Vulcan Materials Q3 earnings fall to $362M
Aggregates unit cash costs rose 7% as reported prices increased 4%; Vulcan projected approximately $2.4 billion in 2026 Adjusted EBITDA.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Vulcan Materials Company reported third-quarter 2026 revenue of $2,184.6 million, compared with $2,291.5 million a year earlier, and net earnings attributable to Vulcan of $362.3 million, versus $374.9 million. Adjusted EBITDA was $706.7 million, compared with $735.2 million; diluted earnings from continuing operations were $2.81 per share, versus $2.83. Aggregates shipments decreased 3%; reported freight-adjusted selling price increased 4%, or $0.82 per ton, while unit cash cost of sales increased 7%, or $0.72 per ton. Excluding higher diesel costs, cash cost of sales increased 3%.
During the quarter, Vulcan completed two bolt-on acquisitions that enhance its position in Tennessee and expand its reach into southern Ohio. Capital expenditures were $174 million, and the company returned $417 million to shareholders through $350 million of stock repurchases and $67 million of dividends. Nine-month operating cash flow was $971.0 million, compared with $1,270.0 million a year earlier. As of September 30, 2026, total debt to trailing-twelve-month Adjusted EBITDA was 2.0 times, within its 2.0-to-2.5-times target range. Vulcan projected approximately $2.4 billion in full-year 2026 Adjusted EBITDA and expected another year of earnings growth in 2027.
0 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- None.
Negative
- Moderate pointNine-month operating cash flow fell to $971.0 million from $1,270.0 million.
Insights
Analyzing...
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Total revenues: $2,184.6 million
Net earnings attributable to Vulcan: $362.3 million
Adjusted EBITDA: $706.7 million
+5 more
8 metrics
Total revenues
$2,184.6 million
Third quarter 2026; $2,291.5 million in third quarter 2025
Net earnings attributable to Vulcan
$362.3 million
Third quarter 2026; $374.9 million in third quarter 2025
Adjusted EBITDA
$706.7 million
Third quarter 2026; $735.2 million in third quarter 2025
Diluted earnings from continuing operations
$2.81 per share
Third quarter 2026; $2.83 per share in third quarter 2025
Net cash provided by operating activities
$971.0 million
Nine months ended September 30, 2026; $1,270.0 million in 2025
Capital returned to shareholders
$417 million
Third quarter 2026: $350 million of stock repurchases and $67 million of dividends
Projected Adjusted EBITDA
Approximately $2.4 billion
Full year 2026
Total debt to trailing-twelve-month Adjusted EBITDA
2.0 times
As of September 30, 2026; target range of 2.0 to 2.5 times
Key Terms
Adjusted EBITDA, Cash gross profit per ton, Freight-adjusted sales price, Return on Invested Capital, +1 more
5 terms
Adjusted EBITDA financial
"Adjusted EBITDA margin"
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.
Cash gross profit per ton financial
"expanding aggregates cash gross profit per ton"
Cash gross profit per ton measures how much cash a company earns from selling one ton of a product after paying the direct, cash operating costs to produce and deliver that ton (like raw materials, labor, processing and freight), but before accounting for non‑cash charges such as depreciation. Investors use it like a per‑unit profit thermometer: it shows how changes in selling price or production costs affect cash profit and short‑term financial health, similar to knowing the net cash you get each time you sell one item.
Freight-adjusted sales price financial
"Freight-adjusted sales price per ton"
Freight-adjusted sales price is the selling price of a product or shipment after adding or subtracting the costs associated with transporting the goods, so the figure reflects the net price actually received or paid once shipping is accounted for. It matters to investors because it changes reported revenue and margins and makes price comparisons across locations fairer — like comparing two store prices only after you factor in the cost of mailing the item.
Return on Invested Capital financial
"We define “Return on Invested Capital” (ROIC)"
A percentage that shows how effectively a company turns the money invested in its business—both borrowed funds and shareholders’ equity—into operating profit after taxes. It tells investors whether a company earns more from its core operations than it costs to fund those operations; think of it like the annual return you’d expect from renovating a rental property—higher percentages mean the company uses capital more efficiently and is more likely to create value for shareholders.
Net debt to Adjusted EBITDA financial
"Net debt to Adjusted EBITDA is not a GAAP measure"
Net debt to adjusted EBITDA is a leverage ratio that compares a company’s net debt (total interest-bearing debt minus cash) to its recurring operating earnings after removing one-off items. Think of it like how many years of steady take-home pay the business would need to pay off its outstanding debt; investors use it to gauge debt burden, financial risk and relative creditworthiness, with lower ratios generally indicating a safer balance sheet.
Earnings Snapshot
Total revenues: $2,184.6 million · Guidance included
Third quarter ended September 30, 2026
Total revenues
$2,184.6 million
Compared with $2,291.5 million in 2025
Net earnings attributable to Vulcan
$362.3 million
Compared with $374.9 million in 2025
Adjusted EBITDA
$706.7 million
Compared with $735.2 million in 2025
Diluted earnings from continuing operations per share
$2.81
Compared with $2.83 in 2025
Guidance
Approximately $2.4 billion in full-year 2026 Adjusted EBITDA.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What is VMC's 2026 Adjusted EBITDA outlook?
Vulcan projected approximately $2.4 billion in Adjusted EBITDA for full-year 2026. Its reconciliation shows projected EBITDA of $2,365 million and $35 million of items included in Adjusted EBITDA.
What did VMC say about 2027 pricing and demand?
Vulcan anticipated continuation of the current demand environment in 2027 and expected aggregates cash gross profit per ton to continue expanding, with mid- to high-single-digit pricing gains and cost benefits from the Vulcan Way of Operating.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 29, 2026
(Exact name of registrant as specified in its charter)
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||
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(State or other jurisdiction
of incorporation)
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(Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) (zip code)
(205 ) 298-3000
Registrant's telephone number, including area code
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which
registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
| Item 2.02 |
Results of Operations and Financial Condition.
|
On October 29, 2026, Vulcan Materials Company announced its financial results for the third quarter ended September 30, 2026. The press release
announcing the results is furnished as Exhibit 99.1.
| Item 9.01 |
Financial Statements and Exhibits.
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(d) Exhibits
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Exhibit No.
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Description
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99.1
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Press Release, dated October 29, 2026
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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SIGNATURES
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 hereunto duly authorized.
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VULCAN MATERIALS COMPANY
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Date: October 29, 2026
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By:
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/s/ Jerry F. Perkins Jr.
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Name:
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Jerry F. Perkins Jr.
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Title:
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Chief Administrative Officer
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Exhibit 99.1
 |
October 29, 2026
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FOR IMMEDIATE RELEASE
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Investor Contact: Mark Warren (205) 298-3220
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||
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Media Contact: Jack Bonnikson (205) 298-3220
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VULCAN REPORTS THIRD QUARTER 2026 RESULTS
Solid Execution Demonstrates Resilience of Aggregates-Led Business
Expands Footprint with Strategic Acquisitions
Targets Earnings Growth Again in 2027
Birmingham, Alabama – October 29, 2026 – 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
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|||||||||||||||||||||
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Amounts in millions, except per unit data
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2026
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2025
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2026
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2025
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2026
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2025
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||||||||||||||||||
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Total revenues
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$
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2,185
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$
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2,292
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$
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6,096
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$
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6,029
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$
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8,009
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$
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7,882
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||||||||||||
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Gross profit
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$
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666
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$
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697
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$
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1,714
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$
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1,688
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$
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2,201
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$
|
2,225
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||||||||||||
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Selling, Administrative and General (SAG)
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$
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137
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$
|
145
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$
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414
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$
|
428
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$
|
550
|
$
|
566
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||||||||||||
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As % of Total revenues
|
6.3
|
%
|
6.3
|
%
|
6.8
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%
|
7.1
|
%
|
6.9
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%
|
7.2
|
%
|
||||||||||||
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Net earnings attributable to Vulcan
|
$
|
362
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$
|
375
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$
|
851
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$
|
825
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$
|
1,103
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$
|
1,118
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||||||||||||
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Adjusted EBITDA
|
$
|
707
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$
|
735
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$
|
1,808
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$
|
1,806
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$
|
2,326
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$
|
2,356
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||||||||||||
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Adjusted EBITDA Margin
|
32.3
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%
|
32.1
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%
|
29.7
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%
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30.0
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%
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29.0
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%
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29.9
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%
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||||||||||||
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Earnings attributable to Vulcan from
continuing operations per diluted share |
$
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2.81
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$
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2.83
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$
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6.54
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$
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6.24
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$
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8.44
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$
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8.47
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Adjusted earnings attributable to Vulcan from
continuing operations per diluted share
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$
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2.83
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$
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2.84
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$
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6.76
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$
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6.29
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$
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8.47
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$
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8.46
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Aggregates segment
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||||||||||||||||||||||||
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Shipments (tons)
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62.7
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64.7
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172.6
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171.7
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227.6
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225.6
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||||||||||||||||||
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Freight-adjusted sales price per ton
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$
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22.84
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$
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22.01
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$
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22.87
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$
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22.05
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$
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22.61
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$
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21.90
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||||||||||||
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Gross profit per ton
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$
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9.46
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$
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9.46
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$
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9.05
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$
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8.91
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$
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8.77
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$
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8.93
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||||||||||||
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Cash gross profit per ton
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$
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11.95
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$
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11.84
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$
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11.68
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$
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11.52
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$
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11.45
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$
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11.51
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||||||||||||
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Page 2
October 29, 2026
FOR IMMEDIATE RELEASE
|
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.
|
Page 3
October 29, 2026
FOR IMMEDIATE RELEASE
|
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.
|
Page 4
October 29, 2026
FOR IMMEDIATE RELEASE
|
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.
Source: Vulcan Materials Company
Table A
Vulcan Materials Company
and Subsidiary Companies
|
(in millions, except per share data)
|
||||||||||||||||
|
Consolidated Statements of Earnings
|
Three Months Ended
September 30 |
Nine Months Ended
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
(Condensed and unaudited)
|
September 30
2026 |
December 31
2025 |
September 30
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)
|
||||||||
|
Consolidated Statements of Cash Flows
|
Nine Months Ended
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
September 30 |
Nine Months Ended
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
September 30
|
Nine Months Ended
September 30
|
Trailing-Twelve Months Ended
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
September 30
|
Nine Months Ended
September 30
|
Trailing-Twelve Months Ended
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
September 30
|
Nine Months Ended
September 30
|
Trailing-Twelve Months Ended
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
September 30
|
Nine Months Ended
September 30
|
Trailing-Twelve Months Ended
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
|
2.0
|
x
|
1.9
|
x
|
||||
|
Net debt to TTM Adjusted EBITDA
|
1.9
|
x
|
1.8
|
x
|
||||
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
|
%
|
||||