Commercial Metals Co. (CMC): F3Q26 Earnings First Take

Research evidence excerpt

Commercial Metals Co. (CMC): F3Q26 Earnings First Take

Equity Research

25 June 2026 | 8:30AM EDT

We expect the market to have a positive reaction to CMC’s F3Q26 earnings report. Nick Cash

+1(212)357-6372 | nick.cash@gs.com

CMC reported mixed results with revenue above but EBITDA below GSe/FactSet Goldman Sachs & Co. LLC

consensus resulting in EBITDA margin compression in the quarter. Management

highlighted the temporary nature of this impact as North America Steel EBITDA

came in lighter than expected as a result of one-time factors while CSG also was

impacted by one time factors such as weather. Despite these impacts, bullish

commentary on demand and outlook for all business segments is likely enough to

appease investors.

We anticipate investors will be keenly focused 1) domestic supply and import

pressure & demand trends across rate sensitive end markets; 2) pricing trends

heading into summer months; 3) impacts of CBAM and health of European segment;

4) construction solutions margin performance and forward commentary; 5) update

on TAG progress. Please see further details within.

F3Q26 Results. CMC reported revenues of $2.48bn came in above GSe/FactSet

consensus of $2.42bn/$2.40bn while adj. EBITDA of $354mn came in slightly below

GSe/Factset consensus of $369mn/$361mn with adj. EBITDA margins of 14.2% vs.

GSe/consensus of 15.2%/15.0%.

F4Q26 outlook. Core EBITDA expected to increase sequentially driven by 1) healthy

domestic demand and increased backlogs; 2) rebound in NA Steel Group with

management citing continued volume growth and margin expansion; 3) Mid-teens

EBITDA growth in Construction Solutions Group driven by acquisitions and

underlying momentum; 4) modestly higher adj. EBITDA in Europe.