01—Abstract
Summary
Summary of the 10-K filed February 19, 2026. Cited figures are marked; the original filing is the authoritative source.
Martin Marietta Materials, Inc. (NYSE: MLM) reported 2025 revenues of $6.15 billiona, up from $5.66 billion in 2024, and earnings from continuing operations attributable to Martin Marietta of $990 million, or $16.34 per diluted share, compared with $1.82 billion in 2024.
The 2024 result was inflated by a $1.3 billionb pretax gain on the divestiture of the South Texas cement business. Net earnings attributable to Martin Marietta were $1.14 billion in 2025. Adjusted EBITDA from continuing operations rose to $2.07 billion from $1.77 billion, and Consolidated Adjusted EBITDA was $2.30 billion.
Aggregates generated 88%c of 2025 total reportable segment gross profit, and aggregates shipments increased 3.8% to 198.5 million tons, with aggregates pricing up 6.9%. The company is pursuing portfolio optimization. In August 2025 it agreed to exchange its Midlothian cement plant, related cement terminals and Texas ready mixed concrete assets with QUIKRETE Holdings for aggregates facilities producing approximately 20 million tons annually in Virginia, Missouri, Kansas and Vancouver, British Columbia, plus cash.
These cement and Texas ready mixed operations are classified as held for sale and reported as discontinued operations. The company also acquired Premier Magnesia in July 2025 and expanded its Specialties business. Cash flow from operations was $1.79 billiond in 2025, and long-term debt was $5.3 billion at year end.
The company repurchased $450 million of stock and paid $3.24 per share in dividends declared for 2025. At December 31, 2025, cash and cash equivalents were $67 million, and $1.2 billion of unused borrowing capacity was available under the Revolving Facility and Trade Receivable Facility.
The filing reports that management concluded internal control over financial reporting was effective, with Premier Magnesia excluded from that assessment. The auditor, PricewaterhouseCoopers LLP, issued an unqualified opinion and identified the projected benefit obligation for defined benefit pension plans as a critical audit matter.
02—Key points
Key Highlights
- Revenues rose to $6.15 billion in 2025 from $5.66 billion in 2024, and gross profit rose to $1.89 billion from $1.64 billion.
- Earnings from continuing operations attributable to Martin Marietta were $990 million ($16.34 per diluted share) in 2025, versus $1.82 billion in 2024, which included an after-tax gain of $892 million from the South Texas cement divestiture.
- Consolidated Adjusted EBITDA was $2.30 billion in 2025, up from $2.07 billion in 2024 (Adjusted EBITDA from continuing operations was $2.07 billion, up from $1.77 billion).
- Aggregates shipments increased 3.8% to 198.5 million tons and aggregates pricing increased 6.9% year over year in 2025.
- A pending asset exchange with QUIKRETE Holdings would transfer the Midlothian cement plant and Texas ready mixed concrete assets in exchange for aggregates facilities producing about 20 million tons annually plus cash.
- Cash provided by operating activities was $1.79 billion in 2025, and $450 million was spent on share repurchases.
- Long-term debt was $5.3 billion at December 31, 2025, with $1.2 billion of unused borrowing capacity under the Revolving Facility and Trade Receivable Facility.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Martin Marietta Materials kept $0.18.
- Revenue$6.15B100.0%
- Cost of revenue−$4.26B69.3%
- Gross profit$1.89B30.7%
- Operating costs−$452.0M7.3%
- Operating income$1.44B23.4%
- Interest, other & tax−$299.4M4.9%
- Net income$1.14B18.5%
Where FY2025 revenue went
$6.15B- Cost of revenue: $4.26B, 69% of revenue
- Net income: $1.14B, 18% of revenue
- SG&A: $443.0M, 7.2% of revenue
- Interest, other & tax: $299.4M, 4.9% of revenue
Kept 18% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 19, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $6.15B$5.66B | +8.6% |
| Cost of Revenue | $4.26B$4.03B | +5.8% |
| Gross Profit | $1.89B$1.64B | +15.5% |
| SG&A Expenses | $443.00M$429.00M | +3.3% |
| Operating Income | $1.44B$2.48B | −42.0% |
| Interest Expense | $230.00M$169.00M | +36.1% |
| Net Income | $1.14B$2.00B | −43.0% |
| EPS (Basic) | $18.81$32.50 | −42.1% |
| EPS (Diluted) | $18.77$32.41 | −42.1% |
| Shares Outstanding (Basic) | 60.50M61.40M | −1.5% |
| Shares Outstanding (Diluted) | 60.60M61.60M | −1.6% |
05—Questions
Frequently Asked Questions
What drove the large change in 2024 earnings compared with 2025?
2024 earnings from continuing operations included a $1.3 billion pretax gain on the February 2024 divestiture of the South Texas cement business and certain ready mixed concrete operations to CRH Americas Materials. The filing states this gain contributed an after-tax gain of $892 million, or $14.49 per diluted share. Earnings from continuing operations in 2025 were $990 million, or $16.34 per diluted share.
What is the QUIKRETE transaction and what is its status?
On August 3, 2025, Martin Marietta entered into a definitive agreement with QUIKRETE Holdings for an exchange of assets. Martin Marietta would receive aggregates facilities producing about 20 million tons annually in Virginia, Missouri, Kansas and Vancouver, British Columbia, plus cash. QUIKRETE would receive the Midlothian cement plant, related cement distribution terminals, Texas ready mixed concrete assets and certain nonoperating land. The transaction is described as pending as of the filing date, and the affected operations are reported as discontinued operations.
How much did the company invest in acquisitions and property in 2025?
In 2025, the company paid $685 million for acquisitions, net of cash acquired, including the Premier Magnesia acquisition completed July 25, 2025. Cash paid for property, plant and equipment additions was $807 million in 2025. The company also made $128 million of investments in limited liability companies.
How is the company's balance sheet positioned for capital allocation?
At December 31, 2025, long-term debt was $5.3 billion, mostly publicly issued senior notes, and cash and cash equivalents were $67 million. The company had an $800 million Revolving Facility and a $400 million Trade Receivable Facility, with $1.2 billion of unused capacity combined. The company stated its leverage target after debt-financed transactions is a consolidated net debt to Consolidated Adjusted EBITDA ratio of 2.0 to 2.5 times within a reasonable period, typically within 18 months.
What are the main risks highlighted for investors?
The filing highlights construction cyclicality and sensitivity to public infrastructure funding, interest rates and weather, as well as potential aggregates price declines. It also cites environmental and climate regulation, energy and fuel cost volatility, cement price sensitivity, and dependence on rail and waterborne transportation. Acquisition integration and the pending QUIKRETE transaction are also identified as risks.
06—Continue