Commercial Metals Company (CMC) Q2 2026 earnings summary

Executive summary

• Q2 net earnings were $93M ($0.83/diluted share), with adjusted earnings of $130.1M ($1.16/diluted share), reflecting strong execution, favorable markets, and significant contributions from newly acquired precast businesses.

• Core EBITDA grew 114% year-over-year to $297.5M (14% margin), driven by operational execution, favorable North American conditions, and the new precast platform.

• Integration of CP&P and Foley precast acquisitions is progressing well, contributing $33.6M to segment EBITDA and supporting a unified go-to-market strategy.

• The TAG operational excellence program is on track to deliver an annualized EBITDA benefit of $150M by year-end.

Financial highlights

• Q2 net sales were $2.13B, up from $1.75B prior year; adjusted EBITDA was $251.3M, up from $126.4M a year ago.

• Core EBITDA margin reached 14%, with North America Steel Group adjusted EBITDA at $269.7M (16.8% margin) and Construction Solutions Group adjusted EBITDA at $53.4M (17.0% margin).

• Adjusted net leverage improved to 2.3x from 2.7x post-acquisition, with total liquidity over $1.7B and no debt maturities until 2030.

• 249,154 shares repurchased for $18.3M; $147.8M remains under current authorization; quarterly dividend increased by $0.02 to $0.20/share (+11%).

Outlook and guidance

• Q3 consolidated core EBITDA is expected to increase meaningfully, with North America Steel Group EBITDA rising modestly and Construction Solutions Group EBITDA expected to nearly double sequentially.

• Europe Steel Group adjusted EBITDA should improve on higher seasonal volumes, better margins, and a $20M CO2 credit.

• Full-year precast business EBITDA is projected at $165M–$175M.