Eagle Materials reports strong Q4 results, supported by cement sales growth, buybacks, and infrastructure demand.
Stock Earnings Results
May 19, 2026
Table of Contents
May 19, 2026
Eagle Materials Inc. (NYSE: EXP) reported fiscal fourth-quarter 2026 results above expectations, supported by record revenue, higher cement sales volume, share repurchases, and continued strength in public construction activity.
Eagle Materials is a U.S. manufacturer of heavy construction products and light building materials, including cement, concrete, aggregates, gypsum wallboard, and recycled paperboard.
The company reported EPS of $1.91, above estimates of $1.47, representing a 29.9% earnings surprise. Revenue came in at $479.11 million, above estimates of $456.22 million, with revenue growth of 1.9%.
Eagle Materials reported fiscal fourth-quarter revenue of $479.1 million, up 2% from the prior-year quarter.
For the full fiscal year, revenue reached a record $2.3 billion, also up 2%. The company said cement and aggregates volume growth helped offset weakness in gypsum wallboard.
Fourth-quarter net earnings were $60.2 million, down 10% from the prior-year quarter.
Diluted EPS was $1.91, down 5%, while adjusted EBITDA declined 4% to $136.1 million. Even with the year-over-year decline, EPS came in well above analyst expectations.
The Heavy Materials segment, which includes cement, concrete, and aggregates, reported fiscal 2026 revenue of $1.6 billion, up 10%.
Cement revenue rose 8% for the full year, while cement sales volume increased 8% to 7.5 million tons. Fourth-quarter cement revenue rose 15%, supported by a 15% increase in sales volume.
The Light Materials segment, which includes gypsum wallboard and recycled paperboard, saw fiscal 2026 revenue decline 9% to $881.4 million.
The weakness was driven by lower gypsum wallboard sales volume and pricing, tied to continued softness in residential construction. Fourth-quarter light materials revenue also declined 9%.
Eagle repurchased about 338,000 shares for $71.5 million during the fourth quarter.
For the full fiscal year, the company repurchased approximately 1.7 million shares for $382 million. Including dividends, Eagle returned $414 million of cash to shareholders during fiscal 2026.
Eagle ended fiscal 2026 with debt of $1.8 billion, net debt of $1.5 billion, and a net leverage ratio of 1.9x.
The company also continued modernization projects at its Laramie, Wyoming cement plant and Duke, Oklahoma gypsum wallboard plant. The Mountain Cement plant modernization is about 60% complete, with commissioning expected to begin in late calendar 2026.
Investors are likely to watch whether Eagle can sustain cement strength while navigating softer wallboard demand.
The key areas are:
Eagle Materials delivered a solid quarter despite mixed end-market conditions.
Cement and aggregates demand remained strong, supported by public infrastructure and private non-residential construction. Wallboard remained the weak spot because residential construction stayed soft. The stock reaction likely reflected the earnings beat, record revenue, and continued capital returns, even as adjusted EBITDA and net earnings declined year-over-year.
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