VULCAN REPORTS THIRD QUARTER 2026 RESULTS

Higher aggregates unit profitability and lower administrative expenses accompanied declining quarterly shipments and earnings.

Rhea-AI Summary

Vulcan Materials (NYSE: VMC) reported third-quarter 2026 net earnings attributable to the company of $362.3 million, down from a year earlier. Revenue fell to $2,184.6 million from $2,291.5 million, and diluted earnings from continuing operations slipped to $2.81 from $2.83. Adjusted EBITDA fell to $707 million from $735 million, while its margin rose to 32.3% from 32.1%.

Aggregates shipments decreased 3%, but cash gross profit per ton increased to $11.95 from $11.84 despite higher energy costs. Vulcan completed two acquisitions in Tennessee and southern Ohio and repurchased $350 million of shares during the quarter. Nine-month operating cash flow fell to $971.0 million from $1,270.0 million. The company expects approximately $2.4 billion in full-year adjusted EBITDA and targets earnings growth in 2027, with mid- to high-single-digit aggregates pricing gains.

20 points · 0 major

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0 major · 16 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 adjusted EBITDA is expected to reach approximately $2.4 billion.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Vulcan targets 2027 earnings growth and expects mid- to high-single-digit aggregates pricing gains.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Vulcan expects aggregates cash gross profit per ton expansion in 2027, supported by operating cost benefits.
• Moderate pointThird-quarter common stock repurchases returned $350 million to shareholders. 1% of market cap
• Moderate pointThird-quarter aggregates freight-adjusted selling prices increased 5% on a mix-adjusted basis year over year.
• Moderate pointNine-month business-sale proceeds totaled $572.1 million, versus $19.0 million a year earlier. 1.7% of market cap

14 minor points

• Minor pointTwo completed acquisitions enhanced Vulcan's Tennessee position and expanded its reach into southern Ohio.
• Minor pointThird-quarter adjusted EBITDA margin increased to 32.3% from 32.1% a year earlier.
• Minor pointThird-quarter aggregates cash gross profit per ton rose to $11.95 from $11.84 a year earlier.
• Minor pointThird-quarter aggregates revenue increased to $1,822.5 million from $1,792.1 million a year earlier.
• Minor pointThird-quarter selling, administrative and general expense fell to $137.0 million from $145.3 million a year earlier.
• Minor pointThird-quarter net interest expense declined to $51.4 million from $55.3 million a year earlier.
• Minor pointThird-quarter concrete gross profit margin expanded to 9%.
• Minor pointNine-month revenue increased to $6,096.3 million from $6,028.5 million a year earlier.
• Minor pointNine-month gross profit increased to $1,713.8 million from $1,687.7 million a year earlier.
• Minor pointNine-month net earnings attributable to Vulcan rose to $851.2 million from $824.7 million a year earlier.
• Minor pointNine-month diluted continuing-operations earnings rose to $6.54 per share from $6.24 a year earlier.
• Minor pointNine-month selling, administrative and general expense fell to $414.1 million from $428.0 million a year earlier.
• Minor pointNine-month net interest expense declined to $160.0 million from $174.2 million a year earlier.
• Minor pointThird-quarter maintenance and growth project capital expenditures totaled $174 million.

Negative

• Moderate pointThird-quarter revenue declined to $2,184.6 million from $2,291.5 million a year earlier.
• Moderate pointThird-quarter net earnings attributable to Vulcan fell to $362.3 million from $374.9 million a year earlier.
• Moderate pointThird-quarter adjusted EBITDA declined to $707 million from $735 million a year earlier.
• Moderate pointThird-quarter aggregates shipments decreased 3% year over year.
• Moderate pointThird-quarter aggregates freight-adjusted unit cash costs increased 7%, or $0.72 per ton, year over year.
• Moderate pointNine-month operating cash flow declined to $971.0 million from $1,270.0 million a year earlier.

10 minor points

• Minor pointThird-quarter diluted continuing-operations earnings slipped to $2.81 per share from $2.83 a year earlier.
• Minor pointThird-quarter gross profit fell to $665.6 million from $697.2 million a year earlier.
• Minor pointThird-quarter asphalt gross profit fell to $64.2 million from $71.0 million a year earlier.
• Minor pointThird-quarter concrete gross profit fell to $8.0 million from $14.1 million a year earlier.
• Minor pointSeptember 30 cash and cash equivalents fell to $106.6 million from $183.3 million at year-end 2025.
• Minor pointSeptember 30 short-term debt increased to $315.0 million from zero at year-end 2025.
• Minor pointSeptember 30 current long-term debt maturities rose to $400.0 million from $0.4 million at year-end 2025.
• Minor pointNine-month business-disposal results shifted to an $11.4 million loss from a $9.2 million gain.
• Minor pointNine-month other operating expense increased to $42.8 million from $28.2 million a year earlier.
• Minor point. Forward-looking: it has not happened yet and may not happen.Elevated energy inflation continued into the fourth quarter.

News Explained

As of September 30, 2026, Vulcan reported total debt at 2.0 times trailing-twelve-month Adjusted EBITDA, within its stated target range of 2.0 to 2.5 times.

Key Figures

Total revenues: $2,185 million vs. $2,292 million Net earnings attributable to Vulcan: $362 million vs. $375 million Adjusted EBITDA: $707 million vs. $735 million +4 more

Total revenues

$2,185 million vs. $2,292 million

Third quarter 2026 vs. third quarter 2025

Net earnings attributable to Vulcan

$362 million vs. $375 million

Third quarter 2026 vs. third quarter 2025

Adjusted EBITDA

$707 million vs. $735 million

Third quarter 2026 vs. third quarter 2025

Adjusted EBITDA margin

32.3% vs. 32.1%

Third quarter 2026 vs. third quarter 2025

Aggregates shipments

3% decrease

Third quarter 2026 vs. prior year

Freight-adjusted selling price

5% increase on a mix-adjusted basis

Aggregates, third quarter 2026

Capital returned to shareholders

$417 million

Third quarter 2026: $350 million in repurchases and $67 million in dividends

Previous Earnings Reports

1 past event · Latest: Oct 30

Same Type 1 event

1. Oct 30

   Quarterly earnings

   24h Move

   -1.7%

   Year-over-year revenue, net earnings and EBITDA gains; aggregates cash gross profit per ton was $11.84.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted ebitda, non-gaap financial measures

2 terms

adjusted ebitda financial

"Adjusted EBITDA"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-gaap financial measures financial

"Non-GAAP Financial Measures"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

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

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Solid Execution Demonstrates Resilience of Aggregates-Led Business

Expands Footprint with Strategic Acquisitions 

Targets Earnings Growth Again in 2027

BIRMINGHAM, Ala., Oct. 29, 2026 /PRNewswire/ -- Vulcan Materials Company (NYSE: VMC), the nation's largest producer of construction aggregates, today announced results for the quarter ended September 30, 2026. 

Ronnie Pruitt, Vulcan Materials' Chief Executive Officer, said, "Our results this quarter reflect disciplined operational execution across our entire organization. Our teams stayed focused on our core priorities, driving operational efficiencies, protecting margins, and delivering dependable value to our customers in a dynamic environment marked by energy inflation.

"At the same time, we are actively expanding our reach through strategic, disciplined acquisitions that reinforce our position in attractive, long-term growth markets. These targeted aggregates-led investments, combined with our core operational momentum, position us well for continued earnings growth and value creation for shareholders."   

Financial Highlights Include:

	Third Quarter			Year-to-Date			Trailing-Twelve Months
Amounts in millions, except per unit data	2026	2025		2026	2025		2026	2025
Total revenues	$       2,185	$       2,292		$       6,096	$       6,029		$       8,009	$       7,882
Gross profit	$          666	$          697		$       1,714	$       1,688		$       2,201	$       2,225
Selling, Administrative and General (SAG)	$          137	$          145		$          414	$          428		$          550	$          566
As % of Total revenues	6.3 %	6.3 %		6.8 %	7.1 %		6.9 %	7.2 %
Net earnings attributable to Vulcan	$          362	$          375		$          851	$          825		$       1,103	$       1,118
Adjusted EBITDA	$          707	$          735		$       1,808	$       1,806		$       2,326	$       2,356
Adjusted EBITDA Margin	32.3 %	32.1 %		29.7 %	30.0 %		29.0 %	29.9 %
Earnings attributable to Vulcan from           continuing operations per diluted share	$         2.81	$         2.83		$         6.54	$         6.24		$         8.44	$         8.47
Adjusted earnings attributable to Vulcan from           continuing operations per diluted share	$         2.83	$         2.84		$         6.76	$         6.29		$         8.47	$         8.46
Aggregates segment
Shipments (tons)	62.7	64.7		172.6	171.7		227.6	225.6
Freight-adjusted sales price per ton	$       22.84	$       22.01		$       22.87	$       22.05		$       22.61	$       21.90
Gross profit per ton	$         9.46	$         9.46		$         9.05	$         8.91		$         8.77	$         8.93
Cash gross profit per ton	$       11.95	$       11.84		$       11.68	$       11.52		$       11.45	$       11.51

Segment Results

Aggregates
Commercial and operational execution drove continued expansion in aggregates cash gross profit per ton despite ongoing energy headwinds in the third quarter.  Segment gross profit was $593 million ($9.46 per ton), and cash gross profit was $750 million ($11.95 per ton).

As compared to the prior year, aggregates shipments decreased 3 percent.  Shipments in the prior year's third quarter benefited from favorable weather across the Company's footprint following a slow start to the construction season due to severe winter weather and rainfall throughout the first half of the year.

Price growth in the third quarter remained widespread across the Company's footprint.  Freight-adjusted selling prices increased 5 percent on a mix-adjusted basis (4 percent, or $0.82 per ton, on a reported basis).  Continued cost management and operational execution helped offset energy cost headwinds and inflationary pressures on some parts and supplies.  Freight-adjusted unit cash cost of sales increased 7 percent, or $0.72 per ton, over the prior year.  Excluding the impact of higher diesel fuel costs, cash cost of sales increased 3 percent.

Asphalt and Concrete
Non-aggregates segment gross profit in the third quarter was $72 million, and cash gross profit was $88 million.  Asphalt gross profit margin remained strong at 17 percent, despite lower shipments and higher liquid asphalt costs.  The prior year results included the Company's Houston asphalt and construction business that was divested in the fourth quarter of 2025.  Concrete gross profit margin expanded to 9 percent. The prior year's third quarter included results from the concrete assets in California, that were divested in the second quarter of 2026.

Selling, Administrative and General (SAG)
SAG expense in the quarter was $137 million, 6 percent lower than the prior year and 6.3 percent of total revenues.  On a trailing-twelve months basis, SAG expense as a percent of total revenues was 6.9 percent and 30 basis points lower than the prior year. 

Financial Position, Liquidity and Capital Allocation
Capital expenditures for maintenance and growth projects were $174 million in the third quarter, and the Company returned $417 million to shareholders through $350 million of common stock repurchases and $67 million of dividends.   

During the third quarter, the Company completed two bolt-on acquisitions that align with our aggregates-led strategy and enhance our position in Tennessee and expand our reach into southern Ohio.  The Company remains well positioned for continued growth with a strong liquidity position and balance sheet profile. 

As of September 30, 2026, the ratio of total debt to trailing-twelve months Adjusted EBITDA was 2.0 times and within the Company's target range of 2.0 to 2.5 times.  On a trailing-twelve months basis, return on average invested capital was 15.9 percent. 

Outlook
Regarding the Company's outlook, Mr. Pruitt said, "Our results this year highlight the durability of our business.  Despite significant energy headwinds, we are preserving our Adjusted EBITDA margin and expanding unit profitability in aggregates.  We have taken proactive pricing and cost actions to mitigate the elevated energy inflation that has continued into the fourth quarter.  Backed by our operational and commercial discipline, we expect to deliver approximately $2.4 billion in Adjusted EBITDA for the full year. 

Mr. Pruitt continued, "As we look to 2027, our execution and ongoing portfolio expansion set the stage for another year of earnings growth.  We anticipate a continuation of the current demand environment next year and expect to continue expanding aggregates cash gross profit per ton with mid- to high- single digit pricing gains through execution of the Vulcan Way of Selling and cost benefits from the Vulcan Way of Operating.

"We have the right aggregates-led strategy and the operational rigor to navigate dynamic market conditions.  By maintaining disciplined capital deployment, integrating high-quality assets into our network, and executing on the fundamentals we control, we will continue to generate strong cash flow and compound superior value for our shareholders."

Conference Call 
Vulcan will host a conference call at 9:00 a.m. CT on October 29, 2026.  A webcast will be available via the Company's website at www.vulcanmaterials.com.  Investors and other interested parties may access the teleconference live by calling 800-347-6865, or 203-518-9757 if outside the U.S.  The conference ID is 5524133.  The conference call will be recorded and available for replay at the Company's website approximately two hours after the call.

About Vulcan Materials Company

Vulcan Materials Company, a member of the S&P 500 Index with headquarters in Birmingham, Alabama, is the nation's largest supplier of construction aggregates – primarily crushed stone, sand and gravel – and a major producer of aggregates-based construction materials, including asphalt and ready-mixed concrete.  For additional information about Vulcan, go to www.vulcanmaterials.com.

Non-GAAP Financial Measures

Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures, other than the reconciliation of Projected Adjusted EBITDA as included in Appendix 2 hereto. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results. 

FORWARD-LOOKING STATEMENT DISCLAIMER

This document contains forward-looking statements.  Statements that are not historical fact, including statements about Vulcan's beliefs and expectations, are forward-looking statements.  Generally, these statements relate to future financial performance, results of operations, business plans or strategies, projected or anticipated revenues, expenses, earnings (including EBITDA and other measures), dividend policy, shipment volumes, pricing, levels of capital expenditures, intended cost reductions and cost savings, anticipated profit improvements and/or planned divestitures and asset sales.  These forward-looking statements are sometimes identified by the use of terms and phrases such as "believe," "should," "would," "expect," "project," "estimate," "anticipate," "intend," "plan," "will," "can," "may" or similar expressions elsewhere in this document.  These statements are subject to numerous risks, uncertainties, and assumptions, including but not limited to general business conditions, competitive factors, pricing, energy costs, and other risks and uncertainties discussed in the reports Vulcan periodically files with the SEC.

Forward-looking statements are not guarantees of future performance and actual results, developments, and business decisions may vary significantly from those expressed in or implied by the forward-looking statements.  The following risks related to Vulcan's business, among others, could cause actual results to differ materially from those described in the forward-looking statements: general economic and business conditions; domestic and global political, economic or diplomatic developments, including the military conflict in the Middle East involving the United States, Israel and Iran; a pandemic, epidemic or other public health emergency; Vulcan's dependence on the construction industry, which is subject to economic cycles; the timing and amount of federal, state and local funding for infrastructure; changes in the level of spending for private residential and private nonresidential construction; changes in Vulcan's effective tax rate; the increasing reliance on information technology infrastructure, including the risks that the infrastructure does not work as intended, experiences technical difficulties or is subjected to cyber-attacks; the impact of the state of the global economy on Vulcan's businesses and financial condition and access to capital markets; international business operations and relationships, including actions taken by the Mexican government with respect to Vulcan's property and operations in that country; the highly competitive nature of the construction industry; the impact of future regulatory or legislative actions, including those relating to climate change, biodiversity, land use, wetlands, greenhouse gas emissions, the definition of minerals, tax policy and domestic and international trade; the outcome of pending legal proceedings; pricing of Vulcan's products; weather and other natural phenomena, including the impact of climate change and availability of water; availability and cost of trucks, railcars, barges and ships as well as their licensed operators for transport of Vulcan's materials; energy costs; costs of hydrocarbon-based raw materials; healthcare costs; labor relations, shortages and constraints; the amount of long-term debt and interest expense incurred by Vulcan; changes in interest rates; volatility in pension plan asset values and liabilities, which may require cash contributions to the pension plans; the impact of environmental cleanup costs and other liabilities relating to existing and/or divested businesses; Vulcan's ability to secure and permit aggregates reserves in strategically located areas; Vulcan's ability to identify, close and successfully integrate acquisitions; the effect of changes in tax laws, guidance and interpretations; significant downturn in the construction industry may result in the impairment of goodwill or long-lived assets; changes in technologies, which could disrupt the way Vulcan does business and how Vulcan's products are distributed; the risks of open pit and underground mining; expectations relating to sustainability considerations; claims that our products do not meet regulatory requirements or contractual specifications; and other assumptions, risks and uncertainties detailed from time to time in the reports filed by Vulcan with the SEC.  All forward-looking statements in this communication are qualified in their entirety by this cautionary statement.  Vulcan disclaims and does not undertake any obligation to update or revise any forward-looking statement in this document except as required by law.

 

Table A
Vulcan Materials Company
and Subsidiary Companies
(in millions, except per share data)
	Three Months Ended			Nine Months Ended
Consolidated Statements of Earnings	September 30			September 30
(Condensed and unaudited)	2026	2025		2026	2025
Total revenues	$2,184.6	$2,291.5		$6,096.3	$6,028.5
Cost of revenues	(1,519.0)	(1,594.3)		(4,382.5)	(4,340.8)
Gross profit	665.6	697.2		1,713.8	1,687.7
Selling, administrative and general expenses	(137.0)	(145.3)		(414.1)	(428.0)
Gain (loss) on sale of property, plant & equipment
and businesses	0.2	0.6		(11.4)	9.2
Other operating expense, net	(4.2)	(9.3)		(42.8)	(28.2)
Operating earnings	524.6	543.2		1,245.5	1,240.7
Other nonoperating income (expense), net	(2.0)	0.7		3.1	0.4
Interest expense, net	(51.4)	(55.3)		(160.0)	(174.2)
Earnings from continuing operations
before income taxes	471.2	488.6		1,088.6	1,066.9
Income tax expense	(107.1)	(112.4)		(234.4)	(237.4)
Earnings from continuing operations	364.1	376.2		854.2	829.5
Loss on discontinued operations, net of tax	(1.2)	(1.2)		(0.9)	(4.2)
Net earnings	362.9	375.0		853.3	825.3
Earnings attributable to noncontrolling interest	(0.6)	(0.1)		(2.1)	(0.6)
Net earnings attributable to Vulcan	$362.3	$374.9		$851.2	$824.7
Basic earnings (loss) per share attributable to Vulcan
Continuing operations	$2.82	$2.85		$6.56	$6.27
Discontinued operations	($0.01)	($0.01)		$0.00	($0.03)
Net earnings	$2.81	$2.84		$6.56	$6.24
Diluted earnings (loss) per share attributable to Vulcan
Continuing operations	$2.81	$2.83		$6.54	$6.24
Discontinued operations	($0.01)	($0.01)		($0.01)	($0.03)
Net earnings	$2.80	$2.82		$6.53	$6.21
Weighted-average common shares outstanding
Basic	129.1	132.1		129.8	132.2
Assuming dilution	129.5	132.9		130.3	132.9
Effective tax rate from continuing operations	22.7 %	23.0 %		21.5 %	22.3 %

Table B
Vulcan Materials Company
and Subsidiary Companies
(in millions)
Consolidated Balance Sheets	September 30		December 31		September 30
(Condensed and unaudited)	2026		2025		2025
Assets
Cash and cash equivalents	$106.6		$183.3		$191.3
Restricted cash	65.8		6.1		3.9
Accounts and notes receivable
Accounts and notes receivable, gross	1,117.1		898.2		1,197.1
Allowance for credit losses	(4.4)		(10.5)		(12.3)
Accounts and notes receivable, net	1,112.7		887.7		1,184.8
Inventories
Finished products	546.5		557.7		545.0
Raw materials	43.0		36.7		47.6
Products in process	6.8		5.4		12.3
Operating supplies and other	86.2		80.7		82.2
Inventories	682.5		680.5		687.1
Other current assets	111.1		101.8		104.0
Assets held for sale	0.0		708.5		97.3
Total current assets	2,078.7		2,567.9		2,268.4
Investments and long-term receivables	175.7		33.7		33.6
Property, plant & equipment
Property, plant & equipment, cost	15,048.8		14,504.7		14,641.6
Allowances for depreciation, depletion & amortization	(6,644.4)		(6,356.1)		(6,288.9)
Property, plant & equipment, net	8,404.4		8,148.6		8,352.7
Operating lease right-of-use assets, net	589.0		521.5		522.0
Goodwill	3,781.2		3,780.9		3,839.5
Other intangible assets, net	1,459.8		1,489.0		1,796.0
Other noncurrent assets	214.8		158.8		166.3
Total assets	$16,703.6		$16,700.4		$16,978.5
Liabilities
Current maturities of long-term debt	400.0		0.4		0.4
Short-term debt	315.0		0.0		0.0
Trade payables and accruals	245.3		438.5		422.6
Other current liabilities	495.0		487.9		556.2
Liabilities held for sale	0.0		29.3		37.6
Total current liabilities	1,455.3		956.1		1,016.8
Long-term debt	3,965.6		4,361.7		4,360.4
Deferred income taxes, net	1,292.3		1,358.3		1,391.9
Deferred revenue	124.9		130.6		132.3
Noncurrent operating lease liabilities	582.1		522.6		506.2
Other noncurrent liabilities	852.2		822.2		813.8
Total liabilities	$8,272.4		$8,151.5		$8,221.4
Equity
Common stock, $1 par value	128.2		130.6		132.0
Capital in excess of par value	2,914.6		2,930.0		2,920.2
Retained earnings	5,485.1		5,590.1		5,805.1
Accumulated other comprehensive loss	(121.3)		(125.6)		(123.1)
Total shareholder's equity	8,406.6		8,525.1		8,734.2
Noncontrolling interest	24.6		23.8		22.9
Total equity	$8,431.2		$8,548.9		$8,757.1
Total liabilities and equity	$16,703.6		$16,700.4		$16,978.5

Table C
Vulcan Materials Company
and Subsidiary Companies
(in millions)
	Nine Months Ended
Consolidated Statements of Cash Flows	September 30
(Condensed and unaudited)	2026		2025
Operating Activities
Net earnings	$853.3		$825.3
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation, depletion, accretion and amortization	529.0		563.2
Noncash operating lease expense	39.3		40.1
Net (gain) loss on sale of property, plant & equipment and businesses	11.4		(9.2)
Contributions to pension plans	(17.5)		(13.8)
Share-based compensation expense	33.3		49.9
Deferred income taxes, net	(52.7)		56.5
Changes in assets and liabilities before initial
effects of business acquisitions and dispositions	(435.3)		(256.3)
Other, net	10.2		14.3
Net cash provided by operating activities	$971.0		$1,270.0
Investing Activities
Purchases of property, plant & equipment	(548.0)		(492.9)
Proceeds from sale of property, plant & equipment	19.5		23.0
Proceeds from sale of businesses	572.1		19.0
Payment for businesses acquired, net of acquired cash	(290.6)		(8.5)
Other, net	2.4		8.5
Net cash used for investing activities	($244.6)		($450.9)
Financing Activities
Proceeds from short-term debt	315.0		0.0
Payment of short-term debt and other financing obligations	(50.0)		(550.0)
Payment of current maturities and long-term debt	(0.3)		(400.5)
Payment of finance leases	(6.1)		(8.5)
Purchases of common stock	(749.8)		(38.1)
Dividends paid	(202.3)		(195.4)
Share-based compensation, shares withheld for taxes	(48.4)		(30.5)
Distribution to noncontrolling interest	(1.4)		(1.5)
Other, net	(0.1)		(0.2)
Net cash used for financing activities	($743.4)		($1,224.7)
Net decrease in cash and cash equivalents and restricted cash	(17.0)		(405.6)
Cash and cash equivalents and restricted cash at beginning of year	189.4		600.8
Cash and cash equivalents and restricted cash at end of period	$172.4		$195.2

Table D
Segment Financial Data and Unit Shipments
(in millions, except per unit data)
	Three Months Ended			Nine Months Ended
	September 30			September 30
	2026	2025		2026	2025
Total Revenues
Aggregates 1	$1,822.5	$1,792.1		$5,036.0	$4,777.5
Asphalt 2	381.2	416.1		927.0	993.7
Concrete	92.4	237.5		466.7	635.2
Segment sales	$2,296.1	$2,445.7		$6,429.7	$6,406.4
Aggregates intersegment sales	(111.5)	(154.2)		(333.4)	(377.9)
Total	$2,184.6	$2,291.5		$6,096.3	$6,028.5
Gross Profit
Aggregates	$593.4	$612.1		$1,561.1	$1,529.0
Asphalt	64.2	71.0		126.3	132.9
Concrete	8.0	14.1		26.4	25.8
Total	$665.6	$697.2		$1,713.8	$1,687.7
Depreciation, Depletion, Accretion and Amortization
Aggregates	$156.1	$153.6		$454.7	$448.2
Asphalt	11.6	12.9		33.9	39.0
Concrete	3.8	16.5		11.9	50.9
Other	9.7	8.4		28.5	25.1
Total	$181.2	$191.4		$529.0	$563.2
Average Unit Sales Price and Unit Shipments
Aggregates
Freight-adjusted revenues 3	$1,431.7	$1,423.7		$3,947.2	$3,785.8
Aggregates - tons	62.7	64.7		172.6	171.7
Freight-adjusted sales price 4	$22.84	$22.01		$22.87	$22.05
Other Products
Asphalt Mix - tons	3.9	4.3		9.5	10.4
Asphalt Mix - sales price 5	$85.49	$82.70		$85.15	$81.88
Ready-mixed concrete - cubic yards	0.5	1.2		2.4	3.3
Ready-mixed concrete - sales price 5	$192.21	$190.90		$190.59	$188.96
1 Includes product sales (crushed stone, sand and gravel, sand, and other aggregates), as well as freight & delivery
costs that we pass along to our customers, and service revenues related to aggregates.
2 Includes product sales, as well as service revenues from our asphalt construction paving business.
3 Freight-adjusted revenues are Aggregates segment sales excluding freight & delivery revenues and
other revenues related to services, such as landfill tipping fees, that are derived from our aggregates business.
4 Freight-adjusted sales price is calculated as freight-adjusted revenues divided by aggregates unit shipments.
5 Sales price is calculated by dividing revenues generated from the shipment of product (excluding service revenues
generated by the segments) by total units of the product shipped.

Appendix 1
Reconciliation of Non-GAAP Measures
Aggregates segment freight-adjusted revenues is not a Generally Accepted Accounting Principle (GAAP) measure and should not be considered as an alternative to metrics defined by GAAP. We present this metric as it is consistent with the basis by which we review our operating results. We believe that this presentation is consistent with our competitors and meaningful to our investors as it excludes revenues associated with freight & delivery, which are pass-through activities. It also excludes other revenues related to services, such as landfill tipping fees, that are derived from our aggregates business. Additionally, we use this metric as the basis for calculating the average sales price of our aggregates products. Reconciliation of this metric to its nearest GAAP measure is presented below:
Aggregates Segment Freight-Adjusted Revenues
(in millions, except per unit data)
		Three Months Ended			Nine Months Ended			Trailing-Twelve Months Ended
		September 30			September 30			September 30
		2026	2025		2026	2025		2026	2025
Aggregates segment
Segment sales		$1,822.5	$1,792.0		$5,036.0	$4,777.5		$6,555.7	$6,249.7
Freight & delivery revenues 1		(364.8)	(341.7)		(1,013.4)	(916.8)		(1,311.7)	(1,214.4)
Other revenues		(26.0)	(26.7)		(75.4)	(74.9)		(97.3)	(95.3)
Freight-adjusted revenues		$1,431.7	$1,423.7		$3,947.2	$3,785.8		$5,146.7	$4,940.0
Unit shipments - tons		62.7	64.7		172.6	171.7		227.6	225.6
Freight-adjusted sales price		$22.84	$22.01		$22.87	$22.05		$22.61	$21.90
1 At the segment level, freight & delivery revenues include intersegment freight & delivery (which are eliminated at the consolidated
level) and freight to remote distribution sites.
GAAP does not define "cash gross profit," and it should not be considered as an alternative to earnings measures defined by GAAP. We and the investment community use this metric to assess the operating performance of our business. Additionally, we present this metric as we believe that it closely correlates to long-term shareholder value. Cash gross profit adds back noncash charges for depreciation, depletion, accretion and amortization to gross profit. Segment cash gross profit per unit is computed by dividing segment cash gross profit by units shipped. Segment cash cost of sales per unit is computed by subtracting segment cash gross profit per unit from segment freight-adjusted sales price. Reconciliation of these metrics to their nearest GAAP measures are presented below:
Cash Gross Profit
(in millions, except per unit data)
		Three Months Ended			Nine Months Ended			Trailing-Twelve Months Ended
		September 30			September 30			September 30
		2026	2025		2026	2025		2026	2025
Aggregates segment
Gross profit		$593.4	$612.1		$1,561.1	$1,529.0		$1,996.9	$2,015.4
Depreciation, depletion, accretion and amortization		156.1	153.6		454.7	448.2		610.0	582.2
Cash gross profit		$749.5	$765.7		$2,015.8	$1,977.2		$2,606.9	$2,597.6
Unit shipments - tons		62.7	64.7		172.6	171.7		227.6	225.6
Gross profit per ton		$9.46	$9.46		$9.05	$8.91		$8.77	$8.93
Freight-adjusted sales price		$22.84	$22.01		$22.87	$22.05		$22.61	$21.90
Cash gross profit per ton		11.95	11.84		11.68	11.52		11.45	11.51
Freight-adjusted cash cost of sales per ton		$10.89	$10.17		$11.19	$10.53		$11.16	$10.39
Asphalt segment
Gross profit		$64.2	$71.0		$126.3	$132.9		$167.2	$179.1
Depreciation, depletion, accretion and amortization		11.6	12.9		33.9	39.0		44.8	51.2
Cash gross profit		$75.8	$83.9		$160.2	$171.9		$212.0	$230.3
Concrete segment
Gross profit		$8.0	$14.1		$26.4	$25.8		$36.7	$30.4
Depreciation, depletion, accretion and amortization		3.8	16.5		11.9	50.9		22.8	61.4
Cash gross profit		$11.8	$30.6		$38.3	$76.7		$59.5	$91.8

Appendix 2
Reconciliation of Non-GAAP Measures (Continued)
GAAP does not define "Earnings Before Interest, Taxes, Depreciation and Amortization" (EBITDA), and it should not be considered as an alternative to earnings measures defined by GAAP. We use this metric to assess the operating performance of our business and as a basis for strategic planning and forecasting as we believe that it closely correlates to long-term shareholder value. We do not use this metric as a measure to allocate resources. We adjust EBITDA for certain items to provide a more consistent comparison of earnings performance from period to period. Reconciliation of this metric to its nearest GAAP measure is presented below (numbers may not foot due to rounding):
EBITDA and Adjusted EBITDA
(in millions)
		Three Months Ended			Nine Months Ended			Trailing-Twelve Months Ended
		September 30			September 30			September 30
		2026	2025		2026	2025		2026	2025
Net earnings attributable to Vulcan		$362.3	$374.9		$851.2	$824.7		$1,103.1	$1,118.5
Income tax expense, including discontinued operations		106.7	111.9		233.9	235.9		303.9	278.0
Interest expense, net		51.4	55.3		160.0	174.2		212.2	226.8
Depreciation, depletion, accretion and amortization		181.2	191.4		529.0	563.2		714.3	727.0
EBITDA		$701.5	$733.5		$1,774.1	$1,798.0		$2,333.5	$2,350.2
Loss on discontinued operations		$1.6	$1.6		$1.3	$5.7		$1.7	$9.1
(Gain) loss on sale of real estate and businesses, net		0.5	0.0		13.7	0.0		(28.7)	(36.7)
Charges associated with divested operations		2.3	0.0		8.8	0.0		9.4	16.7
Acquisition related charges 1		0.8	0.1		1.2	1.9		1.3	16.4
CEO transition and reorganization charges2		0.0	0.0		8.6	0.0		8.6	0.0
Adjusted EBITDA		$706.7	$735.2		$1,807.8	$1,805.6		$2,325.8	$2,355.7
Total revenues		$2,184.6	$2,291.5		$6,096.3	$6,028.5		$8,008.9	$7,882.2
Adjusted EBITDA margin		32.3 %	32.1 %		29.7 %	30.0 %		29.0 %	29.9 %
1 Represents charges associated with acquisitions requiring clearance under federal antitrust laws.
2 Represents employee termination and other discrete charges directly related to organizational changes resulting from
the appointment of Ronnie Pruitt as CEO, effective January 1, 2026.
Similar to our presentation of Adjusted EBITDA, we present Adjusted Diluted Earnings Per Share (EPS) attributable to Vulcan from continuing operations to provide a more consistent comparison of earnings performance from period to period. This metric is not defined by GAAP and should not be considered as an alternative to earnings measures defined by GAAP. Reconciliation of this metric to its nearest GAAP measure is presented below:
Adjusted Diluted EPS Attributable to Vulcan from Continuing Operations (Adjusted Diluted EPS)
		Three Months Ended			Nine Months Ended			Trailing-Twelve Months Ended
		September 30			September 30			September 30
		2026	2025		2026	2025		2026	2025
Net earnings attributable to Vulcan		$2.80	$2.82		$6.53	$6.21		$8.43	$8.41
Items included in Adjusted EBITDA above, net of tax		0.02	0.01		0.20	0.04		(0.03)	0.04
NOL carryforward valuation allowance		0.01	0.01		0.03	0.04		0.07	0.01
Adjusted diluted EPS attributable to Vulcan from
continuing operations		$2.83	$2.84		$6.76	$6.29		$8.47	$8.46
Projected Adjusted EBITDA is not defined by GAAP and should not be considered as an alternative to earnings measures defined by GAAP. Reconciliation of this metric to its nearest GAAP measure is presented below:
2026 Projected Adjusted EBITDA
(in millions)
Net earnings attributable to Vulcan									$1,120
Income tax expense, including discontinued operations									320
Interest expense, net									215
Depreciation, depletion, accretion and amortization									710
Projected EBITDA									$2,365
Items included in Adjusted EBITDA									$35
Projected Adjusted EBITDA									$2,400
Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures, other than the reconciliation of Projected Adjusted EBITDA as noted above. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results.

Appendix 3
Reconciliation of Non-GAAP Measures (Continued)
Net debt to Adjusted EBITDA is not a GAAP measure and should not be considered as an alternative to metrics defined by GAAP. We, the investment community and credit rating agencies use this metric to assess our leverage. Net debt subtracts cash and cash equivalents and restricted cash from total debt. Reconciliation of this metric to its nearest GAAP measure is presented below:
Net Debt to Adjusted EBITDA
(in millions)
		September 30
	2026	2025
Debt
Current maturities of long-term debt	$400.0	$0.4
Short-term debt	315.0	0.0
Long-term debt	3,965.6	4,360.4
Total debt	$4,680.6	$4,360.8
Cash and cash equivalents and restricted cash	(172.4)	(195.2)
Net debt	$4,508.2	$4,165.6
Trailing-Twelve Months (TTM) Adjusted EBITDA	$2,325.8	$2,355.7
Total debt to TTM Adjusted EBITDA	2.0x	1.9x
Net debt to TTM Adjusted EBITDA	1.9x	1.8x
We define "Return on Invested Capital" (ROIC) as Adjusted EBITDA for the trailing-twelve months divided by average invested capital (as illustrated below) during the trailing 5-quarters. Our calculation of ROIC is considered a non-GAAP financial measure because we calculate ROIC using the non-GAAP metric EBITDA. We believe that our ROIC metric is meaningful because it helps investors assess how effectively we are deploying our assets. Although ROIC is a standard financial metric, numerous methods exist for calculating a company's ROIC. As a result, the method we use to calculate our ROIC may differ from the methods used by other companies. This metric is not defined by GAAP and should not be considered as an alternative to earnings measures defined by GAAP. Reconciliation of this metric to its nearest GAAP measure is presented below (numbers may not foot due to rounding):
Return on Invested Capital
(dollars in millions)
	Trailing-Twelve Months Ended
	September 30
	2026	2025
Adjusted EBITDA	$2,325.8	$2,355.7
Average invested capital
Property, plant & equipment, net	$8,358.5	$7,995.7
Goodwill	3,792.7	3,744.9
Other intangible assets	1,483.4	1,626.3
Fixed and intangible assets	$13,634.6	$13,366.8
Current assets	$2,036.4	$2,166.1
Cash and cash equivalents	(197.9)	(354.9)
Current tax	(29.8)	(30.7)
Adjusted current assets	1,808.7	1,780.5
Current liabilities	(1,115.6)	(1,026.9)
Current maturities of long-term debt	160.2	80.5
Short-term debt	102.4	110.0
Adjusted current liabilities	(853.1)	(836.4)
Adjusted net working capital	$955.6	$944.1
Average invested capital	$14,590.2	$14,310.9
Return on invested capital	15.9 %	16.5 %

 

Investor Contact:  Mark Warren (205) 298-3220
Media Contact:  Jack Bonnikson (205) 298-3220

 

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SOURCE Vulcan Materials Company

FAQ

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

What were Vulcan Materials' third-quarter 2026 earnings?

Vulcan reported $362.3 million in net earnings attributable to the company, compared with $374.9 million a year earlier. Diluted earnings from continuing operations were $2.81 per share, versus $2.83. Adjusted EBITDA was $707 million, compared with $735 million.

What is Vulcan Materials' outlook for 2026 and 2027?

Vulcan expects approximately $2.4 billion in adjusted EBITDA for full-year 2026 and targets another year of earnings growth in 2027. Its 2027 expectations include mid- to high-single-digit aggregates pricing gains and continued expansion in aggregates cash gross profit per ton.

How does Vulcan Materials' September 2026 leverage compare with its target?

Vulcan's total debt was 2.0 times trailing-twelve-month adjusted EBITDA at September 30, 2026, within its target range of 2.0 to 2.5 times.

How did divestitures affect comparisons for Vulcan Materials' third-quarter 2026 non-aggregates businesses?

The prior-year quarter included businesses that Vulcan subsequently divested: its Houston asphalt and construction business and its California concrete assets. The Houston business was divested in the fourth quarter of 2025, and the California concrete assets were divested in the second quarter of 2026.

How much did diesel costs affect Vulcan Materials' third-quarter 2026 aggregates cash costs?

Aggregates cash cost of sales increased 3% excluding higher diesel fuel costs, compared with a 7% increase in freight-adjusted unit cash cost of sales including those costs. The company faced energy cost pressures as well as inflation in some parts and supplies.