UNITED STATES LIME & MINERALS INC
For the period ended Mar 31, 2026. Filed Apr 30, 2026.
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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.
Mar 31, 2026 · Filed Apr 30, 2026
USLM$118.10-1.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-30.
0001104659-25-104345
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-30.
0001104659-26-052866
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 24 previous paragraphs and 22 current paragraphs.
6 unchanged; 12 reworded; 4 added; 6 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
Our revenues decreased 3.7% in the first quarter 2026, compared to the first quarter 2025, primarily due to a 3.4% decrease in sales volumes of our lime and limestone products, which was principally due to decreased demand from our construction, oil and gas, and roof shingle customers, partially offset by increased demand from our steel customers, and a 0.2% decrease in the average selling prices for our lime and limestone products. During the first quarter 2026, we caught up on most of the weather-related shipping interruptions that resulted from the January winter storm. Although we experienced our first revenue decrease against the comparable prior-year quarter since the COVID pandemic began in 2020, we remain optimistic about the balance of the year, including as it pertains to demand from our construction customers.
Current report
Our gross profit decreased 9.5% in the first quarter 2026, compared to the first quarter 2025. The decrease in gross profit resulted primarily from the decrease in revenues discussed above and higher fuel and transportation costs. Our net income was $30.6 million ($1.06 per share diluted) in the first quarter 2026, compared to net income of $34.1 million ($1.19 per share diluted) in the first quarter 2025, a decrease of $3.5 million, or 10.4%.
Current report
Gross profit was $41.8 million in the first quarter 2026, compared to $46.2 million in the first quarter 2025, a decrease of $4.4 million, or 9.5%. The decrease in gross profit in the first quarter 2026, compared to the first quarter 2025, resulted primarily from the decreased revenues discussed above and higher fuel and transportation costs.
Current report
Our net income was $30.6 million ($1.06 per share diluted) in the first quarter 2026, compared to net income of $34.1 million ($1.19 per share diluted) in the first quarter 2025, a decrease of $3.5 million, or 10.4%.
Removed paragraphs (6)
Previous report
Our revenues increased 14.1% and 19.8% in the third quarter and first nine months 2025, respectively, compared to the third quarter and first nine months 2024. Revenues increased in the third quarter 2025, compared to the third quarter 2024, primarily due to an 8.9% increase in sales volumes of our lime and limestone products, which was principally due to increased demand from our construction, environmental, and steel customers, partially offset by decreased demand from our oil and gas services customers, and a 5.1% increase in the average selling prices for our lime and limestone products. Revenues increased in the first nine months 2025, compared to the first nine months 2024, primarily due to a 13.3% increase in sales volumes of our lime and limestone products, which was principally due to increased demand from our construction, including for the construction of large data centers, environmental, and steel customers, partially offset by decreased demand from our oil and gas services customer, and a 6.6% increase in the average selling prices for our lime and limestone products. Looking ahead, we anticipate ongoing data center construction demand being partially offset by softer demand from some of the other industries that we serve.
Previous report
Our gross profit increased 21.1% and 29.2% in the third quarter and first nine months 2025, respectively, compared to the third quarter and first nine months 2024. The increases in gross profit for the 2025 periods resulted primarily from the increases in revenues discussed above.
Previous report
Gross profit was $52.2 million in the third quarter 2025, compared to $43.1 million in the third quarter 2024, an increase of $9.1 million, or 21.1%. Gross profit was $140.2 million in the first nine months 2025, compared to $108.5 million in the first nine months 2024, an increase of $31.7 million, or 29.2%. The increases in gross profit in the third quarter and first nine months 2025, compared to the comparable 2024 periods, resulted primarily from the increased revenues discussed above.
Previous report
25.0%. The increases in SG&A expenses in the 2025 periods, compared to the comparable 2024 periods, were primarily due to increased personnel expenses, including stock-based compensation.
Previous report
On July 4, 2025, the OBBBA was signed into law. The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act of 2017, including 100% bonus depreciation. The OBBBA did not have a material impact on our effective income tax rate for 2025, but it did reduce our cash tax outflows for the remainder of 2025 from what they would have been under the previous federal tax law.
Previous report
Our net income was $38.8 million ($1.35 per share diluted) in the third quarter 2025, compared to net income of $33.4 million ($1.16 per share diluted) in the third quarter 2024, an increase of $5.4 million, or 16.3%. For the first nine months 2025, our net income was $103.7 million ($3.61 per share diluted), compared to $81.8 million ($2.85 per share diluted) for the first nine months 2024, an increase of $21.9 million, or 26.7%.
Reworded paragraphs (12)
Previous wording
Forward-Looking Statements. Any statements contained in this Report that are not statements of historical fact are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this Report, including without limitation statements relating to the Company’s plans, strategies, objectives, expectations, intentions, and adequacy of resources, are identified by such words as “will,” “could,” “should,” “would,” “believe,” “possible,” “potential,” “expect,” “intend,” “plan,” “schedule,” “estimate,” “anticipate,” and “project.” The Company undertakes no obligation to publicly update or revise any forward-looking statements. The Company cautions that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from expectations, including without limitation the following: (i) the Company’s plans, strategies, objectives, expectations, and intentions are subject to change at any time at the Company’s discretion; (ii) the Company’s plans and results of operations will be affected by its ability to maintain and increase its revenues and manage its growth; (iii) the Company’s ability to meet short-term and long-term liquidity demands, including meeting the Company’s operating and capital needs, including possible acquisitions and paying dividends, and conditions in the credit and equity markets, including the ability of the Company’s customers to meet their obligations; (iv) interruptions to operations and increased expenses at the Company’s facilities resulting from changes in mining methods or conditions, variability of chemical or physical properties of the Company’s limestone and its impact on process equipment and product quality, inclement weather conditions, including more severe and frequent weather events resulting from climate change, natural disasters, accidents, IT systems failures or disruptions, including due to cybersecurity threats and incidents, utility disruptions, supply chain delays and disruptions, labor shortages and disruptions, or regulatory requirements; (v) volatile coal, petroleum coke, diesel, natural gas, electricity, and transportation costs and the consistent availability of trucks, truck drivers, and rail cars to deliver the Company’s products to its customers and solid fuels to its plants on a timely basis at competitive prices; (vi) the Company’s ability to expand its operations through projects and acquisitions of businesses with related or similar operations and the Company’s ability to obtain any required financing for such projects and acquisitions, to integrate the projects and acquisitions into the Company’s overall operations, and to sell any resulting increased production at acceptable prices; (vii) inadequate demand and/or prices for the Company’s lime and limestone products due to increased competition from competitors, increasing competition for certain customer accounts, conditions in the U.S. economy, r…
Excerpt shortened here; the source contains the full paragraph.
Current wording
Forward-Looking Statements. Any statements contained in this Report that are not statements of historical fact are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this Report, including without limitation statements relating to the Company’s plans, strategies, objectives, expectations, intentions, and adequacy of resources, are identified by such words as “will,” “could,” “should,” “would,” “believe,” “possible,” “potential,” “expect,” “intend,” “plan,” “schedule,” “estimate,” “anticipate,” and “project.” The Company undertakes no obligation to publicly update or revise any forward-looking statements. The Company cautions that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from expectations, including without limitation the following: (i) the Company’s plans, strategies, objectives, expectations, and intentions are subject to change at any time at the Company’s discretion; (ii) the Company’s plans and results of operations will be affected by its ability to maintain or increase its revenues and manage any growth; (iii) the Company’s ability to meet short-term and long-term liquidity demands, including meeting the Company’s operating and capital needs, including possible acquisitions and paying dividends, and conditions in the credit and equity markets, including the ability of the Company’s customers to meet their obligations; (iv) interruptions to operations and increased expenses at the Company’s facilities resulting from changes in mining methods or conditions, variability of chemical or physical properties of the Company’s limestone and its impact on process equipment and product quality, inclement weather conditions, including more severe and frequent weather events resulting from climate change, natural disasters, accidents, IT systems failures or disruptions, including due to cybersecurity threats and incidents, utility disruptions, supply chain delays and disruptions, labor shortages and disruptions, or regulatory requirements; (v) volatile coal, petroleum coke, diesel, natural gas, electricity, and transportation costs and the consistent availability of trucks, truck drivers, and rail cars to deliver the Company’s products to its customers and solid fuels to its plants on a timely basis at competitive prices; (vi) the Company’s ability to expand its operations through projects and acquisitions of businesses with related or similar operations and the Company’s ability to obtain any required financing for such projects and acquisitions, to integrate the projects and acquisitions into the Company’s overall operations, and to sell any resulting increased production at acceptable prices; (vii) inadequate demand and/or prices for the Company’s lime and limestone products due to increased competition from competitors, including new entrants into our markets, increasing competition for certain customer acc…
Excerpt shortened here; the source contains the full paragraph.
Previous wording
We are a manufacturer of lime and limestone products, supplying primarily the construction (including highway, road, and building contractors), industrial (including paper and glass manufacturers), environmental (including municipal sanitation and water treatment facilities and flue gas treatment processes), metals (including steel producers), roof shingle manufacturers, agriculture (including poultry producers), and oil and gas services industries. We are headquartered in Dallas, Texas and operate lime and limestone plants and distribution facilities in Arkansas, Colorado, Louisiana, Missouri, Oklahoma, and Texas through our wholly owned subsidiaries, Arkansas Lime Company, ART Quarry TRS LLC (DBA Carthage Crushed Limestone), Colorado Lime Company, Mill Creek Dolomite, LLC, Texas Lime Company, U.S. Lime Company, U.S. Lime Company-Shreveport, U.S. Lime Company-St. Clair, and U.S. Lime Company-Transportation.
Current wording
We are a manufacturer of lime and limestone products, supplying primarily the construction (including highway, road, and building contractors), industrial (including paper and glass manufacturers), environmental (including municipal sanitation and water treatment facilities and flue gas treatment processes), metals (including steel producers), roof shingle manufacturers, agriculture (including poultry producers), and oil and gas services industries. We are headquartered in Dallas, Texas and operate lime and limestone plants and distribution facilities in Arkansas, Colorado, Louisiana, Missouri, Oklahoma, and Texas through our wholly owned subsidiaries, Arkansas Lime Company, ART Quarry TRS LLC (DBA Carthage Crushed Limestone), Colorado Lime Company, Mill Creek Dolomite, LLC, Texas Lime Company, U.S. Lime Company, U.S. Lime Company-Shreveport, U.S. Lime Company-St. Clair, and U.S. Lime Company-Transportation. In addition, through our wholly owned subsidiary, U.S. Lime Company-O & G, LLC, we have royalty and non-operated working interests in natural gas wells located in Johnson County, Texas, in the Barnett Shale Formation.
Previous wording
In 2024, we began construction on a new vertical kiln and related equipment and infrastructure at our Texas Lime Company plant. We estimate that the construction costs of the Texas kiln project will total approximately $65 million and be completed in 2026.
Current wording
In 2024, we began construction on a new vertical kiln and related equipment and infrastructure at our Texas Lime Company plant. We estimate that the construction costs of the Texas kiln project will total approximately $65 million, and we anticipate it will start up in the summer of 2026. We will begin to depreciate the new kiln and related equipment when they consistently produce commercially saleable quicklime.
Previous wording
Net cash provided by operating activities was $119.4 million in the first nine months 2025, compared to $87.4 million in the first nine months 2024, an increase of $32.0 million, or 36.6%. Our net cash provided by operating activities is composed of net income, depreciation, depletion, and amortization (“DD&A”), deferred income taxes, stock-based compensation, other non-cash items included in net income, and changes in working capital. In the first nine months 2025, net cash provided by operating activities was principally composed of $103.7 million net income, $18.5 million DD&A, and $6.2 million stock-based compensation, partially offset by a $9.4 million decrease from changes in operating assets and liabilities. Changes in operating assets and liabilities in the first nine months 2025 included increases of $15.3 million in trade receivables, net, due primarily to increased sales in the third quarter 2025 compared to the fourth quarter 2024, and $1.0 million in inventories, partially offset by a decrease of $2.3 million in prepaid expenses and other current assets and an increase of $4.5 million in accounts payable and accrued expenses. In the first nine months 2024, net cash provided by operating activities was principally composed of $81.8 million net income, $18.1 million DD&A, and $3.6 million stock-based compensation, partially offset by $0.8 million deferred income taxes and a $15.3 million decrease from changes in operating assets and liabilities. Changes in operating assets and liabilities in the first nine months 2024 included an increase of $14.9 million in trade receivables, net, due primarily to increased sales in the third quarter 2024 compared to the fourth quarter 2023, and an increase of $3.5 million in inventories, partially offset by a decrease of $1.9 million in prepaid expenses and other current assets and an increase of $1.2 million in accounts payable and accrued expenses.
Current wording
Net cash provided by operating activities was $32.1 million in the first quarter 2026, compared to $39.4 million in the first quarter 2025, a decrease of $7.4 million, or 18.7%. Our net cash provided by operating activities is composed of net income, depreciation, depletion, and amortization (“DD&A”), deferred income taxes, stock-based compensation, other non-cash items included in net income, and changes in working capital. In the first quarter 2026, net cash provided by operating activities was principally composed of $30.6 million net income, $6.6 million DD&A, $3.4 million deferred income taxes, and $1.8 million stock-based compensation, partially offset by a $10.4 million decrease from changes in operating assets and liabilities. Changes in operating assets and liabilities in the first quarter 2026 included an increase of $10.2 million in trade receivables, net, due primarily to timing of the sales in the first quarter 2026 compared to the fourth quarter 2025, and an increase of $1.6 million in other assets, partially offset by a decrease of $0.3 million in inventories and a decrease of $1.0 million in prepaid expenses and other current assets. In the first quarter 2025, net cash provided by operating activities was principally composed of $34.1 million net income, $6.1 million DD&A, and $2.3 million stock-based compensation, partially offset by $0.6 million deferred income taxes and a $2.7 million decrease from changes in operating assets and liabilities. Changes in operating assets and liabilities in the first quarter 2025 included an increase of $11.8 million in trade receivables, net, due primarily to increased sales in the first quarter 2025 compared to the fourth quarter 2024, and an increase of $0.2 million in inventories, partially offset by a decrease of $1.0 million in prepaid expenses and other current assets and an increase of $8.1 million in accounts payable and accrued expenses.
Previous wording
We had $42.8 million in capital expenditures in the first nine months 2025, compared to $16.4 million in the first nine months 2024. Capital expenditures in the first nine months 2025 included $20.8 million related to the Texas kiln project. Net cash used in financing activities was $5.4 million in the first nine months 2025, compared to $4.3 million in the first nine months 2024, consisting primarily of cash dividends paid in each period.
Current wording
We had $18.3 million in capital expenditures in the first quarter 2026, compared to $14.9 million in the first quarter 2025. Capital expenditures in the first quarter 2026 included $10.0 million related to the Texas kiln project, compared to $7.8 million in the first quarter 2025. Net cash used in financing activities was $2.0 million in both the first quarter 2026 and 2025, consisting primarily of cash dividends paid in each period.
Previous wording
Cash and cash equivalents increased $71.5 million to $349.5 million at September 30, 2025 from $278.0 million at December 31, 2024.
Current wording
Cash and cash equivalents increased $12.0 million to $383.2 million at March 31, 2026 from $371.1 million at December 31, 2025.
Previous wording
We are not committed to any planned capital expenditures until actual orders are placed for equipment. As of September 30, 2025, we were committed to $28.8 million of open purchase orders related to the Texas kiln project. We did not have any other material commitments for open purchase orders. As of September 30, 2025, we had incurred a total of $24.8 million on the Texas kiln project, of which $22.1 million had been paid in cash.
Current wording
We are not committed to any planned capital expenditures until actual orders are placed for equipment. As of March 31, 2026, we were committed to $5.3 million of open purchase orders related to the Texas kiln project. We did not have any other material commitments for open purchase orders. As of March 31, 2026, we had incurred a total of $48.5 million on the Texas kiln project, of which $45.9 million had been paid in cash.
Previous wording
At September 30, 2025, we had no debt outstanding and no draws on the Revolving Facility other than $4.7 million of letters of credit, principally related to the Texas kiln project, which count as draws against the available commitment under the Revolving Facility. We believe that, absent a significant acquisition, cash on hand and cash flows from operations will be sufficient to meet our operating needs, ongoing capital needs, including current and possible future modernization, expansion, and development projects, and liquidity needs and allow us to pay regular quarterly cash dividends for the near future.
Current wording
At March 31, 2026, we had no debt outstanding and no draws on the Revolving Facility other than $4.6 million of letters of credit, principally related to the Texas kiln project, which count as draws against the available commitment under the Revolving Facility. We believe that, absent a significant acquisition, cash on hand and cash flows from operations will be sufficient to meet our operating needs, ongoing capital needs, including current and possible future modernization, expansion, and development projects, and liquidity needs and allow us to pay regular quarterly cash dividends for the near future.
Previous wording
Revenues in the third quarter 2025 were $102.0 million, compared to $89.4 million in the third quarter 2024, an increase of $12.6 million, or 14.1%. For the first nine months 2025, revenues were $284.8 million, compared to $237.7 million in the first nine months 2024, an increase of $47.1 million, or 19.8%. The increases in our revenues in the third quarter and first nine months 2025, compared to the comparable 2024 periods, resulted from increased sales volumes of our lime and limestone products, principally due to increased demand from our construction, environmental, and steel customers, partially offset by decreased demand from our oil and gas services customers, and an increase in the average selling prices for our lime and limestone products.
Current wording
Revenues in the first quarter 2026 were $87.8 million, compared to $91.3 million in the first quarter 2025, a decrease of $3.4 million, or 3.7%. The decrease in our revenues in the first quarter 2026, compared to the first quarter 2025, resulted primarily from decreased sales volumes of our lime and limestone products, principally due to decreased demand from our construction, oil and gas, and roof shingle customers, partially offset by increased demand from our steel customers.
Previous wording
Selling, general, and administrative (“SG&A”) expenses were $5.9 million in the third quarter 2025, compared to $5.0 million in the third quarter 2024, an increase of $1.0 million, or 19.1%. SG&A expenses were $18.4 million in the first nine months 2025, compared to $14.7 million in the first nine months 2024, an increase of $3.7 million, or
Current wording
Selling, general, and administrative (“SG&A”) expenses were $6.0 million in the first quarter 2026, compared to $6.3 million in the first quarter 2025, a decrease of $0.3 million, or 4.7%. The decrease in SG&A expenses in the first quarter 2026, compared to the first quarter 2025, was primarily due to decreased personnel expenses, including stock-based compensation.
Previous wording
Other (income) expense, net was $3.4 million income in the third quarter 2025 and $9.6 million income in the first nine months 2025, compared to $3.1 million income in the third quarter 2024 and $8.4 million income in the first nine months 2024. The increases of $0.4 million and $1.2 million in other (income) expense, net during the 2025 periods, compared to the comparable 2024 periods, were primarily due to interest earned on higher average balances of our cash and cash equivalents.
Current wording
Other (income) expense, net was $3.2 million income in the first quarter 2026, compared to $3.1 million income in the first quarter 2025, an increase of $0.1 million, primarily due to interest earned on higher average balances of cash and cash equivalents.
Previous wording
Income tax expense was $10.9 million and $27.7 million in the third quarter and first nine months 2025, respectively, compared to $7.8 million and $20.4 million in the third quarter and first nine months 2024, respectively. The increases in income tax expense in the 2025 periods, compared to the comparable 2024 periods, were due to the increases in income before taxes.
Current wording
Income tax expense was $8.4 in the first quarter 2026, compared to $8.9 million in the first quarter 2025. The decrease in income tax expense was due to the decrease in income before taxes.