Vulcan Materials CO
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 30, 2025
VMC$282.72-1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-31.
0001396009-25-000021
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsReconciliation of Non-GAAP Financial MeasuresCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-30.
0001396009-25-000031
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsReconciliation of Non-GAAP Financial MeasuresThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 228 previous paragraphs and 234 current paragraphs.
142 unchanged; 48 reworded; 44 added; 36 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 16 previous and 16 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (44)
Current report
FINANCIAL HIGHLIGHTS FOR THIRD QUARTER 2025
Current report
Compared to third quarter of 2024:
Current report
▪Total revenues increased $287.6 million, or 14%, to $2,291.5 million
Current report
▪Gross profit increased $132.0 million, or 23%, to $697.2 million
Current report
▪Aggregates segment freight-adjusted revenues increased $195.7 million, or 16%, to $1,423.7 million
Current report
▪Shipments increased 12%, or 7.0 million tons, to 64.7 million tons
Current report
▪Aggregates segment gross profit increased $113.6 million, or 23%, to $612.1 million
Current report
▪Operating earnings increased $206.1 million, or 61%, to $543.2 million
Current report
▪Earnings attributable to Vulcan from continuing operations were $2.83 per diluted share compared to $1.57 per diluted share
Current report
▪Adjusted earnings attributable to Vulcan from continuing operations were $2.84 per diluted share compared to $2.22 per diluted share
Current report
▪Adjusted EBITDA was $735.2 million, an increase of $154.6 million, or 27%
Current report
The combination of our aggregates-led business and our commercial and operational execution has resulted in strong earnings growth and margin expansion through the first nine months of 2025. Net earnings attributable to Vulcan has improved 33% over the prior year, Adjusted EBITDA has improved 20% over the prior year, and Adjusted EBITDA margin has expanded 290 basis points on a year-to-date basis. Aggregates gross profit per ton increased 11%, and cash gross profit per ton increased 12% with widespread improvements across our footprint. These results demonstrate the compounding benefits of our strategic disciplines and reinforce our confidence in our ability to continue to deliver strong earnings growth and cash generation.
Current report
Through the first nine months, cash provided by operating activities was $1,270.0 million, a 31% increase over the prior year. Capital expenditures for maintenance and growth projects were $234.9 million in the third quarter ($441.8 million on a year-to-date basis), and we returned $64.7 million to shareholders through dividends, a 6% increase versus the prior year. We used $550.0 million of cash on hand to pay down our outstanding commercial paper balance, resulting in a ratio of total debt to trailing-twelve months Adjusted EBITDA of 1.9 times (1.8 times on a net debt basis, reflecting $195.2 million of cash on hand). Our weighted-average debt maturity was 14.0 years, and our total weighted-average effective interest rate was 5.04%.
Current report
On a trailing-twelve months basis, return on invested capital improved 40 basis points over the prior year to 16.5% through a combination of solid operating earnings, disciplined capital management and a balanced approach to growth.
Current report
Subsequent to quarter end, we completed the disposition of our asphalt and construction services assets in the greater Houston market. Additionally, on October 28, we entered into an agreement for the disposition of our ready-mixed concrete businesses in California. Subject to obtaining regulatory approvals and the satisfaction of other customary closing conditions, we expect to close the transaction in the fourth quarter of 2025. The sale of these downstream assets is consistent with our aggregates-led strategy and generates cash proceeds that can be redeployed into attractive growth opportunities in the future.
Current report
We continue to execute well and remain focused on delivering another year of margin expansion and attractive growth in aggregates unit profitability. Aggregates shipments through the third quarter have increased 3%, and we expect full year shipments to reflect similar year-over-year growth. As a result, we expect to deliver between $2,350 million and $2,450 million of Adjusted EBITDA in 2025, representing 17% year-over-year growth at the midpoint.
Current report
As we look to 2026, we are encouraged about the demand backdrop in our markets. We expect continued strength in public construction activity and an improving private nonresidential outlook, a combination that should also benefit an already healthy pricing environment.
Current report
We are well positioned with an irreplaceable asset base and outstanding talent. Our strategic disciplines on both the commercial and operational sides of our business continue to gain traction and sustain improvements. These competitive advantages, coupled with modest growth in shipments and mid-single digit growth in pricing, will help drive another year of earnings growth in 2026 and expansion in aggregates cash gross profit per ton that continues to exceed historical averages.
Current report
THIRD QUARTER 2025 COMPARED TO THIRD QUARTER 2024
Current report
Net earnings attributable to Vulcan for the third quarter of 2025 include:
Current report
▪pretax charges of $0.1 million associated with non-routine acquisitions
Current report
▪pretax loss on discontinued operations of $1.6 million
Current report
▪$1.8 million of tax charges related to a valuation allowance against Calica deferred tax assets, including NOL carryforwards
Current report
Net earnings attributable to Vulcan for the third quarter of 2024 include:
Current report
▪pretax charges of $86.6 million associated with a goodwill impairment
Current report
▪pretax loss on discontinued operations of $1.8 million
Current report
▪$1.9 million of tax charges related to a valuation allowance against Calica deferred tax assets, including NOL carryforwards
Current report
Aggregates shipments increased 12% compared to the prior year, reflecting healthy public construction activity, as well as the benefit of more favorable weather in most markets. Shipments in the prior year's third quarter were disrupted by numerous hurricanes and severe storms across the Southeast.
Current report
Freight-adjusted selling prices increased 3.5% compared to the prior year (5.0% on a mix-adjusted basis). Reported price in the quarter was impacted by unfavorable product mix, as well as the anticipated impact of recent acquisitions. Freight-adjusted unit cost of sales decreased 1% (decreased 2% on a unit cash cost of sales basis) as a result of continued operating cost discipline and the benefit of strong shipments in the quarter. On a trailing-twelve months basis, unit cash cost of sales approximated the prior year, reflecting a continued focus on cost management and operating efficiencies.
Current report
Asphalt segment gross profit was $71.0 million (an 18% improvement over the prior year), and cash gross profit was $83.9 million (a 16% improvement over the prior year). Gross profit margin remained strong and expanded to 17%. Gross profit per ton increased 12%, and cash gross profit per ton improved 10%.
Current report
During the third quarter of 2024, we recorded an $86.6 million pretax goodwill impairment charge related to a reporting unit that included concrete operations acquired from U.S. Concrete in 2021 ($84.2 million after tax). There were no similar charges in the third quarter of 2025.
Current report
Earnings attributable to Vulcan from continuing operations were $2.83 per diluted share in the third quarter of 2025 compared to $1.57 per diluted share in the third quarter of 2024.
Current report
Net earnings attributable to Vulcan for the first nine months of 2025 include:
Current report
▪pretax charges of $1.9 million associated with non-routine acquisitions
Current report
▪pretax loss on discontinued operations of $5.7 million
Current report
▪$5.6 million of tax charges related to a valuation allowance against Calica deferred tax assets, including NOL carryforwards
Current report
Net earnings attributable to Vulcan for the first nine months of 2024 include:
Current report
▪pretax charges of $86.6 million associated with a goodwill impairment
Current report
▪pretax loss on discontinued operations of $6.8 million
Current report
▪$4.5 million of tax charges related to a valuation allowance against Calica deferred tax assets, including NOL carryforwards
Showing the first 40 of 44 passages. Open the source sections for the rest.
Removed paragraphs (36)
Previous report
FINANCIAL HIGHLIGHTS FOR SECOND QUARTER 2025
Previous report
Compared to second quarter of 2024:
Previous report
▪Total revenues increased $88.0 million, or 4%, to $2,102.4 million
Previous report
▪Gross profit increased $33.0 million, or 6%, to $625.2 million
Previous report
▪Aggregates segment freight-adjusted revenues increased $47.5 million, or 4%, to $1,310.1 million
Previous report
▪Shipments decreased 1%, or 0.8 million tons, to 59.3 million tons
Previous report
▪Aggregates segment gross profit increased $31.0 million, or 6%, to $559.5 million
Previous report
▪Operating earnings increased $17.4 million, or 4%, to $471.0 million
Previous report
▪Earnings attributable to Vulcan from continuing operations were $2.43 per diluted share compared to $2.33 per diluted share
Previous report
▪Adjusted earnings attributable to Vulcan from continuing operations were $2.45 per diluted share compared to $2.35 per diluted share
Previous report
▪Adjusted EBITDA was $659.5 million, an increase of $56.4 million, or 9%
Previous report
Our second quarter results reflected another quarter of outstanding execution, despite weather challenges, and we carry good momentum into the remainder of the year. Our pricing discipline and excellent cost performance have led to an 11% increase in aggregates gross profit per ton (13% increase in cash gross profit per ton), a 10% improvement in net earnings attributable to Vulcan, a 16% improvement in Adjusted EBITDA and Adjusted EBITDA margin expansion of 260 basis points through the first half of the year.
Previous report
Capital expenditures, including maintenance and growth projects, were $101.5 million in the second quarter and $206.9 million on a year-to-date basis.
Previous report
On a trailing-twelve months basis, return on invested capital was 15.9%, a 40 basis points decrease over the prior year, primarily resulting from the fourth quarter 2024 acquisitions of Wake Stone Corporation (Wake Stone) and Superior Ready Mix Concrete, L.P. (Superior).
Previous report
Our execution in the first half of the year, along with an acceleration in new highway construction activity in our markets, supports our full-year outlook to deliver $2,350 million to $2,550 million of Adjusted EBITDA. As always, we will remain focused on factors within our control, including pricing and operating disciplines that drive earnings growth and cash generation.
Previous report
SECOND QUARTER 2025 COMPARED TO SECOND QUARTER 2024
Previous report
Net earnings attributable to Vulcan for the second quarter of 2025 include:
Previous report
▪pretax charges of $0.6 million associated with non-routine acquisitions
Previous report
▪pretax loss on discontinued operations of $2.8 million
Previous report
▪$2.1 million of tax charges related to a valuation allowance against Calica deferred tax assets, including NOL carryforwards
Previous report
Net earnings attributable to Vulcan for the second quarter of 2024 include:
Previous report
▪pretax loss on discontinued operations of $2.7 million
Previous report
▪$1.1 million of tax charges related to a valuation allowance against Calica deferred tax assets, including NOL carryforwards
Previous report
Aggregates shipments decreased 1% compared to the prior year due in part to significant rainfall in many key Southeastern markets throughout much of the quarter. Price growth was widespread, and freight-adjusted selling prices increased 5.3% (7.6% on a mix-adjusted basis) compared to the prior year. In addition to the anticipated impact of recent acquisitions, second quarter reported price was also impacted by unfavorable legacy geographic mix due to the inclement weather in the Southeast. Freight-adjusted unit cost of sales increased a modest 4% ($0.46 per ton) as a result of continued operating cost discipline despite challenging weather conditions.
Previous report
Asphalt segment gross profit was $57.2 million, and cash gross profit was $71.2 million. Despite lower shipments, unit cash gross profit improved 5%, and gross profit margin remained a solid 15.5%.
Previous report
Earnings attributable to Vulcan from continuing operations were $2.43 per diluted share in the second quarter of 2025 compared to $2.33 per diluted share in the second quarter of 2024.
Previous report
Net earnings attributable to Vulcan for the first six months of 2025 include:
Previous report
▪pretax loss on discontinued operations of $4.1 million
Previous report
Net earnings attributable to Vulcan for the first six months of 2024 include:
Previous report
▪pretax charges of $0.9 million associated with non-routine acquisitions
Previous report
▪pretax loss on discontinued operations of $5.0 million
Previous report
▪$2.7 million of tax charges related to a valuation allowance against Calica deferred tax assets, including NOL carryforwards
Previous report
Freight-adjusted selling prices increased 6.0% as compared to the prior year. Freight-adjusted unit cost of sales for the first six months of 2025 increased 3%, or $0.37 per ton, versus the prior year.
Previous report
SAG expenses were $282.7 million (7.6% of total revenues) versus $263.8 million (7.4% of total revenues) in the prior year’s first six months.
Previous report
Earnings attributable to Vulcan from continuing operations were $3.41 per diluted share in the first six months of 2025 compared to $3.11 per diluted share in the first six months of 2024.
Previous report
1 Includes $150 million estimated contribution from acquisitions.
Reworded paragraphs (48)
Previous wording
▪Aggregates segment sales increased $36.1 million, or 2%, to $1,649.6 million
Current wording
▪Aggregates segment sales increased $219.7 million, or 14%, to $1,792.1 million
Previous wording
▪Freight-adjusted sales price increased 5.3%, or $1.11 per ton, to $22.11
Current wording
▪Freight-adjusted sales price increased 3.5%, or $0.74 per ton, to $22.01
Previous wording
▪Unit profitability (as measured by gross profit per ton) increased 7% to $9.44 per ton
Current wording
▪Unit profitability (as measured by gross profit per ton) increased 10% to $9.46 per ton
Previous wording
▪Asphalt and Concrete segment gross profit increased $2.0 million to $65.7 million, collectively
Current wording
▪Asphalt and Concrete segment gross profit increased $18.4 million to $85.1 million, collectively
Previous wording
▪Selling, administrative and general (SAG) expenses increased $10.4 million (20 basis points as a percentage of total revenues)
Current wording
▪Selling, administrative and general (SAG) expenses increased $16.2 million and decreased 10 basis points as a percentage of total revenues
Previous wording
▪Net earnings attributable to Vulcan were $320.9 million, an increase of $12.9 million, or 4%
Current wording
▪Net earnings attributable to Vulcan were $374.9 million, an increase of $167.3 million, or 81%
Previous wording
▪Returned capital to shareholders via dividends of $64.7 million at $0.49 per share versus $60.9 million at $0.46 per share, an increase of 6%
Current wording
▪Returned capital to shareholders via dividends of $64.7 million at $0.49 per share versus $60.8 million at $0.46 per share, an increase of 6%
Previous wording
Interest expense, net of interest income, was $59.2 million in the second quarter compared with $40.2 million in the prior year. The $19.0 million increase is primarily due to a higher debt level resulting from the November 2024 notes issuances.
Current wording
Interest expense, net of interest income, was $55.3 million in the third quarter compared with $38.4 million in the prior year. The $16.9 million increase is primarily due to a higher debt level resulting from the November 2024 notes issuances.
Previous wording
We remain well positioned for continued growth with a strong liquidity position and balance sheet profile. As of June 30, 2025, the ratio of total debt to trailing-twelve months Adjusted EBITDA was 2.2 times (2.1 times on a net debt basis, reflecting $351.0 million of cash on hand) and within our target range of 2.0 to 2.5 times. Our weighted-average debt maturity was 13.1 years, and our total weighted-average effective interest rate was 4.99%.
Current wording
We remain well positioned for continued growth with a strong liquidity position and balance sheet profile.
Previous wording
Second quarter 2025 total revenues were $2,102.4 million, up 4% from the second quarter of 2024. Shipments decreased in aggregates (-1%) and asphalt mix (-3%) and increased in ready-mixed concrete (+27%). Gross profit increased in the Aggregates segment (+$31.0 million or 6%) and the Concrete segment (+$3.8 million or 81%) and decreased in the Asphalt segment (-$1.8 million or 3%).
Current wording
Third quarter 2025 total revenues were $2,291.5 million, up 14% from the third quarter of 2024. Shipments increased in aggregates (+12%), asphalt mix (+5%) and ready-mixed concrete (+32%). Gross profit increased in the Aggregates segment (+$113.6 million or 23%), the Asphalt segment (+$10.8 million or 18%) and the Concrete segment (+$7.6 million or 113%).
Previous wording
Net earnings attributable to Vulcan for the second quarter of 2025 were $320.9 million, or $2.42 per diluted share, compared to $308.0 million, or $2.31 per diluted share, in the second quarter of 2024. Each period’s results were impacted by discrete items, as follows:
Current wording
Net earnings attributable to Vulcan for the third quarter of 2025 were $374.9 million, or $2.82 per diluted share, compared to $207.6 million, or $1.56 per diluted share, in the third quarter of 2024. Each period’s results were impacted by discrete items, as follows:
Previous wording
Adjusted for these discrete items, earnings attributable to Vulcan from continuing operations (Adjusted Diluted EPS) was $2.45 per diluted share for the second quarter of 2025 compared to $2.35 per diluted share for the second quarter of 2024.
Current wording
Adjusted for these discrete items, earnings attributable to Vulcan from continuing operations (Adjusted Diluted EPS) was $2.84 per diluted share for the third quarter of 2025 compared to $2.22 per diluted share for the third quarter of 2024.
Previous wording
CONTINUING OPERATIONS — Changes in earnings from continuing operations before income taxes for the second quarter of 2025 versus the second quarter of 2024 are summarized below:
Current wording
CONTINUING OPERATIONS — Changes in earnings from continuing operations before income taxes for the third quarter of 2025 versus the third quarter of 2024 are summarized below:
Previous wording
Continued pricing discipline and operational execution drove earnings growth and margin expansion in the Aggregates segment despite lower shipments and challenging weather conditions throughout the quarter. Second quarter Aggregates segment gross profit increased 6% to $559.5 million ($9.44 on a per ton basis), and gross profit margin expanded to 33.9%. Cash gross profit per ton increased 9% to $11.88 per ton. On a trailing-twelve months basis, cash gross profit per ton was $11.25, increasing 13% over the prior year and marking a tenth consecutive quarter of double-digit compounding improvement in unit profitability.
Current wording
Solid execution in the third quarter drove strong earnings growth and margin expansion. Aggregates segment gross profit increased 23% to $612.1 million ($9.46 on a per ton basis), and gross profit margin expanded 250 basis points to to 34.2%. Cash gross profit per ton increased 9% to $11.84 per ton. On a trailing-twelve months basis, cash gross profit per ton was $11.51, increasing 13% over the prior year and marking the eleventh consecutive quarter of double-digit compounding improvement in unit profitability.
Previous wording
Overall, non-aggregates segments gross profit of $65.7 million was $2.0 million higher than the prior year’s second quarter.
Current wording
Overall, non-aggregates segments gross profit of $85.1 million was $18.4 million higher than the prior year’s third quarter.
Previous wording
Concrete segment gross profit was $8.5 million, and cash gross profit was $27.5 million. Unit gross profit increased 43%, and unit cash gross profit increased 30%, due mostly to the contribution of acquired operations.
Current wording
Concrete segment gross profit was $14.1 million, and cash gross profit was $30.6 million. Gross profit margin expanded to 6%, unit gross profit increased 62%, and unit cash gross profit increased 34%, benefiting from the profitability of acquired operations.
Previous wording
SAG expense was $144.5 million for the second quarter compared to $134.1 million in the prior year. As a percent of total revenues on a trailing-twelve months basis, SAG expense was 7.2% in the second quarter of 2025, 10 basis points lower than the prior year.
Current wording
SAG expense was $145.3 million for the third quarter compared to $129.1 million in the prior year. The increase in the current year was primarily due to SAG expense for prior year business acquisitions and higher incentives expense. For the quarter, SAG expense as a percent of total revenues improved slightly to 6.3%. On a trailing-twelve months basis, SAG expense was 7.2% of total revenues, unchanged from the prior year.
Previous wording
Gain on sale of property, plant & equipment and businesses was $1.2 million in the second quarter of 2025 compared to $3.8 million in the second quarter of 2024.
Current wording
Gain on sale of property, plant & equipment and businesses was $0.6 million in the third quarter of 2025 compared to $0.2 million in the third quarter of 2024.
Previous wording
Other operating income (expense), net which is composed primarily of idle facilities expense, environmental remediation costs, gain (loss) on settlement of AROs, finance charges collected and net rental income (expense), was $10.9 million of expense for the second quarter of 2025 compared to $8.3 million of expense in the second quarter of 2024.
Current wording
Other operating income (expense), net which is composed primarily of idle facilities expense, environmental remediation costs, gain (loss) on settlement of AROs, finance charges collected, and rental income, was $9.3 million of expense for the third quarter of 2025 compared to $12.6 million of expense in the third quarter of 2024.
Previous wording
Other nonoperating income (expense), net was $2.4 million of income for the second quarter of 2025 compared to $8.7 million of expense in the second quarter of 2024. The year-over-year improvement was primarily related to higher foreign currency transaction gains in the current period.
Current wording
Other nonoperating income (expense), net was $0.7 million of income for the third quarter of 2025 compared to $3.8 million of expense in the third quarter of 2024.
Previous wording
Net interest expense was $59.2 million in the second quarter of 2025 compared to $40.2 million in the second quarter of 2024. The increase in interest expense was primarily due to a higher debt level resulting from the November 2024 notes issuances.
Current wording
Net interest expense was $55.3 million in the third quarter of 2025 compared to $38.4 million in the third quarter of 2024. The increase in interest expense was primarily due to a higher debt level resulting from the November 2024 notes issuances.
Previous wording
Income tax expense from continuing operations was $91.3 million in the second quarter of 2025 compared to $94.4 million in the second quarter of 2024. The decrease in tax expense was primarily due to the release of a valuation allowance against deferred tax assets of a Canadian subsidiary resulting from a restructuring completed in the second quarter of 2025, partially offset by an increase in pretax earnings.
Current wording
Income tax expense from continuing operations was $112.4 million in the third quarter of 2025 compared to $85.2 million in the third quarter of 2024. The increase in tax expense was primarily due to the increase in pretax earnings, partially offset by the nondeductible portion of the loss on impairment recorded in the third quarter of 2024.
Previous wording
DISCONTINUED OPERATIONS — Second quarter pretax loss from discontinued operations was $2.8 million in 2025 compared with a pretax loss of $2.7 million in 2024. Both periods include charges related to general and product liability costs, including legal defense costs, and environmental remediation costs associated with our former Chemicals business. For additional details, see Note 1 to the condensed consolidated financial statements under the caption Discontinued Operations.
Current wording
DISCONTINUED OPERATIONS — Third quarter pretax loss from discontinued operations was $1.6 million in 2025 compared with a pretax loss of $1.8 million in 2024. Both periods include charges related to general and product liability costs, including legal defense costs, and environmental remediation costs associated with our former Chemicals business. For additional details, see Note 1 to the condensed consolidated financial statements under the caption Discontinued Operations.
Previous wording
Total revenues for the first six months of 2025 were $3,737.0 million, up 5% from the first six months of 2024. Shipments decreased in aggregates (-1%), increased in ready-mixed concrete (+21%) and remained flat in asphalt mix. Gross profit increased in the Aggregates segment (+$85.1 million or 10%) and the Concrete segment (+$9.9 million or 617%) and decreased in the Asphalt segment (-$1.7 million or 3%).
Current wording
Total revenues for the first nine months of 2025 were $6,028.5 million, up 8% from the first nine months of 2024. Shipments increased in aggregates (+3%), asphalt mix (+2%) and ready-mixed concrete (+25%). Gross profit increased in the Aggregates segment (+$198.7 million or 15%), the Asphalt segment (+$9.0 million or 7%) and the Concrete segment (+$17.6 million or 213%).
Previous wording
Net earnings attributable to Vulcan for the first six months of 2025 were $449.8 million, or $3.38 per diluted share, compared to $410.6 million, or $3.08 per diluted share, in the first six months of 2024. Each period’s results were impacted by discrete items, as follows:
Current wording
Net earnings attributable to Vulcan for the first nine months of 2025 were $824.7 million, or $6.21 per diluted share, compared to $618.2 million, or $4.65 per diluted share, in the first nine months of 2024. Each period’s results were impacted by discrete items, as follows:
Previous wording
Adjusted for these discrete items, earnings attributable to Vulcan from continuing operations (Adjusted Diluted EPS) was $3.45 per diluted share for the first six months of 2025 compared to $3.14 per diluted share for the first six months of 2024.
Current wording
Adjusted for these discrete items, earnings attributable to Vulcan from continuing operations (Adjusted Diluted EPS) was $6.29 per diluted share for the first nine months of 2025 compared to $5.37 per diluted share for the first nine months of 2024.
Previous wording
Aggregates segment sales for the first six months of 2025 were $2,985.4 million (up 3%), and shipments decreased 1%, or 1.3 million tons, compared to the prior year. Aggregates segment gross profit was $916.9 million ($8.57 per ton) in the first six months of 2025 versus $831.8 million ($7.68 per ton) in the prior year. On a year-to-date basis, cash gross profit per ton increased 13% to $11.32 per ton.
Current wording
Aggregates segment sales for the first nine months of 2025 were $4,777.5 million (up 7%), and shipments increased 3%, or 5.7 million tons, compared to the prior year. Aggregates segment gross profit was $1,529.0 million ($8.91 per ton) in the first nine months of 2025 versus $1,330.3 million ($8.01 per ton) in the prior year. On a year-to-date basis, cash gross profit per ton increased 12% to $11.52 per ton.
Previous wording
Asphalt segment gross profit of $62.0 million was down $1.7 million from the first six months of 2024, and cash gross profit of $88.0 million was a 5% improvement over the prior year. Asphalt mix shipments remained flat, and average unit selling prices increased 3.6%, or $2.84 per ton.
Current wording
Asphalt segment gross profit of $132.9 million was up $9.0 million from the first nine months of 2024, and cash gross profit of $171.9 million was a 10% improvement over the prior year. Asphalt mix shipments increased 2%, and average unit selling prices increased 3%, or $2.46 per ton.
Previous wording
Concrete segment gross profit of $11.6 million was up $9.9 million from the first six months of 2024, and cash gross profit of $46.1 million was a 79% increase from the prior year.
Current wording
Concrete segment gross profit of $25.8 million was up $17.6 million from the first nine months of 2024, and cash gross profit of $76.7 million was a 78% increase from the prior year.
Previous wording
Gain on sale of property, plant & equipment and businesses was $8.6 million in the first six months of 2025 versus $4.4 million in the first six months of 2024.
Current wording
Gain on sale of property, plant & equipment and businesses was $9.2 million in the first nine months of 2025 versus $4.6 million in the first nine months of 2024.
Previous wording
Other operating income (expense), net which is composed primarily of idle facilities expense, environmental remediation costs, gain (loss) on settlement of AROs, finance charges collected and net rental income (expense), was $19.0 million of expense for the first six months of 2025 compared to $11.3 million of expense in the first six months of 2024.
Current wording
Other operating income (expense), net which is composed primarily of idle facilities expense, environmental remediation costs, gain (loss) on settlement of AROs, finance charges collected, and rental income, was $28.2 million of expense for the first nine months of 2025 compared to $23.9 million of expense in the first nine months of 2024.
Previous wording
Other nonoperating income (expense), net was $0.2 million of expense for the first six months of 2025 compared to $8.9 million of expense in the first six months of 2024. The year-over-year improvement was primarily related to higher foreign currency transaction gains in the current year.
Current wording
Other nonoperating income (expense), net was $0.4 million of income for the first nine months of 2025 compared to $12.7 million of expense in the first nine months of 2024. The year-over-year improvement was primarily related to higher foreign currency transaction gains in the current year.
Previous wording
Net interest expense was $118.9 million in the first six months of 2025 compared to $79.3 million in the first six months of 2024. The increase in interest expense was primarily due to a higher debt level resulting from the November 2024 notes issuances.
Current wording
Net interest expense was $174.2 million in the first nine months of 2025 compared to $117.7 million in the first nine months of 2024. The increase in interest expense was primarily due to a higher debt level resulting from the November 2024 notes issuances.
Previous wording
Income tax expense from continuing operations was $125.0 million in the first six months of 2025 compared to $123.4 million in the first six months of 2024. The increase in tax expense was primarily due to an increase in pretax earnings, partially offset by an increase in the statutory depletion deduction and the release of a valuation allowance against deferred tax assets of a Canadian subsidiary.
Current wording
Income tax expense from continuing operations was $237.4 million in the first nine months of 2025 compared to $208.5 million in the first nine months of 2024. The increase in tax expense was primarily due to the increase in pretax earnings, partially offset by the nondeductible portion of the loss on impairment recorded in the third quarter of 2024. The increase was further offset by an increase in the statutory depletion deduction and the release of a valuation allowance against deferred tax assets of a Canadian subsidiary in 2025.
Previous wording
DISCONTINUED OPERATIONS — First six months pretax loss from discontinued operations was $4.1 million in 2025 compared with a pretax loss of $5.0 million in 2024. Both periods include charges related to general and product liability costs, including legal defense costs, and environmental remediation costs associated with our former Chemicals business. For additional details, see Note 1 to the condensed consolidated financial statements under the caption Discontinued Operations.
Current wording
DISCONTINUED OPERATIONS — First nine months pretax loss from discontinued operations was $5.7 million in 2025 compared with a pretax loss of $6.8 million in 2024. Both periods include charges related to general and product liability costs, including legal defense costs, and environmental remediation costs associated with our former Chemicals business. For additional details, see Note 1 to the condensed consolidated financial statements under the caption Discontinued Operations.
Previous wording
Included in our June 30, 2025 cash and cash equivalents and restricted cash balances of $351.0 million is $3.6 million of restricted cash as described in Note 1 to the condensed consolidated financial statements under the caption "Restricted Cash".
Current wording
Included in our September 30, 2025 cash and cash equivalents and restricted cash balances of $195.2 million is $3.9 million of restricted cash as described in Note 1 to the condensed consolidated financial statements under the caption "Restricted Cash".
Previous wording
Net cash provided by operating activities was $593.2 million during the six months ended June 30, 2025, a $218.7 million increase compared to the same period of 2024. The increase was primarily attributable to higher earnings and changes in working capital balances.
Current wording
Net cash provided by operating activities was $1,270.0 million during the nine months ended September 30, 2025, a $300.5 million increase compared to the same period of 2024. The increase was primarily attributable to higher cash earnings in 2025 ($205.7 million higher net earnings in addition to $94.8 million higher non-cash depreciation, depletion, accretion and amortization), partially offset by an $86.6 million non-cash goodwill impairment charge in 2024.
Previous wording
Days sales outstanding, a measurement of the time it takes to collect receivables, were 42.6 days at June 30, 2025 compared to 41.4 days at June 30, 2024. Additionally, our over 90 day receivables balance was $30.9 million at June 30, 2025, an increase of $5.6 million from the $25.3 million balance at June 30, 2024. All customer accounts are actively managed, and no losses in excess of amounts reserved are currently expected.
Current wording
Days sales outstanding, a measurement of the time it takes to collect receivables, were 42.4 days at September 30, 2025 compared to 43.3 days at September 30, 2024. Additionally, our over 90 day receivables balance was $29.2 million at September 30, 2025, an increase of $2.9 million from the $26.3 million balance at September 30, 2024. All customer accounts are actively managed, and no losses in excess of amounts reserved are currently expected.
Previous wording
Net cash used for investing activities was $236.9 million during the first six months of 2025, a $296.9 million decrease compared to the same period of 2024. During the first six months of 2024, we acquired businesses for $193.4 million, whereas there were no business acquisitions in the first six months of 2025. Conversely, during the first six months of 2025, we sold businesses in Texas for $19.0 million, whereas there were no business dispositions in the first six months of 2024 (see Note 16 to the condensed consolidated financial statements for acquisitions and divestitures). Additionally, during the first six months of 2025, we invested $270.9 million in our existing operations (includes changes in accruals for property, plant & equipment) compared to $344.2 million in the prior year period. This $270.9 million investment includes both maintenance and internal growth projects to enhance our distribution capabilities, develop new production sites and improve existing production facilities.
Current wording
Net cash used for investing activities was $450.9 million during the first nine months of 2025, a $190.9 million decrease compared to the same period of 2024. During the first nine months of 2024, we acquired businesses for $206.4 million, whereas there were no business acquisitions in the first nine months of 2025 (see Note 16 to the condensed consolidated financial statements). During the first nine months of 2025, we invested $492.9 million in our existing operations (includes changes in accruals for property, plant & equipment) compared to $441.0 million in the prior year period. This $492.9 million investment includes both maintenance and internal growth projects to enhance our distribution capabilities, develop new production sites and improve existing production facilities.
Previous wording
Net cash used for financing activities was $606.1 million during the first six months of 2025, a $72.2 million decrease compared to cash used of $678.3 million in the same period of 2024. The current year includes cash paid to redeem the $400.0 million senior notes due 2025, whereas the prior year includes cash paid to redeem the $550.0 million senior notes due 2026 partially offset by a $95.0 million net issuance of commercial paper. Additionally, we returned $168.8 million to shareholders through $130.7 million of dividends ($0.98 per share compared to $0.92 per share) and $38.1 million of common stock repurchases (170,000 shares repurchased at $224.36 average price per share in 2025 compared to 270,142 shares repurchased at $254.71 average price per share in 2024).
Current wording
Net cash used for financing activities was $1,224.7 million during the first nine months of 2025, a $382.1 million increase compared to cash used of $842.6 million in the same period of 2024. The current year includes $400.0 million cash paid to redeem the senior notes due 2025 and $550.0 million to pay down the commercial paper balance, whereas the prior year includes cash paid to redeem the $550.0 million senior notes due 2026. Additionally, we returned $233.5 million to shareholders through $195.4 million of dividends ($1.47 per share compared to $1.38 per share) and $38.1 million of common stock repurchases (170,000 shares repurchased at $224.36 average price per share in 2025 compared to 270,142 shares repurchased at $254.71 average price per share in 2024).
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Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
▪$3.8 million of tax charges related to a valuation allowance against Calica deferred tax assets, including NOL carryforwards
Previous report — wording carried elsewhere
▪pretax charges of $1.0 million associated with divested operations