Organization

Basis of Presentation and Use of Estimates

Restricted Cash

Consolidated Comprehensive Earnings and Accumulated Other Comprehensive Loss

Organization

Basis of Presentation and Use of Estimates

Restricted Cash

Consolidated Comprehensive Earnings and Accumulated Other Comprehensive Loss

Earnings per Common Share

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-12744

MARTIN MARIETTA MATERIALS, INC.

(Exact Name of Registrant as Specified in its Charter)


North Carolina	56-1848578
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
4123 Parklake Avenue, Raleigh, NC	27612
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (919) 781-4550

Securities registered pursuant to Section 12(b) of the Act:

     Title of each class

     Trading
Symbol(s)

     Name of each exchange on which registered

     Common Stock (Par Value $0.01)

     MLM

     The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of Common Stock, as of the latest practicable date.


Class		Outstanding as of October 31, 2025
Common Stock, $0.01 par value		60,307,143

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

FORM 10-Q

For the Quarter Ended September 30, 2025


	Page
Part I. Financial Information:

Item 1. Financial Statements

Consolidated Balance Sheets – September 30, 2025 and December 31, 2024		3

Consolidated Statements of Earnings and Comprehensive Earnings – Three and Nine Months Ended September 30, 2025 and 2024		4

Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2025 and 2024		5

Consolidated Statements of Total Equity – Three and Nine Months Ended September 30, 2025 and 2024		6

Notes to Consolidated Financial Statements		7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		27

Item 3. Quantitative and Qualitative Disclosures About Market Risk		40

Item 4. Controls and Procedures		40

Part II. Other Information:

Item 1. Legal Proceedings		41

Item 1A. Risk Factors		41

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		41

Item 4. Mine Safety Disclosures		41

Item 5. Other Information		41

Item 6. Exhibits		42

Signatures		43

Page 2 of 33

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

(UNAUDITED) CONSOLIDATED BALANCE SHEETS


	September 30,			December 31,
	2025			2024
	(In Millions, Except Share and Par Value Data)
ASSETS
Current Assets:
Cash and cash equivalents	$	57		$	670
Restricted cash		13			—
Accounts receivable, net		984			678
Inventories, net		1,034			1,115
Current assets held for sale		1,224			8
Other current assets		111			71
Total Current Assets		3,423			2,542

Property, plant and equipment		14,980			15,086
Allowances for depreciation, depletion and amortization		(4,916	)		(4,977	)
Net property, plant and equipment		10,064			10,109
Goodwill		3,607			3,767
Other intangibles, net		462			730
Operating lease right-of-use assets, net		367			376
Other noncurrent assets		730			646
Total Assets	$	18,653		$	18,170

LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable	$	349		$	375
Accrued salaries, benefits and payroll taxes		88			73
Accrued income taxes		1			102
Accrued other taxes		66			50
Accrued interest		63			45
Current maturities of long-term debt		230			125
Current operating lease liabilities		61			56
Current liabilities held for sale		40			—
Accrued investments in limited liability companies		125			44
Other current liabilities		131			146
Total Current Liabilities		1,154			1,016

Long-term debt		5,292			5,288
Deferred income taxes, net		1,250			1,169
Noncurrent operating lease liabilities		320			335
Noncurrent asset retirement obligations		332			423
Other noncurrent liabilities		567			483
Total Liabilities		8,915			8,714

Commitments and contingent liabilities - Note 9		—			—

Equity:
Common stock, par value $0.01 per share (60,307,143 shares and 61,126,646 shares outstanding at September 30, 2025 and December 31, 2024, respectively)		1			1
Preferred stock, par value $0.01 per share		—			—
Additional paid-in capital		3,567			3,550
Accumulated other comprehensive loss		(5	)		(13	)
Retained earnings		6,172			5,915
Total Shareholders' Equity		9,735			9,453
Noncontrolling interests		3			3
Total Equity		9,738			9,456
Total Liabilities and Equity	$	18,653		$	18,170

See accompanying notes to the consolidated financial statements.

Page 3 of 33

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

(UNAUDITED) CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE EARNINGS


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
	(In Millions, Except Per Share Data)
Revenues	$	1,846		$	1,642		$	4,617		$	4,250
Cost of revenues		1,235			1,129			3,195			3,039

Gross Profit		611			513			1,422			1,211

Selling, general and administrative expenses		110			101			340			328
Acquisition, divestiture and integration expenses		5			3			9			44
Other operating (income) expense, net		(9	)		3			(23	)		(1,301	)
Earnings from Operations		505			406			1,096			2,140

Interest expense		59			38			172			118
Other nonoperating income, net		(4	)		(6	)		(23	)		(51	)
Earnings from continuing operations before income tax expense		450			374			947			2,073
Income tax expense		89			77			190			504
Earnings from continuing operations		361			297			757			1,569
Earnings from discontinued operations, net of income tax expense		53			66			101			133
Consolidated net earnings		414			363			858			1,702
Less: Net earnings attributable to noncontrolling interests		—			—			—			1
Net Earnings Attributable to Martin Marietta	$	414		$	363		$	858		$	1,701

Consolidated Comprehensive Earnings (See Note 1):
Consolidated comprehensive earnings attributable to Martin Marietta	$	418		$	365		$	866		$	1,704
Comprehensive earnings attributable to noncontrolling interests		—			—			—			1
	$	418		$	365		$	866		$	1,705
Net Earnings Attributable to Martin Marietta
Per Common Share:
Basic from continuing operations attributable to common shareholders	$	5.98		$	4.86		$	12.51		$	25.52
Basic from discontinued operations attributable to common shareholders		0.88			1.07			1.67			2.16
Total basic attributable to common shareholders	$	6.86		$	5.93		$	14.18		$	27.68

Diluted from continuing operations attributable to common shareholders	$	5.97		$	4.84		$	12.49		$	25.44
Diluted from discontinued operations attributable to common shareholders		0.88			1.07			1.66			2.16
Total diluted attributable to common shareholders	$	6.85		$	5.91		$	14.15		$	27.60

Weighted-Average Common Shares Outstanding:
Basic		60.3			61.1			60.5			61.5
Diluted		60.4			61.3			60.6			61.6

See accompanying notes to the consolidated financial statements.

Page 4 of 33

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

(UNAUDITED) CONSOLIDATED STATEMENTS OF CASH FLOWS


	Nine Months Ended
	September 30,
	2025			2024
	(Dollars in Millions)
Cash Flows from Operating Activities:
Consolidated net earnings	$	858		$	1,702
Adjustments to reconcile consolidated net earnings to net cash provided by operating activities:
Depreciation, depletion and amortization		480			424
Stock-based compensation expense		42			48
Gain on divestitures and sales of assets		(24	)		(1,341	)
Deferred income taxes, net		75			(79	)
Noncash asset and portfolio rationalization charge		—			50
Other items, net		(7	)		(9	)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable, net		(309	)		(153	)
Inventories, net		10			(48	)
Accounts payable		64			55
Other assets and liabilities, net		(33	)		124
Net Cash Provided by Operating Activities		1,156			773

Cash Flows from Investing Activities:
Additions to property, plant and equipment		(602	)		(622	)
Acquisitions, net of cash acquired		(577	)		(2,538	)
Proceeds from divestitures and sales of assets		29			2,128
Investments in limited liability company		(54	)		—
Other investing activities, net		(9	)		(32	)
Net Cash Used for Investing Activities		(1,213	)		(1,064	)

Cash Flows from Financing Activities:
Proceeds from borrowings		510			490
Repayments of debt		(405	)		(795	)
Payments on finance lease obligations		(17	)		(14	)
Dividends paid		(147	)		(141	)
Repurchases of common stock		(450	)		(450	)
Shares withheld for employees’ income tax obligations		(29	)		(28	)
Other financing activities, net		(5	)		(1	)
Net Cash Used for Financing Activities		(543	)		(939	)
Net Decrease in Cash, Cash Equivalents and Restricted Cash		(600	)		(1,230	)
Cash, Cash Equivalents and Restricted Cash, beginning of period		670			1,282
Cash, Cash Equivalents and Restricted Cash, end of period	$	70		$	52

See accompanying notes to the consolidated financial statements.

Page 5 of 33

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

(UNAUDITED) CONSOLIDATED STATEMENTS OF TOTAL EQUITY


(In Millions, Except Share and Per Share Data)	Shares of Common Stock			Common Stock		Additional Paid-in Capital			Accumulated Other Comprehensive Loss			Retained Earnings			Total Shareholders' Equity			Noncontrolling Interests		Total Equity
Balance at June 30, 2025		60,305,739		$	1	$	3,562		$	(9	)	$	5,809		$	9,363		$	3	$	9,366
Consolidated net earnings		—			—		—			—			414			414			—		414
Other comprehensive earnings, net of tax		—			—		—			4			—			4			—		4
Dividends declared ($0.83 per common share)		—			—		—			—			(51	)		(51	)		—		(51	)
Issuances of common stock for stock award plans		1,404			—		—			—			—			—			—		—
Stock-based compensation expense		—			—		5			—			—			5			—		5
Balance at September 30, 2025		60,307,143		$	1	$	3,567		$	(5	)	$	6,172		$	9,735		$	3	$	9,738

Balance at December 31, 2024		61,126,646		$	1	$	3,550		$	(13	)	$	5,915		$	9,453		$	3	$	9,456
Consolidated net earnings		—			—		—			—			858			858			—		858
Other comprehensive earnings, net of tax		—			—		—			8			—			8			—		8
Dividends declared ($2.41 per common share)		—			—		—			—			(147	)		(147	)		—		(147	)
Issuances of common stock for stock award plans		91,328			—		4			—			—			4			—		4
Shares withheld for employees' income tax obligations		—			—		(29	)		—			—			(29	)		—		(29	)
Repurchases of common stock		(910,831	)		—		—			—			(454	)		(454	)		—		(454	)
Stock-based compensation expense		—			—		42			—			—			42			—		42
Balance at September 30, 2025		60,307,143		$	1	$	3,567		$	(5	)	$	6,172		$	9,735		$	3	$	9,738


(In Millions, Except Share and Per Share Data)	Shares of Common Stock			Common Stock		Additional Paid-in Capital			Accumulated Other Comprehensive Loss			Retained Earnings			Total Shareholders' Equity			Noncontrolling Interests			Total Equity
Balance at June 30, 2024		61,117,053		$	1	$	3,529		$	(48	)	$	5,356		$	8,838		$	2		$	8,840
Consolidated net earnings		—			—		—			—			363			363			—			363
Other comprehensive earnings, net of tax		—			—		—			2			—			2			—			2
Dividends declared ($0.79 per common share)		—			—		—			—			(49	)		(49	)		—			(49	)
Issuances of common stock for stock award plans		1,004			—		—			—			—			—			—			—
Stock-based compensation expense		—			—		15			—			—			15			—			15
Balance at September 30, 2024		61,118,057		$	1	$	3,544		$	(46	)	$	5,670		$	9,169		$	2		$	9,171

Balance at December 31, 2023		61,821,421		$	1	$	3,519		$	(49	)	$	4,563		$	8,034		$	2		$	8,036
Consolidated net earnings		—			—		—			—			1,701			1,701			1			1,702
Other comprehensive earnings, net of tax		—			—		—			3			—			3			—			3
Dividends declared ($2.27 per common share)		—			—		—			—			(140	)		(140	)		—			(140	)
Issuances of common stock for stock award plans		82,394			—		5			—			—			5			—			5
Shares withheld for employees' income tax obligations		—			—		(28	)		—			—			(28	)		—			(28	)
Repurchases of common stock		(785,758	)		—		—			—			(454	)		(454	)		—			(454	)
Stock-based compensation expense		—			—		48			—			—			48			—			48
Distributions to owners of noncontrolling interest		—			—		—			—			—			—			(1	)		(1	)
Balance at September 30, 2024		61,118,057		$	1	$	3,544		$	(46	)	$	5,670		$	9,169		$	2		$	9,171

See accompanying notes to the consolidated financial statements.

Page 6 of 33

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

FORM 10-Q

For the Quarter Ended September 30, 2025

(UNAUDITED) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Significant Accounting Policies

Martin Marietta Materials, Inc. (the Company or Martin Marietta) is a natural resource-based building materials company. As of September 30, 2025, the Company supplies aggregates (crushed stone, sand and gravel) through its network of approximately 390 quarries, mines and distribution yards in 28 states, Canada and The Bahamas. Martin Marietta also provides other building materials, namely, cement, ready mixed concrete, asphalt and paving services, in vertically-integrated structured markets where the Company also has a leading aggregates position. The Company's Midlothian cement plant, related cement terminals and Texas ready mixed concrete plants are classified as assets held for sale as of September 30, 2025, and their associated financial results are reported as discontinued operations for all periods presented (see Note 2).

The Company’s heavy-side building materials are used in infrastructure, nonresidential and residential construction projects. Aggregates are also used in agricultural, utility and environmental applications and as railroad ballast. The aggregates and other building materials product lines are reported collectively as the Building Materials business.

The Company’s Building Materials business includes two reportable segments: East Group and West Group.


BUILDING MATERIALS BUSINESS
Reportable Segments	East Group	West Group
Operating Locations	Alabama, Florida, Georgia, Indiana, Iowa, Kansas, Kentucky, Maryland, Minnesota, Missouri, Nebraska, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, West Virginia, Nova Scotia and The Bahamas	Arizona, Arkansas, California, Colorado, Louisiana, Oklahoma, Texas, Utah, Washington and Wyoming

Products and Services	Aggregates and Asphalt	Aggregates, Cement, Ready Mixed Concrete, Asphalt and Paving Services

The Company’s Specialties business (formerly known as the Magnesia Specialties business), which represents a separate reportable segment, has manufacturing facilities in Michigan, Ohio, Nevada, North Carolina, Indiana and Pennsylvania. The Specialties business produces high-purity magnesia-based products used in a wide range of environmental, industrial, agricultural and specialty applications, as well as dolomitic lime, which is primarily used as a fluxing agent in domestic steel production and as a key raw material in the Company's magnesia-based products. Dolomitic lime is also used in various other end use applications including soil stabilization.

The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and in Article 10 of Regulation S-X. The Company has continued to follow the accounting policies set forth in the audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. In the opinion of management, the interim consolidated financial information provided herein reflects all adjustments, consisting of normal recurring accruals, necessary for a fair statement of the results of operations, financial position

Page 7 of 43

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

FORM 10-Q

For the Quarter Ended September 30, 2025

(UNAUDITED) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Continued)

and cash flows for the interim periods. The consolidated results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results expected for other interim periods or the full year. The consolidated balance sheet at December 31, 2024 has been derived from the audited consolidated financial statements at that date but does not include all of the information and notes required by U.S. GAAP for complete financial statements. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

The preparation of the Company’s consolidated financial statements requires management to make certain estimates and assumptions about future events. As future events and their effects cannot be fully determined with precision, actual results could differ significantly from estimates. Changes in estimates are reflected in the consolidated financial statements in the period in which the change in estimate occurs.

At September 30, 2025, the Company had restricted cash of $13 million. Of this amount, $9 million is invested in an account designated for the purchase of like-kind exchange replacement assets under Section 1031 of the Internal Revenue Code and related IRS procedures (Section 1031). The Company is restricted from utilizing the cash for purposes other than the purchase of qualified assets for a designated period from receipt of the proceeds from the sale of the exchanged assets. Any unused cash at the end of the 180 days is transferred to unrestricted accounts of the Company and used for general corporate purposes. The remaining $4 million represents a deposit held in a designated bank account to secure a letter of credit agreement. There was no restricted cash at December 31, 2024.

The statements of cash flows reflect cash flow changes and balances for cash, cash equivalents and restricted cash on an aggregated basis. The following table reconciles cash, cash equivalents and restricted cash as reported on the consolidated balance sheets to the aggregated amounts presented on the consolidated statements of cash flows:


	September 30,		December 31,
	2025		2024
	(Dollars in Millions)
Cash and cash equivalents	$	57	$	670
Restricted cash		13		—
Total cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows	$	70	$	670

Consolidated comprehensive earnings consist of consolidated net earnings, adjustments for the funded status of pension and postretirement benefit plans and foreign currency translation adjustments and are presented in the Company’s consolidated statements of earnings and comprehensive earnings.

Page 8 of 43

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

FORM 10-Q

For the Quarter Ended September 30, 2025

(UNAUDITED) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Continued)

Consolidated comprehensive earnings attributable to Martin Marietta are as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
	(Dollars in Millions)
Net earnings attributable to Martin Marietta	$	414	$	363	$	858	$	1,701
Other comprehensive earnings, net of tax		4		2		8		3
Consolidated comprehensive earnings attributable to Martin Marietta	$	418	$	365	$	866	$	1,704

Accumulated other comprehensive loss consists of unrecognized gains and losses related to the funded status of the pension and postretirement benefit plans and foreign currency translation adjustments and is presented on the Company’s consolidated balance sheets.

The components of the changes in accumulated other comprehensive loss, net of tax, are as follows:


	(Dollars in Millions)
	Pension and Postretirement Benefit Plans			Foreign Currency			Accumulated Other Comprehensive Loss
	Three Months Ended September 30, 2025
Balance at beginning of period	$	(7	)	$	(2	)	$	(9	)
Other comprehensive loss before reclassifications, net of tax		—			(1	)		(1	)
Amounts reclassified from accumulated other comprehensive loss, net of tax		5			—			5
Other comprehensive earnings (loss), net of tax		5			(1	)		4
Balance at end of period	$	(2	)	$	(3	)	$	(5	)

	Three Months Ended September 30, 2024
Balance at beginning of period	$	(46	)	$	(2	)	$	(48	)
Amounts reclassified from accumulated other comprehensive loss, net of tax		2			—			2
Other comprehensive earnings, net of tax		2			—			2
Balance at end of period	$	(44	)	$	(2	)	$	(46	)

Page 9 of 43

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

FORM 10-Q

For the Quarter Ended September 30, 2025

(UNAUDITED) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Continued)


	(Dollars in Millions)
	Pension and Postretirement Benefit Plans			Foreign Currency			Accumulated Other Comprehensive Loss
	Nine Months Ended September 30, 2025
Balance at beginning of period	$	(9	)	$	(4	)	$	(13	)
Other comprehensive earnings before reclassifications, net of tax		—			1			1
Amounts reclassified from accumulated other comprehensive loss, net of tax		7			—			7
Other comprehensive earnings, net of tax		7			1			8
Balance at end of period	$	(2	)	$	(3	)	$	(5	)

	Nine Months Ended September 30, 2024
Balance at beginning of period	$	(48	)	$	(1	)	$	(49	)
Other comprehensive loss before reclassifications, net of tax		—			(1	)		(1	)
Amounts reclassified from accumulated other comprehensive loss, net of tax		4			—			4
Other comprehensive earnings (loss), net of tax		4			(1	)		3
Balance at end of period	$	(44	)	$	(2	)	$	(46	)

Changes in net noncurrent deferred tax assets related to accumulated other comprehensive loss are as follows:


	Pension and Postretirement Benefit Plans
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
	(Dollars in Millions)
Balance at beginning of period	$	40		$	53		$	41		$	54
Tax effect of other comprehensive earnings		(1	)		(1	)		(2	)		(2	)
Balance at end of period	$	39		$	52		$	39		$	52

Page 10 of 43

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

FORM 10-Q

For the Quarter Ended September 30, 2025

(UNAUDITED) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Continued)

Reclassifications out of accumulated other comprehensive loss are as follows:


	Three Months Ended					Nine Months Ended						Affected line items in the consolidated
	September 30,					September 30,						statements of earnings
	2025			2024		2025			2024			and comprehensive earnings
	(Dollars in Millions)
Pension and postretirement benefit plans
Settlement charge	$	5		$	—	$	5		$	—
Amortization of:
Prior service cost		1			2		4			5
Actuarial loss		—			—		—			1
		6			2		9			6		Other nonoperating income, net
Tax effect		(1	)		—		(2	)		(2	)	Income tax expense
Total	$	5		$	2	$	7		$	4

The numerator for basic and diluted earnings per common share is net earnings attributable to Martin Marietta. The denominator for basic earnings per common share is the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is computed assuming that the weighted-average number of common shares is increased by the conversion, using the treasury stock method, of awards to be issued to employees and nonemployee members of the Company’s Board of Directors under certain stock-based compensation arrangements if the conversion is dilutive.

The following table reconciles the denominator for basic and diluted earnings from continuing operations per common share:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
	(In Millions)
Basic weighted-average common shares outstanding		60.3		61.1		60.5		61.5
Effect of dilutive employee and director awards		0.1		0.2		0.1		0.1
Diluted weighted-average common shares outstanding		60.4		61.3

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

MARTIN MARIETTA MATERIALS INC 10-Q