Operating margins have contracted significantly from 29.8% in 2023Q3 to 16.9% in 2025Q4, reflecting the company's sensitivity to pricing pressures and stagnant top-line growth.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Sales/Revenue | 2.31B | 2.26B | 2.26B | 2.15B | 1.86B | 1.62B | 1.45B | 1.39B | 1.39B | 1.21B | 1.14B | 1.07B | 898.4M | 642.56M | 495.02M | 462.18M | 467.9M | 602.18M | 749.55M | 922.4M | 859.7M | 616.54M | 502.62M | 501.26M | 471.08M | 441.13M | 418.69M | 336.1M | 297.3M | 239.4M |
| Revenue Growth % | 2.13% | 0.05% | 5.18% | 15.39% | 14.72% | 11.84% | 4.13% | 0.48% | 14.47% | 5.92% | 7.23% | 18.7% | 39.81% | 29.8% | 7.11% | -1.22% | -22.3% | -19.66% | -18.74% | 7.29% | 39.44% | 22.66% | 0.27% | 6.41% | 6.79% | 5.36% | 24.57% | 13.05% | 24.19% | 7.55% |
| Cost of Goods Sold | 1.66B | 1.59B | 1.57B | 1.51B | 1.34B | 1.21B | 1.12B | 1.07B | 1.05B | 899.17M | 911.88M | 812.24M | 712.94M | 539.32M | 454.55M | 426.6M | 418.58M | 526.6M | 599.32M | 625.11M | 622.1M | 470.89M | 411.32M | 399.4M | 392.24M | 316.95M | 228.98M | 197.4M | 191M | 158.7M |
| COGS % of Revenue | 71.73% | 70.22% | 69.67% | 70.24% | 72.09% | 74.83% | 77.17% | 76.56% | 75.57% | 74.24% | 79.74% | 76.17% | 79.36% | 83.93% | 91.82% | 92.3% | 89.46% | 87.45% | 79.96% | 67.77% | 72.36% | 76.38% | 81.84% | 79.68% | 83.26% | 71.85% | 54.69% | 58.73% | 64.24% | 66.29% |
| Gross Profit | 652.54M | 673.14M | 685.32M | 639.27M | 519.61M | 408.36M | 331.26M | 326.57M | 338.76M | 312.05M | 231.62M | 254.13M | 185.46M | 103.25M | 40.48M | 35.58M | 49.33M | 75.58M | 150.23M | 297.3M | 237.6M | 145.65M | 91.3M | 101.86M | 78.84M | 124.18M | 189.71M | 138.7M | 106.3M | 80.7M |
| Gross Margin % | 28.27% | 29.78% | 30.33% | 29.76% | 27.91% | 25.17% | 22.83% | 23.44% | 24.43% | 25.76% | 20.26% | 23.83% | 20.64% | 16.07% | 8.18% | 7.7% | 10.54% | 12.55% | 20.04% | 32.23% | 27.64% | 23.62% | 18.16% | 20.32% | 16.74% | 28.15% | 45.31% | 41.27% | 35.76% | 33.71% |
| Gross Profit Growth % | -3.06% | -1.78% | 7.2% | 23.03% | 27.25% | 23.27% | 1.44% | -3.6% | 8.56% | 34.72% | -8.86% | 37.03% | 79.63% | 155.07% | 13.77% | -27.87% | -34.74% | -49.69% | -49.47% | 25.12% | 63.13% | 59.53% | -10.37% | 29.2% | -36.51% | -34.54% | 36.78% | 30.48% | 31.72% | 16.28% |
| Operating Expenses | 91.65M | 73.94M | 59.8M | 53.63M | 46.8M | 49.51M | 65.41M | 37.37M | 41.2M | 31.8M | 34.87M | 27.55M | 23.18M | 25.15M | 19.26M | 16.67M | 15.89M | 16.9M | 18.76M | 20.34M | 16.37M | 10.28M | 9.27M | 5.65M | 5.49M | 29.56M | 23.27M | 20.6M | 19.7M | 17.7M |
| OpEx % of Revenue | 3.97% | 3.27% | 2.65% | 2.5% | 2.51% | 3.05% | 4.51% | 2.68% | 2.97% | 2.63% | 3.05% | 2.58% | 2.58% | 3.91% | 3.89% | 3.61% | 3.4% | 2.81% | 2.5% | 2.21% | 1.9% | 1.67% | 1.84% | 1.13% | 1.16% | 6.7% | 5.56% | 6.13% | 6.63% | 7.39% |
| Selling, General & Admin | 89.18M | 73.94M | 59.8M | 53.63M | 46.8M | 49.51M | 65.41M | 37.37M | 41.2M | 33.94M | 37.19M | 30.75M | 24.55M | 23.92M | 19.62M | 16.67M | 15.89M | 16.9M | 18.76M | 20.34M | 16.37M | 10.28M | 9.27M | 5.65M | 5.49M | 4.69M | 4.68M | 4.4M | 3.8M | 3.9M |
| SG&A % of Revenue | 3.86% | 3.27% | 2.65% | 2.5% | 2.51% | 3.05% | 4.51% | 2.68% | 2.97% | 2.8% | 3.25% | 2.88% | 2.73% | 3.72% | 3.96% | 3.61% | 3.4% | 2.81% | 2.5% | 2.21% | 1.9% | 1.67% | 1.84% | 1.13% | 1.16% | 1.06% | 1.12% | 1.31% | 1.28% | 1.63% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2.47M | 0 | 0 | 0 | 0 | 0 | -25K | 0 | 0 | -2.14M | -2.33M | -3.2M | -1.37M | 1.23M | -9.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24.87M | 18.59M | 16.2M | 15.9M | 13.8M |
| Operating Income | 560.87M | 599.2M | 625.53M | 585.64M | 472.81M | 358.84M | 277.26M | 289.2M | 297.55M | 263.2M | 229.42M | 223.38M | 161.41M | 79.33M | 22.96M | 18.91M | 33.44M | 58.68M | 131.48M | 276.95M | 220.49M | 134.46M | 82.03M | 96.2M | 73.35M | 94.61M | 166.44M | 118.1M | 86.6M | 63M |
| Operating Margin % | 24.29% | 26.51% | 27.69% | 27.26% | 25.4% | 22.11% | 19.11% | 20.76% | 21.46% | 21.73% | 20.06% | 20.95% | 17.97% | 12.35% | 4.64% | 4.09% | 7.15% | 9.74% | 17.54% | 30.03% | 25.65% | 21.81% | 16.32% | 19.19% | 15.57% | 21.45% | 39.75% | 35.14% | 29.13% | 26.32% |
| Operating Income Growth % | -6.4% | -4.21% | 6.81% | 23.86% | 31.76% | 29.43% | -4.13% | -2.81% | 13.05% | 14.72% | 2.7% | 38.4% | 103.47% | 245.5% | 21.42% | -43.45% | -43.01% | -55.37% | -52.53% | 25.61% | 63.98% | 63.92% | -14.74% | 31.15% | -22.47% | -43.15% | 40.93% | 36.37% | 37.46% | 18.64% |
| EBITDA | 599.45M | 758.1M | 775.36M | 724.19M | 601.62M | 487.93M | 390.77M | 411.73M | 411.57M | 355M | 326.53M | 299.68M | 231.43M | 136.18M | 73.08M | 68.12M | 84.22M | 109.91M | 176.33M | 316.99M | 259.09M | 168.95M | 115.05M | 132.99M | 109.16M | 119.49M | 185.03M | 134.3M | 102.5M | 76.8M |
| EBITDA Margin % | 25.97% | 33.54% | 34.32% | 33.71% | 32.32% | 30.07% | 26.93% | 29.55% | 29.68% | 29.31% | 28.56% | 28.1% | 25.76% | 21.19% | 14.76% | 14.74% | 18% | 18.25% | 23.52% | 34.37% | 30.14% | 27.4% | 22.89% | 26.53% | 23.17% | 27.09% | 44.19% | 39.96% | 34.48% | 32.08% |
| EBITDA Growth % | -20.93% | -2.23% | 7.07% | 20.37% | 23.3% | 24.86% | -5.09% | 0.04% | 15.94% | 8.72% | 8.96% | 29.49% | 69.95% | 86.33% | 7.28% | -19.11% | -23.37% | -37.67% | -44.38% | 22.35% | 53.35% | 46.86% | -13.49% | 21.83% | -8.64% | -35.42% | 37.77% | 31.02% | 33.46% | 14.8% |
| D&A (Non-Cash Add-back) | 0 | 158.9M | 149.83M | 138.55M | 128.81M | 129.09M | 113.52M | 122.53M | 114.02M | 91.79M | 97.11M | 76.3M | 70.02M | 56.85M | 50.12M | 49.21M | 50.78M | 51.23M | 44.85M | 40.04M | 38.6M | 34.5M | 33.02M | 36.79M | 35.81M | 24.87M | 18.59M | 16.2M | 15.9M | 13.8M |
| EBIT | 599.45M | 633.73M | 661.24M | 624.18M | 506.01M | 468.6M | 294.15M | 108.23M | 299.61M | 317.19M | 235.84M | 268.52M | 200.09M | 99.97M | 41.54M | 34.5M | 60.8M | 91.55M | 166.53M | 312M | 248.31M | 160.94M | 82.03M | 71.15M | 47.09M | 94.61M | 166.44M | 118.1M | 86.6M | 63M |
| Net Interest Income | -52.83M | -40.53M | -42.26M | -35.17M | -30.87M | -44.42M | -38.42M | -28.37M | -27.64M | -22.63M | -16.58M | -11.74M | -18.28M | -15.82M | -16.62M | -16.52M | -21.46M | -28.42M | -9.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 6.16M | 1.72M | 1.04M | 421K | 39K | 0 | 0 | 0 | 0 | 0 | 0 | 6K | 0 | 0 | 0 | 0 | 41K | 447K | 1.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 58.98M | 42.24M | 43.3M | 35.59M | 30.91M | 44.42M | 38.42M | 28.37M | 27.64M | 22.63M | 16.58M | 11.75M | 18.28M | 15.82M | 16.62M | 16.52M | 21.16M | 28.47M | 21.07M | 5.43M | 6.34M | 3.29M | 3.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -18.89M | -7.71M | -7.59M | 2.96M | 2.28M | 65.27M | -21.56M | -209.46M | -25.59M | 16.41M | 24.83M | 26.34M | 19.53M | 6M | 696K | -2.99M | 5.86M | 3.51M | 12.91M | 27.34M | 19.84M | 22.72M | 20.1M | -9.59M | -13.65M | -2.35M | 3.74M | 3M | 1.7M | 1.4M |
| Pretax Income | 541.98M | 591.49M | 617.94M | 588.59M | 475.09M | 424.11M | 45.72M | 79.73M | 271.96M | 294.52M | 219.25M | 252.93M | 181.8M | 84.1M | 21.91M | 16.76M | 39.3M | 62.18M | 144.38M | 304.29M | 241.07M | 158.09M | 102.12M | 86.61M | 59.7M | 92.26M | 170.18M | 121.1M | 88.3M | 64.4M |
| Pretax Margin % | 23.48% | 26.17% | 27.35% | 27.4% | 25.52% | 26.14% | 3.15% | 5.72% | 19.61% | 24.32% | 19.17% | 23.72% | 20.24% | 13.09% | 4.43% | 3.63% | 8.4% | 10.33% | 19.26% | 32.99% | 28.04% | 25.64% | 20.32% | 17.28% | 12.67% | 20.92% | 40.64% | 36.03% | 29.7% | 26.9% |
| Income Tax | 118.17M | 128.07M | 140.3M | 127.05M | 100.85M | 89.95M | -25.17M | 10.88M | 15.33M | 96.3M | 66.66M | 66.07M | 57.56M | 26.35M | 3.18M | 1.91M | 10.35M | 20.42M | 46.62M | 101.62M | 80.08M | 51.4M | 35.22M | 29.01M | 19.99M | 32.83M | 61.95M | 43.8M | 31.8M | 22.6M |
| Effective Tax Rate % | 21.8% | 21.65% | 22.7% | 21.59% | 21.23% | 21.21% | -55.05% | 13.64% | 5.64% | 32.7% | 30.4% | 26.12% | 31.66% | 31.34% | 14.51% | 11.41% | 26.33% | 32.84% | 32.29% | 33.4% | 33.22% | 32.51% | 34.49% | 33.49% | 33.49% | 35.59% | 36.4% | 36.17% | 36.01% | 35.09% |
| Net Income | 423.81M | 463.42M | 477.64M | 461.54M | 374.25M | 339.44M | 70.89M | 68.86M | 256.63M | 198.22M | 152.59M | 186.85M | 124.24M | 57.74M | 18.73M | 14.85M | 28.95M | 41.76M | 97.77M | 202.66M | 160.98M | 106.69M | 66.9M | 57.61M | 39.71M | 59.43M | 108.23M | 77.3M | 56.5M | 41.8M |
| Net Margin % | 18.36% | 20.5% | 21.14% | 21.49% | 20.1% | 20.92% | 4.89% | 4.94% | 18.51% | 16.37% | 13.34% | 17.52% | 13.83% | 8.99% | 3.78% | 3.21% | 6.19% | 6.94% | 13.04% | 21.97% | 18.73% | 17.3% | 13.31% | 11.49% | 8.43% | 13.47% | 25.85% | 23% | 19% | 17.46% |
| Net Income Growth % | -8.55% | -2.98% | 3.49% | 23.33% | 10.25% | 378.81% | 2.95% | -73.17% | 29.47% | 29.9% | -18.34% | 50.39% | 115.16% | 208.26% | 26.15% | -48.71% | -30.68% | -57.28% | -51.76% | 25.89% | 50.89% | 59.47% | 16.14% | 45.08% | -33.19% | -45.09% | 40.02% | 36.81% | 35.17% | 23.3% |
| Net Income (Continuing) | 423.81M | 463.42M | 477.64M | 461.54M | 374.25M | 334.17M | 231.19M | 223.51M | 256.63M | 198.22M | 152.59M | 186.85M | 124.24M | 57.74M | 18.73M | 14.85M | 28.95M | 41.76M | 97.77M | 202.66M | 160.98M | 106.69M | 66.9M | 57.61M | 39.71M | 59.43M | 108.23M | 77.3M | 56.5M | 41.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 5.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 13.12 | 13.77 | 13.61 | 12.46 | 9.14 | 7.89 | 1.68 | 1.47 | 5.28 | 4.10 | 3.05 | 3.71 | 2.49 | 1.22 | 0.42 | 0.34 | 0.66 | 0.95 | 2.12 | 4.07 | 3.02 | 1.91 | 1.19 | 1.04 | 0.72 | 1.07 | 1.88 | 1.24 | 0.85 | 0.63 |
| EPS Growth % | -4.72% | 1.18% | 9.23% | 36.32% | 15.84% | 369.64% | 14.29% | -72.16% | 28.78% | 34.43% | -17.79% | 49% | 104.1% | 190.48% | 23.53% | -48.48% | -30.53% | -55.19% | -47.91% | 34.77% | 58.12% | 60.5% | 14.42% | 44.44% | -32.71% | -43.09% | 51.61% | 45.88% | 34.92% | 28.57% |
| EPS (Basic) | 13.20 | 13.88 | 13.72 | 12.54 | 9.23 | 7.95 | 1.69 | 1.48 | 5.33 | 4.14 | 3.08 | 3.77 | 2.53 | 1.24 | 0.42 | 0.34 | 0.66 | 0.96 | 2.15 | 4.13 | 3.06 | 1.93 | 1.20 | 1.04 | 0.72 | 1.08 | 1.89 | 1.24 | 0.86 | 0.63 |
| Diluted Shares Outstanding | 31.48M | 33.65M | 35.1M | 37.05M | 40.93M | 41.83M | 42.29M | 46.93M | 48.65M | 48.36M | 50.07M | 50.37M | 49.94M | 47.34M | 44.52M | 44.25M | 44.04M | 43.88M | 46.15M | 49.79M | 53.31M | 55.86M | 56.22M | 55.57M | 55.15M | 55.37M | 57.67M | 62.51M | 66.21M | 66.5M |
| Basic Shares Outstanding | 31.3M | 33.38M | 34.81M | 36.8M | 40.55M | 41.54M | 42.02M | 46.62M | 48.14M | 47.93M | 49.47M | 49.6M | 49.09M | 46.62M | 44.22M | 43.89M | 43.68M | 43.49M | 45.56M | 49.07M | 52.61M | 55.28M | 55.75M | 55.21M | 55.05M | 55.29M | 57.37M | 62.17M | 65.7M | 66.35M |
| Dividend Payout Ratio | 7.64% | 7.28% | 7.39% | 8.12% | 8.22% | 1.23% | 24.18% | 27.49% | 7.57% | 9.76% | 13.12% | 10.74% | 16.02% | 32.1% | 95.43% | 118.76% | 60.35% | 72.89% | 36.41% | 17.1% | 13.24% | 20.81% | 174.26% | 6.39% | 9.25% | 6.21% | 3.57% | 5.43% | 7.79% | 10.77% |
Cyclical Residential Demand Exposure
According to the most recent quarterly income statements, Eagle Materials experienced a revenue growth rate of 1.9% in 2025Q4, reflecting a broader trend of deceleration as the company struggles to maintain top-line momentum against a backdrop of fluctuating residential construction demand and regional market saturation.
The revenue trajectory appears increasingly challenged, with growth oscillating between low single digits and slight contractions over the last ten quarters. This suggests that the company's reliance on residential housing starts may be creating a ceiling for organic expansion that infrastructure projects are currently unable to fully offset.
As reported in financial filings, the company's gross margin contracted to 22.2% in 2025Q4 from a peak of 32.7% in 2024Q2, indicating that the firm's ability to pass through input cost volatility is currently being tested by competitive pricing pressures in the wallboard and cement markets.
The significant erosion in gross margins suggests that the company's vertical integration, while historically a buffer, is not immune to the current inflationary environment for energy and raw materials. Investors should monitor whether this margin compression is a temporary cyclical trough or a structural shift in the company's pricing power.
Based on the provided income statement data, operating margins fell to 16.9% in 2025Q4, down from 29.8% in 2023Q3, demonstrating that the company's high fixed-cost structure is currently amplifying the negative impact of revenue stagnation on overall profitability metrics.
The decline in operating income relative to gross profit suggests that the company is struggling to achieve the same level of overhead efficiency seen in prior periods. This trend warrants further investigation into whether SG&A expenses are becoming sticky despite the softening revenue environment.
Data from recent quarterly reports indicates that EPS has declined from 4.26 in 2024Q2 to 1.91 in 2025Q4, raising questions about the durability of earnings in a high-interest-rate environment that disproportionately impacts the company's core residential-facing business segments.
Short-term earnings volatility appears to be driven by a combination of margin contraction and a lack of top-line growth, which may challenge the market's perception of the company as a resilient infrastructure play. The consistent level of stock-based compensation during this period of declining profitability may also be a point of concern for shareholders.
Quick answers to the most common questions about buying EXP stock.
For fiscal year 2025, Eagle Materials Inc. (EXP) reported total revenue of $2.31B. This represents a 864.4% increase compared to $239.4M in 1996.
Eagle Materials Inc. (EXP) is profitable, generating $423.8M in net income for the fiscal year ending 2025 with a net profit margin of 18.4%.
Eagle Materials Inc. (EXP) reported an operating income of $560.9M, resulting in an operating profit margin of 24.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Eagle Materials Inc. (EXP) generated $652.5M in gross profit for the year, representing a gross profit margin of 28.3%. This demonstrates the company's core pricing power and production efficiency.