For the Quarterly Period Ended FORM 10-Q QUARTERLY REPORT June 30, 2025 Commission File Number 1-12984 EAGLE MATERIALS INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (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 ...

Eagle Materials (EXP) Q1 2026 Earnings Call July 29, 2025 08:30 AM ET Company ParticipantsMichael Haack - CEO, President & DirectorCraig Kesler - EVP - Finance and Administration & CFOTrey Grooms - Managing DirectorBrian Brophy - AVPAdam Thalhimer - Director - ResearchPhilip Ng - Managing DirectorKeith Hughes - Managing DirectorConference Call ParticipantsAnthony Pettinari - Research AnalystOperatorGood day, everyone, and welcome to the Eagle Materials First Quarter of Fiscal twenty twenty six Earnings Conf ...

Financial Data and Key Metrics Changes - The company reported record first quarter revenue of $634.7 million, an increase of 4% year-over-year, primarily driven by higher cement and wallboard sales volume, as well as contributions from recently acquired aggregates businesses [4][15] - Diluted net earnings per share decreased by 5% to $3.76, mainly due to lower earnings in cement from higher operating costs, partially offset by a 3% reduction in fully diluted shares due to the share buyback program [15] - Operating cash flow increased by 3% to $137 million, reflecting improved working capital management [17] Business Line Data and Key Metrics Changes - In the heavy materials sector, revenue increased by 5%, driven by increased cement sales volume and a 21% increase in concrete and aggregates revenue [16] - Aggregates sales volume surged by 117%, including contributions from recently acquired businesses, with organic aggregates sales volume up by 29% [16] - The light materials sector saw a 1% increase in revenue, reflecting higher wallboard sales volume, but was partially offset by lower wallboard sales prices [17] Market Data and Key Metrics Changes - Cement volumes improved year-over-year, marking the first quarter since December 2023 with a year-over-year increase in cement sales volumes, despite major weather disruptions [9] - Aggregate volumes improved significantly, aided by the integration of two recently acquired quarries [8] - Wallboard volumes remain subdued due to ongoing affordability challenges in the housing market, with structural constraints on adding supply in cement and wallboard [11][12] Company Strategy and Development Direction - The company continues to focus on operational improvement and sustainability initiatives, aiming to enhance its competitive advantage as a low-cost producer [5][6] - Strategic investments are being made in modernization and expansion projects, including the Laramie, Wyoming cement plant and the Duke, Oklahoma wallboard facility [13] - The company plans to continue investing in strategic projects and opportunistic share repurchases to create value [14] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding demand trends, noting stable order trends across major business lines despite macroeconomic uncertainties [8] - The company anticipates that high capacity utilization rates in the cement industry will lead to an improved pricing environment as cement sales volumes rebound [10] - Long-term demand fundamentals are expected to favor the consumption of the company's products due to aging infrastructure and housing stock [12] Other Important Information - The company repurchased 358,000 shares for $79 million and paid a quarterly dividend, returning $87 million to shareholders during the first quarter [19] - The net debt to capitalization ratio remained at 46%, and the net debt to EBITDA leverage ratio was 1.6 times, indicating significant financial flexibility [20] Q&A Session Summary Question: Wallboard performance and demand drivers - Management noted that geographic positioning and trailing twelve-month volume analysis are key factors in outperforming the market, despite ongoing affordability issues in housing [22][23] Question: Cost dynamics in wallboard - Natural gas prices have stabilized, and the company has sufficient natural gypsum reserves, indicating no immediate cost concerns [24] Question: Joint venture operating earnings and ramp-up - Earnings were impacted by the ramp-up of a new facility and weather issues in Texas, but improvements are expected as the year progresses [27][28] Question: Cement volume cadence and regional dynamics - Cement volume demand has been consistent throughout the quarter, driven by infrastructure spending, with no significant regional deviations noted [35][38] Question: Wallboard volume outlook - Management expects wallboard demand to remain under pressure due to affordability issues, but believes the market is underbuilt in the medium to long term [41][42] Question: Cement pricing outlook - Management is optimistic about mid to long-term pricing potential as demand remains stable, but short-term pricing increases may be more challenging [49][50] Question: Wallboard pricing dynamics - Wallboard pricing has been range-bound, with expectations for similar trends until there is a meaningful increase in volume [59]

Eagle Materials (EXP) came out with quarterly earnings of $3.76 per share, beating the Zacks Consensus Estimate of $3.73 per share. This compares to earnings of $3.94 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +0.80%. A quarter ago, it was expected that this maker of gypsum wallboard and cement would post earnings of $2.34 per share when it actually produced earnings of $2.08, delivering a surprise of -11.11%.Over the las ...

Financial Performance - Revenue increased by 4% to a record $635 million in Fiscal Quarter 1 2026[6], compared to $609 million in the same period of the previous year[9] - Gross profit margin was 29.2%[6] - Earnings per share (EPS) decreased by 5% to $3.76[6], compared to $3.94 in the same period of the previous year[13] - Operating cash flow generated was $137 million[6], a 3% increase compared to $133 million in the same quarter of the previous year[21] Segment Results - Heavy Materials (including Cement, Concrete, and Aggregates) revenue increased to $421 million[17] from $400 million[17], with cement sales volume up by 2%[17] and aggregates sales volume up by 117%[17] - Light Materials (Wallboard) revenue increased to $251 million[20] from $248 million[20], with wallboard sales volume up by 4%[20], but wallboard net sales prices decreased by 3%[20] Capital Allocation - $87 million was returned to shareholders[6] - 358,000 shares were repurchased for $79 million[6] - Quarterly dividend was paid[6] Financial Position - Net Debt to Adjusted EBITDA ratio was 1.6x as of June 30, 2025[24], compared to 1.5x as of March 31, 2025[24] - Net Debt was $1,258 million as of June 30, 2025[35], compared to $1,226 million as of March 31, 2025[35]

DALLAS, TX (July 29, 2025) Eagle Materials Inc. (NYSE: EXP) today reported financial results for the first quarter of fiscal 2026 ended June 30, 2025. Notable items for the quarter are highlighted below. (Unless otherwise noted, all comparisons are with the prior year's fiscal first quarter.) EXHIBIT 99.1 Contact at 214-432-2000 Michael R. Haack President & CEO D. Craig Kesler Executive Vice President & CFO Alex Haddock Senior Vice President News For Immediate Release EAGLE MATERIALS REPORTS FIRST QUARTER R ...

Core Viewpoint - Eagle Materials (EXP) is expected to report quarterly earnings of $3.76 per share, a decline of 4.6% year-over-year, with revenues projected at $617.71 million, reflecting a 1.5% increase compared to the previous year [1] Earnings Projections - Analysts have maintained the consensus EPS estimate for the quarter over the last 30 days, indicating stability in earnings projections [1][2] - Changes in earnings projections are crucial for predicting investor reactions to the stock [2] Revenue Estimates - Revenue from Gypsum Wallboard is estimated at $208.05 million, showing a year-over-year decline of 4.5% [4] - Revenue from Heavy Materials - Concrete & Aggregates is projected to reach $67.04 million, indicating a year-over-year increase of 9.8% [4] - Total Revenue from Light Materials is expected to be $237.17 million, reflecting a decline of 4.4% year-over-year [4] - Total Revenue from Heavy Materials is forecasted at $366.11 million, representing a 1.5% increase from the previous year [5] - Revenue from Light Materials - Gypsum Paperboard is projected at $29.51 million, indicating a year-over-year decline of 2.5% [5] - Revenue from Light Materials - Gypsum Wallboard is expected to be $207.66 million, reflecting a 4.7% decline year-over-year [5] - Revenue from Heavy Materials - Cement (Wholly Owned) is estimated at $298.09 million, showing a slight decline of 0.5% year-over-year [6] Pricing and Earnings Metrics - The Average Net Sales Price for Gypsum Wallboard is projected at $238.22, down from $239.43 in the same quarter last year [6] - The Average Net Sales Price for Cement is expected to be $159.24, up from $156.10 in the same quarter last year [7] - Segment Operating Earnings for Light Materials - Recycled Paperboard is projected at $9.19 million, compared to $8.50 million in the same quarter last year [7] - Segment Operating Earnings for Light Materials - Gypsum Wallboard is expected to be $87.16 million, down from $93.98 million year-over-year [8] - The consensus estimate for Segment Operating Earnings for Light Materials stands at $96.35 million, compared to $102.48 million in the previous year [8] Stock Performance - Over the past month, Eagle Materials shares have increased by 10.5%, outperforming the Zacks S&P 500 composite's increase of 4.9% [8]

Part I [Item 1. Business](index=3&type=section&id=Item%201.%20Business) The company is a leading US manufacturer of heavy construction and light building materials, focusing on low-cost production and strategic growth - The company is a leading U.S. manufacturer of heavy construction products like Portland Cement and light building materials like Gypsum Wallboard, operating through a network of over 70 facilities in 21 states[12](index=12&type=chunk) - Key competitive strengths include strategically located plants, a decentralized operating structure, substantial raw material reserves, production flexibility, and a position as a low-cost producer[15](index=15&type=chunk)[16](index=16&type=chunk)[17](index=17&type=chunk) - Capital allocation priorities are growth investments, maintaining a low-cost position, and returning cash to shareholders, with **$1.8 billion returned** over the past five years[32](index=32&type=chunk) - The company had approximately **2,500 employees** as of March 31, 2025, with about 600 unionized hourly workers[41](index=41&type=chunk) - In fiscal 2025, all business segments recorded a total recorded incident rate (TRIR) average that was **lower than the applicable industry average**, highlighting a strong safety performance[43](index=43&type=chunk) Fiscal 2025 Financial Highlights | Metric | Value | Change vs FY2024 | | :--- | :--- | :--- | | Revenue | $2.3 billion | Up slightly (Record) | | Net Earnings | $463.4 million | Down 3% | | Diluted EPS | $13.77 | Up 1% (Record) | | Share Repurchases | 1.2 million shares ($298.0M) | - | - Strategic highlights for FY2025 include acquisitions in Kentucky and Pennsylvania, the start-up of a new slag-cement facility in Texas, and the commencement of major modernization and expansion projects in Wyoming and Oklahoma[34](index=34&type=chunk)[38](index=38&type=chunk)[40](index=40&type=chunk) Fiscal 2025 Revenue and Earnings by Business Segment | Sector | Business Segment | Revenue ($ millions) | Operating Earnings ($ millions) | | :--- | :--- | :--- | :--- | | Heavy Materials | Cement | $1,053.6 | $319.5 | | | Concrete and Aggregates | $237.7 | $(8.8) | | Light Materials | Gypsum Wallboard | $846.5 | $350.8 | | | Recycled Paperboard | $122.7 | $38.1 | [Item 1A. Risk Factors](index=25&type=section&id=Item%201A.%20Risk%20Factors) The company is exposed to risks from construction industry cycles, regulations, commodity prices, operational challenges, and cybersecurity threats - **Industry Risks:** Demand is tied to the cyclical construction industry, government funding for public projects, and seasonal weather patterns[133](index=133&type=chunk)[136](index=136&type=chunk)[140](index=140&type=chunk) - **Regulatory & Legal Risks:** Operations are subject to extensive and costly environmental, health, and safety regulations, with potential impacts from climate change legislation[143](index=143&type=chunk)[148](index=148&type=chunk)[157](index=157&type=chunk) - **Financial & Operational Risks:** The business is capital-intensive and faces risks from rising input costs, transportation availability, and debt covenants[167](index=167&type=chunk)[173](index=173&type=chunk)[177](index=177&type=chunk) - **Cybersecurity Risks:** The company is vulnerable to cyber attacks and data breaches that could negatively impact operations and result in liability[163](index=163&type=chunk)[164](index=164&type=chunk) - **Growth & Strategic Risks:** The company may face challenges in identifying and integrating acquisitions and completing capital projects on time or within budget[191](index=191&type=chunk)[196](index=196&type=chunk) [Item 1B. Unresolved Staff Comments](index=40&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that there are no unresolved comments from the SEC Staff - There are no unresolved Staff comments[200](index=200&type=chunk) [Item 1C. Cybersecurity](index=40&type=section&id=Item%201C.%20Cybersecurity) The company maintains a comprehensive cybersecurity program and has experienced no material incidents to date - The company's cybersecurity risk management is integrated into its broader risk management framework and overseen by the Director of Information Security[202](index=202&type=chunk)[207](index=207&type=chunk) - The Audit Committee of the Board of Directors is responsible for overseeing cyber risk and receives quarterly updates[209](index=209&type=chunk) - To the company's knowledge, it has not been subject to any cybersecurity incidents that have materially affected its business, operations, or financial standing[205](index=205&type=chunk) [Item 2. Properties](index=42&type=section&id=Item%202.%20Properties) The company owns and leases numerous facilities with substantial, long-term mineral reserves ensuring operational viability Limestone Reserves and Resources (as of March 31, 2025) | Category | Tons (millions) | | :--- | :--- | | Proven & Probable Reserves | 321.2 | | Measured & Indicated Resources | 728.4 | Aggregate Reserves and Resources (as of March 31, 2025) | Category | Tons (millions) | | :--- | :--- | | Proven & Probable Reserves | 191.7 | | Measured & Indicated Resources | 212.6 | Gypsum Reserves and Resources (as of March 31, 2025) | Category | Tons (millions) | | :--- | :--- | | Proven & Probable Reserves | 67.2 | | Measured & Indicated Resources | 149.7 | [Item 3. Legal Proceedings](index=50&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, none of which are expected to have a material financial impact - Management believes that the ultimate outcome of any currently pending legal proceedings will not have a material effect on the company's consolidated financial condition[236](index=236&type=chunk) - The company is in litigation with the EPA over the disapproval of State Implementation Plans (SIPs) for several states related to ozone standards[237](index=237&type=chunk) [Item 4. Mine Safety Disclosures](index=50&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Mine safety violation information is included in Exhibit 95 of the Form 10-K report - Information concerning mine safety violations required by the Dodd-Frank Act is included in Exhibit 95 to this Annual Report[239](index=239&type=chunk) Part II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](index=51&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's stock trades on the NYSE, and it maintains an active share repurchase program with significant remaining authorization Share Repurchases by Fiscal Year | Fiscal Year | Shares Repurchased | Average Price | Total Cost | | :--- | :--- | :--- | :--- | | 2025 | 1,214,173 | $245.67 | ~$298.3M | | 2024 | 1,863,534 | $184.21 | ~$343.3M | | 2023 | 3,075,788 | $126.05 | ~$387.7M | - As of March 31, 2025, a total of approximately **4.7 million shares** remain available for repurchase under the Board's authorization[242](index=242&type=chunk) [Item 6. Reserved](index=53&type=section&id=Item%206.%20Reserved) This item is not required - Not required[250](index=250&type=chunk) [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=53&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Fiscal 2025 saw record revenue amid resilient markets, with significant investments in growth projects and a strong liquidity position - The macroeconomic environment is viewed as constructive, with cement demand expected to remain steady due to **infrastructure spending from the IIJA**[262](index=262&type=chunk) - Residential construction activity has remained steady, supported by a chronic housing shortage, though a full recovery is not expected until mortgage rates decline[263](index=263&type=chunk) - Cost outlook for fiscal 2026 includes stable to slightly increasing freight costs and continued high maintenance and energy costs[265](index=265&type=chunk)[267](index=267&type=chunk) - **Cement operating earnings decreased 6%** to $319.5 million, driven by lower sales volume and higher operating costs[282](index=282&type=chunk) - **Gypsum Wallboard operating earnings increased 5%** to $350.8 million, benefiting from higher sales prices and lower operating expenses[287](index=287&type=chunk) - Key critical accounting policies include impairment of long-lived assets, goodwill, and business combinations, with **no goodwill impairment recognized in fiscal 2025**[293](index=293&type=chunk)[296](index=296&type=chunk)[363](index=363&type=chunk) - Capital expenditures for fiscal 2026 are expected to range from **$475.0 million to $525.0 million** to fund major plant expansions[330](index=330&type=chunk) - As of March 31, 2025, the company had **$1.25 billion in total debt** and $540.1 million of available borrowings under its Revolving Credit Facility[322](index=322&type=chunk)[405](index=405&type=chunk) - The debt-to-capitalization ratio was **46.1%** at March 31, 2025, compared to 45.7% at March 31, 2024[319](index=319&type=chunk) Consolidated Results of Operations (Fiscal Year Ended March 31) | (in thousands, except per share) | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $2,260,508 | $2,259,297 | 0% | | Gross Profit | $673,137 | $685,321 | (2)% | | Net Earnings | $463,416 | $477,639 | (3)% | | Diluted Earnings per Share | $13.77 | $13.61 | 1% | Summary of Cash Flows (Fiscal Year Ended March 31) | Cash Flow ($ in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $548,548 | $563,938 | | Net Cash Used in Investing Activities | $(370,131) | $(175,358) | | Net Cash Used in Financing Activities | $(192,941) | $(368,897) | [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=71&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from interest rate fluctuations and commodity price changes for key inputs - The company is exposed to interest rate risk on its variable-rate debt with a combined outstanding balance of **$496.3 million** at March 31, 2025[339](index=339&type=chunk) - A hypothetical **100 basis point increase** in interest rates on outstanding variable-rate borrowings would increase annual interest expense by **$5.0 million**[339](index=339&type=chunk) - The company is subject to commodity risk from price changes in coal, natural gas, and power, and attempts to limit this exposure through contracts and alternative fuels[340](index=340&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=72&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section contains the audited consolidated financial statements, notes, and the independent auditor's unqualified opinion - **Acquisitions (Note B):** In fiscal 2025, the company completed two acquisitions for a combined ~$174.9M, adding **$77.3M to goodwill**[388](index=388&type=chunk)[390](index=390&type=chunk)[395](index=395&type=chunk) - **Indebtedness (Note F):** As of March 31, 2025, total debt was **$1.25 billion**, consisting of a Revolving Credit Facility, a Term Loan, and Senior Unsecured Notes[405](index=405&type=chunk) - **Equity Awards (Note K):** The company granted various performance-based and time-vesting stock awards, with **1,344,678 shares available** for future grants under its 2023 plan[443](index=443&type=chunk)[456](index=456&type=chunk) - The auditor, Ernst & Young LLP, issued an **unqualified opinion** on the consolidated financial statements and on the effectiveness of internal controls[476](index=476&type=chunk)[477](index=477&type=chunk) - A **Critical Audit Matter** was identified related to the existence of raw materials and materials-in-progress inventory due to measurement complexity[482](index=482&type=chunk) Consolidated Statements of Earnings (Year Ended March 31) | (in thousands) | 2025 | 2024 | 2023 | | :--- | :--- | :--- | :--- | | Revenue | $2,260,508 | $2,259,297 | $2,148,069 | | Gross Profit | $673,137 | $685,321 | $639,266 | | Net Earnings | $463,416 | $477,639 | $461,540 | | Diluted EPS | $13.77 | $13.61 | $12.46 | Consolidated Balance Sheets (As of March 31) | (in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Total Current Assets | $668,657 | $627,693 | | Total Assets | $3,264,588 | $2,947,019 | | Total Current Liabilities | $245,004 | $239,409 | | Total Liabilities | $1,807,888 | $1,638,484 | | Total Stockholders' Equity | $1,456,700 | $1,308,535 | [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=118&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants - None[484](index=484&type=chunk) [Item 9A. Controls and Procedures](index=118&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management and the independent auditor concluded that the company's disclosure controls and internal controls were effective - Based on an evaluation as of the end of the fiscal year, the CEO and CFO concluded that the company's **disclosure controls and procedures were effective**[485](index=485&type=chunk) - Management concluded that the company's **internal control over financial reporting was effective** as of March 31, 2025, based on the COSO 2013 framework[487](index=487&type=chunk) - The independent registered public accounting firm, Ernst & Young LLP, also issued an **unqualified opinion** on the effectiveness of the company's internal control over financial reporting[490](index=490&type=chunk) [Item 9B. Other Information](index=121&type=section&id=Item%209B.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading arrangements during the fourth fiscal quarter - No director or officer adopted, modified, or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the fiscal fourth quarter[497](index=497&type=chunk) [Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections](index=121&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20That%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[498](index=498&type=chunk) Part III [Item 10. Directors, Executive Officers and Corporate Governance](index=122&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Required information is incorporated by reference from the 2025 Proxy Statement - The required information is incorporated by reference from the Company's 2025 Proxy Statement[500](index=500&type=chunk) - The company's code of ethics, "The Eagle Way – A Guide to Decision-Making on Business Conduct Issues," is published on its website[501](index=501&type=chunk) [Item 11. Executive Compensation](index=123&type=section&id=Item%2011.%20Executive%20Compensation) Required information is incorporated by reference from the 2025 Proxy Statement - The required information is incorporated by reference from the Company's 2025 Proxy Statement[503](index=503&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=123&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Security ownership information is incorporated by reference, with details provided on equity compensation plans - The required information is incorporated by reference from the Company's 2025 Proxy Statement[504](index=504&type=chunk) Equity Compensation Plan Information as of March 31, 2025 | Plan Category | Securities to be issued upon exercise of outstanding options | Weighted-average exercise price | Securities remaining available for future issuance | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by stockholders | 184,233 | $95.75 | 1,344,678 | [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=123&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Required information is incorporated by reference from the 2025 Proxy Statement - The required information is incorporated by reference from the Company's 2025 Proxy Statement[507](index=507&type=chunk) [Item 14. Principal Accounting Fees and Services](index=123&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Required information is incorporated by reference from the 2025 Proxy Statement - The required information is incorporated by reference from the Company's 2025 Proxy Statement[508](index=508&type=chunk) Part IV [Item 15. Exhibits and Financial Statement Schedules](index=124&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all documents filed as part of the Form 10-K report, including financial statements and exhibits - This item lists the financial statements, financial statement schedules (omitted as not applicable), and exhibits filed as part of the report[509](index=509&type=chunk)[510](index=510&type=chunk)[511](index=511&type=chunk) [Item 16. Form 10-K Summary](index=130&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company provides no summary under this item - None[520](index=520&type=chunk)

Core Insights - Eagle Materials reported revenue of $470.18 million for the quarter ended March 2025, reflecting a year-over-year decline of 1.4% and an EPS of $2.08, down from $2.24 a year ago [1] - The reported revenue fell short of the Zacks Consensus Estimate of $477.78 million, resulting in a surprise of -1.59%, while the EPS also missed the consensus estimate of $2.34 by -11.11% [1] Financial Performance Metrics - Average Net Sales Price for Gypsum Wallboard was $231.54, below the $240.74 estimate, while Cement's average net sales price was $157.62, slightly above the $157.28 estimate [4] - Revenue from Heavy Materials - Concrete & Aggregates was $54.35 million, exceeding the $52.27 million estimate, marking an 11.6% year-over-year increase [4] - Revenue from Heavy Materials - Cement (Wholly Owned) was $180.59 million, below the $185.88 million estimate, representing a -4.7% change year-over-year [4] - Total Revenue from Heavy Materials was $234.94 million, slightly below the $238.25 million estimate, indicating a -1.3% year-over-year change [4] - Revenue from Light Materials - Gypsum Paperboard was $31.03 million, surpassing the $28.05 million estimate, reflecting a +9.4% year-over-year change [4] - Revenue from Light Materials - Gypsum Wallboard was $204.21 million, below the $198.60 million estimate, showing a -2.9% year-over-year change [4] - Total Revenue from Light Materials was $235.24 million, below the $238.70 million estimate, indicating a -1.4% year-over-year change [4] Segment Operating Earnings - Segment Operating Earnings for Light Materials - Recycled Paperboard was $10.49 million, exceeding the $9.20 million estimate [4] - Segment Operating Earnings for Light Materials - Gypsum Wallboard was $80.25 million, slightly below the $81.51 million estimate [4] - Segment Operating Earnings for Light Materials totaled $90.75 million, below the $93.69 million estimate [4] - Segment Operating Earnings for Heavy Materials - Concrete and Aggregates was -$9.35 million, significantly worse than the -$0.47 million estimate [4] Stock Performance - Shares of Eagle Materials have returned +15.8% over the past month, outperforming the Zacks S&P 500 composite's +13.1% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Financial Data and Key Metrics Changes - Fiscal year 2025 revenue reached a record $2.3 billion, slightly up from the previous year, primarily due to higher prices across all business lines, partially offset by lower sales volumes in Cement, Concrete, and Aggregates [21][22] - Diluted earnings per share for the full fiscal year increased by 1% to $13.77, attributed to a reduced share count from the share repurchase program [21][22] - Fourth quarter revenue decreased by 1% to $470 million, mainly due to lower sales volumes in Cement and Gypsum Wallboard, offset by higher prices [21][22] Business Line Data and Key Metrics Changes - Heavy Materials sector revenue declined by 2% to $1.4 billion, reflecting a 5% decrease in cement sales volume, partially offset by higher prices [23] - Light Materials sector revenue increased by 3% to $969 million, driven by higher wallboard sales prices and record recycled paperboard sales volume [24] Market Data and Key Metrics Changes - Adverse weather conditions in the fourth quarter caused production interruptions, impacting Cement and Concrete and Aggregates businesses [15][22] - Despite recent challenges, demand and supply dynamics in the sector remain favorable, with no material disruption in public infrastructure project funding [15][16] Company Strategy and Development Direction - The company is focused on health, safety, sustainability, and strategic investments to enhance its competitive position [19][20] - Significant capital investments include modernization projects at the Mountain Cement plant and the Duke wallboard facility, expected to improve energy efficiency and production capacity [12][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating economic uncertainties, emphasizing a steady focus on investing through cycles [13][19] - The outlook for cement and wallboard demand remains cautiously optimistic, with expectations for a rebound in single-family housing starts despite current pressures [16][18] Other Important Information - The company completed over $175 million in M&A transactions and returned $332 million to shareholders through share repurchases and dividends [13][27] - The appointment of David Rush to the Board of Directors was announced, bringing valuable industry experience [20] Q&A Session Summary Question: Thoughts on capital deployment for modernization and expansion projects - Management highlighted a focus on high-return projects with internal hurdle rates of 15% cash on cash after tax [29][31] Question: Impact of alternative fuels on cost management - The company is utilizing alternative fuels like tire chips to enhance flexibility and reduce CO2 emissions [34][36] Question: Wallboard pricing trends and freight costs - Management noted that higher freight costs contributed to sequential pricing declines, with plans for a price increase in the spring [39][40] Question: Demand outlook for private non-residential markets - The private non-residential market remains steady, with a variety of large multi-year projects ongoing [48][49] Question: Expectations for cement pricing and cost visibility - Management anticipates continued margin improvement, driven by volume recovery and stable energy costs [55][56] Question: Production downtimes during Duke Wallboard facility modernization - Existing lines will operate normally until the new line is complete [81] Question: Future acquisition plans in aggregates - The company remains open to aggregate acquisitions that align with its strategic criteria [82]