Martin Marietta Materials (MLM) Q3 2026 earnings summary

Executive summary

• Q3 continuing-operations revenue reached a record $2.369B, up 28% YoY, and Adjusted EBITDA reached $808M, up 21%; acquisitions offset softer legacy demand and inflationary costs.

• LNA integration is on track, with early results above expectations and cross-selling opportunities expected to build through 2027.

Financial highlights

• Q3 continuing-operations net earnings were $256M, or $3.94 diluted EPS, versus $361M, or $5.97; adjusted diluted EPS was $5.47 versus $6.12.

• Q3 free cash flow reached a record $426M, up 18% from $361M; inventory management and lower capital spending drove over $290M of year-to-date cash flow improvement.

• Nine-month revenue was $5.678B and Adjusted EBITDA was $1.809B, while continuing-operations earnings were $592M versus $757M.

• The QUIKRETE asset exchange generated a $1.4B after-tax divestiture gain; nine-month operating cash flow was $896M versus $1.156B, including related cash taxes.

Outlook and guidance

• FY26 guidance midpoints are $7.80B revenue, $800M continuing-operations net earnings and $2.475B Adjusted EBITDA, with a 32% EBITDA margin midpoint.

• Preliminary 2027 aggregates pricing outlook is mid- to high-single digits on a mix-adjusted basis; January 1 pricing actions and structural cost improvements are expected to restore positive price-cost.

• LNA is expected to generate $820M of 2027 EBITDA, distributed relatively evenly across quarters; 2027 margin expansion is expected from pricing, optimization, cost discipline and a full-year LNA contribution.

• Q4 organic pricing is guided up ~2% with high-single-digit volume declines; price-cost remains negative, while organic price-cost is expected to turn positive from early 2027.