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CMC Q4 Core EBITDA Jumps 35% on Strong Steel Margins
Commercial Metals Company reported sharply higher fourth-quarter fiscal 2026 earnings as stronger North American steel margins, increased shipment volumes and contributions from acquired precast operations lifted revenue and profitability.
By Paul Ploumis
Published October 19, 2026
Key Points
- Net Sales: Increased 25.7% year over year to $2.66 billion.
- Net Earnings: Rose 40% to $212.5 million, or $1.91 per diluted share.
- Core EBITDA: Increased 35.1% to $393.7 million, with margin expanding to 14.8%.
- North America Steel: Adjusted EBITDA rose 32.6% to $317.5 million.
- Construction Solutions: Quarterly sales surged 94.5% to $431.4 million.
MONTREAL (Scrap Monster): Commercial Metals Company (CMC) reported significantly higher earnings and revenue for the fourth quarter of fiscal 2026, supported by stronger steel margins, increased shipment volumes and contributions from its construction solutions business.
For the quarter ended August 31, 2026, consolidated net sales climbed 25.7% year over year to $2.66 billion.
Net earnings rose 40% to $212.5 million, equivalent to $1.91 per diluted share.
Adjusted earnings increased 50.7% to $233.6 million, while adjusted earnings per diluted share rose 52.6% to $2.09.
Core EBITDA Rises 35.1%
Consolidated core EBITDA increased 35.1% year over year to $393.7 million.
The core EBITDA margin expanded by 100 basis points to 14.8%, driven primarily by stronger metal margins and the inclusion of higher-margin acquired precast operations.
North America Steel Remains Main Earnings Driver
CMC's North America Steel Group remained the company's largest earnings contributor during the quarter.
Segment adjusted EBITDA increased 32.6% year over year to $317.5 million, while adjusted EBITDA margin improved to 16.4% from 14.8% a year earlier.
Finished steel shipment volumes increased 5.3% from the prior-year period.
Merchant bar shipment volumes rose 27.5% year over year, supported by demand from industrial applications and expanded merchant bar production capacity.
Construction Solutions Sales Nearly Double
CMC's Construction Solutions Group recorded quarterly net sales of $431.4 million, an increase of 94.5% from the corresponding period last year.
The segment benefited from the addition of acquired precast operations and continued contributions from CMC's broader construction solutions portfolio.
European Earnings Decline
CMC's Europe Steel Group generated adjusted EBITDA of $15.6 million, down from $39.1 million in the prior-year quarter.
The year-over-year comparison was affected by a $30.7 million CO2 credit recognized in the prior-year period that was not repeated in the latest quarter.
Liquidity Remains Above $2 Billion
CMC ended fiscal 2026 with $778.9 million in cash, cash equivalents and restricted cash.
Available liquidity exceeded $2.0 billion, while net leverage adjusted for acquisitions ended the quarter at 1.9 times.
CMC Expects Another Strong Year in Fiscal 2027
CMC said it expects fiscal 2027 to remain strong, supported by a healthy market environment, strategic growth investments, its Transform, Advance, Grow initiatives and continued development of its early-stage construction portfolio.
For the first quarter of fiscal 2027, the company expects North America Steel adjusted EBITDA to remain nearly flat sequentially as improved pricing largely offsets higher scrap costs, startup expenses and a modest seasonal decline in shipments.
Construction Solutions adjusted EBITDA is expected to decline sequentially because of typical seasonal trends, while Europe Steel is expected to deliver meaningful sequential EBITDA growth as operating conditions improve.
