Eagle Materials Posts Record Results as Big Plant Modernizations Drive a Peak Capex Year

Peak capital spending for plant upgrades will be funded by a $750 million note sale and existing liquidity while management uses hedges and price moves to protect margins.

Overview

Eagle reported record fiscal 2026 results with $2.3 billion in revenue and $13.16 earnings per share and returned more than $400 million to shareholders.
The company is entering a peak capital cycle with FY2027 guidance of $490–$525 million as Mountain Cement and the Duke, Oklahoma wallboard plant near commissioning.
Heavy materials led growth as cement volumes rose about 8 percent and aggregate volumes hit a record 6.6 million tons, supported by infrastructure work and data center construction.
Management strengthened the balance sheet by issuing $750 million of 10-year notes at 5 percent, reducing bank debt, and holding roughly $298 million in cash with about $1 billion of committed liquidity.
To offset higher freight and diesel costs that raised delivered costs by roughly $2–$3 per unit, the company has locked primary fuel for fiscal 2027 and announced April cement and June wallboard price increases.