CMC 10-K: Fiscal 2026 EPS $5.86, $145M Tax Credit, FY27 Capex ~$400M
CMC sits 28% above its 52-week low of $53.08 on light trading volume (0.2× avg).
Summary
CMC's fiscal 2026 10-K confirms a strong year — $9.39 billion in sales, $5.86 diluted EPS, and a $145.4 million energy tax credit — while flagging the $377 million PSG judgment appeal and guiding FY2027 capex to about $400 million.
Key Events · Earnings and Guidance · CMC
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Fiscal 2026 Earnings Surge
Net sales rose 20% to $9.394 billion and net earnings jumped to $655.8 million ($5.86 diluted) from $84.7 million ($0.74) in fiscal 2025, helped by the absence of last year's $362.3 million PSG litigation charge.
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$145M Energy Tax Credit
A Section 48C advanced energy project credit tied to the West Virginia micro mill cut the fiscal 2026 effective tax rate to 7.8% from 21.3%, though a $30.5 million basis-reduction charge partially offset the benefit.
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PSG Judgment Still Open
The trebled Pacific Steel Group antitrust verdict leaves a $377.3 million accrual in current liabilities; CMC is appealing to the Ninth Circuit and warns the cash payment could significantly affect liquidity if the judgment stands.
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Micro Mill Enters Service
The fourth micro mill in Berkeley County, West Virginia was placed in service in Q4 2026, with total investment expected at $550-$600 million net of $75 million in WVEDA assistance and sales beginning in Q1 fiscal 2027.
Analysis · CMC · Manufacturing
The annual report confirms the prior day's Q4 release and adds the audited full-year picture: net sales of $9.394 billion (up 20%), net earnings of $655.8 million ($5.86 diluted) versus $84.7 million last year, and a 7.8% effective tax rate juiced by a $145.4 million Section 48C credit on the new West Virginia micro mill. The balance sheet carries $3.38 billion of debt after the $2.0 billion November 2025 notes issuance that funded the $1.84 billion Foley acquisition, but leverage remains comfortable at 0.42x debt-to-capitalization and 8.77x interest coverage. The open risk is the $377.3 million PSG antitrust judgment sitting in current liabilities while CMC appeals to the Ninth Circuit — if the verdict stands, that cash outflow is real. Management guided fiscal 2027 capital spending to roughly $400 million as the micro mill ramps and sales begin in Q1 FY2027.
How filings like this one have moved
In the 30 days to Nov 1, 2026, 32.4% of the 1981 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, CMC was trading at $67.97 on NYSE in the Manufacturing sector, with a market capitalization of approximately $7.5B. The 52-week trading range was $53.08 to $84.87. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.