Martin Marietta Materials (MLM) Q4 2025 Financial Results Summary
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Martin Marietta Materials, Inc. (NYSE: MLM) Q4 2025 Financial Results Summary
Martin Marietta Materials, Inc. (NYSE: MLM) released its financial results for the fourth quarter and full year ended December 31, 2025, on February 11, 2026. Below is a summary of the key financial highlights from the report.
Fourth-Quarter and Full-Year Highlights
Financial Performance
- Revenues
- Q4 2025: $1,534 million, up 9% from Q4 2024 ($1,412 million).
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Full Year 2025: $6,150 million, up 9% from 2024 ($5,662 million).
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Gross Profit
- Q4 2025: $468 million, up 10% from Q4 2024 ($424 million).
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Full Year 2025: $1,889 million, up 16% from 2024 ($1,636 million).
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Earnings from Operations
- Q4 2025: $341 million, up 1% from Q4 2024 ($339 million).
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Full Year 2025: $1,437 million, down 42% from 2024 ($2,479 million).
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Net Earnings from Continuing Operations
- Q4 2025: $233 million, down 6% from Q4 2024 ($248 million).
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Full Year 2025: $990 million, down 45% from 2024 ($1,815 million).
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Consolidated Net Earnings
- Q4 2025: $279 million, down 5% from Q4 2024 ($294 million).
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Full Year 2025: $1,137 million, down 43% from 2024 ($1,995 million).
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Adjusted EBITDA
- Q4 2025: $515 million, up 10% from Q4 2024 ($467 million).
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Full Year 2025: $2,065 million, up 17% from 2024 ($1,771 million).
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Earnings per Diluted Share
- Q4 2025: $3.85, down 4% from Q4 2024 ($4.03).
- Full Year 2025: $16.34, down 45% from 2024 ($29.50).
Business Segments
- Aggregates Business
- Q4 shipments increased 2% to 48.9 million tons.
- Average selling price per ton increased 5% to $23.11.
- Q4 gross profit reached a record $420 million, up 11%.
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Gross profit per ton increased 9% to $8.59.
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Other Building Materials
- Q4 revenues decreased 6% to $248 million due to divestiture impacts.
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Q4 gross profit declined 18% to $23 million.
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Specialties Business
- Q4 revenues reached a record $133 million, with gross profit of $29 million.
Cash Generation and Shareholder Returns
- Cash from operating activities for the year increased 22% to $1.79 billion.
- Cash paid for property, plant, and equipment was $807 million.
- Shareholder returns total $647 million through dividends and share repurchases.
- As of year-end 2025, 11.0 million shares were still authorized for repurchase.
Dividend and Share Repurchase
- The company declared a quarterly dividend of $0.83 per share, up 5% from the Q4 2024 dividend of $0.79.
- Share repurchase activity included $450 million in share buybacks, maintaining the same level as in 2024.
Guidance for Full-Year 2026
- Expected revenues between $6,420 million and $6,780 million.
- Projected net earnings from continuing operations attributable to Martin Marietta is estimated at $1,043 million to $1,158 million.
- Anticipated Adjusted EBITDA from continuing operations between $2,160 million and $2,310 million.
Summary Points
- Martin Marietta reported strong growth in aggregates revenue and profitability despite challenges in the macroeconomic environment.
- The Specialties business also contributed positively with record financial results.
- The company’s financial health remains solid with strategic initiatives aimed at maintaining growth momentum into 2026.
The results reflect a mix of strong operational performance and challenges, particularly regarding year-over-year profitability declines in certain categories.
| Quarter Ended December 31, | Year Ended December 31, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenues | $1,534 | $1,412 | $6,150 | $5,662 |
| Gross profit | $468 | $424 | $1,889 | $1,636 |
| Earnings from operations | $341 | $339 | $1,437 | $2,479 |
| Net earnings from continuing operations attributable to Martin | $233 | $248 | $990 | $1,815 |
| Adjusted EBITDA from continuing operations | $515 | $467 | $2,065 | $1,771 |
| Earnings per diluted share from continuing operations | $3.85 | $4.03 | $16.34 | $29.50 |
| Earnings per diluted share from discontinued operations | $0.77 | $0.76 | $2.43 | $2.91 |
| Total earnings per diluted share | $4.62 | $4.79 | $18.77 | $32.41 |
| Aggregates product line: | ||||
| Shipments (tons) | 48.9 | 47.9 | 198.5 | 191.1 |
| Average selling price per ton | $23.11 | $21.95 | $23.30 | $21.80 |
| Revenues | $1,225 | $1,137 | $5,004 | $4,514 |
| Gross Profit | $420 | $379 | $1,677 | $1,449 |
| Gross profit per ton | $8.59 | $7.92 | $8.45 | $7.58 |
| ASSETS | December 31, 2025 | December 31, 2024 |
|---|---|---|
| Cash and cash equivalents | $67 | $670 |
| Accounts receivable, net | $723 | $678 |
| Inventories, net | $1,078 | $1,018 |
| Current assets held for sale | $1,230 | $15 |
| Other current assets | $95 | $68 |
| Property, plant and equipment, net | $10,290 | $9,660 |
| Intangible assets, net | $4,073 | $3,870 |
| Operating lease right-of-use assets, net | $367 | $366 |
| Noncurrent assets held for sale | $— | $1,179 |
| Other noncurrent assets | $788 | $646 |
| Total assets | $18,711 | $18,170 |
| LIABILITIES AND EQUITY | ||
| Current maturities of long-term debt | $30 | $125 |
| Other current liabilities | $865 | $877 |
| Long-term debt (excluding current maturities) | $5,293 | $5,288 |
| Other noncurrent liabilities | $2,489 | $2,424 |
| Total equity | $10,034 | $9,456 |
| Total liabilities and equity | $18,711 | $18,170 |