MINERALS TECHNOLOGIES INC
For the period ended Sep 28, 2025. Filed Oct 24, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 28, 2025 · Filed Oct 24, 2025
MTX$61.63-1.5%Stored close · as of Nov 6, 2026
Contents
Item 1. Condensed Consolidated Balance Sheets as of September 28, 2025 (Unaudited) and December 31, 2024
CONDENSED CONSOLIDATED BALANCE SHEETS
| Sep. 28, | Dec. 31, | |
|---|---|---|
| (in millions of dollars) | 2025* | 2024** |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $319.6 | $333.1 |
| Short-term investments | 8.7 | 4.0 |
| Accounts receivable, net | 413.4 | 385.2 |
| Inventories | 363.7 | 342.1 |
| Prepaid expenses and other current assets | 67.9 | 66.6 |
| Total current assets | 1,173.3 | 1,131.0 |
| Property, plant and equipment | 2,307.3 | 2,236.6 |
| Less accumulated depreciation and depletion | (1,294.4) | (1,246.9) |
| Property, plant and equipment, net | 1,012.9 | 989.7 |
| Goodwill | 916.2 | 913.8 |
| Intangible assets | 211.5 | 218.1 |
| Deferred income taxes | 15.7 | 14.8 |
| Other assets and deferred charges | 129.2 | 126.5 |
| Total assets | $3,458.8 | $3,393.9 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Short-term debt | $13.4 | $5.1 |
| Current maturities of long-term debt | 6.5 | 6.5 |
| Accounts payable | 196.9 | 185.5 |
| Other current liabilities | 374.7 | 200.6 |
| Total current liabilities | 591.5 | 397.7 |
| Long-term debt, net of unamortized discount and deferred financing costs | 957.8 | 959.6 |
| Deferred income taxes | 87.4 | 130.5 |
| Accrued pension and post-retirement benefits | 14.2 | 20.5 |
| Other non-current liabilities | 98.4 | 102.4 |
| Total liabilities | 1,749.3 | 1,610.7 |
| Commitments and contingencies | ||
| Shareholders’ equity: | ||
| Common stock | 5.0 | 5.0 |
| Additional paid-in capital | 530.4 | 523.9 |
| Retained earnings | 2,448.5 | 2,514.5 |
| Accumulated other comprehensive loss | (351.5) | (387.1) |
| Less common stock held in treasury | (957.2) | (909.3) |
| Total Minerals Technologies Inc. shareholders’ equity | 1,675.2 | 1,747.0 |
| Non-controlling interests | 34.3 | 36.2 |
| Total shareholders’ equity | 1,709.5 | 1,783.2 |
| Total liabilities and shareholders’ equity | $3,458.8 | $3,393.9 |
*Unaudited
**Condensed from audited financial statements
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine Months Ended | |||
|---|---|---|---|
| Sep. 28, · Sep. 29, | |||
| (in millions of dollars) · 2025 · 2024 | |||
| Operating Activities: | |||
| Net income (loss) | $(52.5) | $116.2 | |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation, depletion and amortization | 67.9 | 70.6 | |
| Reduction of right of use asset | 11.7 | 10.6 | |
| Provision for litigation reserve and credit losses | 215.0 | 30.0 | |
| Restructuring costs | 11.3 | - | |
| Pension funding | (6.4) | (11.3) | |
| Other non-cash items, net | (37.0) | 0.8 | |
| Net changes in operating assets and liabilities | (80.6) | (50.9) | |
| Net cash provided by operating activities | 129.4 | 166.0 | |
| Investing Activities: | |||
| Purchases of property, plant and equipment, net | (74.7) | (61.4) | |
| Payments related to acquisition of business, net of cash acquired | - | (4.0) | |
| Proceeds from sale of short-term investments | 7.8 | 4.2 | |
| Purchases of short-term investments | (11.7) | (7.7) | |
| Other investing activities | (16.7) | (8.7) | |
| Net cash used in investing activities | (95.3) | (77.6) | |
| Financing Activities: | |||
| Proceeds from issuance of short-term debt | 8.2 | - | |
| Repayment of long-term debt | (3.2) | (7.2) | |
| Repayment of short-term debt | - | (25.4) | |
| Purchase of common stock for treasury | (47.5) | (57.4) | |
| Proceeds from issuance of stock under option plan | 0.6 | 13.9 | |
| Excess tax benefits related to stock incentive programs | (3.5) | (2.8) | |
| Dividends paid to non-controlling interests | (4.1) | (1.0) | |
| Cash dividends paid | (10.4) | (9.7) | |
| Net cash used in financing activities | (59.9) | (89.6) | |
| Effect of exchange rate changes on cash and cash equivalents | 12.3 | 1.1 | |
| Net decrease in cash and cash equivalents | (13.5) | (0.1) | |
| Cash and cash equivalents at beginning of period | 333.1 | 317.2 | |
| Cash and cash equivalents at end of period | $319.6 | $317.1 | |
| Supplemental disclosure of cash flow information: | |||
| Interest paid | $46.5 | $51.5 | |
| Income taxes paid | $53.2 | $49.8 | |
| Non-cash investing and financing activities: | |||
| Property, plant and equipment additions related to asset retirement obligations | $ | - | $7.0 |
| Treasury stock purchases settled after period end | $0.2 | $0.2 | |
| Excise tax charged to equity not paid | $0.2 | $0.4 | |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS**’**** EQUITY**
| Equity Attributable to MTI | |||||||
|---|---|---|---|---|---|---|---|
| Accumulated | |||||||
| Additional · Other | |||||||
| Common · Paid-in · Retained · Comprehensive · Treasury · Non-controlling | |||||||
| (in millions of dollars) | Stock | Capital | Earnings | Loss | Stock | Interests | Total |
| Balance as of December 31, 2024 | $5.0 | $523.9 | $2,514.5 | $(387.1) | $(909.3) | $36.2 | $1,783.2 |
| Net income (loss) | - | - | (144.0) | - | - | 1.0 | (143.0) |
| Other comprehensive income, net | - | - | - | 10.3 | - | (0.6) | 9.7 |
| Dividends declared | - | - | (3.6) | - | - | - | (3.6) |
| Issuance of shares pursuant to employee stock compensation plans | - | 0.1 | - | - | - | - | 0.1 |
| Purchase of common stock for treasury | - | - | - | - | (11.5) | - | (11.5) |
| Stock-based compensation | - | 3.0 | - | - | - | - | 3.0 |
| Conversion of RSU's for tax withholding | - | (3.1) | - | - | - | - | (3.1) |
| Balance as of March 30, 2025 | $5.0 | $523.9 | $2,366.9 | $(376.8) | $(920.8) | $36.6 | $1,634.8 |
| Net income | - | - | 45.4 | - | - | 0.9 | 46.3 |
| Other comprehensive income, net | - | - | - | 29.9 | - | 0.2 | 30.1 |
| Dividends declared | - | - | (3.4) | - | - | - | (3.4) |
| Dividends paid to non-controlling interests | - | - | - | - | - | (3.7) | (3.7) |
| Purchase of common stock for treasury | - | - | - | - | (19.1) | - | (19.1) |
| Stock-based compensation | - | 3.0 | - | - | - | - | 3.0 |
| Balance as of June 29, 2025 | $5.0 | $526.9 | $2,408.9 | $(346.9) | $(939.9) | $34.0 | $1,688.0 |
| Net income | - | - | 43.0 | - | - | 1.2 | 44.2 |
| Other comprehensive income, net | - | - | - | (4.6) | - | (0.4) | (5.0) |
| Dividends declared | - | - | (3.4) | - | - | - | (3.4) |
| Dividends paid to non-controlling interests | - | - | - | - | - | (0.5) | (0.5) |
| Issuance of shares pursuant to employee stock compensation plans | - | 0.5 | - | - | - | - | 0.5 |
| Purchase of common stock for treasury | - | - | - | - | (17.3) | - | (17.3) |
| Stock-based compensation | - | 3.0 | - | - | - | - | 3.0 |
| Balance as of September 28, 2025 | $5.0 | $530.4 | $2,448.5 | $(351.5) | $(957.2) | $34.3 | $1,709.5 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS**’**** EQUITY**
| Equity Attributable to MTI | |||||||
|---|---|---|---|---|---|---|---|
| Accumulated | |||||||
| Additional · Other | |||||||
| Common · Paid-in · Retained · Comprehensive · Treasury · Non-controlling | |||||||
| (in millions of dollars) | Stock | Capital | Earnings | Income (Loss) | Stock | Interests | Total |
| Balance as of December 31, 2023 | $4.9 | $501.2 | $2,360.6 | $(369.4) | $(845.3) | $34.7 | $1,686.7 |
| Net income | - | - | 46.7 | - | - | 0.9 | 47.6 |
| Other comprehensive loss, net | - | - | - | (21.9) | - | (0.8) | (22.7) |
| Dividends declared | - | - | (3.2) | - | - | - | (3.2) |
| Issuance of shares pursuant to employee stock compensation plans | 0.1 | 2.3 | - | - | - | - | 2.4 |
| Purchase of common stock for treasury | - | - | - | - | (15.0) | - | (15.0) |
| Stock-based compensation | - | 2.9 | - | - | - | - | 2.9 |
| Conversion of RSU's for tax withholding | - | (2.8) | - | - | - | - | (2.8) |
| Balance as of March 31, 2024 | $5.0 | $503.6 | $2,404.1 | $(391.3) | $(860.3) | $34.8 | $1,695.9 |
| Net income | - | - | 19.7 | - | - | 1.2 | 20.9 |
| Other comprehensive loss, net | - | - | - | (8.9) | - | (0.7) | (9.6) |
| Dividends declared | - | - | (3.3) | - | - | - | (3.3) |
| Dividends paid to non-controlling interests | - | - | - | - | - | (0.4) | (0.4) |
| Issuance of shares pursuant to employee stock compensation plans | - | 10.7 | - | - | - | - | 10.7 |
| Purchase of common stock for treasury | - | - | - | - | (19.7) | - | (19.7) |
| Stock-based compensation | - | 3.0 | - | - | - | - | 3.0 |
| Balance as of June 30, 2024 | $5.0 | $517.3 | $2,420.5 | $(400.2) | $(880.0) | $34.9 | $1,697.5 |
| Net income | - | - | 46.7 | - | - | 1.0 | 47.7 |
| Other comprehensive income, net | - | - | - | 19.3 | - | 3.5 | 22.8 |
| Dividends declared | - | - | (3.2) | - | - | - | (3.2) |
| Dividends paid to non-controlling interests | - | - | - | - | - | (0.6) | (0.6) |
| Issuance of shares pursuant to employee stock compensation plans | - | 0.8 | - | - | - | - | 0.8 |
| Purchase of common stock for treasury | - | - | - | - | (23.1) | - | (23.1) |
| Stock-based compensation | - | 2.9 | - | - | - | - | 2.9 |
| Balance as of September 29, 2024 | $5.0 | $521.0 | $2,464.0 | $(380.9) | $(903.1) | $38.8 | $1,744.8 |
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