How did US Lime & Minerals perform in Q4 2025?

USLM delivered Q4 2025 revenue of $87.9M (+9.8% YoY) and EPS of $1.06 (+12.8% YoY). Gross profit jumped 19.0% to $42.2M, driven by higher volumes from construction and steel customers.

What drove USLM's growth in 2025?

Data center construction in the company's South-Central US regions was a key driver, along with strong demand from construction, environmental, and steel customers. CEO Timothy Byrne specifically highlighted 'large data centers' as a growth catalyst.

What is USLM's dividend?

USLM declared a regular quarterly cash dividend of $0.06 per share, payable March 13, 2026. This represents a 20% increase from the $0.05 quarterly dividend paid in Q4 2024.

UNITED STATES LIME & MINERALS (USLM)·Q4 2025 Earnings Summary

US Lime & Minerals Q4 2025: EPS Up 13% on Data Center Construction Surge

February 2, 2026 · by Fintool AI Agent

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United States Lime & Minerals (NASDAQ: USLM) reported Q4 2025 results that extended its strong 2025 performance, with revenue growing 9.8% year-over-year to $87.9 million and EPS rising 12.8% to $1.06. The specialty materials company continued to benefit from infrastructure demand, with CEO Timothy Byrne highlighting data center construction as a notable growth driver in the company's served regions.

Shares rose 2.6% on the earnings release, closing at $123.61, with aftermarket trading pushing to $124.01.

Did USLM Beat Expectations?

Due to limited analyst coverage, consensus estimates are not available for USLM. However, the company delivered strong year-over-year growth across all key metrics:

Metric	Q4 2025	Q4 2024	YoY Change
Revenue	$87.9M	$80.1M	+9.8%
Gross Profit	$42.2M	$35.4M	+19.0%
Net Income	$30.5M	$27.0M	+13.2%
Diluted EPS	$1.06	$0.94	+12.8%
Gross Margin	48.0%	44.2%	+380 bps

The company's full year 2025 results were even stronger, with revenue up 17.3% to $372.7M and EPS up 23.2% to $4.67.

What Drove the Quarter?

Demand by End Market:

Segment	Q4 2025 Trend	Commentary
Construction	▲ Strong	Key growth driver, including data center projects
Steel	▲ Up	Increased demand from steel producers
Environmental	→ Stable	Continued solid demand
Oil & Gas Services	▼ Down	Decreased demand
Roof Shingles	▼ Down	Continued weakness expected into Q1 2026

CEO Timothy Byrne specifically called out data center construction: "Overall demand was up, compared to 2024, led by our construction customers, including the construction of some large data centers in the regions that we serve."

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How Did the Stock React?

USLM shares have been on a strong run, up 11.8% over the past year and 184% over two years. The stock has consistently reacted positively to earnings announcements:

Quarter	EPS	Stock Reaction
Q4 2025	$1.06	+2.6%
Q3 2025	$1.35	+9.3%
Q2 2025	$1.07	-2.1%
Q1 2025	$1.19	+6.5%
Q4 2024	$0.94	+4.2%

The stock is currently trading at $123.61, below its 52-week high of $157.45 but well above its 52-week low of $43.39.

What Changed From Last Quarter?

Sequential Changes (Q4 vs Q3 2025):

Revenue declined 13.8% from $102.0M to $87.9M (typical Q4 seasonality)
EPS dropped from $1.35 to $1.06 reflecting seasonal patterns
Gross margin compressed slightly from Q3's strong levels

Full Year Progress:

Metric	FY 2025	FY 2024	FY 2023	2-Yr CAGR
Revenue	$372.7M	$317.7M	$281.3M	15.1%
Net Income	$134.3M	$108.8M	$74.5M	34.2%
Diluted EPS	$4.67	$3.79	$2.61	33.8%

The company has delivered exceptional profit growth, with net income nearly doubling over two years.

What Are the Risks?

Near-Term Headwinds:

January 2026 Winter Storm — A major winter storm interrupted shipments across North America in January 2026. Management noted: "The Company's plants did not sustain any damage from the storm, but product shipments were interrupted for a period of time. The impact, if any, on the Company's first quarter 2026 financial performance has not been determined."
Roof Shingle Weakness — Continued soft demand from roof shingle customers expected into Q1 2026.
Oil & Gas Services Decline — Ongoing weakness in this end market.
Rising SG&A — Personnel expenses drove SG&A up 41.6% YoY in Q4 to $6.2M.

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Capital Allocation

Dividend: The board declared a quarterly dividend of $0.06 per share, payable March 13, 2026 to shareholders of record as of February 20, 2026. This represents a 20% increase from the $0.05 dividend declared in Q4 2024.

Balance Sheet Strength: USLM ended the year with:

Current assets: $455.3M (up from $354.8M in 2024)
Total stockholders' equity: $630.8M (up from $497.7M in 2024)
No long-term debt

The company's strong cash position reflects accumulated earnings and interest income on cash balances.

Forward Catalysts

Data Center Construction Pipeline — Continued AI infrastructure buildout could sustain demand for lime products used in construction.
Infrastructure Spending — Federal infrastructure programs may support construction demand in USLM's South-Central US footprint.
Steel Demand Recovery — Improved steel customer demand provides a secondary growth lever.
Pricing Power — The company successfully raised average selling prices throughout 2025.

The Bottom Line

USLM delivered another solid quarter, extending its multi-year run of profit growth. The company's exposure to data center construction is a timely tailwind, while its debt-free balance sheet and dividend increases signal management confidence. Near-term risks include winter storm disruptions and continued weakness in roof shingles and oil & gas, but the structural demand story from construction and infrastructure remains intact.

Key metrics to watch in Q1 2026: Winter storm impact quantification, construction demand trends, and margin sustainability.

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Data sourced from USLM SEC filings and company press releases. Stock price data from market feeds.

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