Vulcan Materials CO
For the period ended Mar 31, 2026. Filed Apr 29, 2026.
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.
Mar 31, 2026 · Filed Apr 29, 2026
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 2025-09-30; 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 MeasuresCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-29.
0001628280-26-028318
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 234 previous paragraphs and 203 current paragraphs.
124 unchanged; 48 reworded; 31 added; 57 removed; 5 previous and 0 current paragraphs rearranged.
Tables are not compared: 16 previous and 30 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 (31)
Current report
FINANCIAL HIGHLIGHTS FOR FIRST QUARTER 2026
Current report
Compared to first quarter of 2025:
Current report
•Total revenues increased $121.3 million, or 7%, to $1,755.9 million
Current report
•Gross profit increased $57.4 million, or 16%, to $422.7 million
Current report
•Aggregates segment freight-adjusted revenues increased $87.0 million, or 8%, to $1,139.0 million
Current report
•Shipments increased 5%, or 2.2 million tons, to 50.0 million tons
Current report
•Aggregates segment gross profit increased $43.0 million, or 12%, to $400.3 million
Current report
•Operating earnings increased $39.0 million, or 17%, to $265.4 million
Current report
•Earnings attributable to Vulcan from continuing operations were $1.27 per diluted share compared to $0.98 per diluted share
Current report
•Adjusted earnings attributable to Vulcan from continuing operations were $1.35 per diluted share compared to $1.00 per diluted share
Current report
•Adjusted EBITDA was $447.1 million, an increase of $36.2 million, or 9%
Current report
•Returned capital to shareholders via share repurchases of $149.5 million at $296.47 average price per share compared to $38.1 million at $224.36 average price per share
Current report
The combination of our advantaged aggregates-led business and consistent focus on our strategic disciplines resulted in a 28% improvement in net earnings attributable to Vulcan, 9% growth in Adjusted EBITDA, and a 40 basis point expansion in Adjusted EBITDA margin in the first quarter. Our strategy and execution, enhanced by innovation and technology, position us well to deliver strong earnings growth and cash generation. With this focus, and the financial strength and flexibility to grow, we will continue to drive sustainable value creation and win the future in aggregates.
Current report
On a trailing-twelve months basis, return on invested capital of 16.0% decreased 20 basis points over the prior year primarily as a result of acquisitions completed in the fourth quarter of 2024.
Current report
We reiterate our full-year outlook to deliver between $2.4 and $2.6 billion of Adjusted EBITDA. Our execution in the first quarter, in addition to a healthy backlog supported by large projects and public construction activity, gives us good momentum heading into the rest of the year. We continue to monitor the potential impacts from geopolitical uncertainty but, as always, will remain focused on what we can control to drive durable growth.
Current report
FIRST QUARTER 2026 COMPARED TO FIRST QUARTER 2025
Current report
Net earnings attributable to Vulcan for the first quarter of 2026 include:
Current report
•pretax charges of $8.6 million related to CEO transition and reorganization charges
Current report
•pretax loss on discontinued operations of $1.4 million
Current report
•$2.2 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 quarter of 2025 include:
Current report
•pretax charges of $1.2 million associated with non-routine acquisitions
Current report
•pretax loss on discontinued operations of $1.3 million
Current report
•$1.7 million of tax charges related to a valuation allowance against Calica deferred tax assets, including NOL carryforwards
Current report
Widespread pricing growth and effective cost control from operational execution led to a 3% improvement in aggregates cash gross profit per ton, from $10.63 per ton in the prior year to $10.93 per ton in the first quarter of 2026. First quarter Aggregates segment gross profit increased 12% to $400.3 million ($8.01 on a per ton basis), and gross profit margin expanded 90 basis points to 27.6%. On a trailing-twelve months basis, cash gross profit per ton was $11.38, increasing 4% over the prior year.
Current report
On a trailing-twelve months basis, aggregates unit cash cost of sales increased 4%, from $10.40 to $10.77 per ton. We remain focused on managing costs that we can control and improving operating efficiencies.
Current report
Concrete segment gross profit was $10.2 million, and cash gross profit was $14.2 million. Gross profit margin expanded to 5% and unit gross profit increased 202%, while unit cash gross profit decreased 28%. First quarter results included our California ready-mixed concrete business which is classified as held for sale (see Note 16 to the condensed consolidated financial statements). The disposition of these assets is expected to close in the second quarter of 2026, subject to final regulatory approvals and other customary closing conditions.
Current report
Earnings attributable to Vulcan from continuing operations were $1.27 per diluted share in the first quarter of 2026 compared to $0.98 per diluted share in the first quarter of 2025.
Current report
Represents employee termination and other discrete charges directly related to organizational changes resulting from the appointment of Ronnie Pruitt as Chief Executive Officer, effective January 1, 2026.
Current report
Additionally, in February 2026, we paid a $50.0 million note payable (included in Other current liabilities in the accompanying Condensed Consolidated Balance Sheet at December 31, 2025) related to an acquisition completed in 2022.
Current report
•expectations relating to sustainability considerations
Removed paragraphs (57)
Previous report
FINANCIAL HIGHLIGHTS FOR THIRD QUARTER 2025
Previous report
Compared to third quarter of 2024:
Previous report
▪Total revenues increased $287.6 million, or 14%, to $2,291.5 million
Previous report
▪Gross profit increased $132.0 million, or 23%, to $697.2 million
Previous report
▪Aggregates segment freight-adjusted revenues increased $195.7 million, or 16%, to $1,423.7 million
Previous report
▪Shipments increased 12%, or 7.0 million tons, to 64.7 million tons
Previous report
▪Aggregates segment gross profit increased $113.6 million, or 23%, to $612.1 million
Previous report
▪Operating earnings increased $206.1 million, or 61%, to $543.2 million
Previous report
▪Earnings attributable to Vulcan from continuing operations were $2.83 per diluted share compared to $1.57 per diluted share
Previous report
▪Adjusted earnings attributable to Vulcan from continuing operations were $2.84 per diluted share compared to $2.22 per diluted share
Previous report
▪Adjusted EBITDA was $735.2 million, an increase of $154.6 million, or 27%
Previous 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.
Previous report
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 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.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous report
THIRD QUARTER 2025 COMPARED TO THIRD QUARTER 2024
Previous report
Net earnings attributable to Vulcan for the third quarter of 2025 include:
Previous report
▪pretax charges of $0.1 million associated with non-routine acquisitions
Previous report
▪pretax loss on discontinued operations of $1.6 million
Previous report
▪$1.8 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 third quarter of 2024 include:
Previous report
▪pretax charges of $86.6 million associated with a goodwill impairment
Previous report
▪pretax charges of $0.8 million associated with non-routine acquisitions
Previous report
▪pretax loss on discontinued operations of $1.8 million
Previous report
▪$1.9 million of tax charges related to a valuation allowance against Calica deferred tax assets, including NOL carryforwards
Previous report
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 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.
Previous report
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 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.
Previous 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.
Previous report
YEAR-TO-DATE SEPTEMBER 30, 2025 COMPARED TO YEAR-TO-DATE SEPTEMBER 30, 2024
Previous report
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 report
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 report
Net earnings attributable to Vulcan for the first nine months of 2025 include:
Previous report
▪pretax charges of $1.9 million associated with non-routine acquisitions
Previous report
▪pretax loss on discontinued operations of $5.7 million
Previous report
▪$5.6 million of tax charges related to a valuation allowance against Calica deferred tax assets, including NOL carryforwards
Showing the first 40 of 57 passages. Open the source sections for the rest.
Reworded paragraphs (48)
Previous wording
No material part of our business depends upon any single customer whose loss would have a significant adverse effect on our business. In 2024, our five largest customers accounted for approximately 8% of our total revenues, and no single customer accounted for more than 3% of our total revenues. Although approximately 40% to 55% of our aggregates shipments have historically been used in publicly-funded construction, such as highways, airports and government buildings, a relatively small portion of our sales are made directly to federal, state, county or municipal governments/agencies. Therefore, although reductions in state and federal funding can curtail publicly-funded construction, the vast majority of our business is not directly subject to renegotiation of profits or termination of contracts with local, state or federal governments. In addition, our sales to government entities span several hundred entities coast-to-coast, ensuring that negative changes to various government budgets would have a muted impact across such a diversified set of government customers.
Current wording
No material part of our business depends upon any single customer whose loss would have a significant adverse effect on our business. In 2025, our five largest customers accounted for approximately 7% of our total revenues, and no single customer accounted for more than 2% of our total revenues. Although approximately 40% to 55% of our aggregates shipments have historically been used in publicly-funded construction, such as highways, airports and government buildings, a relatively small portion of our sales are made directly to federal, state, county or municipal governments/agencies. Therefore, although reductions in state and federal funding can curtail publicly-funded construction, the vast majority of our business is not directly subject to renegotiation of profits or termination of contracts with local, state or federal governments. In addition, our sales to government entities span several hundred entities coast-to-coast, ensuring that negative changes to various government budgets would have a muted impact across such a diversified set of government customers.
Previous wording
▪Aggregates segment sales increased $219.7 million, or 14%, to $1,792.1 million
Current wording
•Aggregates segment sales increased $114.6 million, or 9%, to $1,450.5 million
Previous wording
▪Freight-adjusted sales price increased 3.5%, or $0.74 per ton, to $22.01
Current wording
•Freight-adjusted sales price increased 3.5%, or $0.77 per ton, to $22.80
Previous wording
▪Unit profitability (as measured by gross profit per ton) increased 10% to $9.46 per ton
Current wording
•Unit profitability (as measured by gross profit per ton) increased 7% to $8.01 per ton
Previous wording
▪Asphalt and Concrete segment gross profit increased $18.4 million to $85.1 million, collectively
Current wording
•Asphalt and Concrete segment gross profit increased $14.4 million to $22.4 million, collectively
Previous wording
▪Selling, administrative and general (SAG) expenses increased $16.2 million and decreased 10 basis points as a percentage of total revenues
Current wording
•Selling, administrative and general (SAG) expenses decreased $2.6 million and decreased 80 basis points as a percentage of total revenues
Previous wording
▪Net earnings attributable to Vulcan were $374.9 million, an increase of $167.3 million, or 81%
Current wording
•Net earnings attributable to Vulcan were $165.5 million, an increase of $36.6 million, or 28%
Previous 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%
Current wording
•Returned capital to shareholders via dividends of $67.9 million at $0.52 per share versus $66.0 million at $0.49 per share
Previous wording
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 wording
Through the first three months, cash provided by operating activities was $241.1 million. Capital expenditures for maintenance and growth projects were $90.4 million in the first quarter. We returned $67.9 million to shareholders through dividends (a 3% increase versus the prior year) and $149.5 million through share repurchases (a 292% increase versus the prior year). As of March 31, 2026, the ratio of total debt to trailing-twelve months Adjusted EBITDA was 1.9 times (1.9 times on a net debt basis, reflecting $143.7 million of cash on hand). Our weighted-average debt maturity was 13.1 years, and our weighted-average effective interest rate was 4.99%.
Previous wording
1 Non-GAAP measures are defined and reconciled within this Item 2 under the caption "Reconciliation of Non-GAAP Financial Measures".
Current wording
Non-GAAP measures are defined and reconciled within this Item 2 under the caption "Reconciliation of Non-GAAP Financial Measures."
Previous 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%).
Current wording
First quarter 2026 total revenues were $1,755.9 million, up 7% from the first quarter of 2025. Shipments increased in aggregates (+5%), asphalt mix (+2%) and ready-mixed concrete (+6%). Gross profit increased in the Aggregates segment (+$43.0 million or 12%), the Asphalt segment (+$7.4 million or 157%) and the Concrete segment (+$7.0 million or 219%).
Previous 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:
Current wording
Net earnings attributable to Vulcan for the first quarter of 2026 were $165.5 million, or $1.26 per diluted share, compared to $128.9 million, or $0.97 per diluted share, in the first quarter of 2025. Each period’s results were impacted by discrete items, as follows:
Previous wording
▪pretax charges of $1.0 million associated with divested operations
Current wording
•pretax charges of $2.0 million associated with divested operations
Previous 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.
Current wording
Adjusted for these discrete items, earnings attributable to Vulcan from continuing operations (Adjusted Diluted EPS) were $1.35 per diluted share for the first quarter of 2026 compared to $1.00 per diluted share for the first quarter of 2025.
Previous 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:
Current wording
CONTINUING OPERATIONS — Changes in earnings from continuing operations before income taxes for the first quarter of 2026 versus the first quarter of 2025 are summarized below:
Previous wording
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 wording
As compared to the prior year, first quarter aggregates shipments increased 5%, supported by large projects and continued growth in public construction activity, as well as the benefit of more typical weather in some markets. Shipments in the prior year's first quarter were impacted by severe winter weather conditions.
Previous wording
Freight-adjusted selling prices increased 5.1% compared to the prior year (6.6% on a mix-adjusted basis), with growth widespread across our footprint. Freight-adjusted unit cost of sales for the first nine months of 2025 decreased 1% versus the prior year, reflecting a continued focus on cost management and operating efficiencies.
Current wording
Price increases effective at the beginning of the year resulted in widespread pricing growth across our footprint. Aggregates freight-adjusted selling prices increased 3.5% compared to the prior year (4.1% on a mix-adjusted basis). Consistent with expectations, first quarter freight-adjusted unit cost of sales increased a modest 2% (4% on a unit cash cost of sales basis).
Previous wording
Overall, non-aggregates segments gross profit of $85.1 million was $18.4 million higher than the prior year’s third quarter.
Current wording
Overall, non-aggregates segments gross profit of $22.4 million was $14.4 million higher than the prior year’s first quarter.
Previous wording
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 wording
Asphalt segment gross profit was $12.2 million (a 157% improvement over the prior year), and cash gross profit was $23.4 million (a 39% improvement over the prior year). Gross profit margin remained strong and expanded to 5.7%. Gross profit per ton increased 152%, and cash gross profit per ton improved 36%. First quarter results in the prior year included our Houston asphalt and construction business that was divested in the fourth quarter of 2025.
Previous 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.
Current wording
SAG expense was $135.7 million for the first quarter compared to $138.3 million in the prior year. For the quarter, SAG expense as a percent of total revenues improved 80 basis points, to 7.7%. On a trailing-twelve months basis, SAG expense was 7.0% of total revenues, a 20 basis point improvement from the prior year.
Previous 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.
Current wording
Gain (loss) on sale of property, plant & equipment and businesses was $(0.3) million in the first quarter of 2026 compared to $7.4 million in the first quarter of 2025.
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 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.
Current wording
Net other operating expense, which is composed primarily of idle facilities expense, environmental remediation costs, gain (loss) on settlement of AROs, finance charges collected, and rental income, was $21.3 million of expense for the first quarter of 2026 compared to $8.0 million of expense in the first quarter of 2025. The first quarter of 2026 included $8.6 million of employee termination and other discrete charges directly related to organizational changes resulting from the appointment of our new Chief Executive Officer, effective January 1, 2026.
Previous 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.
Current wording
Net other nonoperating income (expense) was $1.4 million of income for the first quarter of 2026 compared to $(2.6) million of expense in the first quarter of 2025.
Previous 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.
Current wording
Net interest expense was $53.9 million in the first quarter of 2026 compared to $59.7 million in the first quarter of 2025. The reduction in interest expense was attributable to reduced debt levels.
Previous 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.
Current wording
Income tax expense from continuing operations was $45.9 million in the first quarter of 2026 compared to $33.8 million in the first quarter of 2025. The increase in tax expense was primarily due to the increase in pretax earnings in 2026.
Previous 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.
Current wording
DISCONTINUED OPERATIONS — First quarter pretax loss from discontinued operations was $1.4 million in 2026 compared with a pretax loss of $1.3 million in 2025. 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
Our industry is experiencing uncertainty due to rapid changes in global trade policies including announced tariff increases, potential additional tariff increases and other measures that could restrict international trade. Economic pressures on our customers, including the challenges of inflation and the impact of tariffs and other trade measures, may negatively impact our shipment volumes. We will continue to evaluate the evolving macroeconomic environment to take action to mitigate the impact on our business.
Current wording
Our industry is experiencing uncertainty due to rapid changes in global trade policies including announced tariff increases, potential additional tariff increases, potential new or renegotiated bilateral or multilateral trade agreements, and other measures that could restrict international trade. Additionally, on February 28, 2026, a military conflict commenced in the Middle East involving the United States, Israel and Iran. Although we have no operations in the Middle East, the ongoing geopolitical conflict in the region could lead to significant disruption of energy supplies and increases in global energy prices, which could heighten inflationary pressures and disrupt global supply chains. Economic pressures on our customers, including the challenges of inflation, heightened geopolitical tensions and the impact of tariffs and other trade measures, may negatively impact our shipment volumes. We will continue to evaluate the evolving macroeconomic environment to take action to mitigate the impact on our business.
Previous wording
1 At the segment level, freight & delivery revenues include intersegment freight & delivery (which are eliminated at the consolidated level) and freight to remote distribution sites.
Current wording
At the segment level, freight & delivery revenues include intersegment freight & delivery (which are eliminated at the consolidated level) and freight to remote distribution sites.
Previous wording
1 Represents charges associated with acquisitions requiring clearance under federal antitrust laws.
Current wording
Represents charges associated with acquisitions requiring clearance under federal antitrust laws.
Previous 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".
Current wording
Included in our March 31, 2026 cash and cash equivalents and restricted cash balances of $143.7 million is $3.5 million of restricted cash as described in Note 1 to the condensed consolidated financial statements under the caption "Restricted Cash."
Previous wording
1 Primarily reflects changes to working capital balances.
Current wording
Primarily reflects changes to working capital balances.
Previous 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.
Current wording
Net cash provided by operating activities was $241.1 million during the three months ended March 31, 2026, a $10.4 million decrease compared to the same period of 2025. The decrease was primarily attributable to negative cash flow changes in working capital balances of $43.7 million partially offset by higher cash earnings in 2026 ($36.6 million higher net earnings less $16.1 million lower non-cash depreciation, depletion, accretion and amortization).
Previous 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.
Current wording
Days sales outstanding, a measurement of the time it takes to collect receivables, were 39.9 days at March 31, 2026 compared to 42.3 days at March 31, 2025. Additionally, our over 90 day receivables balance was $17.9 million at March 31, 2026, a decrease of $10.6 million from the $28.5 million balance at March 31, 2025. 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 $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.
Current wording
Net cash used for investing activities was $174.9 million during the first three months of 2026, a $48.4 million increase compared to the same period of 2025. During the first three months of 2025, we sold businesses for $19.0 million, whereas there were no business dispositions in the first three months of 2026 (see Note 16 to the condensed consolidated financial statements). During the first three months of 2026, we invested $176.5 million in our existing operations (includes changes in accruals for property, plant & equipment) compared to $168.0 million in the prior year period. This $176.5 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 $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).
Current wording
Net cash used for financing activities was $111.9 million during the first three months of 2026, a $421.0 million decrease compared to cash used of $532.9 million in the same period of 2025. The current year includes a $50.0 million note payment to the sellers of an acquisition completed in 2022 and $197.0 million of commercial paper borrowings used to fund working capital requirements. The prior year includes $400.4 million of cash paid to redeem the senior notes due 2025. Additionally, we returned $217.4 million to shareholders through $67.9 million of dividends ($0.52 per share compared to $0.49 per share) and $149.5 million of common stock repurchases (504,190 shares repurchased at $296.47 average price per share in 2026 compared to 170,000 shares repurchased at $224.36 average price per share in 2025).
Previous wording
1 Reflects the margin above SOFR for SOFR-based borrowings; we also paid upfront fees that are amortized to interest expense and pay fees for unused borrowing capacity and standby letters of credit.
Current wording
Reflects the margin above SOFR for SOFR-based borrowings; we also paid upfront fees that are amortized to interest expense and pay fees for unused borrowing capacity and standby letters of credit.
Previous wording
At September 30, 2025, total debt to trailing-twelve months Adjusted EBITDA was 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 wording
At March 31, 2026, total debt to trailing-twelve months Adjusted EBITDA was 1.9 times (1.9 times on a net debt basis reflecting $143.7 million of cash on hand). Our weighted-average debt maturity was 13.1 years, and our total weighted-average effective interest rate was 4.99%.
Previous wording
Our $1,600.0 million unsecured commercial paper program was established in August 2022 and matures in November 2029. Our commercial paper is fully back-stopped by our line of credit and contains covenants customary for an unsecured investment-grade facility. As of September 30, 2025, we were in compliance with the commercial paper covenants. Commercial paper borrowings bear interest at rates determined at the time of borrowing and as agreed between us and the commercial paper investors. As of September 30, 2025, there were no outstanding commercial paper borrowings.
Current wording
Our $1,600.0 million unsecured commercial paper program was established in August 2022 and matures in November 2029. Our commercial paper is fully back-stopped by our line of credit and contains covenants customary for an unsecured investment-grade facility. As of March 31, 2026, we were in compliance with the commercial paper covenants. Commercial paper borrowings bear interest at rates determined at the time of borrowing and as agreed between us and the commercial paper investors. As of March 31, 2026, we had $197.0 million in short-term commercial paper borrowings with a 3.95% effective interest rate.
Previous wording
As of September 30, 2025, our available borrowing capacity under the line of credit was $1,576.7 million. Utilization of the borrowing capacity was as follows:
Current wording
As of March 31, 2026, our available borrowing capacity under the line of credit was $1,576.9 million. Utilization of the borrowing capacity was as follows:
Previous wording
▪$23.3 million was used to support standby letters of credit
Current wording
•$23.1 million was used to support standby letters of credit
Showing the first 40 of 48 pairs. Open the source sections for the rest.
Rearranged previous paragraphs (5)
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
CONTINUING OPERATIONS — Changes in earnings from continuing operations before income taxes for year-to-date September 30, 2025 versus year-to-date September 30, 2024 are summarized below:
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
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 report — wording carried elsewhere
In March 2025, we redeemed the $400.0 million senior notes due April 2025 using cash on hand.