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What changed in UNITED STATES LIME & MINERALS INC's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of UNITED STATES LIME & MINERALS INC's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+183 added−174 removedSource: 10-K (2026-02-26) vs 10-K (2025-02-27)

Top changes in UNITED STATES LIME & MINERALS INC's 2025 10-K

183 paragraphs added · 174 removed · 158 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

71 edited+9 added−5 removed61 unchanged
Biggest changeIn July 2024, under Section 112 of the Clean Air Act, the EPA finalized amendments to the National Emission Standards for Hazardous Air Pollutants (“NESHAPs”) for lime plants, which revise the standards required to meet the maximum achievable control technology (“MACT”) at major sources of hazardous air pollutants within the lime industry.
Biggest changeStates with delegated permitting authority under the Clean Air Act will be required to revise their SIPs accordingly, potentially resulting in more stringent permitting requirements. In July 2024, under Section 112 of the Clean Air Act, the EPA finalized amendments to the National Emission Standards for Hazardous Air Pollutants (“NESHAPs”) for lime plants.
The Company established U.S. Lime Company-Transportation to deliver some of the Company’s products to its customers and facilities primarily in Texas. U.S. Lime Company-Shreveport operates a distribution terminal in Shreveport, Louisiana, which is connected to a railroad, to provide lime storage, hydrating, slurrying, and distribution capacity to service markets in Louisiana and East Texas.
The Company established U.S. Lime Company-Transportation to deliver the Company’s products to some of its customers and facilities, primarily in Texas. U.S. Lime Company-Shreveport operates a distribution terminal in Shreveport, Louisiana, which is connected to a railroad, to provide lime storage, hydrating, slurrying, and distribution capacity to service markets in Louisiana and East Texas.
In addition, the Company will continue to evaluate internal and external opportunities for expansion, growth and increased profitability, as conditions warrant, or opportunities arise. The Company may have to revise its strategy or otherwise consider ways to enhance the value of the Company, including by entering into strategic partnerships, mergers or other transactions. Compliance with Government Regulations.
In addition, the Company will continue to evaluate internal and external opportunities for expansion, growth, and increased profitability as conditions warrant or opportunities arise. The Company may revise its strategy or otherwise consider ways to enhance the value of the Company, including by entering into strategic partnerships, mergers, or other transactions. Compliance with Government Regulations.
In recent years, the lime industry has experienced reduced demand from certain industries as they have experienced cyclical or secular downturns. For example, demand from the Company’s steel and oil and gas services customers has tended to vary with the demand for their products and services, which has continued to be cyclical.
In recent years, the lime industry has experienced reduced demand from certain industries as they have experienced cyclical or secular downturns. For example, demand from the Company’s oil and gas services customers has tended to vary with the demand for their products and services, which has continued to be cyclical.
Over time, the EPA has increased the stringency of the National Ambient Air Quality Standards (“NAAQS”), which are used to establish air emission permitting limits under the Clean Air Act. The EPA has lowered ozone standards and reclassified areas where State Implementation Plans (“SIPs”) exist.
Over time, the EPA has increased the stringency of the National Ambient Air Quality Standards (“NAAQS”), which are used to establish air emission permitting limits under the Clean Air Act. The EPA has lowered ozone standards and reclassified nonattainment areas where State Implementation Plans (“SIPs”) exist.
These include maintenance and operating costs for pollution control equipment, the cost of ongoing monitoring and reporting programs, the cost of reclamation efforts, and other similar environmental costs and liabilities. ​ The Company’s operations are subject to various federal, state, and local laws and regulations relating to the environment, health and safety, and other regulatory matters, including the Clean Air Act, the Clean Water Act, the Resource Conservation and Recovery Act, the Emergency Planning and Community Right-to-Know Act, the Comprehensive Environmental Response, Compensation and Liability Act, and analogous state and local laws, including state mining and reclamation statutes and regulations (“Environmental Laws”).
These include maintenance and operating costs for pollution control equipment, the cost of ongoing monitoring and reporting programs, the cost of reclamation efforts, and other similar environmental costs and liabilities. ​ The Company’s operations are currently subject to various federal, state, and local laws and regulations relating to the environment, health and safety, and other regulatory matters, including the Clean Air Act, the Clean Water Act, the Resource Conservation and Recovery Act, the Emergency Planning and Community Right-to-Know Act, the Comprehensive Environmental Response, Compensation and Liability Act, and analogous state and local laws, including state mining and reclamation statutes and regulations (collectively, “Environmental Laws”).
For additional information with respect to the Material Properties, see the TRSs prepared by SYB, updated as of December 31, 2023, in Exhibits 96.1-96.4 to this Report on Form 10-K.
For additional information with respect to the Material Properties, see the TRSs prepared by SYB, as of December 31, 2023, in Exhibits 96.1-96.4 to this Report on Form 10-K.
Summaries of the Company’s total limestone mineral resources and reserves for all Material Properties as of December 31, 2024 and 2023 are shown below. The terms Mineral Resource, Measured Resources, Indicated Resources, Mineral Reserves, Proven Reserves, and Probable Reserves are defined in accordance with SEC Regulation S-K subpart 229.1300 governing disclosures by registrants engaged in mining operations.
Summaries of the Company’s total limestone mineral resources and reserves for all Material Properties as of December 31, 2025 and 2024 are shown below. The terms Mineral Resource, Measured Resources, Indicated Resources, Mineral Reserves, Proven Reserves, and Probable Reserves are defined in accordance with SEC Regulation S-K subpart 229.1300 governing disclosures by registrants engaged in mining operations.
Approximately 675 customers accounted for the Company’s sales of lime and limestone products during 2024. No single customer accounted for more than 10% of such sales. The Company is generally not subject to significant customer demand and credit risks as its customers are considerably diversified within its geographic region and by industry concentration.
Approximately 675 customers accounted for the Company’s sales of lime and limestone products during 2025. No single customer accounted for more than 10% of such sales. The Company is generally not subject to significant customer demand and credit risks as its customers are considerably diversified within its geographic region and by industry concentration.
Based on the current levels of production and recovery rates, the Company estimates that these reserves are sufficient to sustain its limestone operations for approximately 48 years. The following is a map of the St. Clair Mine location: The tables below summarize the limestone mineral resources and reserves at the St.
Based on the current levels of production and recovery rates, the Company estimates that these reserves are sufficient to sustain its limestone operations for approximately 37 years. The following is a map of the St. Clair Mine location: The tables below summarize the limestone mineral resources and reserves at the St.
In either such case, the discretionary bonus may be based on the specific accomplishments of the individual and/or on the overall performance of the Company. The amounts of the discretionary bonuses for 2024 were based on each employee’s individual performance and accomplishments, as well as those of the Company, including productivity, sales, controlling costs, and contributions made to special projects.
In either such case, the discretionary bonus may be based on the specific accomplishments of the individual and/or on the overall performance of the Company. The amounts of the discretionary bonuses for 2025 were based on each employee’s individual performance and accomplishments, as well as those of the Company, including productivity, sales, controlling costs, and contributions made to special projects.
Many Environmental Laws also authorize private citizens and interest groups to file lawsuits in court to enforce alleged violations. Changes in policy or political 13 Table of Contents leadership may affect how Environmental Laws are interpreted or enforced by the EPA and state governmental agencies.
Many 12 Table of Contents Environmental Laws also authorize private citizens and interest groups to file lawsuits in court to enforce alleged violations. Changes in policy or political leadership may affect how Environmental Laws are interpreted or enforced by the EPA and state governmental agencies.
All of the Company’s 2024 sales were made within the United States. Seasonality. The Company’s sales have typically reflected seasonal trends, with the largest percentage of total annual shipments and revenues normally being realized in the second and third quarters. Lower seasonal demand normally results in reduced shipments and revenues in the first and fourth quarters.
All of the Company’s 2025 sales were made within the United States. Seasonality. The Company’s sales have typically reflected seasonal trends, with the largest percentage of total annual shipments and revenues normally being realized in the second and third quarters. Lower seasonal demand normally results in reduced shipments and revenues in the first and fourth quarters.
Lime slurry is used primarily in soil stabilization for highway, road and building construction. Product Sales. In 2024, the Company sold almost all of its lime and limestone products in the states of Arkansas, Colorado, Iowa, Kansas, Louisiana, Missouri, Oklahoma, Tennessee, and Texas.
Lime slurry is used primarily in soil stabilization for highway, road, and building construction. Product Sales. In 2025, the Company sold almost all of its lime and limestone products in the states of Arkansas, Colorado, Iowa, Kansas, Louisiana, Missouri, Oklahoma, Tennessee, and Texas.
The Company has not asked the QP to produce updated TRSs as of December 31, 2024, and it has continued to present limestone and mineral resources and reserves for all Material Properties using the 2023 $12.70 per ton price assumption for crushed limestone.
The Company has not asked the QP to produce updated TRSs as of December 31, 2025, and it has continued to present limestone and mineral resources and reserves for all Material Properties using the 2023 $12.70 per ton price assumption for crushed limestone.
There is no assurance that changes in the law or regulations will not be adopted, such as the imposition of greenhouse gas emission limits, a carbon tax, a cap-and-trade program requiring the Company to purchase carbon credits, or other measures that would require reductions in emissions or changes to raw materials, fuel use, or production rates.
There is no assurance that changes in the law or regulations will 13 Table of Contents not be adopted, such as the imposition of greenhouse gas emission limits, a carbon tax, a cap-and-trade program requiring the Company to purchase carbon credits, or other measures that would require reductions in emissions or changes to raw materials, fuel use, or production rates.
These cases may involve, among other questions, challenges by operators to citations, orders, and penalties that they have received from MSHA, or complaints of discrimination by miners under section 105 of the Mine Act. For further information, see Exhibit 95.1 to this Report on Form 10-K. Reclamation and Remediation.
These cases may involve, among other questions, challenges by operators to citations, orders, and penalties that they have received from MSHA, or complaints of discrimination by miners under section 105 of the Mine Act. 14 Table of Contents For further information, see Exhibit 95.1 to this Report on Form 10-K. Reclamation and Remediation.
The Company considers the four mining properties associated with Texas Lime, Batesville, Love Hollow, and St. Clair to be material for purposes of application of SEC Regulation S-K subpart 229.1300. Included in the description of each of these four 3 Table of Contents Material Properties are disclosures with respect to such property’s limestone mineral resources and reserves.
The Company considers the four mining properties associated with Texas Lime, Batesville, Love Hollow, and St. Clair to be material for purposes of application of SEC Regulation S-K subpart 229.1300. Included in the description of each of these four Material Properties are disclosures with respect to such property’s limestone mineral resources and reserves.
The collective bargaining agreement for the Carthage facilities expires in May 2025. The collective bargaining agreement for the Texas facilities expires in November 2026. The collective bargaining agreement for the Arkansas facilities expires in January 2029. Overall, the Company believes that its employee relations are generally good. Employee Retention and Incentivization.
The collective bargaining agreement for the Texas facilities expires in November 2026. The collective bargaining agreement for the Carthage facilities expires in May 2028. The collective bargaining agreement for the Arkansas facilities expires in January 2029. Overall, the Company believes that its employee relations are generally good. Employee Retention and Incentivization.
In addition to regulation, court cases have been filed and decisions issued that may increase the risk of claims being filed by third parties against companies for their greenhouse gas emissions. Such cases may seek to challenge air permits, to force reductions in greenhouse gas emissions, or to recover damages for alleged climate change impacts.
In addition to regulatory measures, court cases have been filed and decisions issued that may increase the risk of claims being filed by third parties against companies for their greenhouse gas emissions. Such cases may seek to challenge air permits, to force reductions in greenhouse gas emissions, or to recover damages for alleged climate change impacts.
These regulations require permitting with the respective state to ensure reclamation obligations are met. Over time, the liability for AROs is recorded at its present value each period through accretion 15 Table of Contents expense, and the capitalized cost is amortized over the useful life of the related asset.
These regulations require permitting with the respective state to ensure reclamation obligations are met. Over time, the liability for AROs is recorded at its present value each period through accretion expense, and the capitalized cost is amortized over the useful life of the related asset.
Clair and Carthage plants, the Love Hollow Quarry, and the terminal facilities, also by rail. 10 Table of Contents In addition to the Company’s production of crushed limestone at each of its plants, the following Company plants produce additional lime and limestone products: The Texas Lime plant has an annual capacity of approximately 470 thousand tons of quicklime from two preheater rotary kilns.
Clair, and Carthage plants, the Love Hollow Quarry, and the terminal facilities, also by rail. 9 Table of Contents In addition to the Company’s production of crushed limestone at each of its plants, the following Company plants produce additional lime and limestone products: The Texas Lime plant has an annual capacity of approximately 500 thousand tons of quicklime from two preheater rotary kilns.
Any failure to comply with these permits could result in fines or other penalties, and future changes that restrict the quantities of groundwater that may be pumped may limit production and increase compliance costs. ​ The Company incurred capital expenditures related to environmental matters of $1.0 million, $1.5 million, and $0.8 million in 2024, 2023, and 2022, respectively.
Any failure to comply with these permits could result in fines or other penalties, and future changes that restrict the quantities of groundwater that may be pumped may limit production and increase compliance costs. ​ The Company incurred capital expenditures related to environmental matters of $1.6 million, $1.0 million, and $1.5 million in 2025, 2024, and 2023, respectively.
During 2024, the Company’s utilization rate was approximately 69% of its total annual production capacity for its lime and limestone. U.S. Lime Company uses quicklime to produce lime slurry, and has four Houston area facilities, including two distribution terminals connected to railroads, to serve the Greater Houston area construction market and four facilities to serve the Dallas-Ft. Worth Metroplex.
During 2025, the Company’s utilization rate was approximately 80% of its total annual production capacity for its lime and limestone. U.S. Lime Company uses quicklime to produce lime slurry, and has four Houston area facilities, including two distribution terminals connected to railroads, to serve the Greater Houston area construction market and four facilities to serve the Dallas-Ft. Worth Metroplex.
Thus, any new facilities or major modifications to existing facilities that exceed the federal New Source Review emission thresholds for conventional pollutants may be required to use “best available control technology” and energy efficiency measures to minimize greenhouse gas emissions. ​ Although the timing and impact of climate change legislation and of regulations limiting greenhouse gas emissions are uncertain, the consequences of such legislation and regulation are potentially significant for the Company because the production of CO 2 is inherent in the manufacture of lime through the calcination of limestone and combustion of fossil fuels.
Thus, any new facilities or major modifications to existing facilities that exceed the federal New Source Review emission thresholds for conventional pollutants may be required to use best available control technology and energy efficiency measures to minimize greenhouse gas emissions. ​ Although the timing and impact of climate change legislation and of regulations regarding greenhouse gas emissions are uncertain, the consequences of such legislation and regulation are potentially significant for the Company because the production of CO 2 is inherent in the manufacture of lime through the calcination of limestone and combustion of fossil fuels.
Clair Mine - Summary of Limestone Mineral Resources - Exclusive of Mineral Reserves (in thousands of tons) as of December 31, 2024 as of December 31, 2023 Resource Category Resources (tons) Cutoff Grade Processing Recovery ​ Resources (tons) Cutoff Grade Processing Recovery Measured Mineral Resources 7,801 96.0(CaCO 3 ) N/A ​ 7,801 96.0(CaCO 3 ) N/A Indicated Mineral Resources 129,747 96.0(CaCO 3 ) N/A ​ 129,747 96.0(CaCO 3 ) N/A Total Measured + Indicated Resources 137,548 96.0(CaCO 3 ) N/A ​ 137,548 96.0(CaCO 3 ) N/A 9 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ St.
Clair Mine - Summary of Limestone Mineral Resources - Exclusive of Mineral Reserves (in thousands of tons) as of December 31, 2025 ​ ​ as of December 31, 2024 Resource Category Resources (tons) Cutoff Grade Processing Recovery ​ Resources (tons) Cutoff Grade Processing Recovery Measured Mineral Resources 7,801 96.0(CaCO 3 ) N/A ​ 7,801 96.0(CaCO 3 ) N/A Indicated Mineral Resources 129,747 96.0(CaCO 3 ) N/A ​ 129,747 96.0(CaCO 3 ) N/A Total Measured + Indicated Resources 137,548 96.0(CaCO 3 ) N/A ​ 137,548 96.0(CaCO 3 ) N/A 8 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ St.
Clair Mine - Summary of Limestone Mineral Reserves (in thousands of tons) as of December 31, 2024 as of December 31, 2023 Resource Category Reserves (tons) Cutoff Grade Mining Recovery ​ Reserves (tons) Cutoff Grade Mining Recovery Proven Reserves 21,958 96.0(CaCO 3 ) 81% ​ 22,291 96.0(CaCO 3 ) 81% Probable Reserves - 96.0(CaCO 3 ) 81% ​ - 96.0(CaCO 3 ) 81% Total Mineral Reserves 21,958 96.0(CaCO 3 ) 81% ​ 22,291 96.0(CaCO 3 ) 81% ​ Carthage operates the Carthage Mine and has crushed limestone production facilities located on approximately 800 acres that it owns containing high-quality limestone.
Clair Mine - Summary of Limestone Mineral Reserves (in thousands of tons) as of December 31, 2025 ​ ​ as of December 31, 2024 Resource Category Reserves (tons) Cutoff Grade Mining Recovery ​ Reserves (tons) Cutoff Grade Mining Recovery Proven Reserves 21,322 96.0(CaCO 3 ) 81% ​ 21,958 96.0(CaCO 3 ) 81% Probable Reserves - 96.0(CaCO 3 ) 81% ​ - 96.0(CaCO 3 ) 81% Total Mineral Reserves 21,322 96.0(CaCO 3 ) 81% ​ 21,958 96.0(CaCO 3 ) 81% ​ Carthage operates the Carthage Mine and has crushed limestone production facilities located on approximately 800 acres that it owns containing high-quality limestone.
The lime industry is characterized by high barriers to entry, including: the scarcity of high-quality limestone deposits on which the required zoning and permitting for extraction can be obtained; the need for lime plants and facilities to be located close to markets, paved roads, and railroad networks to enable cost-effective production and distribution; clean air and anti-pollution regulations, including those related to greenhouse gas emissions, which make it more difficult to obtain permitting for new sources of emissions, such as lime kilns; and the high capital cost of the plants and facilities.
The lime industry is characterized by high barriers to entry, including: the scarcity of high-quality limestone deposits on which the required zoning and permitting for extraction can be obtained; the need for lime plants and facilities to be located close to markets, paved roads, and railroad networks to enable cost-effective production and distribution; clean air and anti-pollution regulations, which may make it difficult to obtain permitting for new sources of emissions, such as lime kilns; and the high capital cost of the plants and facilities.
Groundwater pumping is subject to increased regulation, and in some areas the Company is required to obtain permits from groundwater conservation districts to pump groundwater.
Groundwater pumping is subject to increased regulation, and in some areas the Company must obtain permits from groundwater conservation districts to pump groundwater.
These Environmental Laws grant the United States Environmental Protection Agency (the “EPA”), state governmental agencies, and local governments the authority to promulgate and enforce regulations that could result in substantial expenditures on pollution control, waste management, permitting compliance activities, and mining reclamation.
These Environmental Laws have historically granted the United States Environmental Protection Agency (the “EPA”), state governmental agencies, and local governments the authority to promulgate and enforce regulations that could result in substantial expenditures on pollution control, waste management, permitting compliance activities, and mining reclamation.
Clair and U.S. Lime Company-Transportation. The Company produces high-quality limestone from its open- pit quarries and underground mines that it sells as crushed limestone or processes further to produce several higher-value lime and limestone products, including pulverized limestone (“PLS”), quicklime, hydrated lime, and lime slurry.
The Company produces high-quality limestone from its open- pit quarries and underground mines that it sells as crushed limestone or processes further to produce several higher-value lime and limestone products, including pulverized limestone (“PLS”), quicklime, hydrated lime, and lime slurry.
The Company views the use of equity awards under the Plan as an important means of aligning the interests of its employees with those of its shareholders. Employee Health and Safety . The Company believes that it is responsible to its employees to provide a safe and healthy workplace environment.
The Company views the use of equity awards under the Plan as an important means of aligning the interests of key individuals with those of its stockholders. Employee Health and Safety . The Company believes that it is responsible to its employees to provide a safe and healthy workplace environment.
The Company recognizes legal reclamation and remediation obligations associated with the retirement of long- lived assets at their fair value at the time the obligations are incurred (“Asset Retirement Obligations” or “AROs”). Some of the states the Company operates in have reclamation regulations to properly reclaim surface mines.
The Company recognizes legal reclamation and remediation obligations associated with the retirement of long- lived assets at their fair value at the time the obligations are incurred (“Asset Retirement Obligations” or “AROs”). Some of the states the Company operates in have reclamation regulations to ensure the proper reclamation of surface mines.
The Company’s recurring costs associated with managing environmental permitting and waste recycling and disposal (e.g., used oil and lubricants) and maintaining pollution control equipment amounted to $0.8 million, $0.9 million, and $0.4 million in 2024, 2023, and 2022, respectively. Mine Safety .
The Company’s recurring costs associated with managing environmental permitting and waste recycling and disposal (e.g., used oil and lubricants) and maintaining pollution control equipment amounted to $0.7 million, $0.8 million, and $0.9 million in 2025, 2024, and 2023, respectively. Mine Safety .
The EPA has set attainment dates of August 2027 for the 2008 ozone standard and July 2027 for the 2015 ozone standard. Texas is in the process of developing regulations in response to the redesignations to reduce emissions of nitrogen oxides and volatile organic compounds, which will likely involve more stringent permitting requirements for stationary sources.
The EPA has set attainment dates of August 2027 for the 2008 ozone standard and July 2027 for the 2015 ozone standard. Texas is developing regulations in response to the redesignations to reduce nitrogen oxide and volatile organic compound emissions, which will likely involve more stringent permitting requirements for stationary sources.
The following is a map of the Texas Lime Quarry location: 4 Table of Contents The tables below summarize the limestone mineral resources and reserves at the Texas Lime Quarry as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ Texas Lime Quarry - Summary of Limestone Mineral Resources - Exclusive of Mineral Reserves (in thousands of tons) as of December 31, 2024 as of December 31, 2023 Resource Category Resources (tons) Cutoff Grade Processing Recovery ​ Resources (tons) Cutoff Grade Processing Recovery Measured Mineral Resources - 96.0(CaCO 3 ) N/A ​ - 96.0(CaCO 3 ) N/A Indicated Mineral Resources - - N/A ​ - - N/A Total Measured + Indicated Resources - 96.0(CaCO 3 ) N/A ​ - 96.0(CaCO 3 ) N/A ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Texas Lime Quarry - Summary of Limestone Mineral Reserves (in thousands of tons) as of December 31, 2024 as of December 31, 2023 Resource Category Reserves (tons) Cutoff Grade Mining Recovery ​ Reserves (tons) Cutoff Grade Mining Recovery Proven Reserves 58,233 96.0(CaCO 3 ) 95% ​ 59,989 96.0(CaCO 3 ) 95% Probable Reserves 47,532 96.0(CaCO 3 ) 95% ​ 47,532 96.0(CaCO 3 ) 95% Total Mineral Reserves 105,765 96.0(CaCO 3 ) 95% ​ 107,521 96.0(CaCO 3 ) 95% ​ ​ 5 Table of Contents Arkansas Lime owns the Batesville Quarry and has crushed limestone, PLS, quicklime, and hydrated lime production facilities, located on approximately 1,260 acres of land located in Independence County, Arkansas that contains known high- quality limestone mineral resources in a bed averaging 60 feet in thickness.
The following is a map of the Texas Lime Quarry location: The tables below summarize the limestone mineral resources and reserves at the Texas Lime Quarry as of December 31, 2025 and 2024: ​ ​ ​ ​ ​ ​ ​ ​ Texas Lime Quarry - Summary of Limestone Mineral Resources - Exclusive of Mineral Reserves (in thousands of tons) as of December 31, 2025 ​ ​ as of December 31, 2024 Resource Category Resources (tons) Cutoff Grade Processing Recovery ​ Resources (tons) Cutoff Grade Processing Recovery Measured Mineral Resources - 96.0(CaCO 3 ) N/A ​ - 96.0(CaCO 3 ) N/A Indicated Mineral Resources - - N/A ​ - - N/A Total Measured + Indicated Resources - 96.0(CaCO 3 ) N/A ​ - 96.0(CaCO 3 ) N/A ​ ​ ​ 4 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ Texas Lime Quarry - Summary of Limestone Mineral Reserves (in thousands of tons) as of December 31, 2025 ​ ​ as of December 31, 2024 Resource Category Reserves (tons) Cutoff Grade Mining Recovery ​ Reserves (tons) Cutoff Grade Mining Recovery Proven Reserves 56,692 96.0(CaCO 3 ) 95% ​ 58,233 96.0(CaCO 3 ) 95% Probable Reserves 47,532 96.0(CaCO 3 ) 95% ​ 47,532 96.0(CaCO 3 ) 95% Total Mineral Reserves 104,224 96.0(CaCO 3 ) 95% ​ 105,765 96.0(CaCO 3 ) 95% ​ Arkansas Lime owns the Batesville Quarry and has crushed limestone, PLS, quicklime, and hydrated lime production facilities, located on approximately 1,260 acres of land in Independence County, Arkansas that contains known high- quality limestone mineral resources in a bed averaging 60 feet in thickness.
Geological Survey Mineral Commodity Summaries 2024 increased the price to $14.15 per ton, but the QP has determined that this change in price did not have a material impact on the calculation of the reserves and resources and that all material assumptions and information from the TRSs for Material Properties as of December 31, 2023 remain current as of December 31, 2024.
Geological Survey Mineral Commodity Summaries 2025 increased the price for crushed limestone to $15.86 per ton, but the QP has determined that this change in price did not have a material impact on the calculation of the reserves and resources and that all material assumptions and information from the TRSs for Material Properties as of December 31, 2023 remain current as of December 31, 2025.
The Company encourages and supports the growth and development of its employees. It advances continual learning and career development through ongoing performance and development conversations or evaluations with employees and internally and externally developed training programs. The Company also provides reimbursement for certain educational programs relating to the Company’s business. Employee Diversity and Inclusion .
The Company encourages and supports the growth and development of its employees. It advances continual learning and career development through ongoing performance and development conversations or evaluations with employees and internally and externally developed training programs. The Company also provides reimbursement for certain educational programs relating to the Company’s business. Equal Employment Opportunities .
The Company believes that its modernization and expansion projects in Texas, Arkansas, and Oklahoma and its recent acquisitions, along with its lime slurry operations in Texas, should allow it to continue to remain competitive, protect its markets and position itself for the future.
The Company believes that its modernization, expansion, and development projects in Texas, Arkansas, and Oklahoma, its acquisitions in Oklahoma and Missouri, and its lime slurry operations in Texas, should allow it to continue to remain competitive, protect its markets and position itself for the future.
The following is a map of the Batesville Quarry location: ​ ​ 6 Table of Contents The tables below summarize the limestone mineral resources and reserves at the Batesville Quarry as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ Batesville Quarry - Summary of Limestone Mineral Resources - Exclusive of Mineral Reserves (in thousands of tons) as of December 31, 2024 as of December 31, 2023 Resource Category Resources (tons) Cutoff Grade Processing Recovery Resources (tons) Cutoff Grade Processing Recovery Measured Mineral Resources - 96.0(CaCO 3 ) N/A ​ - 96.0(CaCO 3 ) N/A Indicated Mineral Resources 8,239 96.0(CaCO 3 ) N/A ​ 8,239 96.0(CaCO 3 ) N/A Total Measured + Indicated Resources 8,239 96.0(CaCO 3 ) N/A ​ 8,239 96.0(CaCO 3 ) N/A ​ ​ ​ ​ ​ ​ ​ ​ ​ Batesville Quarry - Summary of Limestone Mineral Reserves (in thousands of tons) as of December 31, 2024 as of December 31, 2023 Resource Category Reserves (tons) Cutoff Grade Mining Recovery (1) ​ Reserves (tons) Cutoff Grade Mining Recovery (1) Proven Reserves 6,877 96.0(CaCO 3 ) 82%/75% ​ 7,407 96.0(CaCO 3 ) 82%/75% Probable Reserves 3,458 96.0(CaCO 3 ) 82%/75% ​ 3,458 96.0(CaCO 3 ) 82%/75% Total Mineral Reserves 10,335 96.0(CaCO 3 ) 82%/75% ​ 10,865 96.0(CaCO 3 ) 82%/75% (1) Mining recovery is listed as open-pit/underground recovery.
The following is a map of the Batesville Quarry location: ​ 5 Table of Contents The tables below summarize the limestone mineral resources and reserves at the Batesville Quarry as of December 31, 2025 and 2024: ​ ​ ​ ​ ​ ​ ​ ​ Batesville Quarry - Summary of Limestone Mineral Resources - Exclusive of Mineral Reserves (in thousands of tons) as of December 31, 2025 ​ ​ as of December 31, 2024 Resource Category Resources (tons) Cutoff Grade Processing Recovery ​ ​ Resources (tons) Cutoff Grade Processing Recovery Measured Mineral Resources - 96.0(CaCO 3 ) N/A ​ - 96.0(CaCO 3 ) N/A Indicated Mineral Resources 8,110 96.0(CaCO 3 ) N/A ​ 8,239 96.0(CaCO 3 ) N/A Total Measured + Indicated Resources 8,110 96.0(CaCO 3 ) N/A ​ 8,239 96.0(CaCO 3 ) N/A ​ ​ ​ ​ ​ ​ ​ ​ ​ Batesville Quarry - Summary of Limestone Mineral Reserves (in thousands of tons) as of December 31, 2025 ​ ​ as of December 31, 2024 Resource Category Reserves (tons) Cutoff Grade Mining Recovery (1) ​ Reserves (tons) Cutoff Grade Mining Recovery (1) Proven Reserves 6,849 96.0(CaCO 3 ) 82%/75% ​ 6,877 96.0(CaCO 3 ) 82%/75% Probable Reserves 2,924 96.0(CaCO 3 ) 82%/75% ​ 3,458 96.0(CaCO 3 ) 82%/75% Total Mineral Reserves 9,773 96.0(CaCO 3 ) 82%/75% ​ 10,335 96.0(CaCO 3 ) 82%/75% (1) Mining recovery is listed as open-pit/underground recovery.
Clair Mine ​ 466 477 533 Carthage Mine ​ 671 625 645 Mill Creek Quarry ​ 250 169 162 Total Production ​ 3,851 3,897 4,024 ​ ​ ​ ​ ​ ​ ​ 2 Table of Contents During 2023, the Company engaged SYB Group, LLC (“SYB”) to serve as the Qualified Person (“QP”) to update estimates of the Company’s limestone mineral resources and reserves, as of December 31, 2023, at its quarries and mines at Texas Lime, Batesville, Love Hollow, and St.
Clair Mine ​ 581 466 477 Carthage Mine ​ 701 671 625 Mill Creek Quarry ​ 275 250 169 Total Production ​ 4,687 3,851 3,897 ​ ​ ​ ​ ​ During 2023, the Company engaged SYB Group, LLC (“SYB”) to serve as the Qualified Person (“QP”) to update estimates of the Company’s limestone mineral resources and reserves, as of December 31, 2023, at its quarries and mines at Texas Lime, Batesville, Love Hollow, and St.
The following table shows annual mined tons of limestone (in thousands) at the Company’s mining properties for the years ended December 31, 2024, 2023, and 2022: ​ ​ ​ ​ ​ ​ ​ Tons Mined ​ ​ (in thousands of tons) Mine/Location ​ 2024 2023 2022 Texas Lime Quarry ​ 1,450 1,575 1,610 Batesville Quarry ​ 601 785 1,017 Love Hollow Quarry ​ 413 266 57 St.
The following table shows annual mined tons of limestone (in thousands) at the Company’s mining properties for the years ended December 31, 2025, 2024, and 2023: ​ ​ ​ ​ ​ ​ ​ Tons Mined ​ ​ (in thousands of tons) Mine/Location ​ 2025 2024 2023 Texas Lime Quarry ​ 1,480 1,450 1,575 Batesville Quarry ​ 709 601 785 Love Hollow Quarry ​ 941 413 266 St.
Limestone mineral resources are presented exclusive of limestone mineral reserves. ​ ​ ​ ​ ​ ​ ​ Summary of Total Limestone Mineral Resources - Exclusive of Mineral Reserves - as of December 31, 2024, Based on $12.70 per Ton (in thousands of tons) ​ Measured Resources (tons) Cutoff Grade Indicated Resources (tons) Cutoff Grade ​ Measured + Indicated Resources (tons) Cutoff Grade 18,193 Above 96.0% (CaCO 3 ) 137,986 Above 96.0% (CaCO 3 ) ​ 156,179 Above 96.0% (CaCO 3 ) ​ ​ ​ ​ ​ ​ ​ ​ Summary of Total Limestone Mineral Resources - Exclusive of Mineral Reserves - as of December 31, 2023, Based on $12.70 per Ton (in thousands of tons) ​ Measured Resources (tons) Cutoff Grade Indicated Resources (tons) Cutoff Grade ​ Measured + Indicated Resources (tons) Cutoff Grade 18,193 Above 96.0% (CaCO 3 ) 137,986 Above 96.0% (CaCO 3 ) ​ 156,179 Above 96.0% (CaCO 3 ) ​ ​ ​ ​ ​ ​ ​ ​ Summary of Total Limestone Mineral Reserves as of December 31, 2024, Based on $12.70 per Ton (in thousands of tons) Proven Reserves (tons) Cutoff Grade Probable Reserves (tons) Cutoff Grade ​ Total Mineral Reserves (tons) Cutoff Grade 154,863 Above 96.0% (CaCO 3 ) 72,037 Above 96.0% (CaCO 3 ) ​ 226,900 Above 96.0% (CaCO 3 ) ​ ​ ​ ​ ​ ​ ​ ​ Summary of Total Limestone Mineral Reserves as of December 31, 2023, Based on $12.70 per Ton (in thousands of tons) Proven Reserves (tons) Cutoff Grade Probable Reserves (tons) Cutoff Grade ​ Total Mineral Reserves (tons) Cutoff Grade 157,863 Above 96.0% (CaCO 3 ) 72,037 Above 96.0% (CaCO 3 ) ​ 229,900 Above 96.0% (CaCO 3 ) ​ Set forth below is a description of each of the Company’s limestone mining properties.
Limestone mineral resources are presented exclusive of limestone mineral reserves. ​ ​ ​ ​ ​ ​ ​ Summary of Total Limestone Mineral Resources - Exclusive of Mineral Reserves - as of December 31, 2025, Based on $12.70 per Ton (in thousands of tons) ​ Measured Resources (tons) Cutoff Grade Indicated Resources (tons) Cutoff Grade ​ Measured + Indicated Resources (tons) Cutoff Grade 18,193 Above 96.0% (CaCO 3 ) 137,857 Above 96.0% (CaCO 3 ) ​ 156,050 Above 96.0% (CaCO 3 ) ​ ​ ​ ​ ​ ​ ​ ​ Summary of Total Limestone Mineral Resources - Exclusive of Mineral Reserves - as of December 31, 2024, Based on $12.70 per Ton (in thousands of tons) ​ Measured Resources (tons) Cutoff Grade Indicated Resources (tons) Cutoff Grade ​ Measured + Indicated Resources (tons) Cutoff Grade 18,193 Above 96.0% (CaCO 3 ) 137,986 Above 96.0% (CaCO 3 ) ​ 156,179 Above 96.0% (CaCO 3 ) ​ ​ ​ ​ ​ ​ ​ ​ Summary of Total Limestone Mineral Reserves as of December 31, 2025, Based on $12.70 per Ton (in thousands of tons) Proven Reserves (tons) Cutoff Grade Probable Reserves (tons) Cutoff Grade ​ Total Mineral Reserves (tons) Cutoff Grade 151,647 Above 96.0% (CaCO 3 ) 71,503 Above 96.0% (CaCO 3 ) ​ 223,150 Above 96.0% (CaCO 3 ) ​ ​ ​ ​ ​ ​ ​ ​ Summary of Total Limestone Mineral Reserves as of December 31, 2024, Based on $12.70 per Ton (in thousands of tons) Proven Reserves (tons) Cutoff Grade Probable Reserves (tons) Cutoff Grade ​ Total Mineral Reserves (tons) Cutoff Grade 154,863 Above 96.0% (CaCO 3 ) 72,037 Above 96.0% (CaCO 3 ) ​ 226,900 Above 96.0% (CaCO 3 ) ​ Set forth below is a description of each of the Company’s limestone mining properties.
Attracting, retaining, motivating, and investing in the development of human capital resources is a critical part of the Company’s commitment to environmental, social, and governance (“ESG”) and sustainability issues. 11 Table of Contents At December 31, 2024, the Company employed 345 persons, 114 of whom were represented by unions. The Company is a party to three collective bargaining agreements.
Attracting, retaining, motivating, and investing in the development of human capital resources is a critical part of the Company’s commitment to social, environmental, governance, and sustainability issues. 10 Table of Contents At December 31, 2025, the Company employed 346 persons, 110 of whom were represented by unions. The Company is a party to three collective bargaining agreements.
Under the employment agreement, in addition to the possibility of a discretionary cash bonus, Mr. Byrne is entitled each year to an EBITDA cash bonus opportunity under the United States Lime & Minerals, Inc. 2001 Long-Term Incentive Plan, as Amended and Restated (the “Plan”), and he is also entitled to grants of restricted stock under the Plan. Mr.
Byrne is entitled each year to an EBITDA cash bonus opportunity under the United States Lime & Minerals, Inc. 2001 Long-Term Incentive Plan, as Amended and Restated (the “Plan”), and he is also entitled to grants of restricted stock under the Plan. Mr. Byrne’s employment agreement provides that Mr.
Clair Mine as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ St.
Clair Mine as of December 31, 2025 and 2024: ​ ​ ​ ​ ​ ​ ​ ​ St.
As of December 31, 2024, the Batesville Quarry had a net book value of $3.9 million. As of December 31, 2024, the Batesville Quarry had 8.2 million tons of indicated limestone mineral resources, 6.9 million tons of proven limestone mineral reserves, and 3.5 million tons of probable limestone mineral reserves.
As of December 31, 2025, the Batesville Quarry had a net book value of $4.4 million. As of December 31, 2025, the Batesville Quarry had 8.1 million tons of indicated limestone mineral resources, 6.8 million tons of proven limestone mineral reserves, and 2.9 million tons of probable limestone mineral reserves.
The Company believes its accrual of $1.5 million for AROs at December 31, 2024 is reasonable. Map of United States Lime & Minerals, Inc. Lime and Limestone Operations. ​ ​ ​ 16 Table of Contents
The Company believes its accrual of $1.4 million for AROs at December 31, 2025 is reasonable. Map of United States Lime & Minerals, Inc. Lime and Limestone Operations. ​ ​ ​ 15 Table of Contents
Based on forecasted production levels and recovery rates, the Company estimates that these reserves are sufficient to sustain its limestone operations for approximately 80 years. ​ 7 Table of Contents The following is a map of the Love Hollow Quarry location: The tables below summarize the limestone mineral resources and reserves at the Love Hollow Quarry as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ Love Hollow Quarry - Summary of Limestone Mineral Resources - Exclusive of Mineral Reserves (in thousands of tons) as of December 31, 2024 as of December 31, 2023 Resource Category Resources (tons) Cutoff Grade Processing Recovery ​ Resources (tons) Cutoff Grade Processing Recovery Measured Mineral Resources 10,392 96.0(CaCO 3 ) N/A ​ 10,392 96.0(CaCO 3 ) N/A Indicated Mineral Resources - - N/A ​ - - N/A Total Measured + Indicated Resources 10,392 96.0(CaCO 3 ) N/A ​ 10,392 96.0(CaCO 3 ) N/A ​ ​ ​ ​ ​ ​ ​ ​ ​ Love Hollow Quarry - Summary of Limestone Mineral Reserves (in thousands of tons) as of December 31, 2024 as of December 31, 2023 Resource Category Reserves (tons) Cutoff Grade Mining Recovery (1) ​ Reserves (tons) Cutoff Grade Mining Recovery (1) Proven Reserves 67,795 96.0(CaCO 3 ) 95%/75% ​ 68,176 96.0(CaCO 3 ) 95%/75% Probable Reserves 21,047 96.0(CaCO 3 ) 95%/75% ​ 21,047 96.0(CaCO 3 ) 95%/75% Total Mineral Reserves 88,842 96.0(CaCO 3 ) 95%/75% ​ 89,223 96.0(CaCO 3 ) 95%/75% (1) Mining recovery is listed as open-pit/underground recovery. 8 Table of Contents St.
Based on the current level of production and recovery rates, the Company estimates that these reserves are sufficient to sustain its limestone operations for more than 80 years. ​ 6 Table of Contents The following is a map of the Love Hollow Quarry location: The tables below summarize the limestone mineral resources and reserves at the Love Hollow Quarry as of December 31, 2025 and 2024: ​ ​ ​ ​ ​ ​ ​ ​ Love Hollow Quarry - Summary of Limestone Mineral Resources - Exclusive of Mineral Reserves (in thousands of tons) as of December 31, 2025 ​ ​ as of December 31, 2024 Resource Category Resources (tons) Cutoff Grade Processing Recovery ​ Resources (tons) Cutoff Grade Processing Recovery Measured Mineral Resources 10,392 96.0(CaCO 3 ) N/A ​ 10,392 96.0(CaCO 3 ) N/A Indicated Mineral Resources - - N/A ​ - - N/A Total Measured + Indicated Resources 10,392 96.0(CaCO 3 ) N/A ​ 10,392 96.0(CaCO 3 ) N/A ​ ​ ​ ​ ​ ​ ​ ​ ​ Love Hollow Quarry - Summary of Limestone Mineral Reserves (in thousands of tons) as of December 31, 2025 ​ ​ as of December 31, 2024 Resource Category Reserves (tons) Cutoff Grade Mining Recovery (1) ​ Reserves (tons) Cutoff Grade Mining Recovery (1) Proven Reserves 66,784 96.0(CaCO 3 ) 95%/75% ​ 67,795 96.0(CaCO 3 ) 95%/75% Probable Reserves 21,047 96.0(CaCO 3 ) 95%/75% ​ 21,047 96.0(CaCO 3 ) 95%/75% Total Mineral Reserves 87,831 96.0(CaCO 3 ) 95%/75% ​ 88,842 96.0(CaCO 3 ) 95%/75% (1) Mining recovery is listed as open-pit/underground recovery. 7 Table of Contents St.
As of December 31, 2024, the Love Hollow Quarry had a net book value of $5.4 million. As of December 31, 2024, the Love Hollow Quarry had 10.4 million tons of measured limestone mineral resources, 67.8 million tons of proven limestone mineral reserves, and 21.0 million tons of probable limestone mineral reserves.
As of December 31, 2025, the Love Hollow Quarry had a net book value of $7.6 million. As of December 31, 2025, the Love Hollow Quarry had 10.4 million tons of measured limestone mineral resources, 66.8 million tons of proven limestone mineral reserves, and 21.0 million tons of probable limestone mineral reserves.
The plant also has PLS equipment, which, depending on the product mix, has the capacity to produce approximately 800 thousand tons of PLS annually. In 2024, we received the necessary permit to construct a new vertical kiln at the Texas Lime plant.
The plant also has PLS equipment, which, depending on the product mix, has the capacity to produce approximately 800 thousand tons of PLS annually. In 2024, the Company began construction of a new vertical kiln at the Texas Lime plant.
Such changes, if adopted, could have a material adverse effect on the Company’s financial condition, results of operations, cash flows, and competitive position. 14 Table of Contents These and similar rulemakings could increase the cost of future plant modifications or expansions, may make it difficult or impossible to obtain new authorizations and permits for new facilities, may require the Company to purchase emissions offsets as a condition of new authorizations and permits, and may increase compliance costs and have a material adverse effect on the Company’s financial condition, results of operations, cash flows, and competitive position.
These and similar rulemakings could increase the cost of future plant modernization, expansion, or development projects, may make it difficult or impossible to obtain new authorizations and permits for new facilities, may require the Company to purchase emissions offsets as a condition of new authorizations and permits, and may increase compliance costs and have a material adverse effect on the Company’s financial condition, results of operations, cash flows, and competitive position.
As of December 31, 2024, the St. Clair Mine had a net book value of $7.7 million. As of December 31, 2024, the St. Clair Mine had 7.8 million tons of measured limestone mineral resources, 129.7 million tons of indicated limestone mineral resources, and 22.0 million tons of proven limestone mineral reserves.
As of December 31, 2025, the St. Clair Mine had a net book value of $6.9 million. As of December 31, 2025, the St. Clair Mine had 7.8 million tons of measured limestone mineral resources, 129.7 million tons of indicated limestone mineral resources, and 21.3 million tons of proven limestone mineral reserves.
Based on forecasted production levels and recovery rates, the Company estimates that these reserves are sufficient to sustain its limestone operations for approximately 18 years.
Based on the projected level of production and recovery rates, the Company estimates that these reserves are sufficient to sustain its limestone operations for approximately 17 years.
Byrne, the Company has not adopted a formal or informal annual bonus arrangement with pre-set performance goals. Rather, the determination to pay a cash bonus, if any, is made in December each year based on the past performance of the individual and the Company or on the attainment of non-quantified performance goals during the year.
Rather, the determination to pay a cash bonus, if any, is made in December each year based on the past performance of the individual and the Company or on the attainment of non-quantified performance goals during the year.
Principal customers for the Company’s lime and limestone products are construction customers (including highway, road, and building contractors), industrial customers (including paper manufacturers and glass manufacturers), environmental customers (including municipal sanitation and water treatment facilities and flue gas treatment processes), metals producers (including steel producers), roof shingle manufacturers, agriculture (including poultry producers), and oil and gas services companies.
The Company also receives orders in response to bids that it prepares and submits to current and potential customers. 1 Table of Contents Principal customers for the Company’s lime and limestone products are construction customers (including highway, road, and building contractors), industrial customers (including paper manufacturers and glass manufacturers), environmental customers (including municipal sanitation and water treatment facilities and flue gas treatment processes), metals producers (including steel producers), roof shingle manufacturers, agriculture (including poultry producers), and oil and gas services companies.
The QP was not retained to prepare estimates at Carthage, Mill Creek, or Colorado because the Company had not completed a drilling program sufficient to enable the QP to prepare estimates of the limestone mineral resources and reserves at those properties.
The QP was not retained to prepare estimates at Carthage, Mill Creek, or Colorado because the Company had not completed a drilling program sufficient to enable the QP to prepare estimates of the limestone mineral resources and reserves at those properties. 2 Table of Contents The Company has not conducted a drilling program on any of the Material Properties subsequent to the December 31, 2023 effective date of the 2023 TRSs.
As of December 31, 2024, the total net book value of the Texas Lime Quarry was $14.2 million. As of December 31, 2024, the Texas Lime Quarry had 58.2 million tons of proven limestone mineral reserves and 47.5 million tons of probable limestone mineral reserves.
As of December 31, 2025, the total net book value of the Texas Lime Quarry was $13.4 million. As of December 31, 2025, the Texas Lime Quarry had 3 Table of Contents 56.7 million tons of proven limestone mineral reserves and 47.5 million tons of probable limestone mineral reserves.
Byrne’s financial interests with those of the Company’s long-term shareholders, and to ensure that he is incentivized not to take actions that may benefit the Company and its shareholders in the short-term at the expense of long-term corporate value creation and sustainability. In particular, in entering into the employment agreement with Mr.
Byrne is subject to certain compensation recovery and share ownership provisions designed to align Mr. Byrne’s financial interests with those of the Company’s long-term stockholders, and to ensure that he is incentivized not to take actions that may benefit the Company and its stockholders in the short-term at the expense of long-term corporate value creation and sustainability.
In addition, utility plants have been using more natural gas and renewable sources for power generation instead of coal, with the permitting of new coal-fired utility plants having become extremely difficult, which has reduced their demand for lime and limestone for flue gas treatment processes.
In addition, the long-term trend has been for utility plants to use more natural gas and renewable energy sources for power generation instead of coal, with the addition of new coal-fired utility plants in the United States being unlikely, which has reduced their demand for lime and limestone for flue gas treatment processes.
The Company has not conducted a drilling program on any of the Material Properties subsequent to the December 31, 2023 effective date of the 2023 TRSs. In the 2023 TRSs, limestone resources and reserves were calculated using a $12.70 per ton price assumption for crushed limestone based on the U.S. Geological Survey Mineral Commodity Summaries 2023. The U.S.
In the 2023 TRSs, limestone resources and reserves were calculated using a $12.70 per ton price assumption for crushed limestone based on the U.S. Geological Survey Mineral Commodity Summaries 2023. The U.S.
The Company has entered into a new employment agreement with Timothy W. Byrne, its President and Chief Executive Officer (“CEO”). Mr. Byrne’s employment agreement has been extended until December 31, 2028 and will continue thereafter for successive one-year periods unless the Company or Mr. Byrne gives at least one year’s prior written notice of intent not to renew.
Byrne’s employment agreement was extended until December 31, 2028, and will continue thereafter for successive one-year periods unless the Company or Mr. Byrne gives at least one year’s prior written notice of intent not to renew. Under the employment agreement, in addition to the possibility of a discretionary cash bonus, Mr.
Sales were made primarily by the Company’s eight sales employees who call on current and potential customers and solicit orders, which are 1 Table of Contents generally made on a purchase-order basis. The Company also receives orders in response to bids that it prepares and submits to current and potential customers.
Sales were made primarily by the Company’s nine sales employees who call on current and potential customers and solicit orders, which are generally made on a purchase-order basis.
Byrne, the Company’s Board of Directors and Compensation Committee were sensitive to how Mr. Byrne’s leadership and actions could further the Company’s various objectives, including human capital resources development and executive succession planning. With respect to the Company’s broader employee base, certain employees are eligible to receive annual cash bonuses based on discretionary determinations. Except in the case of Mr.
In particular, in entering into the employment agreement with Mr. Byrne, the Company’s Board of Directors and Compensation Committee were sensitive to how Mr. Byrne’s leadership and actions could further the Company’s various objectives, including human capital resources development and executive succession planning.
The Clean Air Act and analogous state laws require the Company to obtain authorization to construct or modify existing facilities, and its lime plants are subject to operating permits that have significant ongoing compliance costs.
Permits and other authorizations under Environmental Laws are still required for the Company’s operations, and such permits are subject to modification during the permit renewal process and, in very rare instances, could be revoked. ​ Currently, the Clean Air Act and analogous state laws require the Company to obtain authorization to construct or modify existing facilities, and its lime plants are subject to operating permits that have significant ongoing compliance costs.
In February 2024, the EPA issued a final rule reducing the NAAQS for fine particulate matter. This regulation will significantly increase nonattainment areas across the United States, potentially including areas where the Company operates. States with delegated permitting authority under the Clean Air Act will be required to revise their SIPs accordingly, which may involve more stringent permitting requirements.
In February 2024, the EPA issued a final rule reducing the NAAQS for fine particulate matter. This regulation will significantly increase the number of nonattainment areas across the United States, potentially including areas where the Company operates.
We estimate that the construction costs of the new kiln and related equipment and infrastructure will total approximately $65 million. Through December 2024, we have incurred $1.6 million and have outstanding purchase obligations of $31.7 million. The Arkansas Lime plant is situated at the Batesville Quarry.
The Company estimates that the construction costs of the new kiln and related equipment and infrastructure project will total approximately $65 million. Through December 2025, the Company has paid $37.3 million on the Texas kiln project. The Arkansas Lime plant is situated at the Batesville Quarry.
The Company is focused on the development and fair treatment of its employees, including equal employment hiring practices and policies, anti-harassment, and anti-retaliation policies. The Company is continuing to invest in efforts to create a more diverse and inclusive workforce and workplace environment. 12 Table of Contents Competition.
The Company is committed to providing equal access to, and participation in, equal employment opportunities, programs, and services, without regard to a person’s gender, nationality, race, and ethnicity. The Company is focused on the development and fair treatment of its employees, including equal employment hiring practices and policies, anti-harassment, and anti-retaliation policies. 11 Table of Contents Competition.
The failure to comply with Environmental Laws may result in administrative and civil penalties, injunctive relief, and criminal prosecution. The Company has not been named as a potentially responsible party in any federal superfund cleanup site or state-led cleanup site. The rate of change of Environmental Laws continues to be rapid, and compliance can require significant expenditures.
The Company has not been named as a potentially responsible party in any federal Superfund cleanup site or state-led cleanup site. ​ We are currently entering into a period of uncertainty and rapid change in regard to Environmental Laws and their enforcement.
The revised MACT rule establishes stringent emission limitations for additional hazardous air pollutants which require additional pollution control equipment at lime kilns subject to the rule. EPA regulations require large emitters of greenhouse gases, including the Company’s plants, to collect and report greenhouse gas emissions data.
The amended standards must meet the maximum achievable control technology (“MACT”) at major sources of hazardous air pollutants within the lime industry. The revised MACT rule establishes stringent emission limitations for additional hazardous air pollutants which require additional pollution control equipment at lime kilns subject to the rule.
See Note 9 of the Notes to Consolidated Financial Statements in Item 8 of this Report on Form 10-K. The Company’s principal corporate office is located at 5429 LBJ Freeway, Suite 230, Dallas, Texas 75240. The Company’s telephone number is (972) 991-8400 and its internet address is www.uslm.com.
ITEM 1. BUSINES S. General. United States Lime & Minerals, Inc. (the “Company,” the “Registrant,” “We” or “Our”), which was incorporated in 1950, conducts lime and limestone operations. The Company’s principal corporate office is located at 5429 LBJ Freeway, Suite 230, Dallas, Texas 75240. The Company’s telephone number is (972) 991-8400 and its internet address is www.uslm.com.
Removed
ITEM 1. BUSINES S. General. United States Lime & Minerals, Inc. (the “Company,” the “Registrant,” “We” or “Our”), which was incorporated in 1950, conducts its business primarily through its lime and limestone operations. The Company also has natural gas interests with respect to oil and gas rights in Johnson County, Texas.
Added
Clair and U.S. Lime Company-Transportation. In addition, the Company, through its wholly owned subsidiary, U.S. Lime Company-O & G, LLC, has royalty and non-operated working interests in natural gas wells located in Johnson County, Texas, in the Barnett Shale Formation.
Removed
In 2024, the Company determined that the activities of its natural gas interests did not meet the definition of an operating segment and has updated the disclosures in this Form 10-K accordingly. Disclosures for the years ended December 31, 2023 and 2022 have been recast to be consistent with the current year presentation.
Added
On August 1, 2024, the Company entered into an employment agreement with Timothy W. Byrne, its President and Chief Executive Officer (“CEO”), amending and restating Mr.
Removed
Byrne’s employment agreement provides that Mr. Byrne is subject to certain compensation recovery and share ownership provisions designed to align Mr.
Added
Byrne’s employment agreement that was dated as of January 1, 2020, with such amendment and restatement effective as of January 1, 2025, and also providing that certain amendments were effective earlier, on August 1, 2024. As a result of the amendment and restatement, Mr.
Removed
The Company is committed to fostering a work environment that values and promotes diversity and inclusion. This commitment includes providing equal access to, and participation in, equal employment opportunities, programs, and services, without regard to a person’s gender, nationality, race, and ethnicity.
Added
With respect to the Company’s broader employee base, certain employees are eligible to receive annual cash bonuses based on discretionary determinations. Except in the case of Mr. Byrne, the Company has not adopted a formal or informal annual bonus arrangement with pre-set performance goals.
Removed
Permits and other authorizations under Environmental Laws are required for the Company’s operations, and such permits are subject to modification during the permit renewal process and, in very rare instances, could be revoked.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

29 edited+4 added−3 removed23 unchanged
Biggest changeTo the extent that one or more of our competitors becomes more successful with respect to any key competitive factor, we may find it difficult to increase or maintain our prices or to retain certain customer accounts, and our financial condition, results of operations, cash flows, and competitive position could be materially adversely affected.
Biggest changeTo the extent that one or more of our competitors becomes more successful with respect to any key competitive factor, we may find it difficult to increase or maintain our prices or to retain certain customer accounts, and our financial condition, results of operations, cash flows, and competitive position could be materially adversely affected. ​ 16 Table of Contents Business and Financial Risks In the normal course of our operations, we face various business and financial risks, including increased energy, labor, and parts and supplies costs, that could have a material adverse effect on our financial position, results of operations, cash flows, and competitive position.
A pandemic, epidemic, or disease outbreak may limit our ability to produce, sell, and deliver our lime and limestone products to our customers; cause key management and plant-level employees not to be available to us; result in mine and plant shutdowns due to contagion, in which case we may not be able to shift production to our other mines and plants; cause delays and disruptions to our supply chain as it relates to our suppliers, as well as delay and disrupt the supply chains of our customers; impede our ability to maintain and repair our plants and equipment; negatively impact our modernization, expansion, and development plans; negatively impact our ability to integrate acquisitions; as well as adversely impact demand and prices for our lime and limestone products and increase our costs. 19 Table of Contents Governmental, Legal, and Regulatory Risks Our operations are subject to general and industry specific regulations.
A pandemic, epidemic, or disease outbreak may limit our ability to produce, sell, and deliver our lime and limestone products to our customers; cause key management and plant-level employees not to be available to us; result in mine and plant shutdowns due to contagion, in which case we may not be able to shift production to our other mines and plants; cause delays and disruptions to our supply chain as it relates to our suppliers, as well as delay and disrupt the supply chains of our customers; impede our ability to maintain and repair our plants and equipment; negatively impact our modernization, expansion, and development plans; negatively impact our ability to integrate acquisitions; as well as adversely impact demand and prices for our lime and limestone products and increase our costs. 18 Table of Contents Governmental, Legal, and Regulatory Risks Our operations are subject to general and industry-specific regulations.
These include geological formation problems that may cause poor mining conditions, variability of chemical or physical properties of our limestone, an accident or other major incident at a site that may cause all or part of our operations to cease for some period of time and increase our expenses, mining, processing, and plant equipment failures and unexpected maintenance problems that may cause disruptions and added expenses, strikes, job actions, or other work stoppages that may disrupt our operations or those of our suppliers, contractors, or customers and increase our expenses, and adverse weather conditions and natural disasters, such as hurricanes, tornadoes, excessive rains, flooding, ice storms, freezing weather, drought, wild fires, earthquakes, and other natural events, that may affect operations, transportation, fuel supply, or our suppliers, contractors, or customers.
These include geological formation problems that may cause poor mining conditions, variability of chemical or physical properties of our limestone, an accident or other major incident at a site that may cause all or part of our operations to cease for some period of time and increase our expenses, mining, processing, and plant equipment failures and unexpected maintenance problems that may cause disruptions and added expenses, strikes, job actions, or other work stoppages that may disrupt our operations or those of our suppliers, contractors, or customers and increase our expenses, and adverse weather conditions and natural disasters, such as hurricanes, tornadoes, excessive rains, flooding, ice storms, freezing weather, drought, wild fires, earthquakes, and other natural events, that may affect our operations, shipments, or fuel supply, or those of our suppliers, contractors, or customers.
These risks arise from various factors, including, but not limited to, fluctuating demand and prices for our lime and limestone products, including as a result of downturns in the economy and in the construction, industrial, steel, and oil and gas services industries, and reduced demand from coal-fired utility plants, increased competitive pressures from other lime producers, changes in inflationary expectations, changes in legislation and regulations, including Environmental Laws, health and safety regulations, and requirements to renew or obtain operating permits, our ability to produce and store quantities of lime and limestone products sufficient in amount and quality to meet customer demands and specifications, the success of our modernization, expansion and development, and acquisition strategies, the uncertainty of our ability to sell any increased production capacity at acceptable prices, our ability to execute our strategies and complete projects on time and within budget, our ability to integrate, refurbish, and/or improve acquired facilities, our access to capital, volatile costs, especially energy costs, inclement weather and the effects of seasonal trends.
Business and financial risks arise from various factors, including, but not limited to, fluctuating demand and prices for our lime and limestone products, including as a result of downturns in the economy and in the construction, industrial, steel, and oil and gas services industries, and reduced demand from coal-fired utility plants, increased competitive pressures from other lime and limestone producers, changes in inflationary expectations, changes in legislation and regulations, including Environmental Laws, health and safety regulations, and requirements to renew or obtain operating permits, our ability to produce and store quantities of lime and limestone products sufficient in amount and quality to meet customer demands and specifications, the success of our modernization, expansion, and development and acquisition strategies, the uncertainty of our ability to sell any increased production capacity at acceptable prices, our ability to execute our strategies and complete projects on time and within budget, our ability to integrate, refurbish, and/or improve acquired facilities, our access to capital, volatile costs, especially energy costs, inclement weather, and the effects of seasonal trends.
Any failure, threat, or incident involving our IT systems could adversely impact our mining and manufacturing operations, sales or financial and administrative functions, or result in the compromise of personal or other confidential information of our employees, customers, or suppliers.
Any failure, threat, or incident involving our IT systems could adversely impact our mining and manufacturing operations, sales, or financial and administrative functions, or result in the compromise of personal or other confidential information of our employees, suppliers, contractors, or customers.
There is no assurance that changes in the law or regulations will not be adopted, such as the imposition of greenhouse gas emission limits, a carbon tax, a cap-and-trade program requiring companies to purchase carbon credits, or other measures that would require reductions in emissions or changes to raw materials, fuel use, or production rates.
There is no assurance that changes in the law or regulations will not be adopted over time, such as the imposition of greenhouse gas emission limits, a carbon tax, a cap-and-trade program requiring companies to purchase carbon credits, or other measures that would require reductions in emissions or changes to raw materials, fuel use, or production rates.
A variety of factors, including uncertainty with respect to governmental fiscal and budgetary constraints, including the timing and amount of construction and infrastructure spending, changes to tax laws, legislative impasses, extended government shutdowns, fallout from downgrades and potential U.S. government defaults on its obligations, pandemics, trade wars, tariffs, social unrest, international incidents, and increased inflationary pressures and interest rates, could have a material adverse effect on our financial condition, results of operations, cash flows, and competitive position.
A variety of factors, including uncertainty with respect to governmental fiscal and budgetary constraints, including the timing and amount of construction and infrastructure spending, changes to tax laws, changes to immigration policy and enforcement, legislative impasses, extended government shutdowns, fallout from downgrades and potential U.S. government defaults on its obligations, pandemics, trade wars, tariffs, social unrest, international incidents, and increased inflationary pressures and interest rates, could have a material adverse effect on our financial condition, results of operations, cash flows, and competitive position.
If we are unable to continue to pass along our increasing energy, labor, and parts and supplies costs to customers through higher prices or surcharges, or unable to timely receive contracted supplies of solid fuel to run our plants, our financial condition, results of operations, cash flows, and competitive position could be materially adversely affected.
If we are unable to continue to pass along our increasing energy, labor, parts, and supplies costs to customers through higher prices or surcharges, or unable to timely receive contracted supplies of solid fuel, equipment, or other parts and supplies to run our plants, our financial condition, results of operations, cash flows, and competitive position could be materially adversely affected.
Discovery of currently unknown conditions and unforeseen costs and liabilities could require additional expenditures. ​ The regulation of greenhouse gas emissions remains an issue for us and some of our customers.
Discovery of currently unknown conditions and unforeseen costs and liabilities could require additional expenditures. ​ The regulation of greenhouse gas emissions remains an issue for us and some of our suppliers, contractors, and customers.
Any overall reduction in demand for lime and limestone products could result in increased competitive pressures, including pricing pressure and competition for certain customer accounts, from other lime producers.
Any overall reduction in demand for our lime and limestone products could result in increased competitive pressures, including pricing pressure and competition for certain customer accounts, from other lime or limestone producers.
The rate of change of Environmental Laws has been rapid over the last decade, and we may face possible new uncertainties, costs and liabilities, taxes, and limitations on operations, including those related to climate change initiatives. Changes in policy or political leadership may affect how Environmental Laws are interpreted or enforced by the EPA and state governmental agencies.
Changes to Environmental Laws have been rapid and turbulent over the last decade, and we may face possible new uncertainties, costs and liabilities, taxes, and limitations on operations, including those related to climate change initiatives. Changes in policy or political leadership may affect how Environmental Laws are interpreted or enforced by the EPA and state governmental agencies.
Given current and projected demand for lime 18 Table of Contents and limestone products, we cannot guarantee that any such project or acquisition would be successful, that we would be able to sell any resulting increased production at acceptable prices, or that any such sales would be profitable.
Given current and projected demand for lime and limestone products, we cannot guarantee that any such project or acquisition would be successful, that we would be able to sell any resulting increased production at acceptable prices, or that any such sales would be profitable.
To the extent any such cybersecurity failure, threat, or incident results in disruption to our operations or sales or loss or disclosure of, or damage to, our data or confidential information, our costs could increase, and our reputation, business, results of operations, competitive position, and financial condition could be materially adversely affected.
To the extent any such cybersecurity failure, threat, or incident results in disruption to our operations or sales or loss or disclosure of, or damage to, our data or confidential information, or that of our employees, suppliers, contractors, or customers, our costs could increase, and our reputation, business, results of operations, competitive position, and financial condition could be materially adversely affected.
We expect our expenditure requirements for future environmental compliance, including complying with nitrogen dioxide, sulfur dioxide, ozone, and particulate matter emission under the NAAQS and regulation of greenhouse gas emissions, to continue or increase.
Our expenditure requirements for future environmental compliance, including complying with nitrogen dioxide, sulfur dioxide, ozone, and particulate matter emission under the NAAQS and regulation of greenhouse gas emissions, may continue or increase.
Because many of the requirements are subjective and therefore not quantifiable or presently determinable, or may be affected by additional legislation and rulemaking, including those related to climate change and greenhouse gas emissions, there is no assurance that we will be able to successfully secure new permits in connection with our future modernization and expansion and development projects, and it is not possible to accurately predict the aggregate future costs and liabilities relating to environmental compliance and their effect on our financial condition, results of operations, cash flows, and competitive position. 20 Table of Contents ​ Our operations are subject to various mine safety and reclamation and remediation obligations. ​ Our mining operations are subject to mine safety regulation under the Mine Act.
Because many of the requirements are subjective and therefore not quantifiable or presently determinable, or may be affected by changing legislation and rulemaking, there is no assurance that we will be able to successfully secure new permits in connection with our future modernization and expansion and development projects, and it is not possible to accurately predict the aggregate future costs and liabilities relating to environmental compliance and their effect on our financial condition, results of operations, cash flows, and competitive position. ​ ​ 19 Table of Contents Our operations are subject to various mine safety and reclamation and remediation obligations. ​ Our mining operations are subject to mine safety regulation under the Mine Act.
Our competitors are predominately large private companies. The primary competitive factors in the lime industry are price, quality, ability to meet customer demands and specifications, proximity to customers, personal relationships, and timeliness of deliveries, with varying emphasis on these factors depending upon the specific product application.
The primary competitive factors in the lime and limestone industry are price, quality, ability to meet customer demands and specifications, proximity to customers, personal relationships, and timeliness of deliveries, with varying emphasis on these factors depending upon the specific product application.
In addition, the new Administration has communicated a desire to use tariffs as a means of policy implementation which could have an impact on the cost and availability of some of our supplies and those of our customers.
In addition, the Administration has sought to use tariffs as a means of policy implementation which could have an impact on the cost and availability of some of our supplies, and those of our suppliers, contractors, and customers.
ITEM 1A. RISK FACTOR S. Industry Risks Our operations are affected by general economic conditions in the United States and specific economic conditions in particular industries . General and industry specific economic conditions in the United States could lead to reduced demand for our lime and limestone products.
ITEM 1A. RISK FACTOR S. Industry Risks Our operations are affected by uncertain economic and regulatory conditions in the United States and in particular industries . General and industry-specific economic and regulatory conditions in the United States, including uncertainty with regards to such conditions, could lead to reduced demand for our lime and limestone products.
If our insurance coverage is limited or excludes a given condition or event, we may not be able to recover in full the losses that we may incur as a result of such conditions or events, some of which may be substantial. 17 Table of Contents The lime and limestone industry is highly regionalized and competitive.
If our insurance coverage is limited or excludes a given condition or event, we may not be able to recover in full the losses that we may incur as a result of such conditions or events, some of which may be substantial. The lime and limestone industry is highly regionalized and competitive. Our competitors are predominately large private companies.
The Administration and Congress may initiate actions to increase regulation of certain industries, including the lime industry, and may take other steps to restrict oil and gas drilling, reduce the use of coal, or regulate domestic manufacturing.
The Administration and Congress may initiate actions to change the regulation of certain industries, including the lime and limestone industry, and may take other steps regarding oil and gas drilling, the use of coal, or domestic manufacturing.
We are unable to predict future demand and prices, given the current economic and regulatory uncertainties in the United States economy as a whole and in particular industries, and cannot provide any assurance that current levels of demand and prices will continue or that any future increases in demand or prices can be maintained.
We are unable to predict future demand and prices, given the current economic and regulatory uncertainties in the United States as a whole and in particular industries, and cannot provide any assurance that current levels of demand and prices will continue or that any future increases in demand or prices can be maintained. 17 Table of Contents We may be limited in our ability to insure against certain risks involved in our operations.
The Mine Act has been construed as authorizing MSHA to issue citations and orders pursuant to the legal doctrine of strict liability, or liability without fault.
The Mine Act has been construed as authorizing MSHA to issue citations and orders pursuant to the legal doctrine of strict liability, or liability without fault. ​ We also have legal reclamation and remediation obligations associated with the retirement of AROs.
There can be no assurance that any of these actions, if adopted, will not increase costs for our customers or increase our cost of compliance with zoning and land use, mine permitting and operating, mine safety, reclamation and remediation, and environmental laws.
There can be no assurance that any of these changes, if implemented, will not adversely affect the demand for our lime and limestone products or increase our costs and those of our suppliers, contractors, and customers, including increasing our cost of compliance with zoning and land use, mine permitting and operating, mine safety, reclamation and remediation, and Environmental Laws.
We expect these costs and liabilities to continue or increase, such as possible new costs, taxes, and limitations on operations, including regulation of greenhouse gas emissions. Similar environmental costs and liabilities may also be faced by some of our customers.
These costs and liabilities may continue or change over time, with uncertainty regarding possible new costs, taxes, and limitations on operations, including regulation of greenhouse gas emissions. Similar environmental costs and liabilities may also be faced by some of our suppliers, contractors, and customers.
We may be limited in our ability to insure against certain risk of our operations. Mining limestone and producing lime and limestone products involve risks which could result in damage to our facilities, personal injury, and environmental damage.
Mining limestone and producing lime and limestone products involve risks which could result in damage to our facilities, personal injury, and environmental damage.
Recent events, such as the ongoing conflicts in Ukraine and the Middle East, and the sanctions and other actions resulting therefrom, could further increase our energy costs.
Various geopolitical developments and regulatory issues, such as the ongoing conflicts in Ukraine, the Middle East, and Latin America, the sanctions, tariffs, and other actions resulting therefrom, and changes in immigration policy, could further increase our costs.
Changes to the regulatory environment could increase our cost of compliance and adversely impact our financial condition, r esults of operations, cash flows, and competitive position . We are in a period of economic and regulatory uncertainty, which has been heightened by the current divides and changes in the branches of the United States federal government.
Changes in the governmental, legal, and regulatory environment could increase our cost of compliance and adversely impact our financial condition, r esults of operations, cash flows, and competitive position .
Specifically, demand from our utility customers has decreased due to the continuing trend in the United States to retire coal-fired utility plants. Our construction, steel, and oil and gas services customers reduce their purchase volumes, at times, due to cyclical economic conditions in their industries.
Specifically, demand from our utility customers has decreased due to the recent trend in the United States towards reducing reliance on coal-fired utility plants.
These changes, if adopted, could have a material adverse effect on our financial condition, results of operations, cash flows and competitive position. ​ More stringent regulation of greenhouse gas emissions could also adversely affect the competitiveness of some of our customers, including coal-fired power plants, and indirectly the demand for our lime and limestone products.
These changes, if adopted, could have a material adverse effect on our financial condition, results of operations, cash flows and competitive position. ​ We intend to comply with all Environmental Laws and believe our accrual for environmental costs and liabilities at December 31, 2025 is reasonable.
Removed
Business and Financial Risks In the normal course of our operations, we face various business and financial risks, including increased energy, labor, and parts and supplies costs, that could have a material adverse effect on our financial position, results of operations, cash flows, and competitive position. Not all risks are foreseeable or within our ability to control.
Added
Our construction, steel, and oil and gas services customers reduce their purchase volumes, at times, due to changing economic and regulatory conditions impacting their industries, and current areas of active growth, such as data center construction, may not continue.
Removed
For example, our utility customers are continuing to switch from coal to natural gas or renewable sources for power generation for environmental and regulatory as well as cost reasons, thus reducing demand for our lime and limestone products for flue gas treatment processes. ​ We intend to comply with all Environmental Laws and believe our accrual for environmental costs and liabilities at December 31, 2024 is reasonable.
Added
Recent increases in the price of lime have made us more susceptible to new entrants into our markets and/or multi-national competition.
Removed
Citations and orders can be contested before the Commission, and as part of that process, are often reduced in severity and amount, and are sometimes vacated. ​ We also have legal reclamation and remediation obligations associated with the retirement of AROs.
Added
Not all risks are foreseeable or within our ability to control.
Added
We are in a period of governmental, legal, and regulatory uncertainty, which has been heightened by the current divides within and between the branches of the United States federal government and state and local governments.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeAs a part of this process, we engage independent third-party specialists to review our cybersecurity environment, including formal reviews and assessments, and we request specific, actionable recommendations for improvement. ​ 21 Table of Contents While we have not, as of the date of this Report on Form 10-K, experienced a cybersecurity threat or incident that has materially impacted our business or operations, there can be no guarantee that we will not experience such a threat or incident in the future.
Biggest changeAs a part of this process, we engage independent third-party specialists to review our cybersecurity environment, including formal reviews and assessments, and we request specific, actionable recommendations for improvement. ​ 20 Table of Contents While we have not, as of the date of this Report on Form 10-K, experienced a cybersecurity threat or incident that has materially impacted our business or operations, there can be no guarantee that we will not experience such a threat or incident in the future.

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Biggest changeFollowing passage of the Mine Improvement and New Emergency Response Act of 2006, MSHA significantly 22 Table of Contents increased the enforcement of mining safety and health standards on all aspects of mining operations. There has also been an increase in the dollar penalties assessed for citations and orders issued in recent years. PART II
Biggest changeFollowing passage of the Mine Improvement and New Emergency Response Act of 2006, MSHA significantly 21 Table of Contents increased the enforcement of mining safety and health standards on all aspects of mining operations. There has also been an increase in the dollar penalties assessed for citations and orders issued in recent years. PART II
The operation of the Company’s quarries, underground mine, and plants is subject to regulation by MSHA. The required information regarding certain mining safety and health matters, broken down by mining complex, for the year ended December 31, 2024 is presented in Exhibit 95.1 to this Report on Form 10-K.
The operation of the Company’s quarries, underground mine, and plants is subject to regulation by MSHA. The required information regarding certain mining safety and health matters, broken down by mining complex, for the year ended December 31, 2025 is presented in Exhibit 95.1 to this Report on Form 10-K.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeLIME & MINERALS, INC. 100.00 127.17 144.58 158.81 260.98 753.94 ​ NASDAQ COMPOSITE INDEX 100.00 144.92 177.06 119.45 172.77 223.87 ​ PEER GROUP ​ 100.00 ​ 102.26 ​ 166.34 ​ 129.82 ​ 182.76 ​ 224.41 ​ ​ SHARE REPURCHASES. ​ The Plan allows employees and directors to pay the exercise price upon the exercise of stock options and the tax withholding liability upon exercise of stock options or the lapse of restrictions on restricted stock by payment in cash and/or withholding or delivery of shares of the Company’s common stock to the Company.
Biggest changeLIME & MINERALS, INC. $ 100.00 ​ 113.70 ​ 124.88 ​ 205.23 ​ 592.88 ​ 536.00 ​ NASDAQ COMPOSITE INDEX $ 100.00 ​ 122.18 ​ 82.43 ​ 119.22 ​ 154.48 ​ 187.14 ​ 2024 PEER GROUP INDEX $ 100.00 ​ 149.49 ​ 121.40 ​ 174.04 ​ 206.25 ​ 171.87 ​ 2025 PEER GROUP INDEX $ 100.00 ​ 135.38 ​ 117.66 ​ 171.82 ​ 216.64 ​ 215.83 ​ ​ 23 Table of Contents SHARE REPURCHASES. ​ The Plan allows employees and directors to pay the exercise price upon the exercise of stock options and the tax withholding liability upon exercise of stock options or the lapse of restrictions on restricted stock by payment in cash and/or withholding or delivery of shares of the Company’s common stock to the Company.
The graph assumes that the value of the investment in the Company’s common stock and each index was $100 on December 31, 2019, and that all cash dividends have been reinvested. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 2022 2023 2024 U.S.
The graph assumes that the value of the investment in the Company’s common stock and each index was $100 on December 31, 2020, and that all cash dividends have been reinvested. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 ​ 2022 ​ 2023 ​ 2024 ​ 2025 U.S.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUIT Y, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. The Company’s common stock is listed on the Nasdaq Global Market ® under the symbol “USLM.” As of February 25, 2025, the Company had approximately 350 shareholders of record.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUIT Y, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. The Company’s common stock is listed on the Nasdaq Global Market ® under the symbol “USLM.” As of February 24, 2026, the Company had approximately 380 stockholders of record.
Pursuant to these provisions, the Company repurchased 24,593 shares at a price of $135.58 per share, the fair market value of one share on the date that they were tendered to the Company, in the fourth quarter 2024 for payment of tax withholding liability upon the lapse of restrictions on restricted stock. ​
Pursuant to these provisions, the Company repurchased 18,691 shares at a price of $119.74 per share, the fair market value of one share on the date that they were tendered to the Company, in the fourth quarter 2025 for payment of tax withholding liability upon the lapse of restrictions on restricted stock. ​ ITEM 6. [RESERVED ] ​ 24 Table of Contents
As of February 25, 2025, the Company had 500,000 shares of $5.00 par value preferred stock authorized; however, none has been issued. 23 Table of Contents PERFORMANCE GRAPH The graph below compares the cumulative 5-year total shareholders’ return on the Company’s common stock with the cumulative total return on the NASDAQ Composite Index and a customized peer group index consisting of Eagle Materials, Inc., Mineral Technologies, Inc., and Summit Materials Inc.
As of February 24, 2026, the Company had 500,000 shares of $5.00 par value preferred stock authorized; however, none has been issued. 22 Table of Contents PERFORMANCE GRAPH The graph below compares the cumulative 5-year total stockholders’ return on the Company’s common stock with the cumulative total return on the NASDAQ Composite Index and our prior and current customized peer group indices.
Added
The prior peer group (“2024 Peer Group”) consists of Eagle Materials, Inc., and Mineral Technologies, Inc. During 2025, Summit Materials, Inc., a previous member of the peer group, was no longer traded on a public exchange and was accordingly removed from the peer group calculations for all years presented.
Added
In addition, the peer group was revised in 2025 to add two new companies. The current peer group (“2025 Peer Group”) consists of Eagle Materials, Inc. and Mineral Technologies, Inc, as well as Arcosa Inc. and Granite Construction Inc.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

48 edited+10 added−8 removed27 unchanged
Biggest changeNet income increased to $74.5 million ($2.61 per share diluted) in 2023, compared to $45.4 million ($1.60 per share diluted) in 2022, an increase of $29.1 million, or 64.1%. ​ Summary of Quarterly Financial Data (dollars in thousands except per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ March 31, ​ June 30, ​ September 30, ​ December 31, Revenues ​ $ 71,687 ​ $ 76,545 ​ $ 89,427 ​ $ 80,062 ​ Gross profit ​ $ 30,607 ​ $ 34,822 ​ $ 43,113 ​ $ 35,439 ​ Operating profit ​ $ 25,759 ​ $ 29,940 ​ $ 38,137 ​ $ 31,087 ​ Net income ​ $ 22,439 ​ $ 26,057 ​ $ 33,353 ​ $ 26,990 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic income per common share ​ $ 0.79 ​ $ 0.91 ​ $ 1.17 ​ $ 0.94 ​ Diluted income per common share ​ $ 0.78 ​ $ 0.91 ​ $ 1.16 ​ $ 0.94 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ March 31, ​ June 30, ​ September 30, ​ December 31, Revenues ​ $ 66,777 ​ $ 73,983 ​ $ 74,878 ​ $ 65,692 ​ Gross profit ​ $ 23,992 ​ $ 27,131 ​ $ 28,155 ​ $ 23,589 ​ Operating profit ​ $ 19,840 ​ $ 22,812 ​ $ 23,800 ​ $ 18,970 ​ Net income ​ $ 17,104 ​ $ 19,712 ​ $ 20,733 ​ $ 17,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic income per common share ​ $ 0.60 ​ $ 0.69 ​ $ 0.73 ​ $ 0.60 ​ Diluted income per common share ​ $ 0.60 ​ $ 0.69 ​ $ 0.73 ​ $ 0.60 ​ ​ FINANCIAL CONDITION.
Biggest changeSummary of Quarterly Financial Data (dollars in thousands except per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ March 31, ​ June 30, ​ September 30, ​ December 31, Revenues ​ $ 91,253 ​ ​ 91,518 ​ ​ 102,016 ​ ​ 87,940 ​ Gross profit ​ $ 46,156 ​ ​ 41,878 ​ ​ 52,189 ​ ​ 42,175 ​ Operating profit ​ $ 39,894 ​ ​ 35,689 ​ ​ 46,262 ​ ​ 36,014 ​ Net income ​ $ 34,113 ​ ​ 30,831 ​ ​ 38,782 ​ ​ 30,549 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic income per common share ​ $ 1.19 ​ ​ 1.08 ​ ​ 1.35 ​ ​ 1.07 ​ Diluted income per common share ​ $ 1.19 ​ ​ 1.07 ​ ​ 1.35 ​ ​ 1.06 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ March 31, ​ June 30, ​ September 30, ​ December 31, Revenues ​ $ 71,687 ​ ​ 76,545 ​ ​ 89,427 ​ ​ 80,062 ​ Gross profit ​ $ 30,607 ​ ​ 34,822 ​ ​ 43,113 ​ ​ 35,439 ​ Operating profit ​ $ 25,759 ​ ​ 29,940 ​ ​ 38,137 ​ ​ 31,087 ​ Net income ​ $ 22,439 ​ ​ 26,057 ​ ​ 33,353 ​ ​ 26,990 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic income per common share ​ $ 0.79 ​ ​ 0.91 ​ ​ 1.17 ​ ​ 0.94 ​ Diluted income per common share ​ $ 0.78 ​ ​ 0.91 ​ ​ 1.16 ​ ​ 0.94 ​ ​ FINANCIAL CONDITION.
Our modernization and expansion and development projects and acquisitions in Texas, Arkansas, Oklahoma, and Missouri and our Texas slurry operations have positioned us to meet the demand for high- quality lime and limestone products in our markets.
Our modernization and expansion and development projects in Texas, Arkansas, and Oklahoma, our acquisitions in Oklahoma and Missouri, and our Texas slurry operations have positioned us to meet the demand for high- quality lime and limestone products in our markets.
Our modernization and expansion and development projects have also equipped us with up-to-date, fuel- efficient plant facilities, which have resulted in lower production costs and greater operating efficiencies, thus enhancing our competitive position. All of our rotary kilns are now fuel-efficient preheater kilns, and the addition of the vertical kiln at St.
Our modernization and expansion and development projects have also equipped us with up-to-date, fuel- efficient plant facilities, which have resulted in lower production costs and greater operating efficiencies, thus enhancing our competitive position. All of our rotary kilns are preheater kilns, and the addition of the vertical kiln at St.
Adverse weather conditions, such as ice storms, freezing weather, hurricanes, tornadoes, excessive rains, and flooding, generally reduce the demand for lime and limestone products supplied to construction-related customers that account for a significant amount of our revenues. Inclement weather also interferes with our open-pit mining operations and can disrupt our plant production.
Adverse weather conditions, such as ice storms, freezing weather, hurricanes, tornadoes, excessive rains, and flooding, generally reduce the demand for lime and limestone products supplied to construction-related customers that account for a significant amount of our revenues. Inclement weather also interferes with our open-pit mining operations and can disrupt our plant production and product shipments.
With these funding sources, we would expect to see strong continued demand from our construction customers, but the timing and amount of any increase in demand is uncertain and subject to weather, political, economic, and other factors.
With these funding sources and investment, we expect to see strong continued demand from our construction customers, but the timing and amount of any increase in demand is uncertain and subject to weather, political, economic, and other factors.
The Company cautions that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from expectations, including without limitation the following: (i) the Company’s plans, strategies, objectives, expectations, and intentions are subject to change at any time at the Company’s discretion; (ii) the Company’s plans and results of operations will be affected by its ability to maintain and increase its revenues and manage its growth; (iii) the Company’s ability to meet short-term and long-term liquidity demands, including meeting the Company’s operating and capital needs, including possible acquisitions and paying dividends, and conditions in the credit and equity markets, including the ability of the Company’s customers to meet their obligations; (iv) interruptions to operations and increased expenses at the Company’s facilities resulting from changes in mining methods or conditions, variability of chemical or physical properties of the Company’s limestone and its impact on process equipment and product quality, inclement weather conditions, including more severe and frequent weather events resulting from climate change, natural disasters, accidents, IT systems failures or disruptions, including due to cybersecurity threats and incidents, utility disruptions, supply chain delays and disruptions, labor shortages and disruptions, or regulatory requirements; (v) volatile coal, petroleum coke, diesel, natural gas, electricity, and transportation costs and the consistent availability of trucks, truck drivers, and rail cars to deliver the Company’s products to its customers and solid fuels to its plants on a timely basis at competitive prices; (vi) the Company’s ability to expand its operations through projects and acquisitions of businesses with related or similar operations and the Company’s ability to obtain any required financing for such projects and acquisitions, to integrate the projects and acquisitions into the Company’s overall operations, and to sell any resulting increased production at acceptable prices; (vii) inadequate demand and/or prices for the Company’s lime and limestone products due to increased competition from competitors, increasing competition for certain customer accounts, conditions in the U.S. economy, recessionary pressures in, and the impact of government policies on, particular industries, including oil and gas services, utility plants, steel, construction, and industrial, 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, Israel, and the broader Middle East, 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, including changing interest rates, and 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, diversity, inclusion, and other ESG 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 global 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.
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.
Clair further increased the fuel efficiency of our fleet of kilns. Future projects, such as our new kiln project at Texas Lime, will create the opportunity for further fuel efficiency.
Clair further increased the fuel efficiency of our fleet of kilns. Future projects, such as our new kiln project at Texas Lime, will create opportunities for further fuel efficiency.
Absent a significant acquisition, we believe that cash on hand and cash flows from operations will be sufficient to meet our operating needs, ongoing capital needs, including our current and possible future modernization and expansion and development projects, such as the Texas kiln project, and liquidity needs and allow us to pay our increased regular cash dividends for the near future.
Absent a significant acquisition, we believe that cash on hand and cash flows from operations will be sufficient to meet our operating needs, ongoing capital needs, including our current and possible future modernization and expansion and development projects, such as the Texas kiln project, and liquidity needs and allow us to pay our regular cash dividends for the short-term and beyond.
Demand for our lime and limestone products in our market areas is also affected by general economic conditions, the pace of construction, including the level of governmental and private funding for highway construction and infrastructure, utility plant usage of coal for power generation, the demand for steel, and the level of oil and gas drilling in our markets.
Demand for our lime and limestone products in our market areas is also affected by general economic, political, and regulatory conditions, the pace of construction, including the level of governmental and private funding for highway, infrastructure, and data center construction, utility plant usage of coal for power generation, the demand for steel, the demand for roof shingles, and the level and oil and gas drilling in our markets.
The increase in other (income) expense, net in 2023 compared to 2022, was due to higher interest rates earned on higher average balances in our cash and cash equivalents.
The increase in other (income) expense, net in 2024, compared to 2023, was due to interest earned on higher average balances of our cash and cash equivalents.
The following table sets forth certain financial information expressed as a percentage of revenues for the three years ended December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 2023 2022 ​ Revenues 100.0 ​ 100.0 ​ 100.0 ​ ​ Cost of revenues ​ ​ ​ ​ ​ ​ ​ ​ Labor and other operating expenses (47.2) ​ (55.1) ​ (60.9) ​ ​ Depreciation, depletion and amortization (7.5) ​ (8.3) ​ (9.3) ​ ​ Gross profit 45.3 ​ 36.6 ​ 29.8 ​ ​ Selling, general and administrative expenses (5.9) ​ (6.2) ​ (6.6) ​ ​ Operating profit 39.4 ​ 30.4 ​ 23.2 ​ ​ Other income, net ​ 3.6 ​ 2.8 ​ 0.7 ​ ​ Income tax expense (8.7) ​ (6.7) ​ (4.7) ​ ​ Net income 34.3 % 26.5 % 19.2 % ​ 2024 vs. 2023 Our revenues in 2024 increased to $317.7 million from $281.3 million in 2023, an increase of $36.4 million, or 12.9%.
The following table sets forth certain financial information expressed as a percentage of revenues for the three years ended December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ Revenues 100.0 % 100.0 % 100.0 % ​ Cost of revenues ​ ​ ​ ​ ​ ​ ​ ​ Labor and other operating expenses (44.4) ​ (47.2) ​ (55.1) ​ ​ Depreciation, depletion and amortization (6.7) ​ (7.5) ​ (8.3) ​ ​ Gross profit 48.9 ​ 45.3 ​ 36.6 ​ ​ Selling, general and administrative expenses (6.5) ​ (5.9) ​ (6.2) ​ ​ Operating profit 42.4 ​ 39.4 ​ 30.4 ​ ​ Other (income) expense, net ​ 3.5 ​ 3.6 ​ 2.8 ​ ​ Income tax expense (9.9) ​ (8.7) ​ (6.7) ​ ​ Net income 36.0 % 34.3 % 26.5 % ​ 2025 vs. 2024 Our revenues in 2025 increased to $372.7 million from $317.7 million in 2024, an increase of $55.0 million, or 17.3%.
Our cash and cash equivalents at December 31, 2024 increased to $278.0 million from $188.0 million at December 31, 2023. Banking Facilities and Debt. Our credit agreement with Wells Fargo Bank, N.A.
Our cash and cash equivalents at December 31, 2025 increased to $371.1 million from $278.0 million at December 31, 2024. Banking Facilities and Debt. Our credit agreement with Wells Fargo Bank, N.A.
The increase in revenues in 2023 was due to a 21.1% increase in average selling prices for our lime and limestone products, partially offset by a 1.1% decrease in sales volumes.
The increase in revenues in 2024 was due to a 14.2% increase in average selling prices for our lime and limestone products, partially offset by a 1.2% decrease in sales volumes.
For our plants to operate at peak efficiency, we must meet operational challenges that arise from time to time, including bringing new facilities on-line and refurbishing and/or improving acquired facilities, including the facilities acquired as a result of our acquisitions of Carthage and Mill Creek, as well as operating existing facilities efficiently.
For our plants to operate at peak efficiency, we must meet operational challenges that arise from time to time, including bringing new facilities on-line and refurbishing and/or improving acquired facilities, as well as operating existing facilities efficiently.
Other (income) expense, net was $11.5 million income in 2024, compared to $7.9 million income in 2023, an increase of $3.5 million. The increase in other (income) expense, net in 2024 compared to 2023, was due to interest earned on higher average balances in our cash and cash equivalents.
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.
In addition, our freight costs, including the cost of diesel, to deliver our products can be high relative to the value of our products. 27 Table of Contents Historically, we have been able to mitigate to some degree the impact of volatile energy costs by varying the mixes of fuel used in our kilns, and by passing on some of any increase in costs to our customers, where possible, through higher prices and/or surcharges on certain products.
Historically, we have been able to mitigate to some degree the impact of volatile energy costs by varying the mixes of fuel used in our kilns, and by passing on some of any increase in costs to our customers, where possible, 27 Table of Contents through higher prices and/or surcharges on certain products.
Our effective income tax rates in 2024 and 2023 were reduced from the statutory rate primarily due to statutory depletion in excess of basis.
Our effective income tax rates in 2024 and 2023 were reduced from the statutory rate primarily due to statutory depletion in excess of basis, and increased primarily due to disallowed executive compensation and state income taxes.
Set forth below is certain selected financial data for the five years ended December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2024 2023 2022 2021 2020 ​ ​ (dollars in thousands, except per share amounts) Operating results ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 317,721 281,330 236,150 189,255 160,704 ​ Gross profit ​ $ 143,981 102,867 70,342 59,260 47,587 ​ Operating profit ​ $ 124,923 ​ 85,422 ​ 54,783 ​ 46,417 ​ 33,869 ​ Other (income) expense, net ​ $ (11,460) (7,940) (1,779) (101) (203) ​ Income tax expense ​ $ 27,544 ​ 18,813 ​ 11,133 ​ 9,473 ​ 5,849 ​ Net income ​ $ 108,839 74,549 45,429 37,045 28,223 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per share of common stock: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 3.81 2.62 1.60 1.31 1.00 ​ Diluted ​ $ 3.79 ​ 2.61 ​ 1.60 ​ 1.31 ​ 1.00 ​ Dividends per share of common stock ​ $ 0.20 0.16 0.16 0.13 0.13 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2024 2023 2022 2021 2020 Total assets ​ $ 543,163 440,602 367,772 ​ 279,098 247,037 ​ Stockholders’ equity per outstanding common share ​ $ 17.39 13.78 11.30 ​ 9.82 8.61 ​ Employees ​ 345 333 338 ​ 308 317 ​ ​ General.
Set forth below is certain selected financial data for the five years ended December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ 2022 ​ ​ ​ 2021 ​ ​ (dollars in thousands, except per share amounts) Operating results ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 372,727 317,721 281,330 236,150 189,255 ​ Gross profit ​ $ 182,398 143,981 102,867 70,342 59,260 ​ Operating profit ​ $ 157,859 ​ 124,923 ​ 85,422 ​ 54,783 ​ 46,417 ​ Other (income) expense, net ​ $ (13,158) (11,460) (7,940) (1,779) (101) ​ Income tax expense ​ $ 36,742 ​ 27,544 ​ 18,813 ​ 11,133 ​ 9,473 ​ Net income ​ $ 134,275 108,839 74,549 45,429 37,045 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per share of common stock: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 4.69 3.81 2.62 1.60 1.31 ​ Diluted ​ $ 4.67 ​ 3.79 ​ 2.61 ​ 1.60 ​ 1.31 ​ Dividends per share of common stock ​ $ 0.24 0.20 0.16 0.16 0.13 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ 2022 ​ ​ ​ 2021 Total assets ​ $ 681,044 543,163 440,602 ​ 367,772 279,098 ​ Stockholders’ equity per outstanding common share ​ $ 22.00 17.39 13.78 ​ 11.30 9.82 ​ Employees ​ 346 345 333 ​ 338 308 ​ ​ General.
Texas continues to invest heavily in its transportation, including directing certain sales and use tax revenues, state motor vehicle sales and rental tax revenues, and oil and gas tax revenues to the State Highway Fund, as required under the Texas constitution. In its fiscal 2024, Texas transferred approximately $6.2 billion of such tax revenues to the State Highway Fund.
Texas continues to invest heavily in its transportation infrastructure, including directing certain sales and use tax revenues, state motor vehicle sales and rental tax revenues, and oil and gas tax revenues to the State Highway Fund, as required under the Texas constitution.
We spent $3.5 million, $1.3 million, and $0.8 million in 2024, 2023, and 2022, respectively, to repurchase treasury shares tendered for payment of the exercise price for stock options and the tax withholding liability upon the lapse of restrictions on restricted stock. Contractual Obligations.
Common Stock Buybacks. We spent $2.7 million, $3.5 million, and $1.3 million in 2025, 2024, and 2023, respectively, to repurchase treasury shares tendered for payment of the tax withholding liability upon the lapse of restrictions on restricted stock. Contractual Obligations.
(3) Purchase obligations includes enforceable agreements to purchase goods or services that specify all significant terms, including fixed or minimum quantities to be purchased, generally pertaining to fuel contracts, fixed-price provisions, and the approximate timing of the transaction, and are either non-cancelable or subject to significant penalty upon cancellation, including $32.5 million related to the Texas kiln project.
(3) Purchase obligations includes enforceable agreements to purchase goods, equipment, or services that specify all significant terms, including fixed or minimum quantities to be purchased, generally pertaining to fuel contracts, fixed-price provisions, and the approximate timing of the transaction, and are either non-cancelable or subject to significant penalty upon cancellation, including $15.9 million, $2.7 million of which is on the Consolidated Balance Sheet at December 31, 2025, related to the Texas kiln project.
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.
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.
Net income increased to $108.8 million ($3.79 per share diluted) in 2024, compared to $74.5 million ($2.61 per share diluted) in 2023, an increase of $34.3 million, or 46.0%. 2023 vs. 2022 Our revenues in 2023 increased to $281.3 million from $236.2 million in 2022, an increase of $45.2 million, or 19.1%.
Net income increased to $108.8 million ($3.79 per share diluted) in 2024, compared to $74.5 million ($2.61 per share diluted) in 2023, an increase of $34.3 million, or 46.0%.
Selling, general and administrative expenses (“SG&A”) increased to $19.1 million in 2024, an increase of $1.6 million, or 9.2%, compared to $17.4 million in 2023. As a percentage of revenues, SG&A was 5.9% in 2024, compared to 6.2% in 2023. The increase in SG&A was primarily due to increased personnel expenses, including stock-based compensation, in 2024, compared to 2023.
Selling, general and administrative expenses (“SG&A”) increased to $24.5 million in 2025, an increase of $5.5 million, or 28.8%, compared to $19.1 million in 2024. As a percentage of revenues, SG&A was 6.5% in 2025, compared to 5.9% in 2024. The increase in SG&A was primarily due to increased personnel expenses in 2025 compared to 2024.
In 2023, net cash provided by operating activities was principally composed of $74.5 million net income, $23.8 million DD&A, and $3.2 million stock-based compensation, partially offset by a $0.9 million decrease in deferred income taxes and an $8.8 million decrease from changes in working capital.
In 2025, net cash provided by operating activities was principally composed of $134.3 million net income, $25.2 million DD&A, and $8.1 million stock-based compensation, partially offset by a $0.7 million decrease in deferred income taxes and a $2.6 million decrease from changes in working capital.
Our capital needs are expected to be met principally from cash on hand, cash flows from operations, and our $75.0 million revolving credit facility. 30 Table of Contents We expect to spend approximately $22.0 million per year over the next several years for normal recurring capital and re-equipping projects at our plants and facilities to maintain or improve efficiency, ensure compliance with Environmental Laws, meet customer needs, and reduce costs.
We expect to spend approximately $25.0 million per year over the next several years for normal recurring capital and re-equipping projects at our plants and facilities to maintain or improve efficiency, ensure compliance with 30 Table of Contents Environmental Laws, meet customer needs, and reduce costs.
In 2023, the changes in working capital were principally composed of a $4.5 million increase in trade receivables, net, primarily as a result of increased sales in the fourth quarter 2023, compared to the fourth quarter 2022, a $4.7 million increase in inventories, primarily due to increases in the volume of our solid fuel stockpiles and the costs of our supply of critical parts, and a $1.1 million increase in prepaid expenses and other current assets, partially offset by a $1.7 million increase in accounts payable and accrued expenses.
In 2025, the changes in working capital were principally composed of a $4.0 million increase in trade receivables, net, primarily as a result of increased sales in the fourth quarter 2025, compared to the fourth quarter 2024, and a $3.2 million increase in inventories, primarily due to increases in the costs of our supply of critical parts, partially offset by a $4.5 million increase in accounts payable and accrued expenses.
(2) Of these obligations, $1,657 were recorded on the Consolidated Balance Sheet at December 31, 2024.
(2) Of these obligations, $3,749 were recorded on the Consolidated Balance Sheet at December 31, 2025.
We may pay dividends so long as we remain in compliance with the provisions of our credit agreement, and we may purchase, redeem, or otherwise acquire shares of our common stock so long as our pro forma Cash Flow Leverage 31 Table of Contents Ratio is less than 3.00 to 1.00 and no default or event of default exists or would exist after giving effect to such stock repurchase.
We may pay dividends so long as we remain in compliance with the provisions of our credit agreement, and we may purchase, redeem, or otherwise acquire shares of our common stock so long as our pro forma Cash Flow Leverage Ratio is less than 3.00 to 1.00 and no default or event of default exists or would exist after giving effect to such stock repurchase. 31 Table of Contents At December 31, 2025, we had no debt outstanding and no draws on the Revolving Facility other than $4.7 million of letters of credit, principally related to the Texas kiln project, which count as draws against the available commitment under the Revolving Facility.
Net cash used in investing activities for 2023 included $11.0 million for real property purchases. Net cash used in financing activities primarily consisted of $5.7 million for dividend payments and $3.5 million to repurchase shares of our common stock in 2024, compared to $4.6 million for dividend payments and $1.3 million to repurchase shares of our common stock in 2023.
Net cash used in financing activities primarily consisted of $6.9 million for dividend payments and $2.7 million to repurchase shares of our common stock in 2025, compared to $5.7 million for dividend payments and $3.5 million to repurchase shares of our common stock in 2024.
Net cash used in investing activities was $26.9 million for 2024, compared to $32.0 million for 2023. Net cash used in investing activities for 2024 included $1.4 million on the new kiln and related equipment and infrastructure project at Texas Lime and $1.6 million for real property purchases.
Net cash used in investing activities was $62.5 million for 2025, compared to $26.9 million for 2024. Net cash used in investing activities for 2025 included $35.9 million on the Texas kiln project and $4.6 million for real property purchases.
Our gross profit increased to $144.0 million in 2024 from $102.9 million in 2023, an increase of $41.1 million, or 40.0%. The increase in gross profit in 2024, compared to 2023, resulted primarily from the increased revenues discussed above.
Our gross profit increased to $182.4 million in 2025 from $144.0 million in 2024, an increase of $38.4 million, or 26.7%. The increase in gross profit in 2025, compared to 2024, resulted primarily from the increased revenues discussed above.
Our effective income tax rates in 2023 and 2022 were reduced from the statutory rate primarily due to statutory depletion in excess of basis.
Our effective income tax rates in 2025 and 2024 were increased from the statutory rate primarily due to state income taxes and disallowed executive compensation, and reduced primarily by statutory depletion in excess of basis.
Our net cash provided by operating activities is composed of net income, depreciation, depletion and amortization (“DD&A”), other non-cash items included in net income, and changes in working capital.
Net cash provided by operating activities was $165.0 million in 2025, compared to $126.0 million in 2024, an increase of $39.0 million, or 30.9%. Our net cash provided by operating activities is composed of net income, depreciation, depletion and amortization (“DD&A”), other non-cash items included in net income, and changes in working capital.
Income tax expense was $18.8 million in 2023, for an effective rate of 20.2%, compared to $11.1 million in 2022, for an effective rate of 19.7%, an increase of $7.7 million, primarily due to the increase in income before taxes in 2023, compared to 2022.
Income tax expense was $36.7 million in 2025, for an effective rate of 21.5%, compared to $27.5 million in 2024, for an effective rate of 20.2%, an increase of $9.2 million, primarily due to the increase in income before income taxes in 2025, compared to 2024.
The decrease in sales volumes was primarily 29 Table of Contents due to decreased demand from our industrial, steel, and construction customers, partially offset by increased demand from our roofing, environmental, and oil and gas services customers. Our gross profit increased to $102.9 million in 2023 from $70.3 million in 2022, an increase of $32.5 million, or 46.2%.
The decrease in sales volume was primarily due 29 Table of Contents to decreased demand from our construction customers, partially offset by increased demand from our industrial, environmental, and roof shingle customers. Our gross profit increased to $144.0 million in 2024 from $102.9 million in 2023, an increase of $41.1 million, or 40.0%.
Our gross profit increased 40.0% in 2024, compared to 2023, primarily due to the increased revenues discussed above. Our other (income) expense, net was $11.5 million income in 2024, compared to $7.9 million income in 2023, an increase of $3.5 million.
The increase in SG&A was primarily due to increased personnel expenses, including stock-based compensation, in 2024, compared to 2023. Other (income) expense, net was $11.5 million income in 2024, compared to $7.9 million income in 2023, an increase of $3.5 million.
The increase in other income, net in 2024, compared to 2023, was due to interest earned on higher average balances in our cash and cash equivalents. Our net income increased $34.3 million, or 46.0%, in 2024, compared to 2023. Net income per fully diluted share increased to $3.79 in 2024, compared to $2.61 in 2023, an increase of 45.2%.
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.
As of December 31, 2024, we had $35.5 million in open orders for equipment and construction contracts, including $32.5 million of contractual obligations relating to the new kiln project at Texas Lime. Liquidity and Capital Resources. Net cash provided by operating activities was $126.0 million in 2024, compared to $92.3 million in 2023, an increase of $33.8 million, or 36.6%.
As of December 31, 2025, we had $18.6 million in open orders for equipment and construction services contracts, including $15.9 million of contractual obligations relating to the new kiln project at Texas Lime. Liquidity and Capital Resources.
The increase in gross profit in 2023, compared to 2022, resulted primarily from the increased revenues discussed above, partially offset by increased lime and limestone production costs, principally from higher energy, labor, and parts and supplies costs. SG&A increased to $17.4 million in 2023, an increase of $1.9 million, or 12.1%, compared to $15.6 million in 2022.
The increase in gross profit in 2024, compared to 2023, resulted primarily from the increased revenues discussed above. SG&A increased to $19.1 million in 2024, an increase of $1.6 million, or 9.2%, compared to $17.4 million in 2023. As a percentage of revenues, SG&A was 5.9% in 2024, compared to 6.2% in 2023.
The following table sets forth our contractual obligations as of December 31, 2024 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments Due by Period ​ ​ ​ ​ ​ ​ More Than Contractual Obligations ​ Total ​ 1 Year ​ 2 - 3 Years ​ 4 - 5 Years ​ 5 Years Operating leases (1) ​ $ 5,518 1,691 2,649 613 565 ​ Limestone mineral leases ​ $ 2,187 97 249 302 1,539 ​ Purchase obligations (2)(3) ​ $ 48,770 39,047 9,723 — — ​ Other liabilities ​ $ 1,484 120 240 240 884 ​ Total ​ $ 57,959 40,955 12,861 1,155 2,988 ​ (1) Represents operating leases for railcars, corporate office space, and some equipment that are either non-cancelable or subject to significant penalty upon cancellation.
The following table sets forth our contractual obligations as of December 31, 2025 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments Due by Period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ More Than Contractual Obligations ​ Total ​ 1 Year ​ 2 - 3 Years ​ 4 - 5 Years ​ 5 Years Operating leases (1) ​ $ 4,394 1,713 1,983 408 290 ​ Limestone mineral leases ​ $ 2,315 123 354 283 1,555 ​ Purchase obligations (2)(3) ​ $ 41,009 34,989 6,020 — — ​ Other liabilities ​ $ 1,401 120 240 240 801 ​ Total ​ $ 49,119 36,945 8,597 931 2,646 ​ (1) Represents operating leases for railcars, corporate office space, and some equipment that are either non-cancelable or subject to significant penalty upon cancellation.
Absent a significant acquisition opportunity arising during 2025, 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 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.
Cash flows from operations enabled us to make $27.4 million of capital investments in 2024. It also enabled us to pay $5.7 million in dividends in 2024 and increase our cash balances to $278.0 million as of December 31, 2024, compared to $188.0 million as of December 31, 2023.
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.
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. During 2024, we determined that the activities of our natural gas interests did not meet the requirements of an operating segment.
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 revenues in 2024 was due to a 14.2% increase in average selling prices for our lime and limestone products, partially offset by a 1.2% decrease in sales volumes. The decrease in sales volume was primarily due to decreased demand from our construction customers, partially offset by increased demand from our industrial, environmental, and roof shingle customers.
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.
Capital Requirements. We require capital primarily for normal recurring capital and re- equipping projects, modernization and expansion and development projects, and acquisitions.
Capital Requirements. We require capital primarily for normal recurring capital and re- equipping projects, modernization and expansion and development projects, and acquisitions. Our capital needs are expected to be met principally from cash on hand, cash flows from operations, and our $75.0 million revolving credit facility.
On February 3, 2025, we announced that our Board of Directors had declared an increased regular quarterly cash dividend of $0.06 per share. The dividend is payable on March 14, 2025, to shareholders of record on February 21, 2025.
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.
Our revenues increased 12.9% in 2024 compared to 2023, primarily due to an increase in average selling prices for our lime and limestone products of 14.2%, partially offset by a 1.2% decrease in sales volume. This decrease in demand was primarily from our construction customers, partially offset by increased demand from our industrial, environmental, and roof shingle customers.
The increase in revenues in 2025 was due to an 11.7% increase in sales volumes and a 5.6% increase in average selling prices for our lime and limestone products.
Removed
Previously unallocated items, including cash, interest income and expense, and other expense are now included as part of our single lime and limestone operations segment. Disclosures for 2023 and 2022 have been recast to be consistent with the 2024 presentation.
Added
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.
Removed
As of December 31, 2024 and 2023, we had no debt outstanding. On May 2, 2024, our shareholders approved an increase in the number of authorized shares of our common stock from 30,000,000 to 45,000,000.
Added
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.
Removed
On July 12, 2024, we effected a 5-for-1 split of our common stock, in the form of a stock dividend of four additional shares of common stock for each share outstanding, to shareholders of record at the close of business on June 21, 2024 (the “Stock Split”).
Added
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.
Removed
All share and per share information, including stock-based 26 Table of Contents compensation, throughout this Annual Report on Form 10-K has been retroactively adjusted to reflect the Stock Split. The shares of common stock retain a par value of $0.10 per share.
Added
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.
Removed
Additionally, for future roadway projects outlined in the Texas Department of Transportation’s 2024 Unified Transportation Program, the state programmed a $15.5 billion increase in funding for a total of $100.6 billion in construction and major maintenance projects planned over the next 10 years.
Added
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.
Removed
In 2021, the United States Congress passed the Infrastructure Investment and Jobs Act, which is estimated to apportion approximately $27.5 billion to Texas for federal-aid highway programs, of which $16.6 billion has been announced for roads, bridges, roadway safety, and major projects.
Added
The major metropolitan areas in Texas continue to experience net population growth and are characterized by solid new housing demand and related infrastructure growth.
Removed
As a percentage of revenues, SG&A was 6.2% in 2023, compared to 6.6% in 2022. The increase in SG&A was primarily due to increased personnel expenses in 2023, compared to 2022. Other (income) expense, net was $7.9 million income in 2023, compared to $1.8 million income in 2022, an increase of $6.2 million.
Added
In addition, our freight costs, including the cost of diesel, to deliver our products can be high relative to the value of our products.
Removed
At December 31, 2024, we had no debt outstanding and no draws on the Revolving Facility other than $6.6 million of letters of credit, which count as draws against the available commitment under the Revolving Facility. Common Stock Buybacks.
Added
The increase in sales volumes was principally due to increased demand from our construction, including the construction of some large data centers in the regions we serve, environmental, and steel customers, partially offset by decreased demand from our oil and gas services customers.
Added
Net income increased to $134.3 million ($4.67 per share diluted) in 2025, compared to $108.8 million ($3.79 per share diluted) in 2024, an increase of $25.4 million, or 23.4%. 2024 vs. 2023 Our revenues in 2024 increased to $317.7 million from $281.3 million in 2023, an increase of $36.4 million, or 12.9%.
Added
Net cash used in investing activities for 2024 included $1.4 million on the Texas kiln project and $1.6 million for real property purchases.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

2 edited+0 added−0 removed1 unchanged
Biggest changeAny future borrowings under the Revolving Facility would be subject to interest rate risk. Additionally, our cash and cash equivalents earn interest which is reported in Other (income) expense, net in the consolidated statements of income.
Biggest changeAny future borrowings under the Revolving Facility would be subject to interest rate risk. Additionally, our cash and cash equivalents earn interest which is reported in Other (income) expense, net on the Consolidated Statements of Income.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. INTEREST RATE RISK. We could be exposed to changes in interest rates, primarily as a result of floating interest rates on the Revolving Facility. There was no outstanding balance on the Revolving Facility subject to interest rate risk at December 31, 2024.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. INTEREST RATE RISK. We could be exposed to changes in interest rates, primarily as a result of floating interest rates on the Revolving Facility. There was no outstanding balance on the Revolving Facility subject to interest rate risk at December 31, 2025.

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