United States Lime & Minerals (USLM) Q3 2025 earnings summary

Executive summary

• Revenues increased 14.1% in Q3 2025 and 19.8% for the first nine months year-over-year, driven by higher sales volumes and increased average selling prices, especially to construction, environmental, and steel customers, partially offset by lower demand from oil and gas services customers.

• Net income reached $38.8 million ($1.35 per diluted share) in Q3 2025, up 16.3% year-over-year; nine-month net income was $103.7 million ($3.61 per diluted share), up 26.7%.

• Gross profit rose 21.1% in Q3 and 29.2% for the first nine months, reflecting the revenue growth.

• Strong demand from construction, environmental, and steel customers offset weaker oil and gas services demand.

• Construction began in 2024 on a new vertical kiln at the Texas Lime Company plant, with estimated costs of $65 million and completion expected in 2026.

Financial highlights

• Q3 2025 revenues: $102.0 million (Q3 2024: $89.4 million); nine months: $284.8 million (2024: $237.7 million).

• Q3 2025 gross profit: $52.2 million (Q3 2024: $43.1 million); nine months: $140.2 million (2024: $108.5 million).

• Q3 2025 operating profit: $46.3 million (Q3 2024: $38.1 million); nine months: $121.8 million (2024: $93.8 million).

• Cash and cash equivalents at September 30, 2025: $349.5 million, up from $278.0 million at December 31, 2024.

• Stockholders' equity increased to $602.3 million as of September 30, 2025, from $497.7 million at year-end 2024.

Outlook and guidance

• Ongoing demand from data center construction is expected to continue, partially offset by softer demand in other served industries.

• Sufficient cash and cash flows from operations are expected to meet operating, capital, and dividend needs in the near future, barring significant acquisitions.