Vulcan Materials produces construction aggregates—crushed stone, sand and gravel—and operates selected asphalt and ready-mixed concrete businesses. Aggregates generated approximately 90% of its 2025 gross profit.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001396009-24-000006 | Feb 22, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001396009-25-000005 | Feb 20, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001628280-26-009546 | Feb 19, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Vulcan’s core aggregates business continues to benefit from pricing and public-construction demand, but rising energy costs and weather disruption are limiting the earnings improvement. First-half 2026 revenue and net earnings increased, while second-quarter operating earnings and adjusted EBITDA declined. Lower taxes and fewer shares helped the quarterly earnings-per-share comparison. Cash generation also softened as equipment and property spending increased; completed business sales provided additional funding, but part of their consideration remains an uncollected seller note. June debt was essentially unchanged from year-end, and reported revolving-credit capacity is not cash. Management reaffirmed its 2026 adjusted EBITDA outlook in July, subject to construction demand and cost pressures. Mexico’s negligible arbitration award and potentially material, unquantified environmental claims remain important risks.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-29 · EX-99.1 · 2026-07-27
Aggregates are expensive to transport relative to their selling price, making nearby permitted reserves and distribution access important competitive assets. Fixed production costs also mean that additional shipments can improve profitability, while weak demand leaves capacity underused. Historically, publicly funded construction accounted for approximately 40%–55% of aggregates shipments, generally through private contractors. Infrastructure funding supports demand but is not a guaranteed order book; private construction remains sensitive to financing costs. California, Texas, Georgia, Tennessee and Virginia supplied 63% of 2025 revenue.
Vulcan completed the California ready-mix and US Virgin Islands disposals in second-quarter 2026 and bought Colorado and Texas aggregates operations for $75.0 million. These portfolio changes complicate comparisons without changing the three reportable segments. Its March Investor Day emphasized pricing, operating technology, greenfields and acquisitions. The conditional ambition of $20 aggregates cash gross profit per ton and $4.5–$5.0 billion of EBITDA assumes 260–270 million tons, continued unit-profit and downstream growth, and administrative costs growing slower than revenue. No achievement year was specified. These are non-GAAP ambitions, not current earnings or committed outcomes.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-03-12
The 2025 annual report, filed February 19, 2026, reported $7,941.1 million of revenue and $1,076.7 million of parent-attributable net earnings. Pricing and acquired operations helped aggregates, but same-store shipments were slightly lower. The earnings comparison also benefited from the absence of 2024’s $86.6 million Concrete goodwill impairment. A 2025 business-sale gain was material, although total property and business disposal gains were almost unchanged between years. The improvement was therefore not wholly organic or recurring.
For the six months ended June 30, 2026, revenue reached $3,911.7 million versus $3,737.0 million, and parent net earnings were $488.9 million versus $449.8 million. However, second-quarter operating earnings fell to $455.5 million from $471.0 million, and non-GAAP adjusted EBITDA fell to $654.0 million from $659.5 million. Management cited public construction and large projects as volume supports, offset by rain in Texas and parts of the Southeast. Aggregates price gains were substantially absorbed by higher cash costs, particularly diesel. Asphalt also faced weather and liquid-asphalt costs, while the prior-year comparison included the subsequently sold Houston business.
Quarterly parent net earnings nevertheless edged up to $323.4 million from $320.9 million. Lower interest expense, a divestiture-related deferred-tax benefit and discontinued-operation effects helped; fewer diluted shares additionally supported EPS. Concrete’s reported unit gross-profit improvement mainly reflected suspended depreciation on California assets held for sale, while its cash gross profit fell. Cash gross profit adds back depreciation-related charges and is not operating cash flow. First-half adjusted EBITDA also excludes $8.6 million of CEO-transition and reorganization charges, alongside transaction-related adjustments.
On July 29, management reaffirmed full-year 2026 adjusted EBITDA of $2.4–$2.6 billion, supported by expected aggregates pricing and volume growth. The release supplied a midpoint reconciliation but no refreshed numerical full-year capital-spending, shipment-growth or price-growth ranges. Earlier detailed assumptions are not automatically carried forward. Seasonal first-half results should not be mechanically annualized.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-29
First-half operating cash flow declined to $584.6 million from $593.2 million despite higher earnings, with deferred-tax reconciliation effects an important offset. Cash PP&E purchases increased to $370.4 million from $270.9 million. Dividends and repurchases totaled $535.2 million, exceeding operating cash remaining after those purchases. Disposal proceeds helped fund overall cash uses; they are investing cash flow, not recurring operating generation or profit. The separately reported segment capital-expenditure measure lacks a complete bridge to cash purchases and is not interchangeable with it.
The completed California and US Virgin Islands sales generated combined cash proceeds of $572.1 million plus a $150.0 million face-value note due December 2027, recorded at $139.7 million. The combined disposal loss was $13.2 million. These amounts do not establish a California-only sale price. The note is not available cash: its obligor, security, guarantees, interest and detailed collection protections are not established by the supplied disclosures, so payment cannot be assumed guaranteed.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-29
At June 30, unrestricted cash was $194.2 million, separate from $94.5 million of restricted cash, primarily property-sale proceeds held for replacement property under like-kind exchanges. Reported debt was $4,364.3 million versus $4,362.1 million at year-end: the larger year-over-year decline was not first-half 2026 deleveraging. All outstanding debt was fixed-rate, and $400 million matures in second-quarter 2027. Lease liabilities of $577.8 million and reclamation-related obligations of $464.5 million are separate obligations.
Reported undrawn revolver availability was $1,581.5 million. The commercial-paper program uses that facility as its backstop, so it does not create a second independent pool of funding; both mature in November 2029. Vulcan reported covenant compliance at June 30, but the supplied records do not establish independently calculated headroom or unconditional borrowing access. Its net-leverage calculation deducts restricted cash as well as unrestricted cash and is not a measure of freely spendable liquidity.
Sources: 10-Q · 2026-06-30
The July 27, 2026 arbitration decision found NAFTA violations by Mexico but awarded negligible damages and excluded the ancillary claim from jurisdiction. The announcement did not establish an exact recovery, collection timetable, challenge strategy or reopening authorization. Meaningful cash recovery or resumed Mexican operations should not be assumed. Separately, Calica’s disputed 2018 tax deduction could produce approximately $35 million of tax expense and cash outflow if Vulcan loses; the 2019 examination has no disclosed comparable estimate.
Hewitt Landfill and LADWP claims could lead to recognition of a material near-term loss, but the amount and allocation remain unestimable. June environmental reserves of $51.4 million do not cap exposure, and other legacy Chemicals litigation remains. Safety disclosures also warrant attention: 2025 included three imminent-danger withdrawal orders; second-quarter 2026 included two unwarrantable-failure findings at Stockbridge. Neither period reported mining fatalities. These different-duration reports do not establish a safety trend, and proposed assessments are not settled penalties. Weather, energy, permitting, transport and systems implementation remain operating dependencies.
Leadership disclosures remain announcements rather than assumed completed departures. On May 11, Baker announced retirement as president effective July 15, 2026. Clement notified Vulcan on October 19 of his intention to retire from operations support and procurement leadership in first-quarter 2027; the October 22 filing supplied no exact day or successor.
Sources: EX-99.1 · 2026-07-27 · 10-Q · 2026-06-30 · EX-95 · 2025-12-31 · EX-95 · 2026-06-30 · 8-K · 2026-05-08 · 8-K · 2026-10-19
USD 7.9411 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 7.9411 bn | 7.1% |
| 2024 | USD 7.4177 bn | -4.7% |
| 2023 | USD 7.7819 bn | — |
Consolidated GAAP revenue, including freight and delivery and service revenue, after intersegment eliminations.
Sources: 10-K · 2025-12-31
USD 1.0767 bn
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.0767 bn | 18.1% |
| 2024 | USD 911.9 m | -2.3% |
| 2023 | USD 933.2 m | — |
GAAP net earnings after discontinued operations and the allocation to noncontrolling interests.
Sources: 10-K · 2025-12-31
USD 1.813 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.813 bn | 28.6% |
| 2024 | USD 1.4096 bn | -8.3% |
| 2023 | USD 1.5368 bn | — |
Consolidated net operating cash flow from the GAAP cash-flow statement, including working-capital changes.
Sources: 10-K · 2025-12-31
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