10-Q
MARTIN MARIETTA MATERIALS INC (MLM)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the quarterly period ended June 30, 2025
OR
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the transition period from to
Commission File Number: 1-12744
MARTIN MARIETTA MATERIALS, INC.
(Exact Name of Registrant as Specified in its Charter)
| North Carolina | 56-1848578 |
|---|---|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| 4123 Parklake Avenue, Raleigh, NC | 27612 |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (919) 781-4550
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br><br>Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock (Par Value $0.01) | MLM | The New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
|---|---|---|---|
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of Common Stock, as of the latest practicable date.
| Class | Outstanding as of August 4, 2025 |
|---|---|
| Common Stock, $0.01 par value | 60,306,003 |
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
| Page | ||
|---|---|---|
| Part I. Financial Information: | ||
| Item 1. Financial Statements | ||
| Consolidated Balance Sheets – June 30, 2025 and December 31, 2024 | 3 | |
| Consolidated Statements of Earnings and Comprehensive Earnings – Three and Six Months Ended June 30, 2025 and 2024 | 4 | |
| Consolidated Statements of Cash Flows – Six Months Ended June 30, 2025 and 2024 | 5 | |
| Consolidated Statements of Total Equity – Three and Six Months Ended June 30, 2025 and 2024 | 6 | |
| Notes to Consolidated Financial Statements | 7 | |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 24 | |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk | 36 | |
| Item 4. Controls and Procedures | 36 | |
| Part II. Other Information: | ||
| Item 1. Legal Proceedings | 37 | |
| Item 1A. Risk Factors | 37 | |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 37 | |
| Item 4. Mine Safety Disclosures | 37 | |
| Item 5. Other Information | 37 | |
| Item 6. Exhibits | 38 | |
| Signatures | 39 |
Page 2 of 33
See accompanying notes to the consolidated financial statements.
Page 3 of 33
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
(UNAUDITED) CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE EARNINGS
| Three Months Ended | Six Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, | June 30, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| (In Millions, Except Per Share Data) | ||||||||||||
| Revenues | $ | 1,811 | $ | 1,764 | $ | 3,164 | $ | 3,015 | ||||
| Cost of revenues | 1,267 | 1,247 | 2,285 | 2,225 | ||||||||
| Gross Profit | 544 | 517 | 879 | 790 | ||||||||
| Selling, general and administrative expenses | 109 | 117 | 239 | 236 | ||||||||
| Acquisition, divestiture and integration expenses | 2 | 21 | 4 | 41 | ||||||||
| Other operating income, net | (25 | ) | (19 | ) | (16 | ) | (1,306 | ) | ||||
| Earnings from Operations | 458 | 398 | 652 | 1,819 | ||||||||
| Interest expense | 57 | 40 | 114 | 80 | ||||||||
| Other nonoperating income, net | (10 | ) | (14 | ) | (20 | ) | (46 | ) | ||||
| Earnings before income tax expense | 411 | 372 | 558 | 1,785 | ||||||||
| Income tax expense | 83 | 78 | 114 | 445 | ||||||||
| Consolidated net earnings | 328 | 294 | 444 | 1,340 | ||||||||
| Less: Net earnings attributable to noncontrolling interests | — | — | — | 1 | ||||||||
| Net Earnings Attributable to Martin Marietta | $ | 328 | $ | 294 | $ | 444 | $ | 1,339 | ||||
| Consolidated Comprehensive Earnings (See Note 1): | ||||||||||||
| Consolidated comprehensive earnings attributable to <br> Martin Marietta | $ | 331 | $ | 295 | $ | 448 | $ | 1,340 | ||||
| Comprehensive earnings attributable to noncontrolling <br> interests | — | — | — | 1 | ||||||||
| $ | 331 | $ | 295 | $ | 448 | $ | 1,341 | |||||
| Net Earnings Attributable to Martin Marietta | ||||||||||||
| Per Common Share: | ||||||||||||
| Basic attributable to common shareholders | $ | 5.44 | $ | 4.77 | $ | 7.33 | $ | 21.72 | ||||
| Diluted attributable to common shareholders | $ | 5.43 | $ | 4.76 | $ | 7.31 | $ | 21.66 | ||||
| Weighted-Average Common Shares Outstanding: | ||||||||||||
| Basic | 60.3 | 61.5 | 60.6 | 61.6 | ||||||||
| Diluted | 60.4 | 61.6 | 60.7 | 61.8 |
See accompanying notes to the consolidated financial statements.
Page 4 of 33
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
(UNAUDITED) CONSOLIDATED STATEMENTS OF CASH FLOWS
| Six Months Ended | ||||||
|---|---|---|---|---|---|---|
| June 30, | ||||||
| 2025 | 2024 | |||||
| (Dollars in Millions) | ||||||
| Cash Flows from Operating Activities: | ||||||
| Consolidated net earnings | $ | 444 | $ | 1,340 | ||
| Adjustments to reconcile consolidated net earnings to net cash<br> provided by operating activities: | ||||||
| Depreciation, depletion and amortization | 321 | 272 | ||||
| Stock-based compensation expense | 37 | 33 | ||||
| Gain on divestitures and sales of assets | (15 | ) | (1,336 | ) | ||
| Deferred income taxes, net | 9 | (90 | ) | |||
| Noncash asset and portfolio rationalization charge | — | 50 | ||||
| Other items, net | (6 | ) | (5 | ) | ||
| Changes in operating assets and liabilities, net of effects of <br> acquisitions and divestitures: | ||||||
| Accounts receivable, net | (226 | ) | (151 | ) | ||
| Inventories, net | (42 | ) | (63 | ) | ||
| Accounts payable | 48 | 40 | ||||
| Other assets and liabilities, net | 35 | 83 | ||||
| Net Cash Provided by Operating Activities | 605 | 173 | ||||
| Cash Flows from Investing Activities: | ||||||
| Additions to property, plant and equipment | (412 | ) | (339 | ) | ||
| Acquisitions, net of cash acquired | — | (2,538 | ) | |||
| Proceeds from divestitures and sales of assets | 18 | 2,121 | ||||
| Investments in limited liability companies | (44 | ) | — | |||
| Other investing activities, net | (14 | ) | (10 | ) | ||
| Net Cash Used for Investing Activities | (452 | ) | (766 | ) | ||
| Cash Flows from Financing Activities: | ||||||
| Payments on finance lease obligations | (12 | ) | (10 | ) | ||
| Dividends paid | (97 | ) | (92 | ) | ||
| Repurchases of common stock | (450 | ) | (450 | ) | ||
| Shares withheld for employees’ income tax obligations | (29 | ) | (28 | ) | ||
| Other financing activities, net | 1 | — | ||||
| Net Cash Used for Financing Activities | (587 | ) | (580 | ) | ||
| Net Decrease in Cash and Cash Equivalents | (434 | ) | (1,173 | ) | ||
| Cash, Cash Equivalents and Restricted Cash, beginning of period | 670 | 1,282 | ||||
| Cash, Cash Equivalents and Restricted Cash, end of period | $ | 236 | $ | 109 |
See accompanying notes to the consolidated financial statements.
Page 5 of 33
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
(UNAUDITED) CONSOLIDATED STATEMENTS OF TOTAL EQUITY
| (In Millions, Except Share and Per Share Data) | Common Stock | Additional Paid-in Capital | Accumulated <br>Other Comprehensive <br>Loss | Retained Earnings | Total Shareholders' Equity | Noncontrolling Interests | Total Equity | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at March 31, 2025 | 60,278,790 | $ | 1 | $ | 3,563 | $ | (12 | ) | $ | 5,529 | $ | 9,081 | $ | 3 | $ | 9,084 | |||||
| Consolidated net earnings | — | — | — | — | 328 | 328 | — | 328 | |||||||||||||
| Other comprehensive earnings, net of tax | — | — | — | 3 | — | 3 | — | 3 | |||||||||||||
| Dividends declared (0.79 per common share) | — | — | — | — | (48 | ) | (48 | ) | — | (48 | ) | ||||||||||
| Issuances of common stock for stock award plans | 26,949 | — | — | — | — | — | — | — | |||||||||||||
| Shares withheld for employees' income tax obligations | — | — | (7 | ) | — | — | (7 | ) | — | (7 | ) | ||||||||||
| Stock-based compensation expense | — | — | 6 | — | — | 6 | — | 6 | |||||||||||||
| Balance at June 30, 2025 | 60,305,739 | $ | 1 | $ | 3,562 | $ | (9 | ) | $ | 5,809 | $ | 9,363 | $ | 3 | $ | 9,366 | |||||
| Balance at December 31, 2024 | 61,126,646 | $ | 1 | $ | 3,550 | $ | (13 | ) | $ | 5,915 | $ | 9,453 | $ | 3 | $ | 9,456 | |||||
| Consolidated net earnings | — | — | — | — | 444 | 444 | — | 444 | |||||||||||||
| Other comprehensive earnings, net of tax | — | — | — | 4 | — | 4 | — | 4 | |||||||||||||
| Dividends declared (1.58 per common share) | — | — | — | — | (96 | ) | (96 | ) | — | (96 | ) | ||||||||||
| Issuances of common stock for stock award plans | 89,924 | — | 4 | — | — | 4 | — | 4 | |||||||||||||
| Shares withheld for employees' income tax obligations | — | — | (29 | ) | — | — | (29 | ) | — | (29 | ) | ||||||||||
| Repurchases of common stock | (910,831 | ) | — | — | — | (454 | ) | (454 | ) | — | (454 | ) | |||||||||
| Stock-based compensation expense | — | — | 37 | — | — | 37 | — | 37 | |||||||||||||
| Balance at June 30, 2025 | 60,305,739 | $ | 1 | $ | 3,562 | $ | (9 | ) | $ | 5,809 | $ | 9,363 | $ | 3 | $ | 9,366 |
All values are in US Dollars.
| (In Millions, Except Share and Per Share Data) | Common Stock | Additional Paid-in Capital | Accumulated <br>Other Comprehensive <br>Loss | Retained Earnings | Total Shareholders' Equity | Noncontrolling Interests | Total Equity | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at March 31, 2024 | 61,639,965 | $ | 1 | $ | 3,512 | $ | (49 | ) | $ | 5,411 | $ | 8,875 | $ | 2 | $ | 8,877 | ||||||
| Consolidated net earnings | — | — | — | — | 294 | 294 | — | 294 | ||||||||||||||
| Other comprehensive earnings, net of tax | — | — | — | 1 | — | 1 | — | 1 | ||||||||||||||
| Dividends declared (0.74 per common share) | — | — | — | — | (46 | ) | (46 | ) | — | (46 | ) | |||||||||||
| Issuances of common stock for stock award plans | 7,245 | — | — | — | — | — | — | — | ||||||||||||||
| Shares withheld for employees' income tax obligations | — | — | (1 | ) | — | — | (1 | ) | — | (1 | ) | |||||||||||
| Repurchases of common stock | (530,157 | ) | — | — | — | (303 | ) | (303 | ) | — | (303 | ) | ||||||||||
| Stock-based compensation expense | — | — | 18 | — | — | 18 | — | 18 | ||||||||||||||
| Balance at June 30, 2024 | 61,117,053 | $ | 1 | $ | 3,529 | $ | (48 | ) | $ | 5,356 | $ | 8,838 | $ | 2 | $ | 8,840 | ||||||
| Balance at December 31, 2023 | 61,821,421 | $ | 1 | $ | 3,519 | $ | (49 | ) | $ | 4,563 | $ | 8,034 | $ | 2 | $ | 8,036 | ||||||
| Consolidated net earnings | — | — | — | — | 1,339 | 1,339 | 1 | 1,340 | ||||||||||||||
| Other comprehensive earnings, net of tax | — | — | — | 1 | — | 1 | — | 1 | ||||||||||||||
| Dividends declared (1.48 per common share) | — | — | — | — | (92 | ) | (92 | ) | — | (92 | ) | |||||||||||
| Issuances of common stock for stock award plans | 81,390 | — | 5 | — | — | 5 | — | 5 | ||||||||||||||
| Shares withheld for employees' income tax obligations | — | — | (28 | ) | — | — | (28 | ) | — | (28 | ) | |||||||||||
| Repurchases of common stock | (785,758 | ) | — | — | — | (454 | ) | (454 | ) | — | (454 | ) | ||||||||||
| Stock-based compensation expense | — | — | 33 | — | — | 33 | — | 33 | ||||||||||||||
| Distributions to owners of noncontrolling interest | — | — | — | — | — | — | (1 | ) | (1 | ) | ||||||||||||
| Balance at June 30, 2024 | 61,117,053 | $ | 1 | $ | 3,529 | $ | (48 | ) | $ | 5,356 | $ | 8,838 | $ | 2 | $ | 8,840 |
All values are in US Dollars.
See accompanying notes to the consolidated financial statements.
Page 6 of 33
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
(UNAUDITED) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1.Significant Accounting Policies
Organization
Martin Marietta Materials, Inc. (the Company or Martin Marietta) is a natural resource-based building materials company. As of June 30, 2025, the Company supplies aggregates (crushed stone, sand and gravel) through its network of approximately 390 quarries, mines and distribution yards in 28 states, Canada and The Bahamas. Martin Marietta also provides cement and downstream products and services, namely, ready mixed concrete, asphalt and paving services, in vertically-integrated structured markets where the Company also has a leading aggregates position. The Company’s heavy-side building materials are used in infrastructure, nonresidential and residential construction projects. Aggregates are also used in agricultural, utility and environmental applications and as railroad ballast. The aggregates, cement and ready mixed concrete, asphalt and paving product lines are reported collectively as the Building Materials business.
The Company’s Building Materials business includes two reportable segments: East Group and West Group.
| BUILDING MATERIALS BUSINESS | ||
|---|---|---|
| Reportable Segments | East Group | West Group |
| Operating Locations | Alabama, Florida, Georgia, Indiana, <br>Iowa, Kansas, Kentucky, Maryland, <br>Minnesota, Missouri, <br>Nebraska, North Carolina, Ohio,<br>Pennsylvania, South Carolina, <br>Tennessee, Virginia, West Virginia, <br>Nova Scotia and The Bahamas | Arizona, Arkansas, California, Colorado, Louisiana, Oklahoma, Texas, Utah,<br>Washington and Wyoming |
| Product Lines | Aggregates and Asphalt | Aggregates, Cement and Ready Mixed Concrete, Asphalt and Paving Services |
The Company’s Magnesia Specialties business, which represents a separate reportable segment, has manufacturing facilities in Manistee, Michigan, and Woodville, Ohio. The Magnesia Specialties business produces magnesia-based products used in a wide range of industrial, agricultural and environmental applications, as well as dolomitic lime, which is primarily used as a fluxing agent in domestic steel production and as a key raw material in the Company's magnesia-based products. Dolomitic lime is also used in various other end use applications including soil stabilization.
Basis of Presentation and Use of Estimates
The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and in Article 10 of Regulation S-X. The Company has continued to follow the accounting policies set forth in the audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. In the opinion of management, the interim consolidated financial information provided herein reflects all adjustments, consisting of normal recurring accruals, necessary for a fair statement of the results of operations, financial position and cash flows for the interim periods. The consolidated results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results expected for other interim periods or the full year. The consolidated balance sheet at December 31, 2024 has been derived from the audited consolidated financial statements at that date but does not include all of the information and notes required by U.S. GAAP for complete
Page 7 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
(UNAUDITED) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
financial statements. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
The preparation of the Company’s consolidated financial statements requires management to make certain estimates and assumptions about future events. As future events and their effects cannot be fully determined with precision, actual results could differ significantly from estimates. Changes in estimates are reflected in the consolidated financial statements in the period in which the change in estimate occurs.
Restricted Cash
At June 30, 2025, the Company had restricted cash of $11 million, which was invested in an account designated for the purchase of like-kind exchange replacement assets under Section 1031 of the Internal Revenue Code and related IRS procedures (Section 1031). The Company is restricted from utilizing the cash for purposes other than the purchase of qualified assets for a designated period from receipt of the proceeds from the sale of the exchanged assets. There was no restricted cash at December 31, 2024.
The statements of cash flows reflect cash flow changes and balances for cash, cash equivalents and restricted cash on an aggregated basis. The following table reconciles cash, cash equivalents and restricted cash as reported on the consolidated balance sheets to the aggregated amounts presented on the consolidated statements of cash flows:
| June 30, | December 31, | |||
|---|---|---|---|---|
| 2025 | 2024 | |||
| (Dollars in Millions) | ||||
| Cash and cash equivalents | $ | 225 | $ | 670 |
| Restricted cash | 11 | — | ||
| Total cash, cash equivalents and restricted cash <br> presented in the consolidated statements of cash flows | $ | 236 | $ | 670 |
Consolidated Comprehensive Earnings and Accumulated Other Comprehensive Loss
Consolidated comprehensive earnings consist of consolidated net earnings, adjustments for the funded status of pension and postretirement benefit plans and foreign currency translation adjustments, and are presented in the Company’s consolidated statements of earnings and comprehensive earnings.
Consolidated comprehensive earnings attributable to Martin Marietta are as follows:
| Three Months Ended | Six Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
| June 30, | June 30, | |||||||
| 2025 | 2024 | 2025 | 2024 | |||||
| (Dollars in Millions) | ||||||||
| Net earnings attributable to Martin Marietta | $ | 328 | $ | 294 | $ | 444 | $ | 1,339 |
| Other comprehensive earnings, net of tax | 3 | 1 | 4 | 1 | ||||
| Consolidated comprehensive earnings <br> attributable to Martin Marietta | $ | 331 | $ | 295 | $ | 448 | $ | 1,340 |
Accumulated other comprehensive loss consists of unrecognized gains and losses related to the funded status of the pension and postretirement benefit plans and foreign currency translation adjustments and is presented on the Company’s consolidated balance sheets.
Page 8 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
(UNAUDITED) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
The components of the changes in accumulated other comprehensive loss, net of tax, are as follows:
| (Dollars in Millions) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Pension and<br>Postretirement Benefit Plans | Foreign Currency | Accumulated<br>Other Comprehensive<br>Loss | |||||||
| Three Months Ended June 30, 2025 | |||||||||
| Balance at beginning of period | $ | (8 | ) | $ | (4 | ) | $ | (12 | ) |
| Other comprehensive earnings before reclassifications, <br> net of tax | — | 2 | 2 | ||||||
| Amounts reclassified from accumulated other<br> comprehensive loss, net of tax | 1 | — | 1 | ||||||
| Other comprehensive earnings, net of tax | 1 | 2 | 3 | ||||||
| Balance at end of period | $ | (7 | ) | $ | (2 | ) | $ | (9 | ) |
| Three Months Ended June 30, 2024 | |||||||||
| Balance at beginning of period | $ | (47 | ) | $ | (2 | ) | $ | (49 | ) |
| Amounts reclassified from accumulated other <br> comprehensive loss, net of tax | 1 | — | 1 | ||||||
| Other comprehensive earnings, net of tax | 1 | — | 1 | ||||||
| Balance at end of period | $ | (46 | ) | $ | (2 | ) | $ | (48 | ) |
| (Dollars in Millions) | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Pension and<br>Postretirement Benefit Plans | Foreign Currency | Accumulated<br>Other Comprehensive<br>Loss | |||||||
| Six Months Ended June 30, 2025 | |||||||||
| Balance at beginning of period | $ | (9 | ) | $ | (4 | ) | $ | (13 | ) |
| Other comprehensive earnings before reclassifications, <br> net of tax | — | 2 | 2 | ||||||
| Amounts reclassified from accumulated other<br> comprehensive loss, net of tax | 2 | — | 2 | ||||||
| Other comprehensive earnings, net of tax | 2 | 2 | 4 | ||||||
| Balance at end of period | $ | (7 | ) | $ | (2 | ) | $ | (9 | ) |
| Six Months Ended June 30, 2024 | |||||||||
| Balance at beginning of period | $ | (48 | ) | $ | (1 | ) | $ | (49 | ) |
| Other comprehensive loss before reclassifications,<br> net of tax | — | (1 | ) | (1 | ) | ||||
| Amounts reclassified from accumulated other<br> comprehensive loss, net of tax | 2 | — | 2 | ||||||
| Other comprehensive earnings (loss), net of tax | 2 | (1 | ) | 1 | |||||
| Balance at end of period | $ | (46 | ) | $ | (2 | ) | $ | (48 | ) |
Page 9 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
(UNAUDITED) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
Changes in net noncurrent deferred tax assets related to accumulated other comprehensive loss are as follows:
| Pension and Postretirement Benefit Plans | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Three Months Ended | Six Months Ended | |||||||||
| June 30, | June 30, | |||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||
| (Dollars in Millions) | ||||||||||
| Balance at beginning of period | $ | 40 | $ | 53 | $ | 41 | $ | 54 | ||
| Tax effect of other comprehensive <br> earnings | — | — | (1 | ) | (1 | ) | ||||
| Balance at end of period | $ | 40 | $ | 53 | $ | 40 | $ | 53 |
Reclassifications out of accumulated other comprehensive loss are as follows:
| Three Months Ended | Six Months Ended | Affected line items in the consolidated | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, | June 30, | statements of earnings | ||||||||||
| 2025 | 2024 | 2025 | 2024 | and comprehensive earnings | ||||||||
| (Dollars in Millions) | ||||||||||||
| Pension and postretirement<br> benefit plans | ||||||||||||
| Amortization of prior service <br> cost | $ | 1 | $ | 2 | $ | 3 | $ | 3 | Other nonoperating income, net | |||
| Tax effect | — | (1 | ) | (1 | ) | (1 | ) | Income tax expense | ||||
| Total | $ | 1 | $ | 1 | $ | 2 | $ | 2 |
Earnings per Common Share
The numerator for basic and diluted earnings per common share is net earnings attributable to Martin Marietta. The denominator for basic earnings per common share is the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is computed assuming that the weighted-average number of common shares is increased by the conversion, using the treasury stock method, of awards to be issued to employees and nonemployee members of the Company’s Board of Directors under certain stock-based compensation arrangements if the conversion is dilutive.
The following table reconciles the denominator for basic and diluted earnings per common share:
| Three Months Ended | Six Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
| June 30, | June 30, | |||||||
| 2025 | 2024 | 2025 | 2024 | |||||
| (In Millions) | ||||||||
| Basic weighted-average common shares outstanding | 60.3 | 61.5 | 60.6 | 61.6 | ||||
| Effect of dilutive employee and director awards | 0.1 | 0.1 | 0.1 | 0.2 | ||||
| Diluted weighted-average common shares outstanding | 60.4 | 61.6 | 60.7 | 61.8 |
Page 10 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
(UNAUDITED) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
New Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on the rate reconciliation and income taxes paid. ASU 2023-09 requires public entities to disclose, on an annual basis, a tabular tax rate reconciliation using both percentages and currency amounts, disaggregated into specified categories. Certain reconciling items are further disaggregated by nature and jurisdiction to the extent those items exceed a specified threshold. Additionally, all entities are required to disclose income taxes paid, net of refunds received, disaggregated by federal, state/local, and foreign taxes and by individual jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. The ASU also requires additional qualitative disclosures. ASU 2023-09 is effective prospectively for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. The ASU will impact the Company's income tax disclosures beginning with the financial statements included in the 2025 Annual Report on Form 10-K, but will have no impact on its results of operations, cash flows or financial condition.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (DISE), which requires public entities to disaggregate any relevant expense caption presented on the face of the income statement within continuing operations into the following required natural expense categories, as applicable: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion and amortization recognized as part of oil- and gas-producing activities or other depletion expenses. These disclosures must be made in a tabular format in the footnotes to the financial statements. The new standard does not change the requirements for the presentation of expenses on the face of the statement of earnings. The ASU is effective prospectively for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, and early adoption and retrospective application are permitted. The ASU will impact the Company's expense disclosures beginning with the financial statements included in the 2027 Annual Report on Form 10-K, but will have no impact on its results of operations, cash flows or financial condition.
Reclassifications
Certain reclassifications have been made in the Company's financial statements of the prior year to conform to the current-year presentation. The reclassifications had no impact on the Company’s previously reported results of operations, financial condition or cash flows.
2.Business Combinations and Divestitures
Business Combinations
Revenues and pretax earnings attributable to operations acquired in the first six months of 2024 (as subsequently described) included in the Company's consolidated statements of earnings and comprehensive earnings were $83 million and $11 million, respectively, for the three months ended June 30, 2024, and $97 million and $12 million, respectively, for the six months ended June 30, 2024. The pretax earnings for both the quarter and year-to-date periods ended June 30, 2024 include a $20 million charge for the impact of selling acquired inventory after its markup to fair value as part of acquisition accounting for the Blue Water Industries LLC transaction.
Blue Water Industries LLC. 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 (BWI Southeast) for $2.05 billion in cash. The BWI Southeast acquisition complemented Martin Marietta’s existing geographic footprint in the southeast region by expanding into new growth platforms in target markets including Tennessee and South Florida. The results from the acquired operations are reported in the Company's East Group.
Page 11 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
(UNAUDITED) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
The Company determined the acquisition-date fair values of assets acquired and liabilities assumed. As of June 30, 2025, the measurement period is closed. The goodwill generated by the transaction is not deductible for income tax purposes.
The following is a summary of the values of the assets acquired and liabilities assumed as of April 5, 2024 (dollars in millions):
| Assets: | ||
|---|---|---|
| Inventories | $ | 47 |
| Property, plant and equipment 1 | 2,052 | |
| Intangible assets, other than goodwill | 19 | |
| Other assets | 2 | |
| Total assets | 2,120 | |
| Liabilities: | ||
| Deferred income taxes | 234 | |
| Asset retirement obligations | 3 | |
| Other liabilities | 95 | |
| Total liabilities | 332 | |
| Net identifiable assets acquired | 1,788 | |
| Goodwill | 262 | |
| Total consideration | $ | 2,050 |
1 Includes mineral reserves of $1.9 billion.
The following unaudited pro forma financial information summarizes the combined results of operations for the Company and BWI Southeast as though the companies were combined as of January 1, 2023 and does not purport to project the future financial position or operating results of the combined company. The following pro forma financial information is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place as of January 1, 2023:
| Three Months Ended | Six Months Ended | |||
|---|---|---|---|---|
| June 30, 2024 | ||||
| (Dollars in Millions) | ||||
| Revenues | $ | 1,764 | $ | 3,067 |
| Net earnings from continuing operations <br> attributable to Martin Marietta | $ | 324 | $ | 1,373 |
Albert Frei & Sons, Inc. On January 12, 2024, the Company acquired Albert Frei & Sons, Inc., a leading aggregates producer in Colorado. This acquisition provided more than 60 years of high-quality, hard rock reserves to better serve new and existing customers and enhances the Company's aggregates platform in the Denver metropolitan area. As of December 31, 2024, the measurement period was closed. The goodwill generated by the transaction is not deductible for income tax purposes. The acquisition is reported in the Company's West Group and is immaterial for other business combination disclosures, including pro-forma results of operations.
Youngquist Brothers Rock, LLC. On October 25, 2024, the Company completed the acquisition of Youngquist Brothers Rock, LLC (YBR), a leading aggregates supplier in the Fort Myers, Florida area. This acquisition allows the Company to serve new and existing customers and enhances the Company's aggregates platform in South Florida. The Company has recorded preliminary fair values of the assets acquired and liabilities assumed, which are subject to additional
Page 12 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
(UNAUDITED) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
reviews that are not yet complete. Thus, these amounts are subject to change during the measurement period, which extends no longer than one year from the consummation date, and remains open as of June 30, 2025. Specific accounts subject to ongoing purchase accounting adjustments, include, but are not limited to, property, plant and equipment; goodwill; and other liabilities. The goodwill generated by the transaction is deductible for income tax purposes. The acquisition is reported in the Company's East Group and is immaterial for other business combination disclosures, including pro-forma results of operations.
R.E. Janes Gravel Co. On December 13, 2024, the Company acquired R.E. Janes Gravel Co. (RE Janes), an aggregates bolt-on in Texas. The Company has recorded preliminary fair values of the assets acquired and liabilities assumed, which are subject to additional reviews that are not yet complete. Thus, these amounts are subject to change during the measurement period, which extends no longer than one year from the consummation date, and remains open as of June 30, 2025. Specific accounts subject to ongoing purchase accounting adjustments, include, but are not limited to, property, plant and equipment; goodwill; and other liabilities. The goodwill generated by the transaction is deductible for income tax purposes. The acquisition is reported in the Company's West Group and is immaterial for other business combination disclosures, including pro-forma results of operations.
Divestitures
On February 9, 2024, the Company completed the sale of its South Texas cement business and certain of its related ready mixed concrete operations to CRH Americas Materials, Inc., a subsidiary of CRH plc, for $2.1 billion in cash plus normal customary closing adjustments. Specifically, the divested facilities included the Hunter cement plant in New Braunfels, Texas, related cement distribution terminals and 20 ready mixed concrete plants that served the Austin and San Antonio region. The divestiture provided proceeds the Company used to consummate the BWI Southeast acquisition. The transaction resulted in a pretax gain of $1.3 billion, which is included in Other operating (income) expense, net, on the Company's consolidated statement of earnings and comprehensive earnings for the six months ended June 30, 2024 and is exclusive of transaction expenses incurred due to the divestiture. The divested operations and the gain on divestiture were reported in the West Group.
Subsequent Events
On July 25, 2025, the Company acquired Premier Magnesia, LLC (Premier), a privately-owned producer and distributor of magnesia-based products, using cash on hand and credit facility borrowings. Premier is the largest producer of natural magnesite and magnesium sulfate, or Epsom salt, in the United States, with facilities in Nevada, North Carolina, Indiana and Pennsylvania. This transaction expands the Company's product offerings to new and existing customers and enhances the Company's Magnesia Specialties business. The Company is in the process of determining the acquisition-date fair values of assets acquired and liabilities assumed.
On August 3, 2025, the Company entered into a definitive agreement with Quikrete Holdings, Inc. (Quikrete) for the exchange of certain assets. Under the terms of the agreement, Martin Marietta will receive aggregates operations producing approximately 20 million tons annually in Virginia, Missouri, Kansas and Vancouver, British Columbia, as well as $450 million of cash. In exchange, Quikrete will receive the Company’s Midlothian cement plant, related cement terminals and North Texas ready mixed concrete assets. The transaction is expected to close in the first quarter of 2026, subject to regulatory approvals and other customary closing conditions.
Page 13 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
(UNAUDITED) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
3.Goodwill
The following table shows the changes in goodwill by reportable segment and in total:
| East | West | |||||
|---|---|---|---|---|---|---|
| Group | Group | Total | ||||
| (Dollars in Millions) | ||||||
| Balance at January 1, 2025 | $ | 1,031 | $ | 2,736 | $ | 3,767 |
| Adjustments to purchase price allocations | — | 10 | 10 | |||
| Balance at June 30, 2025 | $ | 1,031 | $ | 2,746 | $ | 3,777 |
4.Inventories, Net
| June 30, | December 31, | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| (Dollars in Millions) | ||||||
| Finished products | $ | 1,395 | $ | 1,327 | ||
| Products in process | 27 | 24 | ||||
| Raw materials | 88 | 65 | ||||
| Supplies and expendable parts | 165 | 162 | ||||
| Total inventories | 1,675 | 1,578 | ||||
| Less: allowances | (520 | ) | (463 | ) | ||
| Inventories, net | $ | 1,155 | $ | 1,115 |
5.Debt
| June 30, | December 31, | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| (Dollars in Millions) | ||||||
| 7% Debentures, due 2025 | 125 | 125 | ||||
| 3.450% Senior Notes, due 2027 | 299 | 299 | ||||
| 3.500% Senior Notes, due 2027 | 493 | 493 | ||||
| 2.500% Senior Notes, due 2030 | 473 | 472 | ||||
| 2.400% Senior Notes, due 2031 | 891 | 890 | ||||
| 5.150% Senior Notes, due 2034 | 738 | 738 | ||||
| 6.25% Senior Notes, due 2037 | 228 | 228 | ||||
| 4.250% Senior Notes, due 2047 | 591 | 591 | ||||
| 3.200% Senior Notes, due 2051 | 851 | 851 | ||||
| 5.500% Senior Notes, due 2054 | 727 | 726 | ||||
| Total debt | 5,416 | 5,413 | ||||
| Less: current maturities | (125 | ) | (125 | ) | ||
| Long-term debt | $ | 5,291 | $ | 5,288 |
Page 14 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
(UNAUDITED) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
The Company has a credit agreement with JPMorgan Chase Bank, N.A., as Administrative Agent, Deutsche Bank Securities, Inc., PNC Bank, Truist Bank and Wells Fargo Bank, N.A., as Syndication Agents, and the lenders party thereto (the Credit Agreement), which provides for an $800 million five-year senior unsecured revolving facility (the Revolving Facility) with a maturity date of December 21, 2029. Borrowings under the Revolving Facility bear interest, at the Company’s option, at rates based upon the Secured Overnight Financing Rate (SOFR) or a base rate, plus, for each rate, a margin determined in accordance with a ratings-based pricing grid. Any outstanding principal amounts, together with interest accrued thereon, are due in full on that maturity date. There were no borrowings outstanding under the Revolving Facility as of June 30, 2025 and December 31, 2024. Available borrowings under the Revolving Facility are reduced by any outstanding letters of credit issued by the Company under the Revolving Facility. At June 30, 2025 and December 31, 2024, the Company had $3 million of outstanding letters of credit issued under the Revolving Facility.
The Credit Agreement requires the Company’s ratio of consolidated net debt-to-consolidated earnings before interest, taxes, depreciation, depletion and amortization (EBITDA), as defined, for the trailing-twelve months (the Ratio) to not exceed 3.50x as of the end of any fiscal quarter, provided that the Company may exclude from the Ratio any debt incurred in connection with certain acquisitions during the quarter or three preceding quarters so long as the Ratio calculated without such exclusion does not exceed 4.00x. Additionally, if no amounts are outstanding under the Revolving Facility or the Company's trade receivable securitization facility (discussed below), consolidated debt, as defined, which includes debt for which the Company is a guarantor, shall be reduced in an amount equal to the lesser of $500 million or the sum of the Company’s unrestricted cash and temporary investments, for purposes of the covenant calculation. The Company was in compliance with the Ratio at June 30, 2025.
The Company, through a wholly-owned special-purpose subsidiary, has a $400 million trade receivable securitization facility (the Trade Receivable Facility) that matures on September 17, 2025. The Trade Receivable Facility, with Truist Bank, Regions Bank, First-Citizens Bank & Trust Company, and certain other lenders that may become a party to the facility from time to time, is backed by eligible trade receivables, as defined. Borrowings are limited to the lesser of the facility limit or the borrowing base, as defined. These receivables are originated by the Company and then sold or contributed to the wholly-owned, special-purpose subsidiary. The Company continues to be responsible for the servicing and administration of the receivables purchased by the wholly-owned, special-purpose subsidiary. Borrowings under the Trade Receivable Facility bear interest at a rate equal to the Adjusted Term Secured Overnight Financing Rate (Adjusted Term SOFR), as defined, plus 0.8%. The Trade Receivable Facility contains a cross-default provision to the Company’s other debt agreements. Subject to certain conditions, including lenders providing the requisite commitments, the Trade Receivable Facility may be increased to a borrowing base not to exceed $500 million. There were no borrowings outstanding under the Trade Receivable Facility as of June 30, 2025 and December 31, 2024.
6.Financial Instruments
The Company’s financial instruments include temporary cash investments, restricted cash, accounts receivable, accounts payable, publicly-registered long-term notes and debentures.
Temporary cash investments are placed primarily in money market funds, money market demand deposit accounts and Eurodollar time deposit accounts with financial institutions. The Company’s cash equivalents have maturities of less than three months. Due to the short maturity of these investments, they are carried on the consolidated balance sheets at cost, which approximates fair value.
Restricted cash at June 30, 2025 is held in a trust account with a third-party intermediary. Due to the short-term nature of this account, the carrying value of restricted cash approximates its fair value.
Page 15 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
(UNAUDITED) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
Accounts receivable are due from a large number of customers, primarily in the construction industry, and are dispersed across wide geographic and economic regions. However, accounts receivable are more heavily concentrated in certain states, namely Texas, North Carolina, Colorado, California, Georgia, Florida, Minnesota, Arizona, South Carolina, and Iowa. The carrying values of accounts receivable approximate their fair values.
Accounts payable represent amounts owed to suppliers and vendors. The estimated carrying value of accounts payable approximates its fair value due to the short-term nature of the payables.
The carrying value and fair value of the Company’s debt were $5.4 billion and $4.9 billion, respectively, at June 30, 2025 and $5.4 billion and $4.8 billion, respectively, at December 31, 2024. The estimated fair value of the Company’s publicly-registered long-term debt was estimated based on Level 1 of the fair value hierarchy using quoted market prices.
7.Income Taxes
The Company's effective income tax rate reflects the effect of federal and state income taxes on earnings and the impact of differences in book and tax accounting arising primarily from the permanent tax benefits associated with the statutory depletion deduction for mineral reserves. The effective income tax rates were 20.5% and 25.0% for the six months ended June 30, 2025 and 2024, respectively. The higher 2024 effective income tax rate versus 2025 was driven by the impact of the February 2024 divestiture of the South Texas cement business and certain related ready mixed concrete operations, which reflected the write off of certain nondeductible goodwill and was treated as a discrete tax event.
The Company invests in renewable energy investment entities which qualify for tax credits and other tax benefits (RETC projects) and are accounted for under the proportional amortization method. For the six months ended June 30, 2025, the Company's annualized effective tax rate includes the proportional amortization of these investments of $46 million, offset by $42 million of tax credits and $8 million of other tax benefits. The proportional amortization and related tax credits and benefits for the six months ended June 30, 2024 were immaterial.
As of June 30, 2025, the Company has committed to equity contributions of $45 million for tax equity investments related to RETC projects. These commitments, which are expected to be paid in 2025, are recorded in Other current liabilities on the consolidated balance sheet. On July 1, 2025, the Company entered into an agreement to invest an additional $45 million for RETC projects by the end of 2025.
The Internal Revenue Service has provided certain disaster tax relief for North Carolina businesses affected by Hurricanes Debby and Helene, which allows the Company to defer estimated federal and certain state income, payroll and excise tax payments for the period from August 2024 through September 2025. The deferred obligation will be due September 25, 2025. The Company had deferred income tax payments of $150 million under this provision as of June 30, 2025.
On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (OBBBA) that, among other provisions, makes 100% bonus depreciation permanent, restores the ability to expense domestic research expenditures, and modifies the taxation of foreign earnings. The OBBBA is not expected to have a material impact on the Company’s annual estimated income tax rate, but will result in a reclassification between current taxes payable and deferred tax liabilities which will be reflected in the period ending September 30, 2025.
Page 16 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
(UNAUDITED) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
8.Pension Benefits
The net periodic benefit cost for pension benefits includes the following components:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||||||
| (Dollars in Millions) | ||||||||||||
| Service cost | $ | 9 | $ | 10 | $ | 18 | $ | 19 | ||||
| Interest cost | 14 | 15 | 29 | 28 | ||||||||
| Expected return on assets | (20 | ) | (21 | ) | (41 | ) | (39 | ) | ||||
| Amortization of: | ||||||||||||
| Prior service cost | 1 | 2 | 3 | 3 | ||||||||
| Actuarial loss | — | — | 1 | — | ||||||||
| Net periodic benefit cost | $ | 4 | $ | 6 | $ | 10 | $ | 11 |
The components of net periodic benefit cost, other than service cost, are included in the line item Other nonoperating income, net, in the consolidated statements of earnings and comprehensive earnings. Based on the roles of the employees, service cost is included in the Cost of revenues or Selling, general and administrative expenses line items in the consolidated statements of earnings and comprehensive earnings.
9.Commitments and Contingencies
Legal and Administrative Proceedings
The Company is engaged in certain legal and administrative proceedings incidental to its normal business activities, including proceedings relating to environmental matters. The Company considers various factors in assessing the probable outcome of each matter, including but not limited to the nature of existing legal proceedings and claims, the asserted or possible damages, the jurisdiction and venue of the case and whether it is a jury trial, the progress of the case, existing law and precedent, the opinions or views of legal counsel and other advisers, the Company’s experience in similar cases and the experience of other companies, the facts available to the Company at the time of assessment, and how the Company intends to respond to the proceeding or claim. The Company’s assessment of these factors may change over time as proceedings or claims progress. The Company believes the probability is remote that the outcome of any currently pending legal or administrative proceeding will result in a material loss to the Company's financial condition, results of operations or cash flows, as a whole, based on currently available facts.
Letters of Credit
In the normal course of business, the Company provides certain third parties with standby letter of credit agreements guaranteeing its payment for certain insurance claims, contract performance and permit requirements. At June 30, 2025, the Company was contingently liable for $32 million in letters of credit.
10.Segments
The Building Materials business is comprised of four divisions that represent individual operating segments. These operating segments are consolidated into two reportable segments, the East Group and the West Group, for financial reporting purposes, as they meet the aggregation criteria. The Magnesia Specialties business represents an individual operating and reportable segment.
Page 17 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
(UNAUDITED) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
The Company’s Chief Operating Decision Maker (CODM) is the Chair, President and Chief Executive Officer. The CODM reviews results by reportable segment on a quarterly basis and allocates resources to achieve the Company’s strategic objectives based on an evaluation of each reportable segment’s performance. This evaluation is largely based on segment earnings from operations, as management believes this is the best metric of segment profitability and operating performance. Segment earnings from operations is also a measure in the determination of incentive compensation targets and awards. Segment earnings from operations includes revenues less cost of revenues; selling, general and administrative expenses; other operating income and expenses, net; and exclude interest income and expense; other nonoperating income and expenses, net; and income tax expense.
The significant expense categories shown below align with the segment-level information regularly provided to the CODM. Other costs of revenues for each reportable segment mainly include repairs and maintenance, contract services, supplies and royalties.
Corporate loss from operations primarily includes depreciation and amortization; expenses for corporate administrative functions; acquisition, divestiture and integration expenses; and other nonrecurring income and expenses not attributable to operations of the Company's operating segments.
The following tables display selected financial data for the Company’s reportable segments. Revenues, as presented on the consolidated statements of earnings and comprehensive earnings, reflect the elimination of intersegment revenues, which represent sales from one segment to another segment and are immaterial. Income tax expense is not allocated to the Company's reportable segments.
Earnings from operations for the West Group for the six months ended June 30, 2024 included a $1.3 billion gain and $16 million in transaction expenses on the divestiture of the South Texas cement business and certain of its related ready mixed concrete operations (see Note 2) and a noncash asset and portfolio rationalization charge of $50 million (see Note 13).
| Three Months Ended June 30, 2025 | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in Millions) | |||||||||||||||||
| East Group | West Group | Magnesia Specialties | Total Reportable Segments | Corporate | Total | ||||||||||||
| Segment Revenues | $ | 868 | $ | 853 | $ | 90 | $ | 1,811 | $ | — | $ | 1,811 | |||||
| Less: | |||||||||||||||||
| Labor and benefits expense | 108 | 105 | 10 | 223 | — | 223 | |||||||||||
| Raw materials expense | 21 | 112 | 5 | 138 | — | 138 | |||||||||||
| Depreciation, depletion and amortization <br> expense | 80 | 73 | 4 | 157 | 1 | 158 | |||||||||||
| Energy expense | 38 | 37 | 8 | 83 | — | 83 | |||||||||||
| External freight expense | 32 | 60 | 9 | 101 | — | 101 | |||||||||||
| Other costs of revenues | 285 | 253 | 18 | 556 | 8 | 564 | |||||||||||
| Selling, general and administrative expenses | 40 | 49 | 5 | 94 | 15 | 109 | |||||||||||
| Acquisition, divestiture and integration <br> expenses | — | — | — | — | 2 | 2 | |||||||||||
| Other operating income, net | (2 | ) | (1 | ) | — | (3 | ) | (22 | ) | (25 | ) | ||||||
| Segment Earnings (Loss) from Operations | $ | 266 | $ | 165 | $ | 31 | $ | 462 | $ | (4 | ) | $ | 458 | ||||
| Interest expense | 57 | ||||||||||||||||
| Other nonoperating income, net | (10 | ) | |||||||||||||||
| Consolidated earnings before income tax expense | $ | 411 |
Page 18 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
(UNAUDITED) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
| Three Months Ended June 30, 2024 | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in Millions) | |||||||||||||||||
| East Group | West Group | Magnesia Specialties | Total Reportable Segments | Corporate | Total | ||||||||||||
| Segment Revenues | $ | 823 | $ | 860 | $ | 81 | $ | 1,764 | $ | — | $ | 1,764 | |||||
| Less: | |||||||||||||||||
| Labor and benefits expense | 103 | 102 | 9 | 214 | — | 214 | |||||||||||
| Raw materials expense | 23 | 129 | 5 | 157 | — | 157 | |||||||||||
| Depreciation, depletion and amortization <br> expense | 65 | 64 | 4 | 133 | 1 | 134 | |||||||||||
| Energy expense | 40 | 37 | 8 | 85 | — | 85 | |||||||||||
| External freight expense | 32 | 58 | 8 | 98 | — | 98 | |||||||||||
| Other costs of revenues | 277 | 252 | 20 | 549 | 10 | 559 | |||||||||||
| Selling, general and administrative expenses | 35 | 46 | 5 | 86 | 31 | 117 | |||||||||||
| Acquisition, divestiture and integration <br> expenses | — | 1 | — | 1 | 20 | 21 | |||||||||||
| Other operating income, net | (1 | ) | — | (3 | ) | (4 | ) | (15 | ) | (19 | ) | ||||||
| Segment Earnings (Loss) from Operations | $ | 249 | $ | 171 | $ | 25 | $ | 445 | $ | (47 | ) | $ | 398 | ||||
| Interest expense | 40 | ||||||||||||||||
| Other nonoperating income, net | (14 | ) | |||||||||||||||
| Consolidated earnings before income tax expense | $ | 372 | |||||||||||||||
| Six Months Ended June 30, 2025 | |||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||
| (Dollars in Millions) | |||||||||||||||||
| East Group | West Group | Magnesia Specialties | Total Reportable Segments | Corporate | Total | ||||||||||||
| Segment Revenues | $ | 1,466 | $ | 1,520 | $ | 178 | $ | 3,164 | $ | — | $ | 3,164 | |||||
| Less: | |||||||||||||||||
| Labor and benefits expense | 200 | 200 | 21 | 421 | — | 421 | |||||||||||
| Raw materials expense | 22 | 188 | 10 | 220 | — | 220 | |||||||||||
| Depreciation, depletion and amortization <br> expense | 152 | 140 | 8 | 300 | 2 | 302 | |||||||||||
| Energy expense | 69 | 69 | 17 | 155 | — | 155 | |||||||||||
| External freight expense | 51 | 111 | 17 | 179 | — | 179 | |||||||||||
| Other costs of revenues | 475 | 494 | 31 | 1,000 | 8 | 1,008 | |||||||||||
| Selling, general and administrative expenses | 81 | 101 | 10 | 192 | 47 | 239 | |||||||||||
| Acquisition, divestiture and integration <br> expenses | — | — | — | — | 4 | 4 | |||||||||||
| Other operating (income) expense, net | (2 | ) | 3 | — | 1 | (17 | ) | (16 | ) | ||||||||
| Segment Earnings (Loss) from Operations | $ | 418 | $ | 214 | $ | 64 | $ | 696 | $ | (44 | ) | $ | 652 | ||||
| Interest expense | 114 | ||||||||||||||||
| Other nonoperating income, net | (20 | ) | |||||||||||||||
| Consolidated earnings before income<br> tax expense | $ | 558 |
Page 19 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
(UNAUDITED) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
| Six Months Ended June 30, 2024 | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in Millions) | ||||||||||||||||||
| East Group | West Group | Magnesia Specialties | Total Reportable Segments | Corporate | Total | |||||||||||||
| Segment Revenues | $ | 1,349 | $ | 1,505 | $ | 161 | $ | 3,015 | $ | — | $ | 3,015 | ||||||
| Less: | ||||||||||||||||||
| Labor and benefits expense | 192 | 201 | 19 | 412 | — | 412 | ||||||||||||
| Raw materials expense | 23 | 208 | 10 | 241 | — | 241 | ||||||||||||
| Depreciation, depletion and amortization <br> expense | 114 | 127 | 7 | 248 | 2 | 250 | ||||||||||||
| Energy expense | 71 | 71 | 16 | 158 | — | 158 | ||||||||||||
| External freight expense | 52 | 103 | 15 | 170 | — | 170 | ||||||||||||
| Other costs of revenues | 454 | 488 | 38 | 980 | 14 | 994 | ||||||||||||
| Selling, general and administrative expenses | 69 | 95 | 10 | 174 | 62 | 236 | ||||||||||||
| Acquisition, divestiture and integration <br> expenses | — | 16 | — | 16 | 25 | 41 | ||||||||||||
| Other operating income, net | (4 | ) | (1,274 | ) | (2 | ) | (1,280 | ) | (26 | ) | (1,306 | ) | ||||||
| Segment Earnings (Loss) from Operations | $ | 378 | $ | 1,470 | $ | 48 | $ | 1,896 | $ | (77 | ) | $ | 1,819 | |||||
| Interest expense | 80 | |||||||||||||||||
| Other nonoperating income, net | (46 | ) | ||||||||||||||||
| Consolidated earnings before income tax expense | $ | 1,785 |
Assets employed by segment include assets directly identified with those operations. Corporate assets consist primarily of cash and cash equivalents; property, plant and equipment for corporate operations; and other assets not directly identifiable with a reportable segment.
| June 30, | December 31, | |||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Assets employed: | (Dollars in Millions) | |||
| East Group | $ | 8,711 | $ | 8,452 |
| West Group | 7,965 | 7,941 | ||
| Magnesia Specialties | 291 | 269 | ||
| Total reportable segments | 16,967 | 16,662 | ||
| Corporate | 1,103 | 1,508 | ||
| Total | $ | 18,070 | $ | 18,170 |
| Six Months Ended | ||||
| --- | --- | --- | --- | --- |
| June 30, | ||||
| 2025 | 2024 | |||
| Total property additions, including the impact of acquisitions: | (Dollars in Millions) | |||
| East Group | $ | 192 | $ | 2,063 |
| West Group | 117 | 605 | ||
| Magnesia Specialties | 16 | 16 | ||
| Total reportable segments | 325 | 2,684 | ||
| Corporate | 11 | 8 | ||
| Total | $ | 336 | $ | 2,692 |
Page 20 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
(UNAUDITED) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
| Six Months Ended | ||||
|---|---|---|---|---|
| June 30, | ||||
| 2025 | 2024 | |||
| Property additions through business combinations: | (Dollars in Millions) | |||
| East Group | $ | — | $ | 1,961 |
| West Group | — | 472 | ||
| Total reportable segments | — | 2,433 | ||
| Corporate | — | — | ||
| Total | $ | — | $ | 2,433 |
11.Revenues and Gross Profit
The following tables, which are reconciled to consolidated amounts, provide revenues and gross profit (loss) by line of business: Building Materials (further divided by product line) and Magnesia Specialties. Interproduct revenues represent sales from the aggregates product line to the cement and ready mixed concrete and asphalt and paving product lines.
| Three Months Ended | Six Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, | June 30, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| (Dollars in Millions) | ||||||||||||
| Revenues: | ||||||||||||
| Building Materials business: | ||||||||||||
| Aggregates | $ | 1,320 | $ | 1,242 | $ | 2,322 | $ | 2,127 | ||||
| Cement and ready mixed concrete | 245 | 261 | 477 | 526 | ||||||||
| Asphalt and paving services | 228 | 245 | 308 | 303 | ||||||||
| Less: interproduct revenues | (72 | ) | (65 | ) | (121 | ) | (102 | ) | ||||
| Total Building Materials business | 1,721 | 1,683 | 2,986 | 2,854 | ||||||||
| Magnesia Specialties | 90 | 81 | 178 | 161 | ||||||||
| Total | $ | 1,811 | $ | 1,764 | $ | 3,164 | $ | 3,015 | ||||
| Gross profit (loss): | ||||||||||||
| Building Materials business: | ||||||||||||
| Aggregates | $ | 430 | $ | 392 | $ | 726 | $ | 632 | ||||
| Cement and ready mixed concrete | 54 | 72 | 78 | 103 | ||||||||
| Asphalt and paving services | 33 | 37 | 11 | 15 | ||||||||
| Total Building Materials business | 517 | 501 | 815 | 750 | ||||||||
| Magnesia Specialties | 36 | 27 | 74 | 56 | ||||||||
| Corporate | (9 | ) | (11 | ) | (10 | ) | (16 | ) | ||||
| Total | $ | 544 | $ | 517 | $ | 879 | $ | 790 |
Page 21 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
(UNAUDITED) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
Performance Obligations. Performance obligations are contractual promises to transfer or provide a distinct good or service for a stated price. The Company’s product sales agreements are single-performance obligations that are satisfied at a point in time. Performance obligations within paving service agreements are satisfied over time, primarily ranging from one day to two years. Customer payments for the paving operations are based on a contractual billing schedule and are typically "paid-when-paid", meaning the Company is paid once the customer is paid.
Future revenues from unsatisfied performance obligations at June 30, 2025 and 2024 were $252 million and $377 million, respectively, where the remaining periods to complete these obligations ranged from one month to 30 months and one month to 18 months, respectively.
Service Revenues. Service revenues were $102 million and $117 million for the three months ended June 30, 2025 and 2024, respectively, and reported in the West Group. Service revenues for the six months ended June 30, 2025 and 2024 were $137 million and $143 million, respectively. Service revenues include paving services located in California through its April 2025 divestiture date and Colorado.
12.Supplemental Cash Flow Information
Noncash investing and financing activities are as follows:
| Six Months Ended | |||||
|---|---|---|---|---|---|
| June 30, | |||||
| 2025 | 2024 | ||||
| (Dollars in Millions) | |||||
| Accrued liabilities for purchases of property, plant and equipment | $ | 61 | $ | 49 | |
| Right-of-use assets obtained in exchange for new <br> operating lease liabilities | $ | 42 | $ | 43 | |
| Right-of-use assets obtained in exchange for<br> new finance lease liabilities | $ | 16 | $ | 9 | |
| Remeasurement of finance lease right-of-use assets | $ | 50 | $ | 25 | |
| Remeasurement of operating lease right-of-use assets | $ | (1 | ) | $ | 3 |
| Accrued benefits on life insurance contracts | $ | 5 | $ | — |
Supplemental disclosures of cash flow information are as follows:
| Six Months Ended | ||||
|---|---|---|---|---|
| June 30, | ||||
| 2025 | 2024 | |||
| (Dollars in Millions) | ||||
| Cash paid for interest, net of capitalized amount | $ | 115 | $ | 76 |
| Cash paid for income taxes, net of refunds | $ | 32 | $ | 374 |
Page 22 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
(UNAUDITED) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
13.Other Operating (Expense) Income, Net
Other operating income, net, is comprised generally of gains and losses on divestitures and the sale of assets; asset and portfolio rationalization charges; recoveries and losses related to certain customer accounts receivable; recoveries and losses on the resolution of contingency accruals; rental, royalty and services income; and accretion expense and depreciation expense related to asset retirement obligations. For the six months ended June 30, 2024, other operating income, net, included a $1.3 billion pretax gain on the divestiture of the South Texas cement business and certain of its related ready mixed concrete operations, which was partially offset by a $50 million pretax, noncash asset and portfolio rationalization charge.
The noncash asset and portfolio rationalization charge for the six months ended June 30, 2024 relates to the Company's decision to discontinue usage of certain long-haul distribution facilities to transport aggregates products into Colorado as the Albert Frei & Sons, Inc. acquisition completed in January 2024 provides more economical, local aggregates supply. This charge, which is reported in the West Group, reflects the Company's evaluation of the recoverability of certain long-lived assets, including property, plant and equipment and operating lease right-of-use assets, for the cessation of these railroad operations.
Page 23 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
OVERVIEW
Martin Marietta Materials, Inc. (the Company or Martin Marietta) is a natural resource-based building materials company. As of June 30, 2025, the Company supplies aggregates (crushed stone, sand and gravel) through its network of approximately 390 quarries, mines and distribution yards in 28 states, Canada and The Bahamas. Martin Marietta also provides cement and downstream products, namely, ready mixed concrete, asphalt and paving services, in certain vertically-integrated structured markets where the Company has a leading aggregates position. The Company’s heavy-side building materials are used in infrastructure, nonresidential and residential construction projects. Aggregates are also used in agricultural, utility and environmental applications and as railroad ballast. The aggregates, cement and ready mixed concrete and asphalt and paving product lines are reported collectively as the Building Materials business.
The Company’s Building Materials business includes two reportable segments: East Group and West Group.
| BUILDING MATERIALS BUSINESS | ||
|---|---|---|
| Reportable Segments | East Group | West Group |
| Operating Locations | Alabama, Florida, Georgia, Indiana, Iowa,<br>Kansas, Kentucky, Maryland,<br>Minnesota, Missouri, Nebraska, <br>North Carolina, Ohio, Pennsylvania,<br>South Carolina, Tennessee, Virginia,<br>West Virginia, Nova Scotia and The Bahamas | Arizona, Arkansas, California, Colorado, Louisiana, Oklahoma, Texas, Utah,<br>Washington and Wyoming |
| Product Lines | Aggregates and Asphalt | Aggregates, Cement and Ready<br><br>Mixed Concrete, Asphalt and Paving Services |
| Facility Types | Quarries, Mines, Asphalt Plants and<br><br>Distribution Facilities | Quarries, Cement Plant, Asphalt Plants, Ready Mixed Concrete Plants and<br><br>Distribution Facilities |
| Modes of Transportation | Truck, Railcar, Ship and Barge | Truck and Railcar |
The Building Materials business is significantly affected by weather patterns, seasonal changes and other climate-related conditions. Production and shipment levels for aggregates, cement, ready mixed concrete and asphalt materials correlate with general construction activity levels, most of which occur in the spring, summer and fall. Thus, production and shipment levels vary by quarter. Excessive rainfall, drought, wildfire and extreme hot and cold temperatures can also jeopardize production, shipments and profitability in all markets served by the Company. Due to the potentially significant impact of weather on the Company’s operations, current-period results are not necessarily indicative of expected performance for other interim periods or the full year.
The Company has a Magnesia Specialties business with manufacturing facilities in Manistee, Michigan, and Woodville, Ohio. The Magnesia Specialties business produces magnesia-based products used in a wide range of industrial, agricultural and environmental applications, as well as dolomitic lime, which is primarily used as a fluxing agent in domestic steel production and as a key raw material in the Company's magnesia-based products. Dolomitic lime is also used in various other end use applications including soil stabilization.
Page 24 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
(Continued)
CRITICAL ACCOUNTING POLICIES
The Company outlined its critical accounting policies in its Annual Report on Form 10-K for the year ended December 31, 2024. There were no changes to the Company’s critical accounting policies during the six months ended June 30, 2025.
RESULTS OF OPERATIONS
Earnings before interest; income taxes; depreciation, depletion and amortization; earnings/loss from nonconsolidated equity affiliates; acquisition, divestiture and integration expenses; the impact of selling acquired inventory after its markup to fair value as part of acquisition accounting (the Inventory Markup); nonrecurring gain on divestiture; and noncash asset and portfolio rationalization charge, or Adjusted EBITDA, is an indicator used by the Company and investors to evaluate the Company’s operating performance from period to period. The Company has elected to add back, for purposes of its Adjusted EBITDA calculation, acquisition, divestiture and integration expenses and the Inventory Markup only for transactions with consideration of $2.0 billion or more and expected acquisition, divestiture and integration expenses of at least $15 million.
Adjusted EBITDA is not defined by accounting principles generally accepted in the United States (GAAP) and, as such, should not be construed as an alternative to net earnings attributable to Martin Marietta, earnings from operations or operating cash flow. Since Adjusted EBITDA excludes some, but not all, items that affect net earnings and may vary among companies, Adjusted EBITDA as presented by the Company may not be comparable with similarly titled measures of other companies.
The following table presents a reconciliation of net earnings attributable to Martin Marietta to Adjusted EBITDA:
| Three Months Ended | Six Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| June 30, | June 30, | ||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||
| (Dollars in Millions) | |||||||||
| Net earnings attributable to Martin Marietta | $ | 328 | $ | 294 | $ | 444 | $ | 1,339 | |
| Add back (Deduct): | |||||||||
| Interest expense, net of interest income | 56 | 33 | 107 | 47 | |||||
| Income tax expense for controlling interests | 83 | 78 | 114 | 445 | |||||
| Depreciation, depletion and amortization expense <br> and earnings/loss from nonconsolidated equity <br> affiliates | 163 | 140 | 317 | 268 | |||||
| Acquisition, divestiture and integration expenses | — | 19 | — | 37 | |||||
| Impact of selling acquired inventory after markup to <br> fair value as part of acquisition accounting | — | 20 | — | 20 | |||||
| Nonrecurring gain on divestiture | — | — | — | (1,331 | ) | ||||
| Noncash asset and portfolio rationalization charge | — | — | — | 50 | |||||
| Adjusted EBITDA | $ | 630 | $ | 584 | $ | 982 | $ | 875 |
Page 25 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
(Continued)
Quarter Ended June 30, 2025
The following tables present revenues and gross profit (loss) for the Company and its reportable segments by product line for the three months ended June 30, 2025 and 2024. Gross profit (loss) is also presented as a percentage of revenues of the Company, the relevant segment or the product line, as the case may be.
| Three Months Ended June 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||||
| Amount | Amount | |||||||
| (Dollars in Millions) | ||||||||
| Revenues: | ||||||||
| Building Materials business: | ||||||||
| East Group | ||||||||
| Aggregates | $ | 836 | $ | 785 | ||||
| Asphalt | 40 | 46 | ||||||
| Less: Interproduct revenues | (8 | ) | (8 | ) | ||||
| East Group Total | 868 | 823 | ||||||
| West Group | ||||||||
| Aggregates | 484 | 457 | ||||||
| Cement and ready mixed concrete | 245 | 261 | ||||||
| Asphalt and paving services | 188 | 199 | ||||||
| Less: Interproduct revenues | (64 | ) | (57 | ) | ||||
| West Group Total | 853 | 860 | ||||||
| Total Building Materials business | 1,721 | 1,683 | ||||||
| Total Magnesia Specialties | 90 | 81 | ||||||
| Total | $ | 1,811 | $ | 1,764 | ||||
| Three Months Ended June 30, | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2025 | 2024 | |||||||
| Amount | % of Revenues | Amount | % of Revenues | |||||
| (Dollars in Millions) | ||||||||
| Gross profit (loss): | ||||||||
| Building Materials business: | ||||||||
| Aggregates | $ | 430 | 33% | $ | 392 | 32% | ||
| Cement and ready mixed concrete | 54 | 22% | 72 | 28% | ||||
| Asphalt and paving services | 33 | 15% | 37 | 15% | ||||
| Total Building Materials business | 517 | 30% | 501 | 30% | ||||
| Magnesia Specialties | 36 | 40% | 27 | 34% | ||||
| Corporate | (9 | ) | (11 | ) | ||||
| Total | $ | 544 | 30% | $ | 517 | 29% |
Page 26 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
(Continued)
Building Materials Business
The following table presents shipment data for the Building Materials business:
| Three Months Ended June 30, | |||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | % Change | |||||
| (In Millions) | |||||||
| Aggregates tons | 52.7 | 53.0 | (0.6 | )% | |||
| Cement tons | 0.5 | 0.5 | (11.5 | )% | |||
| Ready Mixed Concrete cubic yards | 1.2 | 1.2 | (1.2 | )% | |||
| Asphalt tons | 2.3 | 2.5 | (6.6 | )% |
Second-quarter aggregates shipments decreased 0.6% to 52.7 million tons as wet weather in May 2025 and continued residential market softness across Southeast, Southwest and Midwest markets more than offset contributions from acquisitions. Pricing momentum continued as average selling price (ASP) increased 7.4% to $23.21 per ton.
Aggregates gross profit increased 9% from the prior-year quarter to $430 million and gross margin expanded 94 basis points to 33%, driven by organic pricing growth in excess of cost increases. Aggregates gross profit per ton increased 10% to $8.16. 2024 aggregates gross profit included a $20 million Inventory Markup charge associated with the Blue Water Industries LLC acquisition (the BWI Southeast acquisition; see Note 2 to the unaudited consolidated financial statements).
Cement and ready mixed concrete revenues decreased 6% to $245 million compared with the prior-year quarter due primarily to slower residential demand. Gross profit decreased 25% to $54 million due to higher ready mix raw material costs.
Asphalt and paving revenues decreased 7% from the prior-year quarter to $228 million, driven by lower asphalt shipments in Colorado and Minnesota and the sale of the California paving business in April 2025. Gross profit decreased 8% to $33 million due to reduced operating leverage stemming from lower shipments.
Aggregates End-Use Markets
Aggregates shipments to the infrastructure market increased 1% quarter-over-quarter as volumes to several highway and Hurricane Helene relief projects were offset by inclement weather in several of the Company's key markets. The infrastructure market accounted for 37% of second-quarter aggregates shipments.
Aggregates shipments to the nonresidential market were flat, reflecting contributions from distribution and data centers in the Southeast and Southwest, offset by delayed project starts in Texas. The nonresidential market represented 35% of second-quarter aggregates shipments.
Aggregates shipments to the residential market decreased 4%, driven by continued general softness in single-family housing resulting from affordability headwinds. The residential market accounted for 23% of second-quarter aggregates shipments.
The ChemRock/Rail market accounted for the remaining 5% of second-quarter aggregates shipments. Volumes to this end use market were flat quarter-over-quarter.
Page 27 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
(Continued)
Magnesia Specialties Business
Magnesia Specialties second-quarter revenues of $90 million increased 12% while gross profit increased 32% to $36 million, and gross margin improved 605 basis points to 40% due to higher prices, improved lime shipments and operational reliability and efficiency gains.
Consolidated Operating Results
Consolidated SG&A for the second quarter of 2025 was 6.0% of revenues compared with 6.7% in the prior-year quarter resulting from lower stock compensation expense.
Net earnings attributable to Martin Marietta were $328 million, or $5.43 per diluted share, in 2025 compared with $294 million, or $4.76 per diluted share, in 2024. 2024 included an after-tax charge of $15 million, or $0.24 per diluted share, for the Inventory Markup and an after-tax charge of $16 million, or $0.26 per diluted share, for acquisition and integration expenses related to the BWI Southeast acquisition.
Six Months Ended June 30, 2025
The following tables present revenues and gross profit (loss) for the Company and its reportable segments by product line for continuing operations for the six months ended June 30, 2025 and 2024. Gross profit (loss) is also presented as a percentage of revenues of the Company or the relevant segment or product line, as the case may be.
| Six Months Ended June 30, | ||||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| Amount | Amount | |||||
| (Dollars in Millions) | ||||||
| Revenues: | ||||||
| Building Materials business: | ||||||
| East Group | ||||||
| Aggregates | $ | 1,434 | $ | 1,312 | ||
| Asphalt | 40 | 45 | ||||
| Less: Interproduct revenues | (8 | ) | (8 | ) | ||
| East Group Total | 1,466 | 1,349 | ||||
| West Group | ||||||
| Aggregates | 888 | 815 | ||||
| Cement and ready mixed concrete | 477 | 526 | ||||
| Asphalt and paving services | 268 | 258 | ||||
| Less: Interproduct revenues | (113 | ) | (94 | ) | ||
| West Group Total | 1,520 | 1,505 | ||||
| Total Building Materials business | 2,986 | 2,854 | ||||
| Total Magnesia Specialties | 178 | 161 | ||||
| Total | $ | 3,164 | $ | 3,015 |
Page 28 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
(Continued)
| Six Months Ended June 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||||
| Amount | % of Revenues | Amount | % of Revenues | |||||
| (Dollars in Millions) | ||||||||
| Gross profit (loss): | ||||||||
| Building Materials business: | ||||||||
| Aggregates | $ | 726 | 31% | $ | 632 | 30% | ||
| Cement and ready mixed concrete | 78 | 16% | 103 | 20% | ||||
| Asphalt and paving services | 11 | 4% | 15 | 5% | ||||
| Total Building Materials business | 815 | 27% | 750 | 26% | ||||
| Magnesia Specialties | 74 | 42% | 56 | 35% | ||||
| Corporate | (10 | ) | (16 | ) | ||||
| Total | $ | 879 | 28% | $ | 790 | 26% |
Building Materials Business
The following table presents shipment data for the Building Materials business:
| Six Months Ended June 30, | |||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | % Change | |||||
| (In Millions) | |||||||
| Aggregates tons | 91.7 | 89.6 | 2.3 | % | |||
| Cement tons | 0.9 | 1.1 | (19.5 | )% | |||
| Ready Mixed Concrete cubic yards | 2.3 | 2.4 | (4.0 | )% | |||
| Asphalt tons | 3.0 | 3.0 | (0.9 | )% |
Year-to-date aggregates shipments increased 2.3%, due to contributions from acquisitions, partially offset by adverse weather across many Southeast, Southwest and Midwest markets. Aggregates average selling price per ton of $23.45 increased 7.2% due to strong realization of the cumulative effects of 2024 and 2025 price increases. Aggregates gross profit improved 15% to $726 million, driven by organic pricing growth in excess of cost increases and margin-accretive acquisitions.
Cement and ready mixed concrete revenues decreased 9% to $477 million, primarily attributable to slower residential demand, weather-driven delays and the February 2024 divestiture of the South Texas cement business and certain of its related ready mixed concrete operations (the Divestiture; see Note 2 to the unaudited consolidated financial statements). Gross profit decreased 25% to $78 million, compared with the prior-year period, reflecting lower revenues and higher raw material costs.
Asphalt and paving revenues increased 2% to $308 million. Gross profit decreased 27% to $11 million, compared with the prior-year period, as the combination of lower asphalt shipments and higher raw materials costs more than offset pricing growth.
Aggregates End-Use Markets
Aggregates shipments to the infrastructure market increased 2% as contributions from operations acquired more than offset weather-driven project delays. The infrastructure market accounted for 35% of year-to-date aggregates shipments.
Page 29 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
(Continued)
Aggregates shipments to the nonresidential market increased 2%, reflecting contributions from acquired operations and increased data center shipments that more than offset wet weather in many of the Company's markets. The nonresidential market represented 36% of year-to-date aggregates shipments.
Aggregates shipments to the residential market increased 1%, driven by contributions from acquired operations. The Company continues to experience demand softness in single-family housing within most markets, however, demographic trends and undersupply, particularly in key Sunbelt markets, remain intact. The residential market accounted for 24% of year-to-date aggregates shipments.
The ChemRock/Rail market accounted for the remaining 5% of year-to-date aggregates shipments. Volumes to this end use market increased 9% year-to-date due to robust agricultural lime and ballast shipments.
Magnesia Specialties Business
Magnesia Specialties year-to-date revenues of $178 million increased 10% and gross profit increased 32% to $74 million, due to improved lime shipments, strong pricing improvement and continued cost discipline.
Consolidated Operating Results
Consolidated SG&A for the six months ended June 30 was 7.6% of revenues compared with 7.8% in the prior-year period.
For the six months ended June 30, consolidated other operating income, net, was $16 million in 2025 and $1.3 billion in 2024. The 2024 amount included a $1.3 billion pretax gain on the Divestiture, which was partially offset by a $50 million pretax, noncash asset and portfolio rationalization charge (the Rationalization Charge; see Note 13 to the unaudited consolidated financial statements).
For the six months ended June 30, other nonoperating income, net, was $20 million and $46 million in 2025 and 2024, respectively, with the decrease resulting from lower interest income.
For the six months ended June 30, 2025 and 2024, the effective income tax rates were 20.5% and 25.0%, respectively. The higher 2024 effective income tax rate versus 2025 was driven by the Divestiture, which reflected the write-off of certain nondeductible goodwill and was treated as a discrete tax event.
For the six months ended June 30, net earnings attributable to Martin Marietta were $444 million, or $7.31 per diluted share, in 2025 compared with $1.3 billion, or $21.66 per diluted share, in 2024. 2024 included an after-tax gain of $976 million, or $15.79 per diluted share, on the Divestiture, an after-tax loss of $37 million, or $0.61 per diluted share, for the Rationalization Charge, an after-tax charge of $15 million, or $0.24 per diluted share, for the Inventory Markup and after-tax acquisition, divestiture and integration expenses of $29 million, or $0.47 per diluted share, related to the BWI Southeast acquisition and the Divestiture.
LIQUIDITY AND CAPITAL RESOURCES
Cash provided by operating activities for the six months ended June 30, 2025 and 2024 was $605 million and $173 million, respectively. Operating cash flow is substantially derived from consolidated net earnings before deducting depreciation, depletion and amortization and the impact of changes in working capital requirements. Additionally, in 2024, operating cash flow reflects deducting the nonrecurring gain on the Divestiture and adding back the noncash Rationalization Charge. 2024 operating cash flow also included higher income tax payments resulting from the taxable gain associated with the Divestiture.
Page 30 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
(Continued)
The Internal Revenue Service has provided certain disaster tax relief for North Carolina businesses affected by Hurricanes Debby and Helene, which allows the Company to defer estimated federal and certain state income, payroll and excise tax payments for the period from August 2024 through September 2025. The deferred obligation will be due September 25, 2025. The Company deferred income tax payments of $150 million under this provision as of June 30, 2025.
The seasonal nature of construction activity impacts the Company’s interim operating cash flow when compared with the full year. Full-year 2024 net cash provided by operating activities was $1.5 billion.
During the six months ended June 30, 2025 and 2024, the Company paid $412 million and $339 million, respectively, for additions to property, plant and equipment.
In February 2024, the Company received pretax cash proceeds of $2.1 billion from the Divestiture. On April 5, 2024, the Company used $2.05 billion of cash on hand to fund the acquisition of 20 active aggregates operations in Alabama, South Carolina, South Florida, Tennessee, and Virginia from affiliates of Blue Water Industries LLC.
The Company can repurchase its common stock through open-market purchases pursuant to authority granted by its Board of Directors or through private transactions at such prices and upon such terms as the Chief Executive Officer deems appropriate. During the first six months of 2025, the Company repurchased 910,831 shares of common stock at an average price of $494.04 and an aggregate cost of $450 million. At June 30, 2025, 11.0 million shares of common stock remain under the Company’s repurchase authorization.
The Company, through a wholly-owned special-purpose subsidiary, has a $400 million trade receivable securitization facility (the Trade Receivable Facility) that matures on September 17, 2025. The Trade Receivable Facility contains a cross-default provision to the Company’s other debt agreements.
The Company has an $800 million five-year senior unsecured revolving facility (the Revolving Facility), which matures in December 2029. The Revolving Facility requires the Company’s ratio of consolidated net debt-to-consolidated EBITDA, as defined, for the trailing-twelve-month period (the Ratio) to not exceed 3.50 times as of the end of any fiscal quarter, provided that the Company may exclude from the Ratio debt incurred in connection with certain acquisitions during the quarter or the three preceding quarters so long as the Ratio calculated without such exclusion does not exceed 4.00 times. Additionally, if there are no amounts outstanding under the Revolving Facility and the Trade Receivable Facility, consolidated debt, including debt for which the Company is a guarantor, shall be reduced in an amount equal to the lesser of $500 million or the sum of the Company’s unrestricted cash and temporary investments, for purposes of the covenant calculation. The Company was in compliance with the Ratio at June 30, 2025. In the event of a default on the Ratio, the lenders can terminate the Revolving Facility and Trade Receivable Facility and declare any outstanding balances as immediately due.
Cash on hand, along with the Company’s projected internal cash flows and availability of financing resources, including its access to debt and equity capital markets, is expected to continue to be sufficient to provide the capital resources necessary to support anticipated operating needs, cover debt service requirements, address near-term debt maturities, meet capital expenditures and discretionary investment needs, fund certain acquisition opportunities that may arise, allow for payment of dividends for the foreseeable future and allow the repurchase of shares of the Company’s common stock. At June 30, 2025, there were no amounts outstanding under the Trade Receivable Facility or under the Revolving Facility, and the Company had $1.2 billion of unused borrowing capacity under its Revolving Facility and Trade Receivable Facility, subject to complying with the related leverage covenant. Historically, the Company has successfully extended the maturity dates of these credit facilities.
Page 31 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
(Continued)
TRENDS AND RISKS
The Company outlined the risks associated with its business in its Annual Report on Form 10-K for the year ended December 31, 2024. Management continues to evaluate its exposure to all operating risks on an ongoing basis.
OTHER MATTERS
If you are interested in Martin Marietta stock, management recommends that, at a minimum, you read the Company’s current annual report and Forms 10-K, 10-Q and 8-K reports to the Securities and Exchange Commission (SEC) over the past year. The Company’s proxy statement for the May 15, 2025 annual meeting of shareholders also contains important information. These and other materials that have been filed with the SEC are accessible through the Company’s website at www.martinmarietta.com and are also available at the SEC’s website at www.sec.gov. You may also write or call the Company’s Corporate Secretary, who will provide copies of such reports.
Investors are cautioned that all statements in this Form 10-Q that relate to the future involve risks and uncertainties, and are based on assumptions that the Company believes in good faith are reasonable but which may be materially different from actual results. These statements, which are forward-looking statements under the Private Securities Litigation Reform Act of 1995, provide the investor with the Company’s expectations or forecasts of future events. You can identify these statements by the fact that they do not relate only to historical or current facts. They may use words such as “anticipate,” “may,” “expect,” “should,” “believe,” “project,” “intend,” “will,” and other words of similar meaning in connection with future events or future operating or financial performance. Any, or all of, management’s forward-looking statements herein and in other publications may turn out to be wrong.
The Company’s outlook is subject to risks and uncertainties and is based on assumptions that the Company believes in good faith are reasonable but which may be materially different from actual results. Factors that the Company currently believes could cause actual results to differ materially from the forward-looking statements in this Form 10-Q include, but are not limited to:
- the ability of the Company to face challenges, including shipment declines resulting from economic and weather events beyond the Company's control;
- a widespread decline in aggregates pricing, including a decline in aggregates shipment volume negatively affecting aggregates price;
- the history of both cement and ready mixed concrete being subject to significant changes in supply, demand and price fluctuations;
- the termination, capping and/or reduction or suspension of the federal and/or state fuel tax(es) or other revenue related to public construction;
- the impact of the new Administration on the amount available under and timing of federal and state infrastructure spending;
- the level and timing of federal, state or local transportation or infrastructure or public projects funding and any issues arising from such federal and state budgets, most particularly in Texas, North Carolina, Colorado, California, Georgia, Florida, Minnesota, Arizona, South Carolina and Iowa;
- the United States Congress’ inability to reach agreement among themselves or with the Executive Branch on policy issues that impact the federal budget;
- the ability of states and/or other entities to finance approved projects either with tax revenues or alternative financing structures;
- levels of construction spending in the markets the Company serves;
- a reduction in defense spending and the subsequent impact on construction activity on or near military bases;
Page 32 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
(Continued)
- a decline in energy-related construction activity resulting from a sustained period of low global oil prices or changes in oil production patterns or capital spending in response to such a decline, particularly in Texas;
- sustained high mortgage interest rates and other factors that have resulted in a slowdown in private construction in some geographies;
- unfavorable weather conditions, particularly Atlantic Ocean, Pacific Ocean and Gulf Coast storm and hurricane activity, wildfires, the late start to spring or the early onset of winter and the impact of a drought, excessive rainfall or extreme temperatures in the markets served by the Company, any of which can significantly affect production schedules, volumes, product and/or geographic mix and profitability;
- the volatility of fuel and energy costs, particularly diesel fuel, electricity, natural gas and the impact on the cost, or the availability generally, of other consumables, namely steel, explosives, tires and conveyor belts, and with respect to the Company’s Magnesia Specialties business, natural gas;
- continued increases in the cost of other repair and supply parts;
- construction labor shortages and/or supply chain challenges;
- labor relations risks, including unionization efforts, work stoppages or strikes, particularly in jurisdictions with increasing labor advocacy and evolving labor law frameworks;
- workforce demographics-related risks, including difficulty recruiting and retaining skilled employees, particularly for physically demanding roles in rural or less-populated markets;
- unexpected equipment failures, unscheduled maintenance, industrial accident or other prolonged and/or significant disruption to production facilities;
- the resiliency and potential declines of the Company's various construction end-use markets;
- the potential negative impacts of outbreak of diseases, epidemic or pandemic, or similar public health threat, or fear of such event, and its related economic or societal response, including any impact on the Company's suppliers, customers or other business partners as well as on its employees;
- the performance of the United States economy;
- Governmental regulation, including environmental laws and climate change regulations at both the state and federal levels;
- future implementation of emissions-based taxes or carbon-pricing schemes and/or more stringent state or federal climate-related regulatory requirements that may materially increase cement operating costs or restrict cement production capacity;
- difficulty in securing timely land use approvals or environmental permits for development, expansion, or ongoing operations in the face of potentially shifting public and regulatory expectations;
- the outcome of environmental or land use-related proceedings, or increased costs associated with regulatory obligations linked to resource extraction, including site reclamation;
- transportation availability or a sustained reduction in capital investment by the railroads, notably the availability of railcars, locomotive power and the condition of rail infrastructure to move trains to supply the Company’s Texas, Southeast and Gulf Coast markets, including the movement of essential dolomitic lime for magnesia chemicals to the Company’s plant in Manistee, Michigan and its customers;
- increased transportation costs, including increases from higher or fluctuating passed-through energy costs or fuel surcharges, and other costs to comply with tightening regulations, as well as higher volumes of rail and water shipments;
- availability of trucks and licensed drivers for transport of the Company’s materials;
- availability and cost of construction equipment in the United States;
- weakening in the steel industry markets served by the Company’s dolomitic lime products;
Page 33 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
(Continued)
- potential impact on costs, supply chain, oil and gas prices, or other matters relating to geopolitical conflicts, including the war between Russia and Ukraine, the war in Israel and related conflict in the Middle East and any potential conflict between China and Taiwan;
- trade disputes with one or more nations impacting the U.S. economy, including the impact of tariffs;
- unplanned changes in costs or realignment of customers that introduce volatility to earnings, including that of the Magnesia Specialties business;
- proper functioning of information technology and automated operating systems to manage or support operations;
- risks associated with third-party technology vendors, including exposure to cybersecurity vulnerabilities or service outages due to reliance on external software platforms or IT infrastructure;
- inflation and its effect on both production and interest costs;
- the concentration of customers in construction markets and the increased risk of potential losses on customer receivables;
- the impact of the level of demand in the Company’s end-use markets, production levels and management of production costs on the operating leverage and therefore profitability of the Company;
- risks related to our pending Quikrete transaction, including the ability to obtain regulatory approvals, satisfy closing conditions, transaction costs, integration challenges, market conditions, and the impact of the pending transaction on the Company’s stakeholders;
- the possibility that the expected synergies from acquisitions will not be realized or will not be realized within the expected time period, including achieving anticipated profitability to maintain compliance with the Company’s leverage ratio debt covenants;
- the strategic benefits, outlook, performance and opportunities expected as a result of acquisitions and portfolio optimization will not be realized;
- risks related to executive succession planning, retention and development of leadership talent critical to strategic execution, including potential adverse effects in the event of unexpected transitions or departures;
- changes in tax laws, the interpretation of such laws and/or administrative practices, including acquisitions or divestitures, that would increase the Company’s tax rate;
- violation of the Company’s debt covenants if price and/or volumes return to previous levels of instability;
- cybersecurity risks;
- downward pressure on the Company’s common stock price and its impact on goodwill impairment evaluations;
- the possibility of a reduction of the Company’s credit rating to non-investment grade; and
- other risk factors listed from time to time found in the Company’s filings with the SEC.
You should consider these forward-looking statements in light of risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and other periodic filings made with the SEC. All of the Company’s forward-looking statements should be considered in light of these factors. In addition, other risks and uncertainties not presently known to the Company or that the Company considers immaterial could affect the accuracy of its forward-looking statements, or adversely affect or be material to the Company. The Company assumes no obligation to update any such forward-looking statements.
INVESTOR ACCESS TO COMPANY FILINGS
Shareholders may obtain, without charge, a copy of Martin Marietta’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission for the fiscal year ended December 31, 2024, by writing to:
Martin Marietta
Attn: Corporate Secretary
Page 34 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
(Continued)
4123 Parklake Avenue
Raleigh, North Carolina 27612
Additionally, Martin Marietta’s Annual Report, press releases and filings with the Securities and Exchange Commission, including Forms 10-K, 10-Q, 8-K and 11-K, can generally be accessed via the Company’s website. Filings with the Securities and Exchange Commission accessed via the website are available through a link with the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system. Accordingly, access to such filings is available upon EDGAR placing the related document in its database. Investor relations contact information is as follows:
Telephone: (919) 510-4736
Website address: www.martinmarietta.com
Information included on the Company’s website is not incorporated into, or otherwise creates a part of, this report.
Page 35 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
The Company’s operations are highly dependent upon the interest rate-sensitive construction and steelmaking industries. Consequently, these marketplaces could experience lower levels of economic activity in an environment of rising interest rates or escalating costs.
Management has considered the current economic environment and its potential impact to the Company's business. Demand for aggregates products, particularly in the infrastructure construction market, is affected by federal, state and local budget and deficit issues. Further, delays or cancellations of capital projects in the nonresidential and residential construction markets could occur if companies and consumers are unable to obtain affordable financing for construction projects or if consumer confidence is eroded by economic uncertainty.
Demand in the nonresidential and residential construction markets, which combined accounted for 60% of aggregates shipments for the six months ended June 30, 2025, is affected by interest rates. While unchanged since December 31, 2024, the target federal funds rate remains above historical levels.
Aside from these inherent risks from within its operations, the Company’s earnings are also affected by changes in short-term interest rates and changes in enacted tax laws.
Variable-Rate Borrowing Facilities. At June 30, 2025, the Company had an $800 million Revolving Facility and a $400 million Trade Receivable Facility. Borrowings under these facilities bear interest at a variable interest rate. There were no borrowings outstanding on either facility at June 30, 2025. However, any future borrowings under the credit facilities or outstanding variable-rate debt are exposed to interest rate risk.
Pension Expense. The Company’s results of operations are affected by its pension expense. Assumptions that affect pension expense include the discount rate and, for the qualified defined benefit pension plan only, the expected long-term rate of return on assets. Therefore, the Company has interest rate risk associated with these factors. The impact of hypothetical changes in these assumptions on the Company’s annual pension expense is discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Income Tax. Any changes in enacted tax laws, rules or regulatory or judicial interpretations, or any change in the pronouncements relating to accounting for income taxes could materially impact the Company’s effective tax rate, tax payments, cash flow, financial condition and results of operations.
Energy Costs. Energy costs, including diesel fuel, natural gas, electricity, coal and petroleum coke, represent significant production costs of the Company. The Company may be unable to pass along increases in the costs of energy to customers in the form of price increases for the Company’s products. The cement product line and Magnesia Specialties business each have varying fixed-price agreements for a portion of their 2025 energy requirements. A hypothetical 10% change in the Company’s energy prices in 2025 as compared with 2024, assuming comparable volumes, would change 2025 energy expense by $32 million.
Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures. As of June 30, 2025, an evaluation was performed under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and the operation of the Company’s disclosure controls and procedures. Based on that evaluation, the Company’s management, including the Chief Executive Officer and Chief Financial Officer, concluded that the Company’s disclosure controls and procedures were effective as of June 30, 2025. There were no changes in the Company’s internal control over financial reporting during the most recently completed fiscal quarter that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
Page 36 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
See Note 9 Commitments and Contingencies, Legal and Administrative Proceedings of this Form 10-Q.
Item 1A. Risk Factors.
Reference is made to Part I. Item 1A. Risk Factors and Forward-Looking Statements of the Martin Marietta Annual Report on Form 10-K for the year ended December 31, 2024.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
ISSUER PURCHASES OF EQUITY SECURITIES
| Total Number of Shares | Maximum Number of | |||||||
|---|---|---|---|---|---|---|---|---|
| Purchased as Part of | Shares that May Yet | |||||||
| Total Number of | Average Price | Publicly Announced | be Purchased Under | |||||
| Period | Shares Purchased | Paid per Share | Plans or Programs | the Plans or Programs | ||||
| April 1, 2025 - April 30, 2025 | — | $ | — | — | 11,024,507 | |||
| May 1, 2025 - May 31, 2025 | — | $ | — | — | 11,024,507 | |||
| June 1, 2025 - June 30, 2025 | — | $ | — | — | 11,024,507 | |||
| Total | — | — |
Reference is made to the Company's press release dated February 10, 2015 for the December 31, 2014 fourth-quarter and full-year results and announcement of the share repurchase program. The Company’s Board of Directors authorized a maximum of 20 million shares to be repurchased under the program. The program does not have an expiration date.
Item 4. Mine Safety Disclosures.
The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K (17 CFR 229.104) is included in Exhibit 95 to this Quarterly Report on Form 10-Q.
Item 5. Other Information
During the three months ended June 30, 2025, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.
Page 37 of 39
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
FORM 10-Q
For the Quarter Ended June 30, 2025
PART II. OTHER INFORMATION
(Continued)
Item 6. Exhibits.
| Exhibit No. | Document |
|---|---|
| 31.01 | Certification dated August 7, 2025 of Chief Executive Officer pursuant to Securities and Exchange Act of 1934 Rule 13a-14 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| 31.02 | Certification dated August 7, 2025 of Chief Financial Officer pursuant to Securities and Exchange Act of 1934 Rule 13a-14 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| 32.01 | Written Statement dated August 7, 2025 of Chief Executive Officer required by 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| 32.02 | Written Statement dated August 7, 2025 of Chief Financial Officer required by 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| 95 | Mine Safety Disclosures |
| 101.INS | Inline XBRL Instance Document – The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
Page 38 of 39
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| MARTIN MARIETTA MATERIALS, INC. | ||
|---|---|---|
| (Registrant) | ||
| Date: August 7, 2025 | By: | /s/ Michael J. Petro |
| Michael J. Petro | ||
| Senior Vice President and Chief Financial Officer | ||
| (Authorized Officer and Principal Financial Officer) |
Page 39 of 39
EX-31.01
EXHIBIT 31.01
CERTIFICATION PURSUANT TO SECURITIES AND EXCHANGE ACT OF 1934 RULE 13a-14 AS ADOPTED PURSUANT TO SECTION 302 OF SARBANES-OXLEY ACT OF 2002
I, C. Howard Nye, certify that:
I have reviewed this Form 10-Q of Martin Marietta Materials, Inc.;
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the consolidated financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with generally accepted accounting principles;
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| Date: August 7, 2025 | By: | /s/ C. Howard Nye |
|---|---|---|
| C. Howard Nye | ||
| Chair, President and | ||
| Chief Executive Officer |
EX-31.02
EXHIBIT 31.02
CERTIFICATION PURSUANT TO SECURITIES AND EXCHANGE ACT OF 1934 RULE 13a-14 AS ADOPTED PURSUANT TO SECTION 302 OF SARBANES-OXLEY ACT OF 2002
I, Michael J. Petro, certify that:
I have reviewed this Form 10-Q of Martin Marietta Materials, Inc.;
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the consolidated financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with generally accepted accounting principles;
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| Date: August 7, 2025 | By: | /s/ Michael J. Petro |
|---|---|---|
| Michael J. Petro | ||
| Senior Vice President and Chief Financial Officer |
EX-32.01
EXHIBIT 32.01
Written Statement Pursuant to 18 U.S.C. 1350,
As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report on Form 10-Q for the period ended June 30, 2025 (the “Report”) of Martin Marietta Materials, Inc. (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, C. Howard Nye, the Chief Executive Officer of the Registrant, certify, to the best of my knowledge, that:
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
| /s/ C. Howard Nye |
|---|
| C. Howard Nye |
| Chair, President and |
| Chief Executive Officer |
Dated: August 7, 2025
A signed original of this written statement required by Section 906 has been provided to Martin Marietta Materials, Inc. and will be retained by Martin Marietta Materials, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
EX-32.02
EXHIBIT 32.02
Written Statement Pursuant to 18 U.S.C. 1350,
As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report on Form 10-Q for the period ended June 30, 2025 (the “Report”) of Martin Marietta Materials, Inc. (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Michael J. Petro, the Chief Financial Officer of the Registrant, certify, to the best of my knowledge, that:
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
| /s/ Michael J. Petro |
|---|
| Michael J. Petro |
| Senior Vice President and Chief Financial Officer |
Dated: August 7, 2025
A signed original of this written statement required by Section 906 has been provided to Martin Marietta Materials, Inc. and will be retained by Martin Marietta Materials, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
EX-95
Appendix 1
EXHIBIT 95
MINE SAFETY DISCLOSURES
The operation of the Company’s domestic aggregates quarries and mines is subject to regulation by the federal Mine Safety and Health Administration (MSHA) under the Federal Mine Safety and Health Act of 1977 (the Mine Act). MSHA inspects the Company’s quarries and mines on a regular basis and issues various citations and orders when it believes a violation has occurred under the Mine Act. Whenever MSHA issues a citation or order, it also generally proposes a civil penalty, or fine, related to the alleged violation. Citations or orders may be contested and appealed and, as part of that process, are often reduced in severity and amount; they are sometimes dismissed.
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act), the Company is required to present information regarding certain mining safety and health citations which MSHA has issued with respect to its aggregates mining operations in its periodic reports filed with the Securities and Exchange Commission (SEC). In evaluating this information, consideration should be given to factors such as: (i) the number of citations and orders will vary depending on the size of the quarry or mine and types of operations (i.e., underground or surface), (ii) the number of citations issued will vary from inspector to inspector and location to location, and (iii) citations and orders can be contested and appealed, and in that process, may be reduced in severity and amount, and are sometimes dismissed.
The Company has provided the information below in response to the SEC’s rules and regulations issued under the provisions of the Dodd-Frank Act. The disclosures reflect U.S. mining operations only, as the requirements of the Dodd-Frank Act and the SEC rules and regulations thereunder do not apply to the Company’s quarries and mines operated outside the United States.
The Company presents the following items regarding certain mining safety and health matters for the three months ended June 30, 2025:
Total number of violations of mandatory health or safety standards that could significantly and substantially contribute to the cause and effect of a mine safety or health hazard under section 104 of the Mine Act for which the Company has received a citation from MSHA (hereinafter, “Section 104 S&S Citations”). If MSHA determines that a violation of a mandatory health or safety standard is likely to result in a reasonably serious injury or illness under the unique circumstance contributed to by the violation, MSHA will classify the violation as a “significant and substantial” violation (commonly referred to as an S&S violation). MSHA inspectors will classify each citation or order written as an S&S violation or not.
Total number of orders issued under section 104(b) of the Mine Act (hereinafter, “Section 104(b) Orders”). These orders are issued for situations in which MSHA determines a previous violation covered by a Section 104(a) citation has not been totally abated within the prescribed time period, so a further order is needed to require the mine operator to immediately withdraw all persons (except authorized persons) from the affected area of a quarry or mine.
Total number of citations and orders for unwarrantable failure of the mine operator to comply with mandatory health or safety standards under Section 104(d) of the Mine Act (hereinafter, “Section 104(d) Citations and Orders”). These violations are similar to those described above, but the standard is that the violation could significantly and substantially contribute to the cause and effect of a safety
Appendix 1
or health hazard, but the conditions do not cause imminent danger, and the MSHA inspector finds that the violation is caused by an unwarranted failure of the operator to comply with the health and safety standards.
Total number of flagrant violations under section 110(b)(2) of the Mine Act (hereinafter, “Section 110(b)(2) Violations”). These violations are penalty violations issued if MSHA determines that violations are “flagrant”, for which civil penalties may be assessed. A “flagrant” violation means a reckless or repeated failure to make reasonable efforts to eliminate a known violation of a mandatory health or safety standard that substantially and proximately caused, or reasonably could have been expected to cause, death or serious bodily injury.
Total number of imminent danger orders issued under section 107(a) of the Mine Act (hereinafter, “Section 107(a) Orders”). These orders are issued for situations in which MSHA determines an imminent danger exists in the quarry or mine and results in orders of immediate withdrawal of all persons (except certain authorized persons) from the area of the quarry or mine affected by its condition until the imminent danger and the underlying conditions causing the imminent danger no longer exist.
Total dollar value of proposed assessments from MSHA under the Mine Act. These are the amounts of proposed assessments issued by MSHA with each citation or order for the time period covered by the reports. Penalties are assessed by MSHA according to a formula that considers a number of factors, including the mine operator’s history, size, negligence, gravity of the violation, good faith in trying to correct the violation promptly, and the effect of the penalty on the operator’s ability to continue in business.
Total number of mining-related fatalities. Mines subject to the Mine Act are required to report all fatalities occurring at their facilities unless the fatality is determined to be “non-chargeable” to the mining industry. The final rules of the SEC require disclosure of mining-related fatalities at mines subject to the Mine Act. Only fatalities determined by MSHA not to be mining-related may be excluded.
Receipt of written notice from MSHA of a pattern (or a potential to have such a pattern) of violations of mandatory health or safety standards that are of such nature as could have significantly and substantially contributed to the cause and effect of other mine health or safety hazards under Section 104(e) of the Mine Act. If MSHA determines that a mine has a “pattern” of these types of violations, or the potential to have such a pattern, MSHA is required to notify the mine operator of the existence of such a thing.
Legal actions before the Federal Mine Safety and Health Review Commissions pending as of the last day of period.
Legal actions before the Federal Mine Safety and Health Review Commissions initiated during period.
Legal actions before the Federal Mine Safety and Health Review Commissions resolved during period.
The Federal Mine Safety and Health Review Commission (the Commission) is an independent adjudicative agency that provides administrative trial and appellate review of legal disputes arising under the Mine Act. The cases may involve, among other questions, challenges by operators to citations, orders and
Appendix 1
penalties they have received from MSHA, or complaints of discrimination by miners under Section 105 of the Mine Act. Appendix 1 shows, for each of the Company’s quarries and mines identified, as of June 30, 2025, the number of legal actions pending before the Commission, along with the number of legal actions initiated before the Commission during the quarter as well as resolved during the quarter. In addition, Appendix 1 includes a footnote to the column for legal actions before the Commission pending as of the last day of the period, which footnote breaks down that total number of legal actions pending by categories according to the type of proceeding in accordance with various categories established by the Procedural Rules of the Commission.
Appendix 1 attached.
Appendix 1
| Location | MSHA ID | Section 104 S&S Citations (#) | Section 104(b) Orders (#) | Section 104(d) Citations and Orders (#) | Section 110(b)(2) Violations (#) | Section 107(a) Orders (#) | Total Dollar Value of MSHA Assessment/ Proposed | Total Number of Mining Related Fatalities (#) | Received Notice of Pattern of Violation Under Section 104(e) (yes/no) | Received Notice of Potential to have Pattern under Section 104(e) (yes/no) | Legal Actions Pending as of Last Day of Period (#)* | Legal Actions Instituted During Period (#) | Legal Actions Resolved During Period (#) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Abingdon Quarry | 4400003 | 1 | 0 | 0 | 0 | 0 | 0 | no | no | 0 | 0 | 0 | |
| Alexander Quarry | 3101636 | 0 | 0 | 0 | 0 | 0 | 0 | no | no | 0 | 0 | 0 | |
| Allsboro Quarry | 0102014 | 1 | 0 | 0 | 0 | 0 | 0 | no | no | 0 | 0 | 0 | |
| Amelia Quarry | 4407372 | 0 | 0 | 0 | 0 | 0 | 0 | no | no | 0 | 0 | 0 | |
| American Stone | 3100189 | 0 | 0 | 0 | 0 | 0 | 0 | no | no | 0 | 0 | 0 | |
| Anderson Creek Quarry | 4402963 | 0 | 0 | 0 | 0 | 0 | 0 | no | no | 0 | 0 | 0 | |
| Appling Quarry | 0901083 | 0 | 0 | 0 | 0 | 0 | 0 | no | no | 0 | 0 | 0 | |
| Arrowood Quarry | 3100059 | 0 | 0 | 0 | 0 | 0 | 0 | no | no | 1 | 1 | 0 | |
| Asheboro Quarry | 3100066 | 0 | 0 | 0 | 0 | 0 | 0 | no | no | 0 | 0 | 0 | |
| Auburn Al Quarry | 0100006 | 0 | 0 | 0 | 0 | 0 | 0 | no | no | 0 | 0 | 0 | |
| Auburn GA Quarry | 0900436 | 0 | 0 | 0 | 0 | 0 | 0 | no | no | 0 | 0 | 0 | |
| Augusta GA Quarry | 0900065 | 0 | 0 | 0 | 0 | 0 | 0 | no | no | 0 | 0 | 0 | |
| Bakers Quarry | 3100071 | 0 | 0 | 0 | 0 | 0 | 0 | no | no | 0 | 0 | 0 | |
| Ball Ground Quarry | 0900955 | 0 | 0 | 0 | 0 | 0 | 0 | no | no | 0 | 0 | 0 | |
| Belgrade Quarry | 3100064 | 0 | 0 | 0 | 0 | 0 | 0 | no | no | 0 | 0 | 0 | |
| Benson Quarry | 3101979 | 0 | 0 | 0 | 0 | 0 | 0 | no | no | 0 | 0 | 0 | |
| Berkeley Quarry | 3800072 | 0 | 0 | 0 | 0 | 0 | 0 | no | no | 0 | 0 | 0 | |
| Bessemer City Quarry | 3101105 | 0 | 0 | 0 | 0 | 0 | 0 | no | no | 0 | 0 | 0 | |
| Bonds Quarry | 3101963 | 0 | 0 | 0 | 0 | 0 | 0 | no | no | 0 | 0 | 0 | |
| Boonesboro Quarry | 1800024 | 0 | 0 | 0 | 0 | 0 | 0 | no | no | 0 | 0 | 0 | |
| Burlington Quarry | 3100042 | 0 | 0 | 0 | 0 | 0 | 0 | no | no | 0 | 0 | 0 | |
| Caldwell Quarry | 3101869 | 0 | 0 | 0 | 0 | 0 | 0 | no | no | 0 | 0 | 0 | |
| Calhoun Quarry | 4003395 | 0 | 0 | 0 | 0 | 0 | 0 | no | no | 0 | 0 | 0 | |
| Calhoun Sand | 3800716 | 0 | 0 | 0 | 0 | 0 | 0 | no | no | 0 | 0 | 0 | |
| Castle Hayne Quarry | 3100063 | 0 | 0 | 0 | 0 | 0 | 0 | no | no | 0 | 0 | 0 | |
| Cayce | 3800016 | 0 | 0 | 0 | 0 | 0 | 0 | no | no | 0 | 0 | 0 |
All values are in US Dollars.
Appendix 1
| Central Rock Quarry | 3100050 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Charlotte Portable Plant 1 | 3102341 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Charlotte Quarry | 3100057 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Chattanooga Quarry | 4003159 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Churchville Quarry | 1800012 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Clarks Quarry | 3102009 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Coy Stone Plant | 4002465 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Cumming Quarry | 0900460 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Denver Quarry | 3101971 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Doswell Quarry VA | 4400045 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Douglasville Quarry | 0900024 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| East Alamance Quarry | 3102021 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Edgefield Quarry | 3800738 | 0 | 0 | 0 | 0 | 0 | $ | 313 | 0 | no | no | 0 | 0 | 0 |
| Edmund Sand | 3800662 | 0 | 0 | 0 | 0 | 0 | $ | 697 | 0 | no | no | 0 | 0 | 0 |
| Elizabethton Quarry | 4003075 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Forks of The River Quarry | 4001610 | 0 | 0 | 0 | 0 | 0 | $ | 151 | 0 | no | no | 0 | 0 | 0 |
| Fort Myers Quarry | 0801203 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Fountain Quarry | 3100065 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Franklin Quarry | 3102130 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Frederick Quarry | 1800013 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Fuquay Quarry | 3102055 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Garner Quarry | 3100072 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Georgetown II Quarry | 3800525 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Grasselli Quarry | 4003131 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Greenback Quarry | 4002488 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Greensboro Portable Plt | 3102336 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Greensboro Portable Plt II | 3102335 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Hickory Quarry | 3100043 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Homer Quarry | 0900958 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Huntsville Quarry | 0102660 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| I-75 Quarry | 4001247 | 1 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 1 | 1 | 0 |
| Jamestown Quarry | 3100051 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Jefferson Quarry | 0901106 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Junction City Quarry | 0901029 | 0 | 0 | 0 | 0 | 0 | $ | 547 | 0 | no | no | 0 | 0 | 0 |
| Kannapolis Quarry | 3100070 | 0 | 0 | 0 | 0 | 0 | $ | 151 | 0 | no | no | 0 | 0 | 0 |
Appendix 1
| Kent Sand & Gravel | 1800745 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Kings Mountain Quarry | 3100047 | 0 | 0 | 0 | 0 | 0 | $ | 642 | 0 | no | no | 0 | 0 | 0 |
| Lemon Springs Quarry | 3101104 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Lithonia Quarry | 0900023 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Loamy Sand Gravel | 3800721 | 0 | 0 | 0 | 0 | 0 | $ | 377 | 0 | no | no | 0 | 0 | 0 |
| Locust Mount Quarry | 4000122 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Maiden Quarry | 3102125 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Mallard Creek Quarry | 3102006 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Matthews Quarry | 3102084 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Maylene Quarry | 0100634 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Medford Quarry | 1800035 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Midlothian Quarry | 4403767 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Midway Quarry | 4001169 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Misc Greensboro District | 00B8611 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Monterey Sand | 4000798 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Morgan County | 0901126 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Newton Quarry | 0900899 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| North Columbia | 3800146 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| North East Quarry | 1800417 | 0 | 0 | 0 | 0 | 0 | $ | 151 | 0 | no | no | 0 | 0 | 0 |
| O'Neal Plant Co 19 | 0103076 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Old Charleston Sand | 3800702 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Onslow Quarry | 3102120 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Palmetto Sand Company | 3800710 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Paulding Quarry | 0901107 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Perry Quarry | 0801083 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Pinesburg Quarry | 1800021 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Pomona Quarry | 3100052 | 0 | 0 | 0 | 0 | 0 | $ | 151 | 0 | no | no | 0 | 0 | 0 |
| Raleigh Durham Quarry | 3101941 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Red Hill Quarry | 4400072 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Red Oak Quarry | 0900069 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Reidsville Quarry | 3100068 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Riverbend Quarry | 4003224 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Rock Hill Quarry | 3800026 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Rocky Point Quarry | 3101956 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Ruby Quarry | 0900074 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
Appendix 1
| Salem Sand | 3800758 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Salem Stone | 3102038 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| SDI Quarry | 0801336 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Six Mile Quarry | 0901144 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| St. Marys Sand Company | 0901199 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Statesville Quarry | 3100055 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Texas Quarry | 1800009 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Thomasville Quarry | 3101475 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Tri Cities Airport Quarry | 4001657 | 0 | 0 | 0 | 0 | 0 | $ | 151 | 0 | no | no | 0 | 0 | 0 |
| Tyrone Quarry | 0900306 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Unicoi | 4002075 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Vance Quarry Co 19 | 0103022 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Warfordsburg Quarry | 3600168 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Warrenton Quarry | 0900580 | 1 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Watauga Quarry | 4000124 | 0 | 0 | 0 | 0 | 0 | $ | 302 | 0 | no | no | 0 | 0 | 0 |
| Wilmington Sand | 3101308 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Wilson Quarry | 3102230 | 0 | 0 | 0 | 0 | 0 | $ | 151 | 0 | no | no | 0 | 0 | 0 |
| Woodleaf Quarry | 3100069 | 0 | 0 | 0 | 0 | 0 | $ | 151 | 0 | no | no | 0 | 0 | 0 |
| (45) North Indianapolis SURFACE | 1200002 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 2 | 1 | 0 |
| Alden Portable Plant #2 | 1302033 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Alden Portable Sand | 1302037 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Alden Quarry | 1300228 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Ames Mine | 1300014 | 1 | 0 | 0 | 0 | 0 | $ | 986 | 0 | no | no | 0 | 0 | 0 |
| Apple Grove S G | 3301676 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Belmont Sand | 1201911 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Bowling Green North Quarry | 1500065 | 1 | 0 | 0 | 0 | 0 | $ | 1,345 | 0 | no | no | 0 | 0 | 0 |
| Bowling Green South Quarry | 1500025 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Burning Springs Mine | 4608862 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Carmel Sand | 1202124 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Cedar Rapids Quarry | 1300122 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Cedarville Quarry | 3304072 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Cloverdale Quarry | 1201744 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Cumberland Quarry (Kentucky) | 1500037 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Des Moines Portable | 1300150 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Des Moines Portable #2 Primary | 1300932 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
Appendix 1
| DES MOINES PORTABLE SAND | 1302504 | 1 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dubois Quarry | 2501046 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Durham Mine | 1301225 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| E Town Sand Gravel | 3304279 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Earlham Grading Crew | 1301778 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Earlham Quarry | 1302123 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Elk River Wash Plant | 2101218 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Fairfield Sand & Gravel | 3301396 | 0 | 0 | 0 | 0 | 0 | $ | 302 | 0 | no | no | 0 | 0 | 0 |
| Ferguson Quarry | 1300124 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Fort Calhoun Mine UG | 2501300 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Fort Dodge Mine | 1300032 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Greenwood Quarry New | 2300141 | 1 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Harlan Quarry | 1500071 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Hartford Quarry | 1500095 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Iowa Grading Plant 854 | 1302126 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Iowa Grading 2 | 1302316 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Johnson County Sand & Gravel | 1202506 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Kentucky Ave Mine | 1201762 | 5 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Kokomo Mine UG | 1202105 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Kokomo Sand | 1202203 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Kokomo Stone (Surface) | 1200142 | 0 | 0 | 0 | 0 | 0 | $ | 697 | 0 | no | no | 0 | 0 | 1 |
| Lebanon Quarry | 4003012 | 0 | 0 | 0 | 0 | 0 | $ | 151 | 0 | no | no | 0 | 0 | 0 |
| Linn County Sand | 1302208 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Malcom Mine | 1300112 | 0 | 0 | 0 | 0 | 0 | $ | 537 | 0 | no | no | 0 | 0 | 0 |
| Midwest Division OH | 00A2354 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| MN Portable # 1 | 2101112 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| MN Portable # 2 | 2101593 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| MN Portable # 3 | 2103147 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| MN Portable # 4 | 2103287 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| MN Portable # 5 | 2101110 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| MN Portable # 6 | 2103120 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| MN Portable # 7 | 2103355 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| MN Portable # 8 | 2101843 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| MN Reclamation | 2103690 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Moore Quarry | 1302188 | 1 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
Appendix 1
| Murfreesboro Quarry | 4000053 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| New Miami Plant | 3304383 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Noblesville Sand | 1201994 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Noblesville Stone | 1202176 | 5 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 1 | 0 | 0 |
| North Indianapolis Quarry | 1201993 | 2 | 0 | 0 | 0 | 0 | $ | 2,133 | 0 | no | no | 0 | 0 | 0 |
| North Valley Sand | 2501271 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Ohio District Portable | 3304793 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Ottawa Quarry New | 1401590 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Pedersen Quarry | 1302192 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Perkinsville Sand and Gravel | 1202378 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 1 | 0 | 0 |
| Petersburg Ky Gravel | 1516895 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Phillipsburg Quarry | 3300006 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Portland Quarry (Alden Portable Wash) | 1302122 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Putnam Quarry | 1202242 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Raccoon River Sand | 1302315 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Randolph Mine | 2302308 | 0 | 0 | 0 | 0 | 0 | $ | 604 | 0 | no | no | 0 | 0 | 0 |
| Reasnor Sand | 1300814 | 0 | 0 | 0 | 0 | 0 | $ | 151 | 0 | no | no | 0 | 0 | 0 |
| Saylorville Sand | 1302290 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Shamrock SG | 3304011 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Smyrna Quarry | 4002940 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Spring Valley Cook Rd SG | 3304534 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| St Cloud Quarry | 2100081 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Stamper Mine | 2302232 | 0 | 0 | 0 | 0 | 0 | $ | 528 | 0 | no | no | 1 | 0 | 0 |
| Stones River Quarry | 4003415 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Sully Mine | 1300063 | 0 | 0 | 0 | 0 | 0 | $ | 829 | 0 | no | no | 0 | 0 | 0 |
| Sunflower Qy Co 61 | 1401556 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Troy Gravel | 3301678 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Walterloo Sand | 2501314 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Waverly Sand | 1202038 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Weeping Water Mine | 2500998 | 0 | 0 | 0 | 0 | 0 | $ | 453 | 0 | no | no | 0 | 0 | 0 |
| West Center Sand | 2501231 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Xenia Gravel | 3301393 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Yellow Medicine Quarry | 2100033 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Bennett Sand & Gravel | 0500929 | 0 | 0 | 0 | 0 | 0 | $ | 151 | 0 | no | no | 0 | 0 | 0 |
Appendix 1
| Clarkdale Sand & Gravel | 0202524 | 0 | 0 | 0 | 0 | 0 | $ | 576 | 0 | no | no | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Clayton | 0400159 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Coolidge Plant 65 | 0203173 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Eagle Valley Plant | 0404758 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Granite Canyon Quarry | 4800018 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Greeley 35th Sand Gravel | 0504613 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Guernsey Quarry | 4800004 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Hassayampa | 0202679 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Hatchery | 0500954 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Hughson AGG & HMA | 0401769 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Irwindale Plant | 0401838 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Lakeside Vigilante Plant | 0402685 | 1 | 0 | 0 | 0 | 0 | $ | 1,613 | 0 | no | no | 0 | 0 | 0 |
| Maitri Road Sand & Gravel Oper | 0404157 | 0 | 0 | 0 | 0 | 0 | $ | 151 | 0 | no | no | 0 | 0 | 0 |
| Merced AGG & HMA | 0402841 | 0 | 0 | 0 | 0 | 0 | $ | 151 | 0 | no | no | 0 | 0 | 0 |
| Milford Quarry Utah | 4202177 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Miramar Recycle Plant | 0402911 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Northern Portable Crushing #10 | 0504531 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Northern Portable Plant 17 | 0504735 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Northern Portable Plant 4 | 4801565 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Pacific Quarry | 4500844 | 1 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Parkdale Quarry | 0504635 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Parsons Sand Gravel | 0503215 | 0 | 0 | 0 | 0 | 0 | $ | 151 | 0 | no | no | 0 | 0 | 0 |
| Penrose Sand and Gravel | 0504509 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Pier 92 Marine Aggregates | 0405261 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Platte Sand and Gravel | 0504418 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Portable Plant 1 | 0504359 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Portable Plant 11 | 0503984 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Portable Plant 21 | 0504520 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Red Canyon Quarry | 0504136 | 0 | 0 | 0 | 0 | 0 | $ | 302 | 0 | no | no | 0 | 0 | 0 |
| Rich Sand & Gravel | 0504186 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| River Ranch AGG | 0202646 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Riverbend Sand Gravel | 0504841 | 0 | 0 | 0 | 0 | 0 | $ | 517 | 0 | no | no | 1 | 0 | 1 |
| Salughterhouse AGG | 0402251 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| San Andreas AGG | 0400539 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Sanger AGG | 0405799 | 0 | 0 | 0 | 0 | 0 | $ | 697 | 0 | no | no | 0 | 0 | 0 |
Appendix 1
| Santa Margarita Aggregates | 0401616 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Santee Plant | 0405564 | 1 | 0 | 0 | 0 | 0 | $ | 302 | 0 | no | no | 0 | 0 | 0 |
| Sisquoc Aggregates | 0401959 | 0 | 0 | 0 | 0 | 0 | $ | 151 | 0 | no | no | 0 | 0 | 0 |
| Spec Agg Quarry | 0500860 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Sunol Plant | 0401859 | 1 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Taft Sand Gravel | 0504526 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Tidewater Oakland Marine Agg | 0403002 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Walstrum Quarry | 0503935 | 1 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 2 | 0 | 2 |
| Yavapai AGG | 0201222 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| 51 Sand & Gravel | 4105381 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Beckmann Quarry | 4101335 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Bedrock Sand Gravel | 4103283 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Bells Savoy SG | 4104019 | 0 | 0 | 0 | 0 | 0 | $ | 1,358 | 0 | no | no | 0 | 0 | 0 |
| Black Rock Quarry | 0300011 | 1 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Black Spur Quarry | 4104159 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Bridgeport Stone | 4100007 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Broken Bow SG | 3400460 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Davis Quarry | 3401299 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Garfield SG | 4103909 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Garwood Gravel | 4102886 | 0 | 0 | 0 | 0 | 0 | $ | 330 | 0 | no | no | 0 | 0 | 0 |
| GMS | 000C335 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Hatton Quarry | 0301614 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Helotes | 4103137 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Highway 211 Quarry | 4103829 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Hondo | 4104708 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Hugo Quarry | 3400061 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Hunter Stone | 4105230 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Idabel Quarry | 3400507 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Jones Mill Quarry | 0301586 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Liberty Ranch Sand | 4105268 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 3 | 0 | 0 |
| Medina Rock Rail | 4105170 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Merkel Plant | 4103848 | 0 | 0 | 0 | 0 | 0 | $ | 302 | 0 | no | no | 0 | 0 | 0 |
| Midlothian Cement | 4100071 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 3 | 2 | 1 |
| Mill Creek Limestone | 3401859 | 0 | 0 | 0 | 0 | 0 | $ | 453 | 0 | no | no | 0 | 0 | 0 |
| Mill Creek Quarry | 3401285 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
Appendix 1
| North Austin Quarry | 4104380 | 0 | 0 | 0 | 0 | 0 | $ | 302 | 0 | no | no | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| North Bridgeport Quarry (Chico Quarry) | 4103360 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Perryville Aggregates | 1601417 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Poteet Sand | 4101342 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Rio Medina | 4103594 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| San Pedro Quarry | 4101337 | 0 | 0 | 0 | 0 | 0 | $ | 151 | 0 | no | no | 0 | 0 | 0 |
| Sawyer East Quarry Portable | 3401809 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Sawyer Quarry | 3401634 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Slaton Plant | 4101111 | 0 | 0 | 0 | 0 | 0 | $ | 1,373 | 0 | no | no | 1 | 1 | 0 |
| Smithson Valley Quarry | 4104108 | 0 | 0 | 0 | 0 | 0 | $ | 151 | 0 | no | no | 0 | 0 | 0 |
| Snyder Quarry | 3401651 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| South Texas Port #2 (Gulf Coast Portable #2 ) | 4104204 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Tin Top SG | 4102852 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Vealmoor Plant | 4101137 | 0 | 0 | 0 | 0 | 0 | $ | 302 | 0 | no | no | 0 | 0 | 0 |
| Washita Quarry | 3402049 | 0 | 0 | 0 | 0 | 0 | $ | 209 | 0 | no | no | 0 | 0 | 0 |
| Webberville | 4104363 | 0 | 0 | 0 | 0 | 0 | $ | 1,288 | 0 | no | no | 0 | 0 | 0 |
| Woodville - Stone | 3300156 | 1 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 1 | 1 | 0 |
| Geology and Exploration | 00B7127 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| Salisbury Shop | 00B9338 | 0 | 0 | 0 | 0 | 0 | $ | 0 | 0 | no | no | 0 | 0 | 0 |
| TOTAL | 28 | 0 | 0 | 0 | 0 | $ | 24,306 | 0 | 18 | 7 | 5 |
* Of the 18 legal actions pending on June 30, 2025, two were contests of citations or orders referenced in Subpart B of CFR Part 2700, which includes contests of citations and orders issued under Section 104 of the Mine Act and contests of imminent danger orders under Section 107 of the Mine Act, 13 were contests of proposed penalties referenced in Subpart C of 29 CFR Part 2700, which are administrative proceedings before the Commission challenging a civil penalty that MSHA has proposed for the violation contained in a citation or order, and three were a contest of an order issued under Section 103 (K) of the Mine Act.