MARTIN MARIETTA REPORTS RECORD THIRD-QUARTER 2026 RESULTS AND UPDATES FULL-YEAR
MARTIN MARIETTA REPORTS RECORD THIRD-QUARTER 2026 RESULTS AND UPDATES FULL-YEAR 2026 GUIDANCE Strong Acquisition Performance Drives Record Results Despite Inflationary Pressures Lhoist North America (LNA) Combination Advances Portfolio Transformation Operational Efficiencies Drive Enhanced Cash Flow Benefits RALEIGH, N.C. (November 4, 2026) – Martin Marietta Materials, Inc. (NYSE: MLM) (Martin Marietta or the Company), a leading supplier of aggregates, lime and limestone products, magnesia-based products and other building materials, today reported results for the third quarter ended September 30, 2026. Third-Quarter and Nine Months Ended September 30, 2026 Highlights (Financial highlights are for continuing operations)
1 Non-GAAP financial measures; see pages 15 and 17 through 19 for reconciliations to the nearest GAAP financial measures. 2 Aggregates gross profit, aggregates gross profit per ton and Specialties gross profit for the quarter ended September 30, 2026, included charges of $5 million, $0.08 per ton and $38 million, respectively, for the impact of selling acquired inventory after markup to fair value as part of acquisition accounting. 3 Organic mix- adjusted ASP increased 2.7 percent. For additional notes, see page 14. 1 Ward Nye, Chair, President and CEO of Martin Marietta, stated, “Martin Marietta delivered record quarterly revenues of $2.37 billion and Adjusted EBITDA from continuing operations of $808 million, representing increases of 28% and 21%, respectively, over the prior year third quarter, as strong performance from recent acquisitions more than offset the effects of expanding inflationary pressures and a dynamic macroeconomic environment.
"The third quarter marked a defining milestone in Martin Marietta's portfolio transformation with the completion of our combination with Lhoist North America (LNA) on August 21. This transaction meaningfully scales our differentiated upstream Specialties platform, establishing Martin Marietta as the nation's leading producer of lime and limestone solutions and broadening our participation across steel, environmental, infrastructure and industrial end markets. Since the closing date, LNA delivered revenues, gross profit and cash gross profit1of $216 million, $51 million and $115 million, respectively, providing early validation of the strategic and financial merits of the higher- quality, more resilient and diversified portfolio we have intentionally built.
With the closing of LNA, we have updated the midpoints of our full-year 2026 Revenue and Adjusted EBITDA guidance to $7.80 billion and $2.48 billion, respectively, as acquisition contributions are anticipated to more than offset lower near-term expectations for our heritage operations. In 2027, we expect mid- to high-single digit aggregates pricing on a mix-adjusted basis, supported by January 1 pricing actions designed to address inflationary cost pressures. Acquired operations, which currently have selling prices below the Company average, provide meaningful opportunity for continued pricing growth. From an end market perspective, we currently expect continued strength in infrastructure and data centers with softer interest rate-sensitive private construction markets."
Mr. Nye concluded, "As we integrate this year’s acquisitions, we remain focused on safety, commercial and operational excellence, and disciplined execution of the matters within our control. Martin Marietta has a proven playbook for responding decisively to changing market conditions, managing inflationary pressures, protecting profitability and maximizing free cash flow. That playbook is already delivering results, with disciplined inventory management and capital spending reductions alone contributing over $290 million of year-to-date cash flow improvement. Looking ahead, January 1 pricing actions and further structural cost improvements are expected to restore a positive price-cost relationship in 2027. With today's broader end-market exposure and more resilient earnings profile, Martin Marietta is better positioned to navigate near-term uncertainty while capitalizing on the attractive long-term fundamentals of our business.” 2
(All financial and operating results are for continuing operations and comparisons are versus the prior-year third quarter, unless otherwise noted)
Third-quarter aggregates shipments increased 15.9 percent to a record of 67.1 million tons driven by acquisition contributions that more than offset a modest decline in organic shipments. ASP decreased 3.6 percent to $22.41 per ton, primarily reflecting acquisition-related mix, as acquired operations have average selling prices below the Company average. Organic ASP increased 1.0 percent, while organic mix-adjusted ASP6increased 2.7 percent.
Aggregates gross profit decreased 4 percent to $512 million, primarily due to higher depreciation, depletion and amortization, and energy-related costs. Aggregates cash gross profit1, however, reached an all-time quarterly record of $696 million as acquisition contributions more than offset organic price-cost headwinds.
Other Building Materials revenues increased 14 percent to $399 million, and gross profit increased 17 percent to $63 million, benefiting from acquisition contributions and strong performance from the California asphalt business.
Specialties delivered record revenues, gross profit and cash gross profit1of $362 million, $88 million and $163 million, respectively, reflecting strong organic performance and partial quarter contributions from LNA. Organic Specialties revenues and gross profit increased 11 percent and 6 percent, respectively.
On August 21, 2026, the Company completed the business combination with LNA, a leading producer of high-calcium lime, dolomitic lime and industrial mineral products serving diversified end markets through a network of 20 quarries and production facilities and 45 distribution terminals.
On September 18, 2026, the Company acquired The Frazier Quarry, Inc., a pure- play aggregates business located in Harrisonburg, Virginia.
Cash provided by operating activities for the nine months ended September 30, 2026, was $896 million compared with $1,156 million for the prior-year period. The year-over-year comparison includes $250 million of cash tax payments related to the gain recognized on the February 2026 QUIKRETE asset exchange.
Cash paid for property, plant and equipment additions for the nine months ended September 30, 2026, was $445 million, compared with $602 million for the prior- year period.
In July, the Company entered into a $1.5 billion three-year senior unsecured term loan facility and, in August, issued $5.5 billion of senior unsecured notes across five tranches to fund the cash consideration for the LNA 3 combination. On August 21, 2026, the Company completed the LNA combination for total consideration of $12.9 billion, consisting of $7.0 billion in cash and approximately $5.9 billion of Martin Marietta common stock. During the nine months ended September 30, 2026, the Company returned $361 million to shareholders through dividend payments and share repurchases. As of September 30, 2026, 10.7 million shares remained available under the current repurchase authorization. As of September 30, 2026, the Company had $140 million of unrestricted cash and cash equivalents on hand and $1.4 billion of unused borrowing capacity under its existing credit facilities. Updated 2026 Guidance Based on strong acquisition performance, partially offset by softer heritage demand and inflationary cost pressures, the Company is updating its full-year 2026 guidance.
1 Non-GAAP financial measure; see page 16 for reconciliation to net earnings from continuing operations attributable to Martin Marietta. 2 Volume change is based on total aggregates shipments and is in comparison to 2025 shipments of 198.5 million tons. 3 ASP change is based on aggregates average selling price and is in comparison to 2025 ASP of $23.30 per ton. 4
This earnings release includes financial measures not prepared in accordance with United States generally accepted accounting principles (GAAP). Reconciliations of these non-GAAP financial measures to the most comparable GAAP measures are provided in the Appendix. Management believes these non-GAAP measures are widely used by investors to evaluate the Company’s performance and, when considered alongside the Company’s consolidated financial statements, offer valuable insight into the Company’s ongoing and expected business results. These measures also inform internal evaluations of overall business performance. Management recognizes that reported results are influenced by numerous factors, and the adjustments in non-GAAP measures may not reflect all such impacts. Additionally, these measures may not be comparable to similarly titled measures used by other companies.
Martin Marietta will discuss its third-quarter 2026 earnings results today, November 4, 2026, via a conference call and live webcast beginning at 10:00 a.m. Eastern Time. To participate, dial +1 (646) 307-1963 and enter conference ID 9935145. Participants are encouraged to dial in at least 15 minutes before the scheduled start time to ensure a timely connection. An on-demand replay will be posted to the Company's website approximately two hours after the conclusion of the live broadcast and will be available for one year. Access links for both the live and archived events, along with the Q3 2026 Supplemental Information, are available on theInvestorssection of the Company's website. 5 About Martin Marietta Martin Marietta, a member of the S&P 500 Index, is an American-based company and a leading supplier of aggregates, lime and limestone products, magnesia-based products and other building materials. Supported by industry-leading reserves and a network of operations across the United States, Canada and the Caribbean, Martin Marietta supplies the essential materials that help build, connect and sustain communities across North America. For more information, visitwww.martinmarietta.comorwww.magnesiaspecialties.com.
MLM-E. This earnings release contains forward-looking statements under the federal securities laws, including the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties and are based on assumptions that the Company believes are reasonable, but which may differ materially from actual results. These statements reflect the Company’s current expectations or forecasts of future events. You can identify these statements because they do not relate only to historical or current facts and may use words such as “guidance,” “anticipate,” “may,” “expect,” "could," “should,” “believe,” "estimate," "forecast," "intend," "outlook," "plan," "project," "schedule," “will,” and other words of similar meaning in connection with future events or future performance. Any or all of the Company’s forward-looking statements herein and in other publications may prove to be incorrect.
Third-quarter results and trends described in this release may not necessarily be indicative of the Company’s future performance. The Company’s outlook is subject to risks and uncertainties and is based on assumptions that the Company believes are reasonable, but which may be materially different from actual results. Factors that the Company currently believes could cause actual results to differ materially from the forward-looking statements, including the outlook and 2026 Guidance, include, but are not limited to: the Company’s ability to address challenges, including shipment declines caused by economic and weather events beyond its control; a widespread decline in aggregates pricing, including reduced shipment volume negatively affecting price; the termination, capping, reduction or suspension of federal and/or state fuel tax(es) or other revenue related to public construction; the level and timing of federal, state or local transportation or infrastructure or public projects funding, including any issues arising from such budgets, particularly in Texas, North Carolina, Colorado, California, Georgia, Florida, South Carolina, Arizona, Iowa and Minnesota; the United States Congress’ inability to reach agreement internally or with the Executive Branch on policy affecting the federal budget; a prolonged federal government shutdown; the ability of states or other entities to finance approved projects through tax revenues or alternative financing; construction spending levels in the Company’s markets; reductions in defense spending and impacts on construction activity on or near military bases; declines in energy- related construction due to changes in oil production or capital spending, particularly in Texas; sustained high mortgage interest rates and factors leading to a slowdown in private construction in some areas; the Company’s ability to identify, acquire, permit and develop quality aggregates reserves within an economic haul radius; unfavorable weather, including storms, hurricanes, wildfires, timing of seasons, drought, rainfall, or extreme temperatures affecting production schedules, shipment volumes, product/geographic mix and profitability; volatility in fuel and energy costs, including diesel, electricity, natural gas and consumables like steel, explosives, tires and conveyor belts, as well as natural gas, coal 6 and petroleum coke for the Company’s Specialties business; increased raw materials costs, such as bitumen; rising costs of repair and supply parts; construction labor shortages and supply chain challenges; labor relations risks, such as unionization efforts, work stoppages or strikes, including at the Company’s suppliers, railroads and logistics providers; workforce demographics- related challenges in recruiting and retaining skilled employees, particularly for physically demanding roles in rural or less-populated areas; unexpected equipment failures, unscheduled maintenance, scheduled or unscheduled kiln outages, industrial accidents, catastrophic events or prolonged production disruption; resiliency and potential declines of the Company's construction end- use markets; changes in demand from the steel, mining, construction and infrastructure, water treatment and other industries served by the Company’s Specialties business, and structural declines in demand from coal-fired utility and paper industry customers; delays, cost overruns or underperformance of kiln modernization, facility expansion and other capital projects; potential impacts of disease outbreaks, epidemics, pandemics, or similar health threats, or fear of such events, and related economic/societal responses, affecting suppliers, customers, partners or employees; the performance of the overall United States economy; governmental regulation, including environmental laws and climate change regulations at state and federal levels; compliance with regulations relating to the Company's lime operations; implementation of emissions taxes, carbon-pricing schemes, or stricter climate-related rules that could increase operating costs or restrict Specialties production; delays or difficulties in securing, renewing or maintaining timely land use approvals, environmental permits, or mineral or water rights amid changing regulatory expectations; increasing legal actions or public pressure related to environmental impact, emissions, or land use could result in reputational harm or financial liability; the outcome of pending or future litigation and other legal proceedings; failure to meet evolving environmental, social, and governance (ESG) standards or investor benchmarks may affect access to capital or shareholder confidence; changes in external ESG ratings or methodologies could affect investor sentiment or index inclusion; increasing competition for water access or stricter water usage regulations could impact production, especially in drought-prone regions; outcomes of environmental or land-use proceedings, or increased costs associated with regulatory obligations, including site reclamation; elevated premiums or reduced coverage availability for property, casualty, or environmental liability could increase risk exposure; transportation availability and investment in rail infrastructure impacting the movement of materials especially to the Company’s Texas, Southeast and Gulf Coast markets, the movement of essential dolomitic lime to the Company’s Specialties plant in Manistee, Michigan and its customers, and the movement of magnesite from the Company's Specialties' Gabbs, Nevada facility to processing plants in North Carolina, Indiana and Pennsylvania and the Company's customers; increased transportation costs, including increases from energy price fluctuations, fuel surcharges, and compliance with tightening regulations, including water shipments; availability of trucks and licensed drivers for material transport; availability and cost of construction equipment in the United States; weakness in the steel industry markets served by the Company’s dolomitic lime products; geopolitical risks and tensions that could affect energy markets, costs, supply chains and global economic conditions; trade disputes and tariffs impacting the U.S. economy; currency, regulatory and cross-border risks associated with the Company’s operations in Canada, Jamaica and The Bahamas; unplanned cost changes or customer realignments affecting earnings; dependence on information technology and automated systems; risks related to third-party vendors, including exposure to cybersecurity vulnerabilities or service outages; inflation pressures on production and interest costs; customer concentration in construction markets increasing the risk of potential losses on customer receivables and payment delays; demand levels, production volumes, and cost management affecting operating leverage and profitability; global economic conditions; adverse industry conditions; the Company’s ability to obtain financing on favorable terms or at all and the resulting increase in the Company’s indebtedness and potential effects on the Company’s credit ratings; the Company’s substantial indebtedness following the combination with LNA, and its ability to service, repay or refinance such indebtedness and to reduce leverage to its long-term target ratio within the anticipated timeframe; sustained high or rising 7 interest rates increasing the Company’s borrowing and refinancing costs; the issuance of newly-issued shares of Martin Marietta common stock as consideration for acquisitions and the resulting dilution to the Company’s existing shareholders; potential business uncertainty, including changes to existing business relationships during the integration of acquisitions that could affect financial performance, integration challenges, market conditions, and the impact of M&A transactions on the Company's stakeholders; the possibility that acquisition synergies may not be realized as expected or within anticipated timeframes, potentially impacting profitability and debt covenant compliance; the possibility that diligence may not identify previously unknown liabilities of acquired businesses, or that acquisitions or divestitures may not be completed on expected terms or timelines or may be delayed, conditioned or not approved by regulators; risks related to executive succession, retention and leadership development critical to strategy execution, including impacts from unexpected leadership changes; changes in tax laws or interpretations, including those related to acquisitions or divestitures, which could increase tax rates; violation of the Company’s debt covenants in the event of price and/or volume instability; new or revised accounting rules or changes in the critical accounting estimates and assumptions used by management could impact financial reporting, asset valuations, or covenant compliance; challenges in implementing new technologies or automation systems could lead to inefficiencies, cost overruns, or operational disruptions; cybersecurity risks; downward pressure on the Company’s common stock price affecting goodwill and other intangible asset impairment evaluations; potential credit rating downgrades to non-investment grade; and other risk factors listed from time to time in the Company’s SEC filings.
You should also review the risk factors discussed in Martin Marietta’s Annual Report on Form 10-K for the year ended December 31, 2025, the Form 10-Q for the quarters ended March 31, 2026, June 30, 2026 and the forthcoming Form 10-Q for the quarter ended September 30, 2026, and other periodic SEC filings. All forward-looking statements should be evaluated with these considerations in mind. Other risks and uncertainties not presently known or currently deemed immaterial may also affect the Company’s performance or the accuracy of forward- looking statements. The Company undertakes no obligation to update any such forward-looking statements. 8 Appendix MARTIN MARIETTA MATERIALS, INC. Unaudited Statements of Earnings
* In connection with the closing of the QUIKRETE asset exchange during the quarter ended March 31, 2026, the Company updated its reportable segments. As of March 31, 2026, the Building Materials business includes two reportable segments: East Group (comprised of the East and Southwest divisions) and West Group (comprised of the Central and West divisions). The Company has recast all comparative prior-period information presented in this earnings release to reflect the updated reportable segments. 10 Appendix
* Depreciation, depletion and amortization reflects the expense included in Cost of revenues and does not represent total depreciation, depletion and amortization. 11 Appendix
MARTIN MARIETTA MATERIALS, INC. Balance Sheet Data September 30, December 31, (in millions) 2026 2025 Assets Unaudited Audited ────────────────────────────────────────────────────────────────────────────── Cash and cash equivalents $ 140 $ 67 Restricted cash 12 — Accounts receivable, net 1,302 723 Inventories, net 1,243 1,078 Other current assets 116 95 Current assets held for 3 1,230 sale Property, plant and 18,072 10,290 equipment, net Intangible assets, net 14,912 4,073 Operating lease 412 367 right-of-use assets, net Other noncurrent assets 873 788 Total Assets $ 37,085 $ 18,711 Liabilities and Equity Current maturities of $ 720 $ 30 long-term debt Other current liabilities 1,010 865 Long-term debt (excluding current 12,103 5,293 maturities) Other noncurrent 5,591 2,489 liabilities Total equity 17,661 10,034 Total Liabilities and $ 37,085 $ 18,711 Equity
(in millions) Nine Months Ended Cash Flows from Operating September 30, Activities 2026 2025 ────────────────────────────────────────────────────────────────────────────── Consolidated net earnings $ 2,020 $ 858 Adjustments to reconcile consolidated net earnings to net cash provided by operating activities: Depreciation, depletion 617 480 and amortization Stock-based compensation 49 42 expense Gain on divestitures and (1,987 ) (24 ) sales of assets Deferred income taxes, 260 75 net Bridge financing 27 — commitment fees Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: Accounts receivable, net (326 ) (309 ) Inventories, net 145 10 Accounts payable 92 64 Other assets and 10 (33 ) liabilities, net Other items, net (11 ) (7 ) Net Cash Provided by Operating 896 1,156 Activities Cash Flows from Investing Activities Additions to property, plant and (445 ) (602 ) equipment Acquisitions, net of cash (7,872 ) (577 ) acquired Proceeds from divestitures and sales of 484 29 assets Investments in limited (53 ) (54 ) liability company Other investing 12 (9 ) activities, net Net Cash Used for (7,874 ) (1,213 ) Investing Activities Cash Flows from Financing Activities Proceeds from borrowings 8,552 510 Repayments of debt (1,040 ) (405 ) Bridge financing (27 ) — commitment fees Debt issuance costs (18 ) — Payments on finance lease (14 ) (17 ) obligations Dividends paid (161 ) (147 ) Repurchases of common (200 ) (450 ) stock Shares withheld for employees’ income (29 ) (29 ) tax obligations Other financing — (5 ) activities, net Net Cash Provided by (Used for) 7,063 (543 ) Financing Activities Net Increase (Decrease) in Cash, Cash 85 (600 ) Equivalents and Restricted Cash Cash, Cash Equivalents and Restricted 67 670 Cash, beginning of period Cash, Cash Equivalents and Restricted $ 152 $ 70 Cash, end of period
Additional Notes 4. Revenues for the three- and nine-month periods ended September 30, 2026 and September 30, 2025, included the sales of products and services to customers (net of any discounts or allowances) and freight revenues for continuing operations.
5. Net earnings from continuing operations attributable to Martin Marietta and earnings per diluted share from continuing operations included charges of $99 million and $1.53 per diluted share, respectively, for the quarter ended September 30, 2026, and $181 million and $2.93 per diluted share, respectively, for the year-to-date period ended September 30, 2026. These charges relate to (i) acquisition, divestiture and integration expenses and the impact of selling acquired inventory after markup to fair value as part of acquisition accounting for transactions meeting the Company's threshold for adding back for purposes of Adjusted EBITDA from continuing operations; (ii) an asset and portfolio rationalization charge and (iii) solely for the year-to-date period ended September 30, 2026, the revaluation of deferred tax liabilities driven by changes in the state jurisdictional mix of the business following the February 2026 QUIKRETE asset exchange.
6.Organic mix-adjusted ASPrepresents Organic ASP adjusted to reflect consistent geographic mix between periods and is calculated by comparing Organic ASP for current-period shipments to Organic ASP for shipments in the comparable prior period. Please refer to theInvestorssection of the Company's website for definitions of ASP and Organic ASP. 14 Appendix MARTIN MARIETTA MATERIALS, INC. Non-GAAP Financial Measures Earnings from continuing operations before interest; income taxes; depreciation, depletion and amortization; earnings/loss from nonconsolidated equity affiliates; acquisition, divestiture and integration expenses; the impact of selling acquired inventory after its markup to fair value as part of acquisition accounting (the Inventory Markup); and an asset and portfolio rationalization charge, or Adjusted EBITDA from continuing operations, is an indicator used by the Company and investors to evaluate the Company's operating performance from period to period. The Company has elected to add back, for purposes of its Adjusted EBITDA from continuing operations calculation, acquisition, divestiture and integration expenses and the Inventory Markup only for transactions with consideration of at least $2.0 billion for the Building Materials business or $200 million for the Specialties business. Adjusted EBITDA from continuing operations is not defined by accounting principles generally accepted in the United States (GAAP) and, as such, should not be construed as an alternative to net earnings attributable to Martin Marietta, earnings from operations, or operating cash flow. For further information on Adjusted EBITDA, refer to the Company’s website at www.martinmarietta.com . Reconciliation of Net Earnings from Continuing Operations Attributable to Martin Marietta to Adjusted EBITDA from Continuing Operations
15 Appendix MARTIN MARIETTA MATERIALS, INC. Non-GAAP Financial Measures Reconciliation of 2026 Net Earnings from Continuing Operations Attributable to Martin Marietta Guidance to 2026 Adjusted EBITDA from Continuing Operations Guidance
(in millions) Mid-Point of Range ────────────────────────────────────────────────────────────────────────────── Net earnings from continuing operations $ 800 attributable to Martin Marietta Add back: Interest expense, net of interest income 403 Income tax expense for controlling interests 203 Depreciation, depletion and amortization expense 864 and earnings/loss from nonconsolidated equity affiliates Acquisition, divestiture and integration 96 expenses Impact of selling acquired inventory after markup 105 to fair value as part of acquisition accounting Asset and portfolio rationalization charge 4 Adjusted EBITDA from continuing operations $ 2,475 guidance
16 Appendix MARTIN MARIETTA MATERIALS, INC. Non-GAAP Financial Measures Adjusted earnings per diluted share from continuing operations is a non-GAAP financial measure used by the Company and by investors to evaluate operating performance and enhance comparability across reporting periods. The Company calculates Adjusted earnings per diluted share from continuing operations by excluding the impact of certain items that management believes are not indicative of the Company's underlying performance from period to period, including impacts directly related to acquisition and divestiture activity as well as asset and portfolio rationalization charges. The Company has elected to add back, for purposes of its Adjusted earnings per diluted share from continuing operations calculation, acquisition, divestiture and integration expenses, the impact of selling acquired inventory after its markup to fair value as part of acquisition accounting and the revaluation of deferred tax liabilities, only for transactions with consideration of at least $2.0 billion for the Building Materials business or $200 million for the Specialties business. Adjusted earnings per diluted share from continuing operations is not defined by accounting principles generally accepted in the United States (GAAP) and, as such, should not be construed as an alternative to earnings per diluted share from continuing operations. For further information on Adjusted earnings per diluted share from continuing operations, refer to the Company’s website at www.martinmarietta.com . Reconciliation of Earnings per Diluted Share from Continuing Operations to Adjusted Earnings per Diluted Share from Continuing Operations
17 Appendix MARTIN MARIETTA MATERIALS, INC. Non-GAAP Financial Measures Aggregates cash gross profit and Specialties cash gross profit are non-GAAP financial measures used by the Company and by investors to evaluate operating performance and enhance comparability across reporting periods. For each respective product line, the Company calculates cash gross profit by adding back to gross profit the noncash charges for depreciation, depletion and amortization and the impact of selling acquired inventory after markup to fair value as part of acquisition accounting for that product line. Aggregates cash gross profit and Specialties cash gross profit are not defined by accounting principles generally accepted in the United States (GAAP) and, as such, should not be construed as alternatives to gross profit, the most directly comparable GAAP financial measure. For further information on aggregates cash gross profit and Specialties cash gross profit, refer to the Company’s website at www.martinmarietta.com . Reconciliation of Aggregates Gross Profit to Aggregates Cash Gross Profit
18 Appendix MARTIN MARIETTA MATERIALS, INC. Non-GAAP Financial Measures LNA cash gross profit for the period August 21, 2026, through September 30, 2026, is a non-GAAP financial measure presented to enable the Company and investors to evaluate LNA's contribution to Specialties operating performance and enhance comparability of Specialties cash gross profit with and without LNA. The Company calculates LNA cash gross profit by adding back to LNA gross profit noncash charges for depreciation, depletion and amortization and the impact of selling acquired inventory after markup to fair value as part of acquisition accounting. LNA cash gross profit is not defined by accounting principles generally accepted in the United States (GAAP) and, as such, should not be construed as an alternative to gross profit, the most directly comparable GAAP financial measure. See the accompanying reconciliation of LNA cash gross profit to LNA gross profit below. Reconciliation of LNA Gross Profit to LNA Cash Gross Profit
Period from August 21, to September 30, (in millions) 2026 ────────────────────────────────────────────────────────────────────────────── LNA gross profit $ 51 Add back: LNA depreciation, depletion and amortization 26 expense LNA impact of selling acquired inventory after 38 markup to fair value as part of acquisition accounting LNA cash gross profit $ 115
Full text with the tables
MARTIN MARIETTA REPORTS RECORD THIRD-QUARTER 2026 RESULTS AND UPDATES FULL-YEAR
2026 GUIDANCE Strong Acquisition Performance Drives Record Results Despite
Inflationary Pressures Lhoist North America (LNA) Combination Advances Portfolio
Transformation Operational Efficiencies Drive Enhanced Cash Flow Benefits
RALEIGH, N.C. (November 4, 2026) – Martin Marietta Materials, Inc. (NYSE: MLM)
(Martin Marietta or the Company), a leading supplier of aggregates, lime and
limestone products, magnesia-based products and other building materials, today
reported results for the third quarter ended September 30, 2026. Third-Quarter
and Nine Months Ended September 30, 2026 Highlights (Financial highlights are
for continuing operations)
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1 Non-GAAP financial measures; see pages 15 and 17 through 19 for
reconciliations to the nearest GAAP financial measures. 2 Aggregates gross
profit, aggregates gross profit per ton and Specialties gross profit for the
quarter ended September 30, 2026, included charges of $5 million, $0.08 per ton
and $38 million, respectively, for the impact of selling acquired inventory
after markup to fair value as part of acquisition accounting. 3 Organic mix-
adjusted ASP increased 2.7 percent. For additional notes, see page 14.
1
Ward Nye, Chair, President and CEO of Martin Marietta, stated, “Martin Marietta
delivered record quarterly revenues of $2.37 billion and Adjusted EBITDA from
continuing operations of $808 million, representing increases of 28% and 21%,
respectively, over the prior year third quarter, as strong performance from
recent acquisitions more than offset the effects of expanding inflationary
pressures and a dynamic macroeconomic environment.
"The third quarter marked a defining milestone in Martin Marietta's portfolio
transformation with the completion of our combination with Lhoist North America
(LNA) on August 21. This transaction meaningfully scales our differentiated
upstream Specialties platform, establishing Martin Marietta as the nation's
leading producer of lime and limestone solutions and broadening our
participation across steel, environmental, infrastructure and industrial end
markets. Since the closing date, LNA delivered revenues, gross profit and cash
gross profit1of $216 million, $51 million and $115 million, respectively,
providing early validation of the strategic and financial merits of the higher-
quality, more resilient and diversified portfolio we have intentionally built.
With the closing of LNA, we have updated the midpoints of our full-year 2026
Revenue and Adjusted EBITDA guidance to $7.80 billion and $2.48 billion,
respectively, as acquisition contributions are anticipated to more than offset
lower near-term expectations for our heritage operations. In 2027, we expect
mid- to high-single digit aggregates pricing on a mix-adjusted basis, supported
by January 1 pricing actions designed to address inflationary cost pressures.
Acquired operations, which currently have selling prices below the Company
average, provide meaningful opportunity for continued pricing growth. From an
end market perspective, we currently expect continued strength in infrastructure
and data centers with softer interest rate-sensitive private construction
markets."
Mr. Nye concluded, "As we integrate this year’s acquisitions, we remain focused
on safety, commercial and operational excellence, and disciplined execution of
the matters within our control. Martin Marietta has a proven playbook for
responding decisively to changing market conditions, managing inflationary
pressures, protecting profitability and maximizing free cash flow. That playbook
is already delivering results, with disciplined inventory management and capital
spending reductions alone contributing over $290 million of year-to-date cash
flow improvement. Looking ahead, January 1 pricing actions and further
structural cost improvements are expected to restore a positive price-cost
relationship in 2027. With today's broader end-market exposure and more
resilient earnings profile, Martin Marietta is better positioned to navigate
near-term uncertainty while capitalizing on the attractive long-term
fundamentals of our business.”
2
Third-Quarter Financial and Operating Results
(All financial and operating results are for continuing operations and
comparisons are versus the prior-year third quarter, unless otherwise noted)
Building Materials Business
Aggregates
Third-quarter aggregates shipments increased 15.9 percent to a record of 67.1
million tons driven by acquisition contributions that more than offset a modest
decline in organic shipments. ASP decreased 3.6 percent to $22.41 per ton,
primarily reflecting acquisition-related mix, as acquired operations have
average selling prices below the Company average. Organic ASP increased 1.0
percent, while organic mix-adjusted ASP6increased 2.7 percent.
Aggregates gross profit decreased 4 percent to $512 million, primarily due to
higher depreciation, depletion and amortization, and energy-related costs.
Aggregates cash gross profit1, however, reached an all-time quarterly record of
$696 million as acquisition contributions more than offset organic price-cost
headwinds.
Other Building Materials
Other Building Materials revenues increased 14 percent to $399 million, and
gross profit increased 17 percent to $63 million, benefiting from acquisition
contributions and strong performance from the California asphalt business.
Specialties Business
Specialties delivered record revenues, gross profit and cash gross profit1of
$362 million, $88 million and $163 million, respectively, reflecting strong
organic performance and partial quarter contributions from LNA. Organic
Specialties revenues and gross profit increased 11 percent and 6 percent,
respectively.
Portfolio Optimization
On August 21, 2026, the Company completed the business combination with LNA, a
leading producer of high-calcium lime, dolomitic lime and industrial mineral
products serving diversified end markets through a network of 20 quarries and
production facilities and 45 distribution terminals.
On September 18, 2026, the Company acquired The Frazier Quarry, Inc., a pure-
play aggregates business located in Harrisonburg, Virginia.
Cash Generation, Capital Allocation and Liquidity
Cash provided by operating activities for the nine months ended September 30,
2026, was $896 million compared with $1,156 million for the prior-year period.
The year-over-year comparison includes $250 million of cash tax payments related
to the gain recognized on the February 2026 QUIKRETE asset exchange.
Cash paid for property, plant and equipment additions for the nine months ended
September 30, 2026, was $445 million, compared with $602 million for the prior-
year period.
In July, the Company entered into a $1.5 billion three-year senior unsecured
term loan facility and, in August, issued $5.5 billion of senior unsecured notes
across five tranches to fund the cash consideration for the LNA
3
combination. On August 21, 2026, the Company completed the LNA combination for
total consideration of $12.9 billion, consisting of $7.0 billion in cash and
approximately $5.9 billion of Martin Marietta common stock. During the nine
months ended September 30, 2026, the Company returned $361 million to
shareholders through dividend payments and share repurchases. As of September
30, 2026, 10.7 million shares remained available under the current repurchase
authorization. As of September 30, 2026, the Company had $140 million of
unrestricted cash and cash equivalents on hand and $1.4 billion of unused
borrowing capacity under its existing credit facilities. Updated 2026 Guidance
Based on strong acquisition performance, partially offset by softer heritage
demand and inflationary cost pressures, the Company is updating its full-year
2026 guidance.
2026 Guidance
(dollars in
millions) Low Midpoint High
──────────────────────────────────────────────────────────────────────────────
Revenues $ 7,750 $ 7,800 $ 7,850
Interest expense,
net of interest $ 398 $ 403 $ 408
income
Estimated tax rate
(excluding discrete 20.5 % 21.0 % 21.5 %
events)
Net earnings from
continuing
operations $ 727 $ 800 $ 873
attributable to
Martin
Marietta
Adjusted EBITDA from
continuing $ 2,450 $ 2,475 $ 2,500
operations1
Capital expenditures $ 590 $ 620 $ 650
Building Materials
Business
Aggregates
Volume % growth2 12.5 % 13.0 % 13.5 %
ASP % growth3 (3.0 )% (2.5 )% (2.0 )%
Gross profit $ 1,540 $ 1,590 $ 1,640
Other Building
Materials
Gross profit $ 96 $ 106 $ 116
Specialties
Gross profit $ 345 $ 375 $ 405
1 Non-GAAP financial measure; see page 16 for reconciliation to net earnings
from continuing operations attributable to Martin Marietta. 2 Volume change is
based on total aggregates shipments and is in comparison to 2025 shipments of
198.5 million tons. 3 ASP change is based on aggregates average selling price
and is in comparison to 2025 ASP of $23.30 per ton.
4
Non-GAAP Financial Information
This earnings release includes financial measures not prepared in accordance
with United States generally accepted accounting principles (GAAP).
Reconciliations of these non-GAAP financial measures to the most comparable GAAP
measures are provided in the Appendix. Management believes these non-GAAP
measures are widely used by investors to evaluate the Company’s performance and,
when considered alongside the Company’s consolidated financial statements, offer
valuable insight into the Company’s ongoing and expected business results. These
measures also inform internal evaluations of overall business performance.
Management recognizes that reported results are influenced by numerous factors,
and the adjustments in non-GAAP measures may not reflect all such impacts.
Additionally, these measures may not be comparable to similarly titled measures
used by other companies.
Conference Call Information
Martin Marietta will discuss its third-quarter 2026 earnings results today,
November 4, 2026, via a conference call and live webcast beginning at 10:00 a.m.
Eastern Time. To participate, dial +1 (646) 307-1963 and enter conference ID
9935145. Participants are encouraged to dial in at least 15 minutes before the
scheduled start time to ensure a timely connection. An on-demand replay will be
posted to the Company's website approximately two hours after the conclusion of
the live broadcast and will be available for one year. Access links for both the
live and archived events, along with the Q3 2026 Supplemental Information, are
available on theInvestorssection of the Company's website.
5
About Martin Marietta
Martin Marietta, a member of the S&P 500 Index, is an American-based company and
a leading supplier of aggregates, lime and limestone products, magnesia-based
products and other building materials. Supported by industry-leading reserves
and a network of operations across the United States, Canada and the Caribbean,
Martin Marietta supplies the essential materials that help build, connect and
sustain communities across North America. For more information,
visitwww.martinmarietta.comorwww.magnesiaspecialties.com.
Investor Contact:
Jacklyn Rooker
Vice President, Investor Relations
+1 (919) 510-4736
Jacklyn.Rooker@martinmarietta.com
MLM-E.
This earnings release contains forward-looking statements under the federal
securities laws, including the Private Securities Litigation Reform Act of 1995
that involve risks and uncertainties and are based on assumptions that the
Company believes are reasonable, but which may differ materially from actual
results. These statements reflect the Company’s current expectations or
forecasts of future events. You can identify these statements because they do
not relate only to historical or current facts and may use words such as
“guidance,” “anticipate,” “may,” “expect,” "could," “should,” “believe,”
"estimate," "forecast," "intend," "outlook," "plan," "project," "schedule,"
“will,” and other words of similar meaning in connection with future events or
future performance. Any or all of the Company’s forward-looking statements
herein and in other publications may prove to be incorrect.
Third-quarter results and trends described in this release may not necessarily
be indicative of the Company’s future performance. The Company’s outlook is
subject to risks and uncertainties and is based on assumptions that the Company
believes are reasonable, but which may be materially different from actual
results. Factors that the Company currently believes could cause actual results
to differ materially from the forward-looking statements, including the outlook
and 2026 Guidance, include, but are not limited to: the Company’s ability to
address challenges, including shipment declines caused by economic and weather
events beyond its control; a widespread decline in aggregates pricing, including
reduced shipment volume negatively affecting price; the termination, capping,
reduction or suspension of federal and/or state fuel tax(es) or other revenue
related to public construction; the level and timing of federal, state or local
transportation or infrastructure or public projects funding, including any
issues arising from such budgets, particularly in Texas, North Carolina,
Colorado, California, Georgia, Florida, South Carolina, Arizona, Iowa and
Minnesota; the United States Congress’ inability to reach agreement internally
or with the Executive Branch on policy affecting the federal budget; a prolonged
federal government shutdown; the ability of states or other entities to finance
approved projects through tax revenues or alternative financing; construction
spending levels in the Company’s markets; reductions in defense spending and
impacts on construction activity on or near military bases; declines in energy-
related construction due to changes in oil production or capital spending,
particularly in Texas; sustained high mortgage interest rates and factors
leading to a slowdown in private construction in some areas; the Company’s
ability to identify, acquire, permit and develop quality aggregates reserves
within an economic haul radius; unfavorable weather, including storms,
hurricanes, wildfires, timing of seasons, drought, rainfall, or extreme
temperatures affecting production schedules, shipment volumes,
product/geographic mix and profitability; volatility in fuel and energy costs,
including diesel, electricity, natural gas and consumables like steel,
explosives, tires and conveyor belts, as well as natural gas, coal
6
and petroleum coke for the Company’s Specialties business; increased raw
materials costs, such as bitumen; rising costs of repair and supply parts;
construction labor shortages and supply chain challenges; labor relations risks,
such as unionization efforts, work stoppages or strikes, including at the
Company’s suppliers, railroads and logistics providers; workforce demographics-
related challenges in recruiting and retaining skilled employees, particularly
for physically demanding roles in rural or less-populated areas; unexpected
equipment failures, unscheduled maintenance, scheduled or unscheduled kiln
outages, industrial accidents, catastrophic events or prolonged production
disruption; resiliency and potential declines of the Company's construction end-
use markets; changes in demand from the steel, mining, construction and
infrastructure, water treatment and other industries served by the Company’s
Specialties business, and structural declines in demand from coal-fired utility
and paper industry customers; delays, cost overruns or underperformance of kiln
modernization, facility expansion and other capital projects; potential impacts
of disease outbreaks, epidemics, pandemics, or similar health threats, or fear
of such events, and related economic/societal responses, affecting suppliers,
customers, partners or employees; the performance of the overall United States
economy; governmental regulation, including environmental laws and climate
change regulations at state and federal levels; compliance with regulations
relating to the Company's lime operations; implementation of emissions taxes,
carbon-pricing schemes, or stricter climate-related rules that could increase
operating costs or restrict Specialties production; delays or difficulties in
securing, renewing or maintaining timely land use approvals, environmental
permits, or mineral or water rights amid changing regulatory expectations;
increasing legal actions or public pressure related to environmental impact,
emissions, or land use could result in reputational harm or financial liability;
the outcome of pending or future litigation and other legal proceedings; failure
to meet evolving environmental, social, and governance (ESG) standards or
investor benchmarks may affect access to capital or shareholder confidence;
changes in external ESG ratings or methodologies could affect investor sentiment
or index inclusion; increasing competition for water access or stricter water
usage regulations could impact production, especially in drought-prone regions;
outcomes of environmental or land-use proceedings, or increased costs associated
with regulatory obligations, including site reclamation; elevated premiums or
reduced coverage availability for property, casualty, or environmental liability
could increase risk exposure; transportation availability and investment in rail
infrastructure impacting the movement of materials especially to the Company’s
Texas, Southeast and Gulf Coast markets, the movement of essential dolomitic
lime to the Company’s Specialties plant in Manistee, Michigan and its customers,
and the movement of magnesite from the Company's Specialties' Gabbs, Nevada
facility to processing plants in North Carolina, Indiana and Pennsylvania and
the Company's customers; increased transportation costs, including increases
from energy price fluctuations, fuel surcharges, and compliance with tightening
regulations, including water shipments; availability of trucks and licensed
drivers for material transport; availability and cost of construction equipment
in the United States; weakness in the steel industry markets served by the
Company’s dolomitic lime products; geopolitical risks and tensions that could
affect energy markets, costs, supply chains and global economic conditions;
trade disputes and tariffs impacting the U.S. economy; currency, regulatory and
cross-border risks associated with the Company’s operations in Canada, Jamaica
and The Bahamas; unplanned cost changes or customer realignments affecting
earnings; dependence on information technology and automated systems; risks
related to third-party vendors, including exposure to cybersecurity
vulnerabilities or service outages; inflation pressures on production and
interest costs; customer concentration in construction markets increasing the
risk of potential losses on customer receivables and payment delays; demand
levels, production volumes, and cost management affecting operating leverage and
profitability; global economic conditions; adverse industry conditions; the
Company’s ability to obtain financing on favorable terms or at all and the
resulting increase in the Company’s indebtedness and potential effects on the
Company’s credit ratings; the Company’s substantial indebtedness following the
combination with LNA, and its ability to service, repay or refinance such
indebtedness and to reduce leverage to its long-term target ratio within the
anticipated timeframe; sustained high or rising
7
interest rates increasing the Company’s borrowing and refinancing costs; the
issuance of newly-issued shares of Martin Marietta common stock as consideration
for acquisitions and the resulting dilution to the Company’s existing
shareholders; potential business uncertainty, including changes to existing
business relationships during the integration of acquisitions that could affect
financial performance, integration challenges, market conditions, and the impact
of M&A transactions on the Company's stakeholders; the possibility that
acquisition synergies may not be realized as expected or within anticipated
timeframes, potentially impacting profitability and debt covenant compliance;
the possibility that diligence may not identify previously unknown liabilities
of acquired businesses, or that acquisitions or divestitures may not be
completed on expected terms or timelines or may be delayed, conditioned or not
approved by regulators; risks related to executive succession, retention and
leadership development critical to strategy execution, including impacts from
unexpected leadership changes; changes in tax laws or interpretations, including
those related to acquisitions or divestitures, which could increase tax rates;
violation of the Company’s debt covenants in the event of price and/or volume
instability; new or revised accounting rules or changes in the critical
accounting estimates and assumptions used by management could impact financial
reporting, asset valuations, or covenant compliance; challenges in implementing
new technologies or automation systems could lead to inefficiencies, cost
overruns, or operational disruptions; cybersecurity risks; downward pressure on
the Company’s common stock price affecting goodwill and other intangible asset
impairment evaluations; potential credit rating downgrades to non-investment
grade; and other risk factors listed from time to time in the Company’s SEC
filings.
You should also review the risk factors discussed in Martin Marietta’s Annual
Report on Form 10-K for the year ended December 31, 2025, the Form 10-Q for the
quarters ended March 31, 2026, June 30, 2026 and the forthcoming Form 10-Q for
the quarter ended September 30, 2026, and other periodic SEC filings. All
forward-looking statements should be evaluated with these considerations in
mind. Other risks and uncertainties not presently known or currently deemed
immaterial may also affect the Company’s performance or the accuracy of forward-
looking statements. The Company undertakes no obligation to update any such
forward-looking statements.
8
Appendix
MARTIN MARIETTA MATERIALS, INC. Unaudited Statements of Earnings
(in
mil…
exc… Three Nine
per Mont… Mon…
sha… Ended Sept… End… Sept…
dat… 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Rev… $ 2,369 $ 1,846 $ 5,678 $ 4,6…
Cost
of 1,718 1,235 4,222 3,1…
rev…
Gro… 651 611 1,456 1,4…
Pro…
Sel…
gen…
and 133 110 382 340
adm…
exp…
Acq…
div…
and 84 5 107 9
int…
exp…
Oth…
ope… (4 ) (9 ) (5 ) (23 )
inc…
net
Ear…
from 438 505 972 1,0…
Ope…
Int… 138 59 254 172
exp…
Oth…
non… (13 ) (4 ) (33 ) (23 )
inc…
net
Ear…
from
con…
ope… 313 450 751 947
bef…
inc…
tax
exp…
Inc…
tax 57 89 159 190
exp…
Ear…
from 256 361 592 757
con…
ope…
Ear…
from
dis…
ope…
net — 53 1,428 101
of
inc…
tax
exp…
Con…
net 256 414 2,020 858
ear…
Les…
Net
ear…
att… — — — —
to
non…
int…
Net
Ear…
Att… $ 256 $ 414 $ 2,020 $ 858
to
Mar…
Mar…
Net
Ear…
Att…
to
Mar…
Mar…
Bas…
ear…
per
sha… $ 3.94 $ 5.98 $ 9.57 $ 12.…
from
con…
ope…
Bas…
ear…
per
sha… — 0.88 23.12 1.67
from
dis…
ope…
Tot…
bas…
ear…
per
sha… $ 3.94 $ 6.86 $ 32.69 $ 14.…
att…
to
com…
sha…
Dil…
ear…
per
sha… $ 3.94 $ 5.97 $ 9.55 $ 12.…
from
con…
ope…
Dil…
ear…
per
sha… — 0.88 23.09 1.66
from
dis…
ope…
Tot…
dil…
ear…
per
sha… $ 3.94 $ 6.85 $ 32.64 $ 14.…
att…
to
com…
sha…
Wei…
Com…
Sha…
Out…
Bas… 65.0 60.3 61.8 60.5
Dil… 65.1 60.4 61.9 60.6
9
Appendix
MAR…
MAR…
MAT…
INC.
Una…
Rep…
Seg…
Fin…
Hig…
(Co… Three Nine
Ope… Mont… Mon…
Onl… Ended End…
(in Sept… Sep…
mil… 30, 30,
Rev… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
East $ 1,020 $ 943 $ 2,827 $ 2,5…
Gro…
West 987 772 2,195 1,7…
Gro…
Tot…
Bui… 2,007 1,715 5,022 4,3…
Mat…
bus…
Spe… 362 131 656 309
Tot… $ 2,369 $ 1,846 $ 5,678 $ 4,6…
Ear…
(Lo…
from
ope…
East $ 312 $ 335 $ 837 $ 874
Gro…
West 180 176 218 226
Gro…
Tot…
Bui… 492 511 1,055 1,1…
Mat…
bus…
Spe… 68 26 144 90
Tot…
rep… 560 537 1,199 1,1…
seg…
Cor… (122 ) (32 ) (227 ) (94 )
Ear…
from 438 505 972 1,0…
ope…
Int… 138 59 254 172
exp…
Oth…
non… (13 ) (4 ) (33 ) (23 )
inc…
net
Ear…
from
con…
ope… $ 313 $ 450 $ 751 $ 947
bef…
inc…
tax
exp…
* In connection with the closing of the QUIKRETE asset exchange during the
quarter ended March 31, 2026, the Company updated its reportable segments. As of
March 31, 2026, the Building Materials business includes two reportable
segments: East Group (comprised of the East and Southwest divisions) and West
Group (comprised of the Central and West divisions). The Company has recast all
comparative prior-period information presented in this earnings release to
reflect the updated reportable segments.
10
Appendix
MAR…
MAR…
MAT…
INC.
Una…
Pro…
Line
Fin…
Hig…
(Co…
Ope…
Onl… Three Nine
(in Mont… Mon…
mil… Ended End…
Rev… Sept… Sep…
Bui… 30, 30,
Mat… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Agg… $ 1,662 $ 1,458 $ 4,337 $ 3,7…
Oth…
Bui… 399 351 819 744
Mat…
Les…
Int… (54 ) (94 ) (134 ) (216 )
sal…
Tot…
Bui… 2,007 1,715 5,022 4,3…
Mat…
bus…
Spe… 362 131 656 309
Tot… $ 2,369 $ 1,846 $ 5,678 $ 4,6…
Gro…
pro…
(lo…
Bui…
Mat…
Agg… $ 512 $ 531 $ 1,217 $ 1,2…
Oth…
Bui… 63 54 82 75
Mat…
Tot…
Bui… 575 585 1,299 1,3…
Mat…
bus…
Spe… 88 34 182 108
Cor… (12 ) (8 ) (25 ) (18 )
Tot… $ 651 $ 611 $ 1,456 $ 1,4…
Dep…
Dep…
and
Amo…
Bui…
Mat…
Agg… $ 179 $ 124 $ 477 $ 361
Oth…
Bui… 14 10 38 30
Mat…
Tot…
Bui… 193 134 515 391
Mat…
bus…
Spe… 37 8 59 18
Cor… 1 1 3 3
Tot… $ 231 $ 143 $ 577 $ 412
* Depreciation, depletion and amortization reflects the expense included in Cost
of revenues and does not represent total depreciation, depletion and
amortization.
11
Appendix
MARTIN MARIETTA MATERIALS,
INC.
Balance Sheet Data September 30, December 31,
(in millions) 2026 2025
Assets Unaudited Audited
──────────────────────────────────────────────────────────────────────────────
Cash and cash equivalents $ 140 $ 67
Restricted cash 12 —
Accounts receivable, net 1,302 723
Inventories, net 1,243 1,078
Other current assets 116 95
Current assets held for 3 1,230
sale
Property, plant and 18,072 10,290
equipment, net
Intangible assets, net 14,912 4,073
Operating lease 412 367
right-of-use assets, net
Other noncurrent assets 873 788
Total Assets $ 37,085 $ 18,711
Liabilities and Equity
Current maturities of $ 720 $ 30
long-term debt
Other current liabilities 1,010 865
Long-term debt (excluding
current 12,103 5,293
maturities)
Other noncurrent 5,591 2,489
liabilities
Total equity 17,661 10,034
Total Liabilities and $ 37,085 $ 18,711
Equity
12
Appendix
MARTIN MARIETTA MATERIALS, INC. Unaudited Statements of Cash Flows
(in millions) Nine Months Ended
Cash Flows from Operating September 30,
Activities 2026 2025
──────────────────────────────────────────────────────────────────────────────
Consolidated net earnings $ 2,020 $ 858
Adjustments to reconcile
consolidated net earnings
to net cash provided
by operating activities:
Depreciation, depletion 617 480
and amortization
Stock-based compensation 49 42
expense
Gain on divestitures and (1,987 ) (24 )
sales of assets
Deferred income taxes, 260 75
net
Bridge financing 27 —
commitment fees
Changes in operating
assets and liabilities,
net of effects of
acquisitions
and divestitures:
Accounts receivable, net (326 ) (309 )
Inventories, net 145 10
Accounts payable 92 64
Other assets and 10 (33 )
liabilities, net
Other items, net (11 ) (7 )
Net Cash Provided by
Operating 896 1,156
Activities
Cash Flows from Investing
Activities
Additions to property,
plant and (445 ) (602 )
equipment
Acquisitions, net of cash (7,872 ) (577 )
acquired
Proceeds from
divestitures and sales of 484 29
assets
Investments in limited (53 ) (54 )
liability company
Other investing 12 (9 )
activities, net
Net Cash Used for (7,874 ) (1,213 )
Investing Activities
Cash Flows from Financing
Activities
Proceeds from borrowings 8,552 510
Repayments of debt (1,040 ) (405 )
Bridge financing (27 ) —
commitment fees
Debt issuance costs (18 ) —
Payments on finance lease (14 ) (17 )
obligations
Dividends paid (161 ) (147 )
Repurchases of common (200 ) (450 )
stock
Shares withheld for
employees’ income (29 ) (29 )
tax obligations
Other financing — (5 )
activities, net
Net Cash Provided by
(Used for) 7,063 (543 )
Financing Activities
Net Increase (Decrease)
in Cash, Cash 85 (600 )
Equivalents and
Restricted Cash
Cash, Cash Equivalents
and Restricted 67 670
Cash, beginning of period
Cash, Cash Equivalents
and Restricted $ 152 $ 70
Cash, end of period
13
Appendix
MARTIN MARIETTA MATERIALS, INC.
Additional Notes
4. Revenues for the three- and nine-month periods ended September 30, 2026 and
September 30, 2025, included the sales of products and services to customers
(net of any discounts or allowances) and freight revenues for continuing
operations.
5. Net earnings from continuing operations attributable to Martin Marietta and
earnings per diluted share from continuing operations included charges of $99
million and $1.53 per diluted share, respectively, for the quarter ended
September 30, 2026, and $181 million and $2.93 per diluted share, respectively,
for the year-to-date period ended September 30, 2026. These charges relate to
(i) acquisition, divestiture and integration expenses and the impact of selling
acquired inventory after markup to fair value as part of acquisition accounting
for transactions meeting the Company's threshold for adding back for purposes of
Adjusted EBITDA from continuing operations; (ii) an asset and portfolio
rationalization charge and (iii) solely for the year-to-date period ended
September 30, 2026, the revaluation of deferred tax liabilities driven by
changes in the state jurisdictional mix of the business following the February
2026 QUIKRETE asset exchange.
6.Organic mix-adjusted ASPrepresents Organic ASP adjusted to reflect consistent
geographic mix between periods and is calculated by comparing Organic ASP for
current-period shipments to Organic ASP for shipments in the comparable prior
period. Please refer to theInvestorssection of the Company's website for
definitions of ASP and Organic ASP.
14
Appendix
MARTIN MARIETTA MATERIALS, INC. Non-GAAP Financial Measures Earnings from
continuing operations before interest; income taxes; depreciation, depletion and
amortization; earnings/loss from nonconsolidated equity affiliates; acquisition,
divestiture and integration expenses; the impact of selling acquired inventory
after its markup to fair value as part of acquisition accounting (the Inventory
Markup); and an asset and portfolio rationalization charge, or Adjusted EBITDA
from continuing operations, is an indicator used by the Company and investors to
evaluate the Company's operating performance from period to period. The Company
has elected to add back, for purposes of its Adjusted EBITDA from continuing
operations calculation, acquisition, divestiture and integration expenses and
the Inventory Markup only for transactions with consideration of at least $2.0
billion for the Building Materials business or $200 million for the Specialties
business. Adjusted EBITDA from continuing operations is not defined by
accounting principles generally accepted in the United States (GAAP) and, as
such, should not be construed as an alternative to net earnings attributable to
Martin Marietta, earnings from operations, or operating cash flow. For further
information on Adjusted EBITDA, refer to the Company’s website at
www.martinmarietta.com . Reconciliation of Net Earnings from Continuing
Operations Attributable to Martin Marietta to Adjusted EBITDA from Continuing
Operations
Three Nine
Months Months
(in Ended Septemb… Ended Septemb…
milli… 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net
earni…
from
conti…
opera… $ 256 $ 361 $ 592 $ 757
attri…
to
Martin
Marie…
Add
back:
Inter…
expen…
net of 132 56 244 163
inter…
income
Income
tax
expen… 57 89 159 190
for
contr…
inter…
Depre…
deple…
and
amort…
expen…
and 242 149 609 429
earni…
from
nonco…
equity
affil…
Acqui…
dives…
and 82 7 96 7
integ…
expen…
Impact
of
selli…
acqui…
inven…
after
markup
to 38 5 105 5
fair
value
as
part
of
acqui…
accou…
Asset
and
portf… 1 — 4 —
ratio…
charge
Adjus…
EBITDA
from $ 808 $ 667 $ 1,809 $ 1,551
conti…
opera…
15
Appendix
MARTIN MARIETTA MATERIALS, INC. Non-GAAP Financial Measures Reconciliation of
2026 Net Earnings from Continuing Operations Attributable to Martin Marietta
Guidance to 2026 Adjusted EBITDA from Continuing Operations Guidance
(in millions) Mid-Point of Range
──────────────────────────────────────────────────────────────────────────────
Net earnings from continuing operations $ 800
attributable to Martin Marietta
Add back:
Interest expense, net of interest income 403
Income tax expense for controlling interests 203
Depreciation, depletion and amortization
expense 864
and earnings/loss from nonconsolidated equity
affiliates
Acquisition, divestiture and integration 96
expenses
Impact of selling acquired inventory after
markup 105
to fair value as part of acquisition accounting
Asset and portfolio rationalization charge 4
Adjusted EBITDA from continuing operations $ 2,475
guidance
16
Appendix
MARTIN MARIETTA MATERIALS, INC. Non-GAAP Financial Measures Adjusted earnings
per diluted share from continuing operations is a non-GAAP financial measure
used by the Company and by investors to evaluate operating performance and
enhance comparability across reporting periods. The Company calculates Adjusted
earnings per diluted share from continuing operations by excluding the impact of
certain items that management believes are not indicative of the Company's
underlying performance from period to period, including impacts directly related
to acquisition and divestiture activity as well as asset and portfolio
rationalization charges. The Company has elected to add back, for purposes of
its Adjusted earnings per diluted share from continuing operations calculation,
acquisition, divestiture and integration expenses, the impact of selling
acquired inventory after its markup to fair value as part of acquisition
accounting and the revaluation of deferred tax liabilities, only for
transactions with consideration of at least $2.0 billion for the Building
Materials business or $200 million for the Specialties business. Adjusted
earnings per diluted share from continuing operations is not defined by
accounting principles generally accepted in the United States (GAAP) and, as
such, should not be construed as an alternative to earnings per diluted share
from continuing operations. For further information on Adjusted earnings per
diluted share from continuing operations, refer to the Company’s website at
www.martinmarietta.com . Reconciliation of Earnings per Diluted Share from
Continuing Operations to Adjusted Earnings per Diluted Share from Continuing
Operations
Three Nine
(per Months Months
dilut… Ended Septem… Ended Septemb…
share) 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Earni…
per
dilut…
share $ 3.94 $ 5.97 $ 9.55 $ 12.49
from
conti…
opera…
Add
back:
Acqui…
dives…
and 1.09 0.08 1.34 0.08
integ…
expen…
Impact
of
selli…
acqui…
inven…
after
markup
to 0.43 0.07 1.29 0.07
fair
value
as
part
of
acqui…
accou…
Asset
and
portf… 0.01 — 0.05 —
ratio…
charge
Reval…
of
defer… — — 0.25 —
tax
liabi…
Adjus…
earni…
per
dilut… $ 5.47 $ 6.12 $ 12.48 $ 12.64
share
from
conti…
opera…
17
Appendix
MARTIN MARIETTA MATERIALS, INC. Non-GAAP Financial Measures Aggregates cash
gross profit and Specialties cash gross profit are non-GAAP financial measures
used by the Company and by investors to evaluate operating performance and
enhance comparability across reporting periods. For each respective product
line, the Company calculates cash gross profit by adding back to gross profit
the noncash charges for depreciation, depletion and amortization and the impact
of selling acquired inventory after markup to fair value as part of acquisition
accounting for that product line. Aggregates cash gross profit and Specialties
cash gross profit are not defined by accounting principles generally accepted in
the United States (GAAP) and, as such, should not be construed as alternatives
to gross profit, the most directly comparable GAAP financial measure. For
further information on aggregates cash gross profit and Specialties cash gross
profit, refer to the Company’s website at www.martinmarietta.com .
Reconciliation of Aggregates Gross Profit to Aggregates Cash Gross Profit
(in
milli… Three Nine
except Months Months
per Ended Septem… Ended Septem…
ton) 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Aggre…
gross $ 512 $ 531 $ 1,217 $ 1,257
profit
Add
back:
Aggre…
depre…
deple… 179 124 477 361
and
amort…
expen…
Aggre…
impact
of
selli…
acqui…
inven…
after
markup 5 — 78 1
to
fair
value
as
part
of
acqui…
accou…
Aggre…
cash $ 696 $ 655 $ 1,772 $ 1,619
gross
profit
Shipm… 67.1 57.9 172.6 149.6
Aggre…
cash
gross $ 10.36 $ 11.31 $ 10.27 $ 10.82
profit
per
ton
Reconciliation of Specialties Gross Profit to Specialties Cash Gross Profit
Three Nine
Months Months
(in Ended Septemb… Ended Septemb…
millio… 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Specia…
gross $ 88 $ 34 $ 182 $ 108
profit
Add
back:
Specia…
deprec…
deplet… 37 8 59 18
and
amorti…
expense
Specia…
impact
of
selling
acquir…
invent…
after 38 5 38 5
markup
to fair
value
as
part of
acquis…
accoun…
Specia…
cash $ 163 $ 47 $ 279 $ 131
gross
profit
18
Appendix
MARTIN MARIETTA MATERIALS, INC. Non-GAAP Financial Measures LNA cash gross
profit for the period August 21, 2026, through September 30, 2026, is a non-GAAP
financial measure presented to enable the Company and investors to evaluate
LNA's contribution to Specialties operating performance and enhance
comparability of Specialties cash gross profit with and without LNA. The Company
calculates LNA cash gross profit by adding back to LNA gross profit noncash
charges for depreciation, depletion and amortization and the impact of selling
acquired inventory after markup to fair value as part of acquisition accounting.
LNA cash gross profit is not defined by accounting principles generally accepted
in the United States (GAAP) and, as such, should not be construed as an
alternative to gross profit, the most directly comparable GAAP financial
measure. See the accompanying reconciliation of LNA cash gross profit to LNA
gross profit below. Reconciliation of LNA Gross Profit to LNA Cash Gross Profit
Period from August 21,
to September 30,
(in millions) 2026
──────────────────────────────────────────────────────────────────────────────
LNA gross profit $ 51
Add back:
LNA depreciation, depletion and amortization 26
expense
LNA impact of selling acquired inventory
after 38
markup to fair value as part of acquisition
accounting
LNA cash gross profit $ 115
19