Eagle Matls — Income Statement, Cash Flows & Balance Sheet

Is Eagle Materials profitable?

Eagle Materials generates consistently strong profits, though earnings dipped slightly this year despite flat revenue.

Revenue was essentially unchanged year over year, but a rise in Corporate G&A expenses (up roughly 24%) squeezed margins and pulled net earnings modestly lower. Diluted earnings per share still ticked up, however, because Eagle Materials bought back a significant number of its own shares — meaning each remaining share now represents a bigger slice of the profits.

Corporate overhead grew meaningfully faster than revenue, creating a headwind to earnings.

The jump in Corporate G&A is the clearest drag on this year's results. The filing does not call out a single large one-time charge here, so investors may want to monitor whether this reflects a structural cost increase or temporary factors.

Where does Eagle Materials' revenue come from?

Cement is the biggest profit engine, but Gypsum Wallboard nearly matched it — and the Concrete and Aggregates segment swung to a loss.

Gypsum Wallboard quietly emerged as nearly as profitable as Cement this year, while Recycled Paperboard posted solid growth. Concrete and Aggregates swung into a segment loss, partly due to acquisition-related costs from two quarry purchases completed during the year; those deals added assets but contributed minimal revenue and small operating losses in their early months.

Does Eagle Materials generate cash?

Eagle Materials is a consistent cash generator, though higher capital spending reduced free cash flow this year.

Operating cash flow remains robust and closely tracks net earnings, a sign of high earnings quality. The sharp rise in capital expenditures — driven largely by Cement segment investments — and two acquisitions together pushed total cash outflows much higher, which is why cash on the balance sheet fell. The company funded the gap primarily through its revolving credit facility.

Eagle Materials returned over $330 million to shareholders through buybacks and dividends.

The company continued its aggressive buyback program, reducing the share count by roughly 1.2 million shares. Total capital returned to shareholders was lower than last year mainly because the buyback pace slowed, likely to help fund acquisitions and higher capex.

How strong is Eagle Materials' balance sheet?

Debt increased meaningfully to fund acquisitions and capital projects, but the balance sheet remains manageable.

Debt rose as the company drew on its credit facility and expanded its term loan to finance acquisitions. Liquidity remains adequate, with over half a billion dollars available on the revolving credit line and confirmed covenant compliance. The fixed-rate Senior Unsecured Notes ($750M at 2.5%, due 2031) lock in low borrowing costs on the largest portion of the debt stack, though floating-rate borrowings on the revolver and term loan carry rates around 6%.