Martin Marietta Lifts 2026 Revenue Outlook After LNA Close

The Tip Desk · November 4, 2026 · 4 min read

Third-quarter revenue hit a record $2.37 billion as the company raised full-year revenue guidance to a $7.80 billion midpoint.

Martin Marietta Materials (MLM), a supplier of aggregates, lime and limestone products, reported record third-quarter revenue of $2.37 billion, up 28% from a year earlier, as contributions from recent acquisitions more than offset inflationary pressures.

Adjusted EBITDA from continuing operations rose 21% to $808 million. Net earnings from continuing operations attributable to the company fell 29% to $256 million, or $3.94 a share, versus $5.97 a share a year earlier. Those results included $99 million of charges, or $1.53 a share, covering acquisition, divestiture and integration costs, the sale of acquired inventory after fair-value markup, and an asset and portfolio rationalization charge.

Chair, President and Chief Executive Officer Ward Nye said strong performance from recent acquisitions more than offset expanding inflationary pressures and a dynamic macroeconomic environment. The quarter marked the completion of the combination with Lhoist North America on August 21, which the company said scales its Specialties platform and establishes it as the nation’s leading producer of lime and limestone solutions.

Aggregates shipments reached a record 67.1 million tons, up 15.9%, as acquisitions more than offset a modest decline in organic shipments. Average selling price fell 3.6% to $22.41 a ton, primarily on acquisition-related mix, as acquired operations have prices below the company average. Organic ASP increased 1.0% and organic mix-adjusted ASP increased 2.7%. Aggregates gross profit decreased 4% to $512 million, primarily due to higher depreciation, depletion and amortization and energy-related costs. Aggregates cash gross profit reached an all-time quarterly record of $696 million.

Specialties delivered record revenues of $362 million, gross profit of $88 million and cash gross profit of $163 million, reflecting organic growth plus a partial quarter of LNA. Organic Specialties revenues and gross profit increased 11% and 6%. Other Building Materials revenues increased 14% to $399 million and gross profit increased 17% to $63 million, benefiting from acquisitions and the California asphalt business.

Since the August 21 closing, LNA contributed $216 million of revenues, $51 million of gross profit and $115 million of cash gross profit. The combination closed for total consideration of $12.9 billion, consisting of $7.0 billion in cash and about $5.9 billion of stock. On September 18 the company acquired The Frazier Quarry, Inc., a pure-play aggregates business in Harrisonburg, Virginia.

With the LNA close, the company updated the midpoints of full-year 2026 revenue and Adjusted EBITDA guidance to $7.80 billion and $2.48 billion, respectively, as acquisition contributions are anticipated to more than offset lower near-term expectations for heritage operations. Full-year aggregates volume guidance midpoint is 13.0% growth versus 2025 shipments of 198.5 million tons, and ASP guidance midpoint is a 2.5% decline versus 2025 ASP of $23.30 a ton.

For 2027, the company expects mid- to high-single digit aggregates pricing on a mix-adjusted basis, supported by January 1 pricing actions designed to address inflationary cost pressures. Acquired operations, which currently have selling prices below the company average, provide opportunity for continued pricing growth, the company said. January 1 pricing actions and further structural cost improvements are expected to restore a positive price-cost relationship in 2027.

In July the company entered a $1.5 billion three-year senior unsecured term loan and, in August, issued $5.5 billion of senior unsecured notes across five tranches to fund the LNA cash consideration. Cash provided by operating activities for the nine months ended September 30, 2026, was $896 million, compared with $1.156 billion a year earlier; the comparison includes $250 million of cash tax payments related to the gain on the February 2026 QUIKRETE asset exchange. Cash paid for property, plant and equipment additions for those nine months was $445 million. Nye said disciplined inventory management and capital spending reductions contributed over $290 million of year-to-date cash flow improvement.

As of September 30, 2026, the company had $140 million of unrestricted cash and $1.4 billion of unused borrowing capacity under existing credit facilities.