United States Lime & Minerals (USLM) Q3 2026 earnings summary

Executive summary

• Q3 2026 revenue rose 4.1% YoY to $106.2M; net income fell 1.9% to $38.0M. 9M revenue increased 2.9% to $293.1M, while net income declined 0.6% to $103.1M.

• Higher selling prices and lime/limestone volumes supported revenue, while diesel-driven transportation and fuel costs and Texas kiln integration inefficiencies pressured gross profit.

Financial highlights

• Q3 revenue was $106.2M vs. $102.0M YoY; 9M revenue was $293.1M vs. $284.8M.

• Gross profit was $50.8M in Q3 vs. $52.2M and $139.2M for 9M vs. $140.2M; operating profit was $44.7M vs. $46.3M and $121.1M vs. $121.8M, respectively.

• Net income was $38.0M in Q3 vs. $38.8M and $103.1M for 9M vs. $103.7M.

• Q3 SG&A increased 2.3% to $6.1M; 9M SG&A decreased 1.5% to $18.1M.

Outlook and guidance

• The new Texas kiln began intermittent quicklime production in Q3; final commissioning is expected in Q4 2026, after which depreciation will begin.

• Cash on hand and operating cash flows are expected to cover operating, capital and liquidity needs, including regular quarterly dividends, for the near future absent a significant acquisition.

• Construction demand remains a longer-term positive; large-project delays and signs of slowing Texas residential construction are being monitored.