Eagle Materials (EXP) FY2026 results: revenue $2.3 billion, up 2.1% on the year

Eagle Materials makes cement, concrete and aggregates, gypsum wallboard and recycled paperboard in the United States. Headquartered in Dallas, Texas, it makes and sells its products through more than 70 facilities in 21 states. It was founded in 1963 as a subsidiary of Centex Corporation, traded publicly as Centex Construction Products from 1994, and took the name Eagle Materials in January 2004 when Centex distributed its shares to its own shareholders.

Two sectors

The business is split into Heavy Materials, made up of the Cement and Concrete and Aggregates segments, whose main end market is infrastructure, and Light Materials, made up of the Gypsum Wallboard and Recycled Paperboard segments, whose main end market is residential construction. Its markets cover most of the United States except the Northeast. The company owns or controls at least 25 years of primary raw material reserves for each of its cement and wallboard plants, and in many cases more than 50 years.

Cement

It operates eight cement plants, in Buda, Texas, LaSalle, Illinois, Sugar Creek, Missouri, Laramie, Wyoming, Tulsa, Oklahoma, Fernley, Nevada, Louisville, Kentucky and Fairborn, Ohio, plus two slag grinding facilities near Chicago and Houston. Its clinker capacity is approximately 6.7 million tons, approximately 6% of total U.S. clinker capacity, and all its plants use dry-process technology. The Buda plant is owned by Texas Lehigh Cement Company, a joint venture held 50% with a subsidiary of Heidelberg Materials. Each cement plant has its own limestone quarries. Including its share of the joint venture, it produced 6.9 million short tons of cement in fiscal 2026 and sold 7.5 million, the difference coming mainly from imports through terminals in Houston and Stockton. It is modernizing and expanding the Laramie plant, and the company states that capacity there will rise by nearly 50% to approximately 1.2 million tons, with start-up expected in late calendar 2026.

Concrete and aggregates

This segment mines crushed stone, sand and gravel from owned or leased quarries in Central Texas, the Kansas City area, Northern Colorado, Northern Nevada, Northern Kentucky and Western Pennsylvania, and makes readymix concrete in the first four of those areas. In fiscal 2025 it bought aggregates operations in Northern Kentucky and Western Pennsylvania.

Wallboard and paperboard

Its five gypsum wallboard plants, in Albuquerque and Bernalillo, New Mexico, Gypsum, Colorado, Duke, Oklahoma and Georgetown, South Carolina, have a combined capacity of approximately 3,775 million square feet a year and sell under the American Gypsum name. Four of them use natural gypsum from nearby company quarries, and the South Carolina plant buys gypsum under a long-term contract. Production was 2,792 million square feet in fiscal 2026. A $330.0 million project to modernize and expand the Duke plant will raise its capacity by 25% to 1.5 billion square feet, and the company states that it expects to finish in the second half of calendar 2027. Republic Paperboard Company in Lawton, Oklahoma makes gypsum liner paper from 100% recycled paper, sold to wallboard makers and other industrial users.

People

As of March 31, 2026 the company had approximately 2,800 employees, approximately 800 salaried and approximately 2,000 hourly. Approximately 780 hourly employees work under collective bargaining agreements.

From Eagle Materials' annual report on Form 10-K for the year ended 31 March 2026. The filing

Written from the 10-K filed 19 May 2026: read the full 10-K.