Eagle Materials announce fourth quarter and fiscal year 2025 results

Notable items for the fiscal year and quarter are highlighted below. (Unless otherwise noted, all comparisons are with the prior fiscal year or prior year’s fiscal fourth quarter, as applicable.)

Full year fiscal 2025 highlights

• Record Revenue of US$2.3 billion, up slightly from the prior year.
• Net Earnings of US$463.4 million, down 3%.
• Record net earnings per diluted share of US$13.77, up 1%.
• Adjusted net earnings per diluted share (Adjusted EPS) of US$13.94, up 2%.
• Adjusted EPS is a non-GAAP financial measure calculated by excluding non-routine items in the manner described in Attachment 6.
• Adjusted EBITDA of US$816.7 million, down 2%.
• Adjusted EBITDA is a non-GAAP financial measure calculated by excluding non-routine items and certain non-cash expenses in the manner described in Attachment 6.
• Repurchased 1.2 million shares of Eagle’s common stock for US$298 million.

Fourth quarter fiscal 2025 highlights:

• Revenue of US$470.2 million, down 1%.
• Net earnings of US$66.5 million, down 14%.
• Net earnings per diluted share of US$2.00, down 11%.
• Adjusted net earnings per diluted share (Adjusted EPS) of US$2.08, down 7%.
• Adjusted EPS is a non-GAAP financial measure calculated by excluding non-routine items in the manner described in Attachment 6.
• Adjusted EBITDA of US$141.2 million, down 9%.
• Adjusted EBITDA is a non-GAAP financial measure calculated by excluding non-routine items and certain non-cash expenses in the manner described in Attachment 6.
• Repurchased approximately 418 000 shares of Eagle’s common stock for US$97 million.

Commenting on the annual results, Michael Haack, President and CEO, said, “We are pleased to report another year of strong financial, strategic, and operational performance at Eagle. In fiscal 2025, we generated record revenue of US$2.3 billion and gross profit margin of 29.8%, continued to advance our long-term growth and value-creation strategies, and achieved important milestones in employee health and safety. In addition, we returned US$332 million of cash to shareholders through share repurchases and dividends and maintained our balance sheet strength, ending the year with debt of $1.2 billion and a net leverage ratio (net debt to Adjusted EBITDA) of 1.5x.” (Net debt is a non-GAAP financial measure calculated by subtracting cash and cash equivalents from debt as described in Attachment 6).

Heavy materials: cement, concrete, and aggregates

Fiscal 2025 revenue in the Heavy Materials sector, which includes Cement, Concrete and Aggregates, as well as Joint Venture and intersegment Cement revenue, was down 2% to US$1.4 billion, and annual operating earnings decreased 11% to US$310.7 million. Both declines were due primarily to lower sales volume, which was partially offset by higher Cement net sales prices.

Fiscal 2025 Cement revenue, including Joint Venture and intersegment revenue, was down 2% to US$1.2 billion, and Cement operating earnings declined 6% to US$319.5 million. These declines reflect lower Cement sales volume, partially offset by higher net sales prices. While average annual net Cement sales price for the year increased 4% to US$156.67 per t, annual Cement sales volume was down 5% to 6.9 million t.

Fourth quarter Cement revenue, including Joint Venture and intersegment revenue, was down 6% to US$214.0 million, reflecting lower sales volume, partially offset by higher Cement sales prices. Operating earnings declined 26% to US$27.6 million, reflecting lower sales volume and higher operating costs, namely approximately US$10 million in maintenance costs, partially offset by higher net sales prices. Our Joint Venture pulled forward its annual maintenance outage from April to March this year and started up a new cement slag facility in Houston during the winter, which will extend our ability to meet the demand needs of our customers in a fast-growing market. The combined impact from the timing change of the annual outage and the commissioning costs for the new facility affected our Joint Venture results by approximately US$4 million.

The average net Cement sales price for the quarter increased 2% to US$157.62/ t. Quarterly Cement sales volume was down 6% to 1.2 million t, primarily because of adverse weather conditions, particularly in February.

Fiscal 2025 Concrete and Aggregates revenue declined 1% to US$237.7 million, as a result of lower sales volume, which was partially offset by higher sales prices. The acquired aggregates businesses in Kentucky (completed in August 2024) and Western Pennsylvania (completed in January 2025) contributed approximately US$11.6 million of revenue during fiscal 2025. Concrete and Aggregates reported an operating loss of US$8.8 million in fiscal 2025. The loss was due to lower sales volume and the US$2.5 million impact of selling acquired inventory after its markup to fair value as part of acquisition accounting.

Fourth quarter Concrete and Aggregates revenue was US$54.3 million, an increase of 12%, driven by higher Aggregates sales volume and the contribution of US$6.7 million from the two acquired aggregates businesses. The fourth quarter operating loss of US$9.4 million, resulted from lower Concrete sales volume due to difficult weather conditions during the quarter and the US$1.9 million impact of selling acquired inventory after its markup to fair value as part of acquisition accounting.

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