Eagle Materials posts record revenue but 9% earnings decline; issues $750M debt for expansion

Filed May 19, 2026 · Period ending March 31, 2026 · Compared to 10-K May 20, 2025 · ~2 min read

Key Changes

• high

  Net earnings fell 9% to $423.8M despite 2% revenue growth, driven by lower wallboard demand (down 7%) and higher corporate costs. Diluted EPS declined 4% to $13.16 as share buybacks partially offset the earnings drop.

  MD&A: Financial Results verify on EDGAR →
• high

  Company issued $750M of 10-year senior notes at 5.000% in November 2025, increasing debt-to-capitalization ratio from 46.1% to 54.7%. Proceeds fund Wyoming cement expansion and Oklahoma wallboard modernization projects.

  MD&A: Financing Activities verify on EDGAR →
• high

  Cement sales volume surged 8% despite 2% industry decline, outperforming national market. Production increased 15% to 6.9M tons, but operating margin compressed to 25% from 27% as cost inflation outpaced pricing gains.

  Business: Cement Operations verify on EDGAR →