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Public document run · 19 September 2026

I asked a 10-K about its own year.

United States Lime & Minerals filed a sixty-page annual report for 2025. I asked it six questions and asked one of them twice. Every answer, every page it came from, every cost and every check is below, taken from the run’s own record.

The numbers it gave were right. Twice it said an answer was not in the filing when it was. Both are on this page.

Form 10-K, FY2025p. 40

Consolidated statements of income

Revenues 2025$372.727m
Revenues 2024$317.721m
Gross profit 2025$182.398m
Gross profit 2024$143.981m
Net income 2025$134.275m

Figures as the run cited them, checked by hand against page 40.

7runs: six questions, one repeated
$0.0062total cost, all seven
13citations checked
0citations failed

How each answer was made

The same four steps ran for every question. Three of them are code. One is a language model, and it gets a single, capped call.

Find the passages

A knowledge graph, built once when the filing was loaded, picks the sections that bear on the question.

no language model

Number the sources

The chosen sections are labelled S1, S2, S3, so every claim can point back to one.

code

Write the answer

One model call writes the answer from those sources only, and cites them.

one model call, 1,500 tokens max

Check the citations

Every cited source must be one the model was actually given, or the answer fails.

code

Declared before each question ran: a ceiling of $0.10, a timeout of three minutes, and a fixed shape for the output. The model is a setting; this run used gpt-5.6-luna.

The six questions

The answers are printed as the model wrote them. The checks on the right are ours, made by hand against the filing after the run.

1

Revenue and net income, 2025 against 2024

Asked: “What were United States Lime & Minerals total revenues and net income for 2025, and how did they compare with 2024?”

Answered

What it answered

In 2025, total revenues were $372.727 million, compared with $317.721 million in 2024, an increase of $55.006 million, or 17.3% S1S3. Net income was $134.275 million in 2025, compared with approximately $108.8 million in 2024, an increase of approximately $25.5 million, or 23.4% S1S3. The revenue increase was driven by higher sales volumes and average selling prices S3. Net income growth was also reflected in diluted earnings per share, which rose from $3.79 in 2024 to $4.67 in 2025 S1S3.

Sources it was given

  • S1United States Lime & Minerals, Inc. Consolidated Statements of Incomep 40
  • S3whole document
Finding passages
1.87 s, no model
Model step
3.04 s
Tokens in / out
2,140 / 170
Cost
$0.0007
Citations checked
2, 0 failed
Session
e2b38689
2

Gross profit and margin, 2025 against 2024

Asked: “What were United States Lime & Minerals gross profit and gross profit margin for 2025 compared with 2024?”

Answered

What it answered

In 2025, gross profit was $182.398 million, compared with $143.981 million in 2024, an increase of $38.417 million, or 26.7%. S1 Gross profit margin, calculated as gross profit divided by total revenues, was approximately 48.9% in 2025 ($182.398 million ÷ $372.727 million), compared with approximately 45.3% in 2024 ($143.981 million ÷ $317.721 million). S1 Therefore, the gross profit margin improved by approximately 3.6 percentage points in 2025. S1

Sources it was given

  • S1United States Lime & Minerals, Inc. Consolidated Statements of Incomep 40
Finding passages
0.52 s, no model
Model step
2.28 s
Tokens in / out
2,136 / 199
Cost
$0.0008
Citations checked
1, 0 failed
Session
879b4edb
3

Tons of lime and limestone sold

Asked: “How many tons of lime and limestone products did United States Lime & Minerals sell in 2025, and how did that compare with 2024?”

Declined, correctly

What it answered

The provided sources do not state the number of tons of lime and limestone products sold in 2025, so an exact tonnage comparison with 2024 cannot be calculated from them. S1S2 They do report that total sales volumes increased by 11.7% in 2025 compared with 2024, while average selling prices increased by 5.6%. S2 Total revenue rose from $317.7 million in 2024 to $372.7 million in 2025, but revenue is not a measure of tonnes sold because prices also changed. S1S2 The report states that the company operated at approximately 80% of its total annual production capacity in 2025, but it does not convert that utilisation rate into actual product tonnage sold. S2S3 It also lists production capacities for individual plants, including quicklime, pulverised limestone, crushed limestone and dolomitic pulverised limestone, but these are capacities rather than sales volumes. S3 Therefore, the sources establish that 2025 sales volume was higher than in 2024 by 11.7%, but they do not provide the underlying tons sold in either year. S2

Sources it was given

  • S1United States Lime & Minerals, Inc. Consolidated Statements of Incomep 40
  • S2whole document
  • S3ITEM 1. BUSINESS.pp 3-17
Finding passages
0.55 s, no model
Model step
3.14 s
Tokens in / out
2,782 / 373
Cost
$0.0012
Citations checked
3, 0 failed
Session
d06ec8d7
4

Capital spending in 2025, and what is planned

Asked: “What were United States Lime & Minerals capital expenditures in 2025, and what does the filing say about planned capital spending?”

Answered in part

What it answered

Capital expenditures in 2025 were $62.698 million, representing purchases of property, plant and equipment shown as cash used in investing activities. S1 The filing also reports $3.749 million of property, plant and equipment purchases included in accounts payable and accrued expenses as a non-cash investing activity. S1 Accordingly, cash capital spending was $62.698 million, while the disclosed property, plant and equipment purchases including that non-cash amount totalled approximately $66.447 million. S1 The provided filing excerpt does not state a planned capital-spending amount, budget, or forecast for a future period. S1 The source covers 2025 cash flows and investing activity, including the comparison of net cash used in investing activities with prior years, but it does not provide management’s plans for future capital expenditure. S1

Sources it was given

  • S1United States Lime & Minerals, Inc. Consolidated Statements of Cash Flowsp 42
Finding passages
0.55 s, no model
Model step
3.43 s
Tokens in / out
1,313 / 289
Cost
$0.0007
Citations checked
1, 0 failed
Session
3f22b523
5

The principal risk factors

Asked: “What are the principal risk factors United States Lime & Minerals identifies in its 2025 annual report?”

Answered

What it answered

The principal risk factors are adverse economic and market conditions, including weaker demand from utility, construction, steel and oil and gas customers, the possible end of data-centre construction growth, regional competition and pressure on profitability. S1 The Company also faces volatile energy, labour, freight, parts and supplies costs, dependence on rail deliveries of coal and petroleum coke, and difficulty passing higher costs to customers. S1 Operating risks include geological problems, accidents, equipment failure, strikes, severe weather, limited insurance coverage and interruptions to mining or production. S1 Supply-chain disruption, geopolitical conflict, sanctions, tariffs and immigration-policy changes could further raise costs or delay supplies. S1 The success and profitability of the new Texas Lime kiln and future expansion projects are not assured. S1 Information-technology failures and cybersecurity incidents, including ransomware, fraud and human error, could disrupt operations, financial functions and data integrity. S1 Pandemics and disease outbreaks could affect employees, production, supply chains, demand and prices. S1 Governmental, legal, environmental and mine-safety requirements may increase compliance costs, complicate permitting and result in penalties or remediation obligations, particularly as environmental rules evolve. S1 Finally, the Company identifies risks from reclamation liabilities and its inability to insure fully against certain mining losses. S1

Sources it was given

  • S1ITEM 1A. RISK FACTORS.pp 18-22
Finding passages
0.56 s, no model
Model step
3.70 s
Tokens in / out
2,179 / 327
Cost
$0.0010
Citations checked
1, 0 failed
Session
d000b684
6

Cash, and debt outstanding, at 31 December 2025

Asked: “What was United States Lime & Minerals cash and cash equivalents at 31 December 2025, and how much debt did it have outstanding?”

Answered in part

What it answered

At 31 December 2025, United States Lime & Minerals had cash and cash equivalents of $371.124 million ($371,124 thousand). S1 The cash-flow statement also identifies $371.124 million as the ending cash and cash equivalents balance for 2025. S2 The provided sources do not state a separate figure for debt outstanding, nor do they identify borrowings or debt as a balance-sheet line item. S1 They report total liabilities of $50.284 million, comprising current liabilities of $23.632 million and deferred tax liabilities, net, of $22.999 million, but total liabilities should not be treated as debt outstanding. S1 Accordingly, the debt outstanding cannot be determined from the supplied sources. The sources do report $117 thousand of cash paid for interest during 2025, but this does not establish the amount of debt outstanding. S2

Sources it was given

  • S1United States Lime & Minerals, Inc. Consolidated Balance Sheetsp 39
  • S2United States Lime & Minerals, Inc. Consolidated Statements of Cash Flowsp 42
Finding passages
0.50 s, no model
Model step
2.98 s
Tokens in / out
1,581 / 289
Cost
$0.0008
Citations checked
2, 0 failed
Session
7cd2b3c5

What it got wrong

Two answers said the filing did not contain something that it does contain.

Planned capital spending

The answer said no plan was stated. Page 32 gives about $25 million a year for normal recurring capital. That page was not among the sources found for the question.

Debt outstanding

The answer said debt could not be determined. Pages 28, 34 and 49 say there was none. Those pages were not among the sources found either.

In both cases the model stayed with what it was given and declined, rather than guess a number. The gap was in finding the passages, and the citation check cannot see that kind of gap: it proves every cited source was supplied, not that nothing better existed. That is why the checks on this page were also done by hand.

The same question, asked twice

Question 3 ran a second time with nothing changed. What is fixed stayed fixed. The wording did not.

First runSecond run
Sources foundf07d53d5a968f07d53d5a968Identical
Prompt sent to the model1cfb79fe94271cfb79fe9427Identical
Citation check3 checked, 0 failed3 checked, 0 failedIdentical
Answer2a678de221bf715c48a45aedDifferent wording
Tokens out373364
Cost$0.0012$0.0011
First sentenceThe provided sources do not state the number of tons of lime and limestone products sold in 2025, so an exact tonnage comparison with 2024 cannot be calculated from them.The supplied sources do not state the number of tons of lime and limestone products sold in 2025, so an exact tonnage, and therefore the exact tonnage comparison with 2024, cannot be calculated from them.

The plan, the budget and the shape of the output are pinned. The model’s wording varies from run to run, and the record shows exactly where.

The same run, on your own filing

We load your company’s 10-K, annual report or sustainability report and ask it the questions your leadership would ask. You get each answer with its pages, its cost and its check, in the same form as this page.

It takes a week on our side and 20 minutes of yours.

Write to Vaidee

Vaidee SethuramanFounder, ⦃param⦄ ai/Studio and Divum.ai

United States Lime & Minerals, Inc. is a public company. Its Form 10-K for the year ended 31 December 2025 is public on SEC EDGAR. The company is not a param customer and had no part in this run.

Every figure on this page comes from the run’s stored record: the question files, the model’s answers and the receipt for each session.

Run with the Mind “VV-KG: Answer from the graph”, version 1.0.1.