Eagle Materials posts lower Q1 FY27 earnings
Eagle Materials Inc. reported first quarter fiscal 2027 results for the quarter ended June 30, 2026.
Rhea-AI Filing Summary
Eagle Materials Inc. reported first quarter fiscal 2027 results for the quarter ended June 30, 2026. Revenue rose to $650,966 thousand from $634,690 thousand, but net earnings declined to $102,127 thousand from $123,362 thousand, and diluted EPS fell to $3.29 from $3.76.
Heavy Materials revenue, including Cement, Concrete and Aggregates, increased 8% to $412,725 thousand, with cement revenue higher and sales volume reaching a record 2.1 million tons, though Heavy Materials operating earnings decreased to $77,608 thousand. Light Materials revenue fell 5% to $238,241 thousand as gypsum wallboard volume declined 2% to 772 MMSF and average net wallboard price decreased 10%.
Management cited an unexpected equipment failure at the Mountain Cement facility, with an estimated $6 million earnings impact and additional maintenance, raw material and downtime costs, partly offset by lower energy costs and expected insurance recovery. Eagle repurchased 406,500 shares for approximately $84 million and ended June 30, 2026 with debt of $1.8 billion, net debt of $1.5 billion and a net debt to Adjusted EBITDA ratio of 2.1x.
Positive
- None.
Negative
- Profitability declined as net earnings fell to $102,127 thousand from $123,362 thousand and Light Materials operating earnings decreased 15%, reflecting higher costs and lower gypsum wallboard pricing despite modest overall revenue growth.
Filing Explained
At June 30, 2026, Eagle Materials reported
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
net leverage ratio financial
equity method of accounting financial
intersegment revenue financial
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Eagle Materials (EXP) Q1 fiscal 2027 revenue and net earnings?
How did Eagle Materials' Heavy and Light Materials segments perform in Q1 FY27 (EXP)?
What impacted Eagle Materials' Mountain Cement facility earnings in Q1 FY27 (EXP)?
How much stock did Eagle Materials (EXP) repurchase in Q1 FY27?
What is Eagle Materials' (EXP) net debt and leverage after Q1 FY27?
How did gypsum wallboard volumes and prices change for Eagle Materials (EXP) in Q1 FY27?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
.
(Exact name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
| (Address of Principal Executive Offices) | (Zip Code) | |||
Registrant’s Telephone Number, Including Area Code: (
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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. ☐
| Item 2.02 | Results of Operations and Financial Condition |
On July 29, 2026, Eagle Materials Inc., a Delaware corporation (“Eagle”), announced its results of operations for the quarter ended June 30, 2026. A copy of Eagle’s earnings press release announcing these results is being furnished as Exhibit 99.1 hereto and is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits |
| Exhibit |
Description | |
| 99.1 | Earnings Press Release dated July 29, 2026 issued by Eagle Materials Inc. (announcing quarterly operating results) | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
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 hereunto duly authorized.
| EAGLE MATERIALS INC. | ||
| By: | /s/ D. Craig Kesler | |
| D. Craig Kesler | ||
| Executive Vice President – Finance and Administration and Chief Financial Officer | ||
Date: July 29, 2026
EXHIBIT 99.1
|
Contact at 214-432-2000 | |
| Michael R. Haack | ||
| President & CEO | ||
| D. Craig Kesler | ||
| Executive Vice President & CFO | ||
| Alex Haddock | ||
| Senior Vice President |
News For Immediate Release
EAGLE MATERIALS REPORTS FIRST QUARTER RESULTS
DALLAS, TX (July 29, 2026) Eagle Materials Inc. (NYSE: EXP) today reported financial results for the first quarter of fiscal 2027 ended June 30, 2026. Notable items for the quarter are highlighted below. (Unless otherwise noted, all comparisons are with the prior year’s fiscal first quarter.)
First Quarter Fiscal 2027 Highlights
| • | Record Revenue of $651.0 million, up 3% |
| • | Net Earnings of $102.1 million, down 17% |
| • | Net Earnings per diluted share of $3.29, down 13% |
| • | Cashflow from Operations of $154 million, up 13% |
| • | Adjusted EBITDA of $190.5 million, down 11% |
| • | Adjusted EBITDA is a non-GAAP financial measure calculated by excluding non-routine items (including certain non-cash expenses) in the manner described in Attachment 6 |
| • | Repurchased 406,500 shares of Eagle common stock for approximately $84 million |
Commenting on the first quarter results, Michael Haack, President and Chief Executive Officer, said, “Eagle delivered a solid start to fiscal 2027, despite ongoing geopolitical, trade and fiscal policy uncertainty, our diversified portfolio of businesses continued to perform well, supported by resilient end markets. Our Cement sales volume increased 8%, driven by sustained strength in public construction activity and large private non-residential projects. The growth in our cement sales volume was offset by an approximately $6 million earnings impact resulting from an unexpected equipment failure at our Mountain Cement facility. This equipment failure did not affect the ongoing modernization project. and we expect to recover a portion of this impact through our insurance coverage. Importantly, we utilized our network of cement plants to continue meeting customer demand without interruption. This incident further underscores the importance of our Mountain Cement modernization investment, which is intended to enhance the facility’s long-term reliability and operational performance. Our Wallboard sales volume experienced only a slight decline despite continued softness in residential construction activity. Additionally, we incurred higher delivery costs across our Cement and Wallboard businesses, primarily driven by elevated diesel prices during the quarter.”
Mr. Haack continued, “In the midst of this ongoing volatility, we remained focused on investing in our plant network and advancing our commitment to employee health and safety while continuing to return capital to shareholders. During the quarter, we made meaningful progress on the modernizations of our Laramie, Wyoming Cement and our Duke, Oklahoma Gypsum Wallboard plants – investments that will further strengthen our competitive position. We also repurchased 406,500 shares of our common stock for approximately $84 million.
We ended the quarter with debt of $1.8 billion, net debt of $1.5 billion, and a net leverage ratio (net debt to Adjusted EBITDA) of 2.1x, providing substantial financial flexibility to support our disciplined capital allocation strategy and long-term growth.” (Net debt is a non-GAAP financial measure calculated by subtracting cash and cash equivalents from debt, as described in Attachment 6).
Mr. Haack concluded, “We have a long history of successfully navigating dynamic market environments. While fuel cost pressures weighed on profitability in the past quarter, our favorable market positions, strong balance sheet, and continued disciplined investment in our people and assets, position us to deliver solid performance as market conditions evolve and to create value for our shareholders over the long term.”
Segment Financial Results
Heavy Materials: Cement, Concrete and Aggregates
Revenue in the Heavy Materials sector, which includes Cement, Concrete and Aggregates, Joint Venture and intersegment Cement revenue, increased 8% to $454.1 million, primarily driven by higher Cement sales volume. Heavy Materials operating earnings decreased 11% to $77.6 million primarily because of higher Cement operating costs.
Cement revenue, including Joint Venture and intersegment revenue, was up 9% to $377.9 million. Operating earnings decreased 9% to $73.6 million, because of higher Cement operating costs partially offset by higher Cement sales volume. Cement operating costs were affected by higher maintenance and raw materials costs and inefficiencies associated with unexpected downtime at our Mountain Cement facility of $7.4 million, $4.2 million, and $6.0 million, respectively, partially offset by lower energy costs of $1.6 million. The average gross Cement sales price was up 1% while the average net Cement sales price decreased 2% as a result of higher freight costs of $3 per ton. Cement sales volume increased 8% to a record 2.1 million tons.
Concrete and Aggregates revenue was up 3% to $76.2 million, driven by higher Aggregates sales volume and prices. Operating earnings were down 35% to $4.0 million, reflecting lower Concrete sales volume and higher operating costs.
Light Materials: Gypsum Wallboard and Paperboard
Revenue in the Light Materials sector, which includes Gypsum Wallboard and Recycled Paperboard, decreased 5% to $238.2 million, primarily because of lower Gypsum Wallboard sales volume and net prices. Gypsum Wallboard sales volume decreased 2% to 772 million square feet (MMSF) reflecting continued softness in residential construction. The average gross Wallboard price was down 5% from the prior year and flat with the sequential quarter, while the average net sales price declined 10% from the prior year, reflecting higher freight costs.
Recycled Paperboard sales volume was a record 92,000 tons, up 2% from the prior year. The average Recycled Paperboard net sales price in the quarter was $600.44 per ton, up 6%, consistent with the pricing provisions in our long-term sales agreements that factor in changes to input costs.
2
Operating earnings in the Light Materials sector were $86.5 million, down 15%, reflecting lower Gypsum Wallboard earnings, partially offset by higher Recycled Paperboard earnings.
Details of Financial Results
We conduct one of our cement plant operations through a 50/50 joint venture, Texas Lehigh Cement Company LP (the Joint Venture). We use the equity method of accounting for our 50% interest in the Joint Venture. For segment reporting purposes only, we proportionately consolidate our 50% share of the Joint Venture’s revenue and operating earnings, which is consistent with the way management organizes the segments within the Company for making operating decisions and assessing performance.
In addition, for segment reporting purposes, we report intersegment revenue as a part of a segment’s total revenue. Intersegment sales are eliminated on the income statement. Refer to Attachment 3 for a reconciliation of these amounts.
About Eagle Materials Inc.
Eagle Materials Inc. is a leading U.S. manufacturer of heavy construction products and light building materials. Eagle’s primary products, Portland Cement and Gypsum Wallboard, are essential for building, expanding and repairing roads and highways and for building and renovating residential, commercial and industrial structures across America. Eagle manufactures and sells its products through a network of more than 70 facilities spanning 21 states and is headquartered in Dallas, Texas. Visit eaglematerials.com for more information.
Eagle’s senior management will conduct a conference call to discuss the financial results, forward-looking information and other matters at 8:30 a.m. Eastern Time (7:30 a.m. Central Time) on Wednesday, July 29, 2026. The conference call will be webcast simultaneously on the Eagle website, eaglematerials.com. A replay of the webcast and the presentation will be archived on the site for one year.
###
3
Forward-Looking Statements. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statements and generally arise when the Company is discussing its beliefs, estimates or expectations as to future events. These statements are not historical facts or guarantees of future performance but instead represent only the Company’s belief at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside the Company’s control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. The principal risks and uncertainties that may affect the Company’s actual performance include the following: the cyclical and seasonal nature of the Company’s businesses; fluctuations in public infrastructure expenditures; the effects of adverse weather conditions on infrastructure and other construction projects as well as our facilities and operations; the fact that our products are commodities and that prices for our products are subject to material fluctuation due to market conditions and other factors beyond our control; the availability of and fluctuations in the cost of raw materials; changes in the costs of energy, including, without limitation, natural gas, coal and oil (including diesel), and the nature of our obligations to counterparties under energy supply contracts, such as those related to market conditions (for example, spot market prices), governmental orders and other matters; changes in the cost and availability of transportation; unexpected operational difficulties, including unexpected maintenance costs, equipment downtime and interruption of production; material nonpayment or non-performance by any of our key customers; consolidation of our customers; interruptions in our supply chain; difficulties or obstacles encountered in executing capacity expansion or improvement projects, including the inability to execute or complete such projects on time and within budget or to realize expected efficiency gains or costs savings from such projects; difficulties and delays in the development of new business lines; governmental regulation and changes in governmental and public policy (including, without limitation, climate change and other environmental regulation); changes in trade policy, including tariffs and the effects of any increases in tariffs on our business, including increases in cost of inputs used in our facility expansion and modernization projects; possible losses or other adverse outcomes from pending or future litigation or arbitration proceedings; changes in economic conditions or the nature or level of activity in any one or more of the markets or industries in which the Company or its customers are engaged; competition; cyber-attacks or data security breaches, together with the costs of protecting our systems against such incidents and the possible effects thereof on our operations; increases in capacity in the gypsum wallboard and cement industries; changes in the demand for residential housing construction or commercial construction or construction projects undertaken by state or local governments; the availability of acquisitions or other growth opportunities that meet our financial return standards and fit our strategic focus; risks related to pursuit of acquisitions, joint ventures and other transactions or the execution or implementation of such transactions, including the integration of operations acquired by the Company; general economic conditions, including inflation and recessionary conditions; and increases in interest rates (including mortgage rates) or the continuation of high levels of interest rates and the resulting effects on the Company and demand for our products. For example, increases in interest rates, decreases in demand for construction materials or increases in the cost of our raw materials can be expected to adversely affect the revenue and operating earnings of our operations. In addition, changes in national or regional economic conditions and levels of infrastructure and construction spending could also adversely affect the Company’s results of operations. Finally, any forward-looking statements made by the Company are subject to the risks and impacts associated with natural disasters, the outbreak, escalation or resurgence of health emergencies, pandemics or other unforeseen events, 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, and subsequent quarterly and annual reports upon filing. These reports are filed with the Securities and Exchange Commission. All forward-looking statements made herein are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. The Company undertakes no duty to update any forward-looking statement to reflect future events or changes in the Company’s expectations.
For additional information, contact at 214-432-2000:
Michael R. Haack
President and Chief Executive Officer
D. Craig Kesler
Executive Vice President and Chief Financial Officer
Alex Haddock
Senior Vice President, Investor Relations, Strategy and Corporate Development
Attachment 1 Consolidated Statement of Earnings
Attachment 2 Revenue and Earnings by Business Segment
Attachment 3 Sales Volume, Net Sales Prices and Intersegment and Cement Revenue
Attachment 4 Consolidated Balance Sheets
Attachment 5 Depreciation, Depletion and Amortization by Business Segment
Attachment 6 Reconciliation of Non-GAAP Financial Measures
4
Attachment 1
Eagle Materials Inc.
Consolidated Statement of Earnings
(dollars in thousands, except per share data)
(unaudited)
| Quarter Ended June 30, |
||||||||
| 2026 | 2025 | |||||||
| Revenue |
$ | 650,966 | $ | 634,690 | ||||
| Cost of Goods Sold |
489,721 | 449,091 | ||||||
|
|
|
|
|
|||||
| Gross Profit |
161,245 | 185,599 | ||||||
| Equity in Earnings of Unconsolidated JV |
2,843 | 3,804 | ||||||
| Corporate General and Administrative Expenses |
(20,202 | ) | (20,783 | ) | ||||
| Other Non-Operating Income |
746 | 954 | ||||||
|
|
|
|
|
|||||
| Earnings before Interest and Income Taxes |
144,632 | 169,574 | ||||||
| Interest Expense, net |
(12,947 | ) | (11,716 | ) | ||||
|
|
|
|
|
|||||
| Earnings before Income Taxes |
131,685 | 157,858 | ||||||
| Income Tax Expense |
(29,558 | ) | (34,496 | ) | ||||
|
|
|
|
|
|||||
| Net Earnings |
$ | 102,127 | $ | 123,362 | ||||
|
|
|
|
|
|||||
| NET EARNINGS PER SHARE |
||||||||
| Basic |
$ | 3.30 | $ | 3.78 | ||||
|
|
|
|
|
|||||
| Diluted |
$ | 3.29 | $ | 3.76 | ||||
|
|
|
|
|
|||||
| AVERAGE SHARES OUTSTANDING |
||||||||
| Basic |
30,936,307 | 32,624,075 | ||||||
|
|
|
|
|
|||||
| Diluted |
31,088,474 | 32,808,568 | ||||||
|
|
|
|
|
|||||
5
Attachment 2
Eagle Materials Inc.
Revenue and Earnings by Business Segment
(dollars in thousands)
(unaudited)
| Quarter Ended June 30, |
||||||||
| 2026 | 2025 | |||||||
| Revenue* |
||||||||
| Heavy Materials: |
||||||||
| Cement (Wholly Owned) |
$ | 336,493 | $ | 310,326 | ||||
| Concrete and Aggregates |
76,232 | 73,716 | ||||||
|
|
|
|
|
|||||
| 412,725 | 384,042 | |||||||
| Light Materials: |
||||||||
| Gypsum Wallboard |
$ | 204,747 | $ | 221,516 | ||||
| Recycled Paperboard |
33,494 | 29,132 | ||||||
|
|
|
|
|
|||||
| 238,241 | 250,648 | |||||||
|
|
|
|
|
|||||
| Total Revenue |
$ | 650,966 | $ | 634,690 | ||||
|
|
|
|
|
|||||
| Segment Operating Earnings |
||||||||
| Heavy Materials: |
||||||||
| Cement (Wholly Owned) |
$ | 70,762 | $ | 77,280 | ||||
| Cement (Joint Venture) |
2,843 | 3,804 | ||||||
| Concrete and Aggregates |
4,003 | 6,175 | ||||||
|
|
|
|
|
|||||
| 77,608 | 87,259 | |||||||
| Light Materials: |
||||||||
| Gypsum Wallboard |
$ | 73,353 | $ | 92,641 | ||||
| Recycled Paperboard |
13,127 | 9,503 | ||||||
|
|
|
|
|
|||||
| 86,480 | 102,144 | |||||||
|
|
|
|
|
|||||
| Sub-total |
164,088 | 189,403 | ||||||
|
|
|
|
|
|||||
| Corporate General and Administrative Expense |
(20,202 | ) | (20,783 | ) | ||||
| Other Non-Operating Income |
746 | 954 | ||||||
|
|
|
|
|
|||||
| Earnings before Interest and Income Taxes |
$ | 144,632 | $ | 169,574 | ||||
|
|
|
|
|
|||||
| * | Excluding Intersegment and Joint Venture Revenue listed on Attachment 3 |
6
Attachment 3
Eagle Materials Inc.
Sales Volume, Net Sales Prices and Intersegment and Cement Revenue
(dollars in thousands, except per unit data)
(unaudited)
| Sales Volume | ||||||||||||
| Quarter Ended June 30, |
||||||||||||
| 2026 | 2025 | Change | ||||||||||
| Cement (M Tons): |
||||||||||||
| Wholly Owned |
1,960 | 1,835 | +7 | % | ||||||||
| Joint Venture |
185 | 158 | +17 | % | ||||||||
|
|
|
|
|
|
|
|||||||
| 2,145 | 1,993 | +8 | % | |||||||||
| Concrete (M Cubic Yards) |
316 | 322 | -2 | % | ||||||||
| Aggregates (M Tons) |
1,741 | 1,731 | +1 | % | ||||||||
| Gypsum Wallboard (MMSFs) |
772 | 784 | -2 | % | ||||||||
| Recycled Paperboard (M Tons): |
||||||||||||
| Internal |
35 | 38 | -8 | % | ||||||||
| External |
57 | 52 | +10 | % | ||||||||
|
|
|
|
|
|
|
|||||||
| 92 | 90 | +2 | % | |||||||||
| Average Net Sales Price* | ||||||||||||
| Quarter Ended June 30, |
||||||||||||
| 2026 | 2025 | Change | ||||||||||
| Cement (Ton) |
$ | 154.09 | $ | 156.72 | -2 | % | ||||||
| Concrete (Cubic Yard) |
$ | 156.79 | $ | 150.43 | +4 | % | ||||||
| Aggregates (Ton) |
$ | 14.47 | $ | 14.24 | +2 | % | ||||||
| Gypsum Wallboard (MSF) |
$ | 209.65 | $ | 232.40 | -10 | % | ||||||
| Recycled Paperboard (Ton) |
$ | 600.44 | $ | 566.33 | +6 | % | ||||||
| * | Net of freight and delivery costs billed to customers |
| Intersegment and Cement Revenue |
||||||||
| Quarter Ended June 30, |
||||||||
| 2026 | 2025 | |||||||
| Intersegment Revenue: |
||||||||
| Cement |
$ | 9,996 | $ | 10,013 | ||||
| Concrete and Aggregates |
4,516 | 3,852 | ||||||
| Recycled Paperboard |
21,917 | 21,972 | ||||||
|
|
|
|
|
|||||
| $ | 36,429 | $ | 35,837 | |||||
|
|
|
|
|
|||||
| Cement Revenue: |
||||||||
| Wholly Owned |
$ | 336,493 | $ | 310,326 | ||||
| Joint Venture |
31,410 | 27,283 | ||||||
|
|
|
|
|
|||||
| $ | 367,903 | $ | 337,609 | |||||
|
|
|
|
|
|||||
7
Attachment 4
Eagle Materials Inc.
Consolidated Balance Sheets
(dollars in thousands)
(unaudited)
| June 30, | March 31, | |||||||||||
| 2026 | 2025 | 2026* | ||||||||||
| ASSETS |
||||||||||||
| Current Assets – |
||||||||||||
| Cash and Cash Equivalents |
$ | 233,539 | $ | 59,739 | $ | 297,920 | ||||||
| Accounts and Notes Receivable, net |
293,818 | 263,398 | 228,573 | |||||||||
| Inventories |
379,573 | 393,401 | 408,391 | |||||||||
| Federal Income Tax Receivable |
6,309 | 1,384 | 7,536 | |||||||||
| Prepaid and Other Assets |
16,119 | 14,443 | 8,469 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Current Assets |
929,358 | 732,365 | 950,889 | |||||||||
|
|
|
|
|
|
|
|||||||
| Property, Plant and Equipment, net |
2,149,314 | 1,840,845 | 2,064,622 | |||||||||
| Investments in Joint Venture |
162,921 | 143,893 | 160,078 | |||||||||
| Operating Lease Right-of-Use Asset |
31,321 | 31,866 | 29,346 | |||||||||
| Goodwill and Intangibles |
582,867 | 593,163 | 585,443 | |||||||||
| Other Assets |
52,384 | 55,182 | 51,866 | |||||||||
|
|
|
|
|
|
|
|||||||
| $ | 3,908,165 | $ | 3,397,314 | $ | 3,842,244 | |||||||
|
|
|
|
|
|
|
|||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||||||
| Current Liabilities – |
||||||||||||
| Accounts Payable |
$ | 156,882 | $ | 136,225 | $ | 138,884 | ||||||
| Accrued Liabilities |
108,248 | 87,677 | 102,127 | |||||||||
| Income Taxes Payable |
2,787 | 24,768 | — | |||||||||
| Current Portion of Long-Term Debt |
15,000 | 15,000 | 15,000 | |||||||||
| Operating Lease Liabilities |
4,684 | 4,688 | 4,144 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Current Liabilities |
287,601 | 268,358 | 260,155 | |||||||||
|
|
|
|
|
|
|
|||||||
| Long-term Liabilities |
101,948 | 99,621 | 99,518 | |||||||||
| Bank Credit Facility |
— | 275,000 | — | |||||||||
| Bank Term Loan |
262,500 | 277,500 | 266,250 | |||||||||
| 2.500% Senior Unsecured Notes due 2031 |
743,651 | 742,383 | 743,334 | |||||||||
| 5.000% Senior Unsecured Notes due 2036 |
735,860 | — | 735,497 | |||||||||
| Deferred Income Taxes |
289,673 | 242,678 | 262,662 | |||||||||
| 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 30,804,441; 32,582,297 and 31,227,012 Shares, respectively |
308 | 326 | 312 | |||||||||
| Capital in Excess of Par Value |
— | — | — | |||||||||
| Accumulated Other Comprehensive Losses |
(4,285 | ) | (3,084 | ) | (4,404 | ) | ||||||
| Retained Earnings |
1,490,909 | 1,494,532 | 1,478,920 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Stockholders’ Equity |
1,486,932 | 1,491,774 | 1,474,828 | |||||||||
|
|
|
|
|
|
|
|||||||
| $ | 3,908,165 | $ | 3,397,314 | $ | 3,842,244 | |||||||
|
|
|
|
|
|
|
|||||||
| * | From audited financial statements |
8
Attachment 5
Eagle Materials Inc.
Depreciation, Depletion and Amortization by Business Segment
(dollars in thousands)
(unaudited)
| Depreciation, Depletion and Amortization | ||||||||
| Quarter Ended June 30, |
||||||||
| 2026 | 2025 | |||||||
| Cement |
$ | 24,263 | $ | 22,838 | ||||
| Concrete and Aggregates |
7,748 | 6,791 | ||||||
| Gypsum Wallboard |
5,305 | 6,519 | ||||||
| Recycled Paperboard |
2,373 | 3,672 | ||||||
| Corporate and Other |
1,510 | 824 | ||||||
|
|
|
|
|
|||||
| $ | 41,199 | $ | 40,644 | |||||
|
|
|
|
|
|||||
9
Attachment 6
Eagle Materials Inc.
Reconciliation of Non-GAAP Financial Measures
(dollars in thousands)
(unaudited)
EBITDA and Adjusted EBITDA
We present Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA to provide additional measures of operating performance and allow for more consistent comparison of operating performance from period to period. EBITDA is a non-GAAP financial measure that provides supplemental information regarding the operating performance of our business without regard to financing methods, capital structures or historical cost basis. Adjusted EBITDA is also a non-GAAP financial measure that further excludes the impact from Non-routine Items and stock-based compensation, in each case if applicable during the relevant fiscal quarter or fiscal year. Management uses EBITDA and Adjusted EBITDA as alternative bases for comparing the operating performance of Eagle from period to period and for purposes of its budgeting and planning processes. Adjusted EBITDA may not be comparable to similarly titled measures of other companies because other companies may not calculate Adjusted EBITDA in the same manner. Neither EBITDA nor Adjusted EBITDA should be considered in isolation or as an alternative to net income, cash flow from operations or any other measure of financial performance or liquidity in accordance with GAAP. The following shows the calculation of EBITDA and Adjusted EBITDA and reconciles them to net earnings in accordance with GAAP for the quarters ended June 30, 2026 and 2025, and the trailing twelve months ended June 30, 2026, and March 31, 2026:
| Quarter Ended | Twelve Months Ended | |||||||||||||||
| June 30, | June 30, | March 31, | ||||||||||||||
| 2026 | 2025 | 2026 | 2026 | |||||||||||||
| Net Earnings, as reported |
$ | 102,127 | $ | 123,362 | $ | 402,574 | $ | 423,809 | ||||||||
| Income Tax Expense |
29,558 | 34,496 | 113,229 | 118,167 | ||||||||||||
| Interest Expense |
12,947 | 11,716 | 47,713 | 46,482 | ||||||||||||
| Depreciation, Depletion and Amortization |
41,199 | 40,644 | 165,301 | 164,746 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| EBITDA |
$ | 185,831 | $ | 210,218 | $ | 728,817 | $ | 753,204 | ||||||||
| Stock-based Compensation |
4,695 | 4,822 | 21,139 | 21,266 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjusted EBITDA |
$ | 190,526 | $ | 215,040 | $ | 749,956 | $ | 774,470 | ||||||||
10
Attachment 6, continued
Reconciliation of Net Debt to Adjusted EBITDA
GAAP does not define “Net Debt” and it should not be considered as an alternative to debt as defined by GAAP. We define Net Debt as total debt minus cash and cash equivalents to indicate the amount of total debt that would remain if the Company applied the cash and cash equivalents held by it to the payment of outstanding debt. The Company also uses “Net Debt to Adjusted EBITDA,” which it defines as Net Debt divided by Adjusted EBITDA for the trailing twelve months, as an alternative metric to assist it in understanding its leverage position. We present this metric for the convenience of the investment community and rating agencies who use such metrics in their analysis, and for investors who need to understand the metrics we use to assess performance and monitor our cash and liquidity positions.
| As of June 30, 2026 |
As of March 31, 2026 |
|||||||
| Total debt, excluding debt issuance costs |
$ | 1,777,500 | $ | 1,781,250 | ||||
| Cash and cash equivalents |
233,539 | 297,920 | ||||||
|
|
|
|
|
|||||
| Net Debt |
$ | 1,543,961 | $ | 1,483,330 | ||||
| Trailing Twelve Months Adjusted EBITDA |
$ | 749,956 | 774,470 | |||||
|
|
|
|
|
|||||
| Net Debt to Adjusted EBITDA |
2.1x | 1.9x | ||||||
|
|
|
|
|
|||||
11