Vulcan Materials (VMC) Company Report

Vulcan Materials reported Q3 adjusted EPS of $2.84, revenue of $2.29 billion, and net income of $374.9 million.
Aggregates shipments rose about 12% to 64.7 million tons, with aggregates revenue of $1.79 billion and gross profit of $612.1 million.
Freight-adjusted average sales price climbed to $22.01 /ton, lifting freight-adjusted revenues 15.9% to $1.42 billion, and expanding gross margin by 250 bps to 34.2%.
Management reiterated 2025 adjusted EBITDA guidance of $2.35–$2.45 billion and now anticipates mid-single-digit shipment growth.
Management cited strength in public construction and expects an improving private nonresidential outlook into 2026.

Oct 30, 2025, 6:43 PM

Morningstar

Vulcan Materials reports Q3 2025 results

VMC

Earnings

Guidance Update

Dividends

Q3 2025 revenues of $2.29 billion (+14%), aggregates cash gross profit per ton of $11.84 (+9%), adjusted EBITDA of $735 million (+27%) and margin expansions to 34.2% and 32.1%, respectively.
Year-to-date through Q3, generated $1.71 billion of operating cash flow, maintained a 1.9× Debt/TTM EBITDA ratio, invested $655 million in maintenance and growth, deployed $2.07 billion on strategic acquisitions, and returned $294 million to shareholders.
2025 guidance raised to $2.35 – 2.45 billion of adjusted EBITDA (≈17% growth at midpoint), with full-year aggregates shipments expected to grow ~3%.
Preliminary 2026 outlook projects modest volume growth, mid-single-digit pricing gains, cost benefits from operational execution, and continued improvement in aggregates cash gross profit per ton.

Oct 30, 2025, 2:00 PM

Presentation

Vulcan Materials reports Q3 2025 results

VMC

Earnings

Guidance Update

M&A

Adjusted EBITDA of $735 million, up 27% year-over-year, with adjusted EBITDA margin expanding 310 bps; aggregate shipments rose 12% in Q3 and 3% year-to-date, while cash gross profit per ton grew 9% in the quarter.
Public construction demand remains robust with trailing 12-month contract awards up 17% in Vulcan’s footprint; private non-residential activity is improving, though single-family housing stays weak.
Full-year shipments are guided to increase ~3%, with adjusted EBITDA forecast at $2.35 billion–$2.45 billion, implying a 17% increase at the midpoint.
Ronnie Pruitt assumes the role of COO, and the company completed the divestiture of asphalt and construction services assets to redeploy capital into growth opportunities.

Oct 30, 2025, 2:00 PM

Transcript

Vulcan Materials reports Q3 2025 results

VMC

Earnings

Guidance Update

Management Change

Adjusted EBITDA of $735 million, up 27% year-over-year, with aggregate shipments rising 12% in Q3 and 3% YTD, and aggregates cash gross profit per ton up 9% in the quarter.
Mix-adjusted pricing increased 5% in Q3 (7% YTD) despite acquisition-related drag, while freight-adjusted unit cash costs fell 2%, driven by Vulcan Way of Operating efficiencies.
Full-year guidance raised: shipments expected to grow ~3%, with adjusted EBITDA projected at $2.35–$2.45 billion, a 17% increase at midpoint.
Public construction demand remains strong (+17% trailing 12-month awards), private non-residential activity is improving (data centers ~60 million sq ft under construction), while single-family housing stays weak.
Management transition: COO Ronnie Pruitt will succeed Tom Hill as CEO effective January 2026.

Oct 30, 2025, 2:00 PM

Transcript

Vulcan Materials reports Q3 2025 results

VMC

Earnings

Guidance Update

Management Change

Strong Q3 performance: Adjusted EBITDA of $735 million, up 27% YoY; aggregate shipments rose 12% in Q3 and 3% YTD; aggregate cash gross profit per ton increased 9% while freight-adjusted unit costs fell 2% YoY.
Pricing and cash flow strength: Mix-adjusted aggregate pricing grew 5% in Q3 (7% YTD); adjusted EBITDA margin expanded 310 bps; trailing-12-month free cash flow rose 31% to over $1 billion, funding over $2 billion in acquisitions and ~$300 million returned to shareholders; full-year shipments are expected to increase ~3%, with adjusted EBITDA of $2.35–2.45 billion.
Portfolio focus: Completed divestiture of asphalt and construction services assets in October to concentrate on core aggregates and redeploy proceeds into growth opportunities.
Leadership transition: Ronnie Pruitt will succeed Tom Hill as CEO effective January 2026, with Mary Andrews Carlisle continuing as CFO, ensuring continuity in the Vulcan Way operating and selling disciplines.

Oct 30, 2025, 2:00 PM

Transcript

Vulcan Materials reports Q3 2025 results

VMC

Earnings

Guidance Update

CEO Change

Vulcan Materials reported Q3 2025 revenue of $2.29 billion and net earnings of $375 million (diluted EPS $2.83).
Achieved $735 million of Adjusted EBITDA with a margin of 32.1%, up 310 bps year-over-year.
Aggregates segment gross profit rose 23% to $612 million with margin expanding 250 bps to 34.2%; shipments increased 12% to 64.7 million tons and cash gross profit per ton was $11.84.
Year-to-date operating cash flow was $1.3 billion, capital expenditures totaled $235 million, dividends returned $65 million, and $550 million of commercial paper was paid down, yielding a total debt to Adjusted EBITDA ratio of 1.9x (1.8x net).
Full-year 2025 Adjusted EBITDA is forecast at $2.35–$2.45 billion (17% growth at midpoint), with similar aggregates shipment growth; Ronnie Pruitt will become CEO on January 1, 2026.

Oct 30, 2025, 11:05 AM

8-K

Vulcan Materials reports Q3 2025 results

VMC

Earnings

Guidance Update

Management Change

Vulcan reported $2.292 B in Q3 revenues (+14%) and net earnings of $375 M (+80% YoY), with adjusted EBITDA of $735 M (+27%).
Year-to-date revenues reached $6.029 B (+8%), adjusted EBITDA climbed 20% to $1.806 B and margin expanded 290 bps.
Aggregates shipments rose 12% to 64.7 M tons, with freight-adjusted sales price per ton at $22.01 and cash gross profit per ton up 12% to $11.84.
Nine-month operating cash flow was $1.3 B (+31%), net debt/TTM EBITDA fell to 1.8×, and $550 M of commercial paper was repaid.
Ronnie Pruitt was named Chief Executive Officer effective January 1, 2026, and the company reiterated 2025 adjusted EBITDA guidance of $2.35–2.45 B (~17% growth at midpoint).

Oct 30, 2025, 11:00 AM

Press Release

Vulcan Materials sees low margins and sluggish demand

VMC

Demand Weakening

Gross margin of 25%, below competitors, limits its ability to invest in marketing and R&D
Sluggish tons shipped point to weak customer adoption of its solutions
Despite profitability, stagnant sales and rising costs may hinder future growth

Sep 11, 2025, 9:55 PM

Morningstar

Vulcan Materials positioned as inflation hedge; investors urged to maintain composure

VMC

New Projects/Investments

Market sentiment is uneasy due to political factors, though a Fed rate cut is expected in Q3 or Q4 to support markets later in the year.
Vulcan Materials is highlighted as a top pick for nearshoring and US infrastructure build-out, leveraging its localized operations and strong pricing power on its primary input, quarry rock.
The company acts as a hedge against inflation, having managed cost and pricing to deliver consistent unit margin growth over time.
Trading at 31× forward earnings versus the S&P’s ~22×, Vulcan’s oligopoly position and 10-year track record of compounding unit and margin expansion underpin its valuation premium.

Aug 21, 2025, 11:59 AM

CNBC Television

Vulcan Materials reports Q2 2025 results

VMC

Earnings

Guidance Update

Demand Acceleration/Inflection

Generated $660 million of adjusted EBITDA in Q2, up 9% YoY, and reaffirmed full-year guidance of $2.35 billion–$2.55 billion.
Despite record Southeast rainfall, expanded margins by 260 bps and grew aggregates cash gross profit per ton by 13% YTD; freight-adjusted ASPs rose 5% and mix-adjusted ASPs 8%.
Private nonresidential starts and data center projects are rebounding, public highway contract awards are up 20%, and bookings/backlogs are accelerating to support H2 volume growth.
Delivered strong cash generation with $1 billion+ free cash flow TTM, reinvested $207 million in capex YTD, returned $169 million to shareholders, and ended Q2 with net debt/EBITDA of 2.1×.

Jul 31, 2025, 10:05 PM

Earnings Transcripts

Quarterly earnings call transcripts for Vulcan Materials.

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