Martin Marietta Materials, Inc. (MLM): Business Model Canvas [Dec-2025 Updated]

You're looking for a snapshot of how Martin Marietta Materials, Inc. (MLM) is structuring its business to capture infrastructure spending in late 2025, which is defintely a complex balancing act. Honestly, their model is pure industrial backbone: they convert massive, long-life aggregates reserves-about $\mathbf{85}$ years of supply-into indispensable materials that drove $\mathbf{\$1.5}$ billion in sales last quarter alone, all while managing significant capital deployment, guided to $\mathbf{\$820M}$ to $\mathbf{\$850M}$ for 2025. If you want to see the precise nine components that make this aggregates-led platform tick, from their strategic M&A activity to managing $\mathbf{\$5.29}$ billion in debt as of Q3 2025, check out the detailed canvas below.

Martin Marietta Materials, Inc. (MLM) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that fuel Martin Marietta Materials, Inc.'s strategy as of late 2025, especially following major portfolio shifts. The company is aggressively optimizing its footprint to be a purer, higher-margin aggregates supplier, and these partnerships-both transactional and ongoing-are central to that plan.

The most significant recent partnership activity involves two major portfolio-shaping transactions announced in August 2025, both aligning with the SOAR 2025 plan to focus on aggregates-led operations. These deals involve a major asset exchange with Quikrete Holdings, Inc. and the recent bolt-on acquisition of Premier Magnesia, LLC.

Here's a breakdown of the key transactional partnerships and their associated 2025 financial and operational impacts:

Partnership/Transaction Type	Partner Entity	Key Operational/Financial Terms (2025 Data)	Strategic Impact
Asset Exchange	Quikrete Holdings, Inc.	Martin Marietta receives aggregates operations producing approximately 20 million tons annually. Martin Marietta receives $450 million of cash.	Swaps lower-margin cement and ready-mixed concrete assets (Midlothian plant, North Texas assets) for core aggregates capacity.
Acquisition (Completed July 25, 2025)	Premier Magnesia, LLC	Acquisition completed on July 25, 2025. Q3 2025 Specialties segment revenue: $131 million; Gross Profit: $34 million (up 20 percent).	Enhances position as the leading producer of natural and synthetic magnesia-based products, a complementary business line.

The Premier Magnesia acquisition is already showing up in the consolidated guidance. Following strong first-half results and the acquisition, Martin Marietta Materials, Inc. raised its full-year 2025 Adjusted EBITDA guidance to $2.32 billion at the midpoint, up from earlier projections. This revised guidance reflects contributions from Premier for the remaining five months of 2025.

For the second quarter ended June 30, 2025, the Magnesia Specialties business, bolstered by the acquisition, achieved record quarterly revenues of $90 million, with gross profit increasing 32 percent to $36 million and gross margin improving 605 basis points to 40 percent.

The ongoing, non-transactional partnerships are less frequently detailed with specific 2025 dollar amounts in public filings, but their nature is clear:

• - Asset exchange with Quikrete Holdings, Inc. for core aggregates: This was a definitive agreement announced in August 2025, expected to close in the first quarter of 2026, subject to regulatory approvals.
• - Strategic suppliers for fuel, raw materials, and equipment: These relationships are crucial for managing input costs, which saw Martin Marietta Materials, Inc. report a 7.4 percent increase in average selling price per ton for aggregates in Q2 2025, indicating strong pricing power against cost pressures.
• - Engineering and construction firms for large projects: These firms are the direct customers driving demand, supported by robust infrastructure activity, with federal and state investment levels remaining strong through 2025.
• - Premier Magnesia, LLC, now an acquired subsidiary: This relationship is now internal, contributing to the Specialties segment, which delivered record quarterly revenues of $131 million in Q3 2025.

The company's overall financial health as of September 30, 2025, supports these strategic moves, showing $1.16 billion in net cash provided by operations for the first nine months of 2025. Finance: review the cash flow impact of the $450 million expected from the Quikrete exchange upon closing.

Martin Marietta Materials, Inc. (MLM) - Canvas Business Model: Key Activities

You're looking at the core actions Martin Marietta Materials, Inc. (MLM) takes to run its business, grounded in the latest numbers we have through late 2025. These aren't just goals; these are the operational realities driving their financial performance.

Aggregates mining, processing, and distribution

The primary activity is extracting and moving aggregates, the essential stuff for construction. The third quarter of 2025 showed strong execution here. Shipments were up, and they kept pushing the price per ton higher, which is exactly what you want to see in this business.

Here's a look at the Aggregates product line performance for the quarter ended September 30, 2025:

Metric	Q3 2025 Value	Year-over-Year Change
Shipments (tons)	57.9 million	8.0% increase
Average Selling Price (ASP) per ton	$23.24	8.0% increase
Revenues	$1,458 million	17% increase
Gross Profit per ton	$9.17	12% increase

For the full fiscal year 2025, management is forecasting aggregates shipment volumes of 199 million tons, with an average selling price anticipated to reach $23.38 per ton. That's the scale of their core activity.

Disciplined execution of the SOAR 2025 strategic plan

Martin Marietta Materials, Inc. (MLM) executes its strategy through the Strategic Operating Analysis and Review (SOAR) plan. The SOAR 2025 plan is now succeeded by SOAR 2030, but the execution under the former framework is what set up 2025's results. This disciplined approach is a key activity that translates directly to the bottom line.

The success of this execution, combined with acquisition contributions and current shipment trends, led management to raise the full-year 2025 guidance:

• Consolidated Adjusted EBITDA guidance raised to $2.32 billion at the midpoint.
• The first six months of 2025 saw the lowest total reportable incident rate in the Company's history.

This structured approach has been transforming the Company since its inception in 2010.

Portfolio optimization via divestitures and accretive M&A

A major activity involves actively shaping the portfolio to be more aggregates-focused and higher-margin. This means swapping out less profitable assets for prime aggregates operations. They completed a significant transaction in the third quarter.

Key portfolio actions in 2025 include:

• Closing the acquisition of Premier Magnesia, LLC on July 25, 2025.
• Entering a definitive agreement on August 3, 2025, to exchange assets with Quikrete Holdings Inc.

Under the Quikrete exchange, Martin Marietta Materials, Inc. is set to receive aggregates operations producing approximately 20 million tons annually, plus $450 million in cash, in return for certain cement and ready-mixed concrete assets. This deal is expected to close in the first quarter of 2026.

Maintaining world-class safety and operational excellence

Safety is stated as the primary company value, and operational excellence underpins the SOAR strategy. The commitment is to a goal of zero injuries every day. While the company reported record safety performance in the first half of 2025, you must note that a fatal accident did occur on March 5, 2025, at the Arrowood mine in North Carolina.

Metrics showing the focus on operational reliability include:

• The first six months of 2025 represented the lowest total reportable incident rate in Martin Marietta's history.
• The Magnesia Specialties business achieved record quarterly revenues of $131 million in Q3 2025.

This flexibility in production, matching output to demand, is a key operational advantage they actively manage.

Pricing management to ensure price/cost spread improvement

Managing pricing power relative to input costs is critical. Martin Marietta Materials, Inc. focuses on achieving a positive price/cost spread, which drives gross profit per ton growth. This is a direct result of aggregates being an indispensable material with no meaningful substitute.

The pricing momentum is clear in the year-to-date results:

• Q3 2025 Aggregates Gross Profit per ton was $9.17, a 12% increase YoY.
• Full-year 2025 pricing growth guidance was set at 6.5% at the midpoint.

Looking ahead, management is guiding for a mid-single-digit pricing guide for 2026, aiming to keep that spread widening.

Martin Marietta Materials, Inc. (MLM) - Canvas Business Model: Key Resources

You're looking at the core assets that let Martin Marietta Materials, Inc. (MLM) operate-the stuff they own that makes their business possible. These aren't just line items; they are the physical and financial foundations supporting their aggregates-led strategy.

• - Extensive aggregates reserves, with strategic acquisitions in 2024 and 2025 adding nearly 1 billion tons of proven, high-quality reserves to the portfolio.
• - Broad geographic footprint across 28 states, Canada, and The Bahamas, with over 500 locations providing proximity to high-growth corridors.
• - Magnesia Specialties production facilities for high-purity lime, including the Woodville, Ohio dolomitic lime plant, noted as the largest dolomitic lime operation in North America.
• - Fleet of heavy equipment and transportation logistics network, essential for moving low value-to-weight ratio products, supported by strategic positioning near demand centers.
• - Strong balance sheet with $1.2 billion in cash provided by operating activities for the nine months ended September 30, 2025.

The durability of Martin Marietta Materials, Inc.'s model really comes down to the quality and location of its mineral base. Here's a quick look at some key operational and financial metrics as of late 2025, reflecting the execution of their SOAR 2030 plan.

Key Metric	Value/Amount (2025 Data)	Reporting Period/Context
Cash Provided by Operating Activities	$1.2 billion	Nine Months Ended September 30, 2025
Full-Year Adjusted EBITDA Guidance (Midpoint)	$2.32 billion	Full-Year 2025 Guidance
Forecasted Aggregates Shipments	199 million tons	Full-Year 2025 Forecast
Forecasted Aggregates Average Selling Price (ASP)	$23.38 per ton	Full-Year 2025 Forecast
Aggregates Volume (Q3)	57.9 million tons	Third Quarter Ended September 30, 2025
Aggregates Gross Profit Per Ton (GP/ton) (Q3)	$9.17	Third Quarter Ended September 30, 2025

The Magnesia Specialties segment, while smaller than aggregates, is a critical resource for high-purity products. Its primary manufacturing sites are in Manistee, Michigan, and Woodville, Ohio. This business provides a complementary, high-margin revenue stream used in environmental and specialty applications globally.

You can see the financial strength reflected in the cash flow; cash from operations for the first nine months of 2025 was $1.2 billion, a significant increase from $773 million in the prior-year period. That cash flow supported returning $597 million to shareholders via dividends and repurchases over the same nine-month period. Honestly, the market is pricing in the durability of these assets, as seen by the 2025 Forward P/E ratio hovering around 32.82x.

The company's asset base also includes specialized production capabilities:

• - High-purity magnesium oxide and magnesium hydroxide products.
• - Dolomitic lime available in granular, pebble, and midsize forms.
• - Over 60 unique high-purity magnesium hydroxide and magnesium oxide products.

The strategic positioning of their assets is key. Martin Marietta Materials, Inc. highlights that their top ten states are expected to see cumulative population growth nearly two times greater than the entire United States between 2024 and 2029. That's where the long-life reserves need to be.

Martin Marietta Materials, Inc. (MLM) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Martin Marietta Materials, Inc. (MLM) over competitors, grounded in their late 2025 operational and financial performance. It's about essential materials, disciplined operations, and strategic market positioning.

Indispensable, high-quality aggregates for heavy construction

Martin Marietta Materials, Inc. provides the foundational materials for infrastructure and nonresidential growth, which remains robust, supported by sustained federal and state investment, including the Infrastructure Investment and Jobs Act (IIJA) funds.

• Aggregates segment revenues in Q2 2025 reached $1.32 billion, a 6% year-over-year increase.
• Third-quarter 2025 aggregates shipments grew 8.0% to 57.9 million tons.
• The company's extensive reserve life is estimated at 85 years.

Pricing resilience and cost structure flexibility

The company consistently demonstrates pricing power, which translates directly into margin expansion, even as it manages costs across its operations. This discipline is a key differentiator for Martin Marietta Materials, Inc.

Metric	Q3 2025 Value	Year-over-Year Change	Source of Resilience
Aggregates Average Selling Price (ASP) per Ton	$23.24	8.0% increase	Pricing momentum
Aggregates Gross Profit per Ton	$9.17	12% increase	Price/cost improvement
Aggregates Gross Margin	36%	All-time quarterly record	Operational execution
FY 2025 Adjusted EBITDA Guidance (Midpoint)	$2.32 billion	Raised guidance	Confidence in profitability

The full-year 2025 forecast anticipates the aggregates average selling price to reach $23.38 per ton, representing a 7.3% year-over-year increase.

Reliable supply chain across diverse US growth markets

Martin Marietta Materials, Inc. focuses its footprint on economically and structurally advantaged markets, such as those benefiting from data center development and infrastructure spending, which bolsters supply reliability.

• The company is strategically enhancing its footprint through portfolio actions, such as the definitive agreement to acquire aggregates operations producing approximately 20 million tons annually from Quikrete in states including Virginia and Missouri.
• Total liquidity stood at $1.1 billion as of June 30, 2025, comprising $225 million in cash and $1.2 billion in unused borrowing capacity.
• Capital expenditures for property, plant, and equipment additions in the first half of 2025 totaled $412 million.

Specialized magnesia products for industrial and environmental uses

The Specialties division delivers high-margin products, achieving record performance that complements the core aggregates business, providing earnings strength through demand cyclicality.

• Specialties segment revenue in Q3 2025 hit a record of $131 million, a 60% increase over the prior year.
• Q3 2025 Specialties Gross Profit was $34 million, up 20% year-over-year.
• The Q2 2025 Magnesia Specialties gross margin reached 40%, an improvement of 605 basis points.

Scale and efficiency from an aggregates-led platform

The strategic shift toward an aggregates-led platform, reinforced by acquisitions like Premier Magnesia (completed July 25, 2025), enhances the overall margin profile and reduces exposure to more cyclical segments.

• Full-year 2024 aggregates revenue was $4.5 billion.
• Full-year 2024 Magnesia Specialties revenue was $320 million.
• The trailing twelve months (TTM) revenue as of 2025 was $6.64 Billion USD.

Finance: review the projected 2026 CapEx reduction following the Quikrete swap by next Tuesday.

Martin Marietta Materials, Inc. (MLM) - Canvas Business Model: Customer Relationships

Martin Marietta Materials, Inc. (MLM) manages customer relationships across a spectrum, from high-touch, project-based engagements to high-volume, transactional sales.

• - Dedicated sales and technical support for large contractors: This segment supports the core aggregates business, which saw third-quarter 2025 aggregates revenues of $1,458 million. This support is critical in key geographies like Texas, North Carolina, Colorado, California, and Georgia, which account for most of MLM's sales.
• - Transactional relationships for smaller, local purchases: These relationships support sales across MLM's network of over 500 locations spanning 28 states, Canada, and the Caribbean.
• - Long-term contracts with state and federal infrastructure agencies: Infrastructure activity remains robust, underpinned by sustained record levels of federal and state investment. The SOAR 2030 strategy is built, in part, on this diversified end market demand. The company has entered into long-term, take-or-pay shipping agreements, which historically involved minimum shipping requirements; for example, in 2010, the company incurred a $1.4 million expense for failing to meet minimum tonnages under one such agreement. Federal contract data shows specific award amounts, such as one for $22,494.
• - E-commerce platform (eRocks®) for product ordering: Specific usage or revenue data for the eRocks® platform as of late 2025 is not publicly detailed in the latest earnings reports.

The scale of operations managed through these relationships is substantial, as evidenced by the 2025 performance metrics:

Metric	Period Ending September 30, 2025 (Q3)	Period Ending June 30, 2025 (Q2)
Aggregates Shipments (Tons)	57.9 million	52.7 million
Aggregates Average Selling Price (ASP) Per Ton	$23.24	$23.21
Aggregates Revenues (Millions USD)	$1,458	$1,320
Total Consolidated Revenues (Millions USD)	$1,846	$1,811

The company's focus on pricing resilience, a key component of its strategy, directly impacts the value derived from these customer interactions. The aggregates gross profit per ton for Q3 2025 was $9.17.

Martin Marietta Materials, Inc. (MLM) - Canvas Business Model: Channels

You're looking at how Martin Marietta Materials, Inc. gets its essential heavy-side building materials-crushed stone, sand, gravel, cement, and specialty products-into the hands of its customers. The physical footprint and logistics network are absolutely central to their value proposition.

The foundation of their channel strategy is their extensive physical presence. As of June 30, 2025, Martin Marietta Materials, Inc. supplied aggregates through a network of approximately 390 quarries, mines and distribution yards across 28 states, Canada, and The Bahamas. To be fair, other public data suggests the network includes over 500 locations in total to serve customers. This density is key for serving local infrastructure and construction projects.

For the core aggregates and heavy materials business, the delivery relies on a highly coordinated logistics effort. Martin Marietta Materials, Inc. utilizes a multi-modal approach for material delivery, which includes rail, barge, and truck transportation. This flexibility is crucial for moving high-volume, low-margin products efficiently from the production site to the job site, especially given that infrastructure construction remains a robust end-use.

The direct sales channel targets the primary customer segments: construction and government entities. While the exact size of the dedicated direct sales force isn't broken out, the scale of the operation is supported by the company's total workforce, which stood at 9,400 total employees as of September 30, 2025. This team manages relationships for projects often funded by significant federal and state investment, such as those driven by the Infrastructure Investment and Jobs Act (IIJA).

The Magnesia Specialties segment, which provides high-purity magnesium oxide and dolomitic lime, operates a more specialized direct sales channel aimed at industrial, environmental, and chemical clients. This channel was recently bolstered by the completion of the Premier Magnesia, LLC acquisition on July 25, 2025, enhancing their position as a leading producer in the U.S. This segment demonstrated strong channel effectiveness in the third quarter of 2025, achieving record quarterly revenues of $131 million. The company supports this segment with a dedicated Sales Office located in Baltimore, MD, and employs global and domestic distribution points to serve its worldwide customer base.

Here is a snapshot of the recent performance metrics for the channels supporting the specialty products business:

Metric	Period Ended September 30, 2025 (Q3)	Period Ended June 30, 2025 (Q2)	Period Ended March 31, 2025 (Q1)
Magnesia Specialties Quarterly Revenue	$131 million	$90 million	$87 million
Magnesia Specialties Quarterly Gross Profit	$34 million	$36 million	$38 million
Magnesia Specialties Gross Margin	Not explicitly stated (GP increased 20%)	40 percent	Not explicitly stated (GP increased)

The primary delivery methods for the bulk materials are dictated by distance and volume, meaning the mix of transportation assets used is dynamic:

• - Truck Transportation: Essential for last-mile delivery from local quarries and distribution yards.
• - Rail and Barge: Utilized for long-haul, high-volume movements between regions or to major terminals.
• - Distribution Yards: Approximately 390 sites act as crucial staging points for final delivery.

For the Magnesia Specialties business, the channel includes specific contact points for industrial clients:

• - Direct contact via a dedicated Sales Office in Baltimore, MD.
• - Order placement supported by phone lines, including 800-648-7400 (inside the U.S.).
• - Use of global and domestic distribution points for worldwide shipments.

Martin Marietta Materials, Inc. (MLM) - Canvas Business Model: Customer Segments

Martin Marietta Materials, Inc. serves a diverse set of customers whose demand is primarily driven by the health of the construction and industrial sectors across its operating footprint, which notably includes Texas, North Carolina, Colorado, California, and Georgia. The company's primary revenue source is its Building Materials business, dominated by aggregates.

The customer segments are supported by the latest reported financial scale from the third quarter ended September 30, 2025, for continuing operations, where total revenues reached $1,846 million. The Aggregates product line generated $1,458 million in revenue for that quarter, indicating the massive scale tied to construction-related customers.

Here is a breakdown of the key customer segments:

• - Infrastructure (Federal/State highway, bridge, and tunnel projects): This segment is experiencing strong activity, directly supported by record levels of federal and state investment. This demand primarily consumes aggregates.
• - Nonresidential Construction (data centers, manufacturing, commercial): This area is a significant growth driver, benefiting from accelerating data center development, a recovering warehouse sector, and early signs of renewed momentum in domestic manufacturing.
• - Residential Construction (homebuilders and developers): Near-term demand in this segment remains subdued, though moderating mortgage rates suggest a gradual path toward normalization.
• - Industrial/Environmental (steel, water treatment, agriculture): This is largely served by the Magnesia Specialties business, which delivered record quarterly revenues of $131 million in Q3 2025, alongside the Other Building Materials segment (which had revenues of $351 million in Q3 2025).

You can see the magnitude of the core business segments that serve these customers in the table below, based on Q3 2025 continuing operations revenue:

Customer-Facing Segment Driver	Primary MLM Business Segment	Q3 2025 Revenue (in millions)	Key Market Trend (as of Q3 2025)
Infrastructure & Heavy Civil	Aggregates	$1,458	Strong activity, supported by federal/state investment.
Commercial & Industrial Construction	Aggregates	$1,458	Benefiting from data center development and manufacturing.
Homebuilding & Development	Aggregates	$1,458	Near-term demand is subdued, expecting gradual normalization.
Industrial/Specialty Applications	Magnesia Specialties	$131	Delivered record quarterly revenues, driven by strong pricing.
Asphalt & Paving Materials	Other Building Materials	$351	Revenues declined 10 percent due to lower shipments and pricing.

It's important to note the revenue split within the Building Materials business for Q3 2025: Aggregates accounted for $1,458 million of the total Building Materials revenue of approximately $1.72 billion. The Magnesia Specialties business, which serves specific industrial/environmental needs, contributed $131 million in revenue for the quarter.

Martin Marietta Materials, Inc. (MLM) - Canvas Business Model: Cost Structure

You're looking at the core expenses that keep Martin Marietta Materials, Inc.'s heavy machinery running and quarries producing. The cost structure here is heavily weighted toward assets and the inputs needed to process them.

Fixed Costs and Asset Intensity

The foundation of Martin Marietta Materials, Inc.'s cost base involves high fixed costs tied to owning and operating the quarries and processing plants. These costs don't swing much with daily sales volume, meaning operational leverage is key when demand is high. Think about the depreciation on those massive crushers and the property taxes on the land itself; those bills arrive regardless of how many tons you ship.

This asset intensity drives significant planned spending. For the full year 2025, Martin Marietta Materials, Inc. guided its capital expenditures (CapEx) to be in the range of $810 million to $840 million. To give you a real-world look at that spending pace, cash paid for property, plant and equipment additions for the first nine months ended September 30, 2025, totaled $602 million.

Here are some key financial figures that define the scale of the balance sheet supporting these operations:

Financial Metric (As of Q3 2025)	Amount (Millions USD)	Context
Long-term debt (excluding current maturities)	$5,292	The principal amount outstanding on longer-term borrowings.
2025 Full-Year Capital Expenditures Guidance (Range)	$810 to $840	Planned investment in property, plant, and equipment for 2025.
2025 Full-Year Interest Expense Guidance (Net Range)	$215 to $225	The expected annual cost of servicing the debt load.
Aggregates Gross Profit Margin (Q3 2025)	36 percent	Indicates how much revenue remains after direct production costs.

Servicing that debt is a non-discretionary cost. The projected 2025 full-year interest expense, net of interest income, is guided to fall between $215 million and $225 million. That's a substantial annual cash outlay just to cover the cost of capital.

Variable Input Costs

While fixed costs are high, the variable side of the ledger is dominated by energy, fuel, and raw material pricing. These costs fluctuate directly with production levels and commodity markets. Martin Marietta Materials, Inc. is sensitive to diesel prices for its fleet and the cost of other inputs like asphalt components.

The company's ability to manage these variable pressures is evident in its Q3 2025 performance, where strong pricing more than offset higher costs. For instance, in the Aggregates segment during Q3 2025:

• Aggregates gross profit per ton reached $9.17.
• This represented a 12 percent increase in Gross Profit per ton year-over-year.

The cost of raw materials, especially for the Other Building Materials segment, also plays a role. Gross profit in that segment declined 17 percent in Q3 2025, partly due to reduced asphalt revenues and higher ready mix raw material costs noted in the Q2 2025 results.

Martin Marietta Materials, Inc. (MLM) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers that drive Martin Marietta Materials, Inc.'s top line as of late 2025. It's all about volume, pricing power, and the steady demand from infrastructure spending.

The revenue streams are clearly segmented, with aggregates being the bedrock of the business. For the third quarter ended September 30, 2025, the company reported record performance across key areas.

• - Aggregates sales generated $1.5 billion in Q3 2025 revenue.
• - Magnesia Specialties product sales reached $131 million in Q3 2025 revenue, marking a record quarter.
• - Sales of Asphalt and Ready-Mixed Concrete fall under the Other Building Materials segment, which posted revenues of $351 million for Q3 2025.
• - Martin Marietta Materials raised its full-year 2025 guidance for Consolidated Adjusted EBITDA to a midpoint of $2.32 billion.

The Q3 2025 results underscore the success of the SOAR plan, especially in the core aggregates business. Here's a breakdown of the key revenue components for that quarter:

Revenue Stream Component	Q3 2025 Revenue (Millions USD)	Year-over-Year % Change
Aggregates Revenues	$1,458	17%
Specialties Revenues (Magnesia Specialties)	$131	Not explicitly stated for revenue, but gross profit increased 20%
Other Building Materials Revenues (Incl. Asphalt/Paving)	$351	(10)%
Total Building Materials Business Revenue	$1,700	10%

The growth in the aggregates segment was driven by a balanced mix. Shipments increased by 8.0% to 57.9 million tons, and the average selling price per ton (ASP) also rose by 8.0% to $23.24 in the third quarter of 2025. This pricing momentum is defintely key to margin expansion.

The Specialties business, rebranded from Magnesia Specialties, also hit records. Its Q3 2025 revenue of $131 million was a significant jump, helped by strong organic performance and contributions from the Premier Magnesia acquisition, which closed in late July 2025. Still, the Other Building Materials segment saw a revenue decrease of 10% to $351 million, which management attributed to lower asphalt revenues from reduced shipments and pricing, alongside a decrease in paving revenues.

Looking ahead, the raised full-year 2025 Consolidated Adjusted EBITDA guidance midpoint of $2.32 billion reflects confidence built on strong year-to-date results and positive October daily shipment trends. That's a solid target to anchor your valuation models to.