neu-20250930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 1-32190

NEWMARKET CORPORATION

(Exact name of registrant as specified in its charter)


Virginia		20-0812170
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

330 South Fourth Street		23219-4350
Richmond,	Virginia
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code - (804) 788-5000

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, with no par value	NEU	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No x

Number of shares of common stock, with no par value, outstanding as of September 30, 2025: 9,397,122

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NEWMARKET CORPORATION

INDEX


			Page Number
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements (unaudited)
Consolidated Statements of Income - Third Quarter and N ine Months Ended September 30, 2025 and Sept ember 30, 2024			4
Consolidated Statements of Comprehensive Income - Third Quarter and Nine Months Ended September 30, 2025 and September 30, 2024			5
Condensed Consolidated Balance Sheets - September 30, 2025 and December 31, 2024			6
Consolidated Statements of Shareholders' Equity - Third Quarter and Nine Months Ended September 30, 2025 and September 30, 2024			7
Condensed Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2025 and September 30, 2024			8
Notes to Condensed Consolidated Financial Statements			9
Financial Statement Presentation			9
Acquisition of Business			9
Net Sales			11
Segment Information			11
Pension Plans and Other Postretirement Benefits			13
Earnings Per Share			14
Inventories			15
Intangibles (Net of Amortization) and Goodwill			15
Long-term Debt			16
Commitments and Contingencies			17
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss			18
Fair Value Measurements			18
Recent Accounting Pronouncements			18
Subsequent Events			19
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			20
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk			26
ITEM 4. Controls and Procedures			26
PART II. OTHER INFORMATION
ITEM 1. Legal Proceedings			27
ITEM 5. Other Information			27
ITEM 6. Exhibits			27
SIGNATURES			28

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PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

NEWMARKET CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)


(in thousands, except per-share amounts)	Third Quarter Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net sales	$	690,311	$	724,947	$	2,089,766	$	2,131,911
Cost of goods sold	480,667		481,107		1,423,145		1,453,251
Gross profit	209,644		243,840		666,621		678,660
Selling, general, and administrative expenses	43,944		42,124		132,350		129,329
Research, development, and testing expenses	35,024		32,193		100,574		92,056
Operating profit	130,676		169,523		433,697		457,275
Interest and financing expenses, net	8,374		14,157		29,809		45,721

Other income (expense), net	13,307		13,805		43,522		38,304
Income before income tax expense	135,609		169,171		447,410		449,858
Income tax expense	35,340		36,849		109,948		98,184
Net income	$	100,269	$	132,322	$	337,462	$	351,674
Earnings per share - basic and diluted	$	10.67	$	13.79	$	35.78	$	36.66
Cash dividends declared per share	$	2.75	$	2.50	$	8.25	$	7.50

See accompanying Notes to Condensed Consolidated Financial Statements

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NEWMARKET CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


(in thousands)	Third Quarter Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income	$	100,269	$	132,322	$	337,462	$	351,674
Other comprehensive income (loss):
Pension plans and other postretirement benefits:
Prior service credit (cost) arising during the period, net of income tax expense (benefit) of $(8) in the third quarter 2025, $0 in the third quarter 2024, $(8) in the nine months 2025, and $0 in nine months 2024	(24)		0		(24)		0
Amortization of prior service cost (credit) included in net periodic benefit cost (income), net of income tax expense (benefit) of $(175) in the third quarter 2025, $(173) in the third quarter 2024, $(527) in the nine months 2025, and $(520) in the nine months 2024	(495)		(501)		(1,494)		(1,505)
Actuarial net gain (loss) arising during the period, net of income tax expense (benefit) of $323 in the third quarter 2025, $(552) in the third quarter 2024, $323 in nine months 2025, and $(552) in nine months 2024	923		(1,600)		923		(1,600)
Amortization of actuarial net loss (gain) included in net periodic benefit cost (income), net of income tax expense (benefit) of $(363) in the third quarter 2025, $(114) in the third quarter 2024, $(1,048) in the nine months 2025, and $(358) in the nine months 2024	(1,053)		(331)		(3,043)		(1,046)
Total pension plans and other postretirement benefits	(649)		(2,432)		(3,638)		(4,151)




Foreign currency translation adjustments, net of income tax expense (benefit) of $224 in the third quarter 2025, $137 in the third quarter 2024, $1,097 in the nine months 2025, and $(951) in the nine months 2024	3,789		21,885		43,610		10,578




Other comprehensive income (loss)	3,140		19,453		39,972		6,427
Comprehensive income	$	103,409	$	151,775	$	377,434	$	358,101

See accompanying Notes to Condensed Consolidated Financial Statements

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NEWMARKET CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


(in thousands, except share amounts)	September 30, 2025		December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	102,455	$	77,476

Trade and other accounts receivable, less allowance for credit losses	438,789		395,450
Inventories	512,168		505,426
Prepaid expenses and other current assets	47,731		51,203
Total current assets	1,101,143		1,029,555
Property, plant, and equipment, net	739,742		735,361
Intangibles (net of amortization) and goodwill	731,463		750,424
Prepaid pension cost	527,147		490,418
Operating lease right-of-use assets, net	78,868		71,253

Deferred charges and other assets	55,827		52,530
Total assets	$	3,234,190	$	3,129,541
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	265,778	$	225,874
Accrued expenses	83,228		89,277
Dividends payable	21,573		22,037
Income taxes payable	18,529		15,798
Operating lease liabilities	16,908		15,337

Other current liabilities	4,471		6,155
Total current liabilities	410,487		374,478
Long-term debt	783,104		971,281
Operating lease liabilities - noncurrent	61,928		54,754
Other noncurrent liabilities	288,275		267,445
Total liabilities	1,543,794		1,667,958
Commitments and contingencies (Note 10)
Shareholders’ equity:
Common stock and paid-in capital (with no par value; authorized shares - 80,000,000; issued and outstanding shares - 9,397,122 at September 30, 2025 and 9,524,789 at December 31, 2024)	1,614		0
Accumulated other comprehensive income	72,842		32,870
Retained earnings	1,615,940		1,428,713
Total shareholders’ equity	1,690,396		1,461,583
Total liabilities and shareholders’ equity	$	3,234,190	$	3,129,541

See accompanying Notes to Condensed Consolidated Financial Statements

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NEWMARKET CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)


(in thousands, except share and per-share amounts)	Common Stock and Paid-in Capital			Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Total Shareholders’ Equity
	Shares	Amount
Balance at June 30, 2024	9,594,110	$	2,052	$	(34,097)	$	1,267,393	$	1,235,348
Net income						132,322		132,322
Other comprehensive income (loss)				19,453				19,453
Cash dividends ($2.50 per share)						(23,987)		(23,987)


Stock-based compensation	901	1,149				1		1,150
Balance at September 30, 2024	9,595,011	$	3,201	$	(14,644)	$	1,375,729	$	1,364,286

Balance at June 30, 2025	9,396,621	$	515	$	69,702	$	1,541,506	$	1,611,723
Net income						100,269		100,269
Other comprehensive income (loss)				3,140				3,140
Cash dividends ($2.75 per share)						(25,841)		(25,841)
Repurchases of common stock	0	(180)						(180)

Stock-based compensation	501	1,279				6		1,285
Balance at September 30, 2025	9,397,122	$	1,614	$	72,842	$	1,615,940	$	1,690,396

Balance at December 31, 2023	9,590,086	$	2,130	$	(21,071)	$	1,096,002	$	1,077,061
Net income						351,674		351,674
Other comprehensive income (loss)				6,427				6,427
Cash dividends ($7.50 per share)						(71,959)		(71,959)


Tax withholdings related to stock-based compensation	(1,816)	(1,118)						(1,118)
Stock-based compensation	6,741	2,189				12		2,201
Balance at September 30, 2024	9,595,011	$	3,201	$	(14,644)	$	1,375,729	$	1,364,286

Balance at December 31, 2024	9,524,789	0		$	32,870	$	1,428,713	$	1,461,583
Net income						337,462		337,462
Other comprehensive income (loss)				39,972				39,972
Cash dividends ($8.25 per share)						(77,739)		(77,739)
Repurchases of common stock	(133,658)	(941)				(71,522)		(72,463)

Tax withholdings related to stock-based compensation	(1,846)	0				(1,002)		(1,002)
Stock-based compensation	7,837	2,555				28		2,583
Balance at September 30, 2025	9,397,122	$	1,614	$	72,842	$	1,615,940	$	1,690,396

See accompanying Notes to Condensed Consolidated Financial Statements

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NEWMARKET CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


(in thousands)	Nine Months Ended September 30,
	2025		2024
Cash and cash equivalents at beginning of year	$	77,476	$	111,936
Cash flows from operating activities:
Net income	337,462		351,674
Adjustments to reconcile net income to cash provided from operating activities:
Depreciation and amortization	90,371		84,894
Deferred income tax expense (benefit)	12,198		(10,468)


Working capital changes	4,517		(81,866)

Cash pension and postretirement contributions	(7,189)		(8,940)
Other, net	(13,560)		(939)
Cash provided from (used in) operating activities	423,799		334,355
Cash flows from investing activities:
Capital expenditures	(49,639)		(42,700)
Acquisition of business (net of $15,588 of cash acquired)	0		(681,479)



Cash provided from (used in) investing activities	(49,639)		(724,179)
Cash flows from financing activities:
Net borrowings under revolving credit facility	11,000		191,000
(Payment) proceeds on term loan	(150,000)		250,000
Principal payment on 3.78% senior notes	(50,000)		0
Repurchases of common stock	(77,218)		0
Dividends paid	(77,739)		(71,959)
Debt issuance costs	0		(2,251)
Other, net	(6,150)		(9,758)
Cash provided from (used in) financing activities	(350,107)		357,032
Effect of foreign exchange on cash and cash equivalents	926		1,166
Increase (decrease) in cash and cash equivalents	24,979		(31,626)
Cash and cash equivalents at end of period	$	102,455	$	80,310

See accompanying Notes to Condensed Consolidated Financial Statements

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NEWMARKET CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Financial Statement Presentation

In the opinion of management, the accompanying consolidated financial statements of NewMarket Corporation and its subsidiaries contain all necessary adjustments for the fair presentation of, in all material respects, our consolidated financial position as of September 30, 2025 and December 31, 2024, our consolidated results of operations, comprehensive income, and changes in shareholders' equity for the third quarter and nine months ended September 30, 2025 and September 30, 2024, and our cash flows for the nine months ended September 30, 2025 and September 30, 2024. All adjustments are of a normal, recurring nature, unless otherwise disclosed. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (SEC), but do not include all disclosures required by GAAP for complete annual consolidated financial statements. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in the NewMarket Corporation Annual Report on Form 10-K for the year ended December 31, 2024 (2024 Annual Report), as filed with the SEC. The results of operations for the nine-month period ended September 30, 2025 are not necessarily indicative of the results to be expected for the full year ending December 31, 2025.

Unless the context otherwise indicates, all references to “we,” “us,” “our,” the “company,” and “NewMarket” are to NewMarket Corporation and its consolidated subsidiaries.

Supplier Finance Program

We offer our vendors a supplier finance program, which allows our vendors to receive payment from a third-party finance provider earlier than our normal payment terms would provide. NewMarket and its subsidiaries are not a party to any arrangement between our vendors and the finance provider, and there are no assets pledged as security or other forms of guarantees provided by NewMarket to the finance provider. For those vendors who opt to participate in the program, we pay the finance provider the full amount of the invoices on the normal due date. At both September 30, 2025 and December 31, 2024, the amount of confirmed invoices under the supplier finance program was not material.

2. Acquisition of Business

On January 16, 2024, we completed the acquisition of all issued and outstanding ownership units of AMPAC Intermediate Holdings, LLC, the ultimate parent company of American Pacific Corporation (AMPAC), for approximately $697 million. Based in Cedar City, Utah, AMPAC has one operating facility from which it manufactures and sells critical specialty materials primarily used in solid rocket motors for space launch and military defense applications. AMPAC is qualified on many NASA and Department of Defense programs and has been serving space launch and national defense programs for more than 60 years. The acquisition of AMPAC expands our presence in mission-critical, resilient sectors. It was funded by cash on hand and borrowings under our then existing revolving credit facility. The purchase consideration was subject to a customary post-closing adjustment for working capital, which was finalized during the second quarter of 2024.

The fair values of the assets acquired and the liabilities assumed in the AMPAC acquisition are as follows (in millions):


Cash and cash equivalents	$	16
Trade and other accounts receivable, net	6
Inventories	25
Prepaid expenses and other current assets	3
Property, plant, and equipment, net	111
Intangibles and goodwill	650
Deferred charges and other assets	5
Accounts payable	(3)
Accrued expenses	(5)
Other noncurrent liabilities	(111)
Fair value of net assets acquired	$	697

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NEWMARKET CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Identified intangible assets acquired consisted of the following (in millions):


	Fair Value		Estimated Useful Lives (in years)
Customer base	$	275	17.5
Formulas and technology	60		8
Trademarks and trade names	30		15
Water rights	29		indefinite
	$	394

As part of the acquisition, we recorded $256 million of goodwill. The goodwill recognized is attributable to increased access to mission-critical, resilient sectors with a role in global safety, security, and space exploration, as well as the value of the skilled assembled workforce of AMPAC. All of the goodwill recognized is part of the specialty materials segment, and none of the goodwill is deductible for income tax purposes.

The allocation of the purchase price of AMPAC to the tangible and intangible assets acquired and liabilities assumed was developed using estimates of fair value. Acquisition-related charges of $1 million consisted primarily of legal and professional fees and are included in selling, general, and administrative expenses in our Consolidated Statements of Income for the third quarter and nine months ended September 30, 2024.

We accounted for this acquisition using the acquisition method of accounting for business combinations under the provisions of Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 805, Business Combinations and have included the results of operations of the acquired business from the date of acquisition in our Consolidated Statements of Income as well as in the specialty materials segment in Note 4. These results include a charge related to the sale of finished goods inventory acquired, which was recorded at fair value on the acquisition date and sold to customers during 2024.

The following table presents the financial results in thousands for AMPAC from the date of acquisition through September 30, 2024 and for the third quarter ended September 30, 2024 (in thousands).


AMPAC	Third Quarter Ended September 30, 2024		January 16 to September 30, 2024
Net sales	$	59,094	$	114,151
Income before income taxes	16,274		16,196

The following table presents our estimated unaudited pro forma consolidated results for the third quarter and nine months ended September 30, 2024, assuming the acquisition of AMPAC had occurred on January 1, 2023. The unaudited pro forma information is presented for informational purposes only and is not indicative of the results of operations that would have been realized if the acquisition had been completed at the beginning of 2023, nor is it indicative of expected results for any future period. In addition, no effect is given to any future synergistic benefits that could result from the integration of AMPAC into NewMarket.

Unaudited pro forma information for the third quarter and nine months ended September 30, 2024 includes adjustments to depreciation and amortization based upon the fair value allocation of the purchase price to AMPAC's tangible and intangible assets acquired and liabilities assumed as though the acquisition had occurred on January 1, 2023, as well as adjustments for debt-related costs and management fees. The acquisition-related costs and the charge related to the fair value adjustment to acquisition-date inventory were recognized in actual results during the third quarter and nine months ended September 30, 2024, but for the presentation below, these costs are excluded from 2024 unaudited pro forma income before income taxes since on a pro forma basis, they would have been incurred during 2023.


Pro Forma Supplemental Information (in thousands)
Consolidated	Third Quarter Ended September 30, 2024		Nine Months Ended September 30, 2024
Net sales	$	724,947	$	2,137,011
Income before income taxes	172,013		456,988

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NEWMARKET CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

3. Net Sales

Our revenues are predominantly derived from the manufacture and sale of petroleum additives products. We sell petroleum additives products across the world to customers located in the North America (the United States and Canada), Latin America (Mexico, Central America, and South America), Asia Pacific, and EMEAI (Europe/Middle East/Africa/India) regions. Our petroleum additives customers primarily consist of global, national, and independent oil companies. Our petroleum additives contracts generally include one performance obligation, which is satisfied at a point in time when products are shipped, delivered, or consumed by the customer, depending on the underlying contracts.

Additionally, we have revenue from the manufacture and sale of critical specialty materials products used primarily in solid rocket motors for space launch and military defense applications. The sale of specialty materials products is predominantly to customers located in the United States. Our specialty materials customers are primarily contractors or subcontractors of the U.S. government. Specialty materials contracts generally include one performance obligation, which is typically satisfied at a point in time when the products are shipped from the plant site.

In limited cases, we collect funds in advance of shipping product to our customers and recognizing the related revenue. These prepayments from customers are recorded as a contract liability until we recognize the revenue. Some of our contracts also include variable consideration in the form of rebates, tiered pricing, and/or business development funds. We regularly review these and make adjustments when necessary, recognizing the full amount of any adjustment in the period identified.

The following table provides information on our net sales by geographic area. Information on net sales by segment is presented in Note 4.


	Third Quarter Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Net sales
United States	$	273,333	$	305,382	$	813,356	$	827,101
Europe, Middle East, Africa, India	211,017		201,538		625,588		612,828
Asia Pacific	127,412		136,691		406,336		441,793
Other foreign	78,549		81,336		244,486		250,189
Net sales	$	690,311	$	724,947	$	2,089,766	$	2,131,911

4. Segment Information

We have two reportable segments – petroleum additives and specialty materials. The petroleum additives segment includes lubricant and fuel additives which are necessary for the efficient and reliable operation of vehicles and machinery. The specialty materials segment includes critical materials used in solid rocket motors for space launch and military defense applications. The petroleum additives and specialty materials segments are managed separately by the president of Afton and the president of AMPAC, respectively. The “All other” category shown in the tables below includes the operations of the antiknock compounds business, as well as certain contracted manufacturing and related services associated with Ethyl.

We have determined that our chief executive officer is the chief operating decision maker (CODM) who makes key operating decisions and assesses the performance of the reportable segments. The CODM evaluates performance based on segment operating profit and considers budgeted and forecasted variances to actual results in allocating resources to the segments.

The segment accounting policies are the same as those described in Note 1 of our 2024 Annual Report. NewMarket Services expenses are billed to Afton, AMPAC, and Ethyl based on the services provided. Depreciation on segment property, plant, and equipment, as well as amortization of segment definite-lived intangible assets and lease right-of-use assets are included in segment operating profit. No transfers occurred between any of the petroleum additives segment, specialty materials segment, and the “All other” category during the periods presented.

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NEWMARKET CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The table below reports net sales and operating profit by segment, as well as a reconciliation to income before income tax expense, for the third quarter and nine months ended September 30, 2025 and September 30, 2024. No single customer accounted for 10% or more of our total net sales in any period presented.


	Third Quarter Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Net sales
Petroleum additives
Lubricant additives	$	550,447	$	568,450	$	1,666,104	$	1,715,559
Fuel additives	98,638		94,564		282,410		294,545
Total	649,085		663,014		1,948,514		2,010,104
Specialty materials	38,178		59,094		133,936		114,151
All other	3,048		2,839		7,316		7,656
Total net sales	$	690,311	$	724,947	$	2,089,766	$	2,131,911

Segment operating profit
Petroleum additives
Net sales	$	649,085	$	663,014	$	1,948,514	$	2,010,104
Cost of goods sold	(449,666)		(441,669)		(1,335,886)		(1,366,205)
Research, development, and testing expenses	(35,024)		(32,215)		(100,574)		(92,078)
Other segment items	(33,088)		(31,662)		(98,805)		(95,625)
Petroleum additives segment operating profit	131,307		157,468		413,249		456,196

Specialty materials
Net sales	38,178		59,094		133,936		114,151
Other segment items	(32,193)		(43,132)		(94,217)		(98,184)
Specialty materials segment operating profit	5,985		15,962		39,719		15,967

Total segment operating profit	137,292		173,430		452,968		472,163

All other	(576)		(93)		(2,228)		(1,548)
Corporate, general, and administrative expenses	(5,692)		(3,953)		(16,992)		(13,495)
Interest and financing expenses, net	(8,374)		(14,157)		(29,809)		(45,721)
Other income (expense), net	12,959		13,944		43,471		38,459
Income before income tax expense	$	135,609	$	169,171	$	447,410	$	449,858

The significant expense categories of cost of goods sold and research, development, and testing expenses are shown in the above segment operating profit table for the petroleum additives segment and are regularly provided to the CODM. The other segment items for the petroleum additives segment represent selling, general, and administrative expenses, as well as corporate services allocated to the reporting segment.

The other segment items for the specialty materials segment include costs of goods sold; selling, general, and administrative expenses; and corporate services allocated to the reporting segment. Significant expense categories of the specialty materials segment are not regularly provided to the CODM.

Asset information by segment is not reported internally or otherwise regularly provided to the CODM.

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NEWMARKET CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The following tables show additions to long-lived assets by segment and depreciation and amortization by segment and the reconciliation to both consolidated amounts. The additions to long-lived assets include property, plant, and equipment and lease right-of-use assets.


	Third Quarter Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Additions to long-lived assets
Petroleum additives	$	20,080	$	16,513	$	56,803	$	55,461
Specialty materials	8,654		607		13,681		3,025
All other	0		0		0		2
Corporate	1,413		188		3,475		1,026
Total additions to long-lived assets	$	30,147	$	17,308	$	73,959	$	59,514
Depreciation and amortization
Petroleum additives	$	23,267	$	19,446	$	60,946	$	57,539
Specialty materials	8,885		9,392		26,607		24,412
All other	13		13		37		36
Corporate	936		913		2,781		2,907
Total depreciation and amortization

SEC Form 10-Q filed by NewMarket Corp