Martin Marietta Materials, Inc. is a leading natural resource-based building materials company that supplies aggregates (crushed stone, sand and gravel) through a network of approximately 400 quarries, mines and distribution yards in 28 states, Canada and The Bahamas. The Company also provides cement, ready mixed concrete, asphalt and paving services in targeted markets where it has a notable aggregates position. The heavy-side building materials are used in infrastructure, nonresidential and residential construction projects, and aggregates are also used in agricultural, utility and environmental applications and as railroad ballast. The Company operates a Specialties business that produces high-purity natural and synthetic magnesia-based products, including magnesium sulfate, magnesium oxide and magnesium hydroxide, used in environmental, industrial, agricultural, construction, consumer and specialty applications, and also produces dolomitic lime sold primarily to external customers for use in steel production and soil stabilization.

The Company operates in a highly fragmented industry, including large public companies and a significant number of small privately-held companies. In 2025, other publicly traded companies among the ten-largest U.S. aggregates producers included Amrize Ltd., Arcosa, Inc., CEMEX S.A.B. de C.V., CRH plc, Heidelberg Materials AG, Holcim Ltd., Knife River Corporation and Vulcan Materials Company. Due to the localized nature of the industry resulting from the high cost of transportation relative to the price of the product, the Building Materials business primarily operates in smaller, distinct geographic areas with varying market characteristics. The Company believes that its ability to transport materials by rail and waterborne vessels has enhanced its competitive position in the building materials industry. Aggregates gross profit represented 88% ¹ of the Company's total reportable segment gross profit in 2025.

The Company generates revenue primarily through the sale of aggregates and other building materials to the construction industry, with 37% ² of its 2025 aggregates shipments sold to customers for use in highway and other public infrastructure projects and the balance sold primarily to customers for nonresidential and residential construction projects. The Company generally sells its aggregates upon receipt of customer orders or requests and maintains inventories in sufficient quantities to meet customer requirements. The ten-largest revenue-generating states (Texas, North Carolina, Colorado, California, Georgia, Florida, South Carolina, Arizona, Iowa and Minnesota) accounted for 76% ³ of the Building Materials business' revenues from continuing operations in 2025. No material part of the business as a whole is dependent upon a single customer or upon a few customers.

The Building Materials business is conducted through two reportable segments organized by geography: the East Group and the West Group. The East Group provides aggregates and asphalt products, while the West Group provides aggregates, ready mixed concrete, asphalt and paving services. In 2025, the East Group reported total revenues of $3,194 million ⁴ and the West Group reported total revenues of $2,515 million ⁵. Aggregates generated $1,677 million ⁶ in gross profit in 2025, representing 34% ⁷ of aggregates revenues, compared to $1,449 million ⁸ and 32% ⁹ in 2024. Other Building Materials generated $98 million ¹⁰ in gross profit in 2025, representing 10% ¹¹ of revenues, compared to $119 million ¹² and 11% ¹³ in 2024. The Specialties business reported revenues of $441 million ¹⁴ and gross profit of $137 million ¹⁵ in 2025, representing 31% ¹⁶ of revenues, compared to $320 million ¹⁷ and $107 million ¹⁸ in 2024. In 2025, 67% ¹⁹ of Specialties' revenues were attributable to magnesia-based products, 32% ²⁰ to lime, and 1% ²¹ to stone sold as construction aggregates.

On January 12, 2024, the Company acquired Albert Frei & Sons, Inc., a leading aggregates producer in Colorado, adding more than 60 years (at current production levels) of high-quality, hard rock reserves. On February 9, 2024, the Company completed the sale of its South Texas cement business and certain related ready mixed concrete operations to CRH Americas Materials, Inc. for $2.1 billion ²² in cash, resulting in a pretax gain of $1.3 billion ²³. On April 5, 2024, the Company completed the acquisition of 20 active aggregates operations in Alabama, South Carolina, South Florida, Tennessee and Virginia from affiliates of Blue Water Industries LLC for $2.05 billion ²⁴ in cash. On July 25, 2025, the Company acquired Premier Magnesia, LLC, a privately-owned producer and distributor of magnesia-based products. On August 3, 2025, the Company entered into a definitive agreement with Quikrete Holdings, Inc. for the exchange of certain assets, under which Martin Marietta would receive aggregates facilities producing approximately 20 million tons annually across Virginia, Missouri, Kansas and Vancouver, British Columbia, and cash proceeds, in exchange for the Company's Midlothian cement plant, related cement distribution terminals, Texas ready mixed concrete assets and certain nonoperating land. During 2025, the Company repurchased 0.9 million ²⁵ shares of its common stock for a total cost of $450 million ²⁶, and during 2024, the Company repurchased 0.8 million ²⁷ shares for a total cost of $450 million ²⁸. In December 2025, the Company repaid the $125 million ²⁹ of 7% Debentures that matured.

In 2025, the Company reported total revenues of $6,150 million ³⁰ and net earnings from continuing operations attributable to Martin Marietta of $990 million ³¹, compared to revenues of $5,662 million ³² and net earnings from continuing operations of $1,815 million ³³ in 2024. Consolidated net earnings attributable to Martin Marietta were $1,137 million ³⁴ in 2025, compared to $1,995 million ³⁵ in 2024. Earnings from operations were $1,437 million ³⁶ in 2025, compared to $2,479 million ³⁷ in 2024, which included a $1.3 billion ³⁸ pretax gain on the Divestiture. Gross profit was $1,889 million ³⁹ in 2025, representing 31% ⁴⁰ of revenues, compared to $1,636 million ⁴¹ and 29% ⁴² in 2024. Cash provided by operating activities from continuing operations was $1,598 million ⁴³ in 2025, compared to $1,227 million ⁴⁴ in 2024.

The Company's strategic planning process, SOAR, provides the framework for execution of its long-term strategic plan, which includes ongoing evaluation of aggregates-led opportunities of scale in new domestic markets through platform acquisitions and expansion through bolt-on acquisitions that complement existing operations. The Company focuses its geographic footprint along significant transportation and commerce corridors, particularly in key Sunbelt metropolitan statistical areas across the Southeast and Southwest, and considers a state's financial health rating, as issued by S&P Global Ratings, in determining opportunities. The Company has a meaningful presence in ten megaregions, and its leading positions in the Texas Triangle, Colorado's Front Range, northern and southern California and Arizona's Sun Corridor megaregions and its growth platforms in the southern portion of the Northeast megaregion, Piedmont Atlantic and Florida megaregions are the results of acquisitions since 2011. The pending QUIKRETE transaction, under which Martin Marietta would receive aggregates facilities producing approximately 20 million tons annually across Virginia, Missouri, Kansas and Vancouver, British Columbia, will establish new growth platforms in key target markets, including Virginia and the Pacific Northwest.

The Company expects future organic profit growth in the Specialties business to result from increased pricing, commercialization of new products, entry into new or adjacent markets and optimization of overall product mix. Management has shifted the strategic focus of the magnesia-based business to grow and diversify the specialty product portfolio to reliably produce at volume levels that support efficient operations, as these products are less dependent on the steel industry than the dolomitic lime product line.

The Company's cost structure for the Building Materials business includes significant components such as labor and benefits, depreciation, depletion and amortization, internal freight, repairs and maintenance, external freight, supplies, energy, and contract services, which in 2025 represented 86% ⁴⁵ of the aggregates product line's total cost of revenues. The Company anticipates that any increased operating costs or taxes relating to GHG emission limitations at the Woodville lime plant or Midlothian cement plant would be passed on to customers. The Company has fixed-price agreements for 34% ⁴⁶ of its anticipated 2026 energy needs for coal, petroleum coke and natural gas for the Specialties business.

The Company's organic capital program is designed to leverage construction market growth by investing in both permanent and portable facilities across its operations, and over the course of an economic cycle, the Company typically invests organic capital at an annual level that approximates depreciation expense. Total cash paid for property, plant and equipment additions was $807 million ⁴⁷ in 2025, which included $89 million ⁴⁸ for discontinued operations. Capitalized costs related to environmental control facilities were $19 million ⁴⁹ in 2025 and are expected to be approximately $20 million ⁵⁰ in both 2026 and 2027. The Company expects to make pension plan and SERP contributions of $25 million ⁵¹ in 2026, none of which is voluntary.

Pursuant to authority granted by its Board of Directors, the Company may repurchase up to 20 million ⁵² shares of common stock, and as of December 31, 2025, the Company had 11.0 million ⁵³ shares remaining under the repurchase authorization. The Board of Directors approved total cash dividends on the Company's common stock of $3.24 ⁵⁴ per share in 2025, $3.06 ⁵⁵ per share in 2024 and $2.80 ⁵⁶ per share in 2023. The Company does not plan to make any voluntary contributions to the qualified pension plans during 2026.

The Company faces headwinds from sustained high or rising interest rates, which can reduce construction demand, increase financing costs, and adversely affect results. The residential construction market accounted for 22% ⁵⁷ of the Company's 2025 aggregates shipments, and higher mortgage rates and reduced affordability can dampen new residential construction. The Company also faces risks from erratic weather patterns, including excessive rainfall, hurricanes, tropical storms, wildfires, and water use restrictions during periods of severe drought, which can significantly affect production schedules, shipments, costs, efficiencies and profitability. The Company's operations in coastal markets near the Atlantic Ocean and Gulf Coast and in The Bahamas are exposed to hurricanes and tropical storms, while its California operations face risks from Pacific storms, wildfires, mudslides and water use restrictions during periods of severe drought.

The Company faces constraints from the limited availability of indigenous stone in certain markets, which must be served via a long-haul distribution network. The Company's long-haul distribution network relies on rail and waterborne transportation, and the Company has agreements providing dedicated shipping capacity from its Bahamas and Nova Scotia operations to its coastal ports that expire in 2026 and 2027, respectively. The Company also faces risks from potential labor disputes, as labor unions represented 13% ⁵⁸ of the hourly employees of the Building Materials business and 59% ⁵⁹ of the hourly employees of the Specialties business as of December 31, 2025, with collective bargaining agreements for the Specialties business at Woodville, Manistee and Gabbs expiring in June 2026, August 2027 and June 2028, respectively.

Management's message emphasizes the Company's strategic focus on being an aggregates-led business that focuses on markets with strong, underlying growth fundamentals where it can sustain or achieve a leading market position. The Company's strategic planning process, SOAR, provides the framework for execution of its long-term strategic plan, and management's overall focus includes upholding the Company's commitment to its Mission, Vision and Values, building and maintaining the world's safest, best-performing and most-durable aggregates-led public company, navigating effectively through construction cycles, tracking shifts in population dynamics, integrating acquired businesses efficiently, and allocating capital in a prudent manner consistent with long-standing priorities while maintaining financial flexibility. The Company's strategy includes ongoing evaluation of aggregates-led opportunities of scale in new domestic markets and expansion through bolt-on acquisitions, financing such opportunities with the goal of preserving financial flexibility by having a leverage ratio within a range of 2.0 times to 2.5 times within a reasonable period of time (typically within 18 months) following the completion of a debt-financed transaction. Management expects future organic profit growth in the Specialties business to result from increased pricing, commercialization of new products, entry into new or adjacent markets and optimization of overall product mix.

Total revenues were $6,150 million ⁶⁴ in 2025, compared to $5,662 million ⁶⁵ in 2024 and $5,851 million ⁶⁶ in 2023. Net earnings from continuing operations attributable to Martin Marietta were $990 million ⁶⁷ in 2025, compared to $1,815 million ⁶⁸ in 2024 and $991 million ⁶⁹ in 2023. Diluted earnings per share from continuing operations attributable to Martin Marietta were $16.34 ⁷⁰ in 2025, compared to $29.50 ⁷¹ in 2024 and $15.96 ⁷² in 2023. Earnings from operations were $1,437 million ⁷³ in 2025, compared to $2,479 million ⁷⁴ in 2024 and $1,333 million ⁷⁵ in 2023. Gross profit was $1,889 million ⁷⁶ in 2025, representing 31% ⁷⁷ of revenues, compared to $1,636 million ⁷⁸ and 29% ⁷⁹ in 2024. Cash provided by operating activities from continuing operations was $1,598 million ⁸⁰ in 2025, compared to $1,227 million ⁸¹ in 2024. Long-term debt was $5.3 billion ⁸² at December 31, 2025. The Company had $67 million ⁸³ in unrestricted cash and short-term investments that are considered cash equivalents at December 31, 2025. The 2024 results included a $1.3 billion ⁸⁴ pretax gain on the Divestiture, which boosted earnings from operations, and the 2025 results included a $21 million ⁸⁵ pretax asset and portfolio rationalization charge. The effective income tax rate for continuing operations was 19.2% ⁸⁶ in 2025, 23.2% ⁸⁷ in 2024 and 19.1% ⁸⁸ in 2023. Adjusted EBITDA from continuing operations was $2,065 million ⁸⁹ in 2025, compared to $1,771 million ⁹⁰ in 2024 and $1,805 million ⁹¹ in 2023. Consolidated Adjusted EBITDA was $2,302 million ⁹² in 2025, compared to $2,066 million ⁹³ in 2024 and $2,119 million ⁹⁴ in 2023. Aggregates shipments increased 3.8% ⁹⁵ to 198.5 million tons in 2025 compared with 2024, and aggregates pricing increased 6.9% ⁹⁶ year over year.

The Company's business depends on construction activity, which is cyclical and sensitive to macroeconomic, funding and operating conditions, and a widespread decline in aggregates pricing could adversely affect business, financial condition, and results of operations. The Company faces risks from changes in laws, regulations, and enforcement practices, including zoning, land use, the environment, health and safety, and litigation relating to these matters, and the direct costs of ongoing environmental compliance were approximately $46 million ⁶⁰ in 2025 and $58 million ⁶¹ in 2024. The Company's operations involve inherent environmental, manufacturing, operating and handling risks, and the Company is subject to Mine Safety and Health Administration and Occupational Safety and Health Administration requirements for worker health and safety. The Company faces risks from volatility or shortages in fuel, energy and raw materials, and a hypothetical 10% change in the Company's energy prices in 2026 as compared with 2025, assuming constant volumes, would change 2026 energy expense for continuing operations by $29 million ⁶². The Company's Specialties business depends in part on the steel industry and the supply of reasonably priced fuels, and the Company has fixed-price agreements for 34% ⁶³ of its anticipated 2026 coal, petroleum coke and natural gas needs for the Specialties business.