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Sentiment · FY2026 Q2
Martin Marietta opened 2026 with revenues up 17% to $1.4 billion, a first quarter record, as organic aggregates shipment growth of 7.2% meaningfully exceeded guidance on an early start to the construction season in the Midwest and Colorado plus continued infrastructure and heavy nonresidential strength. Core aggregates delivered record first quarter shipments of 43.9 million tons, a 12% increase, and record revenues of $1.1 billion, up 14%, though reported aggregates gross profit declined 3% to $288 million as geographic mix toward lower-ASP Central and West divisions, a noncash $22 million Quikrete inventory step-up charge, and higher DD&A more than offset volume and underlying organic pricing gains. The February 23 closing of the Quikrete Asset Exchange, the company's largest aggregates acquisition to date, shifted the portfolio away from cement and concrete and provided $450 million of cash, with integration progressing ahead of plan on both EBITDA and margin. Management reaffirmed full year 2026 adjusted EBITDA from continuing operations guidance of $2.43 billion at the midpoint, which excludes the pending New Frontier Materials acquisition, while flagging roughly $36 million of full year diesel headwinds in aggregates and a greater expected realization of midyear price increases.
Pricing | Demand | M&A | Guidance Reliability | Regulation Policy | Cost Pressure | Margin | Macroeconomic | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 5 | 7 | 2 | 2 | 5 | 1 | 2 | 3 |
| 2025Q1 | 2 | 4 | 4 | 3 | 4 | 1 | 3 | 3 |
| 2025Q2 | 4 | 4 | 3 | 4 | 2 | 1 | ||
| 2025Q3 | 7 | 6 | 1 | 1 | 1 | 2 | 2 | 1 |
| 2025Q4 | 6 | 3 | 3 | 4 | 2 | 2 | 3 | 4 |
| 2026Q1 | 6 | 5 | 4 | 2 | 3 | 5 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Pricing | 5 | 2 | 4 | 7 | 6 | 6 |
| Demand | 7 | 4 | 4 | 6 | 3 | 5 |
| M&A | 2 | 4 | 3 | 1 | 3 | 4 |
| Guidance Reliability | 2 | 3 | 4 | 1 | 4 | 2 |
| Regulation Policy | 5 | 4 | 1 | 2 | 3 | |
| Cost Pressure | 1 | 1 | 2 | 2 | 2 | 5 |
| Margin | 2 | 3 | 1 | 2 | 3 | 2 |
| Macroeconomic | 3 | 3 | 1 | 4 | 1 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Trey Grooms | Stephens | 9 (0%) |
| Angel Castillo | Morgan Stanley | 7 (14%) |
| Kathryn Thompson | Thompson Research Group |
| 7 (0%) |
| Mike Dudas | Vertical Research Partners | 7 (0%) |
| David MacGregor | Longbow Research | 7 (29%) |
| Adam Thalhimer | Thompson Davis | 7 (0%) |
| Steve Fisher | UBS | 5 (20%) |
| Anthony Pettinari | Citigroup | 5 (0%) |
| Ivan Yi | Wolfe Research | 5 (20%) |
| Philip Ng | Jefferies | 5 (40%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Jefferies | 2 | 9 (22%) |
| Morgan Stanley | 2 | 9 (11%) |
| Stephens | 1 | 9 (0%) |
| UBS | 3 | 8 (13%) |
| Longbow Research | 1 | 7 (29%) |
| Thompson Davis | 1 | 7 (0%) |
| Thompson Research Group | 1 | 7 (0%) |
| Vertical Research Partners | 1 | 7 (0%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $1.63B | +1.4% | $4.79 | +5.3% | 30.0% | 24.5% | 18.0% | $453M |
| FY2025 Q1 | $1.35B | +8.2% | $1.90 | -88.7% | 24.8% | 14.3% | 8.6% | $-15M |
| FY2025 Q2 | $1.81B | +2.7% | $5.43 | +14.1% | 30.0% | 25.3% | 18.1% | $208M |
| FY2025 Q3 | $1.85B | -2.3% | $6.85 | +15.9% | 33.3% | 27.4% | 22.4% | $361M |
| FY2025 Q4 | $1.53B | -5.9% | $4.62 | -3.5% | 30.5% | 23.8% | 18.2% | $424M |
| FY2026 Q1 | $1.36B | +0.7% | $25.06 | +1218.9% | 22.8% | 11.9% | 111.1% | $41M |
| FY2026 Q2 | $1.95B | +7.5% | $4.17 | -23.2% | 25.4% | 19.5% | 13.1% | $76M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What MLM and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Martin Marietta expanded a rail-served aggregate loading facility in Green Cove Springs, Florida with new rail infrastructure”
Martin Marietta expanded a CSX rail-served aggregate loading facility, expected to reach full ramp by end of 2Q on strong demand.
“this business is a lot like the tiller business that we bought years ago”
Martin Marietta compares the New Frontier deal to its earlier Tiller acquisition, an FOB asphalt materials business.
“It's much broader than that. We're seeing it with Walmart.”
Martin Marietta cites Walmart among the broadening set of warehouse/distribution-center builders driving aggregates demand.
“this isn't just an Amazon show anymore.”
Warehouse/distribution construction demand (an aggregates end-market) is broadening beyond Amazon, implying Amazon is a smaller share of a still-growing warehouse build-out.
“So you mentioned we're coming in by Norfolk Southern.”
Martin Marietta uses Norfolk Southern rail to move granite into the Florida market, another key rail logistics supplier.
“So we're coming in by granite by rail, which means we're coming in by CSX.”
Martin Marietta relies on CSX rail to import granite into Florida, making CSX a key logistics supplier for its aggregates distribution.
“particularly after the transaction with Heidelberg that put us in California and Arizona”
Martin Marietta's earlier acquisition of Heidelberg assets established its California and Arizona coast-to-coast footprint.
“reflecting contributions from the July 2025 Premier Magnesia acquisition and organic pricing gains”
The July 2025 Premier Magnesia acquisition contributed to record Specialties-segment results for Martin Marietta.
“on April 19, we entered into a definitive agreement to acquire New Frontier materials, a complementary bolt-on to our central division that produces over 8 million tons of aggregates annually.”
Martin Marietta agreed to acquire New Frontier Materials, an 8-million-ton aggregates bolt-on for its central division, expected to close in 2H 2026.
“The quarter was also highlighted by the February 23 closing of the Quikrete Asset Exchange, our largest aggregates acquisition to date.”
Martin Marietta closed the Quikrete Asset Exchange, its largest aggregates acquisition to date, shifting its portfolio toward aggregates.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
MLM Martin Marietta Materials | 7 | +0.7% | |
| CRH CRH plc | 7 | +9.1% | |
| VMC Vulcan Materials Company | 7 | +7.4% |