United States Lime & Minerals reports $106.19 million revenue for Q3 2026

Cover page 2 changes

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For the quarterly period ended June September 30, 2026

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Indicate the number of shares outstanding of each of the Registrant's classes of common stock, as of the latest practicable date: As of July October 28, 2026, 28,688,363 28,688,327 shares of common stock, $0.10 par value, were outstanding.

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Financial statements 9 changes

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Six Months Ended June 30,

Three Months Ended June September 30,

Nine Months Ended September 30,

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Stock-based compensation

Balances at September 30, 2026

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Stock-based compensation

Balances at September 30, 2025

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Six Months Ended June 30,

Nine Months Ended September 30,

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Note 1: Basis of Presentation 1 change

The condensed consolidated financial statements included herein have been prepared by United States Lime & Minerals, Inc. (the "Company") without independent audit. In the opinion of the Company's management, all adjustments of a normal and recurring nature necessary to present fairly the financial position, results of operations, and cash flows for the periods presented have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the period ended December 31, 2025. The results of operations for the three- and six-month nine-month periods ended June September 30, 2026 are not necessarily indicative of operating results for the full year.

Note 3: Accounting Policies 2 changes

Revenue Recognition. The Company recognizes revenue for its lime and limestone operations when (i) a contract with the customer exists and the performance obligations are identified; (ii) the price has been established; and (iii) the performance obligations have been satisfied, which is generally upon shipment. The Company's returns and allowances are minimal. Revenues include external freight billed to customers, with related costs accounted for as fulfillment costs and included in cost of revenues. External freight billed to customers included in 2026 and 2025 revenues was $ 15.2 15.7 million and $ 12.2 13.7 million, for the respective three-month periods ended June September 30, and $ 26.9 42.6 million and $ 23.6 37.3 million for the respective six-month nine-month periods ended June September 30, which approximates the amount of external freight included in cost of revenues. Sales taxes billed to customers are not included in revenues.

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Statements ("ASU 2024-03"). ASU 2024-03 requires, among other things, that public business entities include tabular and qualitative disclosures that disaggregate each relevant expense caption on the face of a statement of income and include certain natural expenses relevant to the Company. ASU 2024-03 is to be applied on a prospective basis and is effective for annual reporting periods beginning after December 15, 2026. This ASU will result in additional disclosures being included in the notes to the Company's consolidated financial statements once adopted.

Note 4: Reportable Segment 1 change

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The following table presents revenue, significant expenses, and profit for the three- and six-month nine-month periods ended June September 30, 2026 and 2025, as reviewed and used by the CODM (in thousands). There are no other significant segment items or reconciling items to consolidated net income.

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Note 5: Income and Dividends Per Share of Common Stock 2 changes

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(1) Stock options are considered anti-dilutive if the exercise price exceeds the average per share market price for the period. No stock options were excluded for the 2026 periods due to being anti-dilutive. For the three- and six-month nine-month periods ended June September 30, 2025, 2 and 1 stock options were excluded, respectively, as anti-dilutive because the exercise price exceeded the average per share market price for the period.

The Company paid $ 0.06 of cash dividends per share of common stock in each of the three-month periods ended June September 30, 2026 and 2025. The Company paid $ 0.12 0.18 of cash dividends per share of common stock in each of the six-month nine-month periods ended June September 30, 2026 and 2025.

Note 7: Banking Facilities and Debt 1 change

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As of June September 30, 2026, the Company had no debt outstanding and no draws on the Revolving Facility other than $ 4.6 million of letters of credit, principally related to the new kiln project at the Texas Lime Company plant, which count as draws against the available commitment under the Revolving Facility.

Note 8: Leases 10 changes

Six Months Ended June 30,

The Company has operating leases for the use of equipment, corporate office space, and some of its terminal and distribution facilities. The leases have remaining lease terms of 0 to 8 7 years , with a weighted-average remaining lease term of 3 years and 4 years at June both September 30, 2026 and December 31, 2025. respectively. Some operating leases include options to extend the leases for up to 5 years and are only considered in the lease terms if the Company is reasonably certain it will exercise the option to extend.

The components of net operating lease costs for the three- and six-month nine-month periods ended June September 30, 2026 and 2025 were as follows (in thousands):

Three Months Ended June September 30,

Nine Months Ended September 30,

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As of June September 30, 2026, future minimum payments under operating leases that were either non-cancelable or subject to significant penalty upon cancellation, including future minimum payments under renewal options that the Company is reasonably certain to exercise, were as follows (in thousands):

2026 (excluding the six nine months ended June September 30, 2026)

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Six Months Ended June 30,

Supplemental cash flow information pertaining to the Company's leasing activity for the six nine months ended June September 30, 2026 and 2025 is as follows (in thousands):

Nine Months Ended September 30,

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Note 10: Dividends 1 change

On September 11, 2026 , the Company paid $ 1.7 million in cash dividends, based on a dividend of $ 0.06 per share of its common stock, to stockholders of record at the close of business on August 21, 2026 . On June 12, 2026 , the Company paid $ 1.7 million in cash dividends, based on a dividend of $ 0.06 per share of its common stock, to stockholders of record at the close of business on May 22, 2026 . On March 13, 2026 , the Company paid $ 1.7 million in cash dividends, based on a dividend of $ 0.06 per share of its common stock, to stockholders of record at the close of business on February 20, 2026 .

Note 11: Subsequent Event 1 change

On July 29, October 30, 2026 , the Company's Board of Directors declared a regular quarterly cash dividend of $ 0.06 per share on the Company's common stock. This dividend is payable on September December 11, 2026 , to stockholders of record at the close of business on August 21, November 20, 2026 .

MD&A 19 changes

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, conditions in the credit and equity markets, and 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 successfully integrate the projects and acquisitions into the Company's overall existing 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, or other changes to the competitive landscape, increasing competition for certain customer accounts, conditions in the U.S. economy, recessionary pressures in and the impact of government policies, including changes in immigration policy, on the overall economy and particular industries, including construction, oil and gas services, utility plants, steel, and industrial, moderation in areas of active current growth, including data center residential construction, constraints on construction of large projects, including data centers, effects of governmental fiscal and budgetary constraints, including the level of highway construction and infrastructure funding, changes to tax laws, legislative impasses, extended governmental shutdowns, reduced levels of government staffing, downgrades and defaults on U.S. government obligations, tariffs, trade wars, international conflicts and incidents, including the conflicts in the Middle East, oil cartel production and supply actions, sanctions, embargoes, and blockades, economic and regulatory uncertainties under state governments and the United States Administration and Congress, inflation, recession, and other macroeconomic concerns, Federal Reserve responses to macroeconomic concerns and other pressures, including changing interest rates, inability to continue to maintain or increase prices for the Company's products, including passing through any increased costs of fuel, energy, transportation, labor, parts, and supplies, and changes in inflationary expectations; (viii) ongoing and possible new regulations, investigations, enforcement actions and costs, legal expenses, penalties, fines, assessments, litigation, judgments and settlements, taxes, and disruptions and limitations of operations, including those related to climate change, health and safety, human capital, equal employment opportunities, and other social, environmental, governance, and sustainability considerations, and those that could impact the Company's ability to continue or renew its operating permits or successfully secure new permits in connection with its modernization and expansion and development projects; (ix) estimates of resources and reserves and remaining lives of reserves; (x) the impact of potential pandemics, epidemics, or disease outbreaks, and governmental responses thereto, including decreased demand, lower prices, tightened labor and other markets, and increased costs, and the risk of non-compliance with health and safety protocols and mandates, on the Company's financial condition, results of operations, cash flows, and competitive position; (xi) the impact of social or political unrest; (xii) risks relating to mine safety and reclamation and remediation; and (xiii) other risks and uncertainties set forth in this Report or indicated from time to time in the Company's filings with the Securities and Exchange Commission (the "SEC"), including the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

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Our gross profit increased 11.6% and 0.5% in the second quarter and first six months 2026, respectively, compared to the second quarter and first six months 2025. The increases in gross profit resulted primarily from the increases in revenues discussed above, partially offset by higher fuel and transportation costs. Our net income was $34.5 million ($1.20 per share diluted) in the second quarter 2026, compared to net income of $30.8 million ($1.07 per share diluted) in the second quarter 2025, an increase of $3.7 million, or 11.9%. For the first six months 2026, our net income was $65.1 million ($2.26 per share diluted), compared to $64.9 million ($2.26 per share diluted) for the first six months 2025, an increase of $0.1 million, or 0.2%.

Our revenues increased 8.3% 4.1% and 2.3% 2.9% in the second third quarter and first six nine months 2026, respectively, compared to the second third quarter and first six nine months 2025. Revenues increased in the second third quarter 2026, compared to the second third quarter 2026, 2025, primarily due to a 6.6% 2.5% increase in sales volumes of the average selling prices for our lime and limestone products and a 1.7% 1.6% increase in the average selling prices for sales volumes of our lime and limestone products. Increased sales volumes in the third quarter 2026 were principally due to increased demand from our steel customers, partially offset by decreased demand from our construction customers. Revenues increased in the first six nine months 2026, compared to the first six nine months 2025, primarily due to a 1.7% increase in sales volumes of our lime and limestone products and a 0.7% 1.3% increase in the average selling prices for our lime and limestone products. Increased sales volumes in the second quarter 2026 and first six nine months 2026 were principally due to increased demand from our construction and steel customers, partially offset by decreased demand from our roof shingle customers. Looking ahead, Although we anticipate that data center projects should continue to support strong remain optimistic regarding overall construction demand in the future, certain large construction projects have experienced delays for various reasons, including securing permits, and we are monitoring indications that Texas' residential construction is beginning to slow down.

Our gross profit decreased 2.7% and 0.7% in the third quarter and first nine months 2026, respectively, compared to the third quarter and first nine months 2025. The decreases in gross profit resulted primarily from increased transportation and fuel costs, driven principally by higher diesel costs, and production inefficiencies experienced during the integration of our new Texas kiln into our existing plant operations. Our net income was $38.0 million ($1.32 per share diluted) in the third quarter 2026, compared to net income of $38.8 million ($1.35 per share diluted) in the third quarter 2025, a decrease of $0.7 million, or 1.9%. For the first nine months 2026, our net income was $103.1 million ($3.58 per share diluted), compared to $103.7 million ($3.61 per share diluted) for the first nine months 2025, a decrease of $0.6 million, or 0.6%.

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 that The new kiln will come online this summer. began intermittently producing quicklime in the third quarter and we expect to have final commissioning completed in the fourth quarter, at which point we will begin to depreciate the new kiln and related equipment. when they consistently produce commercially saleable quicklime. Our costs in Texas have been impacted by production inefficiencies as we continue to integrate the new kiln into our existing plant operations.

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2025 compared to the fourth quarter 2024, partially offset by decreases of $2.1 million in inventories and $1.5 million in prepaid expenses and other current assets and an increase of $0.5 million in accounts payable and accrued expenses.

Net cash provided by operating activities was $71.1 $123.3 million in the first six nine months 2026, compared to $73.5 $119.4 million in the first six nine months 2025, a decrease an increase of $2.3 $3.9 million, or 3.2%. 3.3%. 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 six nine months 2026, net cash provided by operating activities was principally composed of $65.1 $103.1 million net income, $13.0 $19.4 million DD&A, $7.5 $13.5 million deferred income taxes, and $3.6 $5.3 million stock- based compensation, partially offset by a $18.2 $18.1 million decrease from changes in operating assets and liabilities. Changes in operating assets and liabilities in the first six nine months 2026 included an increase of $13.1 $18.1 million in trade receivables, net, due primarily to timing of the increased sales in the second third quarter 2026 compared to the fourth quarter 2025, a decrease of $3.1 million in accounts payable and accrued expenses, an increase of $1.4 million in other assets, and an increase of $1.1 $2.2 million in inventories, partially offset by a decrease of $0.6 $0.4 million in prepaid expenses and other current assets and an increase of $1.8 million in accounts payable and accrued expenses. In the first six nine months 2025, net cash provided by operating activities was principally composed of $64.9 $103.7 million net income, $12.3 $18.5 million DD&A, and $4.3 $6.2 million stock- based compensation, partially offset by $2.3 million deferred income taxes and a $6.1 $9.4 million decrease from changes in operating assets and liabilities. Changes in operating assets and liabilities in the first six nine months 2025 included an increase of $10.4 $15.3 million in trade receivables, net, due primarily to increased sales in the second 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.

We had $36.2 $50.2 million in capital expenditures in the first six nine months 2026, compared to $28.1 $42.8 million in the first six nine months 2025. Capital expenditures in the first six nine months 2026 included $20.9 $24.5 million related to the Texas kiln project, compared to $14.1 $20.8 million in the first six nine months 2025. Net cash used in financing activities was $3.7 $5.4 million in both the first six nine months 2026 and 2025, consisting primarily of cash dividends paid in each period.

Cash and cash equivalents increased $31.5 $68.1 million to $402.6 $439.2 million at June September 30, 2026 from $371.1 million at December 31, 2025.

We are not committed to any planned capital expenditures until actual orders are placed for equipment. As of June September 30, 2026, we were committed to $2.5 $2.8 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 June September 30, 2026, we had incurred a total of $57.7 $61.0 million on the Texas kiln project, of which $56.8 $60.4 million had been paid in cash.

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At June September 30, 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.

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Gross profit was $46.7 million in the second quarter 2026, compared to $41.9 million in the second quarter 2025, an increase of $4.8 million, or 11.6%. Gross profit was $88.5 million in the first six months 2026, compared to $88.0 million in the first six months 2025, an increase of $0.4 million, or 0.5%. The increases in gross profit in the second quarter and first six months 2026, compared to the comparable 2025 periods, resulted primarily from the increased revenues discussed above, partially offset by higher fuel and transportation costs.

Income tax expense was $9.5 million and $17.9 million in the second quarter and first six months 2026, respectively, compared to $8.0 million and $16.8 million in the second quarter and first six months 2025, respectively. The increases in income tax expense in the 2026 periods, compared to the comparable 2025 periods, were primarily due to the increases in income before taxes.

Revenues in the second third quarter 2026 were $99.1 $106.2 million, compared to $91.5 $102.0 million in the second third quarter 2025, an increase of $7.6 $4.2 million, or 8.3%. 4.1%, primarily due to an increase in average selling price for lime and limestone products and an increase in sales volumes. Increased sales volumes in the third quarter 2026 were principally due to increased demand from our steel customers, partially offset by decreased demand from our construction customers. For the first six nine months 2026, revenues were $187.0 $293.1 million, compared to $182.8 $284.8 million in the first six nine months 2025, an increase of $4.2 $8.4 million, or 2.3%. The increases in our revenues in the second quarter and first six months 2026, compared to the comparable 2025 periods, resulted 2.9%, primarily from increased due to an increase in sales volumes of our volume for lime and limestone products and an increase in average selling prices. Increased sales volumes in the first nine months 2026, were principally due to increased demand from our construction and steel customers, partially offset by decreased demand from our roof shingle customers.

Gross profit was $50.8 million in the third quarter 2026, compared to $52.2 million in the third quarter 2025, a decrease of $1.4 million, or 2.7%. Gross profit was $139.2 million in the first nine months 2026, compared to $140.2 million in the first nine months 2025, a decrease of $1.0 million, or 0.7%. The decreases in gross profit in the third quarter and first nine months 2026, compared to the comparable 2025 periods, resulted primarily from increased transportation and fuel costs, driven principally by higher diesel costs, and production inefficiencies experienced in Texas during the integration of our new kiln into our existing plant operations.

Selling, general, and administrative ("SG&A") expenses were $6.1 million in the second third quarter 2026, compared to $6.2 $5.9 million in the second third quarter 2025, a decrease an increase of $0.1 million, or 2.0%. 2.3%. SG&A expenses were $12.0 $18.1 million in the first six nine months 2026, compared to $12.5 $18.4 million in the first six nine months 2025, a decrease of $0.4 $0.3 million, or 3.3%. The decreases in SG&A expenses in the 2026 periods, compared to the comparable 2025 periods, were primarily due to decreased personnel expenses, including stock-based compensation. 1.5%.

Other (income) expense, net was $3.4 $3.8 million income in the second third quarter 2026 and $6.6 $10.4 million income in the first six nine months 2026, compared to $3.1 $3.4 million income in the second third quarter 2025 and $6.2 $9.6 million income in the first six nine months 2025. The increases of $0.3 $0.4 million and $0.4 $0.8 million in other (income) expense, net, during the 2026 periods, compared to the comparable 2025 periods, were primarily due to interest earned on higher average balances of our cash and cash equivalents.

Income tax expense was $10.5 million and $28.4 million in the third quarter and first nine months 2026, respectively, compared to $10.9 million and $27.7 million in the third quarter and first nine months 2025, respectively.

Our net income was $34.5 $38.0 million ($1.20 ($1.32 per share diluted) in the second third quarter 2026, compared to net income of $30.8 $38.8 million ($1.07 ($1.35 per share diluted) in the second third quarter 2025, an increase a decrease of $3.7 $0.7 million, or 11.9%. 1.9%. For the first six nine months 2026, our net income was $65.1 $103.1 million ($2.26 ($3.58 per share diluted), compared to $64.9 $103.7 million ($2.26 ($3.61 per share diluted) for the first six nine months 2025, an increase a decrease of $0.1 $0.6 million, or 0.2%. 0.6%.

Unregistered sales of stock 1 change

Our 2001 Long-Term Incentive Plan, as Amended and Restated, allows employees and directors to pay the exercise price for stock options and the tax withholding liability upon the lapse of restrictions on restricted stock by payment in cash and/or delivery of shares of common stock. There were no repurchases in the second third quarter 2026 pursuant to these provisions or otherwise.

Mine safety disclosures 1 change

Under Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of SEC Regulation S- K, each operator of a coal or other mine is required to include disclosures regarding certain mine safety results in its periodic reports filed with the SEC. The operation of our quarries, underground mines and plants is subject to regulation by the federal Mine Safety and Health Administration ("MSHA") under the Federal Mine Safety and Health Act of 1977. The required information regarding certain mining safety and health matters, broken down by mining complex, for the quarter ended June September 30, 2026, is presented in Exhibit 95.1 to this Report.

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