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Eagle Materials cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$81.0M in Q2 FY27 · $155M over twelve months

Operating cash flow$210M
Capital spending−$129M
Free cash flow+$81.0M
Cash / net income1.9×
Cash conversion cycle81 days

Analysis

In Q2 FY27, Eagle Materials generated $210M of operating cash flow and spent $129M on capital projects, leaving free cash flow of $81.0M. That is $15.0M less than in Q2 FY26 ($96.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was $637M; the largest uses were capital spending ($482M), buybacks ($360M), net borrowing (+) / repaid (−) ($255M); besides operations, cash came from other financing ($717M), shares issued ($291K); the cash balance rose by $206M.

Operating cash flow was $210M against net income of $112M — 1.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$41.8M, receivables +$29.8M, inventory +$17.9M.

Its cash conversion cycle was 81 days (receivables 39 + inventory 71 − payables 29).

Free cash flow

Eagle Materials: free cash flow by quarterEagle Materials: free cash flow by quarter$72.5MQ3 FY25$14.5MQ4 FY25$60.5MQ1 FY26$96.1MQ2 FY26$60.8MQ3 FY26−$19.9MQ4 FY26$33.6MQ1 FY27$81.0MQ2 FY27
Operating cash flow less capital spending.
Eagle Materials: operating cash flow against capital spendingEagle Materials: operating cash flow against capital spendingOperating cash flowCapital spending$120M$47.4MQ3 FY25$62.8M$48.3MQ4 FY25$137M$76.1MQ1 FY26$205M$109MQ2 FY26$171M$110MQ3 FY26$102M$122MQ4 FY26$154M$121MQ1 FY27$210M$129MQ2 FY27
Latest (Q2 FY27): Operating cash flow $210M, Capital spending $129M.

Capital allocation, year by year

Eagle Materials: where the cash came from (up) and went (down), by fiscal yearEagle Materials: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $517MFY22: Net borrowing −$150MFY22: Shares issued $21.4MFY22: Capital spending −$74.1MFY22: Buybacks −$590MFY22: Dividends −$30.8M$539MFY22FY23: Operating cash flow $542MFY23: Net borrowing $157MFY23: Shares issued $5.4MFY23: Capital spending −$110MFY23: Acquisitions −$158MFY23: Buybacks −$388MFY23: Dividends −$37.5M$704MFY23FY24: Operating cash flow $564MFY24: Net borrowing $13.0MFY24: Shares issued $17.1MFY24: Capital spending −$120MFY24: Acquisitions −$55.1MFY24: Buybacks −$343MFY24: Dividends −$35.3M$594MFY24FY25: Operating cash flow $549MFY25: Net borrowing $30.0MFY25: Shares issued $6.4MFY25: Capital spending −$195MFY25: Acquisitions −$175MFY25: Buybacks −$298MFY25: Dividends −$33.7M$585MFY25FY26: Operating cash flow $614MFY26: Net borrowing $542MFY26: Shares issued $535KFY26: Capital spending −$417MFY26: Buybacks −$382MFY26: Dividends −$32.4M$1.2BFY26
Over these 5 years operating cash flow totalled $2.8B; the largest uses were buybacks ($2.0B) and capital spending ($917M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$241M
Debt$1.8B
Net debt$1.5B
Due within a year$15.0M

Eagle Materials funds itself: free cash flow was $155M over the last twelve months, and $241M of cash and investments stands against $1.8B of debt ($15.0M due within a year, 16.1× covered by cash).

Eagle Materials: debt maturities by year (FY26)Eagle Materials: debt maturities by year (FY26)$15.0MYear 1$15.0MYear 2$15.0MYear 3$236MYear 4$1.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $241M of cash and investments now.

Where the cash came from and went

Eagle Materials: sources (+) and uses (−) of cash, Q2 FY27Eagle Materials: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$210MCapital spending−$129MBuybacks−$62.1MDividends−$7.6MCash drawn (+) / kept (−)−$7.6MOther financing−$3.8MShares issued$168KTaxes on employees’ shares−$62K
Eagle Materials: sources (+) and uses (−) of cash, TTM to Q2 FY27Eagle Materials: sources (+) and uses (−) of cash, TTM to Q2 FY27Other financing$717MOperating cash flow$637MCapital spending−$482MBuybacks−$360MNet borrowing (+) / repaid (−)−$255MCash drawn (+) / kept (−)−$206MDividends−$31.4MOther investing−$15.0MTaxes on employees’ shares−$5.6MShares issued$291K

From profit to cash

Eagle Materials: net income to operating cash flow, Q2 FY27Eagle Materials: net income to operating cash flow, Q2 FY27Net income$112MDepreciation & amortization$41.8MStock-based pay$5.4MReceivables$29.8MInventory$17.9MPayables−$16.6MPrepaid and other assets−$2.2MIncome taxes payable−$1.8MOperating cash flow$210M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY2739712981
Q1 FY2737732782
Q4 FY26419632105
Q3 FY2638883096
Q2 FY2637802889
Q1 FY2634822789
Q4 FY25389931107
Q3 FY2535933098

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$210M−$129M—−$62.1M−$7.6M—$168K−$7.6M$81.0M
Q1 FY27$154M−$121M—−$83.8M−$8.0M—$67K$64.4M$33.6M
Q4 FY26$102M−$122M—−$71.5M−$7.9M——$121M−$19.9M
Q3 FY26$171M−$110M—−$143M−$7.8M−$255M$56K−$384M$60.8M
Q2 FY26$205M−$109M—−$89.1M−$8.4M−$20.0M$479K$24.7M$96.1M
Q1 FY26$137M−$76.1M—−$78.6M−$8.3M$75.0M—−$39.3M$60.5M
Q4 FY25$62.8M−$48.3M−$150M−$97.0M−$8.3M$235M$120K$10.8M$14.5M
Q3 FY25$120M−$47.4M—−$55.1M−$8.4M−$70.0M$4.1M$62.7M$72.5M

Eagle Materials: income statement and cash flow

Eagle Materials, Q2 FY27: revenue $653M (+2% year over year), operating margin 22.0%. The chart follows the revenue to costs, profit and cash.

Eagle Materials: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.