Revenue growth has shifted from a 27.3% peak in 2025Q1 to a 3.7% contraction in 2026Q1, even as the company maintains structural resilience with gross margins consistently above 44%.
| 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 | 369.31M | 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 % | 9.49% | 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 | 191.57M | 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 | 177.74M | 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 % | 48.13% | 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 | 23.99M | 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 | 23.99M | 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 | 153.75M | 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 % | 41.63% | 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 | 172.83M | 183.08M | 149.09M | 109.25M | 76.98M | 67.31M | 53.48M | 46.86M | 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 % | 46.8% | 49.12% | 46.93% | 38.83% | 32.6% | 35.57% | 33.28% | 29.61% | 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 % | 5.83% | 22.8% | 36.47% | 41.91% | 14.36% | 25.87% | 14.12% | 24.62% | -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) | 19.08M | 25.22M | 24.17M | 23.83M | 22.2M | 20.9M | 19.61M | 17.62M | 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 | 153.75M | 157.86M | 124.92M | 85.42M | 54.78M | 46.42M | 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 | 13.3M | 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 | 167.04M | 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 % | 45.23% | 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 | 36.3M | 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 % | 21.73% | 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 | 130.74M | 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 % | 35.4% | 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 % | 8.49% | 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) | 130.74M | 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) | 4.54 | 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 % | 8.1% | 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 | 28.77M | 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 | 28.67M | 28.63M | 28.59M | 28.54M | 28.39M | 28.32M | 28.22M | 28.08M | 28.04M | 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% |
Regional demand and energy volatility
According to recent quarterly filings, USLM's revenue growth has decelerated significantly, shifting from a peak of 27.3% in 2025Q1 to a contraction of 3.7% in 2026Q1, suggesting that the company's reliance on regional infrastructure and industrial demand is encountering a period of softening market conditions.
The transition from double-digit expansion to negative growth indicates that the company's pricing power may be reaching a ceiling in its core Texas and Arkansas markets. Investors should monitor whether this decline reflects a temporary lull in TxDOT project cycles or a more structural shift in industrial demand for lime.
As reported in financial statements, USLM maintains an exceptionally high gross margin profile, which peaked at 51.1% in 2025Q3, demonstrating that the company's unique product mix and royalty interests provide a significant buffer against the inflationary pressures typically seen in the broader construction materials sector.
The ability to sustain gross margins above 45% in most periods suggests that the company possesses substantial pricing power, likely derived from the localized nature of its lime operations. However, the recent compression in 2026Q1 warrants investigation into whether rising input costs or a shift in product mix is beginning to erode this competitive advantage.
Based on USLM's reported figures, the company demonstrates strong operating leverage, as operating income consistently scaled with gross profit until the most recent quarter, maintaining an operating margin that reached as high as 45.3% during the peak demand period observed in 2025Q3.
The company's ability to keep SG&A expenses relatively flat while revenue expanded suggests a highly disciplined cost structure and minimal overhead bloat. This efficiency implies that the business model is well-positioned to capture significant incremental profitability should volume growth return to historical levels.
Analysis of recent income statements reveals that stock-based compensation, which reached $2.3 million in 2025Q1, periodically impacts net income, suggesting that investors should adjust for these non-cash expenses when evaluating the true operational profitability of the core lime and limestone business segments.
While the company remains highly profitable, the variability in stock-based compensation and the inclusion of passive royalty income can obscure the underlying performance of the industrial operations. A clearer view of earnings quality requires stripping out these non-operating items to assess the sustainability of the core business.
Financial data suggests that USLM's bottom line is heavily supported by high-margin royalty income, which may mask potential weaknesses in the core lime segment, raising concerns about what the company's valuation would look like if natural gas production in the Barnett Shale continues its long-term decline.
Short-term investors might focus on the risk that the royalty stream is a depleting asset, which would force the lime business to carry the full weight of the company's valuation. If the core industrial operations cannot maintain their current margin levels without this passive support, the current premium valuation may appear increasingly difficult to justify.
Quick answers to the most common questions about buying USLM stock.
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.
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%.
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.
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.