Martin Marietta Materials
Sector unknown·MLM · USA (SEC 10-K)·Fiscal year to 31/12/2025
Aggregates Aggregates, consisting of crushed stone, sand and gravel, are an engineered, granular material manufactured to specific sizes, grades and chemistry for use primarily in construction applications. The Company’s operations consist primarily of open pit quarries; however, the Company is the largest operator of underground aggregates mines in the United States, with 13 active underground mines located in the East Group.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Construction
End markets
DriverPositive impact: strengthens
“Production and shipment levels of the Building Materials business’ products follow activity in the construction industry, which typically is strongest in the spring, summer and fall. Because of the weather’s effect on the construction industry’s activity, the production and shipment levels for our Building Materials business, including all of our aggregates-related downstream operations, vary by quarter.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“As discussed in more detail, the Company’s operating results are highly dependent upon activity within the construction marketplace, economic cycles within the public and private business sectors, and seasonal and other weather-related conditions.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Aggregates shipments increased 3.8% to 198.5 million tons in 2025 compared with 2024, driven by more normalized weather patterns in the Southeast and Texas, strong infrastructure and nonresidential demand, and shipments from acquired operations. During 2025, aggregates shipments to the infrastructure end use market increased 5%, nonresidential shipments increased 6% and residential end use shipments declined 1%.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“The Company, by purposeful design, is an aggregates-led business that focuses on markets with strong, underlying growth fundamentals where it can sustain or achieve a leading market position. Aggregates gross profit represented 88% of 2025 total reportable segment gross profit.”
Annual report 2025A · The company itself
Market
“Other Building Materials Cement is the basic agent used to bind aggregates, sand and water in the production of ready mixed concrete. Similar to aggregates, cement is used in infrastructure projects, nonresidential and residential construction, and the railroad, agricultural, utility and environmental industries.”
Annual report 2025A · The company itself
Market
“Ready mixed concrete is measured in cubic yards and specifically batched or produced for customers’ construction projects and then typically transported by mixer trucks and poured at the project site. The aggregates used for ready mixed concrete are a washed material with limited amounts of fines (such as dirt and clay) as well as natural or manufactured sand.”
Annual report 2025A · The company itself
Market
“Asphalt is typically used in surfacing roads and parking lots and consists of aggregates and liquid asphalt, or bitumen (the binding medium). Like ready mixed concrete, each asphalt batch is produced to customer specifications.”
Annual report 2025A · The company itself
Market
“The Building Materials business markets its products primarily to the construction industry, with 37% of its 2025 aggregates shipments sold to customers for use in highway and other public infrastructure projects and the balance of its shipments sold primarily to customers for nonresidential and residential construction projects.”
Annual report 2025A · The company itself
Market
“We sell most of our aggregates (our primary business) and our cement products to the construction industry and, therefore, our results depend on that industry’s strength.”
Annual report 2025A · The company itself
Market
“(the Company or Martin Marietta) is a natural resource-based building materials company, with 2025 revenues of $6.2 billion and 2025 net earnings from continuing operations attributable to Martin Marietta of $990 million.”
Annual report 2025A · The company itself
Market
“Ready mixed concrete is measured in cubic yards and specifically batched or produced for customers’ construction projects and then typically transported by mixer trucks and poured at the project site of a customer of the Company. The coarse aggregates used for ready mixed concrete are a washed material with limited amounts of fines (i.e., dirt and clay).”
Annual report 2025A · The company itself
Market
“End-Use Trends The principal end-use markets of the Building Materials business are public infrastructure (i.e., highways; streets; roads; bridges; and schools); nonresidential construction (i.e., manufacturing and distribution facilities; data centers; industrial complexes; office buildings; large retailers and wholesalers; healthcare; hospitality; and energy-related activity); and residential construction (i.e., subdivision development; and single- and multi-family housing).”
Annual report 2025A · The company itself
Market
“The Company’s principal business serves customers in construction markets.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Housing market strengthens, Public investment and infrastructure strengthens, Business cycle and GDP growth strengthens, Reconstruction of Ukraine strengthens
Industrial manufacturing
End markets
DriverNegative impact: weakens
“Unexpected equipment failures, catastrophic events and scheduled maintenance may lead to production curtailments or shutdowns. Our manufacturing processes are dependent upon critical pieces of equipment, such as our kilns and finishing mills. This equipment, on occasion, is out of service as a result of planned or unplanned maintenance, failures or damage during accidents.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Heavy nonresidential construction demand remained steady in 2025 across key geographies due to rapid expansion in data centers, a recovery in warehousing and distribution, and early-stage momentum in energy and advanced manufacturing. The Company expects 2026 demand in these nonresidential segments to remain strong.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“The property and machinery needed to produce our products are very costly. Therefore, we require large amounts of cash to operate our businesses.”
Annual report 2025A · The company itself
Market
“Specialties Business The Specialties business produces and sells dolomitic lime from its Woodville, Ohio facility and manufactures high-purity natural and synthetic magnesia-based products, including magnesium sulfate, magnesium oxide and magnesium hydroxide, that serve environmental, industrial, agricultural, construction, consumer and specialty applications at its Manistee, Michigan; Woodville, Ohio; Gabbs, Nevada; Waynesville, North Carolina; Greendale, Indiana; and Aspers, Pennsylvania facilities. These magnesia-based products have varying uses, including flame retardants, wastewater treatment, pulp and paper production and other specialty applications.”
Annual report 2025A · The company itself
Market
“End-Use Trends The principal end-use markets of the Building Materials business are public infrastructure (i.e., highways; streets; roads; bridges; and schools); nonresidential construction (i.e., manufacturing and distribution facilities; data centers; industrial complexes; office buildings; large retailers and wholesalers; healthcare; hospitality; and energy-related activity); and residential construction (i.e., subdivision development; and single- and multi-family housing).”
Annual report 2025A · The company itself
Steel
Raw materials and inputs
DriverPositive impact: strengthens
“With 33% of Specialties’ 2025 revenues related to products used in the steel industry, a portion of the segment’s revenues and profits is affected by production and inventory trends within the steel industry, which are guided by the rate of consumer consumption, the flow of offshore imports and other economic factors.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“In 2025, Specialties reported revenues of $441 million and gross profit of $137 million, increases of 38% and 29%, respectively, compared with 2024. The profitability increase in 2025 reflects pricing gains in both the lime and magnesia heritage product lines and contributions from acquired operations.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“The Specialties business is sensitive to changes in domestic steel capacity utilization as well as the absolute price and fluctuation in the cost of natural gas.”
Annual report 2025A · The company itself
Market
“Dolomitic lime products sold to external customers are used primarily by the steel industry. Accordingly, a portion of the revenues and profitability of the Specialties business is affected by the steel industry's production and inventory trends, which are influenced by factors such as rates of consumer consumption, the flow of offshore imports and broader economic conditions.”
Annual report 2025A · The company itself
Market
“Our Specialties business depends in part on the steel industry and the supply of reasonably priced fuels. Our Specialties business sells some of its products to companies in the steel industry. Accordingly, this business is dependent, in part, on the strength of the cyclical steel industry.”
Annual report 2025A · The company itself
Market
“The following ten states accounted for 76% of the Building Materials business 2025 revenues from continuing operations: Specialties The Company operates a Specialties business (formerly known as the Magnesia Specialties business) which produces high‑purity natural and synthetic magnesia‑based products, including magnesium sulfate, magnesium oxide and magnesium hydroxide, used in environmental, industrial, agricultural, construction, consumer and specialty applications.”
Annual report 2025A · The company itself
Market
“Specialties Business The Specialties business produces and sells dolomitic lime from its Woodville, Ohio facility and manufactures high-purity natural and synthetic magnesia-based products for environmental, industrial, agricultural, construction, consumer and specialty applications at its Manistee, Michigan; Woodville, Ohio; Gabbs, Nevada; Waynesville, North Carolina; Greendale, Indiana; and Aspers, Pennsylvania facilities. These magnesia-based products have varying uses, including flame retardants, wastewater treatment, pulp and paper production and other specialty applications.”
Annual report 2025A · The company itself
Chains in: Wind power strengthens
Cement and building materials
Raw materials and inputs
DriverNegative impact: weakens
“Cement is sensitive to supply and price volatility. Cement competition is often based primarily on price, which is highly sensitive to changes in supply and demand. Prices fluctuate significantly in response to relatively minor changes in supply and demand, general economic conditions and other market conditions, which we cannot control.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Similarly, our downstream operations also require a continued supply of liquid asphalt and cement, which serve as key raw materials in the production of hot mix asphalt and ready mixed concrete, respectively. Some of these raw materials we produce internally, but most are purchased from third parties.”
Annual report 2025A · The company itself
Market
“Aggregates Aggregates, consisting of crushed stone, sand and gravel, are an engineered, granular material manufactured to specific sizes, grades and chemistry for use primarily in construction applications. The Company’s operations consist primarily of open pit quarries; however, the Company is the largest operator of underground aggregates mines in the United States, with 13 active underground mines located in the East Group.”
Annual report 2025A · The company itself
Market
“These results were achieved in part by supplying aggregates (crushed stone, sand and gravel) through its network of approximately 400 quarries, mines and distribution yards in 28 states, Canada and The Bahamas.”
Annual report 2025A · The company itself
Market
“Specialties Business The Specialties business produces and sells dolomitic lime from its Woodville, Ohio facility and manufactures high-purity natural and synthetic magnesia-based products for environmental, industrial, agricultural, construction, consumer and specialty applications at its Manistee, Michigan; Woodville, Ohio; Gabbs, Nevada; Waynesville, North Carolina; Greendale, Indiana; and Aspers, Pennsylvania facilities.”
Annual report 2025A · The company itself
Market
“years ended December 31 (dollars in millions) Amount % of Revenues Amount % of Revenues Amount % of Revenues Building Materials business: Aggregates 10 % 119 11 % 267 18 % Total Building Materials business 1,775 31 % 1,568 29 % 1,645 30 % Specialties 137 31 % 107 33 % 97 31 % Corporate (23 ) NM (39 ) NM 3 NM Total $ 1,889 31 % $ 1,636 29 % $ 1,745 30 % The increase in Building Materials business gross profit from 2024 to 2025 was driven by higher organic shipments, continued strength in aggregates pricing that exceeded increased production costs, and contributions from acquired locations, partially offset by declines in other building materials.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices weakens, Reconstruction of Ukraine strengthens
M&A and consolidation
Macro
StrategyPositive impact: strengthens
“The construction aggregates industry has been consolidating, and the Company has actively participated in the industry’s consolidation. The Company’s Board of Directors and management continue to review and monitor the Company’s long-term strategic plans, commonly referred to as SOAR (Strategic Operating Analysis and Review), which include assessing portfolio optimization strategies such as business combinations and arrangements with other companies engaged in similar businesses, investing in internal expansion projects in high-growth markets, divesting businesses or nonoperating assets that are not core or do not further management’s strategy and pursuing new opportunities in the Company’s existing markets or new markets.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Our future growth depends in part on disciplined acquisitions and strategic investments, and we may use shares of our common stock as consideration. We expect to continue to pursue acquisitions, joint ventures, leaseholds, licenses and other strategic transactions to strengthen our existing locations, expand our operations and enter new geographic markets.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“The Company’s strategy includes ongoing evaluation of aggregates-led opportunities of scale in new domestic markets (i.e., platform acquisitions) and expansion through acquisitions that complement existing operations (i.e., bolt-on acquisitions).”
Annual report 2025A · The company itself
Agriculture and food production
End markets
Market
“Agricultural lime, a high-calcium carbonate material, is used as a supplement in animal feed, a soil acidity neutralizer and agricultural growth enhancer. Additionally, ChemRock/Rail includes rip rap (used as a stabilizing material to control erosion caused by water runoff at embankments, ocean beaches, inlets, rivers and streams) and high-calcium limestone (used as filler in glass, plastic, paint, rubber, adhesives, grease and paper).”
Annual report 2025A · The company itself
Chains in: Grain and agricultural commodities mixed effect, Climate change and extreme weather weakens, Grocery retail and private label weakens
Chemicals and specialty chemicals
Raw materials and inputs
Market
“Specialties Business The Specialties business produces and sells dolomitic lime from its Woodville, Ohio facility and manufactures high-purity natural and synthetic magnesia-based products for environmental, industrial, agricultural, construction, consumer and specialty applications at its Manistee, Michigan; Woodville, Ohio; Gabbs, Nevada; Waynesville, North Carolina; Greendale, Indiana; and Aspers, Pennsylvania facilities.”
Annual report 2025A · The company itself
Public sector
End markets
Market
“The Building Materials business markets its products primarily to the construction industry, with 37% of its 2025 aggregates shipments sold to customers for use in highway and other public infrastructure projects and the balance of its shipments sold primarily to customers for nonresidential and residential construction projects.”
Annual report 2025A · The company itself
Utilities
End markets
Market
“Chemical-grade, high-calcium limestone is used as a desulfurization material in coal-fired power generation facilities.”
Annual report 2025A · The company itself
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“Personnel Risks Labor disputes could disrupt operations of our businesses. Labor unions represented 13% of the hourly employees of our Building Materials business and 59% of the hourly employees of our Specialties business as of December 31, 2025.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“We depend on the recruitment and retention of qualified personnel, and our failure to attract and retain such personnel could adversely affect our business, disrupt our operations or increase costs. Our success depends to a significant degree upon the continued services of, and on our ability to attract and retain, our key personnel and executive officers, including qualified management, technical, marketing and sales, and support personnel.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Our geographically dispersed footprint and the physically demanding nature of many roles can intensify recruiting and retention challenges, particularly in rural or less-populated areas. If we are unable to fill vacancies timely, maintain appropriate crew sizes, or retain key personnel and subject-matter experts, we may experience more frequent equipment downtime, slower maintenance or capital work, reduced operating days, and delays in customer service or project support.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The availability of trucks, drivers and railcars to transport the Company’s products, particularly in markets experiencing high growth and increased demand, is also a risk and pressures the associated costs.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Human Capital Resources As of January 31, 2026, the Company has approximately 9,600 employees, of which approximately 7,100 are hourly employees and approximately 2,500 are salaried employees. Approximately 1,200 hourly employees (13% of the Company’s employees) are represented by labor unions, representing 13% of the Building Materials business’ hourly employees and 59% of the Specialties segment’s hourly employees.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Labor actions by our suppliers, contractors, railroads, ports, trucking firms, or other logistics providers may interrupt inbound materials or outbound deliveries, increase delivered costs, or require us to source alternatives. Tight labor markets, especially for skilled trades and licensed commercial drivers, can constrain operating days, raise turnover and training costs, and delay maintenance or capital projects.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Prices and lead times for parts and contractor services can be volatile due to supply-chain disruptions, limited supplier alternatives, inflation, labor availability, and logistics constraints.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Even where supply is available, our delivered costs can rise due to logistics constraints. Limited availability or higher rates for trucks and licensed drivers, rail service and cars, port capacity, or pipeline interruptions can delay deliveries, reduce operating days, or force us to source from higher-cost alternatives.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Generally, the significant components of cost of revenues for the aggregates product line are (1) labor and benefits; (2) depreciation, depletion and amortization; (3) internal freight; (4) repairs and maintenance; (5) external freight; (6) supplies; (7) energy; and (8) contract services. In 2025, these categories represented 86% of the aggregates product line's total cost of revenues.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Wage and benefit inflation as well as other increases in labor costs may be somewhat mitigated by enhanced productivity.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Transportation operations are subject to capacity constraints, high fuel costs and various hazards, including extreme weather conditions and slowdowns due to labor strikes and other work stoppages. In Texas, we compete for third-party trucking services with operations in the oil and gas fields, which can significantly constrain the availability of those services to us.”
Annual report 2025A · The company itself
Sea freight and freight rates
Raw materials and inputs
DriverNegative impact: weakens
“The waterborne distribution network also increases the Company’s exposure to certain risks, including, among other items, meeting minimum tonnage requirements of shipping contracts, demurrage costs, fuel costs, ship availability and weather disruptions. The Company has agreements with shipping companies to provide vessels to transport its aggregates to various coastal ports.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Building Materials Business’ Key Considerations Growth markets with limited supply of indigenous stone must be served via a long-haul distribution network The U.S. Department of the Interior identified possible sources of indigenous rock and documented its limited supply in certain areas of the United States, including the coastal areas from Virginia to Texas. Further, certain interior United States markets may experience limited availability of locally sourced aggregates resulting from increasingly restrictive zoning, permitting and/or environmental laws and regulations.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Product shipments are moved by truck, rail and water through the Company’s long-haul distribution network. The Company’s rail network primarily serves its Texas, Southeast and Gulf Coast markets, while the Company’s Bahamas and Nova Scotia locations transport materials via oceangoing ships.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The Company’s rail shipments result in continued reliance on railroad operations, which are impacted by track congestion, crew and locomotive availability, the effects of adverse weather conditions and the ability to negotiate favorable railroad shipping contracts. Further, changes in the operating strategy of rail transportation providers can create operational inefficiencies and increased costs from the Company’s rail network.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In 2025, direct production costs represented 82% of the Specialties business' total cost of revenues: The Specialties business is highly dependent on rail transportation, particularly for movement of dolomitic lime from Woodville to Manistee, magnesite from Gabbs to processing plants in North Carolina, Indiana and Pennsylvania and direct customer shipments of dolomitic lime and magnesia products from Woodville, Manistee and Gabbs.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Transportation in the Company’s long-haul network, particularly the supply of railcars and locomotive power and condition of rail infrastructure to move trains, affects the Company’s efficient transportation of aggregates products in certain markets, most notably Texas, the Southeast and the Gulf Coast. In addition, availability of railcars and locomotives affects the Company’s movement of essential dolomitic lime for magnesia chemicals to both the Company’s plant in Manistee, Michigan, and its customers as well as the movement of magnesite from the Company's Gabbs, Nevada facility to processing plants in North Carolina, Indiana and Pennsylvania and its customers.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Generally, the distance shipments travel by truck from a given quarry is limited because the cost of transporting processed aggregates to customers is high relative to the price of the product itself. The Company’s distribution system mainly uses trucks, but also has access to rail and waterborne networks where the per-mile unit costs of transporting aggregates are lower.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Adverse weather conditions, including hurricanes and tropical storms, extreme temperatures, snow, heavy or sustained rainfall, wildfires and earthquakes, reduce construction activity, restrict the demand for our products and impede our ability to efficiently transport material. Severe events can close or damage transportation networks or constrain logistics capacity, slowing our ability to move materials and increasing delivered costs.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“We also rely heavily on third-party truck and rail transportation to ship coal, natural gas and other fuels to our plants. Any significant delays, disruptions or the non-availability of our transportation support system could negatively affect our operations.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Railcars can be used to transport many different types of products across all of our segments. If owners sell or lease railcars for use in other industries, we may not have enough railcars to transport our products.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Some of our products are distributed by barges along rivers in Ohio and West Virginia. We may experience, to a lesser degree, risks associated with distributing our products by barges, including significant delays, disruptions or the non-availability of our barge transportation system that could negatively affect our operations, water levels that could affect our ability to transport our products by barge, and barges that may not be available in quantities that we might need from time to time to support our operations.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Fuel
Raw materials and inputs
DriverNegative impact: weakens
“Fluctuating diesel fuel pricing also affects transportation costs, primarily through fuel surcharges in the Company’s long-haul distribution network.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Our businesses require a continued supply of diesel fuel, natural gas, coal, petroleum coke and other energy. Prices and availability for these inputs are influenced by global and regional supply-demand dynamics, refining and generation capacity, weather and other physical risks, transportation and labor constraints, geopolitics and trade policy, regulatory changes and supplier operating issues.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Our Specialties business also requires significant amounts of natural gas, coal and petroleum coke, and financial results are negatively affected by increases in fuel prices or shortages.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Generally, the significant components of cost of revenues for the aggregates product line are (1) labor and benefits; (2) depreciation, depletion and amortization; (3) internal freight; (4) repairs and maintenance; (5) external freight; (6) supplies; (7) energy; and (8) contract services. In 2025, these categories represented 86% of the aggregates product line's total cost of revenues.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Typically, diesel fuel represents the single-largest component of energy costs for the Building Materials business. The average cost per gallon for continuing operations was $2.58 and $2.80 in 2025 and 2024, respectively.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“We also rely heavily on third-party truck and rail transportation to ship coal, natural gas and other fuels to our plants. Any significant delays, disruptions or the non-availability of our transportation support system could negatively affect our operations.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Transportation operations are subject to capacity constraints, high fuel costs and various hazards, including extreme weather conditions and slowdowns due to labor strikes and other work stoppages. In Texas, we compete for third-party trucking services with operations in the oil and gas fields, which can significantly constrain the availability of those services to us.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Production costs in the Building Materials business are also sensitive to energy and raw material prices, both directly and indirectly. Diesel fuel, natural gas, coal and other consumables change production costs directly through consumption or indirectly by increased energy-related input costs, such as steel, explosives, tires and conveyor belts.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Energy Costs Energy costs, including diesel fuel, natural gas, electricity, coal and petroleum coke, represent significant production costs of the Company. The Company may be unable to pass along increases in the costs of energy to customers in the form of price increases for the Company’s products.”
Annual report 2025A · The company itself
Chains out: this strengthens Shipping and logistics, strengthens Aviation and travel
Interest rates
Macro
DriverPositive impact: strengthens
“Building Materials Business The profitability of the Building Materials business, which serves customers in the construction marketplace, is sensitive to national, regional and local economic conditions and construction cyclicality, which are in turn affected by fluctuations in public-sector infrastructure funding; interest rates; access to capital markets; and demographic, geographic, employment and population dynamics.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Construction spending is affected by economic conditions, changes in interest rates, inflation, employment levels, demographic and population shifts, and changes in construction budgets by federal, state and local governments.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Further, delays or cancellations of projects in the nonresidential and residential construction markets, which combined accounted for 58% of aggregates shipments in 2025, could occur if companies and consumers are unable to obtain financing for construction projects or if consumer confidence continues to be eroded or affected by economic uncertainty.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Sustained high or rising interest may reduce construction demand, increase our financing costs, and adversely affect our results of operations and financial condition. Our businesses are sensitive to interest-rate and credit conditions because a substantial portion of demand for our products is tied to the construction markets. Therefore, our business in these industries may experience declines from sustained high or rising interest rates and cost increases.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Credit-market stress and tighter financing conditions could reduce construction demand, slow customer payments, constrain our liquidity, and increase our cost of capital. Demand for aggregates products, particularly in the infrastructure construction market, has historically been negatively affected by federal and state budget challenges and uncertainty over future highway funding levels.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Our access to and cost of capital may be adversely affected. Additional financing or refinancing might not be available and, if available, may not be at economically favorable terms.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“BUSINESS ENVIRONMENT Building Materials Business The Building Materials business serves customers in the construction marketplace. The business’ profitability is sensitive to national, regional and local economic conditions and cyclical swings in construction spending, which are affected by fluctuations in levels of public-sector infrastructure funding; interest rates; access to capital markets; and demographic, geographic, employment and population dynamics.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The Company is exposed to credit markets through the interest cost related to borrowings under its Revolving Facility and Trade Receivable Facility.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Demand in the nonresidential and residential construction markets, which combined accounted for 58% of the Company's 2025 aggregates shipments, is affected by interest rates.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Public investment and infrastructure
Regulation
DriverPositive impact: strengthens
“From a regulatory standpoint, the $1.2 trillion Infrastructure Investment and Jobs Act (IIJ Act), which was signed into law in November 2021, provides billions of dollars in new funding for roads, bridges and other major infrastructure projects which require aggregates for construction. New public transit and clean energy projects that address climate change may also result in increased demand for the Company's products.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Infrastructure The public infrastructure market accounted for 37% of the Company’s aggregates shipments in 2025. The Company’s shipments to this end-use market are in line with the most recent five-year average of 35% and the most recent ten-year average of 36%.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“These approved infrastructure initiatives are estimated to generate $24 billion in one-time and recurring revenues, with initiatives in North Carolina, one of the Company’s largest revenue-generating states, accounting for $16 billion of this total.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“The Infrastructure Investments and Jobs Act (IIJ Act) was signed into law on November 15, 2021, and contains a five-year surface transportation reauthorization plus $110 billion in new funding for roads, bridges and other hard infrastructure projects.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Public-sector transportation infrastructure projects are funded through a mix of federal, state and local sources. The current federal infrastructure legislation, the IIJ Act, provides annual funding for public-sector highway construction and includes spending authorizations, which represent the maximum financial obligation that will result from the immediate or future outlays of federal funds for highway and transit programs.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“States have assumed a significantly larger role in funding infrastructure investment, including initiating special-purpose taxes and raising state gas taxes. Management believes that financing at the state and local levels, such as bond issuances, toll roads, vehicle miles-traveled fees and tax initiatives, will continue to grow and have a fundamental role in advancing infrastructure projects.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Railroad construction continues to benefit from economic growth, which ultimately generates a need for additional maintenance and improvements.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Aggregates shipments increased 3.8% to 198.5 million tons in 2025 compared with 2024, driven by more normalized weather patterns in the Southeast and Texas, strong infrastructure and nonresidential demand, and shipments from acquired operations. During 2025, aggregates shipments to the infrastructure end use market increased 5%, nonresidential shipments increased 6% and residential end use shipments declined 1%.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Demand for aggregates products, particularly in the infrastructure construction market, is affected by federal, state and local budget and deficit issues.”
Annual report 2025A · The company itself
Chains in: Reconstruction of Ukraine strengthens
Chains out: this strengthens Construction, strengthens Digitalisation, strengthens IT consulting and public-sector IT
Natural gas
Raw materials and inputs
DriverNegative impact: weakens
“Prices for energy are subject to market forces largely beyond our control and can be volatile.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“The Specialties business is sensitive to changes in domestic steel capacity utilization as well as the absolute price and fluctuation in the cost of natural gas.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“The production process requires the use of natural gas, coal and petroleum coke. Therefore, fluctuations in their pricing directly affect operating results.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Our businesses require a continued supply of diesel fuel, natural gas, coal, petroleum coke and other energy. Prices and availability for these inputs are influenced by global and regional supply-demand dynamics, refining and generation capacity, weather and other physical risks, transportation and labor constraints, geopolitics and trade policy, regulatory changes and supplier operating issues.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Utility interruptions or curtailments (electricity, natural gas, or water) can further constrain output or alter our product and geographic mix, particularly at energy-intensive facilities.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Our Specialties business also requires significant amounts of natural gas, coal and petroleum coke, and financial results are negatively affected by increases in fuel prices or shortages.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Production costs in the Building Materials business are also sensitive to energy and raw material prices, both directly and indirectly. Diesel fuel, natural gas, coal and other consumables change production costs directly through consumption or indirectly by increased energy-related input costs, such as steel, explosives, tires and conveyor belts.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Energy Costs Energy costs, including diesel fuel, natural gas, electricity, coal and petroleum coke, represent significant production costs of the Company. The Company may be unable to pass along increases in the costs of energy to customers in the form of price increases for the Company’s products.”
Annual report 2025A · The company itself
Business cycle and GDP growth
Macro
DriverPositive impact: strengthens
“Building Materials Business The profitability of the Building Materials business, which serves customers in the construction marketplace, is sensitive to national, regional and local economic conditions and construction cyclicality, which are in turn affected by fluctuations in public-sector infrastructure funding; interest rates; access to capital markets; and demographic, geographic, employment and population dynamics.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Because our businesses depend on construction spending, which can be cyclical, our profits are sensitive to national, regional and local economic conditions and the intensity of the underlying spending on aggregates and cement products.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“BUSINESS ENVIRONMENT Building Materials Business The Building Materials business serves customers in the construction marketplace. The business’ profitability is sensitive to national, regional and local economic conditions and cyclical swings in construction spending, which are affected by fluctuations in levels of public-sector infrastructure funding; interest rates; access to capital markets; and demographic, geographic, employment and population dynamics.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“As discussed in more detail, the Company’s operating results are highly dependent upon activity within the construction marketplace, economic cycles within the public and private business sectors, and seasonal and other weather-related conditions.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Electricity
Raw materials and inputs
DriverNegative impact: weakens
“Prices for energy are subject to market forces largely beyond our control and can be volatile.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Utility interruptions or curtailments (electricity, natural gas, or water) can further constrain output or alter our product and geographic mix, particularly at energy-intensive facilities.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Cement production requires large amounts of energy, including electricity and fossil fuels. Therefore, the cost of energy is one of our largest expenses.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Energy Costs Energy costs, including diesel fuel, natural gas, electricity, coal and petroleum coke, represent significant production costs of the Company. The Company may be unable to pass along increases in the costs of energy to customers in the form of price increases for the Company’s products.”
Annual report 2025A · The company itself
Chains in: Data centres strengthens, Electrification strengthens
Chains out: this strengthens Power grid expansion
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“The heavy-side construction business is conducted outdoors, as are a significant portion of the Building Materials business’ operations. Therefore, weather patterns, seasonal changes and other climate-related conditions, including precipitation, flooding, hurricanes, snowstorms, extreme hot and cold temperatures, wildfires, earthquakes and droughts, can significantly affect production schedules, shipments, costs, efficiencies and profitability.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Our Building Materials business is seasonal and sensitive to weather and climate-related conditions that can significantly disrupt operations, shipments and demand. The heavy-side construction business is conducted outdoors. Accordingly, our production, distribution, and customer demand are affected by seasonal weather patterns and adverse weather. Adverse weather conditions, including hurricanes and tropical storms, extreme temperatures, snow, heavy or sustained rainfall, wildfires and earthquakes, reduce construction activity, restrict the demand for our products and impede our ability to efficiently transport material.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Therefore, erratic weather patterns, precipitation and other weather-related conditions, including flooding, hurricanes, extreme hot and cold temperatures, earthquakes, droughts and wildfires, can significantly affect production schedules, shipments, costs, efficiencies and profitability. Generally, the financial results for the first and fourth quarters are influenced by the impacts of winter weather, while the second and third quarters can be subject to the impacts of heavy precipitation and excessive heat.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
Coal and coke
Raw materials and inputs
InputNegative impact: weakens
“The production process requires the use of natural gas, coal and petroleum coke. Therefore, fluctuations in their pricing directly affect operating results.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Our businesses require a continued supply of diesel fuel, natural gas, coal, petroleum coke and other energy. Prices and availability for these inputs are influenced by global and regional supply-demand dynamics, refining and generation capacity, weather and other physical risks, transportation and labor constraints, geopolitics and trade policy, regulatory changes and supplier operating issues.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Production costs in the Building Materials business are also sensitive to energy and raw material prices, both directly and indirectly. Diesel fuel, natural gas, coal and other consumables change production costs directly through consumption or indirectly by increased energy-related input costs, such as steel, explosives, tires and conveyor belts.”
Annual report 2025A · The company itself
Consumer spending
Macro
DriverPositive impact: strengthens
“Because our businesses depend on construction spending, which can be cyclical, our profits are sensitive to national, regional and local economic conditions and the intensity of the underlying spending on aggregates and cement products.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Further, delays or cancellations of projects in the nonresidential and residential construction markets, which combined accounted for 58% of aggregates shipments in 2025, could occur if companies and consumers are unable to obtain financing for construction projects or if consumer confidence continues to be eroded or affected by economic uncertainty.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
EU climate and energy policy
Regulation
DriverPositive impact: strengthens
“From a regulatory standpoint, the $1.2 trillion Infrastructure Investment and Jobs Act (IIJ Act), which was signed into law in November 2021, provides billions of dollars in new funding for roads, bridges and other major infrastructure projects which require aggregates for construction. New public transit and clean energy projects that address climate change may also result in increased demand for the Company's products.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The Company's cement operation, like those of other cement producers, requires combustion of significant amounts of fuel to generate high kiln temperatures and creates carbon dioxide as a product of the calcination process, which is presently an unavoidable step in making clinker, the essential component for cement production. Accordingly, the Company continues to closely monitor GHG regulations and legislation and its potential impact on the Company's cement business, financial condition and product demand.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Inflation
Macro
DriverPositive impact: strengthens
“Construction spending is affected by economic conditions, changes in interest rates, inflation, employment levels, demographic and population shifts, and changes in construction budgets by federal, state and local governments.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Our ready mixed concrete and asphalt and paving operations typically generate lower profit margins than our aggregates and cement operations due to potentially volatile input costs, highly competitive market dynamics and lower barriers to entry.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“These factors can cause rapid, significant, and uneven price movements across our footprint and may limit supply in one or more markets. Our financial results have historically been affected by the short supply or high costs of these fuels and energy.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The financial results of our ready mixed concrete and asphalt and paving operations have been affected by the short supply or high costs of these raw materials. We generally see frequent volatility in the prices for these raw materials.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The production of ready mixed concrete and asphalt requires the use of cement and liquid asphalt raw materials, respectively. Therefore, fluctuations in availability and prices for these raw materials directly affect the Company’s operating results.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Aggregates pricing continued to improve, increasing 6.9% year over year.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Aggregates pricing increased 9.9% driven by the cumulative effect of pricing actions taken in 2023 and 2024.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Prices and lead times for parts and contractor services can be volatile due to supply-chain disruptions, limited supplier alternatives, inflation, labor availability, and logistics constraints.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Changes in energy costs also affect the prices that we pay for related supplies, including explosives, conveyor belting and tires.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Shipping and logistics
End markets
DriverNegative impact: weakens
“As of December 31, 2025, the Company’s aggregates distribution facilities consisted of 89 distribution yards. The Company’s rail-based distribution network, coupled with the extensive use of rail service, increases the Company’s dependence on and exposure to railroad performance, including track congestion, crew availability, railcar availability, locomotive availability and the ability to negotiate favorable railroad shipping contracts.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Adverse weather conditions, including hurricanes and tropical storms, extreme temperatures, snow, heavy or sustained rainfall, wildfires and earthquakes, reduce construction activity, restrict the demand for our products and impede our ability to efficiently transport material. Severe events can close or damage transportation networks or constrain logistics capacity, slowing our ability to move materials and increasing delivered costs.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Labor actions by our suppliers, contractors, railroads, ports, trucking firms, or other logistics providers may interrupt inbound materials or outbound deliveries, increase delivered costs, or require us to source alternatives. Tight labor markets, especially for skilled trades and licensed commercial drivers, can constrain operating days, raise turnover and training costs, and delay maintenance or capital projects.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Prices and lead times for parts and contractor services can be volatile due to supply-chain disruptions, limited supplier alternatives, inflation, labor availability, and logistics constraints.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Even where supply is available, our delivered costs can rise due to logistics constraints. Limited availability or higher rates for trucks and licensed drivers, rail service and cars, port capacity, or pipeline interruptions can delay deliveries, reduce operating days, or force us to source from higher-cost alternatives.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices weakens, Global trade volumes strengthens, Fuel strengthens
Oil
Raw materials and inputs
DriverPositive impact: strengthens
“Similarly, energy-sector cyclicality can materially impact construction demand, particularly in Texas and other energy-intensive regions.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Liquid asphalt and cement serve as key raw materials in the production of hot mix asphalt and ready mixed concrete, respectively. Therefore, fluctuations in prices for these raw materials directly affect the Company’s operating results.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Similarly, our downstream operations also require a continued supply of liquid asphalt and cement, which serve as key raw materials in the production of hot mix asphalt and ready mixed concrete, respectively. Some of these raw materials we produce internally, but most are purchased from third parties.”
Annual report 2025A · The company itself
Chains out: this strengthens Plastics and polymers
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“We rely on information technology systems and networks, some of which are managed by third-party vendors, including cloud-based systems and managed service providers, to operate our business and to securely process, store and transmit confidential, sensitive and proprietary information relating to our business operations, including sensitive information about our customers and employees. Cyber threats are rapidly evolving as threat actors have become increasingly sophisticated and carry out direct large-scale, complex attacks against a company and are reportedly using artificial intelligence to increase the virulence of attacks.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“While we have experienced attacks to breach the security of our information technology systems, we are not aware that we have experienced a material cybersecurity incident during the 2025 fiscal year. Breaches of our technology systems and those of acquired companies, or those of our vendors and customers, whether from circumvention of security systems, denial-of-service attacks or other cyber-attacks, hacking, “phishing” or "quishing" attacks, computer viruses, ransomware or malware, employee or insider error, malfeasance, social engineering, vendor software supply chain compromises, physical breaches or other actions, may result in manipulation or corruption of sensitive data, material interruptions or malfunctions in our Company’s or such vendors’ and customers’ websites, applications, data processing and certain products and services, or disruption of other business operations.”
Annual report 2025A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
Other currencies
Macro
DriverMixed impact: mixed
“Our Specialties business faces currency risks from its overseas activities. Our Specialties business sells some of its products outside the United States. Therefore, the operations of the Specialties business are affected from time to time by the fluctuating values of the currency exchange rates of the countries in which it does business in relation to the value of the U.S.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“While revenues of the Specialties business were predominantly derived from domestic customers in 2025, financial results can be affected by foreign currency exchange rates, increasing transportation costs or weak economic conditions in foreign markets.”
Annual report 2025A · The company itself
Residential construction
End markets
DriverNegative impact: weakens
“Aggregates shipments increased 3.8% to 198.5 million tons in 2025 compared with 2024, driven by more normalized weather patterns in the Southeast and Texas, strong infrastructure and nonresidential demand, and shipments from acquired operations. During 2025, aggregates shipments to the infrastructure end use market increased 5%, nonresidential shipments increased 6% and residential end use shipments declined 1%.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Aggregates shipments decreased 3.8% to 191.1 million tons in 2024 compared with 198.8 million tons in 2023, reflecting the Company's value-over-volume pricing strategy, unfavorable weather and softer residential, warehouse and manufacturing demand, partially offset by shipments from acquired operations.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Housing market strengthens
Water
Raw materials and inputs
InputNegative impact: weakens
“Severe drought conditions can restrict available water supplies and constrain production.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Utility interruptions or curtailments (electricity, natural gas, or water) can further constrain output or alter our product and geographic mix, particularly at energy-intensive facilities.”
Annual report 2025A · The company itself
Data centres
Technology
DriverPositive impact: strengthens
“Heavy nonresidential construction demand remained steady in 2025 across key geographies due to rapid expansion in data centers, a recovery in warehousing and distribution, and early-stage momentum in energy and advanced manufacturing. The Company expects 2026 demand in these nonresidential segments to remain strong.”
Annual report 2025A · The company itself
Chains in: Artificial intelligence strengthens
Chains out: this strengthens Electricity, strengthens Copper
Defence budgets
Regulation
DriverPositive impact: strengthens
“In addition, reductions in defense spending and declines in energy-related construction could lower demand in certain markets and adversely affect our business. A portion of our aggregates and downstream shipments is tied to construction activity funded by, or adjacent to, U.S. Department of Defense installations and to private energy-related projects.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens, Reconstruction of Ukraine mixed effect
Chains out: this strengthens Defence industry
Employment
Macro
DriverPositive impact: strengthens
“Construction spending is affected by economic conditions, changes in interest rates, inflation, employment levels, demographic and population shifts, and changes in construction budgets by federal, state and local governments.”
Annual report 2025A · The company itself
Equity and capital markets
Macro
DriverNegative impact: weakens
“Credit-market stress and tighter financing conditions could reduce construction demand, slow customer payments, constrain our liquidity, and increase our cost of capital. Demand for aggregates products, particularly in the infrastructure construction market, has historically been negatively affected by federal and state budget challenges and uncertainty over future highway funding levels.”
Annual report 2025A · The company itself
Housing market
Macro
DriverPositive impact: strengthens
“The residential construction market accounted for 22% of our 2025 aggregates shipments.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens
Chains out: this strengthens Construction, strengthens Residential construction
Mining
End markets
InputNegative impact: weakens
“The principal raw materials used in the Specialties business are dolomitic limestone, magnesium-rich brine and magnesite. Management believes that its reserves of dolomitic limestone, brine and magnesite are sufficient to permit production at the current operational levels for the foreseeable future.”
Annual report 2025A · The company itself
Chains in: Copper strengthens
Pandemics and outbreaks
Macro
DriverNegative impact: weakens
“Public health events including outbreaks of disease, epidemics, or pandemics, or fears of such an event and related governmental, societal and market responses could adversely affect our operations, demand for our products, costs, and financial results. Our businesses could be negatively impacted by the widespread outbreak of an illness or other communicable disease, or any other public health crisis that results in economic and trade disruptions. Public health threats can negatively impact economic activity, consumer confidence and discretionary spending, and overall market conditions and these conditions could have an impact on our Company to the extent that they occur in regions where our Building Materials business principally operates.”
Annual report 2025A · The company itself
Chains out: this weakens Aviation and travel, strengthens Vaccines (travel health and preparedness)
United States
Geography
Geography
“The ten-largest revenue-generating states (Texas, North Carolina, Colorado, California, Georgia, Florida, South Carolina, Arizona, Iowa and Minnesota) accounted for 76% of the Building Materials business’ revenues from continuing operations in 2025.”
Annual report 2025A · The company itself
Geography
“The aggregates facilities to be acquired will complement Martin Marietta’s existing geographic footprint in its Central Division and establish new growth platforms in key target markets, including Virginia and the Pacific Northwest.”
Annual report 2025A · The company itself
Geography
“While our business operations cover a wide geographic area, our earnings depend on the strength of the local economies in which we operate due to the high cost to transport our products relative to their selling price. If economic conditions and construction spending decline significantly in one or more areas, particularly in our Building Materials business’ top ten revenue-generating states, our shipments profitability could be adversely affected.”
Annual report 2025A · The company itself
Geography
“The East Group, consisting of the East and Central divisions, provides aggregates and asphalt products. The West Group is comprised of the Southwest and West divisions and its continuing operations provide aggregates, ready mixed concrete, asphalt and paving services.”
Annual report 2025A · The company itself
Geography
“Specialties’ production facilities are located in Michigan, Ohio, Nevada, North Carolina, Indiana and Pennsylvania, and products are shipped to customers domestically and worldwide.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Asia and emerging markets
Geography
Geography
“Specialties’ production facilities are located in Michigan, Ohio, Nevada, North Carolina, Indiana and Pennsylvania, and products are shipped to customers domestically and worldwide.”
Annual report 2025A · The company itself
USD vs DKK/EUR
Macro
DriverMixed impact: mixed
“Our Specialties business faces currency risks from its overseas activities. Our Specialties business sells some of its products outside the United States. Therefore, the operations of the Specialties business are affected from time to time by the fluctuating values of the currency exchange rates of the countries in which it does business in relation to the value of the U.S.”
Annual report 2025A · The company itself
Chains out: this mixed effect United States
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 6.15 bn USD |
| Revenue growth vs. the year before, same method | 8.6 % |
| EBITDA reported by the company | 2.07 bn USD |
| Net debt debt incl. leasing minus cash | 5.64 bn USD |
| Diluted EPS per share | 18.77 USD |
Source: 10-K (SEC) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | ✓ |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in English.