Martin Marietta Materials, Inc. · MLM · FY2025 Q3 · Calendar Q4 2025

Martin Marietta: Records, Guidance Raise, and Portfolio Shift

The supplied analysis supports a constructive operating thesis: record aggregates and specialties, infrastructure and heavy non-residential demand, pricing initiatives, and portfolio changes could support longer-term growth. Evidence against it includes weather and funding sensitivity, downstream weakness, transaction execution risk, and the need to deliver planned cost improvements.

Reported Before market openNYSEBasic Materials $28.98B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $5.97 Consensus $6.72
EPS surprise -11.2% Reported versus consensus
Reported revenue $1.85B Consensus $2.07B
Revenue surprise -10.7% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +1.0% Event window
SPY move -1.2% Same window
Abnormal move +2.1% Stock minus SPY
Volume 2.2× Versus trailing sessions
Subsequent drift -1.5% Up to 20 sessions
MLMSPY benchmark

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What changed

The current analysis emphasizes record performance in aggregates and specialties, a higher full-year 2025 adjusted EBITDA outlook, the planned QUIKRETE asset exchange, and a shift toward lower 2026 capital expenditure. Compared with the prior analysis, the focus moves from elevated spending and transaction planning toward execution, pricing tools, and cost discipline.

Guidance delta

Management raised full-year 2025 adjusted EBITDA guidance to $2.32 billion.

Key takeaways

  • Aggregates and specialties both reached all-time quarterly records in the supplied analysis.
  • Infrastructure and heavy non-residential projects, including data centers and LNG, were identified as growth drivers.
  • Management is pursuing a QUIKRETE asset exchange and a SOAR 2030 strategy while targeting tighter cost control.
  • The analysis points to weather, funding uncertainty, and downstream weakness as key risks.

Management priorities

  • Execute the SOAR 2030 strategic initiative.
  • Close the QUIKRETE asset exchange and integrate portfolio changes.
  • Roll out the Precise IQ pricing tool by mid-2026.
  • Target a 250-basis-point price/cost spread and reduce 2026 capital expenditures while preserving growth investments.

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Earnings History

Estimate Beat Miss Match
MLM EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q1 '24 estimate $1.86 Q1 '24 actual $1.93, beat Q2 '24 estimate $5.36 Q2 '24 actual $4.76, miss Q3 '24 estimate $6.28 Q3 '24 actual $5.91, miss Q2 '25 estimate $5.31 Q2 '25 actual $5.43, beat Q3 '25 estimate $6.72 Q3 '25 actual $5.97, miss Q4 '25 estimate $4.78 Q4 '25 actual $3.85, miss Q1 '26 estimate $1.78 Q1 '26 actual $1.93, beat Q2 '26 estimate $4.76 Q2 '26 actual $5.00, beat Q3 '26 estimate $6.59 Q4 '26 estimate $5.44 Q1 '27 estimate $2.57
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Analyst Consensus ?

ConsensusBuy38 ratings
Bullish2565.8%
Neutral1334.2%
Bearish00.0%

Analyst 52W Price Targets

$484.42Current
$380Low
$605.97Average
$785High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 5, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Citigroup Buy BuyMaintainOct 2, 2026
Wells Fargo Overweight OverweightMaintainSep 21, 2026
JP Morgan Overweight NeutralUpgradeSep 2, 2026
RBC Capital Sector Perform Sector PerformMaintainAug 28, 2026
Morgan Stanley Overweight OverweightMaintainAug 13, 2026
UBS Buy BuyMaintainAug 3, 2026
Stephens & Co. Overweight OverweightMaintainJul 31, 2026
Raymond James Outperform OutperformMaintainJul 15, 2026
Truist Securities Buy BuyMaintainMay 4, 2026
B. Riley Securities Buy NeutralUpgradeApr 2, 2026
Barclays Overweight OverweightMaintainMar 31, 2026
Jefferies Buy BuyMaintainFeb 12, 2026
Loop Capital Hold BuyDowngradeJan 28, 2026
DA Davidson Neutral BuyDowngradeJan 14, 2026
Stifel Buy BuyMaintainNov 11, 2025
B of A Securities Neutral NeutralMaintainAug 5, 2025
Goldman Sachs Buy BuyMaintainApr 16, 2024
Seaport Global Buy BuyMaintainMar 12, 2024
Wolfe Research Peer Perform OutperformDowngradeMar 8, 2024
HSBC Hold ReduceUpgradeFeb 22, 2024
Atlantic Equities Neutral OverweightDowngradeJan 24, 2023
BMO Capital Market Perform OutperformDowngradeNov 10, 2022
Exane BNP Paribas Outperform NeutralUpgradeSep 20, 2022
Deutsche Bank Buy HoldUpgradeOct 8, 2020
ScotiaBank Sector Perform Sector PerformMaintainSep 22, 2020
CFRA Buy BuyMaintainMay 6, 2020
Nomura Buy BuyMaintainApr 17, 2020
Stephens& Co. Equal Weight OverweightDowngradeFeb 23, 2020
SunTrust Robinson Humphrey Buy BuyMaintainOct 30, 2019
Stifel Nicolaus Buy BuyMaintainOct 30, 2019
Bank of America Neutral UnderperformUpgradeOct 15, 2019
Longbow Research Buy BuyMaintainJul 31, 2019
Berenberg Hold HoldMaintainApr 3, 2019
Cleveland Research Buy NeutralUpgradeMar 31, 2017
BB&T Capital Buy HoldUpgradeJul 17, 2015
Susquehanna Positive NeutralUpgradeMay 13, 2015
Sterne Agee Buy BuyMaintainOct 8, 2012
Keybanc Hold BuyDowngradeSep 25, 2012
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Named analyst price targets

Upside is calculated against the persisted current price $484.42. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Wells FargoAnalyst unavailable$585$490.64 +20.8%Sep 21, 2026
Wells FargoTimna Tanners$609$511.98 +25.7%Sep 9, 2026
RBC CapitalAnalyst unavailable$620$528.32 +28.0%Aug 28, 2026
D.A. DavidsonAnalyst unavailable$625$533.11 +29.0%Aug 24, 2026
Morgan StanleyAnalyst unavailable$639$543.9 +31.9%Aug 13, 2026
Wolfe ResearchAnalyst unavailable$648$543.74 +33.8%Aug 4, 2026
RBC CapitalAnalyst unavailable$610$537.46 +25.9%Aug 3, 2026
UBSAnalyst unavailable$715$525.14 +47.6%Aug 3, 2026
Raymond JamesAnalyst unavailable$660$534.08 +36.2%Jul 31, 2026
StephensAnalyst unavailable$680$540 +40.4%Jul 31, 2026
Raymond JamesAnalyst unavailable$675$573.75 +39.3%Jul 15, 2026
Wells FargoTimna Tanners$616$594.17 +27.2%Jul 8, 2026
Berenberg BankAnalyst unavailable$556$570.96 +14.8%Jun 2, 2026
UBSAnalyst unavailable$739$590.38 +52.6%May 10, 2026
Truist FinancialAnalyst unavailable$730$606.92 +50.7%May 4, 2026
RBC CapitalAnthony Codling$615$607.34 +27.0%May 4, 2026
Raymond JamesAnalyst unavailable$690$615.66 +42.4%Apr 27, 2026
Wells FargoAnalyst unavailable$608$630.8 +25.5%Apr 15, 2026
Morgan StanleyAnalyst unavailable$702$612.52 +44.9%Mar 9, 2026
JefferiesPhilip Ng$785$678.46 +62.0%Feb 26, 2026
RBC CapitalAnthony Codling$630$678.46 +30.1%Feb 26, 2026
Morgan StanleyAngel Castillo$706$654 +45.7%Feb 17, 2026
RBC CapitalAnalyst unavailable$575$679.83 +18.7%Feb 13, 2026
StephensAnalyst unavailable$735$673.25 +51.7%Feb 13, 2026
Truist FinancialKeith Hughes$710$662.94 +46.6%Feb 12, 2026
D.A. DavidsonAnalyst unavailable$680$655.84 +40.4%Feb 12, 2026
Wells FargoAnalyst unavailable$631$650.23 +30.3%Jan 29, 2026
Loop Capital MarketsAnalyst unavailable$690$649.25 +42.4%Jan 28, 2026
Morgan StanleyAnalyst unavailable$690$633.37 +42.4%Dec 22, 2025
JefferiesPhilip Ng$730$628.44 +50.7%Dec 15, 2025
Morgan StanleyAnalyst unavailable$660$622.55 +36.2%Dec 1, 2025
UBSSteven Fisher$723$606.07 +49.3%Nov 7, 2025
D.A. DavidsonAnalyst unavailable$690$602.07 +42.4%Nov 6, 2025
BarclaysAdam Seiden$675$625.4 +39.3%Oct 20, 2025
Wells FargoTimna Tanners$620$629.61 +28.0%Oct 7, 2025
StephensAnalyst unavailable$700$602.32 +44.5%Aug 4, 2025
UBSSteven Fisher$491$484.97 +1.4%Apr 7, 2025
Loop Capital MarketsGarik Shmois$680$604.85 +40.4%Oct 31, 2024
Loop Capital MarketsGarik Shmois$600$537.78 +23.9%Oct 1, 2024
Loop Capital MarketsGarik Shmois$615$525.11 +27.0%Aug 13, 2024
CitigroupAnthony Pettinari$646$533.55 +33.4%Aug 12, 2024
StephensTrey Grooms$610$538.98 +25.9%Aug 9, 2024
Bank of America SecuritiesTimna Tanners$575$538.98 +18.7%Aug 9, 2024
JefferiesPhilip Ng$665$577.46 +37.3%Jul 17, 2024
D.A. DavidsonBrent Thielman$675$583.1 +39.3%May 20, 2024
HSBCWesley Brooks$543$536.3 +12.1%Feb 22, 2024
Seaport GlobalRohit Seth$520$414.72 +7.3%Oct 24, 2023
Morgan StanleyAnalyst unavailable$399$368.73 -17.6%Dec 14, 2022
J.P. MorganAnalyst unavailable$395$352.5 -18.5%Dec 8, 2022
Raymond JamesPatrick Tyler Brown$380$337.16 -21.6%Nov 6, 2022
J.P. MorganAnalyst unavailable$410$329.27 -15.4%Sep 22, 2022
Raymond JamesPatrick Tyler$410$367.55 -15.4%Aug 18, 2022
Morgan StanleyAnalyst unavailable$420$352.5 -13.3%Aug 1, 2022
Morgan StanleyAnalyst unavailable$394$314.72 -18.7%Jul 18, 2022
Wolfe ResearchAnalyst unavailable$384$309.69 -20.7%Jul 14, 2022
D.A. DavidsonBrent Thielman$375$299.24 -22.6%Jul 1, 2022
Morgan StanleyAnalyst unavailable$443$343.08 -8.6%May 6, 2022
StephensAnalyst unavailable$455$359.89 -6.1%May 5, 2022
Berenberg BankDaniel Wang$389$378.28 -19.7%Sep 2, 2021
J.P. MorganAdrian Huerta$385$365.89 -20.5%May 26, 2021
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Company context

Snapshot as of publication

Martin Marietta Materials, Inc. functions as a company specializing in natural resource-derived building materials. This enterprise delivers a wide range of aggregates and other heavy construction components to the building industry, serving both domestic and international markets. Its product portfolio includes foundational raw materials like crushed stone, sand, and gravel, in addition to manufactured items such as ready-mix concrete, asphalt, and comprehensive paving solutions.…

Historical context

All MLM earnings

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Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-10-05T16:40:42.695148+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-05T16:40:42.692390+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-05. For educational purposes only; not investment advice.