Martin Marietta Materials(US:MLM)2026-02-11 12:01Financial Performance - Fourth-quarter revenues reached $1,534 million, a 9% increase from $1,412 million in Q4 2024; full-year revenues were $6,150 million, up 9% from $5,662 million in 2024[3] - Gross profit for Q4 was $468 million, a 10% increase from $424 million in Q4 2024; full-year gross profit was $1,889 million, up 16% from $1,636 million in 2024[3] - Adjusted EBITDA from continuing operations for Q4 was $515 million, a 10% increase from $467 million in Q4 2024; full-year adjusted EBITDA was $2,065 million, up 17% from $1,771 million in 2024[3] - Total revenues for the year ended December 31, 2025, increased to $6,150 million, up from $5,662 million in 2024, representing an 8.6% growth[35] - Gross profit for the total business for the year ended December 31, 2025, was $1,889 million, compared to $1,636 million in 2024, reflecting a 15.5% increase[35] - Adjusted EBITDA from continuing operations for the year ended December 31, 2025, was $2,065 million, up from $1,771 million in 2024, indicating a 16.6% growth[46] - Consolidated net earnings attributable to Martin Marietta for the year ended December 31, 2025, were $1,137 million, a decrease from $1,995 million in 2024[49] Segment Performance - The East Group reported Q4 revenues of $775 million, a 4% increase from $743 million in Q4 2024; full-year revenues were $3,194 million, up from $2,941 million[32] - The West Group's Q4 revenues were $626 million, a 6% increase from $592 million in Q4 2024; full-year revenues reached $2,515 million, compared to $2,401 million in 2024[32] - Specialties segment revenues for Q4 2025 were $133 million, significantly up from $77 million in Q4 2024; full-year revenues increased to $441 million from $320 million[32] Cash Flow and Shareholder Returns - Cash provided by operating activities increased 22% to a record $1.79 billion for the year ended December 31, 2025, compared to $1.46 billion in 2024[14] - The company returned $647 million to shareholders through dividends and share repurchases in 2025, with $67 million in cash and cash equivalents on hand as of December 31, 2025[15] - The company declared a dividend of $0.83 per common share for Q4 2025, up from $0.79 in Q4 2024; full-year dividends per share were $3.24, compared to $3.06 in 2024[30] Guidance and Future Expectations - The company provided 2026 guidance with expected revenues between $6,420 million and $6,780 million, and net earnings from continuing operations attributable to Martin Marietta projected between $1,043 million and $1,158 million[17] - The company expects low single-digit improvement in shipments for 2026, driven by infrastructure investment and data center momentum, despite softness in private nonresidential and residential construction[5] - The company expects 2026 consolidated net earnings attributable to Martin Marietta to be approximately $1,300 million[52] - The guidance for 2026 Adjusted EBITDA from continuing operations is projected to be $2,235 million[51] Assets and Liabilities - Total assets as of December 31, 2025, were $18,711 million, an increase from $18,170 million in 2024, reflecting a growth of 3.0%[37] - The company’s long-term debt (excluding current maturities) remained stable at $5,293 million as of December 31, 2025, compared to $5,288 million in 2024[37] - Cash and cash equivalents decreased to $67 million as of December 31, 2025, down from $670 million in 2024, a decline of 90.0%[37] Expenses and Risks - Interest expense for Q4 2025 was $57 million, compared to $50 million in Q4 2024; full-year interest expense increased to $230 million from $169 million[30] - The company faces various risks including economic conditions, regulatory changes, and supply chain challenges that could impact future performance[26] - The company incurred acquisition, divestiture, and integration expenses of $12 million for the year ended December 31, 2025, compared to $40 million in 2024[46] - Depreciation, depletion, and amortization expense for the year ended December 31, 2025, was $624 million, an increase from $564 million in 2024[49] - Interest expense, net of interest income, for the year ended December 31, 2025, was $220 million, compared to $128 million in 2024[49] - Income tax expense for controlling interests for the year ended December 31, 2025, was $278 million, down from $600 million in 2024[49]