Vulcan Materials Company
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Vulcan Materials Company (VMC) investor relations material

Vulcan Materials Company Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary17 Feb, 2026

Executive summary

  • Achieved $2.32B Adjusted EBITDA in 2025, up 13% year-over-year, with margin expanding 160 bps to 29.3%.

  • Operating cash flow grew 29% to $1.8B, supported by disciplined capital management and a two-pronged growth strategy.

  • Net earnings attributable to shareholders increased to $1.08B for 2025, up from $912M in 2024.

  • Achieved strong earnings growth and margin expansion, driven by organic pricing improvements, strategic acquisitions, and robust aggregates profitability.

  • Returned $698M to shareholders via dividends and share repurchases; net debt to Adjusted EBITDA at 1.8x.

Financial highlights

  • Total revenues for 2025 were $7.94B, up 7% year-over-year.

  • Aggregates shipments rose 3% for the year, driven by acquisitions; same-store shipments slightly declined.

  • Mix-adjusted aggregates price improved 6% for the year; cash gross profit per ton up 7% to $11.33.

  • SG&A expenses were $564M, 7.1% of revenue, down 10 bps year-over-year.

  • Adjusted diluted EPS from continuing operations was $8.00, compared to $7.53 in 2024.

Outlook and guidance

  • 2026 Adjusted EBITDA expected between $2.4B–$2.6B.

  • Aggregate shipments projected to grow 1%–3%; average selling prices up 4%–6%; unit cash cost of sales to rise low single digits.

  • Net earnings expected in the range of $1.1B to $1.3B.

  • Capital spending planned at $750M–$800M; effective tax rate projected at 22%–23%.

  • Downstream businesses to contribute ~$290M in cash gross profit, 85% from asphalt.

Explain the slightly lower same-store aggregates shipments
Impact of dispositions on non-aggregates profit
Explain Q4 aggregates reported vs mix-adjusted price
Data center mix impact on 2026 margins?
M&A strategy for new geographies in 2026
VWO's role in 2026 cost control
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Next Vulcan Materials Company earnings date

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Investor Day 202612 Mar, 2026
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Investor Day 202612 Mar, 2026

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Frequently asked questions

Vulcan Materials Company is the largest producer of construction aggregates - primarily crushed stone, sand and gravel - in the United States. The company also produces asphalt and ready-mixed concrete and has a substantial railroad network for transporting aggregates to their customers. Vulcan is one of the largest producers of construction materials, including asphalt and ready-mixed concrete in 18 states along the East Coast; as well as significant energy resources, including coal and gas reserves in Alabama.

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