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Get filing alertsCMC reports 78.6% Core EBITDA growth to $353.6M in Q3, driven by steel pricing and precast
Filed June 25, 2026 · Period ending June 25, 2026 · ~1 min read
Key Changes
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Core EBITDA surged 78.6% YoY to $353.6M with margin expanding 440 bps to 14.2%, driven by strong North America Steel pricing ($111/ton margin over scrap improvement) and $52.9M contribution from precast acquisitions.
Exhibit 99.2 view on EDGAR → -
high
Adjusted EPS jumped 147.1% to $1.73 on net earnings of $173.0M, reflecting operational improvements from TAG initiatives and favorable market conditions across segments.
Exhibit 99.1 view on EDGAR → -
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U.S. Commerce finalized 127% anti-dumping plus 73% countervailing duties on Algerian rebar, with total duties of 50-200% expected against Algeria, Bulgaria, Egypt, and Vietnam, providing five-year trade protection.
Exhibit 99.2 view on EDGAR → -
medium
Net leverage improved to 2.1x (adjusted for acquisitions), with management citing clear visibility to below 2x well ahead of mid-2027 target, reflecting strong cash generation.
Exhibit 99.1 view on EDGAR → -
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North America Steel adjusted EBITDA up 40.9% YoY despite ~$20M impact from planned mill outages and adverse weather; management expects strong Q4 rebound as headwinds abate.
Exhibit 99.2 view on EDGAR →
Summary
Commercial Metals delivered a strong third quarter with Core EBITDA nearly doubling year-over-year to $353.6 million, driven by robust pricing $1.8 billion in its North America Steel segment and meaningful contributions from recently acquired precast operations. The 440-basis-point margin expansion to 14.2% reflects both favorable market conditions and operational gains from the company's TAG excellence program.
Adjusted earnings per share of $1.73 more than doubled from the prior year, demonstrating operating leverage across the business. The quarter's results came despite temporary headwinds: planned mill outages reduced North America Steel EBITDA by approximately $20 million, and precast shipments softened in the Southeast and Western U.S.
Management expects both segments to rebound in Q4 as outages conclude and weather improves, with June contract awards showing momentum in previously soft geographies. The finalization of substantial anti-dumping and countervailing duties against four key rebar exporters provides durable pricing support for the domestic steel business over the next five years. CMC's balance sheet strengthened materially, with net leverage falling to 2.1x and management projecting sub-2x leverage well ahead of the mid-2027 target. The company maintained its 247th consecutive quarterly dividend at $0.20 per share. Investors should watch the August 5 Investor Day for updated long-term growth targets and capital allocation plans following the precast integration and improved leverage profile.
Section-by-Section Diff
Event · Exhibit 99.2
Added in current filing · view on EDGAR → · paraphrased
Q3 Net Earnings $173.0M ... Q3 Adjusted Earnings $193.0M ... Q3 Core EBITDA $353.6M ... Q3 Core EBITDA Margin 14.2% ... Net Leverage Adj. for Acquisitions 2.1x ... 108.1% YoY ... 142.4% YoY ... 78.6% YoY ... 440 basis points YoY ... 0.2x vs. 2Q26
CMC disclosed Q3 FY2026 results showing net earnings of $173.0 million, adjusted earnings of $193.0 million (up 142.4% year-over-year), and Core EBITDA of $353.6 million (up 78.6% year-over-year). Core EBITDA margin expanded 440 basis points to 14.2%. Net leverage adjusted for acquisitions improved to 2.1x, down 0.2x from Q2 FY2026, approaching the company's stated target of below 2.0x by mid-2027.
Added in current filing · view on EDGAR →
North America Steel Group Adjusted EBITDA was up 40.9% vs. prior year, but could have been even better considering widespread planned mill outages and adverse weather impacting current period results; the segment is well positioned to rebound strongly during the fourth quarter ... Planned mill outages negatively impacted Adjusted EBITDA by ~$20 million
The North America Steel Group reported adjusted EBITDA growth of 40.9% year-over-year despite planned mill outages that reduced EBITDA by approximately $20 million and adverse weather impacts. Steel products margin over scrap increased $111 per ton year-over-year, reflecting strong pricing growth. Management indicated the segment is positioned for a strong Q4 rebound as these temporary headwinds abate.
Added in current filing · view on EDGAR →
Contributed $52.9 million to Construction Solutions Group adjusted EBITDA during the quarter − Impacted by slower shipments in the Southeast and Western U.S. ... Fourth quarter results are expected to improve − Targeted commercial actions and improved weather conditions to support business performance ... Contract award levels have been solid in June with geographies that experienced Q3 volume softness seeing the most momentum
The recently acquired precast business contributed $52.9 million to Construction Solutions Group adjusted EBITDA in Q3, adding 440 basis points of accretion to segment margins. However, performance was impacted by slower shipments in the Southeast and Western U.S. Management expects Q4 improvement driven by targeted commercial actions and better weather, noting that contract awards in June have been solid in previously soft geographies.
Added in current filing · view on EDGAR →
Segment adjusted EBITDA benefited from a $20.4 million CO2 credit received in the third quarter ... Metal margin was up $37 per ton from the prior year period ... Shipment volumes increased 12% from the prior year period
The Europe Steel Group reported adjusted EBITDA of $35 million, up 864.8% year-over-year, benefiting from a $20.4 million CO2 credit received in the quarter. Metal margin improved $37 per ton and shipment volumes increased 12% year-over-year. The segment is positioned to benefit from the Carbon Border Adjustment Mechanism (CBAM) that took effect January 1, 2026, and enhanced EU trade protections set to take effect July 1, 2026.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Third quarter net earnings of $173.0 million, or $1.55 per diluted share and adjusted earnings of $193.0 million, or $1.73 per diluted share
CMC reported third quarter fiscal 2026 net earnings of $173.0 million ($1.55 per diluted share) and adjusted earnings of $193.0 million ($1.73 per diluted share). Adjusted earnings per share increased 147.1% compared to the prior year period, driven by strong market conditions and operational improvements.
Added in current filing · view on EDGAR →
On June 24, 2026, the board of directors declared a quarterly dividend of $0.20 per share of CMC common stock payable to stockholders of record on July 6, 2026. The dividend, to be paid on July 15, 2026, will mark the 247th consecutive quarterly payment by the Company.
The board declared a quarterly dividend of $0.20 per share, payable July 15, 2026 to shareholders of record on July 6, 2026. This marks the company's 247th consecutive quarterly dividend payment, demonstrating a long track record of returning capital to shareholders.
Show 1 minor / wording change
Added in current filing · view on EDGAR →
CMC previously announced it will host an Investor Day on August 5, 2026 to provide updates on its strategy, operations, and long-term growth outlook.
CMC will host an Investor Day on August 5, 2026 to provide updates on strategy, operations, and long-term growth outlook. The event will be webcast live and available for replay, offering investors an opportunity to hear management's detailed plans.
Event · Item 7.01 — Regulation FD Disclosure
CMC posted Q3 FY2026 financial presentation to its website under Regulation FD.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
On June 25, 2026, CMC made available on its website a financial presentation regarding its financial results for the third quarter of fiscal year 2026.
CMC disclosed its third quarter fiscal 2026 financial results via a presentation posted to its website. This is a routine Regulation FD disclosure to ensure broad public access to financial information. The 8-K itself contains no financial figures; the presentation is attached as Exhibit 99.2.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 7, 2026 · How we verify