How did Martin Marietta perform in 2025 compared with 2024?

Continuing-operations revenues rose 9% to $6.15 billion and gross profit rose 16% to $1.89 billion. Adjusted EBITDA from continuing operations increased 17% to $2.07 billion. Reported earnings from operations and diluted EPS from continuing operations declined sharply, to $1.44 billion and $16.34 respectively, because 2024 included a nonrecurring gain on divestiture of the South Texas cement business.

What is the outlook for 2026?

The company guided to 2026 revenues of $6.42–$6.78 billion, adjusted EBITDA from continuing operations of $2.16–$2.31 billion, and net earnings from continuing operations attributable to Martin Marietta of $1.04–$1.16 billion. Aggregates volume is expected to grow 1.0% to 3.0% and ASP 4.0% to 6.0%. Guidance excludes the QUIKRETE transaction.

What is the QUIKRETE transaction and when is it expected to close?

On August 3, 2025, the company agreed to exchange assets with QUIKRETE Holdings, Inc. Martin Marietta would receive aggregates operations producing about 20 million tons annually in Virginia, Missouri, Kansas and Vancouver, British Columbia, plus cash. It would give up its Midlothian cement plant, related cement terminals and Texas ready-mixed concrete assets. The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions.

How strong is the company's cash generation and liquidity?

Cash provided by operating activities reached a record $1.79 billion in 2025, up 22%. Capital expenditures were $807 million. At year-end the company had $67 million in cash and cash equivalents and $1.17 billion of unused borrowing capacity on its credit facilities. Long-term debt excluding current maturities was $5.29 billion. As of December 31, 2025, 11.0 million shares remained under the current repurchase authorization.

What drove the results in the Specialties and Other Building Materials segments?

Specialties reported full-year revenues of $441 million and gross profit of $137 million, with the fourth quarter boosted by a full quarter of contributions from Premier Magnesia, LLC and organic pricing gains. Other Building Materials revenues for the fourth quarter fell 6% to $248 million, and gross profit fell 18% to $23 million, primarily due to the April 2025 divestiture of the California paving operations.

MLM 8-K: Earnings & Results & Regulation FD

01—Abstract

Summary

Summary of the 8-K filed February 11, 2026. Cited figures are marked; the original filing is the authoritative source.

Martin Marietta Materials, Inc. (NYSE: MLM) reported fourth-quarter and full-year 2025 results on February 11, 2026, via a press release furnished as Exhibit 99.1.

For the year ended December 31, 2025, continuing-operations revenues were $6.15 billion^a, up 9%, and gross profit was $1.89 billion, up 16%. Earnings from operations fell to $1.44 billion from $2.48 billion, and diluted EPS from continuing operations was $16.34 versus $29.50, with the prior year inflated by a nonrecurring gain on divestiture. Adjusted EBITDA from continuing operations rose 17% to $2.07 billion.

Aggregates shipments were 198.5 million tons, up 4%, and average selling price per ton was $23.30^b, up 7%. Management described aggregates unit profitability as having improved double digits for the year. Cash provided by operating activities increased 22% to a record $1.79 billion.

The company returned $647 million^c to shareholders through dividends and share repurchases, and ended the year with $67 million of cash and $1.17 billion of unused borrowing capacity. Capital expenditures were $807 million for the year. For 2026, the company guided to revenues of $6.42 billion to $6.78 billion, adjusted EBITDA from continuing operations of $2.16 billion to $2.31 billion, and capital expenditures of $550 million to $600 million.

Aggregates volume is guided to grow 1.0%^d to 3.0% and ASP 4.0% to 6.0%. Guidance excludes the pending QUIKRETE asset exchange, which is expected to close in the first quarter of 2026. Management cited robust infrastructure investment and data center and energy momentum offsetting softness in private nonresidential and residential construction.

02—Key points

Key Highlights

Full-year 2025 revenues of $6.15 billion (up 9%) and gross profit of $1.89 billion (up 16%); fourth-quarter revenues of $1.53 billion (up 9%).
Earnings from operations declined to $1.44 billion from $2.48 billion, reflecting the prior year's nonrecurring gain on divestiture; diluted EPS from continuing operations was $16.34 versus $29.50.
Aggregates shipments rose 4% to 198.5 million tons and average selling price rose 7% to $23.30 per ton for the full year; aggregates gross profit per ton rose 12% to $8.45.
Record operating cash flow of $1.79 billion, up 22%; $647 million returned to shareholders through dividends and buybacks.
Pending QUIKRETE asset exchange: Martin Marietta would receive aggregates operations of approximately 20 million tons annually in Virginia, Missouri, Kansas and Vancouver, British Columbia, plus cash, in exchange for its Midlothian cement plant, cement terminals and Texas ready-mixed concrete assets; closing expected in Q1 2026.
2026 guidance: revenues of $6.42–$6.78 billion, adjusted EBITDA from continuing operations of $2.16–$2.31 billion, and capital expenditures of $550–$600 million, excluding the QUIKRETE transaction.
Specialties business reached record fourth-quarter and full-year revenues ($441 million for the year, up from $320 million) and record gross profit.

03—Questions

Frequently Asked Questions

How did Martin Marietta perform in 2025 compared with 2024?
Continuing-operations revenues rose 9% to $6.15 billion and gross profit rose 16% to $1.89 billion. Adjusted EBITDA from continuing operations increased 17% to $2.07 billion. Reported earnings from operations and diluted EPS from continuing operations declined sharply, to $1.44 billion and $16.34 respectively, because 2024 included a nonrecurring gain on divestiture of the South Texas cement business.
What is the outlook for 2026?
The company guided to 2026 revenues of $6.42–$6.78 billion, adjusted EBITDA from continuing operations of $2.16–$2.31 billion, and net earnings from continuing operations attributable to Martin Marietta of $1.04–$1.16 billion. Aggregates volume is expected to grow 1.0% to 3.0% and ASP 4.0% to 6.0%. Guidance excludes the QUIKRETE transaction.
What is the QUIKRETE transaction and when is it expected to close?
On August 3, 2025, the company agreed to exchange assets with QUIKRETE Holdings, Inc. Martin Marietta would receive aggregates operations producing about 20 million tons annually in Virginia, Missouri, Kansas and Vancouver, British Columbia, plus cash. It would give up its Midlothian cement plant, related cement terminals and Texas ready-mixed concrete assets. The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions.
How strong is the company's cash generation and liquidity?
Cash provided by operating activities reached a record $1.79 billion in 2025, up 22%. Capital expenditures were $807 million. At year-end the company had $67 million in cash and cash equivalents and $1.17 billion of unused borrowing capacity on its credit facilities. Long-term debt excluding current maturities was $5.29 billion. As of December 31, 2025, 11.0 million shares remained under the current repurchase authorization.
What drove the results in the Specialties and Other Building Materials segments?
Specialties reported full-year revenues of $441 million and gross profit of $137 million, with the fourth quarter boosted by a full quarter of contributions from Premier Magnesia, LLC and organic pricing gains. Other Building Materials revenues for the fourth quarter fell 6% to $248 million, and gross profit fell 18% to $23 million, primarily due to the April 2025 divestiture of the California paving operations.

04—Continue

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