Vulcan Materials (NYSE: VMC) posts Q1 2026 profit growth, keeps 2026 EBITDA outlook
Rhea-AI Filing Summary
Vulcan Materials Company delivered higher earnings and margins in the first quarter of 2026. Total revenues rose to $1,755.9 million from $1,634.6 million, while net earnings attributable to Vulcan increased to $165.5 million and diluted EPS reached $1.26 versus $0.97 a year earlier.
Adjusted EBITDA grew to $447.1 million with margin expanding to 25.5%. Aggregates shipments climbed to 50.0 million tons with freight-adjusted sales prices of $22.80 per ton, driving aggregates gross profit to $400.3 million. The company kept SAG costs lean at $136 million, or 7.7% of revenue, and maintained leverage at 1.9x total debt to trailing-twelve-month Adjusted EBITDA. Vulcan returned $217 million to shareholders and reaffirmed its full-year 2026 Adjusted EBITDA outlook of $2.4–$2.6 billion.
Positive
- Strong earnings and margin expansion: Net earnings attributable to Vulcan rose to $165.5 million and diluted EPS to $1.26, while Adjusted EBITDA increased to $447.1 million with the Adjusted EBITDA margin improving to 25.5%.
- Healthy balance sheet and capital returns: Total debt to trailing-twelve-month Adjusted EBITDA was 1.9x, below the 2.0–2.5x target range, and the company returned $217 million to shareholders through buybacks and dividends while reaffirming 2026 Adjusted EBITDA guidance of $2.4–$2.6 billion.
Negative
- None.
Insights
Vulcan posts solid Q1 profit growth, margin gains and reaffirms 2026 outlook.
Vulcan Materials grew Q1 2026 revenues to $1,755.9M and net earnings to $165.5M, with diluted EPS at $1.26. $447.1M of Adjusted EBITDA and a 25.5% margin show improved profitability versus the prior year.
Aggregates performance underpinned results: shipments reached 50.0 million tons and freight-adjusted price per ton rose to $22.80, lifting segment gross profit to $400.3M. Asphalt and concrete margins also improved, aided by pricing and prior portfolio pruning.
Leverage remains conservative, with total debt at $4,560.0M and total debt-to-TTM Adjusted EBITDA at 1.9% expressed as 1.9x, below the stated 2.0–2.5x target range. Vulcan returned $217M via buybacks and dividends and reiterated its 2026 Adjusted EBITDA outlook of $2.4–$2.6B, signaling confidence in demand and execution.
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, and exhibit attachments filed with this report.
Key Figures
Total revenues: $1,755.9M
Net earnings attributable to Vulcan: $165.5M
Diluted EPS: $1.26
+5 more
8 metrics
Total revenues
$1,755.9M
Three months ended March 31, 2026
Net earnings attributable to Vulcan
$165.5M
Three months ended March 31, 2026
Diluted EPS
$1.26
Three months ended March 31, 2026
Adjusted EBITDA
$447.1M
Q1 2026; margin 25.5%
Aggregates shipments
50.0M tons
Three months ended March 31, 2026
Aggregates freight-adjusted sales price
$22.80/ton
Q1 2026 aggregates segment
Total debt to TTM Adjusted EBITDA
1.9x
As of March 31, 2026
2026 Projected Adjusted EBITDA midpoint
$2,500M
Full-year 2026 guidance midpoint
Key Terms
Adjusted EBITDA, cash gross profit, freight-adjusted revenues, Adjusted Diluted EPS, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA | | $ | 447 | | | $ | 411"
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 financial
"Cash gross profit per ton | | $ | 10.93 | | | $ | 10.63"
Cash gross profit is the amount of money a company keeps from selling its products or services after paying the direct, cash-based costs to produce them, excluding non-cash accounting charges like depreciation, amortization or inventory write-downs. Investors use it to see how much actual cash core operations generate—like checking the cash you have after selling goods before paying rent or salaries—which helps assess short-term liquidity and the quality of reported profits.
freight-adjusted revenues financial
"Freight-adjusted revenues 3 | | $ | 1,139.0 | | | $ | 1,052.0"
Adjusted Diluted EPS financial
"Adjusted diluted EPS attributable to Vulcan from continuing operations | | $ | 1.35"
Adjusted diluted EPS is a company’s profit per share after adding back or removing one-time items (like restructuring costs or gains) and dividing by the number of shares including potential shares from options and convertible securities. Investors use it as a cleaner view of ongoing earnings—like looking at a car’s regular fuel efficiency rather than a trip boosted by downhill coasting—to judge underlying performance and compare companies without temporary distortions.
Net debt to Adjusted EBITDA financial
"Net Debt to Adjusted EBITDA | | | | | | ---------------------------------------------"
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.
Return on invested capital financial
"Return on invested capital | | | 16.0 | % | | | 16.2 | %"
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.
Earnings Snapshot
Revenue: $1,755.9M · Guidance included
Q1 2026
Revenue
$1,755.9M
vs $1,634.6M in Q1 2025
Net earnings attributable to Vulcan
$165.5M
vs $128.9M in Q1 2025
Diluted EPS
$1.26
vs $0.97 in Q1 2025
Adjusted EBITDA
$447.1M
vs $410.9M in Q1 2025
Guidance
Vulcan Materials reaffirmed its full-year 2026 Adjusted EBITDA outlook of $2.4–$2.6 billion, with a projected Adjusted EBITDA midpoint of $2,500 million.
FAQ
How did Vulcan Materials (VMC) perform financially in Q1 2026?
Vulcan Materials reported higher Q1 2026 revenues of $1,755.9 million and net earnings attributable to Vulcan of $165.5 million. Diluted EPS reached $1.26 versus $0.97 a year earlier, reflecting meaningful profit growth supported by stronger aggregates, asphalt and concrete segment performance.
What was Vulcan Materials’ Adjusted EBITDA and margin for Q1 2026?
Adjusted EBITDA for Q1 2026 was $447.1 million with an Adjusted EBITDA margin of 25.5%. This compares to $410.9 million and a 25.1% margin in the prior year quarter, showing improved profitability driven primarily by aggregates pricing, cost control and better non-aggregates segment margins.
How did Vulcan Materials’ aggregates business perform in Q1 2026?
Aggregates shipments increased to 50.0 million tons and freight-adjusted sales price per ton rose to $22.80. Aggregates segment gross profit grew to $400.3 million, or $8.01 per ton, with cash gross profit per ton reaching $10.93, reflecting both higher volumes and stronger pricing across Vulcan’s footprint.
What guidance did Vulcan Materials provide for full-year 2026 earnings?
Vulcan Materials reaffirmed its full-year 2026 outlook for Adjusted EBITDA between $2.4 billion and $2.6 billion. The company cited solid first quarter execution, a healthy project backlog and strong public construction activity as key supports for meeting this projected Adjusted EBITDA range.
What is Vulcan Materials’ leverage and return on invested capital?
As of March 31, 2026, Vulcan’s total debt was $4,560.0 million and total debt to trailing-twelve-month Adjusted EBITDA was 1.9x. Net debt was $4,416.3 million, and return on average invested capital for the trailing-twelve months was 16.0%, indicating efficient use of capital alongside moderate leverage.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Washington, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 29, 2026
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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(Address of principal executive offices) (zip code)
(205 ) 298-3000
Registrant's telephone number, including area code
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:
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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. ☐
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Item 2.02
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Results of Operations and Financial Condition.
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On April 29, 2026, Vulcan Materials Company announced its financial results for the first quarter ended March 31, 2026. The press release announcing
the results is furnished as Exhibit 99.1.
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Item 9.01
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Financial Statements and Exhibits.
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(d) Exhibits
| Exhibit No. | Description |
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99.1
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Press Release, dated April 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: April 29, 2026
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By:
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/s/ Jerry F. Perkins Jr.
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Name: Jerry F. Perkins Jr.
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Title: Chief Administrative Officer
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Exhibit 99.1
April 29, 2026
FOR IMMEDIATE RELEASE
Investor Contact: Mark Warren (205) 298-3220
Media Contact: Jack Bonnikson (205) 298-3220
VULCAN REPORTS FIRST QUARTER 2026 RESULTS
Solid First Quarter Execution Drives Earnings Growth and Margin Expansion
Company Reaffirms Full Year Earnings Outlook
Birmingham, Alabama – April 29, 2026 – Vulcan Materials Company (NYSE: VMC), the nation’s largest producer of construction aggregates, today announced results for the quarter ended March 31, 2026.
Financial Highlights Include:
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First Quarter
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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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||||||||||||
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Total revenues
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$
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1,756
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$
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1,635
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$
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8,062
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$
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7,507
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||||||||
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Gross profit
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$
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423
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$
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365
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$
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2,232
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$
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2,060
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||||||||
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Selling, Administrative and General (SAG)
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$
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136
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$
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138
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$
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562
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$
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540
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||||||||
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As % of Total revenues
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7.7
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%
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8.5
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%
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7.0
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%
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7.2
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%
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||||||||
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Net earnings attributable to Vulcan
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$
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165
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$
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129
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$
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1,113
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$
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938
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Adjusted EBITDA
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$
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447
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$
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411
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$
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2,360
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$
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2,145
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||||||||
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Adjusted EBITDA Margin
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25.5
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%
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25.1
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%
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29.3
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%
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28.6
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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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$
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1.27
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$
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0.98
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$
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8.45
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$
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7.11
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||||||||
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Adjusted earnings attributable to Vulcan from continuing operations per diluted share
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$
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1.35
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$
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1.00
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$
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8.34
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$
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7.73
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||||||||
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Aggregates segment
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Shipments (tons)
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50.0
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47.8
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229.0
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219.5
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Freight-adjusted sales price per ton
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$
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22.80
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$
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22.03
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$
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22.15
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$
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21.39
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Gross profit per ton
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$
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8.01
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$
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7.48
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$
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8.77
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$
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8.52
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Cash gross profit per ton
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$
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10.93
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$
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10.63
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$
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11.38
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$
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10.99
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Ronnie Pruitt, Vulcan Materials’ Chief Executive Officer, said, “The combination of our advantaged aggregates-led business and consistent focus on our strategic
disciplines resulted in Adjusted EBITDA growth of 9 percent and margin expansion in the first quarter. Our strategy and execution, enhanced by innovation and technology, position us well to deliver strong earnings growth and cash generation. With
this focus, and the financial strength and flexibility to grow, we will continue to drive sustainable value creation and win the future in aggregates.”
Page 2
April 29, 2026
FOR IMMEDIATE RELEASE
Segment Results
Aggregates
Segment gross profit increased 12 percent to $400 million ($8.01 per ton), and gross profit margin expanded 90 basis points to 27.6 percent. Widespread pricing growth
and effective cost control from operational execution drove cash gross profit per ton to $10.93.
As compared to the prior year, first quarter aggregates shipments increased 5 percent, supported by large projects and continued growth in public construction activity,
as well as more typical weather in some markets. Shipments in the prior year’s first quarter were impacted by severe winter weather conditions.
Price increases effective at the beginning of the year resulted in widespread pricing growth across the Company’s footprint. Freight-adjusted selling prices increased 4
percent on a mix-adjusted basis (3.5 percent, or $0.77 per ton, on a reported basis) as compared to the prior year’s first quarter. Consistent with expectations, freight-adjusted unit cash cost of sales increased 4 percent, or $0.47 per ton, over
the prior year.
Asphalt and Concrete
Non-aggregates segment gross profit in the first quarter was $22 million, and cash gross profit was $38 million. Asphalt gross profit margin improved sharply compared to
the prior year’s first quarter. Shipments increased 2 percent, and price improved 3 percent. First quarter results in the prior year included the Company’s Houston asphalt and construction business that was divested in the fourth quarter of
2025. Gross profit margin in the Concrete segment expanded to 5 percent. First quarter results included the Company’s California ready-mixed concrete business. The disposition of these assets is expected to close in the second quarter, subject
to final regulatory approvals and other customary closing conditions.
Selling, Administrative and General (SAG)
SAG expense in the quarter was $136 million, 2 percent lower than the prior year and 80 basis points lower as a percentage of revenue. On a trailing-twelve months basis,
SAG expense as a percent of total revenues was 7.0 percent and 20 basis points lower than the prior year.
Financial Position, Liquidity and Capital Allocation
The Company remains well positioned for continued growth with a strong liquidity position and balance sheet profile. As of March 31, 2026, the ratio of total debt to
trailing-twelve months Adjusted EBITDA was 1.9 times and below the Company’s target range of 2.0 to 2.5 times. On a trailing-twelve months basis, return on average invested capital was 16.0 percent.
Capital expenditures for maintenance and growth projects were $90 million in the first quarter, and the Company returned $217 million to shareholders through $149 million
of common stock repurchases and $68 million of dividends.
Page 3
April 29, 2026
FOR IMMEDIATE RELEASE
Outlook
Regarding the Company’s outlook, Mr. Pruitt said, “We reiterate our full-year outlook to deliver between $2.4 and $2.6 billion of Adjusted EBITDA. Our execution in the
first quarter, in addition to a healthy backlog supported by large projects and public construction activity, gives us good momentum heading into the rest of the year. We continue to monitor the potential impacts from geopolitical uncertainty but,
as always, will remain focused on what we can control to drive durable growth.”
Conference Call
Vulcan will host a conference call at 9:00 a.m. CT on April 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 800-445-7795, or 785-424-1699 if outside the U.S. The conference ID is 5306428. 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.
Page 4
April 29, 2026
FOR IMMEDIATE RELEASE
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)
|
||||||||
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Three Months Ended
|
||||||||
|
Consolidated Statements of Earnings
|
March 31
|
|||||||
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(Condensed and unaudited)
|
2026
|
2025
|
||||||
|
Total revenues
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$
|
1,755.9
|
$
|
1,634.6
|
||||
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Cost of revenues
|
(1,333.2
|
)
|
(1,269.3
|
)
|
||||
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Gross profit
|
422.7
|
365.3
|
||||||
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Selling, administrative and general expenses
|
(135.7
|
)
|
(138.3
|
)
|
||||
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Gain (loss) on sale of property, plant & equipment and businesses
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(0.3 |
) |
7.4 |
|||||
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Other operating expense, net
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(21.3
|
)
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(8.0
|
)
|
||||
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Operating earnings
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265.4
|
226.4
|
||||||
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Other nonoperating income (expense), net
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1.4
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(2.6
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)
|
|||||
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Interest expense, net
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(53.9
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)
|
(59.7
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)
|
||||
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Earnings from continuing operations before income taxes
|
212.9
|
164.1
|
||||||
|
Income tax expense
|
(45.9
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)
|
(33.8
|
)
|
||||
|
Earnings from continuing operations
|
167.0
|
130.3
|
||||||
|
Loss on discontinued operations, net of tax
|
(1.0
|
)
|
(0.9
|
)
|
||||
|
Net earnings
|
166.0
|
129.4
|
||||||
|
Earnings attributable to noncontrolling interest
|
(0.5
|
)
|
(0.5
|
)
|
||||
|
Net earnings attributable to Vulcan
|
$
|
165.5
|
$
|
128.9
|
||||
|
Basic earnings (loss) per share attributable to Vulcan
|
||||||||
|
Continuing operations
|
$
|
1.27
|
$
|
0.98
|
||||
|
Discontinued operations
|
$
|
0.00
|
$
|
(0.01
|
)
|
|||
|
Net earnings
|
$
|
1.27
|
$
|
0.97
|
||||
|
Diluted earnings (loss) per share attributable to Vulcan
|
||||||||
|
Continuing operations
|
$
|
1.27
|
$
|
0.98
|
||||
|
Discontinued operations
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
||
|
Net earnings
|
$
|
1.26
|
$
|
0.97
|
||||
|
Weighted-average common shares outstanding
|
||||||||
|
Basic
|
130.7
|
132.4
|
||||||
|
Assuming dilution
|
131.2
|
133.0
|
||||||
|
Effective tax rate from continuing operations
|
21.6
|
%
|
20.6
|
%
|
||||
Table B
Vulcan Materials Company
and Subsidiary Companies
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(in millions)
|
||||||||||||
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Consolidated Balance Sheets
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March 31
|
December 31
|
March 31
|
|||||||||
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(Condensed and unaudited)
|
2026
|
2025
|
2025
|
|||||||||
|
Assets
|
||||||||||||
|
Cash and cash equivalents
|
$
|
140.2
|
$
|
183.3
|
$
|
181.3
|
||||||
|
Restricted cash
|
3.5
|
6.1
|
11.6
|
|||||||||
|
Accounts and notes receivable
|
||||||||||||
|
Accounts and notes receivable, gross
|
975.7
|
898.2
|
941.9
|
|||||||||
|
Allowance for credit losses
|
(10.1
|
)
|
(10.5
|
)
|
(13.0
|
)
|
||||||
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Accounts and notes receivable, net
|
965.6
|
887.7
|
928.9
|
|||||||||
|
Inventories
|
||||||||||||
|
Finished products
|
564.1
|
557.7
|
570.3
|
|||||||||
|
Raw materials
|
41.0
|
36.7
|
65.7
|
|||||||||
|
Products in process
|
6.7
|
5.4
|
10.3
|
|||||||||
|
Operating supplies and other
|
84.0
|
80.7
|
74.7
|
|||||||||
|
Inventories
|
695.8
|
680.5
|
721.0
|
|||||||||
|
Other current assets
|
79.1
|
101.8
|
83.1
|
|||||||||
|
Assets held for sale
|
698.2
|
708.5
|
0.0
|
|||||||||
|
Total current assets
|
2,582.4
|
2,567.9
|
1,925.9
|
|||||||||
|
Investments and long-term receivables
|
33.7
|
33.7
|
31.3
|
|||||||||
|
Property, plant & equipment
|
||||||||||||
|
Property, plant & equipment, cost
|
14,583.7
|
14,504.7
|
14,534.2
|
|||||||||
|
Allowances for depreciation, depletion & amortization
|
(6,483.4
|
)
|
(6,356.1
|
)
|
(6,152.9
|
)
|
||||||
|
Property, plant & equipment, net
|
8,100.3
|
8,148.6
|
8,381.3
|
|||||||||
|
Operating lease right-of-use assets, net
|
525.9
|
521.5
|
566.0
|
|||||||||
|
Goodwill
|
3,780.9
|
3,780.9
|
3,815.0
|
|||||||||
|
Other intangible assets, net
|
1,478.8
|
1,489.0
|
1,846.3
|
|||||||||
|
Other noncurrent assets
|
170.9
|
158.8
|
146.3
|
|||||||||
|
Total assets
|
$
|
16,672.9
|
$
|
16,700.4
|
$
|
16,712.1
|
||||||
|
Liabilities
|
||||||||||||
|
Current maturities of long-term debt
|
0.0
|
0.4
|
0.5
|
|||||||||
|
Short-term debt
|
197.0
|
0.0
|
0.0
|
|||||||||
|
Trade payables and accruals
|
398.8
|
438.5
|
354.7
|
|||||||||
|
Other current liabilities
|
374.0
|
487.9
|
441.7
|
|||||||||
|
Liabilities held for sale
|
27.5
|
29.3
|
0.0
|
|||||||||
|
Total current liabilities
|
997.3
|
956.1
|
796.9
|
|||||||||
|
Long-term debt
|
4,363.0
|
4,361.7
|
4,907.9
|
|||||||||
|
Deferred income taxes, net
|
1,362.1
|
1,358.3
|
1,331.4
|
|||||||||
|
Deferred revenue
|
129.0
|
130.6
|
136.2
|
|||||||||
|
Noncurrent operating lease liabilities
|
525.8
|
522.6
|
556.1
|
|||||||||
|
Other noncurrent liabilities
|
820.0
|
822.2
|
825.1
|
|||||||||
|
Total liabilities
|
$
|
8,197.2
|
$
|
8,151.5
|
$
|
8,553.6
|
||||||
|
Equity
|
||||||||||||
|
Common stock, $1 par value
|
130.3
|
130.6
|
132.1
|
|||||||||
|
Capital in excess of par value
|
2,907.5
|
2,930.0
|
2,889.2
|
|||||||||
|
Retained earnings
|
5,537.7
|
5,590.1
|
5,238.8
|
|||||||||
|
Accumulated other comprehensive loss
|
(124.2
|
)
|
(125.6
|
)
|
(126.0
|
)
|
||||||
|
Total shareholder's equity
|
8,451.3
|
8,525.1
|
8,134.1
|
|||||||||
|
Noncontrolling interest
|
24.4
|
23.8
|
24.4
|
|||||||||
|
Total equity
|
$
|
8,475.7
|
$
|
8,548.9
|
$
|
8,158.5
|
||||||
|
Total liabilities and equity
|
$
|
16,672.9
|
$
|
16,700.4
|
$
|
16,712.1
|
||||||
Table C
Vulcan Materials Company
and Subsidiary Companies
|
(in millions)
|
||||||||
|
Three Months Ended
|
||||||||
|
Consolidated Statements of Cash Flows
|
March 31
|
|||||||
|
(Condensed and unaudited)
|
2026
|
2025
|
||||||
|
Operating Activities
|
||||||||
|
Net earnings
|
$
|
166.0
|
$
|
129.4
|
||||
|
Adjustments to reconcile net earnings to net cash provided by operating activities
|
||||||||
|
Depreciation, depletion, accretion and amortization
|
170.3
|
186.4
|
||||||
|
Noncash operating lease expense
|
13.5
|
13.5
|
||||||
|
Net (gain) loss on sale of property, plant & equipment and businesses
|
0.3
|
(7.4
|
)
|
|||||
|
Contributions to pension plans
|
(0.8
|
)
|
(1.2
|
)
|
||||
|
Share-based compensation expense
|
15.5
|
13.9
|
||||||
|
Deferred income taxes, net
|
3.3
|
(1.8
|
)
|
|||||
|
Changes in assets and liabilities before initial effects of business acquisitions and dispositions
|
(130.5
|
)
|
(85.2
|
)
|
||||
|
Other, net
|
3.5
|
3.9
|
||||||
|
Net cash provided by operating activities
|
$
|
241.1
|
$
|
251.5
|
||||
|
Investing Activities
|
||||||||
|
Purchases of property, plant & equipment
|
(176.5
|
)
|
(168.0
|
)
|
||||
|
Proceeds from sale of property, plant & equipment
|
1.6
|
17.7
|
||||||
|
Proceeds from sale of businesses
|
0.0
|
19.0
|
||||||
|
Payment for businesses acquired, net of acquired cash and adjustments
|
0.0
|
4.7
|
||||||
|
Other, net
|
0.0
|
0.1
|
||||||
|
Net cash used for investing activities
|
$
|
(174.9
|
)
|
$
|
(126.5
|
)
|
||
|
Financing Activities
|
||||||||
|
Proceeds from short-term debt
|
197.0
|
0.0
|
||||||
|
Payment of short-term debt and other financing obligations
|
(50.0
|
)
|
0.0
|
|||||
|
Payment of current maturities and long-term debt
|
(0.4
|
)
|
(400.4
|
)
|
||||
|
Payment of finance leases
|
(3.3
|
)
|
(2.9
|
)
|
||||
|
Purchases of common stock
|
(149.5
|
)
|
(38.1
|
)
|
||||
|
Dividends paid
|
(67.9
|
)
|
(66.0
|
)
|
||||
|
Share-based compensation, shares withheld for taxes
|
(37.8
|
)
|
(25.4
|
)
|
||||
|
Other, net
|
0.0
|
(0.1
|
)
|
|||||
|
Net cash used for financing activities
|
$
|
(111.9
|
)
|
$
|
(532.9
|
)
|
||
|
Net decrease in cash and cash equivalents and restricted cash
|
(45.7
|
)
|
(407.9
|
)
|
||||
|
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
|
$
|
143.7
|
$
|
192.9
|
||||
Table D
Segment Financial Data and Unit Shipments
|
(in millions, except per unit data)
|
||||||||
|
Three Months Ended
|
||||||||
|
March 31
|
||||||||
|
2026
|
2025
|
|||||||
|
Total Revenues
|
||||||||
|
Aggregates 1
|
$
|
1,450.5
|
$
|
1,335.9
|
||||
|
Asphalt 2
|
215.8
|
208.7
|
||||||
|
Concrete
|
187.5
|
177.0
|
||||||
|
Segment sales
|
$
|
1,853.8
|
$
|
1,721.6
|
||||
|
Aggregates intersegment sales
|
(97.9
|
)
|
(87.0
|
)
|
||||
|
Total
|
$
|
1,755.9
|
$
|
1,634.6
|
||||
|
Gross Profit
|
||||||||
|
Aggregates
|
$
|
400.3
|
$
|
357.3
|
||||
|
Asphalt
|
12.2
|
4.8
|
||||||
|
Concrete
|
10.2
|
3.2
|
||||||
|
Total
|
$
|
422.7
|
$
|
365.3
|
||||
|
Depreciation, Depletion, Accretion and Amortization
|
||||||||
|
Aggregates
|
$
|
145.9
|
$
|
150.4
|
||||
|
Asphalt
|
11.2
|
12.0
|
||||||
|
Concrete
|
4.0
|
15.4
|
||||||
|
Other
|
9.2
|
8.6
|
||||||
|
Total
|
$
|
170.3
|
$
|
186.4
|
||||
|
Average Unit Sales Price and Unit Shipments
|
||||||||
|
Aggregates
|
||||||||
|
Freight-adjusted revenues 3
|
$
|
1,139.0
|
$
|
1,052.0
|
||||
|
Aggregates - tons
|
50.0
|
47.8
|
||||||
|
Freight-adjusted sales price 4
|
$
|
22.80
|
$
|
22.03
|
||||
|
Other Products
|
||||||||
|
Asphalt Mix - tons
|
2.3
|
2.2
|
||||||
|
Asphalt Mix - sales price 5
|
$
|
83.71
|
$
|
81.32
|
||||
|
Ready-mixed concrete - cubic yards
|
1.0
|
0.9
|
||||||
|
Ready-mixed concrete - sales price 5
|
$
|
190.45
|
$
|
189.38
|
||||
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
|
Trailing-Twelve Months Ended
|
|||||||||||||||
|
March 31
|
March 31
|
|||||||||||||||
|
2026
|
2025
|
2026
|
2025
|
|||||||||||||
|
Aggregates segment
|
||||||||||||||||
|
Segment sales
|
$
|
1,450.5
|
$
|
1,335.9
|
$
|
6,411.7
|
$
|
5,994.1
|
||||||||
|
Freight & delivery revenues 1
|
(288.2
|
)
|
(264.3
|
)
|
(1,239.0
|
)
|
(1,207.0
|
)
|
||||||||
|
Other revenues
|
(23.3
|
)
|
(19.6
|
)
|
(100.3
|
)
|
(90.3
|
)
|
||||||||
|
Freight-adjusted revenues
|
$
|
1,139.0
|
$
|
1,052.0
|
$
|
5,072.4
|
$
|
4,696.8
|
||||||||
|
Unit shipments - tons
|
50.0
|
47.8
|
229.0
|
219.5
|
||||||||||||
|
Freight-adjusted sales price
|
$
|
22.80
|
$
|
22.03
|
$
|
22.15
|
$
|
21.39
|
||||||||
|
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
|
Trailing-Twelve Months Ended
|
|||||||||||||||
|
March 31
|
March 31
|
|||||||||||||||
|
2026
|
2025
|
2026
|
2025
|
|||||||||||||
|
Aggregates segment
|
||||||||||||||||
|
Gross profit
|
$
|
400.3
|
$
|
357.3
|
$
|
2,007.8
|
$
|
1,870.8
|
||||||||
|
Depreciation, depletion, accretion and amortization
|
145.9
|
150.4
|
599.0
|
542.6
|
||||||||||||
|
Cash gross profit
|
$
|
546.2
|
$
|
507.7
|
$
|
2,606.8
|
$
|
2,413.4
|
||||||||
|
Unit shipments - tons
|
50.0
|
47.8
|
229.0
|
219.5
|
||||||||||||
|
Gross profit per ton
|
$
|
8.01
|
$
|
7.48
|
$
|
8.77
|
$
|
8.52
|
||||||||
|
Freight-adjusted sales price
|
$
|
22.80
|
$
|
22.03
|
$
|
22.15
|
$
|
21.39
|
||||||||
|
Cash gross profit per ton
|
10.93
|
10.63
|
11.38
|
10.99
|
||||||||||||
|
Freight-adjusted cash cost of sales per ton
|
$
|
11.87
|
$
|
11.40
|
$
|
10.77
|
$
|
10.40
|
||||||||
|
Asphalt segment
|
||||||||||||||||
|
Gross profit
|
$
|
12.2
|
$
|
4.8
|
$
|
181.4
|
$
|
170.1
|
||||||||
|
Depreciation, depletion, accretion and amortization
|
11.2
|
12.0
|
48.9
|
47.4
|
||||||||||||
|
Cash gross profit
|
$
|
23.4
|
$
|
16.8
|
$
|
230.3
|
$
|
217.5
|
||||||||
|
Concrete segment
|
||||||||||||||||
|
Gross profit
|
$
|
10.2
|
$
|
3.2
|
$
|
42.8
|
$
|
19.1
|
||||||||
|
Depreciation, depletion, accretion and amortization
|
4.0
|
15.4
|
50.7
|
48.6
|
||||||||||||
|
Cash gross profit
|
$
|
14.2
|
$
|
18.6
|
$
|
93.5
|
$
|
67.7
|
||||||||
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
|
Trailing-Twelve Months Ended
|
|||||||||||||||
|
March 31
|
March 31
|
|||||||||||||||
|
2026
|
2025
|
2026
|
2025
|
|||||||||||||
|
Net earnings attributable to Vulcan
|
$
|
165.5
|
$
|
128.9
|
$
|
1,113.2
|
$
|
938.2
|
||||||||
|
Income tax expense, including discontinued operations
|
45.5
|
33.4
|
317.9
|
253.8
|
||||||||||||
|
Interest expense, net
|
53.9
|
59.7
|
220.5
|
190.9
|
||||||||||||
|
Depreciation, depletion, accretion and amortization
|
170.3
|
186.4
|
732.4
|
667.7
|
||||||||||||
|
EBITDA
|
$
|
435.1
|
$
|
408.4
|
$
|
2,384.1
|
$
|
2,050.6
|
||||||||
|
Loss on discontinued operations
|
$
|
1.4
|
$
|
1.3
|
$
|
6.2
|
$
|
9.2
|
||||||||
|
Gain on sale of real estate and businesses, net
|
0.0
|
0.0
|
(42.4
|
)
|
(36.7
|
)
|
||||||||||
|
Loss on impairments
|
0.0
|
0.0
|
0.0
|
86.6
|
||||||||||||
|
Charges associated with divested operations
|
2.0
|
0.0
|
2.6
|
17.7
|
||||||||||||
|
Acquisition related charges 1
|
0.0
|
1.2
|
0.8
|
17.4
|
||||||||||||
|
CEO transition and reorganization charges2
|
8.6
|
0.0
|
8.6
|
0.0
|
||||||||||||
|
Adjusted EBITDA
|
$
|
447.1
|
$
|
410.9
|
$
|
2,359.8
|
$
|
2,144.7
|
||||||||
|
Total revenues
|
$
|
1,755.9
|
$
|
1,634.6
|
$
|
8,062.3
|
$
|
7,506.6
|
||||||||
|
Adjusted EBITDA margin
|
25.5
|
%
|
25.1
|
%
|
29.3
|
%
|
28.6
|
%
|
||||||||
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
|
Trailing-Twelve Months Ended
|
|||||||||||||||
|
March 31
|
March 31
|
|||||||||||||||
|
2026
|
2025
|
2026
|
2025
|
|||||||||||||
|
Net earnings attributable to Vulcan
|
$
|
1.26
|
$
|
0.97
|
$
|
8.42
|
$
|
7.06
|
||||||||
|
Items included in Adjusted EBITDA above, net of tax
|
0.07
|
0.02
|
(0.16
|
)
|
0.67
|
|||||||||||
|
NOL carryforward valuation allowance
|
0.02
|
0.01
|
0.08
|
0.00
|
||||||||||||
|
Adjusted diluted EPS attributable to Vulcan from continuing operations
|
$
|
1.35
|
$
|
1.00
|
$
|
8.34
|
$
|
7.73
|
||||||||
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)
|
||||
|
Mid-point
|
||||
|
Net earnings attributable to Vulcan
|
$
|
1,210
|
||
|
Income tax expense, including discontinued operations
|
350
|
|||
|
Interest expense, net
|
225
|
|||
|
Depreciation, depletion, accretion and amortization
|
700
|
|||
|
Projected EBITDA
|
$
|
2,485
|
||
|
Items included in Adjusted EBITDA
|
$
|
15
|
||
|
Projected Adjusted EBITDA
|
$
|
2,500
|
||
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)
|
||||||||
|
March 31
|
||||||||
|
2026
|
2025
|
|||||||
|
Debt
|
||||||||
|
Current maturities of long-term debt
|
$
|
0.0
|
$
|
0.5
|
||||
|
Short-term debt
|
197.0
|
0.0
|
||||||
|
Long-term debt
|
4,363.0
|
4,907.9
|
||||||
|
Total debt
|
$
|
4,560.0
|
$
|
4,908.4
|
||||
|
Cash and cash equivalents and restricted cash
|
(143.7
|
)
|
(192.9
|
)
|
||||
|
Net debt
|
$
|
4,416.3
|
$
|
4,715.5
|
||||
|
Trailing-Twelve Months (TTM) Adjusted EBITDA
|
$
|
2,359.8
|
$
|
2,144.7
|
||||
|
Total debt to TTM Adjusted EBITDA
|
1.9
|
x
|
2.3
|
x
|
||||
|
Net debt to TTM Adjusted EBITDA
|
1.9
|
x
|
2.2
|
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
|
||||||||
|
March 31
|
||||||||
|
2026
|
2025
|
|||||||
|
Adjusted EBITDA
|
$
|
2,359.8
|
$
|
2,144.7
|
||||
|
Average invested capital
|
||||||||
|
Property, plant & equipment, net
|
$
|
8,386.8
|
$
|
7,175.1
|
||||
|
Goodwill
|
3,809.6
|
3,624.3
|
||||||
|
Other intangible assets
|
1,655.4
|
1,549.0
|
||||||
|
Fixed and intangible assets
|
$
|
13,851.8
|
$
|
12,348.4
|
||||
|
Current assets
|
$
|
2,021.7
|
$
|
2,057.7
|
||||
|
Cash and cash equivalents
|
(214.4
|
)
|
(328.0
|
)
|
||||
|
Current tax
|
(25.4
|
)
|
(38.2
|
)
|
||||
|
Adjusted current assets
|
1,781.9
|
1,691.6
|
||||||
|
Current liabilities
|
(1,006.1
|
)
|
(860.6
|
)
|
||||
|
Current maturities of long-term debt
|
0.4
|
80.5
|
||||||
|
Short-term debt
|
149.4
|
19.0
|
||||||
|
Adjusted current liabilities
|
(856.3
|
)
|
(761.1
|
)
|
||||
|
Adjusted net working capital
|
$
|
925.5
|
$
|
930.5
|
||||
|
Average invested capital
|
$
|
14,777.3
|
$
|
13,278.9
|
||||
|
Return on invested capital
|
16.0
|
%
|
16.2
|
%
|
||||