Risk Sleuth
EXP · 10-K filed 19 May 2026 · year to 31 Mar 2026

Eagle Materials

37 named things its latest annual report says its results depend on, each in the company's own words. 13 of them are also named by other companies we've read.

Customers

Gypsum Wallboard top three customers

concentrated in · approximately 64% of our Gypsum Wallboard segment salesnamed as a risk
Three customers collectively accounted for approximately 64% of our Gypsum Wallboard segment sales during fiscal 2026.Business (Item 1)

Two gypsum wallboard manufacturer paperboard contracts

earns from · approximately 50% of our total segment revenuenamed as a risk
These two contracts represent approximately 50% of our total segment revenue, with most of the remaining 10% of volume shipped to other gypsum wallboard manufacturers.Business (Item 1)

Suppliers

Steel manufacturer (slag granules supply)

depends on · up to 550,000 tons of granulesnamed as a risk
Subject to certain conditions, this agreement requires us to purchase up to 550,000 tons of granules meeting certain product specifications, which the steel manufacturer makes available each year.Business (Item 1)

Houston, Texas cement import terminal

depends on · up to 495,000 tons of cement annually
Our Joint Venture (as defined below) includes a minority interest in an import terminal in Houston, Texas, from which we can purchase up to 495,000 tons of cement annually.Business (Item 1)

Public Service of Oklahoma (PSO)

depends onnamed as a risk
Electricity is supplied to the paper mill by Public Service of Oklahoma (PSO), and they have requested a rate increase for fiscal 2027.Business (Item 1)

South Carolina public utility (synthetic gypsum supply)

depends onnamed as a risk
We entered into a long-term agreement in 2005 with a public utility in South Carolina for synthetic gypsum, which we use at our Georgetown, South Carolina plant.Business (Item 1)

Three natural gas producers

depends on
A significant portion of the Company’s natural gas requirements for our gypsum wallboard plants are currently provided by three gas producers under gas-supply agreements.Business (Item 1)

Partners and platforms

Heidelberg Materials (Texas Lehigh Cement Company LP joint venture)

50%
All our cement subsidiaries are wholly owned except the Buda, Texas plant, which is owned by Texas Lehigh Cement Company LP, a limited partnership joint venture owned 50% by us, and 50% by HM Southeast Cement LLC, a subsidiary of Heidelberg Materials (our Joint Venture Partner).Business (Item 1)

Pueblo of Zia

depends on
Our New Mexico reserves are under lease with the Pueblo of Zia.Business (Item 1)

Other companies

Gypsum wallboard industry excess capacity

exposed to its pricenamed as a risk
Currently, there continues to be significant excess nameplate capacity in the gypsum wallboard industry in the United States.Risk factors (Item 1A)

Competitors

Imported cement

competes with · nearly 23% of total U.S. salesnamed as a risk
Imported cement consumption represented nearly 23% of total U.S. sales in both calendar 2025 and 2024.Business (Item 1)

Knauf, National Gypsum Company, CertainTeed, and Koch Industries

competes with · approximately 85% of gypsum wallboard sales in the U.S.
We estimate that the four largest producers ‒ Knauf, National Gypsum Company, CertainTeed, and Koch Industries ‒ account for approximately 85% of gypsum wallboard sales in the U.S.Business (Item 1)

Places

Colorado, Illinois, Kansas, Kentucky, Missouri, Nevada, North Carolina, Ohio, Oklahoma, and Texas

concentrated in · approximately 65% of our total revenue
While the Company’s markets include most of the United States, except the Northeast, approximately 65% of our total revenue, including our proportional share from our joint venture, is generated in 10 states: Colorado, Illinois, Kansas, Kentucky, Missouri, Nevada, North Carolina, Ohio, Oklahoma, and Texas.Business (Item 1)

Laramie, Wyoming

operates in · over $400 million
We are currently investing over $400 million to modernize and expand our cement plant in Laramie, Wyoming, which will expand that plant's production capacity by 50% to 1.2 million tons and reduce its operating costs by 25%.Business (Item 1)

Duke, Oklahoma

operates in · $330.0 million
We began construction and made good progress on our $330.0 million project to modernize and expand our Gypsum Wallboard facility in Oklahoma.Business (Item 1)

U.S. Sun Belt

concentrated in
Our operations in this sector are concentrated in the Sun Belt of the United States, which we define as the lower half of the United States, but not California.Business (Item 1)

Lawton, Oklahoma

operates in
Our Recycled Paperboard manufacturing operation, which we refer to as Republic Paperboard Company, is located in Lawton, Oklahoma and has a technologically advanced paper machine designed primarily for gypsum liner production using 100% recycled paper.Business (Item 1)

Hazards

Severe weather

operates innamed as a risk
A majority of our business is seasonal with peak revenue and profits occurring primarily in the months of April through November when the weather in our markets tends to be more favorable for construction activity.Risk factors (Item 1A)

Also named by BALL, DAL, DTE, EVRG, FE, NSC, OGE, WPC

Commodities and inputs

Natural gas

exposed to its price · approximately 8% of our production costsnamed as a risk
Natural gas costs represented approximately 8% of our production costs in fiscal 2026.Business (Item 1)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

SOFR

exposed to its price · $281.3 million outstanding under the Term Loannamed as a risk
A hypothetical 100 basis point increase in interest rates on these outstanding borrowings would increase our interest expense by $2.8 million on an annual basis.Market risk (Item 7A)

Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more

Paper (gypsum liner)

depends on · approximately one-third of our total production cost
Paper is a significant cost component in the manufacture of gypsum wallboard, currently representing approximately one-third of our total production cost.Business (Item 1)

Also named by PPLI, RH

Coal

exposed to its pricenamed as a risk
We are subject to commodity risk with respect to price changes principally in coal, petroleum coke, natural gas, and power.Market risk (Item 7A)

Also named by AA, AEE, AEP, AES, ARLP, BKH, BRK/B, CNP and 19 more

Electric power

exposed to its pricenamed as a risk
For example, prices for fuel and electrical power, which are significant components of the costs associated with our Gypsum Wallboard and Cement businesses, have fluctuated significantly in recent years and may increase further in the future.Risk factors (Item 1A)

Also named by BX, DLR, DOW, OWL, PH, SUN, SUNC

Petroleum coke

exposed to its pricenamed as a risk
We use coal, petroleum coke, natural gas, and alternative fuels to power our cement plants.Business (Item 1)

Also named by ENTG, MLM

Recycled paper fiber (old corrugated containers)

exposed to its pricenamed as a risk
Fiber prices are subject to change upon short notice due to factors outside of our control.Business (Item 1)

Regulators

U.S. Environmental Protection Agency (EPA)

subject tonamed as a risk
We reached an agreement with the EPA in July 2024 to install additional NOx controls (low NOx burners) at our Nevada cement facility, which requires certain capital expenditures and may impact operating costs.Business (Item 1)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

Oklahoma Corporation Commission

subject tonamed as a risk
At this time, we are unable to estimate how much of the increase will be granted by the Oklahoma Corporation Commission.Business (Item 1)

Also named by ARLP, DMLP, OGE

Laws and programs

U.S. tariffs and trade policy

subject tonamed as a risk
These changes in trade policy (and any countermeasures adopted in response by foreign governments) could impact demand for our products, our costs, our customers, our suppliers, our ability to source materials and equipment economically and the U.S. economy, which in turn could have a material adverse effect on our business, financial condition, liquidity, and results of operations.Risk factors (Item 1A)

Also named by ADSK, CTAS, EMR, FDX, FLR, GWW, HPE, ITW and 8 more

EPA Good Neighbor Plan (ozone NAAQS FIP)

subject tonamed as a risk
Our facilities that are most directly affected by the SIP disapprovals and Good Neighbor FIP are our cement plants located in Nevada, Oklahoma, and Texas.Business (Item 1)

Also named by ETR, PNW, TLN, VST

Greenhouse gas regulation

subject tonamed as a risk
However, because a chemical reaction inherent to the manufacture of cement releases carbon dioxide, a GHG, cement kiln operations may be disproportionately affected by future regulation of GHGs.Risk factors (Item 1A)

Also named by CRS

Depletion deduction

subject tonamed as a risk
•governmental authorities increasing taxes or eliminating deductions, particularly the depletion deduction;Risk factors (Item 1A)

Also named by VMC

Public highway and infrastructure funding

earns fromnamed as a risk
A significant portion of our revenue is generated from publicly‑funded construction projects.Risk factors (Item 1A)

PM2.5 NAAQS

subject tonamed as a risk
The anticipated impacts of the new PM2.5 NAAQS are similar to those for the ozone NAAQS, discussed above, and would result in a potential increase in our capital expenditures and operating expenses and make permitting more difficult.Business (Item 1)

Resource Conservation and Recovery Act (RCRA) - Cement Kiln Dust

subject tonamed as a risk
If either the EPA or the states decide in the future to reclassify or impose new management standards on CKD, we could incur additional costs to comply with those requirements with respect to our historically collected CKD.Business (Item 1)

NESHAP 40 CFR Part 63 Subparts EEE and LLL

subject tonamed as a risk
The EPA is conducting rulemakings that would revise Subparts EEE and LLL, such that kilns may be subject to additional emissions limitations, monitoring requirements and/or reporting obligations.Business (Item 1)

CISWI Rule (Clean Air Act Section 129)

subject tonamed as a risk
These regulations include the CISWI Rule which applies to one of our facilities' kilns; certain permitting and control requirements for operations in states that contain at least one “area” that was designated as being in nonattainment for the 2015 ozone NAAQS; interstate transport requirements for the 2015 ozone NAAQS under the Good Neighbor Plan; and potential additional permitting and control requirements to address more stringent standards under the revised PM2.5 NAAQS.Risk factors (Item 1A)

Technology

Limestone Cement and cement substitutes

competes withnamed as a risk
Increases in the production capacity of industry participants for products such as gypsum wallboard or cement (including in connection with the increased use of Limestone Cement) or increases in cement imports tend to create an oversupply of such products leading to an imbalance between supply and demand, which can have a negative impact on product prices.Risk factors (Item 1A)