# UNITED STATES LIME & MINERALS INC (USLM)

Informational only - not investment advice.

CIK: 0000082020
SIC: 1400 Mining & Quarrying of  Nonmetallic Minerals (No Fuels)
SIC breadcrumb: [Mining](/division/B/) > [SIC Major Group 14](/major-group/14/) > [SIC 1400 Mining & Quarrying of  Nonmetallic Minerals (No Fuels)](/industry/1400/)
Latest 10-K filed: 2026-02-26
SEC page: https://www.sec.gov/edgar/browse/?CIK=82020
Filing source: https://www.sec.gov/Archives/edgar/data/82020/000110465926020480/uslm-20251231x10k.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0001104659-26-020480 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000082020.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 372,727,000 USD | 2025 | verified |
| Net income | 134,275,000 USD | 2025 | verified |
| Assets | 681,044,000 USD | 2025 | verified |
| Free cash flow | 102,272,000 USD | 2025 | computed |
| Net margin | 36.03% | 2025 | computed |
| Operating margin | 42.35% | 2025 | computed |
| Revenue YoY | +17.31% | 2025 | computed |
| ROE | 21.29% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | USLM | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 36.0% | 13.6% | 100 | 9 |
| Operating margin | 42.4% | 15.5% | 100 | 9 |
| Revenue growth | 17.3% | 10.0% | 78 | 10 |
| FCF margin | 27.4% | 9.4% | 100 | 10 |
| ROE | 21.3% | 9.9% | 100 | 10 |
| ROA | 19.7% | 3.7% | 100 | 10 |
| Liabilities / equity | 0.08 | 0.91 | 0 | 10 |
| Current ratio | 19.27 | 2.70 | 100 | 10 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 1400 Mining & Quarrying of  Nonmetallic Minerals (No Fuels), not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 372727000 | USD | 2025 | 2026-02-26 |
| Net income | 134275000 | USD | 2025 | 2026-02-26 |
| Assets | 681044000 | USD | 2025 | 2026-02-26 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000082020.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 139,282,000 | 144,844,000 | 144,435,000 | 158,277,000 | 160,704,000 | 189,255,000 | 236,150,000 | 281,330,000 | 317,721,000 | 372,727,000 |
| Net income | 17,754,000 | 27,148,000 | 19,685,000 | 26,056,000 | 28,223,000 | 37,045,000 | 45,429,000 | 74,549,000 | 108,839,000 | 134,275,000 |
| Operating income | 23,480,000 | 24,227,000 | 20,002,000 | 29,246,000 | 33,869,000 | 46,417,000 | 54,783,000 | 85,422,000 | 124,923,000 | 157,859,000 |
| Gross profit | 33,092,000 | 34,380,000 | 30,486,000 | 41,676,000 | 47,587,000 | 59,260,000 | 70,342,000 | 102,867,000 | 143,981,000 | 182,398,000 |
| Diluted EPS | 3.19 | 4.86 | 3.51 | 4.64 | 5.00 | 6.54 | 1.60 | 2.61 | 3.79 | 4.67 |
| Operating cash flow | 37,847,000 | 34,282,000 | 38,735,000 | 47,011,000 | 58,575,000 | 55,689,000 | 64,363,000 | 92,259,000 | 126,020,000 | 164,970,000 |
| Capital expenditures | 17,664,000 | 21,337,000 | 53,762,000 | 27,100,000 | 17,133,000 | 29,914,000 | 26,815,000 | 34,250,000 | 27,414,000 | 62,698,000 |
| Dividends paid | 2,782,000 | 3,013,000 | 3,022,000 | 33,058,000 | 3,603,000 | 3,620,000 | 4,536,000 | 4,554,000 | 5,716,000 | 6,872,000 |
| Share buybacks | 2,928,000 | 309,000 | 411,000 | 444,000 | 557,000 | 731,000 | 767,000 | 1,274,000 | 3,509,000 | 2,681,000 |
| Assets | 210,159,000 | 228,446,000 | 244,671,000 | 247,037,000 | 279,098,000 | 316,196,000 | 367,772,000 | 440,602,000 | 543,163,000 | 681,044,000 |
| Liabilities | 30,520,000 | 23,194,000 | 21,704,000 | 29,905,000 | 35,906,000 | 37,990,000 | 46,684,000 | 47,498,000 | 45,422,000 | 50,284,000 |
| Stockholders' equity | 179,639,000 | 205,252,000 | 222,967,000 | 217,132,000 | 243,192,000 | 278,206,000 | 321,088,000 | 393,104,000 | 497,741,000 | 630,760,000 |
| Cash and cash equivalents | 74,712,000 | 85,000,000 | 67,218,000 | 54,260,000 | 83,562,000 | 105,355,000 | 133,384,000 | 187,964,000 | 278,031,000 | 371,124,000 |
| Free cash flow | 20,183,000 | 12,945,000 | -15,027,000 | 19,911,000 | 41,442,000 | 25,775,000 | 37,548,000 | 58,009,000 | 98,606,000 | 102,272,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 12.75% | 18.74% | 13.63% | 16.46% | 17.56% | 19.57% | 19.24% | 26.50% | 34.26% | 36.03% |
| Operating margin | 16.86% | 16.73% | 13.85% | 18.48% | 21.08% | 24.53% | 23.20% | 30.36% | 39.32% | 42.35% |
| Return on equity | 9.88% | 13.23% | 8.83% | 12.00% | 11.61% | 13.32% | 14.15% | 18.96% | 21.87% | 21.29% |
| Return on assets | 8.45% | 11.88% | 8.05% | 10.55% | 10.11% | 11.72% | 12.35% | 16.92% | 20.04% | 19.72% |
| Liabilities / equity | 0.17 | 0.11 | 0.10 | 0.14 | 0.15 | 0.14 | 0.15 | 0.12 | 0.09 | 0.08 |
| Current ratio | 11.53 | 12.61 | 12.73 | 9.80 | 10.70 | 13.45 | 12.23 | 14.58 | 20.92 | 19.27 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000082020.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 2.77 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 3.00 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 3.45 | reported discrete quarter |
| 2023-Q3 | 2023-06-30 |  | 19,712,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 74,878,000 |  | 3.63 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 65,692,000 | 17,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 71,687,000 | 22,439,000 | 3.92 | reported discrete quarter |
| 2024-Q2 | 2024-03-31 |  | 22,439,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 76,545,000 |  | 0.91 | reported discrete quarter |
| 2024-Q3 | 2024-06-30 |  | 26,057,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 89,427,000 |  | 1.16 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 80,062,000 | 26,990,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 91,253,000 | 34,113,000 | 1.19 | reported discrete quarter |
| 2025-Q2 | 2025-03-31 |  | 34,113,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 91,518,000 |  | 1.07 | reported discrete quarter |
| 2025-Q3 | 2025-06-30 |  | 30,831,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 102,016,000 |  | 1.35 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 87,940,000 | 30,549,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 87,833,000 | 30,582,000 | 1.06 | reported discrete quarter |
| 2026-Q2 | 2026-03-31 |  | 30,582,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 99,126,000 |  | 1.20 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from USLM's latest 10-K: [/company/USLM/business/](/company/USLM/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from USLM's latest 10-K: [/company/USLM/risk-factors/](/company/USLM/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/82020/000110465926088668/uslm-20260630x10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-30
Report date: 2026-06-30

ITEM 2:     MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

​

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 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, 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 growth, including data center construction, 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.

11

​

Overview.

​

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.

Our revenues increased 8.3% and 2.3% in the second quarter and first six months 2026, respectively, compared to the second quarter and first six months 2025. Revenues increased in the second quarter 2026, compared to the second quarter 2026, primarily due to a 6.6% increase in sales volumes of our lime and limestone products, and a 1.7% increase in the average selling prices for our lime and limestone products. Revenues increased in the first six months 2026, compared to the first six months 2025, primarily due to a 1.7% increase in sales volumes of our lime and limestone products, and a 0.7% increase in the average selling prices for our lime and limestone products. Increased sales volumes in the second quarter 2026 and first six 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, we anticipate that data center projects should continue to support strong construction demand.

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%.

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. We will begin to depreciate the new kiln and related equipment when they consistently produce commercially saleable quicklime.

Liquidity and Capital Resources.

​

Net cash provided by operating activities was $71.1 million in the first six months 2026, compared to $73.5 million in the first six months 2025, a decrease of $2.3 million, or 3.2%. 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 months 2026, net cash provided by operating activities was principally composed of $65.1 million net income, $13.0 million DD&A, $7.5 million deferred income taxes, and $3.6 million stock-based compensation, partially offset by a $18.2 million decrease from changes in operating assets and liabilities. Changes in operating assets and liabilities in the first six months 2026 included an increase of $13.1 million in trade receivables, net, due primarily to timing of the sales in the second 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 million in inventories, partially offset by a decrease of $0.6 million in prepaid expenses and other current assets. In the first six months 2025, net cash provided by operating activities was principally composed of $64.9 million net income, $12.3 million DD&A, and $4.3 million stock-based compensation, partially offset by $2.3 million deferred income taxes and a $6.1 million decrease from changes in operating assets and liabilities. Changes in operating assets and liabilities in the first six months 2025 included an increase of $10.4 million in trade receivables, net, due primarily to increased sales in the second quarter

12

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.

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

Cash and cash equivalents increased $31.5 million to $402.6 million at June 30, 2026 from $371.1 million a

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/82020/000110465926020480/uslm-20251231x10k.htm
Complete FY 2025 MD&A: /company/USLM/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-26
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

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, including new entrants into our markets, 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 current areas of active growth, including data center construction, 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, trade wars, tariffs, international incidents, including conflicts in Ukraine, the Middle East, and Latin America, oil cartel production and supply actions, sanctions, 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 energy, 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 SEC, including the Company’s Quarterly Reports on Form 10-Q.

25

Table of Contents

OVERVIEW.

Set forth below is certain selected financial data for the five years ended December 31, 2025:

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Years Ended December 31,"],["\u200b","\u200b \u200b \u200b","2025","\u200b \u200b \u200b","2024","\u200b \u200b \u200b","2023","\u200b \u200b \u200b","2022","\u200b \u200b \u200b","2021"],["\u200b","\u200b","(dollars in thousands, except per share amounts)"],["Operating results","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Total revenues","\u200b","$","372,727","","317,721","","281,330","","236,150","","189,255","\u200b"],["Gross profit","\u200b","$","182,398","","143,981","","102,867","","70,342","","59,260","\u200b"],["Operating profit","\u200b","$","157,859","\u200b","124,923","\u200b","85,422","\u200b","54,783","\u200b","46,417","\u200b"],["Other (income) expense, net","\u200b","$","(13,158)","","(11,460)","","(7,940)","","(1,779)","","(101)","\u200b"],["Income tax expense","\u200b","$","36,742","\u200b","27,544","\u200b","18,813","\u200b","11,133","\u200b","9,473","\u200b"],["Net income","\u200b","$","134,275","","108,839","","74,549","","45,429","","37,045","\u200b"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Net income per share of common stock:","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Basic","\u200b","$","4.69","","3.81","","2.62","","1.60","","1.31","\u200b"],["Diluted","\u200b","$","4.67","\u200b","3.79","\u200b","2.61","\u200b","1.60","\u200b","1.31","\u200b"],["Dividends per share of common stock","\u200b","$","0.24","","0.20","","0.16","","0.16","","0.13","\u200b"]]
[[/GREPCENT_TABLE]]

​

​

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","As of December 31,"],["\u200b","\u200b \u200b \u200b","2025","\u200b \u200b \u200b","2024","\u200b \u200b \u200b","2023","\u200b \u200b \u200b","2022","\u200b \u200b \u200b","2021"],["Total assets","\u200b","$","681,044","","543,163","","440,602","\u200b","367,772","","279,098","\u200b"],["Stockholders\u2019 equity per outstanding common share","\u200b","$","22.00","","17.39","","13.78","\u200b","11.30","","9.82","\u200b"],["Employees","\u200b","","346","","345","","333","\u200b","338","","308","\u200b"]]
[[/GREPCENT_TABLE]]

​

General.

We have identified one reportable business segment, lime and limestone operations, based on the distinctness of our activities and products. All operations are in the United States.

Our revenues increased 17.3% in 2025 compared to 2024, due to an increase in sales volume of our lime and limestone products of 11.7% and a 5.6% increase in average selling prices. The increase in sales volume was primarily due to increased demand from our construction, environmental, and steel customers, partially offset by decreased demand from our oil and gas services customers. Our gross profit increased 26.7% in 2025, compared to 2024, primarily due to the increased revenues discussed above.

Our other (income) expense, net was $13.2 million income in 2025, compared to $11.5 million income in 2024, an increase of $1.7 million. The increase in other (income) expense, net in 2025, compared to 2024, was due to interest earned on higher average balances of our cash and cash equivalents.

Our net income increased $25.4 million, or 23.4%, in 2025, compared to 2024. Net income per fully diluted share increased to $4.67 in 2025, compared to $3.79 in 2024, an increase of 23.2%.

Cash flows from operations enabled us to make $62.7 million of capital investments in 2025. It also enabled us to pay $6.9 million in dividends in 2025 and increase our cash and cash equivalents balances to $371.1 million as of December 31, 2025, compared to $278.0 million as of December 31, 2024. As of December 31, 2025 and 2024, we had no debt outstanding.

Our new vertical kiln and related equipment and infrastructure at our Texas Lime plant is expected to start up in the summer of 2026. We expect the total costs of the Texas kiln project to be approximately $65 million when completed. As of December 31, 2025, we have paid an aggregate of $37.3 million on the project, and we anticipate most of the remaining costs will be paid in 2026. We will begin to depreciate the new kiln and related equipment when they consistently produce commercially saleable quicklime.

26

Table of Contents

In January 2026, much of North America experienced an expansive major winter storm which interrupted commerce in the areas we serve. Our plants did not sustain any damage from the storm, but product shipments were interrupted for a period of time. The impact, if any, on our first quarter 2026 financial performance, has not been determined. In addition to shipment delays to our customers from weather-related interruptions, we anticipate the weakness in demand we saw from our roof shingle customers in the fourth quarter 2025 will continue in early 2026.

On February 2, 2026, we announced that our Board of Directors had declared a regular quarterly cash dividend of $0.06 per share. The dividend is payable on March 13, 2026, to stockholders of record on February 20, 2026.

Absent a significant acquisition opportunity arising during 2026, we anticipate funding our operating and capital needs and our regular cash dividends from our cash balances on hand and cash flows from operations.

Our Operations.

We produce and sell crushed limestone, PLS, aggregate, quicklime, hydrated lime and lime slurry. The principal factors affecting our success are the level of demand and prices for our products and whether we are able to maintain sufficient production levels and product quality while controlling costs.

Adverse weather conditions, such as ice storms, freezing weather, hurricanes, tornadoes, excessive rains, and flooding, generally reduce the demand for lime and limestone

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/USLM/mda/fy2025/
All MD&A years: /company/USLM/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/USLM/mda/fy2024/): filed 2025-02-27; accession 0001558370-25-001798 (https://www.sec.gov/Archives/edgar/data/82020/000155837025001798/uslm-20241231x10k.htm)
- [FY 2023 MD&A](/company/USLM/mda/fy2023/): filed 2024-02-29; accession 0001558370-24-002201 (https://www.sec.gov/Archives/edgar/data/82020/000155837024002201/uslm-20231231x10k.htm)
- [FY 2022 MD&A](/company/USLM/mda/fy2022/): filed 2023-02-23; accession 0001558370-23-001894 (https://www.sec.gov/Archives/edgar/data/82020/000155837023001894/uslm-20221231x10k.htm)
- [FY 2021 MD&A](/company/USLM/mda/fy2021/): filed 2022-03-10; accession 0001558370-22-003310 (https://www.sec.gov/Archives/edgar/data/82020/000155837022003310/uslm-20211231x10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 1400 Mining & Quarrying of  Nonmetallic Minerals (No Fuels)) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/USLM.md · JSON record: /company/USLM.json · verified financials: /company/USLM/financials.json / /company/USLM/financials.csv · machine TOC for the whole site: /llms.txt