Research · Sep 3, 2026
[MLM] Martin Marietta Materials Thesis 2026: Price-Cost Spread Widens as Aggregates Cycle Matures
Martin Marietta FY25 (Dec 31, 2025) at $6.54B revenue (~flat). NI $1.14B; EPS $18.80 (FY24 distorted by divestiture gain). Q4 aggregates revenue $1.2B (+8%), GP $420M (+11%), GP/ton $8.59 (+9%), margin 34% (+93bp). SOAR 2025 plan delivered 208bp price-cost spread (vs 200bp target), 13% CAGR. FY26 guide: aggregates low-DD GP growth, specialties high-teens GP growth.