10-Q · April 30, 2026
Martin Marietta reported Q1 2026 revenues of $1.362 billion, reflecting a year-over-year increase of 17% compared to the $1.162 billion reported in Q1 2025. However, the diluted EPS was $1.31, falling short of the…
Earnings analysis · 10-Q
MLM earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
Martin Marietta delivered strong, acquisition-led Q3 revenue of $2.369 billion, up approximately 28% year over year, with record aggregates shipments and substantial Specialties growth from LNA. However, reported EPS…
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Martin Marietta delivered strong, acquisition-led Q3 revenue of $2.369 billion, up approximately 28% year over year, with record aggregates shipments and substantial Specialties growth from LNA. However, reported EPS fell to $3.94 from $5.97, reflecting $99 million of after-tax acquisition-related and other charges, higher interest expense and cost pressure. Liquidity remains adequate, but the $7.0 billion cash-funded LNA consideration has materially increased leverage, debt service requirements and integration risk.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $3.94
What stood out
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Record revenue driven by acquisitions
Q3 revenue reached $2.369 billion, up from $1.846 billion in the prior-year quarter, an increase of approximately 28%. Building Materials revenue rose 17% to $2.007 billion and Specialties revenue rose to $362 million from $131 million.
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Reported EPS declined materially
Reported net earnings from continuing operations attributable to Martin Marietta declined to $256 million, or $3.94 per diluted share, from $361 million, or $5.97 per diluted share, in Q3 2025. Results included $99 million, or $1.53 per diluted share, of after-tax acquisition-related and other charges.
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Aggregates volume growth offset mix pressure
Aggregates shipments increased 15.9% to a record 67.1 million tons and revenue increased 14% to $1.662 billion. However, reported ASP decreased 3.6% to $22.41 per ton because acquired operations had lower ASPs; organic ASP increased 1.0%.
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Specialties benefited from LNA and organic growth
Specialties delivered $362 million of revenue and $88 million of gross profit, reflecting LNA contributions and organic growth. Organic Specialties revenue and gross profit increased 11% and 6%, respectively.
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Cash generation weakened year to date
Nine-month operating cash flow was $896 million versus $1.2 billion in the prior-year period, while capital additions were $445 million versus $602 million. Implied nine-month free cash flow was approximately $451 million, down from approximately $598 million.
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Liquidity remains available despite leverage
The company was in compliance with its leverage covenant at September 30, 2026 and reported $140 million of unrestricted cash plus $1.4 billion of unused borrowing capacity. Management expects these resources and internal cash flows to remain sufficient for foreseeable needs.
What to watch
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Post-LNA leverage and interest burden
The LNA Transaction materially increased financing obligations: the company issued $5.5 billion of senior notes and had $1.5 billion outstanding under the term facility and $170 million under the revolving facility at September 30, 2026. Interest expense rose to $138 million from $59 million year over year, while the company’s Fitch and S&P ratings carried Negative outlooks.
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LNA integration execution risk
Acquisition integration and transaction costs pressured reported earnings. Q3 acquisition, divestiture and integration expenses were $84 million, and after-tax charges totaled $99 million, or $1.53 per diluted share; the filing also warns that expected synergies may not be realized within anticipated timeframes.
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Energy inflation and price-cost pressure
Cost inflation and softer heritage-market demand are pressuring margins. Nine-month energy expense increased 47% year over year, and management states that aggregates gross profit declined because of higher depreciation, diesel and energy costs; a hypothetical 47% increase in energy prices would raise full-year 2026 energy expense by $134 million versus 2025.
Management's outlook
The 10-Q does not provide explicit numeric revenue or EPS guidance or identify a change versus the prior outlook. Management states that cash, projected internal cash flows and financing resources are expected to remain sufficient for operating needs, debt service, capital expenditures, acquisitions, dividends and share repurchases; cash was $140 million and unused borrowing capacity was $1.4 billion at September 30, 2026.
Earlier filings 4
10-K · February 19, 2026
Martin Marietta positions itself as a pure‑play aggregates-led building materials company: in 2025 aggregates produced 88% of the Company’s total reportable segment gross profit and aggregates reserves averaged…
10-K · February 21, 2025
Martin Marietta executed significant portfolio actions in 2024, selling its South Texas cement business for $2.1 billion (generating a $1.3 billion pretax gain) and completing the $2.05 billion BWI Southeast aggregates…
10-Q · October 30, 2024
Martin Marietta reported third-quarter revenue of $1,889 million, down from $1,994 million a year ago, and diluted EPS of $5.91 versus $6.94 in Q3 2023. Gross profit fell to $599 million and operating earnings to $489…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.