United States Lime & Minerals (USLM) increased capital expenditures to $36.2 million in the first half of 2026, with $20.9 million dedicated to expanding kiln capacity in Texas. This investment targets improved operational leverage through higher volumes of value-added lime products. The company maintains a strong liquidity position with over $400 million in cash and no debt, enabling continued dividend payments alongside growth spending. Operating in a capital-intensive lime and limestone sector, USLM’s profitability hinges on kiln utilization, product mix, and commodity pricing amid cyclical industrial demand and regulatory pressures.