MLM earnings analysis
What we found in MLM's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Martin Marietta reported Q1 2026 revenues of $1.362 billion, reflecting a year-over-year increase of 17% compared to the $1.162 billion reported in Q1 2025. However, the diluted EPS was $1.31, falling short of the expected $1.86. Management indicated strong demand in the market but acknowledged ongoing operational headwinds.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Increased 17% YoY
- Revenue for Q1 2026 was $1.362 billion, up from $1.162 billion in Q1 2025.
- EPS Missed Consensus
- Diluted EPS for Q1 2026 was reported at $1.31, missing estimates of $1.86.
- Cash Flow from Operations Solid
- Operating cash flow was $227 million compared to $218 million in Q1 2025.
- Strong Segment Growth in Specialties
- The Specialties segment revenue rose significantly to $143 million from $87 million year-over-year.
- Cost Management Improvements
- Costs related to Continuing Operations were adequately managed, supporting margins despite revenue shifts.
- Successful Asset Exchange
- The company completed an $450 million asset exchange with QUIKRETE, enhancing resources.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Decline in Net Earnings
- Net earnings from continuing operations slipped to $79 million in Q1 2026 from $104 million year-over-year.
- Weather Impact on Operations
- Ongoing weather challenges could affect production and shipment levels adversely.
- Cost Volatility
- Rising costs for materials and potential fluctuations in energy costs may squeeze margins.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.31
- Segment
- Building Materials - East Group
- Segment
- Building Materials - West Group
- Segment
- Specialties
What they said about what is next.
Management reaffirmed their full-year guidance, emphasizing strong demand to continue.
The filing reads worse than the one before it.
What came before.
- 10-K · February 19, 2026
- Martin Marietta positions itself as a pure‑play aggregates-led building materials company: in 2025 aggregates produced 88% of the Company’s total reportable segment gross profit and aggregates reserves averaged…
- 10-K · February 21, 2025
- Martin Marietta executed significant portfolio actions in 2024, selling its South Texas cement business for $2.1 billion (generating a $1.3 billion pretax gain) and completing the $2.05 billion BWI Southeast aggregates…
- 10-Q · October 30, 2024
- Martin Marietta reported third-quarter revenue of $1,889 million, down from $1,994 million a year ago, and diluted EPS of $5.91 versus $6.94 in Q3 2023. Gross profit fell to $599 million and operating earnings to $489…
- 10-Q · July 27, 2023
- Martin Marietta reported Q2 revenue of $1,820.8 million, up from $1,641.7 million a year ago (+$179.1M, +10.9%), with gross profit rising to $560.4 million (gross margin ~30.8% vs 25.9% LY). Earnings from operations…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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