Martin Marietta Materials Inc

Company facts

Industry

Mining & Quarrying of Nonmetallic Minerals (No Fuels)

Headquarters

Raleigh, North Carolina

Most recent report

8-K/A, filed Nov 4, 2026

Incorporated

North Carolina

Filings on record

1,000+ filings

On EDGAR

CIK 916076

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 4 of 12 sections worth reading, with 0 positive, 7 notable, and 8 negative flags.

• Financial Statements (Item 1)

  Massive $12.9B LNA acquisition doubled assets and debt; huge new debt and share issuance.
  Notable

  • Acquired LNA contributed $436M revenue and $63M pretax earnings in Q3 2026, with $41M inventory step-up charge.
  • Divestiture of cement/Texas concrete assets in Feb 2026 generated $1.4B after-tax gain, reported in discontinued ops.

• Management's Discussion (Item 2)

  Two massive acquisitions closed in 2026, transforming the company's scale, debt, and segment structure.
  Notable

  • Company issued $5.5B in senior notes and drew $1.5B term loan in Aug 2026 to fund LNA cash consideration.
  • Company repurchased $200M of stock in 9M 2026 at avg $614.52; 10.7M shares remain authorized.
  • New $1.5B revolver and $500M trade receivables facility provide liquidity; $1.4B unused capacity at Sep 30, 2026.
  Negative

  • Interest expense more than doubled to $138M in Q3 2026 from $59M, reflecting $7.0B in new LNA debt.
  • Net earnings from continuing ops fell to $256M ($3.94/diluted) in Q3 2026 from $361M ($5.97), hit by $99M after-tax charges.
  • Leverage covenant starts at 4.75x post-LNA, stepping down to 3.75x; Fitch and S&P have negative outlooks on debt ratings.

• Market Risk (Item 3)

  Quantified interest rate and energy cost risks with specific dollar impacts.
  Negative

  • $2.1B variable-rate debt at Sep 30, 2026; a 100bp rise adds $21M annual interest expense.
  • Energy expense up 47% for nine months ended Sep 30, 2026 vs prior year; a repeat 47% hike would add $134M.
  • A hypothetical 47% increase in energy prices would increase full-year 2026 energy expense by $134 million.

• Risk Factors (Item 1A)

  New LNA debt covenant, leverage target, and concentration details added post-merger.
  Notable

  • Lime calcination inherently emits CO2; no commercially viable carbon capture at scale yet.
  • 21% of Building Materials hourly employees and 47% of Specialties hourly employees are unionized as of Sep 30, 2026.
  Negative

  • 58% of 2025 aggregates shipments tied to nonresidential and residential markets, which are sensitive to interest rates and credit.
  • New debt covenant: max leverage ratio 4.75x for first 3 quarters, stepping to 3.75x. Failure could block borrowing.

What changed: Sep 2026 vs. Jun 2026

About 17% of MLM's Sep 2026 10-Q is new information. 104 paragraphs were added, 201 changed, and 155 removed. Below are the most important lines SECSift identified.

• Item 2 90
• Item 1A 85
• Item 1 64
• Item 6 10
• Item 3 4
• Item 4 1
• Item 5 1