Company Overview - Eagle Materials operates as a leading U.S. supplier of construction materials, with a balanced portfolio that includes cement, aggregates, wallboard, and paperboard [6] - The company generates revenue through the mining, manufacturing, and distribution of heavy and light building materials, serving both commercial and residential construction, as well as infrastructure projects [9] Recent Developments - On February 13, 2026, Black Creek Investment Management Inc. disclosed a new position in Eagle Materials, acquiring 502,120 shares in the fourth quarter with an estimated trade value of $103.78 million [1][2] - This new position accounted for 5.1% of Black Creek's 13F reportable assets as of December 31, 2025 [8] Financial Performance - Eagle Materials reported $556 million in quarterly revenue and $3.22 in diluted EPS for its fiscal third quarter [10] - Cement volumes rose 9% year over year, while organic aggregates volumes climbed 34%, despite a 14% decline in gypsum wallboard volumes [10] - The company has a net debt of approximately $1.37 billion and a net leverage ratio of 1.8x, indicating a disciplined balance sheet [11] Market Position - As of February 12, 2026, shares of Eagle Materials were priced at $232.67, down 5.1% over the past year, underperforming the S&P 500 by 18.0 percentage points [8] - The company repurchased about 648,000 shares for $142.6 million in the quarter, reinforcing its capital allocation consistency [11]

Core Viewpoint - Vulcan Materials Company (VMC) is set to release its fourth-quarter 2025 results on February 17, with expectations of revenue growth driven by aggregates pricing and volume increases, despite facing margin pressures from cost inflation and tariff uncertainties [1][9]. Group 1: Earnings and Revenue Estimates - The Zacks Consensus Estimate for fourth-quarter earnings per share (EPS) has decreased to $2.13 from $2.16, indicating a 1.8% decline year-over-year [2]. - The consensus estimate for total revenues is projected at $1.94 billion, reflecting a 4.9% year-over-year growth [2]. - In the last reported quarter, Vulcan's adjusted earnings and total revenues exceeded the Zacks Consensus Estimate by 6% and 1.7%, respectively, with year-over-year increases of 27.9% and 14.4% [1]. Group 2: Revenue Drivers - Revenue growth in the fourth quarter is expected to be supported by increased aggregates pricing and volume growth, driven by robust public construction and private nonresidential activities [3]. - Favorable weather conditions, particularly in the South, and completed acquisitions on both coasts are anticipated to contribute positively to revenue [3]. - The backlog in public and private projects is expected to provide a strong pipeline of demand, enhancing revenue visibility [3]. Group 3: Segment Performance - The Zacks Consensus Estimate for revenues from the Aggregates segment is $1.55 billion, reflecting a year-over-year growth of 5.2%, while the Concrete segment is estimated at $198 million, indicating a 20.7% increase [5]. - Conversely, the Asphalt mix segment is projected to generate $317 million, representing a 3.1% decline year-over-year [5]. - Unit shipment volumes for Aggregates and Concrete are expected to rise to 55,521 tons and 1,125 tons, respectively, while Asphalt mix shipments are anticipated to decrease to 3,332 tons [6]. Group 4: Margin Trends and Challenges - Vulcan's bottom line is likely to be impacted by cost inflation and ongoing tariff uncertainties, which may restrict growth despite price increases [7]. - The company is facing macroeconomic headwinds and pressures in end markets such as single-family housing, which could further limit bottom-line growth [7]. Group 5: Earnings Prediction - The Zacks model indicates that Vulcan is not expected to achieve an earnings beat this quarter, with an Earnings ESP of -1.58% and a Zacks Rank of 3 (Hold) [8][10].

Core Insights - Builders FirstSource, Inc. (BLDR) is expected to report its fourth-quarter 2025 results on February 17, with adjusted earnings per share (EPS) and net sales in the last quarter exceeding Zacks Consensus Estimates by 11.2% and 3.8% respectively, although both metrics showed year-over-year declines of 6.9% and 38.8% [1] Group 1: Earnings and Sales Estimates - The Zacks Consensus Estimate for BLDR's fourth-quarter EPS has decreased to $1.30 from $1.31 over the past 30 days, indicating a 43.7% year-over-year decline from $2.31 reported in the same quarter last year [2] - The consensus estimate for net sales is projected at $3.44 billion, reflecting a 10.1% decline from $3.82 billion reported in the year-ago quarter [2] Group 2: Factors Influencing Q4 Results - Net sales are anticipated to decline year-over-year due to challenges in the housing market, including high mortgage rates and persistent inflation affecting housing starts, which directly impacts sales volume [3] - The value-added product category, which constituted 47.1% of third-quarter 2025 net sales, is expected to be negatively impacted by lower volumes, particularly in the multifamily segment and reduced home size [4] - Contributions from Specialty building products & services (27.6% of third-quarter net sales) and Lumber & lumber sheet goods (25.3% of third-quarter net sales) may slightly mitigate the overall decline, supported by stable repair and remodel activity and recent acquisitions [5] Group 3: Earnings Pressure and Market Dynamics - The bottom line is likely to decline year-over-year due to lower sales volumes in a weak housing market, with soft single-family demand and reduced revenue per start contributing to this trend [7] - Gross margins are expected to face pressure from lower volumes and competitive pricing dynamics across product categories, alongside reduced operating leverage from lower sales [8][9] - Despite disciplined cost control and productivity initiatives, profitability is anticipated to be limited due to ongoing margin pressures [9] Group 4: Earnings Prediction Model - The current model does not predict an earnings beat for Builders FirstSource, as the company has an Earnings ESP of -4.95% and a Zacks Rank of 4 (Sell) [10][11]

Group 1 - QXO Inc. (NYSE:QXO) reached a new 52-week high, increasing by 16.59% to $27.06, following the announcement of its acquisition of Kodiak Building Partners for $2.25 billion [1][2] - The acquisition agreement includes a payment of $2 billion in cash and 13.2 million shares, with the option for Kodiak to repurchase shares at $40 each [2] - Kodiak generated $2.5 billion in revenue last year from various construction-related products and services, indicating a strong financial background [4] Group 2 - The acquisition is expected to open access to a $200 billion addressable market, enhancing QXO's growth potential [2] - QXO's Chairman and CEO, Brad Jacobs, emphasized that the acquisition will allow for cross-selling and improved customer value, as well as margin expansion through operational efficiencies [5] - QXO's acquisition pipeline remains active, supported by recent equity financings led by Apollo and Temasek [6]

Core Viewpoint - Martin Marietta Materials, Inc. has appointed George F. Schoen as Executive Vice President, General Counsel, and Corporate Secretary to enhance its leadership team and support its long-term strategic plan [1]. Group 1: Appointment Details - George F. Schoen will join Martin Marietta in March 2026 [1]. - Mr. Schoen previously served as Co-Chair of the Global Mergers and Acquisitions Practice at Cravath, Swaine & Moore LLP, recognized as a leading M&A and corporate governance attorney [2]. Group 2: Experience and Recognition - Mr. Schoen has extensive experience in public company mergers and acquisitions, hostile transactions, shareholder activism defense, and strategic board-level counseling [2]. - He has represented companies across various industries, including construction materials, energy, and technology, and has been involved in significant transactions such as Disney's acquisition of 21st Century Fox and Occidental Petroleum's acquisition of Anadarko [3]. - Mr. Schoen has received multiple accolades, including being named "Dealmaker of the Year" by the New York Law Journal in 2022 and recognized as one of "Hollywood's Top 20 Dealmakers" by The Hollywood Reporter in 2018 [3]. Group 3: Company Overview - Martin Marietta is a leading supplier of building materials, including aggregates, cement, ready-mixed concrete, and asphalt, operating across 28 states, Canada, and The Bahamas [5]. - The company is a member of the S&P 500 Index and focuses on providing resources for building solid foundations in communities [5].

Core Insights - Martin Marietta Materials, Inc. (MLM) reported lower-than-expected results for Q4 2025, with earnings and revenues missing the Zacks Consensus Estimate, leading to a 4.5% decline in stock during pre-market trading [1][4][9] Financial Performance - Q4 earnings per share (EPS) from continuing operations were $3.85, missing the consensus estimate of $4.68 by 17.7% and down 4% from the previous year's EPS of $4.03 [4] - Revenues for the quarter were $1.53 billion, missing the consensus mark of $1.56 billion by 1.9%, but increased 9% from $1.41 billion year-over-year [4] - Consolidated gross margin remained flat at 30%, with gross profit increasing 10% to $468 million [5] - Adjusted EBITDA from continuing operations was $515 million, up 10% year-over-year, with an adjusted EBITDA margin expanding 100 basis points to 34% [5] Segment Performance - Building Materials segment reported revenues of $1.4 billion, a 4.9% year-over-year increase, with gross margin rising 200 basis points to 32% [6] - Aggregates business revenues grew 7.7% to $1.23 billion, with shipments up 2% to 48.9 million tons and average selling price per ton increasing 5% to $23.11 [7] - Other Building Materials revenues declined 6.1% to $248 million, with gross profit down 17.9% to $23 million due to divestiture impacts [8] - Specialties segment reported revenues of $133 million, a significant increase of 72.7% from $77 million a year ago, although gross margin decreased by 700 basis points to 22% [10] Strategic Initiatives - The company is advancing its portfolio optimization initiative to strengthen its aggregates and asphalt business [2][3] - Martin Marietta acquired aggregates and FOB asphalt assets in Minnesota, expanding operations and adding approximately 40 million tons of aggregate reserves [14] - A definitive agreement with Quikrete Holdings involves asset exchanges that will enhance Martin Marietta's aggregates operations [15] 2026 Guidance - For 2026, Martin Marietta expects total revenues between $6.42 billion and $6.78 billion, with adjusted EBITDA projected between $2.16 billion and $2.31 billion [16] - Aggregate shipment is anticipated to increase by 1% to 3%, with pricing per ton expected to rise by 4% to 6% [17] - Capital expenditures are projected to be between $550 million and $600 million [18]

Financial Data and Key Metrics Changes - In 2025, the continuing operations building materials business posted revenues of $5.7 billion, a 7% increase, and generated gross profit of $1.8 billion, an increase of 13% year over year [16] - Gross margin expanded 173 basis points to 31%, driven by strong aggregates performance that more than offset softness in downstream businesses [16] - The aggregates business delivered record performance with revenues increasing 11% to $5 billion, driven by 6.9% pricing growth and volume growth of 3.8% [16] - Full year cash flow from operations increased 22% to a record of $1.8 billion [17] Business Line Data and Key Metrics Changes - Aggregates revenues increased 8% to $1.2 billion in Q4, with gross profit rising 11% to $420 million [9] - The specialties business achieved record fourth quarter revenues of $441 million and gross profit of $137 million, reflecting strong organic performance [17] - Other building materials revenues decreased 8% to $992 million, and gross profit decreased 18% to $98 million, primarily due to the Minnesota asphalt business and the impact of the California paving divestiture [17] Market Data and Key Metrics Changes - Infrastructure demand remains solid, driven by the Bipartisan Infrastructure Investment and Jobs Act (IIJA) and robust DOT budgets in Martin Marietta states [11] - As of November 30, 2025, 71% of IIJA highway and bridge funds have been obligated, but only 48% has been dispersed, indicating a significant remaining reimbursement and extended construction runway [12] - Heavy non-residential demand is driven by accelerating growth in data centers, with Goldman Sachs estimating hyperscalers potentially deploying over $500 billion in capital in 2026 [13] Company Strategy and Development Direction - The company launched SOAR 2030, charting a clear path for continued growth and shareholder value creation [21] - The strategic focus is on enhancing the core aggregates platform, supported by a differentiated specialties business [21] - The company aims to responsibly invest in its business and make timely acquisitions, having ended the year with a consolidated net debt to Adjusted EBITDA ratio of 2.3 times [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the infrastructure investment pipeline and the potential for a new long-term surface transportation bill [12] - The company anticipates a balanced macro environment in 2026, expecting sustained infrastructure investment and accelerating momentum in data centers and energy [11] - Management noted that affordability remains a primary constraint in residential construction, but there is a significant need for new housing [14] Other Important Information - The company executed approximately $16 billion of portfolio-enhancing transactions and returned $2.1 billion to shareholders through dividends and share repurchases over the five-year period ending December 31, 2025 [8] - The company is comprehensively reviewing its quarry and terminal networks to better align production with prevailing demand, which remains approximately 14% below 2022 levels [19] Q&A Session Summary Question: Insights on the new highway bill and its importance - Management indicated that the highway bill remains important but noted that states and municipalities have increased their funding efforts, which may lessen the bill's overarching importance [25][26] Question: Clarification on guidance and potential slow start to the year - Management confirmed that the guidance includes all operations and indicated that January performance was resilient despite challenging weather conditions [33][37] Question: In-market assumptions for volume growth - Management provided insights on infrastructure demand, noting mid-single-digit growth expectations and strong performance in data centers and energy sectors [46][50] Question: Cost expectations and confidence in keeping costs down - Management highlighted that inflation is running around 3.5% and emphasized efforts to optimize costs through pilot projects and network optimization [57][60] Question: Specialty business profitability and timeline for recovery - Management acknowledged that the Premier acquisition is margin dilutive but expects organic growth to contribute positively to the specialty segment's profitability [63][66] Question: Pricing state and expectations for ASP growth - Management expressed confidence in achieving pricing growth targets, noting mid-single-digit price increases across divisions [78][80] Question: Trajectory of price-cost spread - Management indicated a measured view of the price-cost spread, expecting it to build over time as private construction recovers [92][93]

Financial Data and Key Metrics Changes - In 2025, Martin Marietta achieved revenues of $5.7 billion, a 7% increase year-over-year, and gross profit of $1.8 billion, up 13% [16] - The gross margin expanded by 173 basis points to 31%, driven by strong aggregates performance [16] - The aggregates business recorded revenues of $5 billion, an 11% increase, with gross profit rising 16% to $1.7 billion [16] - The gross profit per ton for aggregates improved by 12% year-over-year to $8.45 [10] Business Line Data and Key Metrics Changes - The aggregates business delivered record profitability with revenues increasing 8% to $1.2 billion in Q4, and gross profit rising 11% to $420 million [9] - The specialties business achieved record revenues of $441 million and gross profit of $137 million, reflecting strong organic performance and contributions from Premier Magnesia [17] - Other building materials revenues decreased 8% to $992 million, primarily due to the Minnesota asphalt business and the impact of the California paving divestiture [16] Market Data and Key Metrics Changes - Infrastructure demand remains solid, supported by the Bipartisan Infrastructure Investment and Jobs Act (IIJA), with 71% of highway and bridge funds obligated as of November 30, 2025 [11] - Heavy non-residential demand is driven by growth in data centers and energy projects, with Goldman Sachs estimating hyperscalers may deploy over $500 billion in capital in 2026 [13] - Residential construction faces affordability constraints, with Freddie Mac estimating a need for approximately 4 million additional homes to restore balance [14] Company Strategy and Development Direction - Martin Marietta's strategic focus is on enhancing its core aggregates platform while streamlining its portfolio, as evidenced by the launch of SOAR 2030 [21] - The company aims for low double-digit gross profit growth in aggregates, supported by low single-digit shipment growth and mid-single-digit pricing improvement [19] - The company is reviewing its quarry and terminal networks to align production with demand, which remains approximately 14% below 2022 levels [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the infrastructure investment pipeline and the potential for a new long-term surface transportation bill, which is expected to be passed on time [12][28] - The company anticipates a balanced macro environment in 2026, with expectations of sustained infrastructure investment and accelerating momentum in data centers and energy [11] - Management noted that while private construction remains soft, they are optimistic about the recovery in housing and non-residential construction [15] Other Important Information - Martin Marietta ended 2025 with a consolidated net debt to Adjusted EBITDA ratio of 2.3 times and total liquidity of $1.2 billion, providing capacity for M&A and share repurchases [18] - The company plans capital spending of $575 million in 2026, representing a 29% year-over-year reduction, which will increase free cash flow available for growth initiatives [19] Q&A Session Summary Question: Update on the new highway bill and its importance - Management indicated that the highway bill remains important but noted that states and municipalities have increased their funding capabilities, which may lessen the bill's overarching importance [24][25] Question: Clarification on guidance and potential slow start to the year - Management confirmed that the guidance includes all operations and indicated that January performance was resilient despite challenging weather conditions [33][37] Question: Insights on contract awards and market assumptions - Management provided a positive outlook for infrastructure, expecting mid-single-digit growth, while noting that non-residential construction remains below prior peaks [46][48] Question: Comments on pricing and gross profit per ton - Management expressed confidence in achieving pricing growth and indicated that the gross profit per ton guidance reflects a measured approach due to cost considerations [86][92]

Financial Data and Key Metrics Changes - In 2025, Martin Marietta reported revenues of $5.7 billion, a 7% increase year-over-year, and gross profit of $1.8 billion, up 13% [15] - The gross margin expanded by 173 basis points to 31%, driven by strong aggregates performance [15] - The aggregates business achieved record revenues of $5 billion, an 11% increase, with gross profit rising 16% to $1.7 billion [15] - The gross profit per ton for aggregates improved by 12% year-over-year to $8.45 [8] Business Line Data and Key Metrics Changes - Aggregates revenues increased 8% to $1.2 billion in Q4, with gross profit rising 11% to $420 million [7] - The specialties business achieved record revenues of $441 million and gross profit of $137 million, reflecting strong organic performance [16] - Other building materials revenues decreased 8% to $992 million, primarily due to the Minnesota asphalt business and the impact of a divestiture [15] Market Data and Key Metrics Changes - Infrastructure demand remains solid, driven by the Bipartisan Infrastructure Investment and Jobs Act (IIJA) [10] - As of November 30, 2025, 71% of IIJA highway and bridge funds have been obligated, but only 48% has been dispersed [10] - Heavy non-residential demand is driven by growth in data centers and energy projects, with Goldman Sachs estimating hyperscalers may deploy over $500 billion in capital in 2026 [11] Company Strategy and Development Direction - The company concluded the SOAR 2025 period with a leverage ratio within the targeted range of 2-2.5 times and strong free cash flow, positioning it well for future investments [7] - Martin Marietta launched SOAR 2030, focusing on continued growth and shareholder value creation [21] - The company is strategically redeploying capital from divestitures into pure aggregates positions to enhance its margin profile and growth potential [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the infrastructure investment pipeline and the potential for a new long-term surface transportation bill [10] - The company anticipates a balanced macro environment in 2026, with expected consolidated Adjusted EBITDA of approximately $2.49 billion [9] - Management noted that while private construction remains soft, there is optimism for recovery in housing and non-residential construction [14] Other Important Information - The company reported total shareholder returns of 126% from December 31, 2020, to December 31, 2025, significantly outperforming the S&P 500 [6] - Martin Marietta's capital allocation included $3.2 billion in sustaining and growth CapEx and $2.1 billion returned to shareholders through dividends and share repurchases [6] Q&A Session Summary Question: Update on the new highway bill and its importance - Management indicated that both the House and Senate are pursuing a five-year reauthorization of highway public transportation programs, with a focus on highways, bridges, roads, and streets [24][25] - The company believes that even if a continuing resolution is needed, it would maintain funding at record levels, which would not negatively impact the business [100] Question: Clarification on guidance and potential slow start to the year - Management clarified that the consolidated Adjusted EBITDA guidance includes both heritage aggregates and organic aggregates businesses, and they are optimistic about January's performance despite weather challenges [33][36] Question: Insights on in-market assumptions for volume growth - Management expects mid-single-digit growth in infrastructure, driven by strong state DOT budgets and local funding measures, while non-residential construction remains below prior peaks [45][46] Question: Cost expectations and confidence in maintaining price-cost spread - Management noted that inflation is running around 3.5%, and they are taking a measured approach to cost management, with expectations for continued operational efficiencies [58][60] Question: Specialty business profitability and initiatives - Management acknowledged that the Premier acquisition is margin dilutive but expects strong organic growth in the specialties segment to contribute positively moving forward [65][66] Question: Data center backlog and manufacturing trends - Management reported that data centers currently represent a few million tons a year and are growing at a multi-double-digit rate, while manufacturing is showing signs of improvement [72][73]

Q4 and Full-Year 2025 SUPPLEMENTAL INFORMATION* February 11, 2026 * All information provided in these slides is qualified in its entirety by reference to the Company's filings with the Securities and Exchange Commission (SEC), which are available on both the Company's and the SEC's websites. Statement Regarding Safe Harbor for Forward-Looking Statements Investors are cautioned that all statements herein that relate to the future involve risks and uncertainties and are based on assumptions that the Company b ...