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MLMMartin Marietta Materials

Materials · Aggregates · NYSE
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The 10-K against last year's

280 changes: 77 added, 48 removed, 147 reworded, 8 quiet changes

10-K Feb 19, 2026 vs Feb 21, 2025
Risk FactorsRedline ↓
30.4%
of the text changed · 9,308 words now
22.2%
of the text changed · 15,366 words now
Legal ProceedingsRedline ↓
0.0%
of the text changed · 246 words now

10-K 0001193125-26-059193 (2026-02-19) vs 10-K 0000950170-25-024770 (2025-02-21) Not compared: Accounting Policies.

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

MD&A 172 words changed in this paragraph; it is 33% similar to last year's version.
The Magnesia Specialties business manufactures magnesia-based chemicals products for industrial, agricultural and environmental applications at its Manistee, Michigan facility. The chemical products business focuses on higher-margin specialty chemicals that can be produced at volumes that support efficient operations. The Magnesia Specialties business also produces and sells dolomitic lime from its Woodville, Ohio facility. facility and manufactures high-purity natural and synthetic magnesia-based products for environmental, industrial, agricultural, construction, consumer and specialty applications at its Manistee, Michigan; Woodville, Ohio; Gabbs, Nevada; Waynesville, North Carolina; Greendale, Indiana; and Aspers, Pennsylvania facilities. These magnesia-based products have varying uses, including flame retardants, wastewater treatment, pulp and paper production and other specialty applications. Dolomitic lime products sold to external customers are primarily used by the domestic steel industry, industry as a fluxing agent, and in construction applications for soil stabilization, while the remaining lime shipments are used internally as a raw material for the manufacturing of chemical synthetic magnesia-based products. On July 25, 2025, the Company acquired Premier Magnesia, LLC (Premier), a privately-owned producer and distributor of magnesia-based products, using cash on hand and credit-facility borrowings. Premier is the largest producer of natural magnesite and magnesium sulfate, or Epsom salt, in the United States. This transaction expands the Company's product offerings to new and existing customers and enhances the Specialties business.

Source: Item 7, 10-K 0001193125-26-059193 vs Item 7, 10-K 0000950170-25-024770

Risk Factors 166 words changed in this paragraph; it is 49% similar to last year's version.
Our challenge is ability to find sustain and grow the business depends on replacing depleting reserves with quality aggregates deposits that we can mine economically, with appropriate permits, near either growing markets or long-haul transportation corridors that can economically serve applicable markets. As communities in many of our geographic Quality deposits that meet customer specifications are increasingly difficult to secure near growing markets have grown, they have settled in due to competing land uses, zoning and around attractive quarrying locations land-use restrictions, and have imposed restrictions on mining. community opposition. We try to meet this challenge by identifying and permitting sites prior to economic expansion, buying more land around our existing quarries to increase our mineral reserves, developing underground mines mines, and expanding a distribution network that transports aggregates products by various methods, including rail and water. While Even when deposits are identified, we may be unable to obtain or renew necessary land-use approvals, environmental permits, or other governmental authorizations on acceptable terms or timelines, or at all. If we are unable to timely replace reserves accessible to our distribution network allows us markets, obtain or maintain required permits and approvals, secure necessary property and access rights on acceptable terms, or economically transport materials to transport demand centers, our products longer distances than would normally ability to serve customers and our results of operations could be considered economical, we can give no assurances that we will continue to be successful at this strategy. adversely affected.

Source: Item 1A, 10-K 0001193125-26-059193 vs Item 1A, 10-K 0000950170-25-024770

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of MLM's Risk Factors and MD&A, 10-K 2026-02-19 against 10-K 2025-02-21. Each links to the text at sec.gov.

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
Quiet changesRisk Factors
Some Many of our operations require permits, which may impose additional operating standards and are subject to modification, renewal and revocation.

Read it in 10-K 2026-02-19 at sec.gov ↗

Quiet changesMD&A
The Company completed a finishing capacity expansion project at the Midlothian plant in August 2024, which will provide provided 0.45 million tons of incremental annual cement production capacity.

Read it in 10-K 2026-02-19 at sec.gov ↗

Quiet changesMD&A
However, during periods of heightened significant or rapid increases in production costs, multi-year infrastructure contract pricing may provide only nominal pricing growth.

Read it in 10-K 2026-02-19 at sec.gov ↗

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