$MLM · MARTIN MARIETTA MATERIALS INC
Martin Marietta reported Q3 2026 results: revenue of $2.369B (up 28% YoY), adjusted EBITDA of $808M (up 21%), GAAP EPS of $3.94 (down 34%), and adjusted EPS of $5.47 (down 11%). The quarter was driven by the August 21 LNA combination ($12.9B total consideration) and record aggregates shipments of 67.1M tons. Full-year 2026 guidance was updated to revenue midpoint of $7.80B and adjusted EBITDA midpoint of $2.48B.
- Revenue rose 28% YoY to $2.369B; adjusted EBITDA rose 21% to $808M.
- Adjusted EPS fell 11% to $5.47; GAAP EPS fell 34% to $3.94.
- Aggregates shipments hit a record 67.1M tons, up 15.9%, but ASP fell 3.6% to $22.41.
- LNA closed Aug 21 for $12.9B total consideration ($7.0B cash, ~$5.9B stock).
- FY26 guidance updated to $7.80B revenue and $2.48B adjusted EBITDA midpoints.
Extended-hours last trade $545.99, up 0.41% vs regular close, suggesting a muted positive reaction to record revenue and raised guidance despite the EPS decline.
Record revenue and a raised full-year outlook from the LNA acquisition are offset by declining EPS and pricing, making this a pivotal quarter for the portfolio transformation.
The LNA deal scales Martin Marietta's Specialties platform into lime/limestone, diversifying beyond aggregates into steel, environmental, and industrial end markets.
Inflationary cost pressures and softer interest rate-sensitive private construction markets pressured heritage operations; ASP declined on acquisition mix. Higher depreciation and energy costs cut aggregates gross profit 4%.