price equal to 100% of the aggregate principal amount of the 2.500% Senior Unsecured Notes being redeemed, plus the present value of remaining scheduled payments of principal and interest from the applicable redemption date to April 1, 2031, discounted to the redemption date on a semi-annual basis at the Treasury rate plus 20 basis points. The 2.500% Senior Unsecured Notes are redeemable on or after April 1, 2031, at a redemption price equal to 100% of the aggregate principal amount of the 2.500% Senior Unsecured Notes being redeemed, plus accrued and unpaid interest to, but excluding, the applicable redemption date. If we experience certain change of control triggering events, we would be required to offer to repurchase the 2.500% Senior Unsecured Notes at a purchase price equal to 101% of the aggregate principal amount of the 2.500% Senior Unsecured Notes being repurchased, plus accrued and unpaid interest to, but excluding, the applicable redemption date. The indenture governing the 2.500% Senior Unsecured Notes contains certain covenants that limit our ability to create or permit to exist certain liens; enter into sale and leaseback transactions; and consolidate, merge, or transfer all or substantially all of our assets, and provides for certain events of default that, if any occurred, would permit or require the principal of and accrued interest on the 2.500% Senior Unsecured Notes to become or be declared due and payable.

5.000% Senior Unsecured Notes Due 2036

On November 13, 2025, we issued $750.0 million aggregate principal amount of 5.000% senior notes due March 2036 (the 5.000% Senior Unsecured Notes). The 5.000% Senior Unsecured Notes are senior unsecured obligations of the Company and are not guaranteed by any of our subsidiaries. The 5.000% Senior Unsecured Notes were issued net of original issue discount of $8.2 million and have an effective interest rate of approximately 5.1%. The original issue discount is being amortized by the effective interest method over the term of the notes. The 5.000% Senior Unsecured Notes are redeemable prior to December 15, 2035, at a redemption price equal to the greater of (i) the present value of remaining scheduled payments of principal and interest from the applicable redemption date to December 15, 2035, discounted to the redemption date on a semi-annual basis at the Treasury rate plus 20 basis points, less interest accrued to the applicable redemption date and (ii) 100% of the aggregate principal amount of the 5.000% Senior Unsecured Notes being redeemed, plus, in either case, accrued and unpaid interest to, but excluding, the applicable redemption date. The 5.000% Senior Unsecured Notes are redeemable on or after December 15, 2035, at a redemption price equal to 100% of the aggregate principal amount of the 5.000% Senior Unsecured Notes being redeemed, plus accrued and unpaid interest to, but excluding, the applicable redemption date. If we experience certain change of control triggering events, we would be required to offer to repurchase the 5.000% Senior Unsecured Notes at a purchase price equal to 101% of the aggregate principal amount of the 5.000% Senior Unsecured Notes being repurchased, plus accrued and unpaid interest to, but excluding, the applicable repurchase date. The indenture governing the 5.000% Senior Unsecured Notes contains certain covenants that limit our ability to create or permit to exist certain liens; enter into sale and leaseback transactions; and consolidate, merge, or transfer all or substantially all of our assets, and provides for certain events of default that, if any occurred, would permit or require the principal of and accrued interest on the 5.000% Senior Unsecured Notes to become or be declared due and payable.

17

(M) SEGMENT INFORMATION

Operating segments are defined as components of an enterprise that engage in business activities that earn revenue, incur expenses, and prepare separate financial information that is evaluated regularly by our chief operating decision maker (CODM), who is our President and Chief Executive Officer, to assist in allocating resources and assessing performance. This assessment is primarily based on segment earnings from operations, as management believes this is the best metric for segment operating performance. The CODM uses operating earnings as part of his review of the monthly operating results on a segment basis. The actual monthly results are reviewed against budgeted amounts as well as the current-year reforecast and prior-year actual amounts. Interest and taxes are managed on a centralized basis and are not included in segment operating information.

Our business is organized into two sectors, within which there are four reportable business segments. The Heavy Materials sector includes the Cement and Concrete and Aggregates segments. The Light Materials sector includes the Gypsum Wallboard and Recycled Paperboard segments. The Company's operating segments are the same as the Company's reporting segments.

Our primary products, portland cement and gypsum wallboard, are essential for building, expanding, and repairing roads, highways, and residential, commercial, and industrial structures across America. We manufacture and sell our products through a network of more than 70 facilities spanning 21 states. Demand for our products is generally cyclical and seasonal, depending on economic and geographic conditions. Our operations are conducted in the United States. Our business activites include the mining of limestone for the manufacture, production, distribution, and sale of portland cement (a basic construction material that is the essential binding ingredient in concrete); the grinding and sale of slag; the mining of gypsum for the manufacture and sale of gypsum wallboard; the manufacture and sale of recycled paperboard to the gypsum wallboard industry and other paperboard converters; the sale of readymix concrete; and the mining and sale of aggregates (crushed stone, sand, and gravel).

We operate eight modern cement plants, two slag grinding facilities, and over 30 cement distribution terminals. One cement plant, one slag plant, and 5 cement terminals are operated through our joint venture located in Buda, Texas (the Joint Venture). Our cement companies focus on the U.S. heartland and operate as an integrated network selling product primarily in California, Colorado, Illinois, Indiana, Iowa, Kansas, Kentucky, Missouri, Nebraska, Nevada, Ohio, Oklahoma, Tennessee, and Texas. We operate more than 25 readymix concrete batch plants and seven aggregates processing plants, with annual production capacity of 9 million tons, in markets that are complementary to our cement network.

We operate five gypsum wallboard plants and a recycled paperboard mill. We distribute gypsum wallboard and recycled paperboard throughout the continental United States, with the exception of the Northeast.

We account for intersegment sales at market prices. For segment reporting purposes only, we proportionately consolidate our 50% share of the Joint Venture Revenue and Operating Earnings, consistent with the way management reports the segments within the Company for making operating decisions and assessing performance.

18

The following tables set forth certain financial information relating to our operations by segment. We do not allocate interest or taxes at the segment level, only at the consolidated company level.

For the Three Months Ended September 30, 2026 (dollars in thousands)		Cement					Concrete and Aggregates					Gypsum Wallboard					Recycled Paperboard					Total
Revenue from External Customers		$		349,116			$		87,221			$		185,680			$		30,731			$		652,748
Intersegment Revenue				10,457					4,195					—					22,911					37,563
Revenue from Joint Venture				30,958					—					—					—					30,958
		$		390,531			$		91,416			$		185,680			$		53,642			$		721,269
Reconciliation of Revenue
Intersegment Revenue																								(37,563	)
Revenue from Joint Venture																								(30,958	)
Total Consolidated Revenue																						$		652,748
Less:
Freight and Delivery		$		36,424			$		9,562			$		40,091			$		—			$		86,077
Parts, Supplies, and Services (Includes Maintenance)				47,236					14,386					5,899					3,444					70,965
Energy				38,732					3,841					8,782					4,559					55,914
Raw Materials				34,754					34,462					44,681					24,679					138,576
Labor and Fixed Costs				44,939					12,812					16,380					5,929					80,060
Depreciation, Depletion, and Amortization (1)				24,582					7,811					5,357					2,481					40,231
Purchased Cement				20,245					—					—					—					20,245
Other Segment Items				34,822					4,369					7,052					1,650					47,893
Segment Operating Earnings		$		108,797			$		4,173			$		57,438			$		10,900			$		181,308
Reconciliation of Segment Profit and Loss
Corporate General and Administrative Expense																								(26,929	)
Other Non-Operating Income																								1,074
Interest Expense																								(11,908	)
Earnings Before Income Taxes																						$		143,545

19

For the Six Months Ended September 30, 2026 (dollars in thousands)		Cement					Concrete and Aggregates					Gypsum Wallboard					Recycled Paperboard					Total
Revenue from External Customers		$		685,609			$		163,453			$		390,427			$		64,225			$		1,303,714
Intersegment Revenue				20,453					8,711					—					44,828					73,992
Revenue from Joint Venture				62,368					—					—					—					62,368
		$		768,430			$		172,164			$		390,427			$		109,053			$		1,440,074
Reconciliation of Revenue
Intersegment Revenue																								(73,992	)
Revenue from Joint Venture																								(62,368	)
Total Consolidated Revenue																						$		1,303,714
Less:
Freight and Delivery		$		71,762			$		17,884			$		82,915			$		—			$		172,561
Parts, Supplies, and Services (Includes Maintenance)				129,315					27,400					10,855					6,690					174,260
Energy				71,306					6,967					16,742					8,473					103,488
Raw Materials				60,153					63,777					94,166					46,665					264,761
Labor and Fixed Costs				92,434					22,532					32,044					11,734					158,744
Depreciation, Depletion, and Amortization (1)				48,845					15,559					10,662					4,854					79,920
Purchased Cement				38,088					—					—					—					38,088
Other Segment Items				74,125					9,869					12,252					6,610					102,856
Segment Operating Earnings		$		182,402			$		8,176			$		130,791			$		24,027			$		345,396
Reconciliation of Segment Profit and Loss
Corporate General and Administrative Expense																								(47,131	)
Other Non-Operating Income																								1,820
Interest Expense																								(24,855	)
Earnings Before Income Taxes																						$		275,230

20

For the Three Months Ended September 30, 2025 (dollars in thousands)		Cement					Concrete and Aggregates					Gypsum Wallboard					Recycled Paperboard					Total
Revenue from External Customers		$		344,653			$		81,646			$		183,482			$		29,125			$		638,906
Intersegment Revenue				9,904					4,178					—					19,471					33,553
Revenue from Joint Venture				30,312					—					—					—					30,312
		$		384,869			$		85,824			$		183,482			$		48,596			$		702,771
Reconciliation of Revenue
Intersegment Revenue																								(33,553	)
Revenue from Joint Venture																								(30,312	)
Total Consolidated Revenue																						$		638,906
Less:
Freight and Delivery		$		32,726			$		7,997			$		32,567			$		—			$		73,290
Parts, Supplies, and Services (Includes Maintenance)				41,928					13,632					5,257					3,347					64,164
Energy				39,310					2,624					8,516					4,296					54,746
Raw Materials				29,205					31,074					39,750					19,364					119,393
Labor and Fixed Costs				42,596					11,182					15,021					4,998					73,797
Depreciation, Depletion, and Amortization (1)				23,224					7,137					6,494					3,906					40,761
Purchased Cement				21,831					—					—					—					21,831
Other Segment Items				34,275					4,254					8,570					1,669					48,768
Segment Operating Earnings		$		119,774			$		7,924			$		67,307			$		11,016			$		206,021
Reconciliation of Segment Profit and Loss
Corporate General and Administrative Expense																								(21,316	)
Other Non-Operating Income																								1,131
Interest Expense																								(9,362	)
Earnings Before Income Taxes																						$		176,474

21

For the Six Months Ended September 30, 2025 (dollars in thousands)		Cement					Concrete and Aggregates					Gypsum Wallboard					Recycled Paperboard					Total
Revenue from External Customers		$		654,979			$		155,362			$		404,998			$		58,257			$		1,273,596
Intersegment Revenue				19,917					8,030					—					41,443					69,390
Revenue from Joint Venture				57,595					—					—					—					57,595
		$		732,491			$		163,392			$		404,998			$		99,700			$		1,400,581
Reconciliation of Revenue
Intersegment Revenue																								(69,390	)
Revenue from Joint Venture																								(57,595	)
Total Consolidated Revenue																						$		1,273,596
Less:
Freight and Delivery		$		60,804			$		14,886			$		71,939			$		—			$		147,629
Parts, Supplies, and Services (Includes Maintenance)				116,634					25,265					10,611					6,457					158,967
Energy				72,090					4,824					17,113					8,374					102,401
Raw Materials				50,365					60,131					86,417					41,258					238,171
Labor and Fixed Costs				87,105					21,205					31,138					10,863					150,311
Depreciation, Depletion, and Amortization (1)				46,062					13,928					13,013					7,578					80,581
Purchased Cement				39,105					—					—					—					39,105
Other Segment Items				59,468					9,054					14,819					4,651					87,992
Segment Operating Earnings		$		200,858			$		14,099			$		159,948			$		20,519			$		395,424
Reconciliation of Segment Profit and Loss
Corporate General and Administrative Expense																								(42,099	)
Other Non-Operating Income																								2,085
Interest Expense																								(21,078	)
Earnings Before Income Taxes																						$		334,332

(1) Depreciation, Depletion, and Amortization for corporate assets was $1,565 and $3,075 for the three and six months ended September 30, 2026, respectively, and $1,228 and $2,052 for the three and six months ended September 30, 2025, respectively.

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		For the Three Months Ended September 30,										For the Six Months Ended September 30,
		2026					2025					2026					2025
		(dollars in thousands)										(dollars in thousands)
Capital Expenditures
Cement		$		70,560			$		73,037			$		137,423			$		119,032
Concrete and Aggregates				5,493					7,025					11,447					12,628
Gypsum Wallboard				50,703					25,519					93,076					47,514
Recycled Paperboard				2,020					1,622					6,116					2,937
Corporate and Other				125					1,335					1,594					2,524
		$		128,901			$		108,538			$		249,656			$		184,635
													September 30,					March 31,
												2026					2026
													(dollars in thousands)
Segment Assets
Cement												$		2,459,462			$		2,361,230
Concrete and Aggregates														417,756					404,766
Gypsum Wallboard														589,890					522,861
Recycled Paperboard														167,564					169,630
Corporate and Other														333,964					383,757
												$		3,968,636			$		3,842,244
		For the Three Months Ended September 30,										For the Six Months Ended September 30,
		2026					2025					2026					2025
		(dollars in thousands)										(dollars in thousands)
Cement Operating Earnings
Wholly Owned		$		102,223			$		113,465			$		172,985			$		190,745
Joint Venture				6,574					6,309					9,417					10,113
		$		108,797			$		119,774			$		182,402			$		200,858
Cement Sales Volume (M tons)
Wholly Owned				2,034					2,021					3,994					3,856
Joint Venture				172					175					357					333
				2,206					2,196					4,351					4,189

23

Segment Operating Earnings, including the proportionately consolidated 50% interest in the revenue and expenses of the Joint Venture, represent Revenue, less direct operating expenses, segment Depreciation, and segment Selling, General, and Administrative expenses. We account for intersegment sales at market prices. Corporate assets consist mainly of cash and cash equivalents, general office assets, and miscellaneous other assets.

The basis used to disclose Identifiable Assets; Capital Expenditures; and Depreciation, Depletion, and Amortization conforms with the equity method, and is similar to how we disclose these accounts in our Unaudited Consolidated Balance Sheets and Unaudited Consolidated Statements of Earnings.

The segment breakdown of Goodwill is shown below.

		September 30,				March 31,
		2026				2026
		(dollars in thousands)
Cement		$	227,639			$	227,639
Concrete and Aggregates			118,878				118,878
Gypsum Wallboard			116,618				116,618
Recycled Paperboard			7,538				7,538
		$	470,673			$	470,673

Summarized financial information for the Joint Venture that is not consolidated is set out below. This summarized financial information includes the total amount for the Joint Venture and not our 50% interest in those amounts.

		For the Three Months Ended September 30,								For the Six Months Ended September 30,
		2026				2025				2026				2025
		(dollars in thousands)								(dollars in thousands)
Revenue		$	61,916			$	60,623			$	124,736			$	115,190
Gross Margin		$	12,724			$	15,369			$	20,841			$	26,311
Earnings Before Income Taxes		$	13,148			$	12,617			$	18,834			$	20,225

		September 30,				March 31,
		2026				2026
		(dollars in thousands)
Current Assets		$	145,243			$	137,678
Noncurrent Assets		$	264,706			$	237,455
Current Liabilities		$	34,198			$	37,669
Noncurrent Liabilities		$	35,884			$	16,431

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(N) INTEREST EXPENSE

The following components are included in Interest Expense, net.

		For the Three Months Ended September 30,										For the Six Months Ended September 30,
			2026					2025					2026					2025
		(dollars in thousands)										(dollars in thousands)
Interest Income		$		(1,911	)		$		(363	)		$		(3,926	)		$		(514	)
Interest Expense				17,853					11,203					35,800					23,942
Other Expenses				837					474					1,674					948
Interest Capitalized				(4,871	)				(1,952	)				(8,693	)				(3,298	)
Interest Expense, net		$		11,908			$		9,362			$		24,855			$		21,078

Interest Income includes interest earned on investments of excess cash. Components of Interest Expense include interest associated with the Revolving Credit Facility, Term Loan, Senior Unsecured Notes, and commitment fees based on the unused portion of the Revolving Credit Facility. Other Expenses include amortization of debt issuance costs and Revolving Credit Facility costs. Interest Capitalized is related primarily to our long-term projects to expand and modernize our Mountain Cement facility in Wyoming, and to modernize our gypsum wallboard plant in Oklahoma.

(O) COMMITMENTS AND CONTINGENCIES

We have certain deductible limits under our workers’ compensation and liability insurance policies for which reserves are established based on the undiscounted estimated costs of known and anticipated claims. We have entered into standby letter of credit agreements relating to workers’ compensation, auto, and general liability self-insurance. At September 30, 2026, we had contingent liabilities under these outstanding letters of credit of approximately $13.1 million.

In the ordinary course of business, we execute contracts involving indemnifications that are both standard in the industry and specific to a transaction, such as the sale of a business. These indemnifications may include claims relating to any of the following: environmental and tax matters; intellectual property rights; governmental regulations and employment-related matters; customer, supplier, and other commercial contractual relationships; construction contracts; and financial matters. While the maximum amount to which the Company may be exposed under such agreements cannot be estimated, management believes these indemnifications will not have a material adverse effect on our consolidated financial position, results of operations, or cash flows. We currently have no outstanding guarantees.

We are currently contingently liable for performance under $52.9 million in performance bonds required by certain states and municipalities and their related agencies. The bonds are principally for certain reclamation obligations and mining permits. We have indemnified the underwriting insurance company against any exposure under the performance bonds. In our past experience, no material claims have been made against these financial instruments.

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(P) FAIR VALUE OF FINANCIAL INSTRUMENTS

The fair value of our long-term debt has been estimated based on our current incremental borrowing rates for similar types of borrowing arrangements. The fair value of our 2.500% and 5.000% Senior Unsecured Notes at September 30, 2026, was as follows.

		Fair Value
		(dollars in thousands)
2.500% Senior Unsecured Notes Due 2031		$		647,000
5.000% Senior Unsecured Notes Due 2036		$		673,000

The estimated fair value of our long-term debt was based on quoted prices of similar debt instruments with similar terms that are publicly traded (estimated based on Level 1 input of the fair value hierarchy). The carrying values of Cash and Cash Equivalents, Accounts Receivable, Accounts Payable, and Accrued Liabilities approximate their fair values at September 30, 2026, because these assets and liabilities have short-term maturities. The fair value of our Term Loan also approximates the carrying value at September 30, 2026.

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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

EXECUTIVE SUMMARY

We are a leading U.S. manufacturer of heavy construction products and light building materials. Our 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. Demand for our products is generally cyclical and seasonal, depending on economic and geographic conditions. General economic downturns or localized downturns in the regions where we have operations may have a material adverse effect on our business, financial condition, and results of operations.

Our business is organized into two sectors: Heavy Materials, which includes the Cement and Concrete and Aggregates segments, and Light Materials, which includes the Gypsum Wallboard and Recycled Paperboard segments. Financial results and other information for the three and six months ended September 30, 2026, and 2025, are presented on a consolidated basis and by business segment.

We conduct one of our cement operations through a joint venture, Texas Lehigh Cement Company LP, which is located in Buda, Texas (the Joint Venture). We own a 50% interest in the Joint Venture and account for our interest under the equity method of accounting. We proportionately consolidate our 50% share of the Joint Venture’s Revenue and Operating Earnings in the presentation of our Cement segment, which is the way management organizes financial information with respect to the segments within the Company for making operating decisions and assessing performance.

All our business activities are conducted in the United States. These activities include the mining of limestone for the manufacture, production, distribution, and sale of portland cement, including portland limestone cement (a basic construction material that is the essential binding ingredient in concrete); the grinding and sale of slag; the mining of gypsum for the manufacture and sale of gypsum wallboard; the manufacture and sale of recycled paperboard to the gypsum wallboard industry and other paperboard converters; the sale of readymix concrete; and the mining and sale of aggregates (crushed stone, sand, and gravel).

MARKET CONDITIONS AND OUTLOOK

Our business continued to perform well during our fiscal 2027 second quarter despite a challenging operating environment characterized by elevated diesel fuel prices and higher interest rates, driven by ongoing macroeconomic and geopolitical uncertainty. Against this backdrop, we generated record Revenue of $652.7 million, Net Earnings of $111.5 million, and Diluted Earnings per share of $3.63. Year-over-year sales volume increased in our Heavy Materials Sector, with the exception of Aggregates, and also increased in our Light Materials Sector.

We expect demand for cement to remain steady in the near term supported by bipartisan federal, state, and local support for public infrastructure projects and continued spending on private-nonresidential construction, including data centers. A significant amount of federal funding from the trillion-dollar Infrastructure Investment and Jobs Act (IIJA) remains to be spent, and state Department of Transportation (DOT) budgets remain supportive.

The backdrop for residential construction activity remained challenging in the second quarter of fiscal 2027, primarily because of housing affordability concerns driven by persistently elevated mortgage interest rates, as well as other macroeconomic uncertainties. At the same time, the national supply of homes remains limited by years of underbuilding. Recently, new home construction has slowed as builders have pulled back on production because of mixed demand signals and higher levels of new home inventory in certain markets. This pullback affected our wallboard average net sales price, which was down approximately 10% in the second quarter of fiscal 2027. The path ahead for mortgage rates, and the corresponding effect on residential construction activity,

27

remains unclear, and thus the timing of a recovery in new-home construction remains uncertain. Nonetheless, we believe our geographic footprint across the U.S. heartland and fast-growing Sun Belt region positions us to capitalize on market dynamics over the longer term.

Cost Outlook

We believe we are well-positioned to manage our cost structure and meet our customers’ needs. Our major costs are raw materials, energy, freight, labor, and maintenance.

Our substantial raw material reserves for our Cement, Aggregates, and Gypsum Wallboard businesses, and their proximity to our respective manufacturing facilities support our low-cost producer position across all our business segments.

Recycled fiber and finished paper are significant cost components in our Recycled Paperboard and Gypsum Wallboard businesses, respectively. The primary raw material used to produce paperboard is old corrugated containers (OCC). Recycled fiber prices are subject to change on short notice as a result of several factors, including supply of OCC and demand for OCC from both domestic and international companies. OCC prices have increased recently. Our current customer contracts for gypsum liner include price adjustments that partially compensate for changes in the cost of raw materials, such as OCC and energy, including natural gas and electricity. However, because these price adjustments are not realized until future quarters, adjustments to material costs in our Gypsum Wallboard segment could be delayed until the effects of these price adjustments are realized.

Our energy costs related to production activities increased 2% during the second quarter of fiscal 2027 compared with the second quarter of fiscal 2026 and are expected to remain relatively stable over the near future. Freight costs for our Gypsum Wallboard segment, which delivers mostly by trucks, were up in the second quarter of fiscal 2027, and with current fuel prices increasing, they could continue to escalate in fiscal 2027. Freight costs for our Cement segment, which relies mostly on rail delivery, were also elevated in the second quarter of fiscal 2027 and could continue to increase in fiscal 2027. Additionally, labor shortages, primarily of truck drivers, can adversely affect our Concrete business. Any worsening of labor constraints could cause delays and inefficiencies in this business. We expect low single-digit inflation for maintenance costs, as equipment and contractor costs are expected to increase modestly.

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RESULTS OF OPERATIONS

THREE MONTHS ENDED September 30, 2026, Compared WITH THREE MONTHS ENDED

september 30, 2025

		For the Three Months Ended September 30,
				2026						2025				Percentage Change
		(in thousands, except per share)
Revenue		$		652,748				$		638,906					2	%
Cost of Goods Sold				(478,014	)					(439,194	)				9	%
Gross Profit				174,734						199,712					(13	)%
Equity in Earnings of Unconsolidated Joint Venture				6,574						6,309					4	%
Corporate General and Administrative Expense				(26,929	)					(21,316	)				26	%
Other Non-Operating Income				1,074						1,131					(5	)%
Interest Expense, net				(11,908	)					(9,362	)				27	%
Earnings Before Income Taxes				143,545						176,474					(19	)%
Income Tax Expense				(32,014	)					(39,091	)				(18	)%
Net Earnings		$		111,531				$		137,383					(19	)%
Diluted Earnings per Share		$		3.63				$		4.23					(14	)%

REVENUE

Revenue increased by $13.8 million, or 2%, to $652.7 million for the three months ended September 30, 2026. Higher Sales Volume positively affected Revenue by $17.0 million, and was partially offset by lower gross sales prices, which adversely affected Revenue by approximately $3.2 million.

COST OF GOODS SOLD

Cost of Goods Sold increased by $38.8 million, or 9%, to $478.0 million for the three months ended September 30, 2026. The increase was due to higher operating costs of $27.2 million and higher Sales Volume of $11.6 million. These costs are discussed further in the segment analysis.

GROSS PROFIT

Gross Profit decreased 13% to $174.7 million during the three months ended September 30, 2026. The decrease was primarily related to higher operating costs of $27.2 million and lower gross sales prices of $3.2 million, partially offset by higher Sales Volume of $5.4 million. The gross margin declined to 27%, primarily because of higher operating costs.

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EQUITY IN EARNINGS OF UNCONSOLIDATED JOINT VENTURE

Equity in Earnings of our Unconsolidated Joint Venture increased by $0.3 million, or 4%, for the three months ended September 30, 2026. The increase was due to lower operating costs of $0.2 million and higher Sales Volume of $0.1 million. Decreased operating costs were primarily related to lower Selling, General, and Administrative costs of $1.5 million, partially offset by higher freight, raw materials, and fixed costs, which increased Operating Earnings by $0.7 million, $0.4 million, and $0.3 million respectively.

CORPORATE GENERAL AND ADMINISTRATIVE

Corporate General and Administrative expenses increased by approximately $5.6 million, or 26%, for the three months ended September 30, 2026. The increase was due primarily to increased health insurance costs and information technology costs of $2.0 million and $2.5 million, respectively.

OTHER NON-OPERATING INCOME

Other Non-Operating Income consists of a variety of items that are unrelated to segment operations and include non-inventoried Aggregates income, asset sales, and other miscellaneous income and cost items.

INTEREST EXPENSE, NET

Interest Expense, net increased by approximately $2.5 million, or 27%, during the three months ended September 30, 2026. This increase was due to increased interest expense of approximately $6.6 million and increased other expenses of $0.4 million, which was partially offset by higher Interest Capitalized of approximately $2.9 million and higher interest income of $1.5 million. The increase in interest expense was primarily a result of our 5.000% Senior Unsecured Notes due March 2036, which were issued on November 13, 2025. The increase in Interest Capitalized was due primarily to capital spending for the expansion and modernization of our cement plant in Laramie, Wyoming and our gypsum wallboard plant in Duke, Oklahoma.

EARNINGS BEFORE INCOME TAXES

Earnings Before Income Taxes decreased to $143.5 million during the three months ended September 30, 2026, primarily as a result of lower Gross Profit and higher Corporate General and Administrative expense and Interest Expense, net.

INCOME TAX EXPENSE

Income Tax Expense was $32.0 million for the three months ended September 30, 2026, compared with $39.1 million for the three months ended September 30, 2025. The effective tax rate remained consistent at 22% with the prior-year period.

NET EARNINGS

Net Earnings decreased 19% to $111.5 million for the three months ended September 30, 2026.

30

RESULTS OF OPERATIONS

six MONTHS ENDED September 30, 2026, Compared WITH six MONTHS ENDED

september 30, 2025

		For the Six Months Ended September 30,
				2026						2025				Percentage Change
		(in thousands, except per share)
Revenue		$		1,303,714				$		1,273,596					2	%
Cost of Goods Sold				(967,735	)					(888,285	)				9	%
Gross Profit				335,979						385,311					(13	)%
Equity in Earnings of Unconsolidated Joint Venture				9,417						10,113					(7	)%
Corporate General and Administrative Expense				(47,131	)					(42,099	)				12	%
Other Non-Operating Income				1,820						2,085					(13	)%
Interest Expense, net				(24,855	)					(21,078	)				18	%
Earnings Before Income Taxes				275,230						334,332					(18	)%
Income Tax Expense				(61,572	)					(73,587	)				(16	)%
Net Earnings		$		213,658				$		260,745					(18	)%
Diluted Earnings per Share		$		6.91				$		7.99					(14	)%

REVENUE

Revenue increased by $30.1 million, or 2%, to $1,303.7 million for the six months ended September 30, 2026. Higher Sales Volume positively affected Revenue by $36.8 million, and was partially offset by lower gross sales prices, which adversely affected Revenue by approximately $6.7 million.

COST OF GOODS SOLD

Cost of Goods Sold increased by $79.5 million, or 9%, to $967.7 million for the six months ended September 30, 2026. The increase was due to higher operating costs and Sales Volume of $53.0 million and $26.5 million, respectively. These costs are discussed further in the segment analysis.

GROSS PROFIT

Gross Profit decreased 13% to $336.0 million during the six months ended September 30, 2026. The decrease was primarily related to higher operating costs and lower gross sales prices of $54.1 million and $6.7 million, respectively, and was partially offset by higher Sales Volume of $11.5 million. The gross margin declined to 26%, primarily because of higher operating costs.

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EQUITY IN EARNINGS OF UNCONSOLIDATED JOINT VENTURE

Equity in Earnings of our Unconsolidated Joint Venture decreased by $0.7 million, or 7%, for the six months ended September 30, 2026. The decrease was due to lower average gross sales prices of $2.1 million, partially offset by higher Sales Volume and lower operating costs of $1.2 million and $0.2 million, respectively.

CORPORATE GENERAL AND ADMINISTRATIVE

Corporate General and Administrative expenses increased by approximately $5.0 million, or 12%, for the six months ended September 30, 2026. The increase was due primarily to increased health insurance costs, information technology costs, rent and utilities, and travel costs of $2.5 million, $4.3 million, $0.4 million, and $0.3 million, respectively. This was partially offset by lower salary and incentive compensation of $3.1 million.

OTHER NON-OPERATING INCOME

Other Non-Operating Income consists of a variety of items that are unrelated to segment operations and include non-inventoried Aggregates income, asset sales, and other miscellaneous income and cost items.

INTEREST EXPENSE, NET

Interest Expense, net increased by approximately $3.8 million, or 18%, during the six months ended September 30, 2026. This increase was due to increased interest expense of approximately $11.7 million and increased other expenses of $0.9 million, which was partially offset by higher Interest Capitalized of approximately $5.4 million and higher interest income of $3.4 million. The increase in interest expense was primarily a result of our 5.000% Senior Unsecured Notes due March 2036, which were issued on November 13, 2025. The increase in Interest Capitalized was due primarily to capital spending for the expansion and modernization of our cement plant in Laramie, Wyoming and our gypsum wallboard plant in Duke, Oklahoma.

EARNINGS BEFORE INCOME TAXES

Earnings Before Income Taxes decreased to $275.2 million during the six months ended September 30, 2026, primarily as a result of lower Gross Profit and higher Corporate General and Administrative expense and Interest Expense, net.

INCOME TAX EXPENSE

Income Tax Expense was $61.6 million for the six months ended September 30, 2026, compared with $73.6 million for the six months ended September 30, 2025. The effective tax rate remained consistent at 22% with the prior-year period.

NET EARNINGS

Net Earnings decreased 18% to $213.7 million for the six months ended September 30, 2026.

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Three and six MONTHS ENDED september 30, 2026, COMPARED WITH three and six MONTHS ENDED september 30, 2025, BY SEGMENT

The following presents results within our two business sectors for the three and six months ended September 30, 2026, and 2025. Revenue and operating results are organized by sector and discussed by individual business segments.

Heavy Materials

CEMENT (1)

		For the Three Months Ended September 30,														For the Six Months Ended September 30,
				2026					2025			Percentage Change						2026					2025			Percentage Change
		(in thousands, except per ton information)														(in thousands, except per ton information)
Revenue, including    Intersegment and    Joint Venture		$		390,531			$		384,869				1	%		$		768,430			$		732,491				5	%
Less Intersegment Revenue				(10,457	)				(9,904	)			6	%				(20,453	)				(19,917	)			3	%
Less Joint Venture Revenue				(30,958	)				(30,312	)			2	%				(62,368	)				(57,595	)			8	%
Revenue		$		349,116			$		344,653				1	%		$		685,609			$		654,979				5	%
Sales Volume (M Tons)				2,206					2,196				—					4,351					4,189				4	%
Freight and Delivery Costs    billed to Customers (2)		$		(25,195	)		$		(22,825	)			10	%		$		(50,587	)		$		(42,956	)			18	%
Average Net Sales Price,    per ton (3)		$		154.58			$		155.10				—			$		154.34			$		155.87				(1	)%
Operating Margin, per ton		$		49.32			$		54.54				(10	)%		$		41.92			$		47.95				(13	)%
Operating Earnings		$		108,797			$		119,774				(9	)%		$		182,402			$		200,858				(9	)%

(1) Total of wholly owned subsidiaries and proportionately consolidated 50% interest of the Joint Venture’s results.

(2) Excluding the cost of freight from our plants to our distribution terminals.

(3) Net of freight per ton, including Joint Venture.

Three months ended September 30, 2026

Cement Revenue was $390.5 million, a 1% increase, for the three months ended September 30, 2026. This increase was due to higher gross sales prices and Sales Volume, which increased Cement Revenue by $3.4 million and $2.2 million, respectively.

Cement Operating Earnings decreased by $11.0 million to $108.8 million for the three months ended September 30, 2026. The decrease was due to higher operating costs of $15.0 million, partially offset by higher gross sales prices and Sales Volume of $3.4 million and $0.6 million, respectively. The increase in operating costs was mainly due to higher freight, purchased raw materials, and labor and other fixed costs of approximately $4.9 million, $5.6 million, and $3.8 million, respectively. The Operating Margin decreased to 28% from 31% because of higher operating costs, partially offset by the increase in gross sales prices.

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Six months ended September 30, 2026

Cement Revenue was $768.4 million, a 5% increase, for the six months ended September 30, 2026. This increase was due to higher gross sales prices and Sales Volume, which increased Cement Revenue by $7.9 million and $28.0 million, respectively.

Cement Operating Earnings decreased by $18.5 million to $182.4 million for the six months ended September 30, 2026. The decrease was due to higher operating costs of $32.9 million, which were partially offset by higher Sales Volume and higher gross sales prices of $6.5 million and $7.9 million, respectively. The increase in operating costs was mainly due to higher freight, purchased raw materials, and maintenance costs of approximately $4.9 million, $9.8 million, and $13.4 million, respectively. The Operating Margin decreased to 24% from 27% because of higher operating costs, partially offset by the increase in gross sales prices and Sales Volume.

CONCRETE AND AGGREGATES

		For the Three Months Ended September 30,														For the Six Months Ended September 30,
				2026					2025			Percentage Change						2026					2025			Percentage Change
		(in thousands, except per ton information)														(in thousands, except per ton information)
Revenue, including    Intersegment		$		91,416			$		85,824				7	%		$		172,164			$		163,392				5	%
Less Intersegment Revenue				(4,195	)				(4,178	)			—					(8,711	)				(8,030	)			8	%
Revenue		$		87,221			$		81,646				7	%		$		163,453			$		155,362				5	%
Sales Volume
M Cubic Yards of Concrete				365					347				5	%				681					669				2	%
M Tons of Aggregate				1,874					1,985				(6	)%				3,615					3,716				(3	)%
Average Net Sales Price
Concrete, Per Cubic Yard		$		160.18			$		153.68				4	%		$		158.61			$		152.11				4	%
Aggregates, Per Ton		$		14.00			$		14.31				(2	)%		$		14.31			$		14.28				—
Operating Earnings		$		4,173			$		7,924				(47	)%		$		8,176			$		14,099				(42	)%

Three months ended September 30, 2026

Concrete and Aggregates Revenue increased 7% to $91.4 million for the three months ended September 30, 2026. The increase was due to higher Concrete and Aggregates gross sales prices of $2.5 million and $1.9 million, respectively, and higher Concrete Sales Volume of $2.8 million, which were partially offset by lower Aggregates Sales Volume, which reduced Revenue by $1.6 million.

Operating Earnings were approximately $4.2 million, a 47% decrease. The decrease was due to higher operating costs of $7.8 million and lower Sales Volume of $0.3 million, partially offset by higher gross sales prices of $4.4 million. The increase in operating costs was primarily due to higher materials, delivery, depreciation, depletion, and amortization, and maintenance expenses of approximately $1.9 million, $2.7 million, $0.8 million, and $1.5 million, respectively.

34

Six months ended September 30, 2026

Concrete and Aggregates Revenue increased 5% to $172.2 million for the six months ended September 30, 2026. The increase was due to higher Concrete and Aggregates gross sales prices of $4.5 million and $3.3 million, respectively, and higher Concrete Sales Volume of $1.8 million, and was partially offset by lower Aggregates Sales Volume of $1.5 million.

Operating Earnings were approximately $8.2 million, a 42% decrease. The decrease was due to higher operating costs of $13.3 million and lower Sales Volume of $0.2 million, which were partially offset by higher gross sales prices of $7.7 million. The higher operating costs were primarily due to higher materials, delivery, depreciation, depletion, and amortization, and maintenance expenses of approximately $1.9 million, $4.1 million, $1.7 million, and $3.1 million, respectively.

Light Materials

GYPSUM WALLBOARD

		For the Three Months Ended September 30,														For the Six Months Ended September 30,
				2026					2025			Percentage Change						2026					2025			Percentage Change
		(in thousands, except per ton information)														(in thousands, except per ton information)
Revenue		$		185,680			$		183,482				1	%		$		390,427			$		404,998				(4	)%
Sales Volume (MMSF)				696					648				7	%				1,468					1,432				3	%
Freight and Delivery Costs    Billed to Customers		$		(40,091	)		$		(32,567	)			23	%		$		(82,915	)		$		(71,939	)			15	%
Average Net Sales Price, per    MSF (1)		$		209.37			$		232.94				(10	)%		$		209.51			$		232.65				(10	)%
Freight, per MSF		$		57.60			$		50.26				15	%		$		56.48			$		50.24				12	%
Operating Margin, per MSF		$		82.53			$		103.87				(21	)%		$		89.09			$		111.70				(20	)%
Operating Earnings		$		57,438			$		67,307				(15	)%		$		130,791			$		159,948				(18	)%

(1) Net of freight per MSF.

Three months ended September 30, 2026

Gypsum Wallboard Revenue was $185.7 million, a 1% increase, for the three months ended September 30, 2026. Higher Sales Volume increased Revenue by $13.6 million, partially offset by lower gross sales prices of approximately $11.4 million. Our market share remained relatively consistent during the three months ended September 30, 2026.

Operating Earnings decreased 15% to $57.4 million, primarily because of lower gross sales prices of $11.4 million and higher operating costs of $3.5 million, partially offset by higher Sales Volume of $5.0 million. The higher operating costs were primarily related to freight of $5.1 million, partially offset by lower depreciation, depletion, and amortization of $1.1 million. Operating Margin decreased to 31% for the three months ended September 30, 2026, primarily because of lower gross sales prices.

35

Six months ended September 30, 2026

Gypsum Wallboard Revenue was $390.4 million, a 4% decrease for the six months ended September 30, 2026. Lower gross sales prices negatively affected Revenue by approximately $24.8 million, partially offset by higher Sales Volume of $10.2 million. Our market share remained relatively consistent during the six months ended September 30, 2026.

Operating Earnings decreased 18% to $130.8 million, primarily because of lower gross sales prices of $24.8 million and higher operating costs of $8.0 million, partially offset by higher Sales Volume of $3.6 million. The higher operating costs were primarily related to freight, which decreased Operating Earnings by approximately $9.2 million, partially offset by lower depreciation, depletion, and amortization of $2.4 million. Operating Margin decreased to 33% for the six months ended September 30, 2026, primarily because of lower gross sales prices.

RECYCLED PAPERBOARD

		For the Three Months Ended September 30,														For the Six Months Ended September 30,
				2026					2025			Percentage Change						2026					2025			Percentage Change
		(in thousands, except per ton information)														(in thousands, except per ton information)
Revenue, including    Intersegment		$		53,642			$		48,596				10	%		$		109,053			$		99,700				9	%
Less Intersegment Revenue				(22,911	)				(19,471	)			18	%				(44,828	)				(41,443	)			8	%
Revenue		$		30,731			$		29,125				6	%		$		64,225			$		58,257				10	%
Sales Volume (M Tons)				86					82				5	%				178					172				3	%
Average Net Sales Price,    per ton (1)		$		622.90			$		598.48				4	%		$		611.28			$		581.55				5	%
Operating Margin, per ton		$		126.74			$		134.34				(6	)%		$		134.98			$		119.30				13	%
Operating Earnings		$		10,900			$		11,016				(1	)%		$		24,027			$		20,519				17	%

(1) Net of freight per ton.

Three months ended September 30, 2026

Recycled Paperboard Revenue increased 10% to $53.6 million during the three months ended September 30, 2026. Higher Sales Volume and gross sales prices increased Revenue by $3.0 million and $2.1 million, respectively. Higher gross sales prices were related to the pricing provision changes in our long-term sales agreements.

Operating Earnings decreased 1% to $10.9 million, primarily because of higher operating costs, which decreased Operating Earnings by $2.9 million. This was partially offset by higher gross sales prices and Sales Volume, which increased Operating Earnings by approximately $2.1 million and $0.7 million, respectively. The increase in operating costs was primarily related to higher fiber and fiber freight of approximately $2.6 million and $1.1 million, respectively, which was partially offset by lower depreciation of $1.4 million. Operating Margin decreased to 20% in the quarter ended September 30, 2026, from 22% in the quarter ended September 30, 2025, largely because of the increase in operating costs. Although the Company has certain pricing provisions in its long-term sales agreements, prices are adjusted only at certain times throughout the year, so price adjustments are not always reflected in the same period as the change in costs.

36

Six months ended September 30, 2026

Recycled Paperboard Revenue increased 9% to $109.1 million during the six months ended September 30, 2026. Higher Sales Volume and gross sales prices increased revenue by $4.1 million and $5.3 million, respectively. Higher gross sales prices were related to the pricing provision changes in our long-term sales agreements.

Operating Earnings increased 17% to $24.0 million, primarily because of higher gross sales prices and Sales Volume, which increased Operating Earnings by $5.2 million and $0.9 million, respectively. The increase was partially offset by higher operating costs, which reduced Operating Earnings by approximately $2.6 million. The increase in operating costs was primarily related to higher fiber, fiber freight, and fixed costs of approximately $2.2 million, $2.4 million, and $0.8 million, respectively, which was partially offset by lower depreciation of $2.7 million. Operating Margin increased to 22% in the six months ended September 30, 2026, from 21% in the six months ended September 30, 2025, primarily because of the increase in gross sales prices. Although the Company has certain pricing provisions in its long-term sales agreements, prices are adjusted only at certain times throughout the year, so price adjustments are not always reflected in the same period as the change in costs.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to adopt accounting policies and make significant judgments and estimates to develop amounts disclosed in the financial statements. In many cases, alternative policies or estimation techniques could be used. We maintain a thorough process to review the application of our accounting policies and to evaluate the appropriateness of the many estimates that are required to prepare our financial statements. However, even under optimal circumstances, estimates routinely require adjustment based on changing circumstances and the receipt of new or better information.

Information regarding our Critical Accounting Policies can be found in our Annual Report on Form 10-K for the fiscal year ended March 31, 2026 (the Annual Report). The two Critical Accounting Policies that we believe are material to our financial statements, and require either the most judgment, or the selection or application of alternative accounting policies, are those related to goodwill and business combinations. Management has discussed the development and selection of these Critical Accounting Policies and estimates with the Audit Committee of our Board of Directors and with our independent registered public accounting firm. In addition, Note (A) in the Notes to Consolidated Financial Statements in our Annual Report contains a summary of our significant accounting policies.

Recent Accounting Pronouncements

Refer to Note (A) in the Notes to Unaudited Consolidated Financial Statements of this Quarterly Report on Form 10-Q for information regarding recently issued accounting pronouncements that may affect our financial statements.

LIQUIDITY AND CAPITAL RESOURCES

We believe we have access at the present time to sufficient financial resources from our liquidity sources to fund our business and operations, including contractual obligations, capital expenditures, and debt service obligations, for at least the next 12 months. In the long term, we intend to rely on our existing financial resources, together with borrowings under existing and future credit facilities and potential offerings of our securities in private or public markets. We regularly monitor potential disruptions to the economy, and to our operations, particularly changing fiscal policy or economic conditions affecting our industries. Please see the Debt Financing Activities section below for a discussion of our revolving credit facility and the amount of borrowings available to us in the next 12-month period.

37

Cash Flow

The following table provides a summary of our cash flow.

		For the Six Months Ended September 30,
				2026						2025
		(dollars in thousands)
Net Cash Provided by Operating Activities		$		364,323				$		341,231
Investing Activities:
Additions to Property, Plant, and Equipment				(249,656	)					(184,635	)
Net Cash Used in Investing Activities				(249,656	)					(184,635	)
Financing Activities:
Borrowings Under Revolving Credit Facility				—						130,000
Repayment of Borrowings Under Revolving Credit Facility				—						(75,000	)
Repayment of Term Loan				(7,500	)					(7,500	)
Dividends Paid to Stockholders				(15,608	)					(16,631	)
Purchase and Retirement of Common Stock				(145,960	)					(167,700	)
Proceeds from Stock Option Exercises				235						479
Shares Redeemed to Settle Employee Taxes on Stock Compensation				(2,586	)					(5,612	)
Net Cash Used in Financing Activities				(171,419	)					(141,964	)
Net Increase (Decrease) in Cash and Cash Equivalents		$		(56,752	)			$		14,632

Net Cash Provided by Operating Activities increased by $23.1 million to $364.3 million during the six months ended September 30, 2026. This increase was primarily attributable to higher cash flows from changes in Working Capital and non-cash activity of $24.8 million and $45.4 million, respectively, partially offset by lower Operating Earnings of $47.1 million.

Working Capital decreased by $72.7 million to $618.1 million at September 30, 2026, compared with March 31, 2026. The decrease was primarily due to lower Cash and Inventories as well as higher Accounts Payable, of $56.8 million, $46.7 million, and $10.6 million, respectively. This was partially offset by $35.5 million of higher Accounts Receivable, net and $5.9 million of higher Prepaids and Other Assets.

The increase in Accounts Receivable at September 30, 2026, was primarily related to higher Revenue during the three months ended September 30, 2026, compared with the three months ended March 31, 2026. As a percentage of quarterly sales generated for the respective quarter, Accounts Receivable was approximately 40% and 48% at September 30, 2026, and March 31, 2026, respectively. Management measures the change in Accounts Receivable by monitoring the days sales outstanding on a monthly basis to determine if any deterioration has occurred in the collectability of the Accounts Receivable. No significant deterioration in the collectability of our Accounts Receivable was identified at September 30, 2026.

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Our Inventory balance at September 30, 2026, decreased by approximately $46.7 million from our balance at March 31, 2026. Within Inventory, Raw Materials and Materials-in-Progress and Finished Cement declined $42.3 million and $4.9 million, respectively. The decline in Raw Materials and Materials-in-Progress and Finished Cement is consistent with our business cycle; we generally build up clinker inventory over the winter months to meet the demand for cement in the spring and summer. The largest individual balance in our Inventory is Repair Parts. These parts are necessary given the size and complexity of our manufacturing plants, and the age of certain of our plants, which creates the need to stock a high level of Repair Parts inventory. We believe all these repair parts are necessary, and we perform semi-annual analyses to identify obsolete parts. We have less than one year’s sales of all product inventories, and our inventories have a low risk of obsolescence because our products are basic construction materials.

Net Cash Used in Investing Activities during the six months ended September 30, 2026, was approximately $249.7 million, compared with $184.6 million during the same period in 2025. The $65.0 million increase was primarily related to the modernization and expansion of our Mountain Cement facility in Laramie, Wyoming.

Net Cash Used in Financing Activities was $171.4 million during the six months ended September 30, 2026, compared with $142.0 million during the same period in 2025. The $29.5 million increase was mainly related to lower borrowings, net of repayments of $55.0 million, partially offset by lower Purchase and Retirement of Common Stock and Shares Redeemed to Settle Employee Taxes of $21.7 million and $3.0 million, respectively.

Our debt-to-capitalization ratio and net-debt-to-capitalization ratio were 53.6% and 50.0%, respectively, at September 30, 2026, compared with 54.7% and 50.1%, respectively, at March 31, 2026.

Debt Financing Activities

Below is a summary of the Company’s outstanding debt facilities at September 30, 2026.

	Maturity
Revolving Credit Facility		February 2030
Term Loan		February 2030
2.500% Senior Unsecured Notes		July 2031
5.000% Senior Unsecured Notes		March 2036

See Note (L) in the Notes to Unaudited Consolidated Financial Statements for further details on the Company’s debt facilities, including interest rate, and financial and other covenants and restrictions.

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The revolving borrowing capacity of our Revolving Credit Facility is $750.0 million (any revolving loans borrowed under the Revolving Credit Facility, as applicable, the Revolving Loans). The Revolving Credit Facility also includes a swingline loan sublimit of $25.0 million, and a $40.0 million letter of credit facility. At September 30, 2026, we had no outstanding Revolving Loans under the Revolving Credit Facility and $13.1 million of outstanding letters of credit, leaving us with $736.9 million of available borrowings under the Revolving Credit Facility, net of outstanding letters of credit. We are contingently liable for performance under $52.9 million in performance bonds relating primarily to our mining operations. We do not have any off-balance sheet debt or any outstanding debt guarantees as of September 30, 2026.

Other than the Revolving Credit Facility, we have no additional source of committed external financing in place. Should the Revolving Credit Facility be terminated, no assurance can be given as to our ability to secure a new source of financing. Consequently, if any balance were outstanding on the Revolving Credit Facility at the time of termination, and an alternative source of financing could not be secured, it would have a material adverse impact on our business.

We believe our cash flow from operations and available borrowings under our Revolving Credit Facility, as well as cash on hand, should be sufficient to meet our currently anticipated operating needs, capital expenditures, and dividend and debt service requirements for at least the next 12 months. However, our future liquidity and capital requirements may vary depending on several factors, including market conditions in the construction industry, our ability to maintain compliance with covenants in our Revolving Credit Facility, the level of competition, and general and economic factors beyond our control, such as supply chain constraints and inflation. These and other developments could reduce our cash flow or require that we seek additional sources of funding. We cannot predict what effect these factors will have on our future liquidity. See the Market Conditions and Outlook section above for further discussion of the possible effects on our business.

As market conditions warrant, the Company may from time to time seek to purchase or repay its outstanding debt securities or loans, including the 2.500% Senior Unsecured Notes, 5.000% Senior Unsecured Notes, the Term Loan, and any Revolving Credit Loans, in privately negotiated or open market transactions, by tender offer or otherwise. Subject to any applicable limitations contained in the agreements governing our indebtedness, any purchases we make may be funded by using cash on our balance sheet or issuing new debt. The amounts involved in any such purchase transactions, individually or in aggregate, may be material.

We had approximately $40.3 million of lease liabilities at September 30, 2026, with an average remaining life of approximately 10.8 years.

Dividends

Dividends paid were $15.6 million and $16.6 million for the six months ended September 30, 2026, and 2025, respectively. Each quarterly dividend payment is subject to review and approval by our Board of Directors, who will continue to evaluate our dividend payment amount on a quarterly basis.

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Share Repurchases

During the six months ended September 30, 2026, our share repurchases were as follows.

Period		Total Number of Shares Purchased				Average Price Paid Per Share				Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs				Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
April 1 through April 30, 2026			182,500			$	198.66				—
May 1 through May 31, 2026			125,000				205.70				—
June 1 through June 30, 2026			99,000				220.85				—
Quarter 1 Totals			406,500			$	206.23				—
July 1 through July 31, 2026			159,000			$	210.63				—
August 1 through August 31, 2026			76,000				207.93				—
September 1 through September 30, 2026			69,881				183.72				—
Quarter 2 Totals			304,881			$	203.79				—
Year-to-Date Totals			711,381			$	205.18				—				2,218,491

On May 17, 2022, the Board of Directors authorized us to repurchase an additional 7.5 million shares. This authorization brought the cumulative total of common stock our Board has approved for repurchase in the open market to 55.9 million shares since we became publicly held in April 1994. Through September 30, 2026, we have repurchased approximately 53.7 million shares.

Share repurchases may be made from time to time in the open market or in privately negotiated transactions. The timing and amount of any share repurchases are determined by management, based on its evaluation of market and economic conditions and other factors. In some cases, repurchases may be made pursuant to plans, programs, or directions established from time to time by the Company’s management, including plans intended to comply with the safe-harbor provided by Rule 10b5-1.

During the six months ended September 30, 2026, the Company withheld from employees 29,534 shares of stock upon the vesting of Restricted Shares that were granted under the 2023 Equity Incentive Plan. We withheld these shares to satisfy the employees’ statutory tax withholding requirements, which is necessary once the Restricted Shares or Restricted Share Units are vested.

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Capital Expenditures

The following table details capital expenditures by category.

		For the Six Months Ended September 30,
		2026				2025
		(dollars in thousands)
Land and Quarries		$	1,353			$	3,057
Plants			147,983				150,924
Buildings, Machinery and Equipment			100,320				30,654
Total Capital Expenditures		$	249,656			$	184,635

Capital expenditures for fiscal 2027 are expected to range from $490.0 million to $525.0 million and will be allocated across both Heavy Materials and Light Materials sectors. These estimated capital expenditures will be for the expansions and modernizations of our Mountain Cement facility in Laramie, Wyoming and our gypsum wallboard plant in Duke, Oklahoma, as well as for ongoing maintenance and improvements, and other safety and regulatory projects.

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FORWARD-LOOKING STATEMENTS

Certain matters discussed in this report contain 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 statement 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 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 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 energy (including, without limitation, natural gas, coal and oil) or 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, 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, 2026, on file 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.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are exposed to market risks related to fluctuations in interest rates on our Revolving Credit Facility and Term Loan. We have occasionally utilized derivative instruments, including interest rate swaps, in conjunction with our overall strategy to manage the debt outstanding that is subject to interest rate changes. We had a $750.0 million Revolving Credit Facility at September 30, 2026, under which borrowings bear interest at a variable rate. A hypothetical 100 basis point increase in interest rates on the $273.8 million of borrowings under the Term Loan at September 30, 2026, would increase interest expense by approximately $2.7 million on an annual basis. At present, we do not use derivative financial instruments.

We are subject to commodity risk with respect to price changes principally in coal, coke, natural gas, and power. We attempt to limit our exposure to changes in commodity prices by entering into contracts or increasing our use of alternative fuels.

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Item 4. Controls and Procedures

We have established a system of disclosure controls and procedures designed to ensure that information relating to the Company that we are required to disclose in the reports we file or submit under the Securities Exchange Act of 1934 (Exchange Act), is recorded, processed, summarized, and reported within the time periods specified by the SEC’s rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer (CEO) and Chief Financial Officer (CFO), in a timely fashion. An evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) was performed as of the end of the period covered by this quarterly report. This evaluation was performed under the supervision and with the participation of management, including our CEO and CFO. Based upon that evaluation, our CEO and CFO have concluded that these disclosure controls and procedures were effective.

We are currently undertaking a multi-year Enterprise Resource Planning (ERP) implementation to upgrade our information technology platforms and business processes. The ERP upgrade began in fiscal 2025 with implementation at the Corporate level and will continue in phases over several years. During the three months ended September 30, 2025, we implemented the ERP at our Gypsum Wallboard and Recycled Paperboard segments.

As a result of this multi-year implementation, we expect certain changes to our processes and procedures, which will result in changes to our internal control over financial reporting. We expect this implementation to strengthen our internal control over financial reporting by automating certain manual processes and standardizing business processes and reporting across our organization. We will continue to evaluate and monitor our internal control over financial reporting as processes and procedures in the affected areas evolve.

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended September 30, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

In addition to the legal matters described in Part 1, Item 3 Legal Proceedings of our Form 10-K for the fiscal year ended March 31, 2026, from time to time, we have been and may in the future become involved in litigation or other legal proceedings in the ordinary course of our business activities or in connection with transactions or activities we undertake, including claims related to worker safety, worker health, environmental matters, commercial contracts, product liability, personal injury, land use rights, taxes, and permits. While the outcome of these proceedings cannot be predicted with certainty, in the opinion of management (based on currently available facts), we do not believe the ultimate outcome of any currently pending legal proceeding will have a material effect on our consolidated financial condition, results of operations, or liquidity.

For additional information regarding claims and other contingent liabilities to which we may be subject, see Note (O) to the Unaudited Consolidated Financial Statements.

Item 1A. Risk Factors

There have been no material changes to the risk factors as disclosed in Part 1. Item 1A. Risk Factors in our Form 10-K for the fiscal year ended March 31, 2026, filed with the Securities and Exchange Commission on May 19, 2026.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The disclosure required under this Item is included in Management’s Discussion and Analysis of Results of Operations and Financial Condition of this Quarterly Report on Form 10-Q under the heading Share Repurchases and is incorporated herein by reference.

Item 4. Mine Safety Disclosures

The information concerning mine safety violations or other regulatory matters required by Section 1503 (a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95 to this Quarterly Report Form 10-Q.

Item 5. Other Information

None of the Company's directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement, or a non-Rule 10b5-1 trading arrangement during the Company's fiscal quarter ended September 30, 2026.

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Item 6. Exhibits

3.1		Restated Certificate of Incorporation filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Commission on April 11, 2006, (File No. 001-12984) and incorporated herein by reference.
3.2		Certificate of Amendment of Restated Certificate of Incorporation of Eagle Materials Inc., filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Commission on August 7, 2024, (File No. 001-12984) and incorporated herein by reference.
3.3		Restated Certificate of Designation, Preferences and Rights of Series A Preferred Stock filed as Exhibit 3.2 to the Company’s Current Report on Form 8-K filed with the Commission on April 11, 2006, (File No. 001-12984) and incorporated herein by reference.
3.4		Certificate of Amendment of Restated Certificate of Incorporation filed as Exhibit 3.1 to the Company's Current Report on Form 8-K, filed with the Commission on July 31, 2026, (File No. 001-12984) and incorporated herein by reference.
3.5		Second Amended and Restated Bylaws filed as Exhibit 3.1 to the Company's Current Report on Form 8-K, filed with the Commission on November 7, 2022, (File No. 001-12984) and incorporated herein by reference.
3.6		Amendment to Second Amended and Restated Bylaws filed as Exhibit 3.2 to the Company's Current Report on Form 8-K, filed with the Commission on July 31, 2026, (File No. 001-12984) and incorporated herein by reference.
10.1*		Non-Employee Director Compensation Summary. (1)
10.2*		Form of Director Restricted Stock Agreement. (1)
10.3*		Form of Director Stock Option Agreement. (1)
31.1*		Certification of the Chief Executive Officer of Eagle Materials Inc. pursuant to Rules 13a-14 and 15d-14 promulgated under the Securities Exchange Act of 1934, as amended.
31.2*		Certification of the Chief Financial Officer of Eagle Materials Inc. pursuant to Rules 13a-14 and 15d-14 promulgated under the Securities Exchange Act of 1934, as amended.
32.1*		Certification of the Chief Executive Officer of Eagle Materials Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*		Certification of the Chief Financial Officer of Eagle Materials Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
95*		Mine Safety Disclosure.
101.INS*		Inline XBRL Instance Document – The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*		Inline XBRL Taxonomy Extension Schema Document with Embedded Linkbase Documents.
104.1*		Cover Page Interactive Data File – (formatted as Inline XBRL and Contained in Exhibit 101).

* Filed herewith.

(1) Management contract, compensatory plan, or arrangement.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		EAGLE MATERIALS INC.
		Registrant
November 4, 2026		/s/ MICHAEL R. HAACK
		Michael R. Haack President and Chief Executive Officer (principal executive officer)
November 4, 2026		/s/ D. CRAIG KESLER
		D. Craig Kesler Executive Vice President – Finance and Administration and Chief Financial Officer (principal financial officer)

November 4, 2026		/s/ SAMUEL M. GUZMAN JR.
		Samuel M. Guzman Jr. Senior Vice President – Chief Accounting Officer and Controller (principal accounting officer)

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