Vulcan Materials (VMC) Company Report

CEO Ronnie Pruitt outlined a two-pronged strategy—enhancing the core via the Vulcan Way of Selling and Operating, and expanding reach through M&A and greenfield projects—to solidify its industry leadership in aggregates.
The company reported $11.33 cash gross profit per ton in 2025, a 45% increase since 2022, on shipments of 227 million tons.
Since the 2022 Investor Day, Vulcan has added 36 aggregate operations and completed 7 greenfield projects, and is pursuing a pipeline of 350 million annual sales tons, including opportunities outside its current footprint.
CFO Mary Andrews Carlisle highlighted a 1.8x net leverage, $1.1 billion free cash flow in 2025, and a balanced capital allocation approach; management sees a path to $20 per ton cash gross profit, implying $4.5–$5.0 billion adjusted EBITDA organically.
Management anticipates low single-digit demand growth, driven by public infrastructure and private non-residential markets, supporting high single- to low double-digit improvements in unit profitability.

35 minutes ago

Transcript

Vulcan Materials outlines Investor Day 2026 targets and strategy

VMC

Guidance Update

M&A

New Projects/Investments

Vulcan delivered $11.33 per ton of aggregates cash gross profit in 2025 and now targets $20 per ton on 260–270 million tons through enhanced pricing and cost controls.
Achieved a 13% CAGR in adjusted EBITDA and 16% in operating cash flow over the past three years, with operating cash flow exceeding $1.8 billion and free cash flow surpassing $1.1 billion in 2025.
Executes a two-pronged growth strategy: enhancing core operations via the Vulcan Way of Operating & Selling and expanding reach with 36 aggregate acquisitions, seven greenfield projects, and divestiture of 149 ready-mix plants in the past 3.5 years.
Maintains disciplined capital allocation—O&M capex at 6–6.5% of revenue, growth capex at 1–4%, net leverage at 1.8×, and nearly $6 billion deployed over three years to support M&A and shareholder returns.

2 hours ago

Transcript

Vulcan Materials outlines Investor Day 2026 and raises long-term cash profit target

VMC

Guidance Update

M&A

Dividends

Vulcan Materials achieved $11.33 cash gross profit per ton on 227 million tons shipped in 2025, driving over $2.3 billion adjusted EBITDA.
Announced medium-term target of $20 cash gross profit per ton on 260–270 million tons, translating to $4.5–5.0 billion adjusted EBITDA (organic), with M&A upside.
Reaffirmed two-pronged strategy to enhance the core via Vulcan Way of Selling and Operating and expand reach through M&A and greenfield investments, completing 36 acquisitions and 7 greenfields since 2022.
Free cash flow surpassed $1.1 billion in 2025; net leverage at 1.8x, supporting 6–6.5% revenue capex, ongoing acquisitions, and increased dividends & share buybacks.
Positioned in 23 states with 90% of revenue from #1 or #2 markets and 16.5 billion tons of reserves, targeting 350 million sales tons for future expansion.

3 hours ago

Transcript

Vulcan Materials outlines aggregates growth strategy

VMC

M&A

New Projects/Investments

Vulcan reported 425 aggregates operations generating $7.9 B revenue and $2.3 B Adjusted EBITDA in 2025, with a 1.9× Total Debt/TTM EBITDA ratio as of December 31, 2025.
The company achieved a 45% increase in Aggregates Cash Gross Profit per ton since 2022, reaching $11.33/ton, meeting its $11–12/ton target despite muted demand.
Strategic initiatives include the Vulcan Way of Selling & Operating, driving +10% price growth vs. peers, alongside $3 B in acquisitions and $1.5 B in divestitures since 2022 to optimize its footprint.
Vulcan’s strong balance sheet features 1.8× Net Debt/EBITDA, 5.0% weighted average interest rate, and 13.7 years average debt maturity, supporting $707 M in share repurchases over the past three years.

3 hours ago

8-K

Vulcan Materials reports Q4 and FY 2025 results

VMC

Earnings

Guidance Update

Share Buyback

FY 2025 total revenues of $7,941 M, up 7% year-over-year.
FY 2025 Adjusted EBITDA of $2,324 M, up 13%, with margin expanding to 29.3% (+160 bps).
Aggregates segment: volume +3%, mix-adjusted pricing +6%, delivering cash gross profit per ton of $11.33 (+7%).
Operating cash flow of $1.8 B, up 29%; capital returned via $438 M in share repurchases and $260 M in dividends.
2026 outlook: aggregates volume growth of 1–3%, pricing up 4–6%, and Adjusted EBITDA of $2.4–2.6 B.

Feb 17, 2026, 3:00 PM

Presentation

Vulcan Materials reports Q4 2025 earnings

VMC

Earnings

Guidance Update

M&A

In 2025, Adjusted EBITDA of $2.3 billion represented a 13% increase and margin expansion of 160 bps to 29.3%.
Aggregate shipments reached 227 million tons (+3%), with cash gross profit per ton of $11.33, hitting target levels despite same-store volume softness.
The company generated over $1.8 billion of operating cash flow (+29%) and free cash flow up 40% after $678 million of CapEx, returning $260 million in dividends and $438 million in share repurchases; net debt/EBITDA ended at 1.8x.
2026 guidance forecasts aggregate volume growth of 1–3%, price increases of 4–6%, low-single-digit cost inflation, and Adjusted EBITDA of $2.4–2.6 billion, with CapEx of $750–800 million.

Feb 17, 2026, 3:00 PM

Transcript

Vulcan Materials reports Q4 2025 results and 2026 guidance

VMC

Earnings

Guidance Update

Adjusted EBITDA of $2.3 billion in FY 2025, up 13% year-over-year, with margin expansion of 160 bps to 29.3%
Aggregates shipments of 227 million tons, +3% (driven by acquisitions; same-store volumes slightly below prior year), and cash gross profit per ton up 7% to $11.33
Generated $1.8 billion in operating cash flow (+29%), returned $260 million via dividends and $438 million through share repurchases; net debt/EBITDA at 1.8× after $2 billion of note issuance and $550 million commercial paper repayment
2026 outlook: Adjusted EBITDA of $2.4–2.6 billion; aggregates shipments growth of 1–3%, selling prices +4–6%, unit costs up low single-digit; CapEx of $750–800 million

Feb 17, 2026, 3:00 PM

Transcript

Vulcan Materials reports Q4 2025 results and guidance for 2026

VMC

Earnings

Guidance Update

Share Buyback

Vulcan delivered $2.3 billion Adjusted EBITDA in 2025, a 13% increase over prior year, with margin expansion to 29.3%, operating cash flow of over $1.8 billion, and 227 million tons of aggregate shipments (+3%).
Achieved $11.33 cash gross profit per ton in aggregates, driving >40% free cash flow growth after $678 million of CapEx, reducing leverage to 1.8× net debt/EBITDA, and returning $698 million to shareholders via $260 million of dividends and $438 million of share repurchases.
2026 guidance calls for aggregate shipments to grow 1–3%, freight-adjusted ASP up 4–6%, unit cash costs up low single-digits, resulting in high single-digit growth in cash gross profit per ton and $2.4–2.6 billion of Adjusted EBITDA; CapEx of $750–800 million.
Demand outlook underpinned by continued public infrastructure spending (IIJA tail, highway starts +24% in Vulcan markets), a robust data center pipeline (>150 million sq ft under construction), and modest private non-residential growth, while single-family housing activity remains subdued.

Feb 17, 2026, 3:00 PM

Transcript

Vulcan Materials reports Q4 and FY 2025 results

VMC

Earnings

Guidance Update

Share Buyback

Vulcan saw FY 2025 revenues of $7.94 billion (+7%) and Q4 revenues of $1.91 billion.
Adjusted EBITDA grew 13% to $2.324 billion, with margin expansion to 29.3% in 2025 from 27.7% in 2024.
Operating cash flow rose 29% to $1.8 billion, capital expenditures were $703 million, and $698 million was returned to shareholders via $438 million of buybacks and $260 million of dividends.
Net debt/Adjusted EBITDA was 1.8× at year-end and total debt/EBITDA was 1.9×, reflecting strong leverage metrics.
2026 outlook: $2.4 billion to $2.6 billion of Adjusted EBITDA, with aggregates shipments up 1–3% and price growth of 4–6%.

Feb 17, 2026, 12:05 PM

8-K

Vulcan Materials reports Q4 and full year 2025 results

VMC

Earnings

Guidance Update

Share Buyback

Total revenues of $1.913 billion in Q4 (+3% YoY) and $7.941 billion for FY 2025 (+7% YoY).
Adjusted EBITDA of $518 million in Q4 (27.1% margin) and $2.324 billion for FY 2025 (29.3% margin), with net earnings of $252 million in Q4 and $1.077 billion for the year.
Operating cash flow rose 29% to $1.8 billion; full-year capital expenditures were $703 million, with $438 million returned via share repurchases and $260 million in dividends.
Aggregates shipments of 55.1 million tons in Q4 (+2% YoY) and 226.8 million tons for FY 2025 (+3% YoY), delivering full-year cash gross profit per ton of $11.33 (+7% YoY).
2026 outlook: expects Adjusted EBITDA of $2.4–$2.6 billion, shipments up 1–3%, price improvement of 4–6%, SAG expense of $580–$590 million and capex of $750–$800 million.

Feb 17, 2026, 12:00 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for Vulcan Materials.

Q4 2025

Feb 17, 2026

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Q3 2025

Oct 30, 2025

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Q2 2025

Jul 31, 2025

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Vulcan Materials (VMC)

Analyst Earnings Quarterly Reports

Q3 2025

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Q1 2025

Q4 2024

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Executives

J. Thomas Hill

Ronnie Pruitt

Mary Andrews Carlisle

Stan Bass

Tom Baker

Board Members

Cynthia L. Hostetler

David P. Steiner

George A. Willis

James T. Prokopanko

Kathleen L. Quirk

Lee J. Styslinger, III

Lydia H. Kennard

Melissa H. Anderson

O. B. Grayson Hall, Jr.

Richard T. O’Brien

Thomas A. Fanning

Analyst Coverage

Garik Shmois

Kathryn Thompson

Michael Dudas

Trey Grooms

Angel Castillo Malpica

David Macgregor

Keith Hughes

Steven Fisher

Timna Tanners

Ivan Yi

Tyler Brown

Adam Thalhimer

Andrew Maser

Asher Sohnen

Jerry Revich

Michael Feniger

Philip Ng

Angel Castillo

Anthony Pettinari

Asher Sohnen

Brian Brophy

Jesse Barone

Michael Dahl

Adam Falheimer

Adrian Huerta

Brent Thielman

Jean Veliz

Joe Nolan

Patrick Brown

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