Vulcan Materials Company
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −3.38%.
Did VMC Beat Earnings? Q4 2025 Results
Vulcan Materials closed out fiscal 2025 on a softer-than-expected note, with Q4 adjusted diluted EPS of $1.70 falling 20.19% short of the $2.13 consensus estimate, while revenue of $1.91 billion came in 3.14% below expectations despite growing 3.2% year over year. The quarter's weakness was largely a function of mix and timing rather than structural deterioration — freight-adjusted aggregates pricing rose just 2% on a reported basis as unfavorable geographic and product mix weighed on results, even as underlying mix-adjusted pricing climbed 5%. The full-year story offered considerably more encouragement: Adjusted EBITDA grew 13% to $2.32 billion, operating cash flow surged 29% to $1.81 billion, and net earnings attributable to Vulcan rose to $1.08 billion. For <a href="https://247wallst.com/investing/2025/12/22/these-4-companies-are-fighting-for-infrastructure-dollars/">companies competing for infrastructure dollars</a>, Vulcan's positioning looks durable — management guided 2026 Adjusted EBITDA of $2.40 billion to $2.60 billion, with aggregates shipments expected to grow 1–3% and freight-adjusted pricing improving 4–6%, underpinned by continued strength in public construction demand.
- Aggregates cash gross profit per ton increased to $11.33 for the full year, up 7% over prior year
- Full year Adjusted EBITDA improved 13% with margin expansion of 160 basis points
- Healthy public construction activity supported aggregates shipments growth of 3% for the full year
- Freight-adjusted selling prices increased 6% on a mix-adjusted basis for the full year
- Freight-adjusted unit cash cost of sales increased only 2% for the full year reflecting cost management
- Operating cash flow increased 29% to $1.8 billion
- Concrete segment gross profit margin expanded 220 basis points to 4% for the full year
“Our aggregates-led business delivered another year of strong earnings growth and margin expansion. Adjusted EBITDA for the full year improved 13 percent over the prior year, and margin expanded 160 basis points. Through a consistent focus on commercial and operational execution, we continue to deliver attractive organic growth and expand our industry-leading aggregates cash gross profit per ton, which increased to $11.33 per ton. The resulting strong cash generation, coupled with disciplined M&A and portfolio management, positions us well to continue compounding results and creating value for our shareholders in 2026 and beyond.”
Vulcan Materials CEO, on the earnings call
Forward Guidance & Outlook
For 2026, Vulcan expects Adjusted EBITDA of $2.4 to $2.6 billion, supported by continued improvement in aggregates cash gross profit per ton. Total aggregates shipments are expected to increase 1 to 3 percent, with freight-adjusted pricing improvement of 4 to 6 percent and low-single digit increases in unit cash costs. Asphalt and Concrete segment cash gross profit is expected at approximately $290 million (excluding California ready-mixed concrete assets held for sale). SAG expense is guided at $580 to $590 million, interest expense approximately $225 million, capital spending of $750 to $800 million, and depreciation/amortization of approximately $700 million. Net earnings attributable to Vulcan are projected at $1.1 to $1.3 billion, with an effective tax rate of 22 to 23 percent. The outlook assumes continued strength in public construction and improving private nonresidential opportunities.
VMC YoY Financials
VMC Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.