UNITED STATES LIME & MINERALS INC

UNITED STATES LIME & MINERALS INC_June 30, 2025

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)


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

For the quarterly period ended June 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 is 000-04197

UNITED STATES LIME & MINERALS, INC.

(Exact name of registrant as specified in its charter)


Texas		75-0789226
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)


5429 LBJ Freeway, Suite 230, Dallas, TX		75240
(Address of principal executive offices)		(Zip Code)

(972) 991-8400

(Registrant’s telephone number, including area code)

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, $0.10 par value	USLM	The Nasdaq Stock Market LLC

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 ☒ 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 (§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 ☒ 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. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the Registrant’s classes of common stock, as of the latest practicable date: As of July 28, 2025, 28,639,539 shares of common stock, $0.10 par value, were outstanding.

PART I. FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

UNITED STATES LIME & MINERALS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

(Unaudited)


	June 30,		December 31,
	2025		2024
ASSETS
Current assets
Cash and cash equivalents	$	319,910	$	278,031
Trade receivables, net		54,392		43,982
Inventories		25,595		27,686
Prepaid expenses and other current assets		3,549		5,083
Total current assets		403,446		354,782
Property, plant, and equipment		520,832		493,246
Less accumulated depreciation and depletion		(321,609)		(310,355)
Property, plant, and equipment, net		199,223		182,891
Operating lease right-of-use assets		4,295		4,855
Other assets, net		458		635
Total assets	$	607,422	$	543,163
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	11,099	$	8,819
Current portion of operating lease liabilities		1,588		1,602
Accrued expenses		5,861		6,541
Total current liabilities		18,548		16,962
Deferred tax liabilities, net		21,370		23,659
Operating lease liabilities, excluding current portion		2,890		3,437
Other liabilities		1,323		1,364
Total liabilities		44,131		45,422
Stockholders’ equity
Common stock		2,970		2,968
Additional paid-in capital		45,014		40,549
Retained earnings		577,129		515,622
Less treasury stock, at cost		(61,822)		(61,398)
Total stockholders’ equity		563,291		497,741
Total liabilities and stockholders’ equity	$	607,422	$	543,163

See accompanying notes to condensed consolidated financial statements.

UNITED STATES LIME & MINERALS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(dollars in thousands, except per share data)

(Unaudited)


	Three Months Ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
Revenues	$	91,518	100.0	%	$	76,545	100.0	%	$	182,771	100.0	%	$	148,232	100.0	%
Cost of revenues
Labor and other operating expenses		43,532	47.5	%		35,839	46.8	%		82,579	45.2	%		70,940	47.9	%
Depreciation, depletion and amortization		6,108	6.7	%		5,884	7.7	%		12,158	6.6	%		11,863	8.0	%
		49,640	54.2	%		41,723	54.5	%		94,737	51.8	%		82,803	55.9	%
Gross profit		41,878	45.8	%		34,822	45.5	%		88,034	48.2	%		65,429	44.1	%
Selling, general, and administrative expenses		6,189	6.8	%		4,882	6.4	%		12,451	6.8	%		9,730	6.5	%
Operating profit		35,689	39.0	%		29,940	39.1	%		75,583	41.4	%		55,699	37.6	%

Other (income) expense, net		(3,098)	(3.4)	%		(2,786)	(3.6)	%		(6,189)	(3.3)	%		(5,326)	(3.6)	%
Income before income tax expense		38,787	42.4	%		32,726	42.7	%		81,772	44.7	%		61,025	41.2	%
Income tax expense		7,956	8.7	%		6,669	8.7	%		16,828	9.2	%		12,529	8.5	%
Net income	$	30,831	33.7	%	$	26,057	34.0	%	$	64,944	35.5	%	$	48,496	32.7	%
Net income per share of common stock
Basic	$	1.08			$	0.91			$	2.27			$	1.70
Diluted	$	1.07			$	0.91			$	2.26			$	1.69

See accompanying notes to condensed consolidated financial statements.

UNITED STATES LIME & MINERALS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(dollars in thousands)

(Unaudited)



	Common Stock			Additional
	Shares			Paid-In		Retained		Treasury
	Outstanding	Amount		Capital		Earnings		Stock		Total
Balances at December 31, 2024	28,619,837	$	2,968	$	40,549	$	515,622	$	(61,398)	$	497,741
Stock options exercised	12,000		1		159		—		—		160
Stock-based compensation	4,800		—		2,336		—		—		2,336
Treasury shares purchased	(3,838)		—		—		—		(424)		(424)
Cash dividends paid	—		—		—		(1,719)		—		(1,719)
Net income	—		—		—		34,113		—		34,113
Balances at March 31, 2025	28,632,799		2,969		43,044		548,016		(61,822)		532,207
Stock-based compensation	6,740		1		1,970		—		—		1,971
Cash dividends paid	—		—		—		(1,718)		—		(1,718)
Net income	—		—		—		30,831		—		30,831
Balances at June 30, 2025	28,639,539	$	2,970	$	45,014	$	577,129	$	(61,822)	$	563,291



	Common Stock			Additional
	Shares			Paid-In		Retained		Treasury
	Outstanding	Amount		Capital		Earnings		Stock		Total
Balances at December 31, 2023	28,522,780	$	2,955	$	35,539	$	412,499	$	(57,889)	$	393,104
Stock options exercised	12,000		1		129		—		—		130
Stock-based compensation	14,785		1		1,240		—		—		1,241
Treasury shares purchased	(3,435)		—		—		—		(172)		(172)
Cash dividends paid	—		—		—		(1,426)		—		(1,426)
Net income	—		—		—		22,439		—		22,439
Balances at March 31, 2024	28,546,130		2,957		36,908		433,512		(58,061)		415,316
Stock options exercised	40,025		4		(4)		—		—		—
Stock-based compensation	8,115		2		1,145		—		—		1,147
Cash dividends paid	—		—		—		(1,431)		—		(1,431)
Net income	—		—		—		26,057		—		26,057
Balances at June 30, 2024	28,594,270	$	2,963	$	38,049	$	458,138	$	(58,061)	$	441,089

See accompanying notes to condensed consolidated financial statements.

UNITED STATES LIME & MINERALS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in thousands)

(Unaudited)


	Six Months Ended June 30,
	2025		2024
OPERATING ACTIVITIES:
Net income	$	64,944	$	48,496
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization		12,332		12,017
Amortization of deferred financing costs		6		2
Deferred income taxes		(2,289)		(401)
Loss (gain) on disposition of property, plant, and equipment		290		(53)
Stock-based compensation		4,307		2,387
Changes in operating assets and liabilities:
Trade receivables, net		(10,410)		(8,232)
Inventories		2,091		(2,987)
Prepaid expenses and other current assets		1,534		1,174
Other assets		171		(1,564)
Accounts payable and accrued expenses		528		(2,430)
Other liabilities		(39)		(45)
Net cash provided by operating activities		73,465		48,364
INVESTING ACTIVITIES:
Purchase of property, plant, and equipment		(28,126)		(11,220)
Proceeds from sale of property, plant, and equipment		241		292
Net cash used in investing activities		(27,885)		(10,928)
FINANCING ACTIVITIES:
Cash dividends paid		(3,437)		(2,857)
Proceeds from exercise of stock options		160		130
Purchase of treasury shares		(424)		(172)
Net cash used in financing activities		(3,701)		(2,899)
Net increase in cash and cash equivalents		41,879		34,537
Cash and cash equivalents at beginning of period		278,031		187,964
Cash and cash equivalents at end of period	$	319,910	$	222,501

See accompanying notes to condensed consolidated financial statements.

UNITED STATES LIME & MINERALS, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1. Basis of Presentation

The condensed consolidated financial statements included herein have been prepared by United States Lime & Minerals, Inc. (the “Company”) without independent audit. In the opinion of the Company’s management, all adjustments of a normal and recurring nature necessary to present fairly the financial position, results of operations, and cash flows for the periods presented have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2024. The results of operations for the three- and six-month periods ended June 30, 2025 are not necessarily indicative of operating results for the full year.

2. Organization

The Company is a manufacturer of lime and limestone products, supplying primarily the construction (including highway, road, and building contractors), industrial (including paper and glass manufacturers), environmental (including municipal sanitation and water treatment facilities and flue gas treatment processes), metals (including steel producers), roof shingle manufacturers, agriculture (including poultry producers), and oil and gas services industries. The Company is headquartered in Dallas, Texas and operates lime and limestone plants and distribution facilities in Arkansas, Colorado, Louisiana, Missouri, Oklahoma, and Texas through its wholly owned subsidiaries, Arkansas Lime Company, ART Quarry TRS LLC (DBA Carthage Crushed Limestone), Colorado Lime Company, Mill Creek Dolomite, LLC, Texas Lime Company, U.S. Lime Company, U.S. Lime Company-Shreveport, U.S. Lime Company-St. 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.

3. Accounting Policies

Revenue Recognition. The Company recognizes revenue for its lime and limestone operations when (i) a contract with the customer exists and the performance obligations are identified; (ii) the price has been established; and (iii) the performance obligations have been satisfied, which is generally upon shipment. The Company’s returns and allowances are minimal. Revenues include external freight billed to customers with related costs accounted for as fulfillment costs and included in cost of revenues. External freight billed to customers included in 2025 and 2024 revenues was $12.2 million and $11.0 million, for the respective three-month periods ended June 30, and $23.6 million and $22.2 million, for the respective six-month periods ended June 30, which approximates the amount of external freight included in cost of revenues. Sales taxes billed to customers are not included in revenues. For its natural gas interests, the Company recognizes revenue in the month of production and delivery.

Trade Receivables, Net. The majority of the Company’s trade receivables are unsecured. Payment terms for all trade receivables are based on the underlying purchase orders, contracts, or purchase agreements, and are generally fixed, short-term, and do not contain a significant financing component. The Company estimates credit losses relating to trade receivables based on an assessment of the current and forecasted probability of collection, historical trends, economic conditions, and other significant events that may impact the collectability of accounts receivables. Due to the relatively homogenous nature of its trade receivables, the Company does not believe there are any meaningful asset-specific differences within its trade receivables portfolio that would require the portfolio to be grouped below the consolidated level for review of credit losses. Credit losses relating to trade receivables have generally been within management expectations and historical trends. Uncollected trade receivables are charged-off when identified by management to be unrecoverable. The Company maintains an allowance for credit losses to reflect currently expected estimated losses resulting from the failure of customers to make required payments.

4. Reportable Segment

In November 2023, the Financial Accounting Standards Board amended guidance in ASC 280, Segment Reporting (“ASC 280”), by issuing Accounting Standards Update 2023-07, which updated the disclosure requirements for reportable segments, primarily through requiring enhanced disclosures about significant segment expenses. The Company adopted this guidance in the fourth quarter 2024, with retrospective application to prior reportable periods.

The Company is managed as one reportable segment, lime and limestone operations, based on the distinctness of the Company’s activities and products. All operations are in the United States. During 2024, the Company determined that the activities of its natural gas interests and the associated level of review of those activities by the chief operating decision maker (“CODM”) precluded the natural gas activities from meeting the definition of an operating segment, as provided in ASC 280. In addition, previously unallocated items, including cash, interest income and expense, and other expense are now included as part of lime and limestone operations, and consolidated net income is now used as the measure of segment profit or loss. Segment disclosures for the three- and six-month periods ended June 30, 2024 have been recast to be consistent with the presentation for the periods ended June 30, 2025.

The Company’s CODM is the chief executive officer. The Company’s lime and limestone operations derives revenues from the sale of crushed limestone, pulverized limestone, aggregate, quicklime, hydrated lime, and lime slurry.

In evaluating the operating results of the Company, the CODM assesses performance for the lime and limestone operations segment and decides how to allocate resources (including, but not limited to, decisions on fuel blends, capital investments, and staffing levels) based on net income that is also reported on the consolidated statements of income. The measure of segment assets is reported on the consolidated balance sheets as “Total assets,” and the measure of segment capital expenditures is reported on the consolidated statements of cash flows as “Purchase of property, plant, and equipment.”

The following table presents revenue, significant expenses, and profit for the three- and six-month periods ended June 30, 2025 and 2024, as reviewed and used by the CODM. There are no other significant segment items or reconciling items to consolidated net income.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Revenues	$	91,518	$	76,545	$	182,771	$	148,232
Less:

SEC Form 10-Q filed by United States Lime & Minerals Inc.