Eagle Materials Inc. is a U.S.-based manufacturer specializing in construction materials, including Portland cement and gypsum wallboard, essential for infrastructure and building projects. The company operates over 70 facilities across 21 states.

For the fiscal year 2025, Eagle Materials reported record revenue of $2.3 billion, a marginal increase from the previous year. However, net earnings declined by 3% to $463.4 million, with diluted earnings per share rising 1% to $13.77, partly due to a reduction in the share count from share repurchase activities. The adjusted net earnings per diluted share for the year were $13.94, reflecting a 2% increase.

In the fourth quarter, revenue decreased by 1% to $470.2 million, driven largely by reduced sales volumes in cement and gypsum wallboard. Net earnings for the quarter fell by 14% to $66.5 million, while diluted earnings per share was reported at $2.00, down 11%. Adjusted diluted earnings per share decreased by 7% to $2.08. The adjusted EBITDA for the fourth quarter was $141.2 million, a 9% decline year-over-year.

Eagle’s Heavy Materials sector, encompassing cement, concrete, and aggregates, saw revenue decline by 2% to $1.4 billion for the fiscal year, with operating earnings dropping by 11% to $311 million. Annual cement revenue also decreased by 2% to $1.2 billion, mainly due to a 5% decline in sales volume, even though average net sales prices increased by 4% to $156.67 per ton.

Fourth quarter results in the Heavy Materials sector reported revenue decline of 6% to $214 million, with operating earnings down 26% to $27.6 million, impacted by lower sales volume and increased maintenance costs. Quarterly cement sales volume was down 6% to 1.2 million tons, while the average net sales price for cement increased by 2% to $157.62 per ton.

In the Light Materials sector, fiscal year revenue increased by 3% to $969 million, bolstered by higher wallboard sales prices and record recycled paperboard sales volume. Operating earnings in this sector rose by 6% to $389 million, driven primarily by sales price increases and lower energy costs.

Operating cash flow for fiscal 2025 reached $549 million, an increase attributed to ongoing capital investments. Eagle’s capital expenditures rose to $195 million, with notable spending on the Mountain Cement plant project which aims to enhance energy efficiency and production capacity.

The company repurchased approximately 1.2 million shares of its common stock for $298 million during the fiscal year, and distributed $332 million to shareholders through dividends and buybacks, while maintaining a net debt-to-EBITDA leverage ratio of 1.5x at fiscal year-end. Eagle’s total debt as of March 31, 2025, was $1.2 billion, down from $1.1 billion the previous year.