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Vulcan Materials Company (VMC) investor relations material
Vulcan Materials Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 delivered strong revenue, margin, and profit growth, with adjusted EBITDA up 27% year-over-year to $735 million and margin expanding to 32.1%, driven by aggregates-led strategy and operational execution.
Net earnings attributable to shareholders rose 81% to $374.9 million, with gross profit up 23% to $697.2 million.
The company completed the divestiture of asphalt and construction services assets and announced a leadership transition effective January 2026.
Maintains the largest and most profitable U.S. aggregates business, serving 35 of the top 50 fastest-growing markets.
Recognized for workplace excellence and corporate responsibility.
Financial highlights
Q3 2025 revenues reached $2.29 billion, up 14% year-over-year; year-to-date revenues at $6.03 billion, up 8%.
Aggregates shipments rose 12% in Q3, with cash gross profit per ton up 9% to $11.84; margin expanded 250 basis points to 34.2%.
Adjusted EBITDA margin for Q3 2025 was 32.1%, up from 29.0% in Q3 2024.
Free cash flow increased 31% to over $1 billion in the last 12 months, with a 94% conversion rate.
Net debt to adjusted EBITDA was 1.8x as of Q3 2025; weighted-average debt maturity was 14 years.
Outlook and guidance
Full-year 2025 adjusted EBITDA guidance is $2.35–$2.45 billion, a 17% increase at midpoint; aggregates shipments expected to grow 3% year-over-year.
2026 outlook anticipates continued public construction strength, improving private nonresidential demand, and mid-single digit pricing growth.
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