Vulcan Materials (NYSE: VMC) posts Q2 2026 results, reaffirms EBITDA outlook
Rhea-AI Filing Summary
Vulcan Materials Company reported second-quarter 2026 results with total revenues of $2,155.8 million and net earnings attributable to Vulcan of $323.4 million. Diluted earnings from continuing operations were $2.47 per share, and Adjusted EBITDA was $654.0 million, reflecting a 30.3% Adjusted EBITDA margin.
The aggregates segment remained the core driver, with shipments of 59.9 million tons, a freight-adjusted sales price of $22.97 per ton, and cash gross profit of $720.1 million, or $12.02 per ton. Non-aggregates gross profit was $58 million. Capital expenditures were $176 million, while Vulcan returned $318 million to shareholders through $250 million of share repurchases and $68 million of dividends. Total debt to trailing-twelve-month Adjusted EBITDA was 1.9x, and return on invested capital reached 16.1%. Management reaffirmed full-year 2026 Adjusted EBITDA guidance of $2.4 to $2.6 billion.
Positive
- None.
Negative
- None.
Filing Explained
By June 30, Vulcan had completed its California exit and added Colorado and Dallas-Fort Worth aggregates assets.
This
The company reports that its California ready-mixed concrete divestiture was completed in early June, while it acquired a quarry in southern Colorado and a rail yard in Dallas-Fort Worth. These are disclosed as completed transactions rather than proposals, changing the operating footprint without reporting a new ownership mechanism for common holders.
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 Q2 2026: $2,155.8 million
Net earnings attributable to Vulcan Q2 2026: $323.4 million
Diluted EPS from continuing operations Q2 2026: $2.47 per share
+5 more
8 metrics
Total revenues Q2 2026
$2,155.8 million
Three months ended June 30, 2026
Net earnings attributable to Vulcan Q2 2026
$323.4 million
Three months ended June 30, 2026
Diluted EPS from continuing operations Q2 2026
$2.47 per share
Three months ended June 30, 2026
Adjusted EBITDA Q2 2026
$654.0 million
Three months ended June 30, 2026
Aggregates shipments Q2 2026
59.9 million tons
Aggregates segment volume for the quarter
Aggregates cash gross profit per ton Q2 2026
$12.02 per ton
Aggregates segment cash gross profit divided by tons shipped
Total debt to TTM Adjusted EBITDA
1.9x
As of June 30, 2026
Return on invested capital
16.1%
Trailing-twelve months ended June 30, 2026
Key Terms
Adjusted EBITDA, cash gross profit, freight-adjusted revenues, non-GAAP financial measures, +1 more
5 terms
Adjusted EBITDA financial
"Adjusted EBITDA was $654.0 million, with an Adjusted EBITDA margin of 30.3%."
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 adds back noncash charges for depreciation, depletion, accretion and amortization."
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
"Aggregates segment freight-adjusted revenues excludes revenues associated with freight & delivery."
non-GAAP financial measures financial
"Non-GAAP Financial Measures are used to assess operating performance and shareholder value."
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Return on invested capital financial
"Return on invested capital was 16.1% for the trailing-twelve months ended June 30, 2026."
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
Total revenues: $2,155.8 million · Guidance included
Three and six months ended June 30, 2026
Total revenues
$2,155.8 million
vs $2,102.4 million in Q2 2025
Net earnings attributable to Vulcan
$323.4 million
vs $320.9 million in Q2 2025
Diluted EPS from continuing operations
$2.47
vs $2.43 in Q2 2025
Adjusted EBITDA
$654.0 million
vs $659.5 million in Q2 2025
Aggregates cash gross profit per ton
$12.02
vs $11.88 in Q2 2025
Guidance
Full-year 2026 Adjusted EBITDA outlook reaffirmed at $2.4 to $2.6 billion, with a projected Adjusted EBITDA of $2,500 million at the midpoint.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were Vulcan Materials (VMC) revenues and earnings for Q2 2026?
Vulcan Materials reported Q2 2026 revenues of $2,155.8 million and net earnings attributable to Vulcan of $323.4 million. Diluted earnings from continuing operations were $2.47 per share, with total net diluted EPS of $2.48 including discontinued operations.
How did Vulcan Materials (VMC) Adjusted EBITDA perform in Q2 2026?
Adjusted EBITDA for Q2 2026 was $654.0 million, producing an Adjusted EBITDA margin of 30.3%. For the first six months of 2026, Adjusted EBITDA totaled $1,101.1 million, compared with $1,070.4 million for the same period in 2025.
How did the aggregates segment of Vulcan Materials (VMC) perform in Q2 2026?
In Q2 2026, the aggregates segment generated gross profit of $567.3 million and cash gross profit of $720.1 million. Shipments were 59.9 million tons, with a freight-adjusted sales price of $22.97 per ton and cash gross profit per ton of $12.02.
What capital allocation actions did Vulcan Materials (VMC) take in Q2 2026?
Vulcan invested $176 million in maintenance and growth capital expenditures and returned $318 million to shareholders. This included $250 million of common stock repurchases and $68 million of dividends during the second quarter of 2026.
What is Vulcan Materials (VMC) 2026 Adjusted EBITDA outlook?
Management reaffirmed full-year 2026 guidance to deliver $2.4 to $2.6 billion of Adjusted EBITDA. A reconciliation in the report shows a projected Adjusted EBITDA of $2,500 million at the midpoint of the outlook range based on current assumptions.
What are Vulcan Materials (VMC) leverage and return metrics as of June 30, 2026?
As of June 30, 2026, total debt to trailing-twelve-month Adjusted EBITDA was 1.9x, below the company’s 2.0–2.5x target range. Return on invested capital was 16.1%, up 20 basis points from 15.9% a year earlier.
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): July 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
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. ☐
| Item 2.02 |
Results of Operations and Financial Condition.
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On July 29, 2026, Vulcan Materials Company announced its financial results for the second quarter ended June 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 July 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: July 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
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July 29, 2026
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FOR IMMEDIATE RELEASE
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Investor Contact: Mark Warren (205) 298-3220
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Media Contact: Jack Bonnikson (205) 298-3220
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VULCAN REPORTS SECOND QUARTER 2026 RESULTS
Commercial Discipline and Cost Control Drive Continued Expansion
in Aggregates Unit Profitability
Execution in Aggregates Underpins Reaffirmed Full Year Earnings Outlook
Birmingham, Alabama – July 29, 2026
– Vulcan Materials Company (NYSE: VMC), the nation’s largest producer of construction aggregates, today announced results for the quarter ended June 30, 2026.
Ronnie Pruitt, Vulcan Materials’ Chief Executive Officer, said, “Commercial and operational execution drove solid results in the second quarter. Our industry-leading
aggregates cash gross profit per ton grew to over $12 per ton, despite significant energy inflation and disruptive weather. These results demonstrate the resiliency of our uniquely advantaged pure-play aggregates business.
“Consistent with our aggregates growth strategy, during the second quarter we completed several portfolio enhancing actions. The pipeline for strategic acquisitions
remains active, and we have the financial strength and flexibility to capitalize on the most value-accretive opportunities.”
Financial Highlights Include:
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Second Quarter
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Year-to-Date
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Trailing-Twelve Months
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||||||||||||||||||||||
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Amounts in millions, except per unit data
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2026
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2025
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2026
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2025
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2026
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2025
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Total revenues
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$
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2,156
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$
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2,102
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$
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3,912
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$
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3,737
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$
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8,116
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$
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7,595
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Gross profit
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$
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626
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$
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625
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$
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1,048
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$
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991
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$
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2,232
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$
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2,093
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||||||||||||
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Selling, Administrative and General (SAG)
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$
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141
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$
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144
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$
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277
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$
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283
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$
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558
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$
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550
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||||||||||||
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As % of Total revenues
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6.6
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%
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6.9
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%
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7.1
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%
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7.6
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%
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6.9
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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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323
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$
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321
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$
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489
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$
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450
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$
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1,116
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$
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951
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Adjusted EBITDA
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$
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654
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$
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660
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$
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1,101
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$
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1,070
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$
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2,354
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$
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2,201
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Adjusted EBITDA Margin
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30.3
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%
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31.4
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%
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28.1
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%
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28.6
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%
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29.0
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%
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29.0
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%
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Earnings attributable to Vulcan from
continuing operations per diluted share |
$
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2.47
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$
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2.43
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$
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3.74
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$
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3.41
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$
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8.49
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$
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7.21
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Adjusted earnings attributable to Vulcan from continuing operations per diluted share
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$
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2.59
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$
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2.45
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$
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3.93
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$
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3.45
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$
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8.49
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$
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7.84
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Aggregates segment
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Shipments (tons)
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59.9
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59.3
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109.9
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107.0
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229.6
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218.7
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Freight-adjusted sales price per ton
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$
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22.97
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$
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22.11
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$
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22.89
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$
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22.07
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$
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22.38
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$
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21.70
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Gross profit per ton
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$
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9.47
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$
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9.44
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$
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8.81
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$
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8.57
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$
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8.78
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$
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8.70
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Cash gross profit per ton
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$
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12.02
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$
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11.88
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$
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11.53
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$
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11.32
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$
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11.42
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$
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11.25
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Page 2
July 29, 2026
FOR IMMEDIATE RELEASE
Segment Results
Aggregates
Continued pricing discipline and operational execution drove gross profit growth despite energy headwinds and challenging weather-related operating conditions throughout
the quarter. Segment gross profit increased to $567 million ($9.47 per ton), and cash gross profit improved to $720 million ($12.02 per ton).
As compared to the prior year, second quarter aggregates shipments increased 1 percent and continued to benefit from healthy public construction activity and large
projects. Shipments in Texas and certain Southeastern markets were impacted by significant rainfall, particularly in May and June.
The pricing environment remains positive with widespread growth across the Company’s footprint. Freight-adjusted selling prices increased 5 percent on a mix-adjusted
basis (4 percent, or $0.86 per ton, on a reported basis) as compared to the prior year’s second quarter. 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, reflecting a continued focus on cost management and operating efficiencies.
Asphalt and Concrete
Non-aggregates segment gross profit in the second quarter was $58 million, and cash gross profit was $73 million. Asphalt gross profit margin remained strong at 15
percent, despite lower shipments due to weather 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. Second quarter concrete
results included two months of the Company’s California ready-mixed concrete business. The divestiture of these operations was completed in early June of 2026.
Selling, Administrative and General (SAG)
SAG expense in the quarter was $141 million, 2 percent lower than the prior year and 30 basis points lower as a percentage of revenue. 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 $176 million in the second quarter, and the Company returned $318 million to shareholders through $250
million of common stock repurchases and $68 million of dividends.
In early June, the Company completed the previously announced divestiture of its ready-mixed concrete operations in California. Additionally, the Company acquired a quarry in southern Colorado and a rail yard in
Dallas-Fort Worth from Brannan Sand & Gravel. These portfolio actions align with our aggregates-led growth strategy by expanding our reach into southern Colorado and strengthening our distribution network in Dallas-Fort Worth.
Page 3
July 29, 2026
FOR IMMEDIATE RELEASE
On a trailing-twelve months basis, return on average invested capital improved 20 basis points over the prior year to 16.1 percent. As of June 30, 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. The Company remains well positioned for continued growth with a strong liquidity position and balance sheet profile.
Outlook
Regarding the Company’s outlook, Mr. Pruitt said, “Our aggregates business is executing well, and we reiterate our full-year outlook to deliver between $2.4 and $2.6
billion of Adjusted EBITDA. The construction environment remains supportive of continued aggregates price growth, and large projects and public construction activity continue to support our expectation for volume growth in 2026. As always, our
focus remains on compounding aggregates unit profitability to drive earnings growth and strong cash generation for our shareholders.”
Conference Call
Vulcan will host a conference call at 9:00 a.m. CT on July 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 800-420-1459, or 203-518-9861 if outside the U.S. The conference ID is 5427524. 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
July 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
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(in millions, except per share data)
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||||||||||||||||
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Consolidated Statements of Earnings
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Three Months Ended
June 30
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Six Months Ended
June 30
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||||||||||||||
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(Condensed and unaudited)
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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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2,155.8
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$
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2,102.4
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$
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3,911.7
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$
|
3,737.0
|
||||||||
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Cost of revenues
|
(1,530.3
|
)
|
(1,477.2
|
)
|
(2,863.5
|
)
|
(2,746.5
|
)
|
||||||||
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Gross profit
|
625.5
|
625.2
|
1,048.2
|
990.5
|
||||||||||||
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Selling, administrative and general expenses
|
(141.3
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)
|
(144.5
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)
|
(277.1
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)
|
(282.7
|
)
|
||||||||
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Gain (loss) on sale of property, plant & equipment and businesses
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(11.3
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)
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1.2
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(11.6
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)
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8.6
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||||||||||
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Other operating expense, net
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(17.4
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)
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(10.9
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)
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(38.6
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)
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(19.0
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)
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||||||||
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Operating earnings
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455.5
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471.0
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720.9
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697.4
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||||||||||||
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Other nonoperating income (expense), net
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3.7
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2.4
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5.1
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(0.2
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)
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|||||||||||
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Interest expense, net
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(54.7
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)
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(59.2
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)
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(108.6
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)
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(118.9
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)
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||||||||
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Earnings from continuing operations before income taxes
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404.5
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414.2
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617.4
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578.3
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||||||||||||
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Income tax expense
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(81.4
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)
|
(91.3
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)
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(127.2
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)
|
(125.0
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)
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||||||||
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Earnings from continuing operations
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323.1
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322.9
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490.2
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453.3
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||||||||||||
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Gain (loss) on discontinued operations, net of tax
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1.2
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(2.1
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)
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0.1
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(3.1
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)
|
||||||||||
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Net earnings
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324.3
|
320.8
|
490.3
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450.2
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||||||||||||
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(Earnings) loss attributable to noncontrolling interest
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(0.9
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)
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0.1
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(1.4
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)
|
(0.4
|
)
|
|||||||||
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Net earnings attributable to Vulcan
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$
|
323.4
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$
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320.9
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$
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488.9
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$
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449.8
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||||||||
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Basic earnings (loss) per share attributable to Vulcan
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||||||||||||||||
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Continuing operations
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$
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2.48
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$
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2.44
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$
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3.75
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$
|
3.42
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||||||||
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Discontinued operations
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$
|
0.01
|
$
|
(0.01
|
)
|
$
|
0.00
|
$
|
(0.02
|
)
|
||||||
|
Net earnings
|
$
|
2.49
|
$
|
2.43
|
$
|
3.75
|
$
|
3.40
|
||||||||
|
Diluted earnings (loss) per share attributable to Vulcan
|
||||||||||||||||
|
Continuing operations
|
$
|
2.47
|
$
|
2.43
|
$
|
3.74
|
$
|
3.41
|
||||||||
|
Discontinued operations
|
$
|
0.01
|
$
|
(0.01
|
)
|
$
|
0.00
|
$
|
(0.03
|
)
|
||||||
|
Net earnings
|
$
|
2.48
|
$
|
2.42
|
$
|
3.74
|
$
|
3.38
|
||||||||
|
Weighted-average common shares outstanding
|
||||||||||||||||
|
Basic
|
129.8
|
132.2
|
130.2
|
132.3
|
||||||||||||
|
Assuming dilution
|
130.3
|
132.9
|
130.8
|
132.9
|
||||||||||||
|
Effective tax rate from continuing operations
|
20.1
|
%
|
22.0
|
%
|
20.6
|
%
|
21.6
|
%
|
||||||||
Table B
Vulcan Materials Company
and Subsidiary Companies
|
(in millions)
|
||||||||||||
|
Consolidated Balance Sheets
|
June 30
|
December 31
|
June 30
|
|||||||||
|
(Condensed and unaudited)
|
2026
|
2025
|
2025
|
|||||||||
|
Assets
|
||||||||||||
|
Cash and cash equivalents
|
$
|
194.2
|
$
|
183.3
|
$
|
347.4
|
||||||
|
Restricted cash
|
94.5
|
6.1
|
3.6
|
|||||||||
|
Accounts and notes receivable
|
||||||||||||
|
Accounts and notes receivable, gross
|
1,111.0
|
898.2
|
1,092.2
|
|||||||||
|
Allowance for credit losses
|
(10.7
|
)
|
(10.5
|
)
|
(13.3
|
)
|
||||||
|
Accounts and notes receivable, net
|
1,100.3
|
887.7
|
1,078.9
|
|||||||||
|
Inventories
|
||||||||||||
|
Finished products
|
557.1
|
557.7
|
574.4
|
|||||||||
|
Raw materials
|
41.0
|
36.7
|
57.8
|
|||||||||
|
Products in process
|
7.0
|
5.4
|
10.9
|
|||||||||
|
Operating supplies and other
|
83.6
|
80.7
|
82.4
|
|||||||||
|
Inventories
|
688.7
|
680.5
|
725.5
|
|||||||||
|
Other current assets
|
86.3
|
101.8
|
88.1
|
|||||||||
|
Assets held for sale
|
0.0
|
708.5
|
0.0
|
|||||||||
|
Total current assets
|
2,164.0
|
2,567.9
|
2,243.5
|
|||||||||
|
Investments and long-term receivables
|
174.0
|
33.7
|
32.9
|
|||||||||
|
Property, plant & equipment
|
||||||||||||
|
Property, plant & equipment, cost
|
14,671.9
|
14,504.7
|
14,558.8
|
|||||||||
|
Allowances for depreciation, depletion & amortization
|
(6,500.1
|
)
|
(6,356.1
|
)
|
(6,222.0
|
)
|
||||||
|
Property, plant & equipment, net
|
8,171.8
|
8,148.6
|
8,336.8
|
|||||||||
|
Operating lease right-of-use assets, net
|
523.4
|
521.5
|
546.1
|
|||||||||
|
Goodwill
|
3,780.9
|
3,780.9
|
3,831.8
|
|||||||||
|
Other intangible assets, net
|
1,438.5
|
1,489.0
|
1,831.6
|
|||||||||
|
Other noncurrent assets
|
189.4
|
158.8
|
152.0
|
|||||||||
|
Total assets
|
$
|
16,442.0
|
$
|
16,700.4
|
$
|
16,974.7
|
||||||
|
Liabilities
|
||||||||||||
|
Current maturities of long-term debt
|
400.0
|
0.4
|
0.5
|
|||||||||
|
Short-term debt
|
0.0
|
0.0
|
550.0
|
|||||||||
|
Trade payables and accruals
|
382.3
|
438.5
|
383.5
|
|||||||||
|
Other current liabilities
|
449.0
|
487.9
|
407.9
|
|||||||||
|
Liabilities held for sale
|
0.0
|
29.3
|
0.0
|
|||||||||
|
Total current liabilities
|
1,231.3
|
956.1
|
1,341.9
|
|||||||||
|
Long-term debt
|
3,964.3
|
4,361.7
|
4,359.2
|
|||||||||
|
Deferred income taxes, net
|
1,290.5
|
1,358.3
|
1,323.6
|
|||||||||
|
Deferred revenue
|
127.0
|
130.6
|
134.3
|
|||||||||
|
Noncurrent operating lease liabilities
|
521.2
|
522.6
|
536.1
|
|||||||||
|
Other noncurrent liabilities
|
819.1
|
822.2
|
849.9
|
|||||||||
|
Total liabilities
|
$
|
7,953.4
|
$
|
8,151.5
|
$
|
8,545.0
|
||||||
|
Equity
|
||||||||||||
|
Common stock, $1 par value
|
129.4
|
130.6
|
132.0
|
|||||||||
|
Capital in excess of par value
|
2,916.1
|
2,930.0
|
2,904.5
|
|||||||||
|
Retained earnings
|
5,541.9
|
5,590.1
|
5,494.9
|
|||||||||
|
Accumulated other comprehensive loss
|
(122.7
|
)
|
(125.6
|
)
|
(124.5
|
)
|
||||||
|
Total shareholder’s equity
|
8,464.7
|
8,525.1
|
8,406.9
|
|||||||||
|
Noncontrolling interest
|
23.9
|
23.8
|
22.8
|
|||||||||
|
Total equity
|
$
|
8,488.6
|
$
|
8,548.9
|
$
|
8,429.7
|
||||||
|
Total liabilities and equity
|
$
|
16,442.0
|
$
|
16,700.4
|
$
|
16,974.7
|
||||||
Table C
Vulcan Materials Company
and Subsidiary Companies
|
(in millions)
|
||||||||
|
Consolidated Statements of Cash Flows
|
Six Months Ended
June 30
|
|||||||
|
(Condensed and unaudited)
|
2026
|
2025
|
||||||
|
Operating Activities
|
||||||||
|
Net earnings
|
$
|
490.3
|
$
|
450.2
|
||||
|
Adjustments to reconcile net earnings to net cash provided by operating activities
|
||||||||
|
Depreciation, depletion, accretion and amortization
|
347.8
|
371.8
|
||||||
|
Noncash operating lease expense
|
26.9
|
26.7
|
||||||
|
Net (gain) loss on sale of property, plant & equipment and businesses
|
11.6
|
(8.6
|
)
|
|||||
|
Contributions to pension plans
|
(4.2
|
)
|
(3.4
|
)
|
||||
|
Share-based compensation expense
|
24.7
|
33.0
|
||||||
|
Deferred income taxes, net
|
(68.2
|
)
|
(11.3
|
)
|
||||
|
Changes in assets and liabilities before initial effects of business acquisitions and dispositions
|
(254.1
|
)
|
(273.0
|
)
|
||||
|
Other, net
|
9.8
|
7.8
|
||||||
|
Net cash provided by operating activities
|
$
|
584.6
|
$
|
593.2
|
||||
|
Investing Activities
|
||||||||
|
Purchases of property, plant & equipment
|
(370.4
|
)
|
(270.9
|
)
|
||||
|
Proceeds from sale of property, plant & equipment
|
18.1
|
19.2
|
||||||
|
Proceeds from sale of businesses
|
572.1
|
19.0
|
||||||
|
Payment for businesses acquired, net of acquired cash and adjustments
|
(75.0
|
)
|
(5.2
|
)
|
||||
|
Other, net
|
0.0
|
1.0
|
||||||
|
Net cash provided by (used for) investing activities
|
$
|
144.8
|
$
|
(236.9
|
)
|
|||
|
Financing Activities
|
||||||||
|
Payment of short-term debt and other financing obligations
|
(50.0
|
)
|
0.0
|
|||||
|
Payment of current maturities and long-term debt
|
(0.3
|
)
|
(400.4
|
)
|
||||
|
Payment of finance leases
|
(4.9
|
)
|
(5.8
|
)
|
||||
|
Purchases of common stock
|
(399.8
|
)
|
(38.1
|
)
|
||||
|
Dividends paid
|
(135.4
|
)
|
(130.7
|
)
|
||||
|
Share-based compensation, shares withheld for taxes
|
(38.3
|
)
|
(29.3
|
)
|
||||
|
Distribution to noncontrolling interest
|
(1.4
|
)
|
(1.5
|
)
|
||||
|
Other, net
|
0.0
|
(0.3
|
)
|
|||||
|
Net cash used for financing activities
|
$
|
(630.1
|
)
|
$
|
(606.1
|
)
|
||
|
Net increase (decrease) in cash and cash equivalents and restricted cash
|
99.3
|
(249.8
|
)
|
|||||
|
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
|
$
|
288.7
|
$
|
351.0
|
||||
Table D
Segment Financial Data and Unit Shipments
|
(in millions, except per unit data)
|
||||||||||||||||
|
Three Months Ended
June 30
|
Six Months Ended
June 30
|
|||||||||||||||
|
2026
|
2025
|
2026
|
2025
|
|||||||||||||
|
Total Revenues
|
||||||||||||||||
|
Aggregates 1
|
$
|
1,763.0
|
$
|
1,649.6
|
$
|
3,213.5
|
$
|
2,985.4
|
||||||||
|
Asphalt 2
|
330.0
|
368.9
|
545.8
|
577.6
|
||||||||||||
|
Concrete
|
186.8
|
220.6
|
374.3
|
397.7
|
||||||||||||
|
Segment sales
|
$
|
2,279.8
|
$
|
2,239.1
|
$
|
4,133.6
|
$
|
3,960.7
|
||||||||
|
Aggregates intersegment sales
|
(124.0
|
)
|
(136.7
|
)
|
(221.9
|
)
|
(223.7
|
)
|
||||||||
|
Total
|
$
|
2,155.8
|
$
|
2,102.4
|
$
|
3,911.7
|
$
|
3,737.0
|
||||||||
|
Gross Profit
|
||||||||||||||||
|
Aggregates
|
$
|
567.3
|
$
|
559.5
|
$
|
967.7
|
$
|
916.9
|
||||||||
|
Asphalt
|
49.8
|
57.2
|
62.0
|
62.0
|
||||||||||||
|
Concrete
|
8.4
|
8.5
|
18.5
|
11.6
|
||||||||||||
|
Total
|
$
|
625.5
|
$
|
625.2
|
$
|
1,048.2
|
$
|
990.5
|
||||||||
|
Depreciation, Depletion, Accretion and Amortization
|
||||||||||||||||
|
Aggregates
|
$
|
152.8
|
$
|
144.3
|
$
|
298.6
|
$
|
294.7
|
||||||||
|
Asphalt
|
11.2
|
14.0
|
22.4
|
26.0
|
||||||||||||
|
Concrete
|
3.9
|
19.0
|
8.0
|
34.5
|
||||||||||||
|
Other
|
9.6
|
8.2
|
18.8
|
16.6
|
||||||||||||
|
Total
|
$
|
177.5
|
$
|
185.5
|
$
|
347.8
|
$
|
371.8
|
||||||||
|
Average Unit Sales Price and Unit Shipments
|
||||||||||||||||
|
Aggregates
|
||||||||||||||||
|
Freight-adjusted revenues 3
|
$
|
1,376.4
|
$
|
1,310.1
|
$
|
2,515.4
|
$
|
2,362.1
|
||||||||
|
Aggregates - tons
|
59.9
|
59.3
|
109.9
|
107.0
|
||||||||||||
|
Freight-adjusted sales price 4
|
$
|
22.97
|
$
|
22.11
|
$
|
22.89
|
$
|
22.07
|
||||||||
|
Other Products
|
||||||||||||||||
|
Asphalt Mix - tons
|
3.4
|
3.9
|
5.7
|
6.1
|
||||||||||||
|
Asphalt Mix - sales price 5
|
$
|
85.74
|
$
|
81.29
|
$
|
84.92
|
$
|
81.30
|
||||||||
|
Ready-mixed concrete - cubic yards
|
1.0
|
1.2
|
2.0
|
2.1
|
||||||||||||
|
Ready-mixed concrete - sales price 5
|
$
|
189.94
|
$
|
186.60
|
$
|
190.20
|
$
|
187.83
|
||||||||
|
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
June 30
|
Six Months Ended
June 30
|
Trailing-Twelve Months Ended
June 30
|
||||||||||||||||||||||
|
|
2026
|
2025
|
2026
|
2025
|
2026
|
2025
|
||||||||||||||||||
|
Aggregates segment
|
||||||||||||||||||||||||
|
Segment sales
|
$
|
1,763.0
|
$
|
1,649.6
|
$
|
3,213.5
|
$
|
2,985.4
|
$
|
6,525.2
|
$
|
6,030.1
|
||||||||||||
|
Freight & delivery revenues 1
|
(360.4
|
)
|
(310.9
|
)
|
(648.6
|
)
|
(575.2
|
)
|
(1,288.6
|
)
|
(1,193.3
|
)
|
||||||||||||
|
Other revenues
|
(26.2
|
)
|
(28.6
|
)
|
(49.5
|
)
|
(48.1
|
)
|
(97.9
|
)
|
(92.6
|
)
|
||||||||||||
|
Freight-adjusted revenues
|
$
|
1,376.4
|
$
|
1,310.1
|
$
|
2,515.4
|
$
|
2,362.1
|
$
|
5,138.7
|
$
|
4,744.3
|
||||||||||||
|
Unit shipments - tons
|
59.9
|
59.3
|
109.9
|
107.0
|
229.6
|
218.7
|
||||||||||||||||||
|
Freight-adjusted sales price
|
$
|
22.97
|
$
|
22.11
|
$
|
22.89
|
$
|
22.07
|
$
|
22.38
|
$
|
21.70
|
||||||||||||
|
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
June 30
|
Six Months Ended
June 30
|
Trailing-Twelve Months Ended
June 30
|
||||||||||||||||||||||
|
2026
|
2025
|
2026
|
2025
|
2026
|
2025
|
|||||||||||||||||||
|
Aggregates segment
|
||||||||||||||||||||||||
|
Gross profit
|
$
|
567.3
|
$
|
559.5
|
$
|
967.7
|
$
|
916.9
|
$
|
2,015.5
|
$
|
1,901.8
|
||||||||||||
|
Depreciation, depletion, accretion and amortization
|
152.8
|
144.3
|
298.6
|
294.7
|
607.5
|
558.9
|
||||||||||||||||||
|
Cash gross profit
|
$
|
720.1
|
$
|
703.8
|
$
|
1,266.3
|
$
|
1,211.6
|
$
|
2,623.1
|
$
|
2,460.7
|
||||||||||||
|
Unit shipments - tons
|
59.9
|
59.3
|
109.9
|
107.0
|
229.6
|
218.7
|
||||||||||||||||||
|
Gross profit per ton
|
$
|
9.47
|
$
|
9.44
|
$
|
8.81
|
$
|
8.57
|
$
|
8.78
|
$
|
8.70
|
||||||||||||
|
Freight-adjusted sales price
|
$
|
22.97
|
$
|
22.11
|
$
|
22.89
|
$
|
22.07
|
$
|
22.38
|
$
|
21.70
|
||||||||||||
|
Cash gross profit per ton
|
12.02
|
11.88
|
11.53
|
11.32
|
11.42
|
11.25
|
||||||||||||||||||
|
Freight-adjusted cash cost of sales per ton
|
$
|
10.95
|
$
|
10.23
|
$
|
11.36
|
$
|
10.75
|
$
|
10.96
|
$
|
10.45
|
||||||||||||
|
Asphalt segment
|
||||||||||||||||||||||||
|
Gross profit
|
$
|
49.8
|
$
|
57.2
|
$
|
62.0
|
$
|
62.0
|
$
|
174.0
|
$
|
168.3
|
||||||||||||
|
Depreciation, depletion, accretion and amortization
|
11.2
|
14.0
|
22.4
|
26.0
|
46.1
|
50.4
|
||||||||||||||||||
|
Cash gross profit
|
$
|
61.0
|
$
|
71.2
|
$
|
84.4
|
$
|
88.0
|
$
|
220.1
|
$
|
218.7
|
||||||||||||
|
Concrete segment
|
||||||||||||||||||||||||
|
Gross profit
|
$
|
8.4
|
$
|
8.5
|
$
|
18.5
|
$
|
11.6
|
$
|
42.8
|
$
|
22.9
|
||||||||||||
|
Depreciation, depletion, accretion and amortization
|
3.9
|
19.0
|
8.0
|
34.5
|
35.5
|
55.7
|
||||||||||||||||||
|
Cash gross profit
|
$
|
12.3
|
$
|
27.5
|
$
|
26.5
|
$
|
46.1
|
$
|
78.3
|
$
|
78.6
|
||||||||||||
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
June 30
|
Six Months Ended
June 30
|
Trailing-Twelve Months Ended
June 30
|
||||||||||||||||||||||
|
2026
|
2025
|
2026
|
2025
|
2026
|
2025
|
|||||||||||||||||||
|
Net earnings attributable to Vulcan
|
$
|
323.4
|
$
|
320.9
|
$
|
488.9
|
$
|
449.8
|
$
|
1,115.7
|
$
|
951.2
|
||||||||||||
|
Income tax expense, including discontinued operations
|
81.8
|
90.6
|
127.3
|
124.0
|
309.2
|
250.7
|
||||||||||||||||||
|
Interest expense, net
|
54.7
|
59.2
|
108.6
|
118.9
|
216.1
|
209.9
|
||||||||||||||||||
|
Depreciation, depletion, accretion and amortization
|
177.5
|
185.5
|
347.8
|
371.8
|
724.4
|
696.3
|
||||||||||||||||||
|
EBITDA
|
$
|
637.5
|
$
|
656.1
|
$
|
1,072.6
|
$
|
1,064.5
|
$
|
2,365.4
|
$
|
2,108.0
|
||||||||||||
|
(Gain) loss on discontinued operations
|
$
|
(1.7
|
)
|
$
|
2.8
|
$
|
(0.3
|
)
|
$
|
4.1
|
$
|
1.7
|
$
|
9.3
|
||||||||||
|
(Gain) loss on sale of real estate and businesses, net
|
13.2
|
0.0
|
13.2
|
0.0
|
(29.2
|
)
|
(36.7
|
)
|
||||||||||||||||
|
Loss on impairments
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
86.6
|
||||||||||||||||||
|
Charges associated with divested operations
|
4.5
|
0.0
|
6.5
|
0.0
|
7.1
|
16.7
|
||||||||||||||||||
|
Acquisition related charges 1
|
0.5
|
0.6
|
0.5
|
1.8
|
0.7
|
17.1
|
||||||||||||||||||
|
CEO transition and reorganization charges2
|
0.0
|
0.0
|
8.6
|
0.0
|
8.6
|
0.0
|
||||||||||||||||||
|
Adjusted EBITDA
|
$
|
654.0
|
$
|
659.5
|
$
|
1,101.1
|
$
|
1,070.4
|
$
|
2,354.3
|
$
|
2,201.1
|
||||||||||||
|
Total revenues
|
$
|
2,155.8
|
$
|
2,102.4
|
$
|
3,911.7
|
$
|
3,737.0
|
$
|
8,115.7
|
$
|
7,594.6
|
||||||||||||
|
Adjusted EBITDA margin
|
30.3
|
%
|
31.4
|
%
|
28.1
|
%
|
28.6
|
%
|
29.0
|
%
|
29.0
|
%
|
||||||||||||
|
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
June 30
|
Six Months Ended
June 30
|
Trailing-Twelve Months Ended
June 30
|
||||||||||||||||||||||
|
2026
|
2025
|
2026
|
2025
|
2026
|
2025
|
|||||||||||||||||||
|
Net earnings attributable to Vulcan
|
$
|
2.48
|
$
|
2.42
|
$
|
3.74
|
$
|
3.38
|
$
|
8.48
|
$
|
7.15
|
||||||||||||
|
Items included in Adjusted EBITDA above, net of tax
|
0.10
|
0.02
|
0.16
|
0.04
|
(0.06
|
)
|
0.67
|
|||||||||||||||||
|
NOL carryforward valuation allowance
|
0.01
|
0.01
|
0.03
|
0.03
|
0.07
|
0.02
|
||||||||||||||||||
| Adjusted diluted EPS attributable to Vulcan from continuing operations
|
$
|
2.59
|
$
|
2.45
|
$
|
3.93
|
$
|
3.45
|
$
|
8.49
|
$
|
7.84
|
||||||||||||
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
|
$
|
1,215
|
||
|
Income tax expense, including discontinued operations
|
340
|
|||
|
Interest expense, net
|
215
|
|||
|
Depreciation, depletion, accretion and amortization
|
700
|
|||
|
Projected EBITDA
|
$
|
2,470
|
||
|
Items included in Adjusted EBITDA
|
$
|
30
|
||
|
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)
|
||||||||
|
June 30
|
||||||||
|
2026
|
2025
|
|||||||
|
Debt
|
||||||||
|
Current maturities of long-term debt
|
$
|
400.0
|
$
|
0.5
|
||||
|
Short-term debt
|
0.0
|
550.0
|
||||||
|
Long-term debt
|
3,964.3
|
4,359.2
|
||||||
|
Total debt
|
$
|
4,364.3
|
$
|
4,909.7
|
||||
|
Cash and cash equivalents and restricted cash
|
(288.7
|
)
|
(351.0
|
)
|
||||
|
Net debt
|
$
|
4,075.6
|
$
|
4,558.7
|
||||
|
Trailing-Twelve Months (TTM) Adjusted EBITDA
|
$
|
2,354.3
|
$
|
2,201.1
|
||||
|
Total debt to TTM Adjusted EBITDA
|
1.9
|
x
|
2.2
|
x
|
||||
|
Net debt to TTM Adjusted EBITDA
|
1.7
|
x
|
2.1
|
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
June 30
|
||||||||
|
2026
|
2025
|
|||||||
|
Adjusted EBITDA
|
$
|
2,354.3
|
$
|
2,201.1
|
||||
|
Average invested capital
|
||||||||
|
Property, plant & equipment, net
|
$
|
8,344.9
|
$
|
7,600.8
|
||||
|
Goodwill
|
3,802.8
|
3,684.3
|
||||||
|
Other intangible assets
|
1,565.8
|
1,591.5
|
||||||
|
Fixed and intangible assets
|
$
|
13,713.5
|
$
|
12,876.6
|
||||
|
Current assets
|
$
|
2,069.4
|
$
|
2,124.9
|
||||
|
Cash and cash equivalents
|
(233.6
|
)
|
(338.1
|
)
|
||||
|
Current tax
|
(27.1
|
)
|
(41.7
|
)
|
||||
|
Adjusted current assets
|
1,808.7
|
1,745.1
|
||||||
|
Current liabilities
|
(1,093.0
|
)
|
(989.8
|
)
|
||||
|
Current maturities of long-term debt
|
80.3
|
80.5
|
||||||
|
Short-term debt
|
149.4
|
129.0
|
||||||
|
Adjusted current liabilities
|
(863.3
|
)
|
(780.3
|
)
|
||||
|
Adjusted net working capital
|
$
|
945.4
|
$
|
964.8
|
||||
|
Average invested capital
|
$
|
14,658.9
|
$
|
13,841.4
|
||||
|
Return on invested capital
|
16.1
|
%
|
15.9
|
%
|
||||