Abstract

Martin Marietta Materials will report results on February 11, 2026 Pre-Market; this preview compiles last quarter’s performance and current-quarter forecasts, including revenue, margins, adjusted EPS, and business mix, and synthesizes recent institutional commentary to frame expectations and risks for the upcoming print.

Market Forecast

Consensus for the current quarter points to revenue of $1.55 billion, an estimated year-over-year decline of 5.64%, with forecast EPS at $4.69, implying a 3.69% year-over-year increase; EBIT is expected at $0.38 billion with a slight year-over-year decline of 0.90%. Management and market projections focus on disciplined pricing and cost control to sustain gross profitability, while net margin resilience remains in question as volumes normalize post a strong construction season; explicit gross margin and net margin forecasts were not disclosed, but prior-period margins provide context. The main aggregates and heavy building materials business is expected to continue driving the bulk of revenue and earnings, supported by public infrastructure demand and staggered pricing actions. Within the portfolio, the core construction materials segment appears the most promising near-term revenue and earnings driver, sized at $1.72 billion last quarter; year-over-year growth for segment-level disclosure was not provided.

Last Quarter Review

In the prior quarter, Martin Marietta Materials reported revenue of $1.85 billion, a gross profit margin of 33.10%, GAAP net profit attributable to shareholders of $0.41 billion, a net profit margin of 22.43%, and adjusted EPS of $6.85, with year-over-year adjusted EPS growth of 15.91% and revenue down 2.28% year-over-year. A notable highlight was better-than-expected adjusted EPS despite lower revenue, reflecting effective pricing and cost discipline that preserved margins. The main business delivered $1.72 billion of revenue in the quarter from building materials, complemented by $0.13 billion from the specialty magnesia products line; year-over-year comparisons for these segments were not available.

Current Quarter Outlook (with major analytical insights)

Main aggregates and heavy building materials

The main building materials segment, which contributed $1.72 billion last quarter, remains the central earnings engine as the company enters the winter quarter. Price realization from earlier 2025 and early 2026 adjustments should support unit economics even as seasonal volumes soften, especially in markets tied to public infrastructure and large industrial projects. With revenue for the quarter projected at $1.55 billion and EBIT of $0.38 billion, margin stability will likely depend on the balance between volume declines and price carryover; last quarter’s gross margin of 33.10% sets a high bar, but mid- to high-20% gross margins remain plausible if weather and mix prove less favorable. The net profit margin of 22.43% last quarter gives a benchmark for operating leverage; maintaining high-teen to low-20% net margins will require continued cost discipline in quarry operations, logistics, and energy inputs. Investors will watch shipment trends across core regions and the extent to which project timing in public work offsets typical winter slowdowns.

Most promising driver: Public infrastructure and large project exposure

The most promising near-term lever is exposure to multi-year, publicly funded transportation and infrastructure work that tends to be less sensitive to short-term residential cycles. Funding tailwinds from federal and state programs often translate into steady aggregates demand, smoothing seasonal dips and supporting price resilience. As these multi-year projects progress, volume visibility improves for high-spec aggregates and cementitious materials, which can bolster plant utilization and operating efficiency. Coupled with staggered pricing actions, this mix should help protect EBITDA per ton even if total volumes ease; EBIT is forecast at $0.38 billion, nearly flat year over year, indicating the market expects pricing and mix to offset a portion of seasonal and macro softness. Execution risks will center on weather, contractor labor availability, and the phasing of large bids, but the backlog profile should offer a buffer.

Key stock-price swing factor: Pricing sustainability versus volume normalization

This quarter’s key debate is whether price carryover can continue to offset volume normalization after a robust construction season. If realized price per ton remains firm into winter, gross profitability should track close to the prior quarter’s levels after adjusting for seasonality, sustaining an attractive net margin profile. Conversely, a sharper volume pullback or unfavorable geographic mix could compress fixed-cost absorption, pressuring gross margin from the 33.10% achieved last quarter toward the high-20% range, and weighing on EBIT toward the $0.38 billion estimate or lower. The EPS forecast of $4.69 embeds modest year-over-year expansion of 3.69%, implying some confidence in pricing durability; any surprise in weather impacts, energy and freight costs, or construction project timing could drive meaningful deviation from the revenue estimate of $1.55 billion and alter the EPS trajectory.

Analyst Opinions

Recent sell-side and institutional commentary skews constructive, with a majority of opinions tilting bullish on margin resilience and multi-year infrastructure demand durability. Analysts emphasize the company’s disciplined pricing, exposure to publicly funded projects, and strong balance sheet as supports for stable returns through seasonal softness, aligning with forecasts that show EPS up 3.69% year over year despite a projected 5.64% revenue decline. The constructive stance highlights a margin-led earnings framework: sustaining high-20% to low-30% gross margins would validate the thesis that pricing and mix can counter volume volatility; a miss on revenue without severe margin slippage would likely keep the bullish case intact. On the risk side, the minority bearish view focuses on weather and the timing of large projects; consensus, however, expects these to be transitory and largely offset by price carry and infrastructure exposure.