What Eagle Materials Inc. told the SEC could break it.

Eagle Materials' Gypsum Wallboard segment is concentrated, with three (unnamed) customers together accounting for roughly 64% of that segment's fiscal 2026 sales; no single customer exceeded 10% of Cement or aggregates revenue.

“Three customers collectively accounted for approximately 64% of our Gypsum Wallboard segment sales during fiscal 2026.”

The EPA Good Neighbor Federal Implementation Plan sets ozone-season NOx emissions limits on cement kilns beginning 2026 in 20 states; Eagle's cement plants in Nevada, Oklahoma, and Texas are most directly affected, with required NOx-control capital expenditures (the FIP is currently under a nationwide stay pending reconsideration).

“The FIP establishes ozone season nitrogen oxide (NOx) emissions limitations 12 beginning in 2026 for kilns used in cement and cement product manufacturing in 20 states, including all the above-listed states relevant to our cement operations.”

Eagle obtains certain manufacturing raw materials from a single supplier, including synthetic gypsum and slag granules that are by-products of other industrial processes; long-term contracts may be insufficient or unrenewable, creating sole-source supply risk.

“In certain circumstances we also obtain certain raw materials used to manufacture our products from a single supplier and some of those materials, such as synthetic gypsum and slag granules, are produced as by-products of industrial processes.”

Natural gas is a meaningful energy input for Eagle's manufacturing, representing approximately 8% of production costs in fiscal 2026, exposing margins to gas price volatility.

“Natural gas costs represented approximately 8% of our production costs in fiscal 2026.”