Eagle Materials Inc. reported financial results for the third quarter of fiscal 2026 ended Dec. 31, 2025. The company is reporting revenue of $556.0 million; net earnings of $102.9 million; and net earnings per share of $3.22.
Revenue in the Heavy Materials sector, which includes Cement, Concrete and Aggregates, as well as Joint Venture and intersegment Cement revenue, was up 11% to $390.2 million.
Heavy Materials operating earnings increased by 9% to $92.7 million. Both increases resulted from higher Cement and Aggregates sales volume and the contribution from the recently acquired aggregates business in Western Pennsylvania.
Cement revenue for the quarter, including Joint Venture and intersegment revenue, was up 9% to $321.2 million, and operating earnings were up 5% to $91.3 million. These increases reflect higher Cement sales volume, partially offset by a 1% decline in Cement net sales prices. Cement sales volume increased 9% to 1.9 million tons.
Concrete and Aggregates revenue was up 22% to $69.0 million, and operating earnings increased to $1.4 million, reflecting higher Aggregates sales volume, increased Concrete and Aggregates pricing, and $7.6 million of revenue contribution from the recently acquired aggregates business. Excluding the recently acquired business, Aggregates revenue increased 9%, and sales volume was up 34%.
Commenting on the third quarter results, Michael Haack, president and CEO, said, “Despite a mixed construction environment, Eagle’s portfolio of businesses continued to perform well during the quarter, generating revenue of $556 million, EPS of $3.22 and gross margins of 28.9%. While the residential construction market was challenged, federal, state and local spending on public infrastructure projects and private non-residential construction remained elevated, supporting strong demand for our Heavy construction products. Our Cement sales volume was up 9% and our organic Aggregates sales volume increased 34%.”
Haack continued, “During the quarter, we strengthened our financial position, issuing $750 million of 10-year senior notes with an interest rate of 5.00%, which extended our total debt maturity schedule and increased committed liquidity. A portion of the proceeds were used to repay our bank credit facility. We also significantly increased our distribution of cash to shareholders, returning nearly $150 million through our quarterly cash dividend and the repurchase of approximately 648,000 shares of our common stock. We ended the quarter with debt of $1.8 billion, net debt of $1.4 billion, and a net leverage ratio (net debt to Adjusted EBITDA) of 1.8x, giving us substantial financial flexibility that supports disciplined, value-enhancing capital allocation and long-term growth.” (Net debt is a non-GAAP financial measure calculated by
Haack concluded, “Our low-cost operations continue to generate strong cashflow that we are investing to advance our operational efficiency and our low-cost position. We continued to make good progress this quarter on our projects to modernize our Laramie, Wyo., cement plant and our Duke, Okla., gypsum wallboard plant. These growth investments will lower each plant’s cost structure, improve their reliability, and expand their production capabilities, which will strengthen our already low-cost competitive position. We are highly confident that our strong market position, advantaged capital structure, and rigorous operating discipline position us for continued success over the long term.”
