United States Lime & Minerals, Inc. (USLM) Income Statement

30Y historyFree accessUpdated daily

Revenue grew 17.3% YoY in 2026Q2 with gross margin expanding to 47.1%, reflecting strong pricing power and operating leverage.

Annual statement

USLM Income Statement

United States Lime & Minerals, Inc. (USLM) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08	Dec'07	Dec'06	Dec'05	Dec'04	Dec'03	Dec'02	Dec'01	Dec'00	Dec'99	Dec'98	Dec'97	Dec'96

Sales/Revenue	381.09M	372.73M	317.72M	281.33M	236.15M	189.25M	160.7M	158.28M	144.44M	144.84M	139.28M	130.84M	149.84M	133.76M	138.53M	142.58M	132.59M	117.33M	142.36M	125.24M	118.69M	81.08M	55.68M	45.26M	39.16M	39.75M	32.46M	31.54M	28.8M	32.4M	40.2M
Revenue Growth %	4.45%	17.31%	12.94%	19.13%	24.78%	17.77%	1.53%	9.58%	-0.28%	3.99%	6.45%	-12.68%	12.02%	-3.44%	-2.85%	7.53%	13.01%	-17.58%	13.67%	5.52%	46.38%	45.63%	23.03%	15.56%	-1.49%	22.48%	2.91%	9.5%	-11.11%	-19.4%	-2.9%
Cost of Goods Sold	199.75M	190.67M	173.74M	178.46M	165.81M	130M	113.12M	116.6M	113.95M	110.46M	106.19M	102.12M	113.05M	102.97M	105.09M	101.23M	96.55M	88.58M	111.07M	99.22M	90.65M	53.84M	31.24M	26.09M	23.48M	23.37M	20.96M	17.98M	18.8M	23.6M	28.4M
COGS % of Revenue	-	51.16%	54.68%	63.44%	70.21%	68.69%	70.39%	73.67%	78.89%	76.26%	76.24%	78.05%	75.45%	76.97%	75.86%	71%	72.82%	75.49%	78.02%	79.23%	76.38%	66.4%	56.1%	57.65%	59.97%	58.79%	64.58%	57%	65.28%	72.84%	70.65%
Gross Profit	181.33M	182.06M	143.98M	102.87M	70.34M	59.26M	47.59M	41.68M	30.49M	34.38M	33.09M	28.71M	36.79M	30.8M	33.44M	41.35M	36.04M	28.75M	31.28M	26.02M	28.04M	27.25M	24.44M	19.16M	15.68M	16.38M	11.5M	13.56M	10M	8.8M	11.8M
Gross Margin %	47.58%	48.84%	45.32%	36.56%	29.79%	31.31%	29.61%	26.33%	21.11%	23.74%	23.76%	21.95%	24.55%	23.03%	24.14%	29%	27.18%	24.51%	21.98%	20.77%	23.62%	33.6%	43.9%	42.35%	40.03%	41.21%	35.42%	43%	34.72%	27.16%	29.35%
Gross Profit Growth %	-	26.44%	39.97%	46.24%	18.7%	24.53%	14.18%	36.71%	-11.33%	3.89%	15.25%	-21.95%	19.45%	-7.89%	-19.13%	14.73%	25.35%	-8.09%	20.25%	-7.21%	2.9%	11.47%	27.54%	22.24%	-4.3%	42.49%	-15.21%	35.6%	13.64%	-25.42%	-17.48%
Operating Expenses	24.18M	24.2M	19.06M	17.45M	15.56M	12.84M	13.72M	12.43M	10.48M	10.15M	9.61M	9.63M	9.47M	9.15M	9.19M	8.85M	8.38M	7.8M	7.97M	7.64M	7.01M	13.4M	12.46M	10.59M	10.14M	4.08M	9.26M	8.23M	6.4M	8.1M	8.3M
OpEx % of Revenue	-	6.49%	6%	6.2%	6.59%	6.79%	8.54%	7.85%	7.26%	7.01%	6.9%	7.36%	6.32%	6.84%	6.64%	6.2%	6.32%	6.65%	5.6%	6.1%	5.91%	16.53%	22.38%	23.4%	25.89%	10.25%	28.52%	26.09%	22.22%	25%	20.65%
Selling, General & Admin	24.18M	24.2M	19.06M	17.45M	15.56M	12.84M	12.17M	11.5M	10.48M	10.15M	9.61M	9.63M	9.47M	9.15M	9.19M	8.66M	8.07M	7.41M	7.97M	6.85M	7.01M	5.52M	5.04M	4.49M	3.97M	4.08M	3.94M	3.48M	3.5M	4.5M	4.4M
SG&A % of Revenue	-	6.49%	6%	6.2%	6.59%	6.79%	7.57%	7.27%	7.26%	7.01%	6.9%	7.36%	6.32%	6.84%	6.64%	6.08%	6.09%	6.31%	5.6%	5.47%	5.91%	6.81%	9.05%	9.92%	10.13%	10.25%	12.13%	11.04%	12.15%	13.89%	10.95%
Research & Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	1.55M	930K	0	0	0	0	0	34K	19K	184K	304K	393K	0	791K	0	7.88M	7.42M	6.1M	6.17M	0	5.32M	4.75M	2.9M	3.6M	3.9M
Operating Income	157.15M	157.86M	124.92M	85.42M	54.78M	46.42M	33.87M	29.25M	20M	24.23M	23.48M	19.09M	27.32M	21.65M	24.25M	32.5M	27.66M	20.95M	23.32M	18.37M	21.02M	13.84M	11.98M	8.57M	5.54M	6.39M	2.24M	5.33M	3.6M	700K	3.5M
Operating Margin %	41.24%	42.35%	39.32%	30.36%	23.2%	24.53%	21.08%	18.48%	13.85%	16.73%	16.86%	14.59%	18.23%	16.19%	17.5%	22.8%	20.86%	17.86%	16.38%	14.67%	17.71%	17.07%	21.52%	18.95%	14.14%	16.07%	6.9%	16.91%	12.5%	2.16%	8.71%
Operating Income Growth %	-	26.36%	46.24%	55.93%	18.02%	37.05%	15.81%	46.22%	-17.44%	3.18%	23.02%	-30.14%	26.19%	-10.7%	-25.41%	17.49%	32.02%	-10.13%	26.92%	-12.61%	51.86%	15.56%	39.72%	54.79%	-13.32%	185.14%	-57.98%	48.14%	414.29%	-80%	-37.5%
EBITDA	183.31M	183.08M	149.09M	109.25M	76.98M	67.31M	53.57M	46.95M	37.6M	40.78M	39.62M	35.12M	42.23M	36.15M	39.29M	46.28M	41.28M	34.43M	36.79M	31.27M	31.19M	22.29M	20.78M	15.28M	12.2M	12.73M	7.56M	10.08M	6.5M	4.3M	7.4M
EBITDA Margin %	48.1%	49.12%	46.93%	38.83%	32.6%	35.57%	33.33%	29.66%	26.04%	28.15%	28.45%	26.84%	28.18%	27.02%	28.36%	32.46%	31.13%	29.34%	25.85%	24.97%	26.28%	27.49%	37.32%	33.77%	31.14%	32.02%	23.3%	31.96%	22.57%	13.27%	18.41%
EBITDA Growth %	3.29%	22.8%	36.47%	41.91%	14.36%	25.66%	14.1%	24.85%	-7.78%	2.92%	12.82%	-16.83%	16.81%	-7.99%	-15.11%	12.13%	19.88%	-6.42%	17.64%	0.27%	39.93%	7.28%	35.97%	25.3%	-4.19%	68.36%	-24.98%	55.05%	51.16%	-41.89%	-18.68%
D&A (Non-Cash Add-back)	26.15M	25.22M	24.17M	23.83M	22.2M	20.9M	19.7M	17.7M	17.6M	16.55M	16.14M	16.03M	14.9M	14.5M	15.04M	13.78M	13.61M	13.47M	13.47M	12.9M	10.17M	8.45M	8.8M	6.71M	6.66M	6.34M	5.32M	4.75M	2.9M	3.6M	3.9M
EBIT	163.94M	171.02M	136.38M	93.36M	56.82M	46.77M	34.32M	31.14M	21.81M	25.18M	23.48M	19.09M	27.45M	21.68M	24.26M	32.64M	27.77M	21.03M	22.9M	18.63M	21.02M	13.95M	13.34M	8.57M	5.54M	6.39M	2.57M	5.33M	3.6M	704K	3.5M
Net Interest Income	0	0	0	0	1.78M	101K	203K	1.65M	1.57M	716K	138K	-1.6M	-1.53M	-1.85M	-2.16M	-2.5M	-2.71M	-2.89M	-3.49M	-4.29M	0	0	0	0	0	0	0	0	0	0	0
Interest Income	0	0	0	0	2.03M	351K	451K	1.9M	1.81M	957K	384K	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	0	0	0	0	254K	250K	248K	244K	243K	241K	246K	1.04M	1.53M	1.85M	2.16M	2.5M	2.71M	2.89M	3.49M	4.29M	3.11M	0	0	4.58M	0	0	0	0	0	0	0
Other Income/Expense	13.96M	13.16M	11.46M	7.94M	1.78M	101K	203K	1.65M	1.57M	716K	138K	-1.6M	-1.4M	-1.82M	-2.14M	-2.36M	-2.61M	-2.81M	-3.91M	-4.03M	-2.88M	-4.07M	-4.27M	-3.77M	-4.87M	-4.2M	-3.06M	-1.96M	200K	300K	-300K
Pretax Income	171.11M	171.02M	136.38M	93.36M	56.56M	46.52M	34.07M	30.9M	21.57M	24.94M	23.62M	17.48M	25.92M	19.83M	22.1M	30.14M	25.06M	18.14M	19.41M	14.34M	18.14M	9.77M	7.71M	4.8M	671K	2.19M	-376K	3.38M	3.8M	1M	3.2M
Pretax Margin %	44.9%	45.88%	42.93%	33.19%	23.95%	24.58%	21.2%	19.52%	14.93%	17.22%	16.96%	13.36%	17.3%	14.83%	15.95%	21.14%	18.9%	15.46%	13.64%	11.45%	15.28%	12.05%	13.85%	10.62%	1.71%	5.51%	-1.16%	10.71%	13.19%	3.09%	7.96%
Income Tax	37.43M	36.74M	27.54M	18.81M	11.13M	9.47M	5.85M	4.84M	1.88M	-2.21M	5.86M	4.59M	6.55M	5.03M	5.68M	7.96M	7.02M	4.47M	4.98M	3.89M	4.89M	1.82M	1.38M	944K	35K	416K	-85K	844K	900K	-2.1M	600K
Effective Tax Rate %	21.87%	21.48%	20.2%	20.15%	19.68%	20.36%	17.17%	15.68%	8.73%	-8.84%	24.83%	26.29%	25.29%	25.38%	25.69%	26.4%	28.01%	24.66%	25.65%	27.15%	26.95%	18.67%	17.94%	19.65%	5.22%	19%	22.61%	24.99%	23.68%	-210%	18.75%
Net Income	133.68M	134.28M	108.84M	74.55M	45.43M	37.05M	28.22M	26.06M	19.68M	27.15M	17.75M	12.89M	19.37M	14.8M	16.42M	22.19M	18.04M	13.67M	14.43M	10.45M	12.7M	7.95M	6.33M	3.86M	636K	1.77M	-291K	2.53M	2.9M	3.1M	2.6M
Net Margin %	35.08%	36.02%	34.26%	26.5%	19.24%	19.57%	17.56%	16.46%	13.63%	18.74%	12.75%	9.85%	12.93%	11.06%	11.86%	15.56%	13.61%	11.65%	10.14%	8.34%	10.7%	9.8%	11.37%	8.53%	1.62%	4.46%	-0.9%	8.03%	10.07%	9.57%	6.47%
Net Income Growth %	2.27%	23.37%	46%	64.1%	22.63%	31.26%	8.32%	32.36%	-27.49%	52.91%	37.78%	-33.46%	30.86%	-9.88%	-25.98%	22.98%	31.97%	-5.29%	38.17%	-17.75%	59.8%	25.58%	63.96%	506.92%	-64.13%	709.28%	-111.49%	-12.66%	-6.45%	19.23%	-39.53%
Net Income (Continuing)	133.68M	134.28M	108.84M	74.55M	45.43M	37.05M	28.22M	26.06M	19.68M	27.15M	17.75M	12.89M	19.37M	14.8M	16.42M	22.19M	18.04M	13.67M	14.43M	10.45M	13.25M	7.95M	6.33M	3.86M	636K	1.77M	-635K	2.53M	2.9M	3.1M	2.6M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	4.65	4.67	3.79	2.61	1.60	1.31	1.00	0.93	0.70	0.97	0.64	0.46	0.69	0.53	2.87	3.49	2.81	2.14	2.27	1.65	2.02	1.31	1.07	0.67	0.11	0.32	-0.01	0.64	0.74	0.78	0.67
EPS Growth %	1.98%	23.22%	45.21%	63.13%	22.14%	31%	7.53%	32.86%	-27.84%	51.56%	39.13%	-33.33%	30.19%	-81.53%	-17.77%	24.2%	31.31%	-5.73%	37.58%	-18.32%	54.2%	22.43%	59.7%	509.09%	-65.63%	2276.87%	-102.3%	-13.51%	-5.13%	16.42%	-39.64%
EPS (Basic)	-	4.69	3.81	2.61	1.60	1.31	1.00	0.93	0.70	0.97	0.64	0.46	0.69	0.53	2.88	3.50	2.82	2.14	2.29	1.67	2.06	1.34	1.08	0.67	0.11	0.32	-0.01	0.64	0.74	0.79	0.67
Diluted Shares Outstanding	28.78M	28.73M	28.69M	28.53M	28.4M	28.34M	28.2M	28.11M	28.01M	27.94M	27.86M	28.02M	27.95M	27.86M	28.58M	31.81M	32.09M	31.99M	31.79M	31.66M	31.44M	30.34M	29.57M	28.94M	28.91M	27.7M	19.84M	19.79M	19.59M	19.87M	19.53M
Basic Shares Outstanding	28.69M	28.63M	28.59M	28.53M	28.39M	28.32M	28.2M	28.08M	28.01M	27.93M	27.84M	28.01M	27.91M	27.82M	28.61M	31.72M	32M	31.89M	31.53M	31.3M	30.83M	29.66M	29.3M	28.81M	28.91M	27.7M	19.84M	19.79M	19.59M	19.62M	19.4M
Dividend Payout Ratio	-	5.12%	5.25%	6.11%	9.98%	9.77%	12.77%	11.63%	15.35%	11.1%	15.67%	21.71%	14.41%	-	-	-	-	-	-	-	-	-	-	7.54%	91.67%	32.66%	-	15.79%	13.79%	12.9%	15.38%

Key Metrics

Growth RegimeAccelerating

ProfitabilityStrong

Balance SheetFortress

Cash FlowRobust

Top Statement Risk

Barnett Shale royalty decline

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Pricing Power Drives Double-Digit Growth

USLM's revenue grew 17.3% year-over-year in 2026Q2, according to recent financial statements, with sequential acceleration from 8.3% in the prior quarter, suggesting sustained pricing power in its Texas-centric lime markets.

The 17.3% YoY growth in 2026Q2, up from 8.3% in 2026Q1, indicates that the company is not only passing through inflationary costs but also capturing incremental demand from infrastructure and environmental end-markets. The sequential acceleration, despite a seasonal dip in Q1, points to robust volume and pricing dynamics. Given the geographic concentration in Texas, this growth likely reflects strong TxDOT spending and industrial demand, though investors should monitor the durability of this trend as construction cycles mature.

Exceptional Margins Reflect Niche Dominance

Gross margin expanded to 47.1% in 2026Q2, as reported in SEC filings, far exceeding peers like Martin Marietta (30.0%) and Vulcan (27.3%), underscoring USLM's pricing power and high-value product mix.

The 47.1% gross margin, while slightly below the 51.1% peak in 2025Q3, remains structurally superior to the broader materials sector. This is likely driven by the high-purity chemical-grade lime and the passive royalty income that carries near-100% margins. The stability of gross margins around 45-51% over the past ten quarters suggests that USLM has successfully managed energy cost volatility, though a sustained spike in natural gas prices could compress margins in the lime segment.

Operating Leverage Amplifies Volume Gains

Operating income grew 14.0% YoY in 2026Q2, according to the income statement, outpacing revenue growth of 8.3% sequentially, indicating that fixed-cost absorption is driving incremental profitability.

The operating margin of 41.0% in 2026Q2 is among the highest in the materials industry, reflecting the high fixed-cost nature of kiln operations and the minimal incremental costs associated with the royalty stream. SG&A expenses have remained remarkably stable at around $6 million per quarter, despite revenue fluctuations, which suggests disciplined overhead control. This operating leverage implies that any sustained volume growth would disproportionately benefit the bottom line, but it also means that a demand downturn could compress margins more sharply.

Clean Earnings with Minimal Dilution

Net income of $34.5M in 2026Q2, as per the latest financials, translated to EPS of $1.20, with stock-based compensation of only $1.8M, indicating high-quality earnings with limited dilution.

The net margin of 34.8% is exceptionally high, but investors should note that a portion of this stems from the royalty segment, which carries minimal operating expenses. The SBC expense of $1.8M is modest relative to net income, suggesting that reported EPS is not significantly inflated by non-cash charges. However, the company's effective tax rate appears low, which may warrant scrutiny; if tax benefits normalize, net margins could face pressure. The lack of debt and substantial cash balance further enhance the quality of reported earnings.

Energy Costs and SG&A Discipline

COGS rose to $52.4M in 2026Q2, as disclosed in the income statement, reflecting higher energy and input costs, while SG&A remained flat at $6.1M, demonstrating tight expense control.

The sequential increase in COGS from $46.1M in 2026Q1 to $52.4M in 2026Q2 aligns with higher production volumes and potentially higher natural gas prices. Despite this, gross margin only contracted slightly, indicating that pricing has kept pace with cost inflation. SG&A has been remarkably stable, hovering around $6M per quarter, which suggests that management is not scaling overhead with revenue growth. This cost discipline is a key driver of the company's high operating margins, but investors should watch for any step-up in SG&A if the company pursues growth initiatives.

Royalty Dependence and Cash Drag

The Barnett Shale royalty stream, which likely contributes high-margin income, may be declining as natural gas production matures, according to industry trends, potentially eroding a key profitability pillar.

While the reported financials do not separately disclose royalty income, the company's high net margins suggest a significant contribution from this passive stream. If natural gas production in the Barnett Shale continues to decline, the margin-accretive royalty income could diminish, forcing the lime business to carry more of the earnings weight. Additionally, the $371M cash balance, nearly equal to annual revenue, is earning minimal returns and could be a drag on ROE. Short-sellers might argue that the market is overvaluing a business with limited growth avenues and a potential royalty decline, despite its fortress balance sheet.

USLM — Frequently Asked Questions

Quick answers to the most common questions about buying USLM stock.

What was United States Lime & Minerals, Inc.'s (USLM) revenue in 2025?

For fiscal year 2025, United States Lime & Minerals, Inc. (USLM) reported total revenue of $372.7M. This represents a 827.2% increase compared to $40.2M in 1996.

Is United States Lime & Minerals, Inc. (USLM) profitable?

United States Lime & Minerals, Inc. (USLM) is profitable, generating $134.3M in net income for the fiscal year ending 2025 with a net profit margin of 36.0%.

What is United States Lime & Minerals, Inc.'s operating profit margin?

United States Lime & Minerals, Inc. (USLM) reported an operating income of $157.9M, resulting in an operating profit margin of 42.4%. This margin reflects the operational efficiency of the business before interest and taxes.

What is United States Lime & Minerals, Inc.'s gross profit and gross margin?

United States Lime & Minerals, Inc. (USLM) generated $182.1M in gross profit for the year, representing a gross profit margin of 48.8%. This demonstrates the company's core pricing power and production efficiency.