Martin Marietta Materials, Inc.

Quarries supply the stone used in roads, buildings and other construction. Martin Marietta also produces lime and limestone products for industrial customers. Local demand, transport distances and the mix of products sold shape its margins.

Results across a changing portfolio

Third-quarter figures below cover continuing operations. The 2026 results include LNA from August 21, so the comparison includes acquired operations.

Third quarter, $ millions	2026	2025
Revenue	2,369	1,846
Net income from continuing operations	256	361
Adjusted EBITDA	808	667

Adjusted EBITDA excludes interest, taxes, depreciation, amortization and selected other items. The November forecast puts the annual adjusted EBITDA midpoint at $2.475 billion, compared with $2.430 billion on July 30 before LNA was included. The continuing net-income midpoint fell from $1.043 billion to $800 million. The analysis of the annual outlook explains how the acquisition lifts one forecast while expectations for the existing business weaken.

For 2027, management expects mid- to high-single-digit growth in aggregates prices after adjusting for product mix, supported by January pricing actions.

Completed portfolio changes

On February 23, Martin Marietta completed an asset exchange with QUIKRETE. It acquired aggregates and asphalt operations plus $450 million in cash, while transferring its sole cement business and remaining Texas ready-mix operations. It bought New Frontier Materials in the St. Louis area on May 15 and completed the Frazier Quarry acquisition in Virginia on September 18.

The LNA combination closed on August 21 for approximately $12.9 billion, including $7.028 billion in cash and stock valued at about $5.9 billion at closing. The amended filing's financing model includes $5.5 billion of new notes, a $1.5 billion term loan and $28 million of revolver borrowing. LNA expanded the company's lime and industrial-minerals business.

Cash generation and funding

The following cash-flow comparison covers the first nine months. Capital spending is the consolidated total.

$ millions	2026	2025
Operating cash flow, continuing operations	963	1,036
Operating cash flow, total	896	1,156
Capital spending	445	602

Total operating cash flow includes discontinued operations, which used $67 million in 2026 and provided $120 million in 2025. The 2026 total also includes $250 million of disposal-related cash taxes.

At September 30, cash and cash equivalents were $140 million. Current debt was $720 million and long-term debt was $12.103 billion. These balances already include $170 million drawn on the revolver and $420 million on the receivables facility. Unused borrowing capacity was $1.4 billion, subject to the facilities' borrowing conditions and covenant compliance.