US Lime & Minerals Q1 2026 earnings slip modestly

United States Lime & Minerals reported lower first‑quarter 2026 results, but maintained strong profitability and a debt‑free balance sheet.

Rhea-AI Filing Summary

United States Lime & Minerals reported lower first‑quarter 2026 results, but maintained strong profitability and a debt‑free balance sheet. Revenues were $87.8 million, down 3.7% from $91.3 million, as softer demand from construction, oil and gas, and roof shingle customers more than offset stronger steel demand. Net income declined to $30.6 million, or $1.06 per diluted share, from $34.1 million, or $1.19 per diluted share, mainly due to lower volumes and higher fuel and transportation costs.

Operating cash flow was $32.1 million, compared with $39.4 million a year earlier, while capital expenditures rose to $18.3 million, including $10.0 million for a new vertical kiln at the Texas Lime Company plant. The kiln project is expected to cost about $65 million in total and start up in summer 2026. Cash and cash equivalents increased to $383.2 million, and the company had no debt outstanding, with only $4.6 million in letters of credit drawn on a $75 million revolving credit facility. The company paid a $0.06 per‑share dividend in March and its board declared another $0.06 quarterly dividend payable in June 2026.

Insights

Equity analyst – building materials

Q1 2026 shows modest volume-driven earnings pressure amid heavy kiln investment.

United States Lime & Minerals saw Q1 2026 revenue slip to $87.8M, down 3.7% year over year, as lime and limestone volumes fell 3.4% on weaker construction, oil and gas, and roof shingle demand, partially offset by stronger steel demand. Gross profit declined 9.5% to $41.8M, reflecting both lower volumes and higher fuel and transportation costs.

Net income fell 10.4% to $30.6M, with diluted EPS at $1.06 versus $1.19 a year earlier. Operating cash flow eased to $32.1M from $39.4M, while capital spending increased to $18.3M, including $10.0M for the Texas kiln project, which is expected to total about $65M and start up in summer 2026.

Despite softer earnings, the company’s financial position remained strong: cash and cash equivalents rose to $383.2M, with no debt and only $4.6M in letters of credit against a $75M revolving facility. The board maintained a regular dividend of $0.06 per share, and management expressed optimism about full‑year construction demand. Future filings may clarify kiln ramp‑up effects on volumes, margins, and capital outlays.

Key Figures

Revenue: $87.8M Net income: $30.6M Diluted EPS: $1.06 +5 more

8 metrics

Revenue $87.8M Three months ended March 31, 2026; down 3.7% year over year

Net income $30.6M Three months ended March 31, 2026; down 10.4% year over year

Diluted EPS $1.06 Three months ended March 31, 2026; compared to $1.19 in 2025

Operating cash flow $32.1M Net cash provided by operating activities in Q1 2026

Capital expenditures $18.3M Q1 2026 capex, including $10.0M for Texas kiln project

Cash and cash equivalents $383.2M Balance at March 31, 2026; up from $371.1M at year-end 2025

Texas kiln estimated cost $65M Estimated total construction cost for new vertical kiln project

Revolving credit facility $75M Committed revolving facility size with Wells Fargo Bank, N.A.

Key Terms

EBITDA, Cash Flow Leverage Ratio, Revolving Facility, statutory depletion, +2 more

6 terms

EBITDA financial

"defined as the ratio of the Company’s total funded senior indebtedness to earnings before interest, taxes, depreciation, depletion, amortization, and stock-based compensation expense (“EBITDA”)"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

Cash Flow Leverage Ratio financial

"The Company’s maximum Cash Flow Leverage Ratio is 3.50 to 1."

Revolving Facility financial

"provides for a $75 million revolving credit facility (the “Revolving Facility”)"

A revolving facility is a bank loan that works like a company credit card: the borrower can draw funds, repay them, and draw again up to a set limit during the agreement period. It matters to investors because it provides short-term cash flexibility for operations, investments, or emergencies, and the cost or availability of that credit can affect a company’s liquidity, interest expenses, and financial stability.

statutory depletion financial

"partially offset by statutory depletion, which is allowed for income tax purposes"

Barnett Shale Formation technical

"natural gas wells located in Johnson County, Texas, in the Barnett Shale Formation"

Mine Safety and Health Administration regulatory

"subject to regulation by the federal Mine Safety and Health Administration (“MSHA”)"

The Mine Safety and Health Administration (MSHA) is a U.S. federal agency that sets and enforces safety and health standards for mining operations, conducts inspections, investigates accidents, and issues citations or fines. Its actions matter to investors because safety rules, enforcement actions, or accident findings can increase operating costs, interrupt production, create legal and cleanup liabilities, and damage a miner’s reputation—similar to how building inspections or traffic enforcement affect a company’s ability to operate smoothly.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did United States Lime & Minerals (USLM) perform in Q1 2026?

United States Lime & Minerals posted Q1 2026 revenue of $87.8 million, down 3.7% year over year, and net income of $30.6 million. Diluted EPS was $1.06, versus $1.19 in Q1 2025, reflecting lower volumes and higher fuel and transportation costs.

What drove the revenue and profit decline for USLM in Q1 2026?

The decline was mainly driven by 3.4% lower sales volumes of lime and limestone, with weaker demand from construction, oil and gas, and roof shingle customers. Higher fuel and transportation costs further pressured gross profit, which fell 9.5% to $41.8 million compared to Q1 2025.

What is the status of USLM’s Texas kiln project and expected cost?

USLM is building a new vertical kiln at its Texas Lime Company plant, with estimated total construction costs of about $65 million. The company had incurred $48.5 million by March 31, 2026 and expects the kiln to start up in the summer of 2026.

How strong is United States Lime & Minerals’ balance sheet as of March 31, 2026?

The company reported $383.2 million in cash and cash equivalents and no debt outstanding at March 31, 2026. It also has a $75 million revolving credit facility with only $4.6 million in letters of credit outstanding, providing substantial financial flexibility.

What was USLM’s operating cash flow and capital spending in Q1 2026?

Operating cash flow was $32.1 million in Q1 2026, down from $39.4 million a year earlier, mainly due to lower earnings and working capital changes. Capital expenditures rose to $18.3 million, including $10.0 million related to the Texas kiln project under construction.

Is United States Lime & Minerals paying dividends in 2026?

Yes. USLM paid a $0.06 per share cash dividend on March 13, 2026, totaling $1.7 million. The board also declared another regular quarterly dividend of $0.06 per share, payable on June 12, 2026 to shareholders of record on May 22, 2026.

Which end markets are affecting USLM’s demand in early 2026?

Demand weakened from construction, oil and gas, and roof shingle customers in Q1 2026, contributing to lower volumes. This was partially offset by stronger demand from steel customers. Management remains optimistic about demand from construction customers over the balance of the year.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/30/2026 - 04:04 PM Learn about SEC filing dates

UNITED STATES LIME & MINERALS INC0000082020--12-312026Q1false0000082020srt:MaximumMember2026-01-012026-03-310000082020srt:MaximumMember2015-05-072015-05-070000082020us-gaap:RevolvingCreditFacilityMember2023-08-032023-08-030000082020us-gaap:TreasuryStockCommonMember2026-01-012026-03-310000082020us-gaap:TreasuryStockCommonMember2025-01-012025-03-310000082020us-gaap:SalesMember2026-01-012026-03-310000082020us-gaap:NonoperatingIncomeExpenseMember2026-01-012026-03-310000082020us-gaap:SalesMember2025-01-012025-03-310000082020us-gaap:NonoperatingIncomeExpenseMember2025-01-012025-03-310000082020us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310000082020us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310000082020us-gaap:CommonStockMember2026-01-012026-03-310000082020us-gaap:CommonStockMember2025-01-012025-03-310000082020us-gaap:TreasuryStockCommonMember2026-03-310000082020us-gaap:RetainedEarningsMember2026-03-310000082020us-gaap:AdditionalPaidInCapitalMember2026-03-310000082020us-gaap:TreasuryStockCommonMember2025-12-310000082020us-gaap:RetainedEarningsMember2025-12-310000082020us-gaap:AdditionalPaidInCapitalMember2025-12-310000082020us-gaap:TreasuryStockCommonMember2025-03-310000082020us-gaap:RetainedEarningsMember2025-03-310000082020us-gaap:AdditionalPaidInCapitalMember2025-03-310000082020us-gaap:TreasuryStockCommonMember2024-12-310000082020us-gaap:RetainedEarningsMember2024-12-310000082020us-gaap:AdditionalPaidInCapitalMember2024-12-310000082020us-gaap:CommonStockMember2026-03-310000082020us-gaap:CommonStockMember2025-12-310000082020us-gaap:CommonStockMember2025-03-310000082020us-gaap:CommonStockMember2024-12-310000082020us-gaap:SellingGeneralAndAdministrativeExpensesMember2026-01-012026-03-310000082020us-gaap:CostOfSalesMember2026-01-012026-03-310000082020us-gaap:SellingGeneralAndAdministrativeExpensesMember2025-01-012025-03-310000082020us-gaap:CostOfSalesMember2025-01-012025-03-310000082020us-gaap:RevolvingCreditFacilityMember2023-08-030000082020us-gaap:LetterOfCreditMember2023-08-030000082020srt:MinimumMemberus-gaap:RevolvingCreditFacilityMember2023-08-032023-08-030000082020srt:MaximumMemberus-gaap:RevolvingCreditFacilityMember2023-08-032023-08-030000082020us-gaap:RevolvingCreditFacilityMember2026-03-310000082020srt:MinimumMember2026-03-310000082020srt:MaximumMember2026-03-310000082020us-gaap:RetainedEarningsMember2026-01-012026-03-310000082020us-gaap:RetainedEarningsMember2025-01-012025-03-310000082020srt:MinimumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2023-08-032023-08-030000082020srt:MinimumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:PrimeRateMember2023-08-032023-08-030000082020srt:MaximumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2023-08-032023-08-030000082020srt:MaximumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:PrimeRateMember2023-08-032023-08-030000082020us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2023-08-032023-08-030000082020uslm:LimeAndLimestoneOperationsSegmentMember2026-01-012026-03-310000082020uslm:LimeAndLimestoneOperationsSegmentMember2025-01-012025-03-310000082020uslm:O2026Q2DividendsMemberus-gaap:SubsequentEventMember2026-04-012026-04-290000082020uslm:O2026Q1DividendsMember2026-01-012026-03-3100000820202025-03-3100000820202024-12-310000082020uslm:EmployeeAndNonemployeeStockOptionMember2026-01-012026-03-310000082020uslm:EmployeeAndNonemployeeStockOptionMember2025-01-012025-03-3100000820202025-01-012025-03-3100000820202026-03-3100000820202025-12-3100000820202026-04-2800000820202026-01-012026-03-31xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureuslm:segment

​

​

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 March 31, 2026

OR

​	​
☐	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 April 28, 2026, 28,682,056 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)

​

​	​	​	​	​	​	​	​
​	​	March 31,		​	December 31,
​	​ ​ ​	2026		​ ​ ​	2025
ASSETS	​	​	​	​	​	​	​
Current assets	​	​	​	​	​	​	​
Cash and cash equivalents	​	$	383,165	​	$	371,124	​
Trade receivables, net	​		58,111	​		47,933	​
Inventories	​		30,607	​		30,908	​
Prepaid expenses and other current assets	​		4,382	​		5,351	​
Total current assets	​		476,265	​		455,316	​
Property, plant, and equipment	​	​	570,861	​		554,612	​
Less accumulated depreciation and depletion	​		(338,769)	​		(333,191)	​
Property, plant, and equipment, net	​		232,092	​		221,421	​
Operating lease right-of-use assets	​	​	3,481	​	​	3,864	​
Other assets, net	​		1,999	​		443	​
Total assets	​	$	713,837	​	$	681,044	​
LIABILITIES AND STOCKHOLDERS’ EQUITY	​	​	​	​	​	​	​
Current liabilities	​	​	​	​	​	​	​
Accounts payable	​	$	11,714	​	$	14,516	​
Current portion of operating lease liabilities	​	​	1,618	​	​	1,643	​
Accrued expenses	​		9,643	​		7,473	​
Total current liabilities	​		22,975	​		23,632	​
Deferred tax liabilities, net	​		26,429	​		22,999	​
Operating lease liabilities, excluding current portion	​	​	2,008	​	​	2,370	​
Other liabilities	​		1,266	​		1,283	​
Total liabilities	​		52,678	​		50,284	​
Stockholders’ equity	​	​	​	​	​	​	​
Common stock	​		2,976	​		2,975	​
Additional paid-in capital	​		50,745	​		48,839	​
Retained earnings	​		671,887	​		643,025	​
Less treasury stock, at cost	​		(64,449)	​		(64,079)	​
Total stockholders’ equity	​		661,159	​		630,760	​
Total liabilities and stockholders’ equity	​	$	713,837	​	$	681,044	​

​

See accompanying notes to condensed consolidated financial statements.

​

2

UNITED STATES LIME & MINERALS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(dollars in thousands, except per share amounts)

(Unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31,

​

​

​ ​

2026

​

2025

​

Revenues

​

$

87,833

​ ​

100.0

%

$

91,253

​ ​

100.0

%

​

Cost of revenues

​

​

​

​

​

​

​

​

​

​

​

​

Labor and other operating expenses

​

39,561

​

45.1

%

​

39,047

​

42.8

%

​

Depreciation, depletion and amortization

​

6,520

​

7.4

%

6,050

​

6.6

%

​

​

​

46,081

​

52.5

%

45,097

​

49.4

%

​

Gross profit

​

41,752

​

47.5

%

46,156

​

50.6

%

​

Selling, general, and administrative expenses

​

5,969

​

6.8

%

6,262

​

6.9

%

​

Operating profit

​

35,783

​

40.7

%

39,894

​

43.7

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other (income) expense, net

​

(3,229)

​

(3.7)

%

(3,091)

​

(3.4)

%

​

Income before income tax expense

​

39,012

​

44.4

%

42,985

​

47.1

%

​

Income tax expense

​

8,430

​

9.6

%

8,872

​

9.7

%

​

Net income

​

$

30,582

​

34.8

%

$

34,113

​

37.4

%

​

Net income per share of common stock

​

​

​

​

​

​

​

​

​

​

​

​

Basic

​

$

1.07

​

​

​

$

1.19

​

​

​

​

Diluted

​

$

1.06

​

​

​

$

1.19

​

​

​

​

​

See accompanying notes to condensed consolidated financial statements.

​

3

​

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, 2025

28,668,193

​

$

2,975

​

$

48,839

​

$

643,025

​

$

(64,079)

​

$

630,760

​

Stock options exercised

12,000

​

1

​

127

​

—

​

—

​

128

​

Stock-based compensation

4,953

​

—

​

1,779

​

—

​

—

​

1,779

​

Treasury shares purchased

(3,090)

​

—

​

—

​

—

​

(370)

​

(370)

​

Cash dividends paid

​

—

​

—

​

—

​

(1,720)

​

—

​

(1,720)

​

Net income

—

​

​

—

​

​

—

​

​

30,582

​

​

—

​

​

30,582

​

Balances at March 31, 2026

28,682,056

​

$

2,976

​

$

50,745

​

$

671,887

​

$

(64,449)

​

$

661,159

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

​

See accompanying notes to condensed consolidated financial statements.

4

​

UNITED STATES LIME & MINERALS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in thousands)

(Unaudited)

​

​	​	​	​	​	​	​	​
​	​	Three Months Ended March 31,					​
​	​	2026		​	2025
OPERATING ACTIVITIES:	​ ​ ​	​	​	​ ​ ​	​	​
Net income	​	$	30,582	​	$	34,113	​
Adjustments to reconcile net income to net cash provided by operating activities:	​	​	​	​	​	​	​
Depreciation, depletion, and amortization	​		6,598	​		6,137	​
Amortization of deferred financing costs	​		6	​		6	​
Deferred income taxes	​		3,430	​		(571)	​
Loss on disposition of property, plant, and equipment	​		75	​		106	​
Stock-based compensation	​		1,779	​		2,336	​
Changes in operating assets and liabilities:	​	​	​	​	​	​	​
Trade receivables, net	​		(10,178)	​		(11,790)	​
Inventories	​		301	​		(174)	​
Prepaid expenses and other current assets	​		969	​		1,012	​
Other assets	​		(1,562)	​		164	​
Accounts payable and accrued expenses	​		82	​		8,113	​
Other liabilities	​		(20)	​		(18)	​
Net cash provided by operating activities	​		32,062	​		39,434	​
INVESTING ACTIVITIES:	​	​	​	​	​	​	​
Purchase of property, plant, and equipment	​		(18,340)	​		(14,852)	​
Proceeds from sale of property, plant, and equipment	​		281	​		4	​
Net cash used in investing activities	​		(18,059)	​		(14,848)	​
FINANCING ACTIVITIES:	​	​	​	​	​	​	​
Cash dividends paid	​	​	(1,720)	​	​	(1,719)	​
Proceeds from exercise of stock options	​		128	​		160	​
Purchase of treasury shares	​		(370)	​		(424)	​
Net cash used in financing activities	​		(1,962)	​		(1,983)	​
Net increase in cash and cash equivalents	​		12,041	​		22,603	​
Cash and cash equivalents at beginning of period	​		371,124	​		278,031	​
Cash and cash equivalents at end of period	​	$	383,165	​	$	300,634	​

​

See accompanying notes to condensed consolidated financial statements.

​

5

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, 2025. The results of operations for the three-month period ended March 31, 2026 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 2026 and 2025 revenues was $11.7 million and $11.4 million, for the respective three-month periods ended March 31, which approximates the amount of external freight included in cost of revenues. Sales taxes billed to customers are not included in revenues.

​

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 trade 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.

​

New Accounting Pronouncements. In November 2024, the Financial Accounting Standards Board issued guidance that requires disclosure of specified information about certain costs and expenses in the notes to the Consolidated Financial Statements (“ASU 2024-03”). ASU 2024-03 requires, among other things, that public business entities include tabular

6

and qualitative disclosures that disaggregate each relevant expense caption on the face of a statement of income and include certain natural expenses relevant to the Company. ASU 2024-03 is to be applied on a prospective basis and is effective for annual reporting periods beginning after December 15, 2026. This ASU will likely result in additional disclosures being included in the Company’s consolidated financial statements once adopted.

​

​

​

​

4. Reportable Segment

​

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. The Company has 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.

The Company’s CODM is the chief executive officer. The Company’s lime and limestone operations segment 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 Operations. 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 periods ended March 31, 2026 and 2025, as reviewed and used by the CODM (in thousands). There are no other significant segment items or reconciling items to consolidated net income.

​

​	​	​	​	​	​	​	​	​
​	​	Three Months Ended					​	​
​	​	March 31,					​	​
​	​	2026		​	2025		​	​
Revenues	​	$	87,833	​	$	91,253	​	​
Less:	​	​	​	​	​	​	​	​
Fuel, energy, and transportation	​	​	21,973	​	​	20,265	​	​
Depreciation, depletion, and amortization	​	​	6,520	​	​	6,050	​	​
Outside services, maintenance, and supplies	​	​	7,134	​	​	8,355	​	​
Personnel expenses, cost of revenues	​	​	8,129	​	​	7,940	​	​
Other cost of revenues	​	​	2,325	​	​	2,487	​	​
Selling, general, and administrative expenses	​	​	5,969	​	​	6,262	​	​
Other (income) expense, net	​	​	(3,229)	​	​	(3,091)	​	​
Income tax expense	​	​	8,430	​	​	8,872	​	​
Net income	​	$	30,582	​	$	34,113	​	​
​	​	​	​	​	​	​	​	​

​

​

​

​

7

5. Income and Dividends Per Share of Common Stock

​

The following table sets forth the computation of basic and diluted income per common share (in thousands, except per share amounts):

​

​	​	​	​	​	​	​	​
​	​	Three Months Ended
​	​	March 31,					​
​	​ ​ ​	2026		​ ​ ​	2025
Net income for basic and diluted income per common share	​	$	30,582	​	$	34,113	​
Weighted-average shares for basic income per common share	​		28,671	​		28,623	​
Effect of dilutive securities:	​	​	​	​	​	​	​
Employee and director stock options(1)	​		99	​		96	​
Adjusted weighted-average shares and assumed exercises for diluted income per common share	​		28,770	​		28,719	​
Basic net income per common share	​	$	1.07	​	$	1.19	​
Diluted net income per common share	​	$	1.06	​	$	1.19	​

(1) Stock options are considered anti-dilutive if the exercise price exceeds the average per share market price for the period. No stock options were excluded for any of the periods presented above as anti-dilutive.

​

The Company paid $0.06 of cash dividends per share of common stock in each of the three-month periods ended March 31, 2026 and 2025.

​

6. Inventories

​

Inventories are valued principally at the lower of cost, determined using the average cost method, or net realizable value. Costs for raw materials and finished goods include materials, labor, and production overhead. A summary of inventories is as follows (in thousands):

​	​	​	​	​	​	​	​
​	​	March 31,		​	December 31,		​
​	​	2026		​	2025
Lime and limestone inventories:	​ ​ ​	​	​ ​ ​	​ ​ ​	​	​ ​ ​	​
Raw materials	​	$	7,657	​	$	8,312	​
Finished goods	​		3,908	​		3,815	​
​	​	​	11,565	​	​	12,127	​
Parts inventories	​		19,042	​		18,781	​
​	​	$	30,607	​	$	30,908	​

​

​

7. Banking Facilities and Debt

The Company’s credit agreement with Wells Fargo Bank, N.A. (the “Lender”), as amended as of August 3, 2023, provides for a $75 million revolving credit facility (the “Revolving Facility”) and an incremental four-year accordion feature to borrow up to an additional $50 million on the same terms, subject to approval by the Lender or another lender selected by the Company. The credit agreement also provides for a $10 million letter of credit sublimit under the Revolving Facility. The Revolving Facility and any incremental loans mature on August 3, 2028.

Interest rates on the Revolving Facility are, at the Company’s option, SOFR, plus a SOFR adjustment rate of 0.10%, plus a margin of 1.000% to 2.000%, or the Lender’s Prime Rate, plus a margin of 0.000% to 1.000%, and a commitment fee range of 0.225% to 0.350% on the undrawn portion of the Revolving Facility. The Revolving Facility interest rate margins and commitment fee are determined quarterly in accordance with a pricing grid based upon the Company’s Cash Flow Leverage Ratio, defined as the ratio of the Company’s total funded senior indebtedness to earnings before interest, taxes, depreciation, depletion, amortization, and stock-based compensation expense (“EBITDA”) for the 12 months ended on the last day of the most recent calendar quarter, plus pro forma EBITDA from any businesses acquired during the period. Pursuant to a security agreement, dated August 25, 2004, the Revolving Facility is secured by the Company’s existing and hereafter acquired tangible assets, intangible assets, and real property.

8

The maturity of the Revolving Facility and any incremental loans can be accelerated if any event of default, as defined under the credit agreement, occurs. The Company’s maximum Cash Flow Leverage Ratio is 3.50 to 1.

The Company may pay dividends so long as it remains in compliance with the provisions of the Company’s credit agreement, and it may purchase, redeem, or otherwise acquire shares of its common stock so long as its 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.

As of March 31, 2026, the Company had no debt outstanding and no draws on the Revolving Facility other than $4.6 million of letters of credit, principally related to the new kiln project at the Texas Lime Company plant, which count as draws against the available commitment under the Revolving Facility.

​

8. Leases

​

The Company has operating leases for the use of equipment, corporate office space, and some of its terminal and distribution facilities. The leases have remaining lease terms of 0 to 8 years, with a weighted-average remaining lease term of 3 years and 4 years at March 31, 2026 and December 31, 2025, respectively. Some operating leases include options to extend the leases for up to 5 years and are only considered in the lease terms if the Company is reasonably certain it will exercise the option to extend.

​

The components of net operating lease costs for the three months ended March 31, 2026 and 2025 were as follows (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	Three Months Ended March 31,					​
​	​ ​ ​ ​	Classification	​ ​ ​ ​	2026		​ ​ ​ ​	2025		​
Operating lease costs(1)	​	Cost of revenues	​	$	705	​	$	724	​
Operating lease costs(1)	​	Selling, general and administrative expenses	​	​	79	​	​	85	​
Rental revenues	​	Revenues	​	​	(51)	​	​	(55)	​
Rental revenues	​	Other (income) expense, net	​	​	(26)	​	​	(31)	​
Net operating lease costs	​	​	​	$	708	​	$	723	​

(1) Includes the costs of leases with a term of one year or less.

​

As of March 31, 2026, future minimum payments under operating leases that were either non-cancelable or subject to significant penalty upon cancellation, including future minimum payments under renewal options that the Company is reasonably certain to exercise, were as follows (in thousands):

​

​	​	​	​
2026	​	$	1,272
2027	​	​	1,328
2028	​	​	635
2029	​	​	217
2030	​	​	191
Thereafter	​	​	290
Total future minimum lease payments	​	​	3,934
Less imputed interest	​	​	(308)
Present value of lease liabilities	​	$	3,626

​

Supplemental cash flow information pertaining to the Company’s leasing activity for the three months ended March 31, 2026 and 2025 is as follows (in thousands):

​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
​	​	2026		​	2025
Cash payments for lease liabilities included in operating cash flows	​	$	466	​	$	450
Right-of-use assets obtained in exchange for operating lease obligations	​	$	—	​	$	176

​

9

​

9. Income Taxes

​

The Company has estimated that its effective income tax rate for 2026 will be 21.6%. The primary reason for the effective income tax rate being above the federal statutory rate is due to state income taxes, partially offset by statutory depletion, which is allowed for income tax purposes and is a permanent difference between net income for financial reporting purposes and taxable income.

​

10. Dividends

​

On March 13, 2026, the Company paid $1.7 million in cash dividends, based on a dividend of $0.06 per share of its common stock, to shareholders of record at the close of business on February 20, 2026.

​

​

11. Subsequent Event

​

On April 29, 2026, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.06 per share on the Company’s common stock. This dividend is payable on June 12, 2026, to shareholders of record at the close of business on May 22, 2026.

10

ITEM 2:     MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

​

Forward-Looking Statements. Any statements contained in this Report that are not statements of historical fact are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this Report, including without limitation statements relating to the Company’s plans, strategies, objectives, expectations, intentions, and adequacy of resources, are identified by such words as “will,” “could,” “should,” “would,” “believe,” “possible,” “potential,” “expect,” “intend,” “plan,” “schedule,” “estimate,” “anticipate,” and “project.” The Company undertakes no obligation to publicly update or revise any forward-looking statements. 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 or increase its revenues and manage any 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 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, including the One Big Beautiful Bill Act, legislative impasses, extended governmental shutdowns, reduced levels of government staffing, downgrades and defaults on U.S. government obligations, tariffs, trade wars, international conflicts and incidents, oil cartel production and supply actions, sanctions, embargoes, and blockades, 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, and inability to continue to maintain or increase prices for the Company’s products, including passing through any increased costs of energy, transportation, 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 Securities and Exchange Commission (the “SEC”), including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

​

11

Overview.

​

We are 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. We are headquartered in Dallas, Texas and operate lime and limestone plants and distribution facilities in Arkansas, Colorado, Louisiana, Missouri, Oklahoma, and Texas through our 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, through our wholly owned subsidiary, U.S. Lime Company-O & G, LLC, we have royalty and non-operated working interests in natural gas wells located in Johnson County, Texas, in the Barnett Shale Formation.

Our revenues decreased 3.7% in the first quarter 2026, compared to the first quarter 2025, primarily due to a 3.4% decrease in sales volumes of our lime and limestone products, which was principally due to decreased demand from our construction, oil and gas, and roof shingle customers, partially offset by increased demand from our steel customers, and a 0.2% decrease in the average selling prices for our lime and limestone products. During the first quarter 2026, we caught up on most of the weather-related shipping interruptions that resulted from the January winter storm. Although we experienced our first revenue decrease against the comparable prior-year quarter since the COVID pandemic began in 2020, we remain optimistic about the balance of the year, including as it pertains to demand from our construction customers.

Our gross profit decreased 9.5% in the first quarter 2026, compared to the first quarter 2025. The decrease in gross profit resulted primarily from the decrease in revenues discussed above and higher fuel and transportation costs. Our net income was $30.6 million ($1.06 per share diluted) in the first quarter 2026, compared to net income of $34.1 million ($1.19 per share diluted) in the first quarter 2025, a decrease of $3.5 million, or 10.4%.

In 2024, we began construction on a new vertical kiln and related equipment and infrastructure at our Texas Lime Company plant. We estimate that the construction costs of the Texas kiln project will total approximately $65 million, and we anticipate it will start up in the summer of 2026. We will begin to depreciate the new kiln and related equipment when they consistently produce commercially saleable quicklime.

Liquidity and Capital Resources.

​

Net cash provided by operating activities was $32.1 million in the first quarter 2026, compared to $39.4 million in the first quarter 2025, a decrease of $7.4 million, or 18.7%. Our net cash provided by operating activities is composed of net income, depreciation, depletion, and amortization (“DD&A”), deferred income taxes, stock-based compensation, other non-cash items included in net income, and changes in working capital. In the first quarter 2026, net cash provided by operating activities was principally composed of $30.6 million net income, $6.6 million DD&A, $3.4 million deferred income taxes, and $1.8 million stock-based compensation, partially offset by a $10.4 million decrease from changes in operating assets and liabilities. Changes in operating assets and liabilities in the first quarter 2026 included an increase of $10.2 million in trade receivables, net, due primarily to timing of the sales in the first quarter 2026 compared to the fourth quarter 2025, and an increase of $1.6 million in other assets, partially offset by a decrease of $0.3 million in inventories and a decrease of $1.0 million in prepaid expenses and other current assets. In the first quarter 2025, net cash provided by operating activities was principally composed of $34.1 million net income, $6.1 million DD&A, and $2.3 million stock-based compensation, partially offset by $0.6 million deferred income taxes and a $2.7 million decrease from changes in operating assets and liabilities. Changes in operating assets and liabilities in the first quarter 2025 included an increase of $11.8 million in trade receivables, net, due primarily to increased sales in the first quarter 2025 compared to the fourth quarter 2024, and an increase of $0.2 million in inventories, partially offset by a decrease of $1.0 million in prepaid expenses and other current assets and an increase of $8.1 million in accounts payable and accrued expenses.

We had $18.3 million in capital expenditures in the first quarter 2026, compared to $14.9 million in the first quarter 2025. Capital expenditures in the first quarter 2026 included $10.0 million related to the Texas kiln project, compared to $7.8 million in the first quarter 2025. Net cash used in financing activities was $2.0 million in both the first quarter 2026 and 2025, consisting primarily of cash dividends paid in each period.

12

Cash and cash equivalents increased $12.0 million to $383.2 million at March 31, 2026 from $371.1 million at December 31, 2025.

We are not committed to any planned capital expenditures until actual orders are placed for equipment. As of March 31, 2026, we were committed to $5.3 million of open purchase orders related to the Texas kiln project. We did not have any other material commitments for open purchase orders. As of March 31, 2026, we had incurred a total of $48.5 million on the Texas kiln project, of which $45.9 million had been paid in cash.

Our credit agreement with Wells Fargo Bank, N.A. (the “Lender”), as amended as of August 3, 2023, provides for a $75 million revolving credit facility (the “Revolving Facility”) and an incremental four-year accordion feature to borrow up to an additional $50 million on the same terms, subject to approval by the Lender or another lender selected by us. The credit agreement also provides for a $10 million letter of credit sublimit under the Revolving Facility. The Revolving Facility and any incremental loans mature on August 3, 2028.

Interest rates on the Revolving Facility are, at our option, SOFR, plus a SOFR adjustment rate of 0.10%, plus a margin of 1.000% to 2.000%, or the Lender’s Prime Rate, plus a margin of 0.000% to 1.000%, and a commitment fee range of 0.225% to 0.350% on the undrawn portion of the Revolving Facility. The Revolving Facility interest rate margins and commitment fee are determined quarterly in accordance with a pricing grid based upon our Cash Flow Leverage Ratio, defined as the ratio of our total funded senior indebtedness to earnings before interest, taxes, depreciation, depletion, amortization, and stock-based compensation expense (“EBITDA”) for the 12 months ended on the last day of the most recent calendar quarter, plus pro forma EBITDA from any businesses acquired during the period. Pursuant to a security agreement, dated August 25, 2004, the Revolving Facility is secured by our existing and hereafter acquired tangible assets, intangible assets, and real property. The maturity of the Revolving Facility and any incremental loans can be accelerated if any event of default, as defined under the credit agreement, occurs. Our maximum Cash Flow Leverage Ratio is 3.50 to 1.

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.

At March 31, 2026, we had no debt outstanding and no draws on the Revolving Facility other than $4.6 million of letters of credit, principally related to the Texas kiln project, which count as draws against the available commitment under the Revolving Facility. We believe that, absent a significant acquisition, cash on hand and cash flows from operations will be sufficient to meet our operating needs, ongoing capital needs, including current and possible future modernization, expansion, and development projects, and liquidity needs and allow us to pay regular quarterly cash dividends for the near future.

​

Results of Operations.

​

Revenues in the first quarter 2026 were $87.8 million, compared to $91.3 million in the first quarter 2025, a decrease of $3.4 million, or 3.7%. The decrease in our revenues in the first quarter 2026, compared to the first quarter 2025, resulted primarily from decreased sales volumes of our lime and limestone products, principally due to decreased demand from our construction, oil and gas, and roof shingle customers, partially offset by increased demand from our steel customers.

Gross profit was $41.8 million in the first quarter 2026, compared to $46.2 million in the first quarter 2025, a decrease of $4.4 million, or 9.5%. The decrease in gross profit in the first quarter 2026, compared to the first quarter 2025, resulted primarily from the decreased revenues discussed above and higher fuel and transportation costs.

Selling, general, and administrative (“SG&A”) expenses were $6.0 million in the first quarter 2026, compared to $6.3 million in the first quarter 2025, a decrease of $0.3 million, or 4.7%. The decrease in SG&A expenses in the first quarter 2026, compared to the first quarter 2025, was primarily due to decreased personnel expenses, including stock-based compensation.

Other (income) expense, net was $3.2 million income in the first quarter 2026, compared to $3.1 million income in the first quarter 2025, an increase of $0.1 million, primarily due to interest earned on higher average balances of cash and cash equivalents.

13

Income tax expense was $8.4 in the first quarter 2026, compared to $8.9 million in the first quarter 2025. The decrease in income tax expense was due to the decrease in income before taxes.

Our net income was $30.6 million ($1.06 per share diluted) in the first quarter 2026, compared to net income of $34.1 million ($1.19 per share diluted) in the first quarter 2025, a decrease of $3.5 million, or 10.4%.

​

ITEM 4:     CONTROLS AND PROCEDURES

​

Our management, with the participation of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Report. Based upon that evaluation, the CEO and CFO concluded that our disclosure controls and procedures as of the end of the period covered by this Report were effective.

​

No change in our internal control over financial reporting occurred during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

​

​

PART II.     OTHER INFORMATION

​

ITEM 2:     UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

​

Our 2001 Long-Term Incentive Plan, as Amended and Restated, allows employees and directors to pay the exercise price for stock options and the tax withholding liability upon the lapse of restrictions on restricted stock by payment in cash and/or delivery of shares of common stock.  There were no repurchases in the first quarter 2026 pursuant to these provisions or otherwise.

​

ITEM 4:    MINE SAFETY DISCLOSURES

​

Under Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of SEC Regulation S-K, each operator of a coal or other mine is required to include disclosures regarding certain mine safety results in its periodic reports filed with the SEC. The operation of our quarries, underground mines and plants is subject to regulation by the federal Mine Safety and Health Administration (“MSHA”) under the Federal Mine Safety and Health Act of 1977. The required information regarding certain mining safety and health matters, broken down by mining complex, for the quarter ended March 31, 2026, is presented in Exhibit 95.1 to this Report.

We believe we are responsible to employees to provide a safe and healthy workplace environment. We seek to accomplish this by: training employees in safe work practices; openly communicating with employees; following safety standards and establishing and improving safe work practices; involving employees in safety processes; and recording, reporting and investigating accidents, incidents and losses to avoid reoccurrence.

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ITEM 6:    EXHIBITS

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The Exhibit Index set forth below is incorporated by reference in response to this Item.

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EXHIBIT INDEX

	​	​
EXHIBIT	​	​
NUMBER	​ ​ ​	DESCRIPTION
​	​	​
31.1	​	Rule 13a-14(a)/15d-14(a) Certification by the Chief Executive Officer.
​	​	​
31.2	​	Rule 13a-14(a)/15d-14(a) Certification by the Chief Financial Officer.

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​	​	​
32.1	​	Section 1350 Certification by the Chief Executive Officer.
​	​	​
32.2	​	Section 1350 Certification by the Chief Financial Officer.
​	​	​
95.1	​	Mine Safety Disclosures.
​	​	​
101	​	Interactive Data Files (formatted as Inline XBRL).
​	​	​
104	​	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

​

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SIGNATURES

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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

​

​	UNITED STATES LIME & MINERALS, INC.
​	​
​	​
April 30, 2026	By:	/s/ Timothy W. Byrne
​	​	Timothy W. Byrne
​	​	President and Chief Executive Officer
​	​	(Principal Executive Officer)
​	​	​
​	​	​
April 30, 2026	By:	/s/ Michael L. Wiedemer
​	​	Michael L. Wiedemer
​	​	Vice President and Chief Financial Officer
​	​	(Principal Financial and Accounting Officer)

​

​

​

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