A month has gone by since the last earnings report for Martin Marietta (MLM Quick QuoteMLM - Free Report) . Shares have added about 0.9% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Martin Marietta due for a pullback? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent catalysts for Martin Marietta Materials, Inc. before we dive into how investors and analysts have reacted as of late.

Martin Marietta’s Q3 Earnings & Revenues Miss, Gross Margin Up Y/Y

Martin Marietta reported lower-than-expected results for the third quarter of 2025. The quarterly earnings and revenues missed the Zacks Consensus Estimate, but grew on a year-over-year basis.

The company’s quarterly performance was backed by strong infrastructure activity, with nonresidential construction booming because of accelerated data center development, recovering warehouse sector and improving momentum in domestic manufacturing. Robust demand trends across its key end markets were favorable during the quarter.

Although residential demand is weak in the near term, in the long term, the trends are expected to normalize. The prospects are stemming from the optimism around Fed rate cuts and moderating mortgage rates. Moving forward, MLM remains well-positioned with its aggregates-led platform and execution of its SOAR 2025 initiatives.

Inside Q3 Results

Martin Marietta reported earnings per share (EPS) from continuing operations of $5.97, which missed the Zacks Consensus Estimate of $6.65 by 10.2%. However, the metric grew 23% from the year-ago quarter’s EPS (from continuing operations) of $4.84.

Revenues of $1.85 billion also missed the consensus mark of $2.05 billion by 9.8% but increased 12% from the year-ago figure of $1.64 billion.

Consolidated gross margin expanded 190 basis points (bps) year over year to 33.1% in the reported quarter. Adjusted EBITDA from continuing operations was $667 million, up 22% year over year, with adjusted EBITDA margin (from continuing operations) expanding 300 bps to 36%.

Segmental Discussion

Building Materials reported revenues of $1.72 billion, which grew 10% year over year. The segment’s gross margin increased 200 bps year over year to 34% in the quarter. Within the Building Materials umbrella, aggregates’ revenues grew 17% to $1.46 billion from the year-ago quarter. Aggregates shipments moved up 8% year over year to 57.9 million tons, with the average selling price (per ton) growing 8% to $23.24. Shipment volume increased because of favorable demand recovery across MLM’s geographic footprint, backed by normalized weather throughout the Southeast and Texas.

Aggregates’ gross profit per ton increased year over year by 12% to $9.17. Aggregates' gross profit increased 21% to $531 million, with gross margin expanding 100 bps to 36%.

Revenues from Other Building Materials declined 10% year over year to $351 million. The gross profit of this business section declined 15.6% year over year to $54 million, with the gross margin contracting 200 bps to 15%. The decline in gross profit was due to reduced asphalt revenues, due to lower shipments and pricing, alongside a decrease in paving revenues.

Specialties reported record third-quarter revenues of $131 million, up 59.8% from $82 million a year ago. The gross margin was down by a whopping 900 bps to 26% from 35% a year ago.

Financial Position

As of Sept. 30, 2025, Martin Marietta had cash and cash equivalents of $57 million compared with $670 million at 2024-end. It had $1.1 billion of unused borrowing capacity on its existing credit facilities as of the third quarter. Long-term debt (excluding current maturities) was $5.29 billion, at par with the end of 2024 value.

Net cash provided by operations was $1.16 billion as of the first nine months of 2025, up from $773 million in the year-ago period. During the first nine months of 2025, MLM returned $597 million to its shareholders through dividend payments and share repurchases. As of Sept. 30, 11 million shares remained under the current repurchase authorization.

Revises 2025 Guidance

The guidance provided during this quarter is for the continuing operations, unlike the prior guidance, which included the discontinued operations.

Upon revision, Martin Marietta now expects total revenues between $6.075 billion and $6.25 billion. Adjusted EBITDA is now projected to be between $2.055 billion and $2.095 billion. Martin Marietta’s net earnings from continuing operations are now anticipated to be between $985 million and $1.015 billion. Aggregate shipment is now expected to be up about 4% (from up 1-4%). Total aggregate pricing per ton is still anticipated to rise between 6.8% and 7.8%. Aggregate gross profit is currently expected to be in the range of $1.705-$1.735 billion (from $1.665-$1.715 billion range).

Other Building Materials’ business section gross profit is projected between $82 million and $87 million. Specialties’ gross profit is now expected to be between $137 million and $142 million, up from the previously expected $130-$140 million range. Capital expenditures are now anticipated to be in the range of $810-$840 million, down from $820-$850 million range expected before.

How Have Estimates Been Moving Since Then?

It turns out, fresh estimates have trended downward during the past month.

VGM Scores

At this time, Martin Marietta has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. Charting a somewhat similar path, the stock was allocated a score of D on the value side, putting it in the bottom 40% for value investors.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Martin Marietta has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Martin Marietta belongs to the Zacks Building Products - Concrete and Aggregates industry. Another stock from the same industry, Vulcan Materials (VMC Quick QuoteVMC - Free Report) , has gained 2.6% over the past month. More than a month has passed since the company reported results for the quarter ended September 2025.

Vulcan reported revenues of $2.29 billion in the last reported quarter, representing a year-over-year change of +14.4%. EPS of $2.84 for the same period compares with $2.22 a year ago.

For the current quarter, Vulcan is expected to post earnings of $2.15 per share, indicating a change of -0.9% from the year-ago quarter. The Zacks Consensus Estimate has changed -2.4% over the last 30 days.

Vulcan has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.