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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

December 31, 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 January 26, 2026, the number of outstanding shares of common stock was:


Class		Outstanding Shares
Common Stock, $.01 Par Value		31,432,138

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION (UNAUDITED)


		Page
Item 1.	Consolidated Financial Statements

	Consolidated Statements of Earnings for the Three and Nine Months Ended December 31, 2025 and 2024	1

	Consolidated Statements of Comprehensive Earnings for the Three and Nine Months Ended December 31, 2025 and 2024	2

	Consolidated Balance Sheets as of December 31, 2025, and March 31, 2025	3

	Consolidated Statements of Cash Flows for the Nine Months Ended December 31, 2025 and 2024	4

	Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended December 31, 2025 and 2024	5

	Notes to Unaudited Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	46

Item 4.	Controls and Procedures	46

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	47

Item 1a.	Risk Factors	47

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	47

Item 4.	Mine Safety Disclosures	47

Item 5.	Other Information	47

Item 6.	Exhibits	48

SIGNATURES		49

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 December 31,								For the Nine Months Ended December 31,


		2025				2024				2025				2024


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


Revenue	$		555,956		$		558,025		$		1,829,552		$		1,790,333


Cost of Goods Sold			395,050				380,212				1,283,335				1,221,808


Gross Profit			160,906				177,813				546,217				568,525


Equity in Earnings of Unconsolidated Joint Venture			4,420				4,987				14,533				21,979


Corporate General and Administrative Expense			(24,010	)			(20,818	)			(66,109	)			(54,346	)


Other Non-Operating Income			1,644				1,381				3,729				4,788


Interest Expense, net			(13,712	)			(9,061	)			(34,790	)			(30,459	)


Earnings Before Income Taxes			129,248				154,302				463,580				510,487


Income Taxes			(26,345	)			(34,728	)			(99,932	)			(113,551	)


Net Earnings	$		102,903		$		119,574		$		363,648		$		396,936


EARNINGS PER SHARE


Basic	$		3.23		$		3.59		$		11.28		$		11.85


Diluted			3.22				3.56				11.21				11.75


WEIGHTED-AVERAGE SHARES OUTSTANDING


Basic			31,824,706				33,317,168				32,247,333				33,493,382


Diluted			32,005,925				33,608,538				32,429,251				33,771,660


CASH DIVIDENDS PER SHARE	$		0.25		$		0.25		$		0.75		$		0.75

See Notes to Unaudited Consolidated Financial Statements.

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



	For the Three Months Ended December 31,								For the Nine Months Ended December 31,


		2025				2024				2025				2024


	(dollars in thousands)


Net Earnings	$		102,903		$		119,574		$		363,648		$		396,936


Net Actuarial Change in Defined Benefit Plans:


Amortization of Net Actuarial Loss			53				60				159				180


Tax Expense			(12	)			(15	)			(36	)			(45	)


Comprehensive Earnings	$		102,944		$		119,619		$		363,771		$		397,071

See Notes to Unaudited Consolidated Financial Statements.

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



		December 31,				March 31,


		2025				2025


		(dollars in thousands)


ASSETS


Current Assets


Cash and Cash Equivalents	$		418,999		$		20,401


Accounts Receivable, net			208,511				212,332


Inventories			384,879				415,175


Income Tax Receivable			8,123				10,020


Prepaid and Other Assets			11,603				10,729


Total Current Assets			1,032,115				668,657


Property, Plant, and Equipment, net			1,984,828				1,792,982


Investment in Joint Venture			154,622				140,089


Operating Lease Right-of-Use Assets			30,108				29,313


Goodwill and Intangible Assets, net			588,019				595,752


Other Assets			53,743				37,795


Total Assets	$		3,843,435		$		3,264,588


LIABILITIES AND STOCKHOLDERS’ EQUITY


Current Liabilities


Accounts Payable	$		124,241		$		129,895


Accrued Liabilities			96,247				96,077


Operating Lease Liabilities			4,241				4,032


Income Taxes Payable			1,774				—


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


Total Current Liabilities			241,503				245,004


Long-Term Debt			1,748,179				1,223,316


Noncurrent Operating Lease Liabilities			33,392				33,597


Other Long-Term Liabilities			65,836				66,029


Deferred Income Taxes			260,900				239,942


Total Liabilities			2,349,810				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 31,554,877 and 32,973,121 Shares, respectively			316				330


Capital in Excess of Par Value			—				—


Accumulated Other Comprehensive Losses			(3,002	)			(3,125	)


Retained Earnings			1,496,311				1,459,495


Total Stockholders’ Equity			1,493,625				1,456,700


	$		3,843,435		$		3,264,588

See Notes to Unaudited Consolidated Financial Statements.

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



	For the Nine Months Ended December 31,


		2025				2024


	(dollars in thousands)


CASH FLOWS FROM OPERATING ACTIVITIES


Net Earnings	$		363,648		$		396,936


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


Depreciation, Depletion, and Amortization			124,243				116,661


Deferred Income Tax Provision			20,958				1,457


Stock Compensation Expense			15,804				14,221


Equity in Earnings of Unconsolidated Joint Venture			(14,533	)			(21,979	)


Changes in Operating Assets and Liabilities:


Accounts Receivable			3,821				20,606


Inventories			30,296				(17,277	)


Accounts Payable and Accrued Liabilities			(9,187	)			(15,175	)


Other Assets			(24,348	)			(18,041	)


Income Taxes Payable (Receivable)			1,328				8,371


Net Cash Provided by Operating Activities			512,030				485,780


CASH FLOWS FROM INVESTING ACTIVITIES


Additions to Property, Plant, and Equipment			(294,680	)			(146,975	)


Acquisition Spending			—				(24,881	)


Net Cash Used in Investing Activities			(294,680	)			(171,856	)


CASH FLOWS FROM FINANCING ACTIVITIES


Borrowings Under Revolving Credit Facility			145,000				100,000


Repayment of Borrowings Under Revolving Credit Facility			(345,000	)			(185,000	)


Repayment of Term Loan			(11,250	)			(7,500	)


Proceeds from Issuance of 5.000% Senior Unsecured Notes			741,772				—


Payment of Debt Issuance Costs			(6,851	)			—


Dividends Paid to Stockholders			(24,477	)			(25,373	)


Purchase and Retirement of Common Stock			(310,282	)			(201,276	)


Payment of Excise Tax on Purchases and Retirement of Common Stock			(2,587	)			(3,331	)


Proceeds from Stock Option Exercises

EAGLE MATERIALS INC 10-Q