Eagle Materials manufactures cement and gypsum wallboard for the U.S. construction industry. The company operates through two primary segments: Heavy Materials and Light Materials. Heavy Materials focuses on cement, concrete, and aggregates used in infrastructure, nonresidential, and residential projects. Eagle operates eight cement plants and over 30 distribution terminals, primarily located in the U.S. heartland. Light Materials produces gypsum wallboard for interior construction under the American Gypsum brand, supported by a recycled paperboard mill that supplies liner paper to Eagle's own plants and external customers. Eagle’s business model relies on being a low-cost producer in regional markets. To maintain this position, the company integrates vertically by owning limestone reserves and gypsum quarries with long-term supply. Eagle mitigates high transportation and energy costs by locating facilities near raw materials and customer hubs and by hedging natural gas and fuel supplies. The company's strategy focuses on modernizing its production network to lower unit costs and increase capacity, alongside bolt-on acquisitions in the aggregates sector. Eagle prioritizes growth investments and maintenance before returning cash to shareholders through dividends and share repurchases.