Eagle Materials Inc 8-K, filed Nov 4, 2026
Eagle Materials Inc (EXP)
About this 8-K
Eagle Materials Inc filed this 8-K on November 4, 2026.
Eagle Materials Inc. reported record revenue of $652.7 million for the quarter ended September 30, 2026, net earnings of $111.5 million and diluted EPS of $3.63. Adjusted EBITDA was $202.7 million, while higher diesel costs and interest rates pressured operating earnings. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
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 November 4, 2026, Eagle Materials Inc., a Delaware corporation (“Eagle”), announced its results of operations for the quarter ended September 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 November 4, 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: November 4, 2026
EXHIBIT 99.1
|
Contact at 214-432-2000 Michael R. Haack President and CEO D. Craig Kesler Executive Vice President & CFO Alex Haddock Senior Vice President | |
News For Immediate Release
EAGLE MATERIALS REPORTS SECOND QUARTER RESULTS
DALLAS, TX (November 4, 2026) Eagle Materials Inc. (NYSE: EXP) today reported financial results for the second quarter of fiscal 2027 ended September 30, 2026. Notable items for the quarter are highlighted below (unless otherwise noted, all comparisons are with the prior year’s fiscal second quarter):
Second Quarter Fiscal 2027 Highlights
| • | Record Revenue of $652.7 million |
| • | Net Earnings of $111.5 million |
| • | Net Earnings per diluted share of $3.63 |
| • | Adjusted EBITDA of $202.7 million |
| • | Adjusted EBITDA is a non-GAAP financial measure calculated by excluding non-routine items and certain non-cash expenses in the manner described in Attachment 6 |
| • | Repurchased 304,881 shares of Eagle’s common stock for approximately $62 million |
Commenting on the second quarter results, Michael Haack, President and Chief Executive Officer, said, “Eagle’s businesses continued to perform well during the quarter despite a challenging operating environment characterized by elevated diesel fuel prices and higher interest rates driven by ongoing macroeconomic and geopolitical uncertainty. While spending on public infrastructure and large private non-residential construction projects continued to support demand for our Heavy Materials products, elevated interest rates placed additional pressure on an already challenging residential construction market. At the same time, higher diesel fuel prices increased transportation costs across all our business lines. Against this backdrop, our teams remained focused on employee safety, operational execution, serving our customers, and disciplined capital allocation.
“During the first half of our fiscal year, we continued to invest in our businesses while returning capital to shareholders. We continued to progress on the modernizations of our Mountain Cement and Duke, Oklahoma Gypsum Wallboard facilities, investments that should deliver meaningful financial and strategic benefits, including strengthening our low-cost operating position, enhancing each plant’s reliability and efficiency, and increasing our production capacity. We also repurchased 711,381 shares of our common stock for approximately $146.0 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.” (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, “While higher interest rates, broader economic uncertainty, and evolving geopolitical conditions may continue to affect construction activity in the near term, we remain focused on the factors within our control. Our businesses are operating well, and our favorable market positions, low-cost operations, financial flexibility, and continued disciplined investments in our people and operations position Eagle to navigate changing market conditions and create value for 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 2% to $477.8 million. Heavy Materials operating earnings declined 12% to $113.0 million, reflecting higher operating costs in both Cement and Concrete and Aggregates.
Cement revenue for the quarter, including Joint Venture and intersegment revenue, increased 1% to $390.5 million, while operating earnings were down 9% to $108.8 million. The decline in earnings was due to higher fixed costs, including labor and depreciation, increased purchased raw material costs, and higher freight expenses driven primarily by rising diesel fuel prices. The average gross Cement sales price increased 1%, while the average net sales price declined slightly to $154.58 per ton as a result of higher freight costs. Cement sales volume increased slightly to a record 2.2 million tons.
Concrete and Aggregates revenue was up 7% to $87.2 million, while operating earnings declined 47% to $4.2 million, reflecting higher maintenance, diesel, and production costs. Aggregates sales volume was down 6% to 1.9 million tons.
Light Materials: Gypsum Wallboard and Paperboard
Revenue in the Light Materials sector, which includes Gypsum Wallboard and Recycled Paperboard, increased 2% to $216.4 million, primarily because of higher sales volume in both business segments. Light Materials operating earnings declined 13% to $68.3 million, primarily reflecting lower Gypsum Wallboard net sales prices and higher freight costs.
Gypsum Wallboard sales volume was up 7% to 696 million square feet (MMSF). The quarterly increase reflects both a favorable prior-year comparison and steady end-market demand, despite continued softness in residential housing activity. Our average gross Wallboard price (before the effect of higher freight costs) was down 6%, while our average net sales price decreased 10%, reflecting higher freight costs, primarily driven by rising diesel fuel prices.
Recycled Paperboard sales volume was up 5% to 86,000 tons. The average Recycled Paperboard net sales price increased 4% to $622.90 per ton, consistent with the pricing provisions in our long-term sales agreements that account for changes in input costs.
2
Corporate General and Administrative Expenses
Corporate General and Administrative Expenses during the second quarter increased 26% primarily because of increased health insurance costs and costs associated with implementing our new enterprise resource planning system, which is expected to continue in future quarters as the system is implemented across the remaining businesses.
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 consolidated income statement. Refer to Attachment 3 for a reconciliation of these amounts.
About Eagle Materials Inc.
Eagle Materials Inc. is a leading U.S. manufacturer of heavy construction products and light building materials. Eagle’s primary products, Portland Cement and Gypsum Wallboard, are essential for building, expanding and repairing roads and highways and for building and renovating residential, commercial and industrial structures across America. Eagle manufactures and sells its products through a network of more than 70 facilities spanning 21 states and is headquartered in Dallas, Texas. Visit eaglematerials.com for more information.
Eagle’s senior management will conduct a conference call to discuss the financial results, forward-looking information and other matters at 8:30 a.m. Eastern Time (7:30 a.m. Central Time) on Wednesday, November 4, 2026. The conference call will be webcast on the Eagle website, eaglematerials.com. A replay of the webcast and the presentation will be archived on the website for one year.
###
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 Statement of Consolidated Earnings
Attachment 2 Revenue and Earnings by Business Segment
Attachment 3 Sales Volume, Average Net Sales Prices and Intersegment and Cement Revenue
Attachment 4 Consolidated Balance Sheets
Attachment 5 Depreciation, Depletion and Amortization by Business Segment
Attachment 6 Reconciliation of Non-GAAP Financial Measures
4
Attachment 1
Eagle Materials Inc.
Statement of Consolidated Earnings
(dollars in thousands, except per share data)
(unaudited)
| Quarter Ended September 30, |
Six Months Ended September 30, |
|||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| 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 JV |
6,574 | 6,309 | 9,417 | 10,113 | ||||||||||||
| Corporate General and Administrative Expenses |
(26,929 | ) | (21,316 | ) | (47,131 | ) | (42,099 | ) | ||||||||
| Other Non-Operating Income |
1,074 | 1,131 | 1,820 | 2,085 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Earnings before Interest and Income Taxes |
155,453 | 185,836 | 300,085 | 355,410 | ||||||||||||
| Interest Expense, net |
(11,908 | ) | (9,362 | ) | (24,855 | ) | (21,078 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Earnings before Income Taxes |
143,545 | 176,474 | 275,230 | 334,332 | ||||||||||||
| Income Tax Expense |
(32,014 | ) | (39,091 | ) | (61,572 | ) | (73,587 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Earnings |
$ | 111,531 | $ | 137,383 | $ | 213,658 | $ | 260,745 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| NET EARNINGS PER SHARE |
||||||||||||||||
| Basic |
$ | 3.64 | $ | 4.25 | $ | 6.94 | $ | 8.03 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Diluted |
$ | 3.63 | $ | 4.23 | $ | 6.91 | $ | 7.99 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 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 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
5
Attachment 2
Eagle Materials Inc.
Revenue and Earnings by Business Segment
(dollars in thousands)
(unaudited)
| Quarter Ended September 30, |
Six Months Ended September 30, |
|||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenue* |
||||||||||||||||
| Heavy Materials: |
||||||||||||||||
| Cement (Wholly Owned) |
$ | 349,116 | $ | 344,653 | $ | 685,609 | $ | 654,979 | ||||||||
| Concrete and Aggregates |
87,221 | 81,646 | 163,453 | 155,362 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 436,337 | 426,299 | 849,062 | 810,341 | |||||||||||||
| Light Materials: |
||||||||||||||||
| Gypsum Wallboard |
185,680 | 183,482 | 390,427 | 404,998 | ||||||||||||
| Recycled Paperboard |
30,731 | 29,125 | 64,225 | 58,257 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 216,411 | 212,607 | 454,652 | 463,255 | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Revenue |
$ | 652,748 | $ | 638,906 | $ | 1,303,714 | $ | 1,273,596 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Segment Operating Earnings |
||||||||||||||||
| Heavy Materials: |
||||||||||||||||
| Cement (Wholly Owned) |
$ | 102,223 | $ | 113,465 | $ | 172,985 | $ | 190,745 | ||||||||
| Cement (Joint Venture) |
6,574 | 6,309 | 9,417 | 10,113 | ||||||||||||
| Concrete and Aggregates |
4,173 | 7,924 | 8,176 | 14,099 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 112,970 | 127,698 | 190,578 | 214,957 | |||||||||||||
| Light Materials: |
||||||||||||||||
| Gypsum Wallboard |
57,438 | 67,307 | 130,791 | 159,948 | ||||||||||||
| Recycled Paperboard |
10,900 | 11,016 | 24,027 | 20,519 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 68,338 | 78,323 | 154,818 | 180,467 | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Sub-total |
181,308 | 206,021 | 345,396 | 395,424 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 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 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Earnings before Interest and Income Taxes |
$ | 155,453 | $ | 185,836 | $ | 300,085 | $ | 355,410 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
* Excluding Intersegment and Joint Venture Revenue listed on Attachment 3
6
Attachment 3
Eagle Materials Inc.
Sales Volume, Average Net Sales Prices and Intersegment and Cement Revenue
(dollars in thousands, except per unit data)
(unaudited)
| Sales Volume | ||||||||||||||||||||||||
| Quarter Ended September 30, |
Six Months Ended September 30, |
|||||||||||||||||||||||
| 2026 | 2025 | Change | 2026 | 2025 | Change | |||||||||||||||||||
| Cement (M Tons): |
||||||||||||||||||||||||
| Wholly Owned |
2,034 | 2,021 | +1 | % | 3,994 | 3,856 | +4 | % | ||||||||||||||||
| Joint Venture |
172 | 175 | -2 | % | 357 | 333 | +7 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 2,206 | 2,196 | 0 | % | 4,351 | 4,189 | +4 | % | |||||||||||||||||
| Concrete (M Cubic Yards) |
365 | 347 | +5 | % | 681 | 669 | +2 | % | ||||||||||||||||
| Aggregates (M Tons) |
1,874 | 1,985 | -6 | % | 3,615 | 3,716 | -3 | % | ||||||||||||||||
| Gypsum Wallboard (MMSFs) |
696 | 648 | +7 | % | 1,468 | 1,432 | +3 | % | ||||||||||||||||
| Recycled Paperboard (M Tons): |
||||||||||||||||||||||||
| Internal |
35 | 31 | +13 | % | 70 | 69 | +1 | % | ||||||||||||||||
| External |
51 | 51 | 0 | % | 108 | 103 | +5 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 86 | 82 | +5 | % | 178 | 172 | +3 | % | |||||||||||||||||
| Average Net Sales Price* | ||||||||||||||||||||||||
| Quarter Ended September 30, |
Six Months Ended September 30, |
|||||||||||||||||||||||
| 2026 | 2025 | Change | 2026 | 2025 | Change | |||||||||||||||||||
| Cement (Ton) |
$ | 154.58 | $ | 155.10 | 0 | % | $ | 154.34 | $ | 155.87 | -1 | % | ||||||||||||
| Concrete (Cubic Yard) |
$ | 160.18 | $ | 153.68 | +4 | % | $ | 158.61 | $ | 152.11 | +4 | % | ||||||||||||
| Aggregates (Ton) |
$ | 14.00 | $ | 14.31 | -2 | % | $ | 14.31 | $ | 14.28 | 0 | % | ||||||||||||
| Gypsum Wallboard (MSF) |
$ | 209.37 | $ | 232.94 | -10 | % | $ | 209.51 | $ | 232.65 | -10 | % | ||||||||||||
| Recycled Paperboard (Ton) |
$ | 622.90 | $ | 598.48 | +4 | % | $ | 611.28 | $ | 581.55 | +5 | % | ||||||||||||
| * | Net of freight and delivery costs billed to customers. |
| Intersegment and Cement Revenue | ||||||||||||||||
| Quarter Ended September 30, |
Six Months Ended September 30, |
|||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Intersegment Revenue: |
||||||||||||||||
| Cement |
$ | 10,457 | $ | 9,904 | $ | 20,453 | $ | 19,917 | ||||||||
| Concrete and Aggregates |
4,195 | 4,178 | 8,711 | 8,030 | ||||||||||||
| Recycled Paperboard |
22,911 | 19,471 | 44,828 | 41,443 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 37,563 | $ | 33,553 | $ | 73,992 | $ | 69,390 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Cement Revenue: |
||||||||||||||||
| Wholly Owned |
$ | 349,116 | $ | 344,653 | $ | 685,609 | $ | 654,979 | ||||||||
| Joint Venture |
30,958 | 30,312 | 62,368 | 57,595 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 380,074 | $ | 374,965 | $ | 747,977 | $ | 712,574 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
7
Attachment 4
Eagle Materials Inc.
Consolidated Balance Sheets
(dollars in thousands)
(unaudited)
| September 30, | March 31, | |||||||||||
| 2026 | 2025 | 2026* | ||||||||||
| ASSETS |
||||||||||||
| Current Assets – |
||||||||||||
| Cash and Cash Equivalents |
$ | 241,168 | $ | 35,033 | $ | 297,920 | ||||||
| Accounts and Notes Receivable, net |
264,046 | 250,773 | 228,573 | |||||||||
| Inventories |
361,691 | 370,207 | 408,391 | |||||||||
| Federal Income Tax Receivable |
6,581 | 1,725 | 7,536 | |||||||||
| Prepaid and Other Assets |
14,395 | 13,562 | 8,469 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Current Assets |
887,881 | 671,300 | 950,889 | |||||||||
|
|
|
|
|
|
|
|||||||
| Property, Plant and Equipment, net |
2,244,999 | 1,909,715 | 2,064,622 | |||||||||
| Investments in Joint Venture |
169,496 | 150,202 | 160,078 | |||||||||
| Operating Lease Right of Use Asset |
33,340 | 30,991 | 29,346 | |||||||||
| Goodwill and Intangibles |
580,290 | 590,560 | 585,443 | |||||||||
| Other Assets |
52,630 | 56,510 | 51,866 | |||||||||
|
|
|
|
|
|
|
|||||||
| $ | 3,968,636 | $ | 3,409,278 | $ | 3,842,244 | |||||||
|
|
|
|
|
|
|
|||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||||||
| Current Liabilities – |
||||||||||||
| Accounts Payable |
$ | 149,509 | $ | 132,917 | $ | 138,884 | ||||||
| Accrued Liabilities |
100,291 | 94,772 | 102,127 | |||||||||
| Current Portion of Long-Term Debt |
15,000 | 15,000 | 15,000 | |||||||||
| Operating Lease Liabilities |
5,020 | 4,522 | 4,144 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Current Liabilities |
269,820 | 247,211 | 260,155 | |||||||||
|
|
|
|
|
|
|
|||||||
| Long-term Liabilities |
105,878 | 100,488 | 99,518 | |||||||||
| Bank Credit Facility |
— | 255,000 | — | |||||||||
| Bank Term Loan |
258,750 | 273,750 | 266,250 | |||||||||
| 2.500% Senior Unsecured Notes due 2031 |
743,968 | 742,700 | 743,334 | |||||||||
| 5.000% Senior Unsecured Notes due 2036 |
736,222 | — | 735,497 | |||||||||
| Deferred Income Taxes |
320,260 | 253,071 | 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 30,512,480; 32,202,392 and 31,227,012 Shares, respectively |
305 | 322 | 312 | |||||||||
| Capital in Excess of Par Value |
— | — | — | |||||||||
| Accumulated Other Comprehensive Losses |
(4,166 | ) | (3,043 | ) | (4,404 | ) | ||||||
| Retained Earnings |
1,537,599 | 1,539,779 | 1,478,920 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Stockholders’ Equity |
1,533,738 | 1,537,058 | 1,474,828 | |||||||||
|
|
|
|
|
|
|
|||||||
| $ | 3,968,636 | $ | 3,409,278 | $ | 3,842,244 | |||||||
|
|
|
|
|
|
|
|||||||
| * | From audited financial statements |
8
Attachment 5
Eagle Materials Inc.
Depreciation, Depletion and Amortization by Business Segment
(dollars in thousands)
(unaudited)
The following table presents Depreciation, Depletion and Amortization by business segment for the quarters and six months ended September 30, 2026 and 2025:
| Depreciation, Depletion and Amortization | ||||||||||||||||
| Quarter Ended September 30, |
Six Months Ended September 30, |
|||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Cement |
$ | 24,582 | $ | 23,224 | $ | 48,845 | $ | 46,062 | ||||||||
| Concrete and Aggregates |
7,811 | 7,137 | 15,559 | 13,928 | ||||||||||||
| Gypsum Wallboard |
5,357 | 6,494 | 10,662 | 13,013 | ||||||||||||
| Recycled Paperboard |
2,481 | 3,906 | 4,854 | 7,578 | ||||||||||||
| Corporate and Other |
1,565 | 1,228 | 3,075 | 2,052 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 41,796 | $ | 41,989 | $ | 82,995 | $ | 82,633 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
9
Attachment 6
Eagle Materials Inc.
Reconciliation of Non-GAAP Financial Measures
(unaudited)
(dollars in thousands, other than earnings per share amounts, and number of shares in thousands)
EBITDA and Adjusted EBITDA
We present Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA to provide additional measures of operating performance and allow for more consistent comparison of operating performance from period to period. EBITDA is a non-GAAP financial measure that provides supplemental information regarding the operating performance of our business without regard to financing methods, capital structures or historical cost basis. Adjusted EBITDA is also a non-GAAP financial measure that further excludes the impact from Non-routine Items and stock-based compensation, 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 September 30, 2026 and 2025, and the trailing twelve months ended September 30, 2026, and March 31, 2026:
| Quarter Ended | Six Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Net Earnings, as reported |
$ | 111,531 | $ | 137,383 | $ | 213,658 | $ | 260,745 | ||||||||
| Income Tax Expense |
32,014 | 39,091 | 61,572 | 73,587 | ||||||||||||
| Interest Expense |
11,908 | 9,362 | 24,855 | 21,078 | ||||||||||||
| Depreciation, Depletion and Amortization |
41,796 | 41,989 | 82,995 | 82,633 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| EBITDA |
$ | 197,249 | $ | 227,825 | $ | 383,080 | $ | 438,043 | ||||||||
| Stock-based Compensation |
5,433 | 5,468 | 10,128 | 10,290 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjusted EBITDA |
$ | 202,682 | $ | 233,293 | $ | 393,208 | $ | 448,333 | ||||||||
| Twelve Months Ended | ||||||||
| September 30, | March 31, | |||||||
| 2026 | 2026 | |||||||
| Net Earnings, as reported |
$ | 376,722 | $ | 423,809 | ||||
| Income Tax Expense |
106,152 | 118,167 | ||||||
| Interest Expense |
50,259 | 46,482 | ||||||
| Depreciation, Depletion and Amortization |
165,108 | 164,746 | ||||||
|
|
|
|
|
|||||
| EBITDA |
$ | 698,241 | $ | 753,204 | ||||
| Stock-based Compensation |
21,104 | 21,266 | ||||||
|
|
|
|
|
|||||
| Adjusted EBITDA |
$ | 719,345 | $ | 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 | As of | |||||||
| September 30, 2026 |
March 31, 2026 |
|||||||
| Total debt, excluding debt issuance costs |
$ | 1,773,750 | $ | 1,781,250 | ||||
| Cash and cash equivalents |
241,168 | 297,920 | ||||||
|
|
|
|
|
|||||
| Net Debt |
$ | 1,532,582 | $ | 1,483,330 | ||||
| Trailing Twelve Months Adjusted EBITDA |
$ | 719,345 | $ | 774,470 | ||||
|
|
|
|
|
|||||
| Net Debt to Adjusted EBITDA |
2.1x | 1.9x | ||||||
|
|
|
|
|
|||||
11