Eagle Materials Inc. (NYSE: EXP) is a U.S. heavy construction materials company that manufactures and sells Cement and Gypsum Wallboard, along with concrete and aggregates, for use in roads, highways, and residential, commercial, and industrial structures. Revenue is transactional, generated by selling manufactured building materials through a network of more than 70 facilities spanning 21 states, as reported in the FY2026 10-K (filed 2026-05-19). Headquartered in Dallas, Texas, Eagle operates two primary segments, Heavy Materials (cement, concrete, aggregates) and Light Materials (gypsum wallboard), with demand driven by construction activity tied to population growth. Approximately 65% of total revenue, including the Company's proportional share from its joint venture, is generated in 10 states: Colorado, Illinois, Kansas, Kentucky, Missouri, Nevada, North Carolina, Ohio, Oklahoma, and Texas (FY2026 10-K). The company carries a debt-heavy capital structure, with $281.25 million in term loan obligations and $1.5 billion in Senior Unsecured Notes as of March 31, 2026. Capital expenditures totaled $416.7 million in FY2026, up from $195.3 million in FY2025.

Revenue model

Transactional sales of manufactured construction materials, primarily Cement and Gypsum Wallboard, as well as readymix concrete, crushed stone, sand, and gravel. Products are sold to construction contractors and distributors. No subscription or licensing component is disclosed in the filing.

Products and services

Primary products are Cement and Gypsum Wallboard. Secondary products include readymix concrete, crushed stone, sand, and gravel (aggregates). Aggregates are produced from quarries owned or leased by the Company. Readymix concrete is produced in batch plants and transported to job sites in mixer trucks.

Customers and end markets

End markets are road and highway construction, residential construction, and commercial and industrial construction. Demand correlates with construction activity and population growth. No customer concentration data is disclosed in the filing excerpts. Peak revenue and profits occur April through November, reflecting seasonal construction patterns.

Value-chain role

Vertically integrated manufacturer and distributor. Eagle mines raw materials (gypsum, limestone, aggregates) from owned or leased quarries, manufactures finished construction materials at its plant network, and distributes directly to construction contractors and project sites. The company positions itself as a low-cost producer through modern production lines, continuous efficiency programs, and access to low-cost raw materials.

Geographic exposure

Operations across 21 states, with more than 70 facilities as of the FY2026 10-K. Approximately 65% of total revenue is concentrated in 10 states: Colorado, Illinois, Kansas, Kentucky, Missouri, Nevada, North Carolina, Ohio, Oklahoma, and Texas. The company states it serves most of the United States except the Northeast. Cement capacity spans a contiguous system from northern California expanding eastward, following acquisitions since 2012.

Source: SEC 10-K, filed 2026-05-19

Industry: Cement, Hydraulic Peers: Martin Marietta Materials Inc United States Lime & Minerals Inc Smith-Midland Corp Summit Materials, Inc. Vulcan Materials Co