Eagle Materials (EXP) Q3 2026 earnings summary

Executive summary

• Q3 FY2026 revenue was $556 million, with EPS of $3.22 and net earnings of $102.9 million, reflecting solid results despite a mixed construction environment.

• Gross profit margin was 28.9%, with adjusted EBITDA at $190.1 million, and a focus on operational flexibility, safety, and efficiency.

• Significant shareholder returns included nearly $150 million via dividends and share repurchases, with 648,000 shares repurchased for $142.6 million.

• Advanced major plant modernization projects in Laramie, WY and Duke, OK, with completion expected in late 2026 and 2027.

• Completed the $149.9 million acquisition of Bullskin Stone & Lime LLC, expanding the aggregates business.

Financial highlights

• Revenue was $556 million, nearly flat year-over-year, with EPS down to $3.22 from $3.56 and net earnings down 14% to $102.9 million.

• Gross profit margin was 28.9%, and adjusted EBITDA was $190.1 million, down from $208.8 million.

• Operating cash flow for the first nine months rose 5% to $512 million.

• Interest expense increased 51% due to new 5.00% Senior Notes and higher term loan balances.

• Capital expenditures for the nine months were $294.7 million, focused on plant modernization and expansion.

Outlook and guidance

• Cement demand outlook remains favorable, supported by robust infrastructure and non-residential spending, with announced price increases for early 2026.

• Wallboard demand expected to remain soft in the near term due to affordability issues in residential construction.

• Total capital spending for FY2026 expected between $430–$450 million.

• Ongoing capital investments aim to strengthen cost structure and competitive positioning.