Eagle Materials Inc. (EXP) Cash Flow Statement
Where EXP’s cash came from and went, FY2026
March 31, 2026 · U.S. dollars- Cash from operations
- $614.2M +12.0% vs FY2025
- Capital expenditures
- $416.7M 18.1% of revenue
- Free cash flow
- $197.4M 8.6% margin
- Returned to shareholders
- $422.8M 214% of free cash flow
- Change in cash
- $277.5M cash at year-end $297.9M
Drawn to scale: where the cash came from and how it was used. Hover for values.
EXP operating cash flow, capex and free cash flow
EXP cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $331.6MFY2017 | $614.2MFY2026 | +7.1%/yr | |
| Capital expenditures | $56.9MFY2017 | $416.7MFY2026 | +24.8%/yr | |
| Free cash flow | $274.7MFY2017 | $197.4MFY2026 | −3.6%/yr | |
| Free cash flow margin | 22.7%FY2017 | 8.6%FY2026 | −14.1 pts | |
| Operating cash flow / net income | 1.67FY2017 | 1.45FY2026 | −0.22 | |
| Stock-based compensation | $12.1MFY2017 | $21.3MFY2026 | +6.5%/yr | |
| Dividends paid | $19.3MFY2017 | $32.4MFY2026 | +5.9%/yr | |
| Share buybacks (net) | $64.5MFY2017 | $390.4MFY2026 | +22.2%/yr | |
| Capex / revenue | 4.7%FY2017 | 18.1%FY2026 | +13.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EXP cash flow by activity
EXP net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
EXP cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $423.8M | $463.4M | $477.6M | $461.5M | $374.2M | $339.4M | $70.9M | $68.9M | $256.6M | $198.2M |
| Depreciation & amortization | $164.7M | $158.9M | $149.8M | $138.6M | $128.8M | $129.1M | $113.5M | $122.5M | $114.0M | $91.8M |
| Stock-based compensation | $21.3M | $18.7M | $19.9M | $17.2M | $14.3M | $15.3M | $19.8M | $15.1M | $14.1M | $12.1M |
| Change in working capital | $1.6M | −$61.3M | −$66.8M | −$71.5M | −$7.4M | $162.6M | −$96.1M | −$43.8M | $14.2M | $30.3M |
| Other non-cash items | $2.7M | −$31.3M | −$16.6M | −$4.0M | $7.2M | −$3.3M | $291.2M | $187.6M | −$61.3M | −$790,000 |
| Cash from operating activities | $614.2M | $548.5M | $563.9M | $541.7M | $517.2M | $643.1M | $399.3M | $350.3M | $337.7M | $331.6M |
| Investing activities | ||||||||||
| Capital expenditures | −$416.7M | −$195.3M | −$120.3M | −$110.1M | −$74.1M | −$53.9M | −$132.1M | −$168.9M | −$132.0M | −$56.9M |
| Investments (net) | — | −$370.1M | −$175.4M | −$268.6M | −$74.1M | $37.1M | −$831.1M | −$166.6M | −$168.7M | −$457.4M |
| Acquisitions & other investing | −$15.0M | $195.3M | $120.3M | $110.1M | $74.1M | $53.9M | $132.1M | $168.9M | $132.0M | $56.9M |
| Cash from investing activities | −$431.7M | −$370.1M | −$175.4M | −$268.6M | −$74.1M | $37.1M | −$831.1M | −$166.6M | −$168.7M | −$457.4M |
| Financing activities | ||||||||||
| Dividends paid | −$32.4M | −$33.7M | −$35.3M | −$37.5M | −$30.8M | −$4.2M | −$17.1M | −$18.9M | −$19.4M | −$19.3M |
| Share repurchases & issuance (net) | −$390.4M | −$304.2M | −$353.7M | −$393.8M | −$595.0M | −$4.2M | −$317.9M | −$276.3M | −$66.1M | −$64.5M |
| Net borrowing (repayment) | $526.8M | $143.8M | $3.0M | $148.6M | −$79.3M | −$562.4M | $873.6M | $70.0M | −$66.2M | $178.4M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$8.9M | $1.2M | $17.1M | $5.4M | $13.0M | $40.5M | $3.3M | $2.1M | $24.3M | $32.5M |
| Cash from financing activities | $95.1M | −$192.9M | −$368.9M | −$277.3M | −$692.2M | −$530.3M | $541.8M | −$223.2M | −$127.4M | $127.0M |
| Summary | ||||||||||
| Net change in cash | $277.5M | −$14.5M | $19.7M | −$4.2M | −$249.1M | $149.9M | $110.0M | −$39.5M | $41.5M | $1.2M |
| Cash at end of period | $297.9M | $20.4M | $34.9M | $15.2M | $19.4M | $268.5M | $118.6M | $8.6M | $48.1M | $6.6M |
| Free cash flow | $197.4M | $353.3M | $443.6M | $431.6M | $443.1M | $589.1M | $267.2M | $181.4M | $205.7M | $274.7M |
| Free cash flow margin | 8.6% | 15.6% | 19.6% | 20.1% | 23.8% | 36.3% | 18.4% | 13.0% | 14.8% | 22.7% |
| Capex / revenue | 18.1% | 8.6% | 5.3% | 5.1% | 4.0% | 3.3% | 9.1% | 12.1% | 9.5% | 4.7% |
| Operating cash flow / net income | 1.45 | 1.18 | 1.18 | 1.17 | 1.38 | 1.89 | 5.63 | 5.09 | 1.32 | 1.67 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $102.1M | $60.2M | $102.9M | $137.4M | $123.4M | $66.5M | $119.6M | $143.5M | $133.8M | $77.1M | $129.1M | $150.6M |
| Depreciation & amortization | $41.2M | $40.5M | $41.6M | $42.0M | $40.6M | $42.2M | $39.2M | $39.1M | $38.4M | $38.5M | $37.5M | $73.9M |
| Stock-based compensation | $4.7M | $5.5M | $5.5M | $5.5M | $4.8M | $4.5M | $4.8M | $4.9M | $4.5M | $4.5M | $4.4M | $4.5M |
| Change in working capital | −$17.8M | −$296,000 | $17.4M | $15.7M | −$31.1M | −$39.7M | −$39.3M | $51.9M | −$34.2M | −$46.6M | $19.0M | −$14.1M |
| Other non-cash items | $24.2M | −$3.7M | $3.4M | $4.1M | −$1.1M | −$10.7M | −$4.5M | −$6.1M | −$9.9M | −$10.2M | −$2.3M | −$42.5M |
| Cash from operating activities | $154.4M | $102.1M | $170.8M | $204.6M | $136.6M | $62.8M | $119.9M | $233.3M | $132.6M | $63.4M | $187.7M | $172.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −$120.8M | −$122.1M | −$110.0M | −$108.5M | −$76.1M | −$48.3M | −$47.4M | −$66.5M | −$33.1M | −$32.5M | −$22.4M | −$29.5M |
| Investments (net) | — | — | — | −$108.5M | −$76.1M | −$198.3M | −$47.4M | −$91.4M | −$33.1M | −$32.5M | −$22.4M | −$29.5M |
| Acquisitions & other investing | $0 | −$15.0M | $0 | $108.5M | $76.1M | $48.3M | $47.4M | $66.5M | $33.1M | $32.5M | $22.4M | −$61.6M |
| Cash from investing activities | −$120.8M | −$137.1M | −$110.0M | −$108.5M | −$76.1M | −$198.3M | −$47.4M | −$91.4M | −$33.1M | −$32.5M | −$22.4M | −$120.5M |
| Financing activities | ||||||||||||
| Dividends paid | −$8.0M | −$7.9M | −$7.8M | −$8.4M | −$8.3M | −$8.3M | −$8.4M | −$8.5M | −$8.5M | −$8.6M | −$8.8M | −$8.9M |
| Share repurchases & issuance (net) | −$86.4M | −$74.5M | −$142.6M | −$89.1M | −$84.2M | −$101.5M | −$55.1M | −$60.7M | −$86.9M | −$102.4M | −$97.5M | −$78.4M |
| Net borrowing (repayment) | −$3.8M | −$3.8M | $483.0M | −$23.8M | $71.2M | $236.2M | −$72.5M | −$27.5M | — | — | — | −$62.5M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $67,000 | $0 | −$9.4M | $479,000 | $0 | −$1.7M | $724,000 | $2.1M | $7.6M | $66.0M | −$57.4M | $1.1M |
| Cash from financing activities | −$98.0M | −$86.2M | $323.2M | −$120.8M | −$21.2M | $124.7M | −$135.2M | −$94.5M | −$87.9M | −$44.9M | −$163.7M | −$148.7M |
| Summary | ||||||||||||
| Net change in cash | −$64.4M | −$121.1M | $384.0M | −$24.7M | $39.3M | −$10.8M | −$62.7M | $47.4M | $11.6M | −$14.0M | $1.6M | −$5.8M |
| Cash at end of period | $233.5M | $297.9M | $419.0M | $35.0M | $59.7M | $20.4M | $31.2M | $93.9M | $46.5M | $34.9M | $48.9M | $47.3M |
| Free cash flow | $33.6M | −$19.9M | $60.8M | $96.1M | $60.5M | $14.5M | $72.5M | $166.8M | $99.5M | $30.9M | $165.3M | $142.9M |
| Free cash flow margin | 5.2% | −4.2% | 10.9% | 15.0% | 9.5% | 3.1% | 13.0% | 26.7% | 16.3% | 6.5% | 29.6% | 23.0% |
| Capex / revenue | 18.6% | 25.5% | 19.8% | 17.0% | 12.0% | 10.3% | 8.5% | 10.7% | 5.4% | 6.8% | 4.0% | 4.7% |
| Operating cash flow / net income | 1.51 | 1.70 | 1.66 | 1.49 | 1.11 | 0.94 | 1.00 | 1.63 | 0.99 | 0.82 | 1.45 | 1.14 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
EXP cash generation
In fiscal 2026 (ended March 31, 2026), Eagle Materials generated $614.2 million of cash from operations (up 12.0%) and spent $416.7 million on capital expenditures, leaving free cash flow of $197.4 million, 8.6% of revenue. It returned $422.8 million to shareholders through dividends ($32.4 million) and net share buybacks ($390.4 million). Cash and equivalents rose by $277.5 million over the year.
Related: EXP income statement, EXP balance sheet, EXP dividend history. See the EXP stock overview for the latest quote and news.
EXP cash flow FAQ
What is Eagle Materials's free cash flow?
Eagle Materials's free cash flow was $197.4 million in fiscal 2026: $614.2 million of operating cash flow minus $416.7 million of capital expenditures It was $353.3 million a year earlier..
How much cash does Eagle Materials generate from operations?
Eagle Materials generated $614.2 million of cash from operating activities in fiscal 2026, 1.45 times its net income of $423.8 million.
How much does Eagle Materials spend on capital expenditures?
Eagle Materials spent $416.7 million on capital expenditures in fiscal 2026, 18.1% of revenue, compared with $195.3 million the year before.
How much stock does Eagle Materials buy back?
Eagle Materials spent $390.4 million on net share repurchases in fiscal 2026.
How much does Eagle Materials pay in dividends?
Eagle Materials paid $32.4 million in dividends in fiscal 2026, 16.4% of free cash flow.