Eagle Materials Inc. announced financial results for the fiscal year 2026 and the fiscal fourth quarter ended March 31. For the fiscal year, the company is reporting record revenue of $2.3 billion, up 2%. For the fourth quarter, the company is reporting record revenue of $479.1 million, up 2%.
Fiscal 2026 revenue in the Heavy Materials sector, which includes Cement and Concrete and Aggregates, as well as Joint Venture and intersegment Cement revenue, was up 10% to $1.6 billion, and annual operating earnings also increased 10% to $341.2 million.
Both increases were due primarily to higher Cement and Aggregates sales volume and the contribution from the acquired aggregates businesses in western Pennsylvania and northern Kentucky during the prior year.
The sales volume increases were driven by continued strength in public infrastructure construction activity as well as increased construction activity in certain areas of private non-residential construction.
Fiscal 2026 Cement revenue, including Joint Venture and intersegment revenue, was up 8% to $1.3 billion, and Cement operating earnings increased 3% to $328.3 million. These increases reflect higher Cement sales volume, partially offset by lower net sales prices. Annual Cement sales volume was up 8% to 7.5 million tons, while the average annual net Cement sales price for the year decreased 1% to $155.18 per ton.
Fourth-quarter Cement revenue, including Joint Venture and intersegment revenue, was up 15% to $245.7 million, reflecting higher sales volume, partially offset by lower Cement sales prices. Operating earnings increased 31% to $36.1 million, reflecting higher sales volume and lower operating costs, namely maintenance costs, partially offset by lower net sales prices.
Fourth-quarter Cement sales volume was up 15% to 1.4 million tons. The average net Cement sales price for the quarter decreased 2% to $153.99 per ton.
Fiscal 2026 Concrete and Aggregates revenue increased 19% to $283.3 million, as a result of higher sales volume and $30.6 million of revenue from the acquired aggregates businesses. Excluding the contribution from the recently acquired businesses, Aggregates revenue increased 6%, and sales volume was up 24%. Concrete and Aggregates operating earnings was $12.9 million in fiscal 2026.
Fourth-quarter Concrete and Aggregates revenue was $58.9 million, an increase of 8%, primarily driven by higher Aggregates sales volume. Concrete and Aggregates reported a fourth quarter operating loss of $2.6 million, compared with a loss of $9.4 million in the prior-year fourth quarter.
The current quarter operating loss primarily reflects normal seasonal trends in the business, which resulted in lower demand and reduced operating leverage. The prior year’s fourth quarter operating loss included $1.9 million of acquisition-related expenses.
Commenting on the annual results, Michael Haack, president and CEO, said, “Amid geopolitical uncertainty and ongoing fiscal and trade policy disruptions, our combined businesses delivered strong financial, operational, and strategic performance in fiscal 2026. We generated record revenue of $2.3 billion, gross profit margin of 28.3%, and operating cash flow of $614 million. Our Cement sales volume was up 8%, and our organic Aggregates sales volume increased 24%, supported by continued growth in public construction activity and large private non-residential projects, as well as more typical weather patterns. While continuing to invest in our plant network and employee health and safety, we returned $414 million of cash to shareholders through share repurchases and dividends and strengthened our balance sheet with a debt issuance that enhances our debt maturity schedule, increases our liquidity, and aligns our capital structure with the long-term investments we are making in our asset network. We ended the year with debt of $1.8 billion, net debt of $1.5 billion, and a net leverage ratio (net debt to Adjusted EBITDA) of 1.9x, giving us substantial financial flexibility that supports disciplined, value-enhancing capital allocation and long-term growth.
“Employee health, safety, and environmental stewardship remain paramount priorities, and I am proud that our team continues to advance our leadership in these areas. In fiscal 2026, hazard observation reporting improved by 24%, and remains our most valuable leading indicator for preventing incidents. As always, we continue to strive for zero safety incidents.
“On the strategic front, we made significant progress modernizing our Laramie, Wyo., cement plant and our Duke, Okla., gypsum wallboard plant. We are approximately 60% complete with the Mountain Cement plant modernization and expect commissioning of the new kiln line to begin in late calendar 2026. Construction on the Duke wallboard plant modernization started in the fall of 2025, and we expect to commission the new wallboard line in the second half of calendar 2027. These investments are expected to increase the capacity of both plants, reduce operating costs, and enhance production flexibility and reliability, thereby strengthening our competitive position.”
Haack concluded, “While evolving geopolitical, trade and fiscal-policy conditions create some near-term uncertainty in the demand outlook for our products, we remain resolute in our focus and committed to positioning Eagle for sustained performance across economic cycles. We have a long track record of navigating challenging market conditions, and I am confident that our strong market positions, solid capital structure, and ongoing disciplined investment in our people and assets position us for continued success over the long term.”
