01—Abstract
Summary
Summary of the 10-Q filed November 4, 2025. Cited figures are marked; the original filing is the authoritative source.
Martin Marietta Materials, Inc. reported third-quarter 2025 revenues of $1.846 billiona, up from $1.642 billion a year earlier, with earnings from operations of $505 million versus $406 million.
Net earnings attributable to Martin Marietta were $414 millionb, or $6.85 per diluted share, compared with $363 million, or $5.91 per diluted share, in the prior-year quarter. Results from continuing operations were $361 million, or $5.97 per diluted share. For the nine months, revenues were $4.617 billion versus $4.250 billion, and net earnings were $858 million, down from $1.701 billion in 2024, a comparison that includes a $1.3 billion pretax gain on the 2024 South Texas cement divestiture.
Aggregates shipments rose 8.0% in the quarter to 57.9 million tons, with average selling price up 8.0% to $23.24c per ton. The balance sheet shows cash and cash equivalents of $57 million at September 30, 2025, total debt of $5.522 billion, and $1.224 billion of current assets held for sale tied to the Midlothian cement plant, related terminals and Texas ready mixed concrete plants. The company agreed on August 3, 2025 to exchange these assets with QUIKRETE Holdings, Inc. for aggregates operations producing approximately 20 million tons annually plus cash, with closing expected in the fourth quarter of 2025.
Operating cash flow for the nine months was $1.156 billiond, compared with $773 million a year earlier, and the company repurchased 910,831 shares for $455 million during the period. The company acquired Premier Magnesia, LLC on July 25, 2025 for its Specialties business, which reported third-quarter revenues of $131 million and gross profit up 20% to $34 million. Management stated it was in compliance with its leverage ratio covenant at September 30, 2025, and that $1.1 billion of unused borrowing capacity was available under its Revolving Facility and Trade Receivable Facility.
02—Key points
Key Highlights
- Q3 2025 revenues of $1.846 billion versus $1.642 billion in Q3 2024; earnings from operations of $505 million versus $406 million.
- Q3 2025 net earnings attributable to Martin Marietta of $414 million, or $6.85 per diluted share, versus $363 million, or $5.91 per diluted share, a year earlier.
- Aggregates shipments increased 8.0% to 57.9 million tons in the third quarter, and average selling price rose 8.0% to $23.24 per ton.
- Pending QUIKRETE asset exchange, expected to close in Q4 2025, will swap the Midlothian cement plant and related Texas assets for aggregates operations producing about 20 million tons annually plus cash.
- Nine-month operating cash flow of $1.156 billion versus $773 million in 2024; $455 million spent on share repurchases in the nine months.
- Total debt of $5.522 billion at September 30, 2025, with $1.1 billion of unused borrowing capacity under the Revolving Facility and Trade Receivable Facility.
- Premier Magnesia, LLC acquired July 25, 2025; Specialties Q3 revenues of $131 million and gross profit up 20% to $34 million.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q3 FY2025, Martin Marietta Materials kept $0.22.
- Revenue$1.85B100.0%
- Cost of revenue−$1.24B66.9%
- Gross profit$611.0M33.1%
- Operating costs−$106.0M5.7%
- Operating income$505.0M27.4%
- Interest, other & tax−$91.0M4.9%
- Net income$414.0M22.4%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed November 4, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $1.85B$1.64B | +12.4% |
| Cost of Revenue | $1.24B$1.13B | +9.4% |
| Gross Profit | $611.00M$513.00M | +19.1% |
| SG&A Expenses | $110.00M$101.00M | +8.9% |
| Operating Income | $505.00M$406.00M | +24.4% |
| Interest Expense | $59.00M$38.00M | +55.3% |
| Net Income | $414.00M$363.00M | +14.0% |
| EPS (Basic) | $6.86$5.93 | +15.7% |
| EPS (Diluted) | $6.85$5.91 | +15.9% |
| Shares Outstanding (Basic) | 60.30M61.10M | −1.3% |
| Shares Outstanding (Diluted) | 60.40M61.30M | −1.5% |
05—Questions
Frequently Asked Questions
How did Martin Marietta perform in the third quarter of 2025?
Revenues rose to $1.846 billion from $1.642 billion, and earnings from operations increased to $505 million from $406 million. Net earnings attributable to Martin Marietta were $414 million, or $6.85 per diluted share, compared with $363 million, or $5.91 per diluted share, in the prior-year quarter.
What is the QUIKRETE transaction?
On August 3, 2025, the company agreed to exchange its Midlothian cement plant, related cement distribution terminals and certain Texas ready mixed concrete assets with QUIKRETE Holdings, Inc. In return, Martin Marietta would receive aggregates operations producing approximately 20 million tons annually in Virginia, Missouri, Kansas and Vancouver, British Columbia, plus cash. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions.
Why are the nine-month 2025 and 2024 results not directly comparable?
The 2024 results include a $1.3 billion pretax gain on the February 2024 divestiture of the South Texas cement business and certain ready mixed concrete operations. Nine-month 2025 net earnings attributable to Martin Marietta were $858 million, compared with $1.701 billion in 2024. The 2025 figures also reflect the Midlothian assets being reclassified to discontinued operations.
How much debt does the company carry and what liquidity is available?
Total debt was $5.522 billion at September 30, 2025, including $230 million of current maturities. Cash and cash equivalents were $57 million, and there were no borrowings under the $800 million Revolving Facility. The $400 million Trade Receivable Facility had $105 million outstanding, and management reported $1.1 billion of unused borrowing capacity under both facilities, subject to the leverage covenant.
What drove aggregates performance this quarter?
Aggregates shipments increased 8.0% to 57.9 million tons, reflecting a broad volume recovery supported by more normalized weather in the Southeast and Texas and a comparable 2024 period affected by hurricane activity. Average selling price increased 8.0% to $23.24 per ton, and aggregates gross profit rose 21% to $531 million, with gross margin at 36%.
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