Martin Marietta Materials reported third‑quarter 2025 earnings on November 4, 2025. Total revenue was $1.846 billion, a 12 % increase from $1.642 billion in the same quarter of 2024. Building‑materials revenue was $1.700 billion, up 10 % year‑over‑year, while other building‑materials revenue fell 10 % to $351 million. Earnings per share were $6.85, beating analyst estimates of $6.65–$6.74. Consolidated gross profit reached $611 million, up 5 % from the prior year.
The aggregates segment generated $531 million in gross profit on 57.9 million tons shipped, with an average selling price of $23.24 per ton and a gross margin of 36 %. Margin expansion of 142 basis points was driven by pricing power and higher shipment volumes that offset increased input costs. The Specialties business posted record quarterly revenue of $131 million and gross profit of $34 million; the July 25 acquisition of Premier Magnesia added $5 million in inventory adjustments and contributed to the record margin expansion.
Revenue missed analyst expectations because other building‑materials revenue declined 10 % amid lower demand for cement and concrete and a one‑time reduction in earnings from discontinued operations related to the Quikrete asset exchange. Management cited higher raw‑material costs and a regional slowdown in construction as contributing factors.
Management raised the full‑year 2025 Adjusted EBITDA guidance to $2.32 billion at the midpoint, up from $2.25 billion. Cash generated from operations for the nine‑month period ended September 30 was $1.2 billion, supporting a $597 million shareholder return through $450 million in share repurchases and $147 million in dividends. Capital expenditures totaled $602 million.
Liquidity remained strong with $57 million in unrestricted cash and $1.1 billion of unused borrowing capacity as of September 30. The company announced an asset exchange with Quikrete on August 3, 2025, expected to close in Q1 2026, as part of a portfolio‑optimization strategy. Safety performance was the best year‑to‑date.
Prior‑period context shows Q3 2024 EPS of $5.91 on revenue of $1.642 billion, and Q2 2025 EPS of $5.43 on revenue of $1.81 billion. Sequential growth in the aggregates segment was offset by a decline in other building‑materials revenue, resulting in slower overall revenue growth.
The company’s record performance in the aggregates business, combined with raised guidance and strategic acquisitions, positions it for a higher‑margin future while maintaining a robust liquidity profile.
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