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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended

September 30, 2025

Commission File Number 1-12984

EAGLE MATERIALS INC.

(Exact name of registrant as specified in its charter)

Delaware (State of Incorporation)

75-2520779 (I.R.S. Employer Identification No.)

5960 Berkshire Lane, Suite 900, Dallas, Texas 75225 (Address of principal executive offices)

(214) 432-2000 (Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock (par value $.01 per share)	EXP	New York Stock Exchange
Common Stock (par value $.01 per share)	EXP	NYSE Texas, Inc.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

As of October 27, 2025, the number of outstanding shares of common stock was:


Class		Outstanding Shares
Common Stock, $.01 Par Value		32,063,877

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION (UNAUDITED)


		Page
Item 1.	Consolidated Financial Statements

	Consolidated Statements of Earnings for the Three and Six Months Ended September 30, 2025 and 2024	1

	Consolidated Statements of Comprehensive Earnings for the Three and Six Months Ended September 30, 2025 and 2024	2

	Consolidated Balance Sheets as of September 30, 2025, and March 31, 2025	3

	Consolidated Statements of Cash Flows for the Six Months Ended September 30, 2025 and 2024	4

	Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended September 30, 2025 and 2024	5

	Notes to Unaudited Consolidated Financial Statements	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	44

Item 4.	Controls and Procedures	44

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	45

Item 1a.	Risk Factors	45

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	45

Item 4.	Mine Safety Disclosures	45

Item 5.	Other Information	45

Item 6.	Exhibits	46

SIGNATURES		47

PART I. FINANCIAL INFORMATION (UNAUDITED)

Item 1. Consolidated Financial Statements

EAGLE MATERIALS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)



	For the Three Months Ended September 30,								For the Six Months Ended September 30,


		2025				2024				2025				2024


		(dollars in thousands, except share and per share data)								(dollars in thousands, except share and per share data)


Revenue	$		638,906		$		623,619		$		1,273,596		$		1,232,308


Cost of Goods Sold			439,194				419,775				888,285				841,596


Gross Profit			199,712				203,844				385,311				390,712


Equity in Earnings of Unconsolidated Joint Venture			6,309				9,276				10,113				16,992


Corporate General and Administrative Expense			(21,316	)			(17,879	)			(42,099	)			(33,528	)


Other Non-Operating Income			1,131				724				2,085				3,407


Interest Expense, net			(9,362	)			(10,714	)			(21,078	)			(21,398	)


Earnings Before Income Taxes			176,474				185,251				334,332				356,185


Income Taxes			(39,091	)			(41,731	)			(73,587	)			(78,823	)


Net Earnings	$		137,383		$		143,520		$		260,745		$		277,362


EARNINGS PER SHARE


Basic	$		4.25		$		4.29		$		8.03		$		8.26


Diluted			4.23				4.26				7.99				8.19


WEIGHTED-AVERAGE SHARES OUTSTANDING


Basic			32,297,313				33,431,315				32,459,801				33,581,970


Diluted			32,469,833				33,716,036				32,638,307				33,853,703


CASH DIVIDENDS PER SHARE	$		0.25		$		0.25		$		0.50		$		0.50

See Notes to Unaudited Consolidated Financial Statements.

EAGLE MATERIALS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (unaudited)



	For the Three Months Ended September 30,								For the Six Months Ended September 30,


		2025				2024				2025				2024


		(dollars in thousands)								(dollars in thousands)


Net Earnings	$		137,383		$		143,520		$		260,745		$		277,362


Net Actuarial Change in Defined Benefit Plans:


Amortization of Net Actuarial Loss			53				60				106				120


Tax Expense			(12	)			(15	)			(24	)			(30	)


Comprehensive Earnings	$		137,424		$		143,565		$		260,827		$		277,452

See Notes to Unaudited Consolidated Financial Statements.

EAGLE MATERIALS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (unaudited)



		September 30,				March 31,


		2025				2025


		(dollars in thousands)


ASSETS


Current Assets


Cash and Cash Equivalents	$		35,033		$		20,401


Accounts Receivable, net			250,773				212,332


Inventories			370,207				415,175


Income Tax Receivable			1,725				10,020


Prepaid and Other Assets			13,562				10,729


Total Current Assets			671,300				668,657


Property, Plant, and Equipment, net			1,909,715				1,792,982


Investment in Joint Venture			150,202				140,089


Operating Lease Right-of-Use Assets			30,991				29,313


Goodwill and Intangible Assets, net			590,560				595,752


Other Assets			56,510				37,795


Total Assets	$		3,409,278		$		3,264,588


LIABILITIES AND STOCKHOLDERS’ EQUITY


Current Liabilities


Accounts Payable	$		132,917		$		129,895


Accrued Liabilities			92,823				96,077


Operating Lease Liabilities			4,522				4,032


Income Taxes Payable			1,949				—


Current Portion of Long-Term Debt			15,000				15,000


Total Current Liabilities			247,211				245,004


Long-Term Debt			1,271,450				1,223,316


Noncurrent Operating Lease Liabilities			34,248				33,597


Other Long-Term Liabilities			66,240				66,029


Deferred Income Taxes			253,071				239,942


Total Liabilities			1,872,220				1,807,888


Stockholders’ Equity


Preferred Stock, Par Value $0.01; Authorized 5,000,000 Shares; None Issued			—				—


Common Stock, Par Value $0.01; Authorized 100,000,000 Shares; Issued and Outstanding 32,202,392 and 32,973,121 Shares, respectively			322				330


Capital in Excess of Par Value			—				—


Accumulated Other Comprehensive Losses			(3,043	)			(3,125	)


Retained Earnings			1,539,779				1,459,495


Total Stockholders’ Equity			1,537,058				1,456,700


	$		3,409,278		$		3,264,588

See Notes to Unaudited Consolidated Financial Statements.

EAGLE MATERIALS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)



	For the Six Months Ended September 30,


		2025				2024


		(dollars in thousands)


CASH FLOWS FROM OPERATING ACTIVITIES


Net Earnings	$		260,745		$		277,362


Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities, Net of Effect of Non-Cash Activity:


Depreciation, Depletion, and Amortization			82,633				77,427


Deferred Income Tax Provision			13,129				936


Stock Compensation Expense			10,290				9,403


Equity in Earnings of Unconsolidated Joint Venture			(10,113	)			(16,992	)


Changes in Operating Assets and Liabilities:


Accounts Receivable			(38,440	)			(43,364	)


Inventories			44,967				(358	)


Accounts Payable and Accrued Liabilities			(4,347	)			3,763


Other Assets			(25,534	)			(16,279	)


Income Taxes Payable (Receivable)			7,901				74,000


Net Cash Provided by Operating Activities			341,231				365,898


CASH FLOWS FROM INVESTING ACTIVITIES


Additions to Property, Plant, and Equipment			(184,635	)			(99,605	)


Acquisition Spending			—				(24,881	)


Net Cash Used in Investing Activities			(184,635	)			(124,486	)


CASH FLOWS FROM FINANCING ACTIVITIES


Borrowings Under Revolving Credit Facility			130,000				80,000


Repayment of Borrowings Under Revolving Credit Facility			(75,000	)			(95,000	)


Repayment of Term Loan			(7,500	)			(5,000	)


Dividends Paid to Stockholders			(16,631	)			(17,001	)


Purchase and Retirement of Common Stock			(167,700	)			(146,176	)


Proceeds from Stock Option Exercises			479				2,205


Shares Redeemed to Settle Employee Taxes on Stock Compensation			(5,612	)			(1,456	)


Net Cash Used in Financing Activities

EAGLE MATERIALS INC 10-Q