Martin Marietta Materials
MLM · NYSEMining & Quarrying of Nonmetallic Minerals (No Fuels) · Fiscal year ends Dec 31
Martin Marietta Materials reported revenue of $6.2B in the fiscal year ended Dec 2025, up 8.6% from the year before. Operating income was $1.4B, an operating margin of 23.4%, and net income was $1.1B. Operating cash flow of $1.8B less capital expenditure of $807M left free cash flow of $978M. Net debt was $5.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $5.4B | $6.2B | $5.9B | $5.7B | $6.2B |
| Cost of revenue | $4.1B | $4.7B | $4.1B | $4B | $4.3B |
| Gross profit | $1.3B | $1.4B | $1.7B | $1.6B | $1.9B |
| Selling, general & admin | $351M | $397M | $425M | $429M | $443M |
| Operating income | $974M | $1.2B | $1.3B | $2.5B | $1.4B |
| Interest expense | $143M | $169M | $165M | $169M | $230M |
| Pre-tax income | $856M | $1.1B | $1.2B | $2.4B | $1.2B |
| Income tax | $153M | $235M | $234M | $550M | $236M |
| Net income | $703M | $867M | $1.2B | $2B | $1.1B |
| Diluted EPS | 11.22 | 13.87 | 18.82 | 32.41 | 18.77 |
| Diluted shares | 63M | 63M | 62M | 62M | 61M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $258M | $358M | $1.3B | $670M | $67M |
| Receivables | $774M | $786M | $753M | $678M | $723M |
| Inventory | $753M | $874M | $989M | $1B | $1.1B |
| Current assets | $2B | $2.9B | $3.9B | $2.4B | $3.2B |
| Net PP&E | $6.3B | $6.3B | $6.2B | $9.7B | $10.3B |
| Goodwill | $3.5B | $3.6B | $3.4B | $3.4B | $3.6B |
| Total assets | $14.4B | $15B | $15.1B | $18.2B | $18.7B |
| Payables | $356M | $385M | $343M | $375M | $389M |
| Deferred revenue | $8M | $11M | $10M | – | – |
| Current liabilities | $753M | $1.4B | $1.2B | $1B | $895M |
| Short-term debt | $100,000 | $699M | $400M | $125M | $30M |
| Long-term debt | $5.1B | $4.3B | $3.9B | $5.3B | $5.3B |
| Total liabilities | $7.9B | $7.8B | $7.1B | $8.7B | $8.7B |
| Shareholders' equity | $6.5B | $7.2B | $8B | $9.5B | $10B |
| Backlog (remaining obligations) | $154M | $239M | $251M | $255M | $162M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.1B | $991M | $1.5B | $1.5B | $1.8B |
| Capital expenditure | $423M | $482M | $650M | $855M | $807M |
| Free cash flow | $715M | $509M | $878M | $604M | $978M |
| Depreciation & amortisation | $452M | $506M | $513M | $573M | $637M |
| Stock-based compensation | $43M | $43M | $50M | $58M | $46M |
| Acquisitions | $3.1B | −$11M | $0 | $3.6B | $685M |
| Share buybacks | $0 | $150M | $150M | $450M | $450M |
| Dividends paid | $148M | $160M | $174M | $189M | $197M |
| Dividend per share | 2.36 | 2.54 | 2.80 | 3.06 | 3.24 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.8% | −5.0% | −3.2% | 8.6% |
| Operating income growth (YoY) | – | 23.9% | 10.4% | 86.0% | −42.0% |
| EPS growth (YoY) | – | 23.6% | 35.7% | 72.2% | −42.1% |
| Gross margin | 24.9% | 23.1% | 29.8% | 28.9% | 30.7% |
| Operating margin | 18.0% | 19.6% | 22.8% | 43.8% | 23.4% |
| Net margin | 13.0% | 14.1% | 20.0% | 35.2% | 18.5% |
| Return on equityBlank when equity is negative | 10.7% | 12.1% | 14.6% | 21.1% | 11.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.1% | 8.9% | 9.6% | 14.4% | 8.1% |
| Free cash flow margin | 13.2% | 8.3% | 15.0% | 10.7% | 15.9% |
| Cash conversion (CFO ÷ net income) | 1.62x | 1.14x | 1.31x | 0.73x | 1.57x |
| Receivable days | 52 | 47 | 47 | 44 | 43 |
| Inventory days | 68 | 67 | 88 | 92 | 92 |
| Payable days | 32 | 30 | 30 | 34 | 33 |
| Interest cover | 6.82x | 7.14x | 8.08x | 14.7x | 6.25x |
| Debt ÷ equity | 0.78x | 0.70x | 0.54x | 0.57x | 0.53x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $4.8B | $4.7B | $3.1B | $4.7B | $5.3B |
| Current ratio | 2.69x | 1.99x | 3.35x | 2.44x | 3.57x |
Recent filings
More in Mining & Quarrying Of Nonmetallic Minerals (No Fuels)
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.