← Filings of VMC
Tables in the 10-K of Vulcan Materials CO
106 tables with numbers, filed Feb 19, 2026. Each one downloads as a CSV for Excel or
Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed.
Open the filing on sec.gov ↗
| Part I | Item 1. | Business | 3 |
| Item 1A. | Risk Factors | 21 | |
| Item 1B. | Unresolved Staff Comments | 25 |
| Item 1C. | Cybersecurity | 25 |
| Item 2. | Properties | 27 |
| Item 3. | Legal Proceedings | 32 |
| Item 4. | Mine Safety Disclosures | 32 |
| | Information about our Executive Officers | 33 |
First 8 of 30 rows. The CSV has all of them.
Table 2 after “Our top ten revenue producing states accounted for 90% of our 2025 revenues while our top five accounted for 63%.”
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| Vulcan’s Top Ten Revenue Producing States in 2025 | | | |
| 1. | California | 6. | North Carolina |
| 2. | Texas | 7. | Florida |
| 3. | Georgia | 8. | Alabama |
| 4. | Tennessee | 9. | South Carolina |
| 5. | Virginia | 10. | Arizona |
Table 3 after “Below is a graph comparing the performance of our common stock, with dividends reinvested, to that of the Standard & Poor’s 500 Stock Index ”
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| 2020 | 2021 | | 2022 | 2023 | 2024 | | 2025 | | |
| Comparative Total Return 1 | | | | | | | | | | |
| Vulcan Materials Company | $100.00 | | $141.10 | | $120.08 | | $156.94 | | $179.07 | $200.02 |
| S&P 500 | $100.00 | | $128.70 | | $105.41 | | $133.13 | | $166.41 | $196.20 |
| S&P 500 Materials | $100.00 | | $127.30 | | $111.64 | | $125.60 | | $125.60 | $138.79 |
Table 4 after “Our reported aggregates resources do not include amounts that have been identified as mineral reserves. Our 2025 measured, indicated and inf”
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| Aggregates Resources | | | | | | | | |
| millions of tons | Stone 2 | | Sand & Gravel | | | | | |
| Division 1 | Measured (M) Resources | Indicated (I) Resources | Total (M)+(I) Resources | Measured (M) Resources | Indicated (I) Resources | Total (M)+(I) Resources | Total (M)+(I) Resources | Inferred Resources |
| Central | 1,136.1 | 1,300.4 | 2,436.5 | 7.8 | 3.9 | 11.7 | 2,448.2 | 760.7 |
| East | 1,666.0 | 626.0 | 2,292.0 | 0.0 | 0.0 | 0.0 | 2,292.0 | 289.1 |
| International | 0.0 | 311.1 | 311.1 | 0.0 | 0.0 | 0.0 | 311.1 | 0.0 |
| Northeast | 1,673.9 | 222.9 | 1,896.8 | 31.8 | 0.0 | 31.8 | 1,928.6 | 25.4 |
| South | 556.6 | 497.2 | 1,053.8 | 32.5 | 52.4 | 84.9 | 1,138.7 | 384.4 |
First 8 of 11 rows. The CSV has all of them.
Table 5 after “The table below presents, by division, details of our aggregates reserves and production as of December 31, 2025.”
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| Aggregates Reserves | | | | | | | | |
| millions of tons | Stone 3 | | Sand & Gravel | | | | | |
| Division 1 | Proven Reserves | Probable Reserves | Total Reserves | Proven Reserves | Probable Reserves | Total Reserves | Total Reserves | 2025 2Production |
| Central | 3,447.3 | 1,073.3 | 4,520.6 | 4.8 | 4.2 | 9.0 | 4,529.6 | 50.0 |
| East 4 | 1,994.0 | 487.7 | 2,481.7 | 0.0 | 0.0 | 0.0 | 2,481.7 | 37.4 |
| International 5 | 470.9 | 0.0 | 470.9 | 0.0 | 0.0 | 0.0 | 470.9 | 0.2 |
| Northeast | 2,545.4 | 1,107.1 | 3,652.5 | 69.7 | 34.3 | 104.0 | 3,756.5 | 44.0 |
| South | 833.7 | 358.9 | 1,192.6 | 167.6 | 27.3 | 194.9 | 1,387.5 | 28.4 |
First 8 of 11 rows. The CSV has all of them.
Table 6 after “In addition to our aggregates mining properties, we operate aggregates sales yards, recycled concrete plants and landfill sites. The table b”
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| Count of Active Aggregates Operating Facilities | | | | | | |
| Production Stage Mining Properties 1 | | Recycle and Landfill Sites | | | |
| Division 2 | Stone | Sand & Gravel | Total | Sales Yards | Total | |
| Central | 75 | 1 | 76 | 7 | 14 | 97 |
| East | 36 | 0 | 36 | 7 | 2 | 45 |
| International | 1 | 0 | 1 | 0 | 0 | 1 |
| Northeast | 39 | 5 | 44 | 27 | 12 | 83 |
| South | 15 | 8 | 23 | 21 | 0 | 44 |
First 8 of 11 rows. The CSV has all of them.
Table 7 after “As of December 31, 2025, we operated a number of facilities producing asphalt mix and ready-mixed concrete in several of our divisions as re”
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| Division 1 | Asphalt Facilities | Concrete Facilities |
| Central 2 | 14 | 0 |
| East | 0 | 0 |
| International | 0 | 0 |
| Northeast | 0 | 38 |
| South | 0 | 1 |
| Southwest | 15 | 0 |
| Western | 42 | 37 |
First 8 of 9 rows. The CSV has all of them.
Table 8 after “The names, positions and ages, as of February 19, 2026, of our executive officers are as follows:”
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| Name | Position | Age |
| J. Thomas Hill | Executive Chairman | 66 |
| Ronnie A. Pruitt | Chief Executive Officer | 55 |
| Thompson S. Baker II | President | 67 |
| Mary Andrews Carlisle | Senior Vice President and Chief Financial Officer | 45 |
| Stanley G. Bass | Chief Strategy Officer | 64 |
| Denson N. Franklin III | Senior Vice President, General Counsel and Secretary | 62 |
| Mitesh B. Shah | Senior Vice President, Chief Human Resources Officer | 48 |
First 8 of 13 rows. The CSV has all of them.
Table 9 after “Purchases of our equity securities during the quarter ended December 31, 2025 are summarized below.”
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| Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased As Part of Publicly Announced Plans or Programs | | Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs 1 | |
| October 1 - October 31, 2025 | 0 | $0.00 | | 0 | | 6,647,118 |
| November 1 - November 30, 2025 | 1,374,441 | $291.17 | | 1,374,441 | | 5,272,677 |
| December 1 - December 31, 2025 | 0 | $0.00 | | 0 | | 5,272,677 |
| Total | 1,374,441 | $291.17 | | 1,374,441 | | |
Table 10 after “9% Compound Annual Growth Since 2019”
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| Target | 260-270Mtons of aggregates sold | $11-$12cash gross profit per ton |
| 2025 | 227Mtons of aggregates sold | $11.33cash gross profit per ton |
| 2023 | 235Mtons of aggregates sold | $9.46cash gross profit per ton |
| 2019 | 215Mtons of aggregates sold | $6.74cash gross profit per ton |
Table 11 after “CONSOLIDATED OPERATING RESULTS HIGHLIGHTS”
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| For the years ended December 31 | | | | |
| in millions, except per share and per unit data | 2025 | 2024 | | 2023 | |
| Total revenues | $7,941.1 | | $7,417.7 | | $7,781.9 |
| Cost of revenues | (5,766.5) | | (5,418.1) | | (5,833.4) |
| Gross profit | 2,174.6 | | 1,999.6 | | 1,948.5 |
| Gross profit margin | 27.4% | | 27.0% | | 25.0% |
| Selling, administrative and general expenses | (564.1) | | (531.1) | | (542.8) |
| SAG as a percentage of total revenues | 7.1% | | 7.2% | | 7.0% |
First 8 of 35 rows. The CSV has all of them.
Table 12 after “Year-over-year changes in earnings from continuing operations before income taxes are summarized below:”
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| in millions | 2023 | $1,245.1 | 2024 | $1,172.1 |
| Higher aggregates gross profit | | 79.9 | | 148.1 |
| Higher asphalt gross profit | | 20.5 | | 3.8 |
| Higher (lower) concrete gross profit | | (49.3) | | 23.1 |
| Lower (higher) selling, administrative and general expenses | | 11.7 | | (33.0) |
| Higher (lower) gain on sale of property, plant & equipment and businesses | | (24.1) | | 0.1 |
| Lower (higher) impairment charges | | (58.3) | | 86.6 |
| Lower (higher) interest expense | | 9.3 | | (56.0) |
First 8 of 13 rows. The CSV has all of them.
Table 13 after “Our income tax expense from continuing operations for the years ended December 31 is shown below:”
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| dollars in millions | 2025 | 2024 | | 2023 | |
| Earnings from continuing operations before income taxes | $1,390.1 | | $1,172.1 | | $1,245.1 |
| Income tax expense | $307.5 | | $251.4 | | $299.4 |
| Effective tax rate | 22.1% | | 21.4% | | 24.0% |
Table 14 after “Aggregates segment freight-adjusted revenues is not a Generally Accepted Accounting Principle (GAAP) measure and should not be considered as”
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| in millions, except per ton data | 2025 | 2024 | | 2023 | |
| Aggregates segment | | | | | |
| Segment sales | $6,297.2 | | $5,949.6 | | $5,918.9 |
| Freight & delivery revenues 1 | (1,215.2) | | (1,220.1) | | (1,350.2) |
| Other revenues | (96.6) | | (93.3) | | (107.4) |
| Freight-adjusted revenues | $4,985.4 | | $4,636.2 | | $4,461.3 |
| Unit shipments - tons | 226.8 | | 219.9 | | 234.6 |
| Freight-adjusted sales price | $21.98 | | $21.08 | | $19.02 |
Table 15 after “GAAP does not define “cash gross profit,” and it should not be considered as an alternative to earnings measures defined by GAAP. We and the”
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| in millions, except per unit data | 2025 | 2024 | | 2023 | |
| Aggregates segment | | | | | |
| Gross profit | $1,964.8 | | $1,816.7 | | $1,736.8 |
| Depreciation, depletion, accretion and amortization | 603.5 | | 515.7 | | 482.3 |
| Cash gross profit | $2,568.3 | | $2,332.4 | | $2,219.1 |
| Unit shipments - tons | 226.8 | | 219.9 | | 234.6 |
| Gross profit per ton | $8.66 | | $8.26 | | $7.40 |
| Freight-adjusted sales price | $21.98 | | $21.08 | | $19.02 |
First 8 of 28 rows. The CSV has all of them.
Table 16 after “GAAP does not define “Earnings Before Interest, Taxes, Depreciation and Amortization” (EBITDA), and it should not be considered as an altern”
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| in millions | 2025 | 2024 | | 2023 | |
| Net earnings attributable to Vulcan | $1,076.7 | | $911.9 | | $933.2 |
| Income tax expense, including discontinued operations | 305.9 | | 248.8 | | 295.6 |
| Interest expense, net | 226.3 | | 170.3 | | 179.6 |
| Depreciation, depletion, accretion and amortization | 748.5 | | 632.2 | | 617.0 |
| EBITDA | $2,357.4 | | $1,963.2 | | $2,025.4 |
| Loss on discontinued operations | $6.1 | | $10.2 | | $14.7 |
| Gain on sale of real estate and businesses, net | (42.4) | | (36.7) | | (67.1) |
First 8 of 13 rows. The CSV has all of them.
Table 17 after “is not defined by GAAP and should not be considered as an alternative to earnings measures defined by GAAP. Reconciliation of this metric to”
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| 2025 | 2024 | | 2023 | |
| Diluted net earnings per share attributable to Vulcan | $8.11 | | $6.85 | | $6.98 |
| Items included in Adjusted EBITDA above, net of tax | (0.18) | | 0.68 | | (0.08) |
| NOL carryforward valuation allowance | 0.07 | | 0.00 | | 0.10 |
| Adjusted diluted EPS attributable to Vulcan from continuing operations | $8.00 | | $7.53 | | $7.00 |
Table 18 after “Net debt to Adjusted EBITDA is not a GAAP measure and should not be considered as an alternative to metrics defined by GAAP. We, the investm”
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| in millions | 2025 | 2024 | |
| Current maturities of long-term debt | $0.4 | | $400.5 |
| Long-term debt | 4,361.7 | | 4,906.9 |
| Total debt | $4,362.1 | | $5,307.4 |
| Cash and cash equivalents and restricted cash | (189.4) | | (600.8) |
| Net debt | $4,172.7 | | $4,706.6 |
| Adjusted EBITDA | 2,323.6 | | 2,057.2 |
| Total Debt to Adjusted EBITDA | 1.9x | 2.6x | |
First 8 of 9 rows. The CSV has all of them.
Table 19 after “is not defined by GAAP and should not be considered as an alternative to earnings measures defined by GAAP. Reconciliation of this metric to”
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| dollars in millions | 2025 | 2024 | | 2023 | |
| Adjusted EBITDA | $2,323.6 | | $2,057.2 | | $2,011.3 |
| Average invested capital | | | | | |
| Property, plant & equipment, net | $8,401.8 | | $6,743.6 | | $6,106.3 |
| Goodwill | 3,811.1 | | 3,567.6 | | 3,626.5 |
| Other intangible assets | 1,669.2 | | 1,506.4 | | 1,593.4 |
| Fixed and intangible assets | $13,882.2 | | $11,817.6 | | $11,326.2 |
| Current assets | 2,096.8 | | 2,177.5 | | 2,192.9 |
First 8 of 18 rows. The CSV has all of them.
Table 20 after “is not defined by GAAP and should not be considered as an alternative to earnings measures defined by GAAP. Reconciliation of this metric to”
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| in millions | 2026 Projected Mid-Point 1 |
| Net earnings attributable to Vulcan | $1,220 |
| Income tax expense, including discontinued operations | 355 |
| Interest expense, net | 225 |
| Depreciation, depletion, accretion and amortization | 700 |
| Projected EBITDA | $2,500 |
Table 21 after “Our future contractual payments as of December 31, 2025 are summarized in the table below:”
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| Note Reference | Payments Due by Year | | | | | |
| in millions | 2026 | | 2027-2030 | Thereafter | Total | | |
| Contractual Obligations | | | | | | | |
| Bank line of credit | | | | | | | |
| Principal payments | Note 6 | $0.0 | | $0.0 | | $0.0 | $0.0 |
| Interest payments and fees 1 | Note 6 | 1.9 | | 5.2 | | 0.0 | 7.1 |
| Commercial paper | | | | | | | |
| Principal payments | Note 6 | 0.0 | | 0.0 | | 0.0 | 0.0 |
First 8 of 20 rows. The CSV has all of them.
Table 22 after “Net cash provided by operating activities is derived primarily from net earnings before noncash deductions for depreciation, depletion, accr”
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| in millions | 2025 | 2024 | | 2023 | |
| Net earnings | $1,078.1 | | $913.1 | | $934.9 |
| Depreciation, depletion, accretion and amortization | 748.5 | | 632.2 | | 617.0 |
| Loss on impairments | 0.0 | | 86.6 | | 28.3 |
| Noncash operating lease expense | 54.2 | | 51.4 | | 53.9 |
| Net gain on sale of property, plant & equipment and businesses | (52.4) | | (52.3) | | (76.4) |
| Deferred income taxes, net | 26.1 | | (9.4) | | (43.3) |
| Other operating cash flows, net 1 | (41.5) | | (212.0) | | 22.4 |
First 8 of 9 rows. The CSV has all of them.
Table 23 after “Certain debt measures as of December 31 are outlined below:”
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| dollars in millions | 2025 | 2024 | |
| Debt | | | |
| Current maturities of long-term debt | $0.4 | | $400.5 |
| Long-term debt | 4,361.7 | | 4,906.9 |
| Total debt | $4,362.1 | | $5,307.4 |
| Capital | | | |
| Total debt | $4,362.1 | | $5,307.4 |
| Total equity | 8,548.9 | | 8,142.5 |
First 8 of 17 rows. The CSV has all of them.
Table 24 after “Scheduled debt payments during 2025 included the aforementioned $400.0 million to redeem the senior notes due in April and $0.5 million in M”
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| in millions | 2026 Debt Maturities | in millions | Debt Maturities | |
| First Quarter | $0.4 | | 2026 | $0.4 |
| Second Quarter | 0.0 | | 2027 | 400.0 |
| Third Quarter | 0.0 | | 2028 | 0.0 |
| Fourth Quarter | 0.0 | | 2029 | 500.0 |
| | 2030 | 750.0 | |
Table 25 after “Our debt ratings and outlooks as of December 31, 2025 are as follows:”
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| Short-term | Long-term | Outlook |
| Fitch | F1 | BBB+ | Stable |
| Moody's | P-2 | Baa2 | Stable |
| Standard & Poor's | A-2 | BBB+ | Stable |
Table 26 after “The number of our common stock issuances and purchases are as follows:”
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| in millions | 2025 | 2024 | 2023 |
| Common stock shares at January 1, issued and outstanding | 132.1 | 132.1 | 132.9 |
| Common stock issued for share-based compensation plans | 0.2 | 0.3 | 0.2 |
| Common stock purchased and retired | (1.5) | (0.3) | (1.0) |
| Other | (0.2) | 0.0 | 0.0 |
| Common stock shares at December 31, issued and outstanding | 130.6 | 132.1 | 132.1 |
Table 27 after “The detail of our common stock purchases (all of which were open market purchases) are as follows:”
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| in millions, except average cost | 2025 | 2024 | | 2023 | |
| Number of shares purchased and retired | 1.5 | | 0.3 | | 1.0 |
| Total purchase price | $438.4 | | $68.8 | | $200.0 |
| Average cost per share | $283.82 | | $254.71 | | $204.52 |
Table 28 after “Changes to the assumptions listed above would have an impact on the PBO and the annual net benefit cost. The following table reflects the fa”
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| (Favorable) Unfavorable | | | | | | |
| 0.5 Percentage Point Increase | | 0.5 Percentage Point Decrease | | | | |
| in millions | Inc (Dec) in Benefit Obligation | Inc (Dec) in Annual Benefit Cost | | Inc (Dec) in Benefit Obligation | Inc (Dec) in Annual Benefit Cost | | |
| Actuarial Assumptions | | | | | | | |
| Discount rates | | | | | | | |
| Pension | $(28.4) | | $0.4 | | | $30.8 | $(0.4) |
| Other postretirement benefits | (1.2) | | (0.1) | | | 1.3 | 0.1 |
| Expected return on plan assets | not applicable | (3.0) | | | not applicable | 3.0 | |
Table 29 after “Consolidated Statements Of Comprehensive Income”
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| For the Years Ended December 31 | | | | |
| in millions, except per share data | 2025 | 2024 | | 2023 | |
| Total revenues | $7,941.1 | | $7,417.7 | | $7,781.9 |
| Cost of revenues | (5,766.5) | | (5,418.1) | | (5,833.4) |
| Gross profit | 2,174.6 | | 1,999.6 | | 1,948.5 |
| Selling, administrative and general expenses | (564.1) | | (531.1) | | (542.8) |
| Gain on sale of property, plant & equipment and businesses | 52.4 | | 52.3 | | 76.4 |
| Loss on impairments | 0.0 | | (86.6) | | (28.3) |
First 8 of 42 rows. The CSV has all of them.
| As of December 31 | | |
| in millions | 2025 | 2024 | |
| Assets | | | |
| Cash and cash equivalents | $183.3 | | $559.7 |
| Restricted cash | 6.1 | | 41.1 |
| Accounts and notes receivable, net | 887.7 | | 892.3 |
| Inventories | 680.5 | | 681.8 |
| Other current assets | 101.8 | | 90.8 |
First 8 of 43 rows. The CSV has all of them.
Table 31 after “Consolidated Statements of Cash Flows”
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| For the Years Ended December 31 | | | | |
| in millions | 2025 | 2024 | | 2023 | |
| Operating Activities | | | | | |
| Net earnings | $1,078.1 | | $913.1 | | $934.9 |
| Adjustments to reconcile net earnings to net cash provided by operating activities | | | | | |
| Depreciation, depletion, accretion and amortization | 748.5 | | 632.2 | | 617.0 |
| Noncash operating lease expense | 54.2 | | 51.4 | | 53.9 |
| Net gain on sale of property, plant & equipment and businesses | (52.4) | | (52.3) | | (76.4) |
First 8 of 45 rows. The CSV has all of them.
Table 32 after “Consolidated Statements of Equity”
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| Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders' Equity | Non- controlling Interest | Total | | | | |
| in millions | Shares | Amount | | | | | | | | | |
| Balances at December 31, 2022 | 132.9 | $132.9 | | $2,839.0 | | $4,111.4 | | $(154.7) | $6,928.6 | $23.6 | $6,952.2 |
| Net earnings | 0.0 | 0.0 | | 0.0 | | 933.2 | | 0.0 | 933.2 | 1.7 | 934.9 |
| Share-based compensation plans, net of shares withheld for taxes | 0.2 | 0.2 | | (22.0) | | 0.0 | | 0.0 | (21.8) | 0.0 | (21.8) |
| Purchase and retirement of common stock | (1.0) | (1.0) | | 0.0 | | (201.5) | | 0.0 | (202.5) | 0.0 | (202.5) |
| Share-based compensation expense | 0.0 | 0.0 | | 63.2 | | 0.0 | | 0.0 | 63.2 | 0.0 | 63.2 |
| Cash dividends on common stock | 0.0 | 0.0 | | 0.0 | | (228.4) | | 0.0 | (228.4) | 0.0 | (228.4) |
First 8 of 30 rows. The CSV has all of them.
Table 33 after “The financial results of the Chemicals business are classified as discontinued operations in the accompanying Consolidated Statements of Com”
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| in millions | 2025 | 2024 | | 2023 | |
| Pretax loss | $(6.1) | | $(10.2) | | $(14.7) |
| Income tax benefit | 1.6 | | 2.6 | | 3.9 |
| Loss on discontinued operations, net of tax | $(4.5) | | $(7.6) | | $(10.8) |
Table 34 after “Depreciation, depletion, accretion and amortization expense for the years ended December 31 is outlined below:”
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| in millions | 2025 | 2024 | | 2023 | |
| Depreciation | $544.6 | | $464.6 | | $441.1 |
| Depletion | 86.1 | | 59.5 | | 61.1 |
| Accretion | 20.7 | | 14.7 | | 13.9 |
| Depreciation of finance leases | 8.0 | | 9.5 | | 12.8 |
| Amortization of intangibles | 89.0 | | 83.9 | | 88.1 |
| Total depreciation, depletion, accretion and amortization | $748.5 | | $632.2 | | $617.0 |
Table 35 after “Our assets at December 31 subject to fair value measurement on a recurring basis are summarized below:”
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| in millions | 2025 | 2024 | |
| Level 1 Fair Value | | | |
| Rabbi Trust | | | |
| Mutual funds | $42.6 | | $31.1 |
| Total | $42.6 | | $31.1 |
| Level 2 Fair Value | | | |
| Rabbi Trust | | | |
| Money market mutual fund | 2.1 | | 0.3 |
First 8 of 9 rows. The CSV has all of them.
Table 36 after “The following table outlines our self-insurance program at December 31:”
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| dollars in millions | 2025 | 2024 | |
| Self-insurance Program | | | |
| Self-insured liabilities (undiscounted) | $147.7 | | $138.2 |
| Insured liabilities (undiscounted) | 3.9 | | 2.3 |
| Discount rate | 3.62% | | 4.22% |
| Amounts Recognized in Consolidated Balance Sheets | | | |
| Investments and long-term receivables | 3.9 | | 2.3 |
| Other current liabilities | (51.7) | | (47.3) |
First 8 of 10 rows. The CSV has all of them.
Table 37 after “Estimated payments (undiscounted and excluding the impact of related receivables) under our self-insurance program for the five years subseq”
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| in millions | |
| Estimated Payments under Self-insurance Program | |
| 2026 | $55.7 |
| 2027 | 28.4 |
| 2028 | 18.2 |
| 2029 | 11.0 |
| 2030 | 6.1 |
Table 38 after “A summary of the estimated future compensation cost (unrecognized compensation expense) as of December 31, 2025 related to share-based award”
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| dollars in millions | Unrecognized Compensation Expense | Expected Weighted-Average Recognition (Years) | |
| Stock-Only Stock Appreciation Rights (SOSARs) | $2.2 | | 1.4 |
| Performance shares | 19.5 | | 1.7 |
| Restricted shares | 16.2 | | 1.8 |
| Total/weighted-average | $37.9 | | 1.7 |
Table 39 after “Pretax compensation expense related to our employee share-based compensation awards and related income tax benefits for the years ended Dece”
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| in millions | 2025 | 2024 | | 2023 | |
| Pretax compensation expense | $60.2 | | $50.6 | | $60.6 |
| Income tax benefits | 7.0 | | 7.7 | | 9.1 |
| in millions | 2025 | 2024 | 2023 |
| Weighted-average common shares outstanding | 132.0 | 132.3 | 133.0 |
| Dilutive effect of | | | |
| SOSARs | 0.1 | 0.2 | 0.2 |
| Other stock compensation awards | 0.6 | 0.6 | 0.5 |
| Weighted-average common shares outstanding, assuming dilution | 132.7 | 133.1 | 133.7 |
Table 41 after “The number of antidilutive common stock equivalents for which the exercise price exceeds the weighted-average market price for the years end”
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| in millions | 2025 | 2024 | 2023 |
| Antidilutive common stock equivalents | 0.0 | 0.0 | 0.0 |
Table 42 after “Our segment total revenues by geographic market for the years ended December 31, 2025, 2024 and 2023 are disaggregated as follows:”
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| For the Year Ended December 31, 2025 | | | | | |
| in millions | Aggregates | Asphalt | | Concrete | Total | |
| East revenues | $1,916.1 | | $210.6 | | $326.0 | $2,452.7 |
| Gulf Coast revenues | 3,379.8 | | 299.4 | | 8.5 | 3,687.7 |
| West revenues | 1,001.3 | | 784.4 | | 512.1 | 2,297.8 |
| Segment sales | $6,297.2 | | $1,294.4 | | $846.6 | $8,438.2 |
| Intersegment sales | (497.1) | | 0.0 | | 0.0 | (497.1) |
| Total revenues 1 | $5,800.1 | | $1,294.4 | | $846.6 | $7,941.1 |
Table 43 after “Our segment total revenues by geographic market for the years ended December 31, 2025, 2024 and 2023 are disaggregated as follows:”
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| For the Year Ended December 31, 2024 | | | | | |
| in millions | Aggregates | Asphalt | | Concrete | Total | |
| East revenues | $1,758.6 | | $200.0 | | $338.3 | $2,296.9 |
| Gulf Coast revenues | 3,242.9 | | 277.4 | | 8.8 | 3,529.1 |
| West revenues | 948.1 | | 768.2 | | 306.4 | 2,022.7 |
| Segment sales | $5,949.6 | | $1,245.6 | | $653.5 | $7,848.7 |
| Intersegment sales | (431.0) | | 0.0 | | 0.0 | (431.0) |
| Total revenues 1 | $5,518.6 | | $1,245.6 | | $653.5 | $7,417.7 |
Table 44 after “Our segment total revenues by geographic market for the years ended December 31, 2025, 2024 and 2023 are disaggregated as follows:”
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| For the Year Ended December 31, 2023 | | | | | |
| in millions | Aggregates | Asphalt | | Concrete | Total | |
| East revenues | $1,665.2 | | $201.4 | | $363.0 | $2,229.6 |
| Gulf Coast revenues | 3,333.8 | | 231.6 | | 539.8 | 4,105.2 |
| West revenues | 919.9 | | 707.7 | | 346.5 | 1,974.1 |
| Segment sales | $5,918.9 | | $1,140.7 | | $1,249.3 | $8,308.9 |
| Intersegment sales | (527.0) | | 0.0 | | 0.0 | (527.0) |
| Total revenues 1 | $5,391.9 | | $1,140.7 | | $1,249.3 | $7,781.9 |
Table 45 after “Freight & delivery revenues are as follows:”
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| in millions | 2025 | 2024 | | 2023 | |
| Total revenues | $7,941.1 | | $7,417.7 | | $7,781.9 |
| Freight & delivery revenues 1 | (1,008.3) | | (988.2) | | (1,003.4) |
| Total revenues excluding freight & delivery | $6,932.8 | | $6,429.5 | | $6,778.5 |
Table 46 after “Changes in the VPP deferred revenue balances (current and noncurrent) are as follows:”
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| in millions | 2025 | 2024 | | 2023 | |
| Deferred revenue balance at beginning of year | $145.3 | | $152.8 | | $161.8 |
| Revenue recognized from deferred revenue | (7.2) | | (7.5) | | (9.0) |
| Deferred revenue balance at end of year | $138.1 | | $145.3 | | $152.8 |
| in millions | 2025 | 2024 | |
| Finished products 1 | $557.7 | | $534.6 |
| Raw materials | 36.7 | | 69.7 |
| Products in process | 5.4 | | 9.0 |
| Operating supplies and other | 80.7 | | 68.5 |
| Total inventories | $680.5 | | $681.8 |
| in millions | 2025 | 2024 | |
| Land and land improvements 1 | $5,887.4 | | $5,804.8 |
| Buildings | 281.0 | | 304.4 |
| Machinery and equipment | 7,576.3 | | 7,717.2 |
| Finance leases (see Note 7) | 35.3 | | 54.7 |
| Deferred asset retirement costs | 226.4 | | 235.6 |
| Construction in progress | 498.3 | | 400.1 |
| Total, gross property, plant & equipment | $14,504.7 | | $14,516.8 |
First 8 of 10 rows. The CSV has all of them.
Table 49 after “Capitalized interest costs with respect to qualifying construction projects and total interest costs incurred before recognition of the capi”
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| in millions | 2025 | 2024 | | 2023 | |
| Capitalized interest cost | $7.9 | | $4.0 | | $3.7 |
| Total interest cost incurred before recognition of the capitalized amount | 247.6 | | 195.2 | | 199.8 |
Table 50 after “This amortization was reflected in the accompanying Consolidated Statements of Comprehensive Income for the years ended December 31 as follo”
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| in millions | Income Statement Location | 2025 | 2024 | | 2023 | |
| Loss reclassified from AOCI | Interest expense | $(2.4) | | $(2.2) | | $(2.1) |
Table 51 after “Debt at December 31 is detailed as follows:”
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| in millions | Effective Interest Rates | 2025 | | 2024 | | |
| Bank line of credit expires 2029 1 | | $0.0 | | | $0.0 | |
| Commercial paper expires 2029 1 | | 0.0 | | | 0.0 | |
| Total short-term debt | | $0.0 | | | $0.0 | |
| Commercial paper expires 2029 1 | | $0.0 | | | $550.0 | |
| 4.50% notes due 2025 | | 0.0 | | | 400.0 | |
| 3.90% notes due 2027 | 4.00% | | 400.0 | | | 400.0 |
| 4.95% notes due 2029 | 5.17% | | 500.0 | | | 500.0 |
First 8 of 21 rows. The CSV has all of them.
Table 52 after “The total scheduled (principal and interest) debt payments, excluding the line of credit, for the five years subsequent to December 31, 2025”
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| in millions | Total | Principal | | Interest | |
| Scheduled Debt Payments (excluding the line of credit) | | | | | |
| 2026 | $212.3 | | $0.4 | | $211.9 |
| 2027 | 604.1 | | 400.0 | | 204.1 |
| 2028 | 196.3 | | 0.0 | | 196.3 |
| 2029 | 696.3 | | 500.0 | | 196.3 |
| 2030 | 908.3 | | 750.0 | | 158.3 |
Table 53 after “) and the weighted-average lease terms and discount rates are as follows:”
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| dollars in millions | Classification on the Balance Sheet | 2025 | 2024 | |
| Assets | | | | |
| Operating lease ROU assets | | $674.2 | | $673.2 |
| Accumulated amortization | | (152.7) | | (146.8) |
| Operating leases, net | Operating lease right-of-use assets, net | 521.5 | | 526.4 |
| Finance lease ROU assets | | 35.3 | | 54.7 |
| Accumulated depreciation | | (18.6) | | (24.3) |
| Finance leases, net | Property, plant & equipment, net | 16.7 | | 30.4 |
First 8 of 24 rows. The CSV has all of them.
Table 54 after “The components of lease expense are as follows:”
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| in millions | 2025 | 2024 | | 2023 | |
| Finance lease cost | | | | | |
| Depreciation of right-of-use assets | $8.0 | | $9.5 | | $12.8 |
| Interest on lease liabilities | 0.5 | | 0.7 | | 0.9 |
| Operating lease cost | 82.0 | | 75.6 | | 77.5 |
| Short-term lease cost 1 | 47.5 | | 46.9 | | 50.4 |
| Variable lease cost | 19.2 | | 20.6 | | 23.5 |
| Sublease income | (3.1) | | (2.8) | | (3.4) |
First 8 of 10 rows. The CSV has all of them.
Table 55 after “for mineral lease payments) as of December 31, 2025 is as follows:”
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| in millions | Operating Leases | Finance Leases | |
| 2026 | $70.4 | | $6.1 |
| 2027 | 65.6 | | 2.8 |
| 2028 | 58.8 | | 1.5 |
| 2029 | 54.6 | | 0.6 |
| 2030 | 51.6 | | 0.2 |
| Thereafter | 638.3 | | 0.1 |
| Total minimum lease payments | $939.3 | | $11.3 |
First 8 of 12 rows. The CSV has all of them.
Table 56 after “Our Consolidated Balance Sheets as of December 31 include accrued environmental remediation costs (measured on an undiscounted basis) as fol”
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| in millions | 2025 | 2024 | |
| Continuing operations | $45.7 | | $47.9 |
| Retained from former Chemicals business | 8.4 | | 8.3 |
| Total accrued environmental remediation costs | $54.1 | | $56.2 |
Table 57 after “The components of earnings from continuing operations before income taxes are as follows:”
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| in millions | 2025 | 2024 | | 2023 | |
| Earnings from Continuing Operations before Income Taxes | | | | | |
| Domestic | $1,409.0 | | $1,196.1 | | $1,251.0 |
| Foreign | (18.9) | | (24.0) | | (5.9) |
| Total | $1,390.1 | | $1,172.1 | | $1,245.1 |
Table 58 after “Income tax expense (benefit) from continuing operations consists of the following:”
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| in millions | 2025 | 2024 | | 2023 | |
| Income Tax Expense (Benefit) from Continuing Operations | | | | | |
| Current | | | | | |
| Federal | $209.8 | | $204.7 | | $274.8 |
| State and local | 66.7 | | 51.8 | | 64.0 |
| Foreign | 5.1 | | 4.8 | | 4.8 |
| Total | $281.6 | | $261.3 | | $343.6 |
| Deferred | | | | | |
First 8 of 13 rows. The CSV has all of them.
Table 59 after “Income tax expense (benefit) differs from the amount computed by applying the federal statutory income tax rate to earnings from continuing ”
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| dollars in millions | 2025 | 2024 | 2023 | | | | |
| Income tax expense / Federal statutory tax rate | $291.9 | 21.0% | | $246.1 | 21.0% | $261.5 | 21.0% |
| Expense (Benefit) from Income Tax Differences | | | | | | | |
| State & local income taxes, net of federal Income tax effect 1 | $54.4 | 3.9% | | 24.7 | 2.1% | 49.0 | 3.9% |
| Foreign tax effects | (1.1) | (0.1%) | | 6.3 | 0.5% | 9.2 | 0.7% |
| Effect of cross-border tax laws | 0.3 | 0.0% | | 1.0 | 0.1% | 1.2 | 0.1% |
| Tax credits | (3.6) | (0.3%) | | (4.2) | (0.4%) | (1.9) | (0.2%) |
| Nontaxable or nondeductible items | | | | | | | |
First 8 of 14 rows. The CSV has all of them.
Table 60 after “Income taxes paid (net of refunds received) consists of the following:”
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| in millions | 2025 | 2024 | | 2023 | |
| Income taxes paid (net of refunds received) | | | | | |
| Federal taxes paid | $226.7 | | $208.3 | | $235.8 |
| State taxes paid | | | | | |
| California | 22.2 | | 17.8 | | 15.9 |
| All other states | 40.2 | | 46.7 | | 38.9 |
| Foreign taxes paid | 1.6 | | 7.0 | | 1.1 |
| Total | $290.7 | | $279.8 | | $291.7 |
Table 61 after “The components of the net deferred income tax liability at December 31 are as follows:”
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| in millions | 2025 | 2024 | |
| Deferred Tax Assets | | | |
| Operating lease liabilities | $145.9 | | $140.8 |
| Asset retirement obligations & other reserves | 96.7 | | 86.6 |
| State net operating losses | 62.8 | | 74.7 |
| Incentive compensation | 55.3 | | 52.4 |
| Capitalized research expenditures | 0.0 | | 39.7 |
| Foreign net operating losses | 35.1 | | 28.9 |
First 8 of 20 rows. The CSV has all of them.
Table 62 after “Changes in our liability for unrecognized tax benefits for the years ended December 31 are as follows:”
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| in millions | 2025 | 2024 | | 2023 | |
| Unrecognized Tax Benefits | | | | | |
| Balance as of January 1 | $24.9 | | $21.0 | | $18.7 |
| Increases for tax positions related to | | | | | |
| Prior years | 0.9 | | 0.8 | | 0.3 |
| Current year | 4.3 | | 6.7 | | 4.8 |
| Decreases for tax positions related to | | | | | |
| Prior years | (0.4) | | 0.0 | | (0.3) |
First 8 of 11 rows. The CSV has all of them.
Table 63 after “The following table sets forth the combined funded status of the plans and their reconciliation with the related amounts recognized in our c”
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| in millions | 2025 | 2024 | |
| Change in Benefit Obligation | | | |
| Projected benefit obligation at beginning of year | $640.8 | | $693.3 |
| Service cost | 1.9 | | 2.3 |
| Interest cost | 33.3 | | 32.9 |
| Actuarial (gain) loss | 27.8 | | (40.2) |
| Benefits paid | (45.4) | | (47.5) |
| Projected benefit obligation at end of year | $658.4 | | $640.8 |
First 8 of 25 rows. The CSV has all of them.
Table 64 after “The following table sets forth the pension plans for which their accumulated benefit obligation (ABO) or projected benefit obligation (PBO) ”
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| in millions | 2025 | 2024 | |
| Pension plans with ABO in excess of plan assets | | | |
| Accumulated benefit obligation | $184.5 | | $177.5 |
| Fair value of assets | 151.5 | | 135.8 |
| Pension plans with PBO in excess of plan assets | | | |
| Projected benefit obligation | $184.6 | | $177.7 |
| Fair value of assets | 151.5 | | 135.8 |
Table 65 after “The following table sets forth the components of net periodic benefit cost, amounts recognized in other comprehensive income and weighted-av”
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| dollars in millions | 2025 | 2024 | | 2023 | |
| Components of Net Periodic Pension Benefit Cost | | | | | |
| Service cost | $1.9 | | $2.3 | | $2.5 |
| Interest cost | 33.3 | | 32.9 | | 34.0 |
| Expected return on plan assets | (31.6) | | (28.1) | | (27.6) |
| Amortization of prior service cost | 0.0 | | 1.0 | | 1.4 |
| Amortization of actuarial loss | 4.9 | | 5.1 | | 5.6 |
| Net periodic pension benefit cost | $8.5 | | $13.2 | | $15.9 |
First 8 of 22 rows. The CSV has all of them.
Table 66 after “Fair Value Measurements at December 31, 2025”
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| in millions | Level 1 | Level 2 | | Level 3 | Total | |
| Asset Category | | | | | | |
| Debt funds | $0.0 | | $612.0 | | $0.0 | $612.0 |
| Investments in the fair value hierarchy | $0.0 | | $612.0 | | $0.0 | $612.0 |
| Interest in common/collective trusts (at NAV) | | | | | 10.3 | |
| Private partnerships (at NAV) | | | | | 3.5 | |
| Total pension plan assets | | | | | $625.8 | |
Table 67 after “Fair Value Measurements at December 31, 2024”
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| in millions | Level 1 | Level 2 | | Level 3 | Total | |
| Asset Category | | | | | | |
| Debt funds | $0.0 | | $590.2 | | $0.0 | $590.2 |
| Investments in the fair value hierarchy | $0.0 | | $590.2 | | $0.0 | $590.2 |
| Interest in common/collective trusts (at NAV) | | | | | 13.1 | |
| Private partnerships (at NAV) | | | | | 3.8 | |
| Total pension plan assets | | | | | $607.1 | |
Table 68 after “Total employer contributions to the pension plans are presented below:”
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| in millions | Pension |
| Employer Contributions | |
| 2023 | $7.4 |
| 2024 | 8.7 |
| 2025 | 14.6 |
| 2026 (estimated) | 7.7 |
Table 69 after “The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:”
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| in millions | Pension |
| Estimated Future Benefit Payments | |
| 2026 | $48.3 |
| 2027 | 49.2 |
| 2028 | 50.0 |
| 2029 | 50.2 |
| 2030 | 50.5 |
| 2031-2035 | 249.8 |
Table 70 after “The following table sets forth the combined funded status of the plans and their reconciliation with the related amounts recognized in our c”
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| in millions | 2025 | 2024 | |
| Change in Benefit Obligation | | | |
| Projected benefit obligation at beginning of year | $42.2 | | $44.2 |
| Service cost | 2.3 | | 2.2 |
| Interest cost | 2.2 | | 2.2 |
| Actuarial gain | (4.5) | | (3.0) |
| Benefits paid | (3.0) | | (3.4) |
| Projected benefit obligation at end of year | $39.2 | | $42.2 |
First 8 of 22 rows. The CSV has all of them.
Table 71 after “The following table sets forth the components of net periodic benefit cost, amounts recognized in other comprehensive income, weighted-avera”
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| dollars in millions | 2025 | 2024 | | 2023 | |
| Components of Net Periodic Postretirement Benefit Cost | | | | | |
| Service cost | $2.3 | | $2.2 | | $2.0 |
| Interest cost | 2.2 | | 2.2 | | 2.0 |
| Amortization of prior service cost | 1.4 | | 1.4 | | 1.4 |
| Amortization of actuarial gain | (0.9) | | (0.7) | | (1.5) |
| Net periodic postretirement benefit cost | $5.0 | | $5.1 | | $3.9 |
| Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | | | | | |
First 8 of 24 rows. The CSV has all of them.
Table 72 after “Total employer contributions to the postretirement plans are presented below:”
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| in millions | Postretirement |
| Employer Contributions | |
| 2023 | $5.2 |
| 2024 | 3.4 |
| 2025 | 3.0 |
| 2026 (estimated) | 4.3 |
Table 73 after “The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:”
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| in millions | Postretirement |
| Estimated Future Benefit Payments | |
| 2026 | $4.3 |
| 2027 | 4.7 |
| 2028 | 4.7 |
| 2029 | 4.6 |
| 2030 | 4.5 |
| 2031-2035 | 19.1 |
Table 74 after “Contributions by participants to the postretirement benefit plans for the years ended December 31 are as follows:”
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| in millions | Postretirement |
| Participants Contributions | |
| 2023 | $1.5 |
| 2024 | 1.7 |
| 2025 | 1.1 |
Table 75 after “The fair value of performance shares is estimated as of the date of grant using a Monte Carlo simulation model. The following table summariz”
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| Number of Shares | Weighted-Average Grant Date Fair Value |
| Performance Shares | | |
| Nonvested at January 1, 2025 | 223,546 | $209.62 |
| Granted | 118,260 | 251.88 |
| Vested | (118,015) | 176.92 |
| Canceled/forfeited | (6,214) | 235.66 |
| Nonvested at December 31, 2025 | 217,577 | $249.58 |
Table 76 after “The aggregate values of distributed performance shares for the years ended December 31 are as follows:”
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| in millions | 2025 | 2024 | | 2023 | |
| Aggregate value of distributed performance shares | $53.9 | | $45.3 | | $24.8 |
Table 77 after “The following table summarizes the activity for nonvested restricted share units during the year ended December 31, 2025:”
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| Number of Shares | Weighted-Average Grant Date Fair Value |
| Restricted Stock Units | | |
| Nonvested at January 1, 2025 | 235,576 | $198.08 |
| Granted | 99,266 | 251.88 |
| Vested | (75,018) | 186.16 |
| Canceled/forfeited | (7,141) | 233.58 |
| Nonvested at December 31, 2025 | 252,683 | $221.75 |
Table 78 after “The aggregate values of distributed restricted shares for the years ended December 31 are as follows:”
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| in millions | 2025 | 2024 | | 2023 | |
| Aggregate value of distributed restricted shares | $20.6 | | $15.6 | | $11.1 |
Table 79 after “The fair value of SOSARs is estimated as of the date of grant using the Black-Scholes option pricing model. Compensation cost for SOSARs is ”
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| 2025 | 2024 | | 2023 | |
| SOSARs | | | | | |
| Fair value | $105.01 | | $86.32 | | $72.39 |
| Risk-free interest rate | 4.50% | | 1.94% | | 3.90% |
| Dividend yield | 0.88% | | 0.84% | | 0.79% |
| Volatility | 28.06% | | 28.81% | | 28.88% |
| Expected term (years) | 9.0 | 9.0 | | 9.0 | |
Table 80 after “A summary of our SOSAR activity as of December 31, 2025 and changes during the year are presented below:”
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| Number of Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Life (Years) | | Aggregate Intrinsic Value (in millions) | |
| SOSARs | | | | | | |
| Outstanding at January 1, 2025 | 425,767 | $162.38 | | | | |
| Granted | 53,530 | 258.59 | | | | |
| Exercised | (116,543) | 125.73 | | | | |
| Forfeited or expired | 0 | 0.00 | | | | |
| Outstanding at December 31, 2025 | 362,754 | $188.35 | | 6.25 | | $35.8 |
| Exercisable at December 31, 2025 | 251,037 | $163.87 | | 5.28 | | $30.9 |
Table 81 after “The aggregate intrinsic values of SOSARs exercised for the years ended December 31 are as follows:”
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| in millions | 2025 | 2024 | | 2023 | |
| Aggregate intrinsic value of SOSARs exercised | $18.1 | | $27.9 | | $25.1 |
Table 82 after “The following table presents cash received and tax benefit realized from SOSAR exercises and compensation cost recorded referable to SOSARs ”
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| in millions | 2025 | 2024 | | 2023 | |
| SOSARs | | | | | |
| Cash received from exercises | $0.0 | | $0.0 | | $0.0 |
| Tax benefit from exercises | 2.3 | | 5.7 | | 6.0 |
| Compensation cost | 5.1 | | 5.1 | | 4.0 |
Table 83 after “These commitments are due as follows:”
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| in millions | Unconditional Purchase Obligations |
| Property, Plant & Equipment | |
| 2026 | $30.7 |
| Thereafter | 0.0 |
| Total | $30.7 |
| Noncapital (primarily transportation and electricity contracts) | |
| 2026 | $40.2 |
| 2027–2028 | 62.2 |
First 8 of 11 rows. The CSV has all of them.
| in millions | Mineral Leases |
| Minimum Royalties | |
| 2026 | $29.6 |
| 2027–2028 | 50.1 |
| 2029–2030 | 31.4 |
| Thereafter | 149.0 |
| Total | $260.1 |
Table 85 after “Our common stock purchases (all of which were open market purchases) and subsequent retirements for the years ended December 31 are summariz”
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| in millions, except average cost | 2025 | 2024 | | 2023 | |
| Number of shares purchased and retired | 1.5 | | 0.3 | | 1.0 |
| Total purchase price 1 | $438.4 | | $68.8 | | $200.0 |
| Average cost per share | $283.82 | | $254.71 | | $204.52 |
Table 86 after “Dividends for the years ended December 31 were as follows:”
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| in millions, except per share data | 2025 | 2024 | | 2023 | |
| Cash dividends | $259.8 | | $244.4 | | $228.4 |
| Cash dividends per share | $1.96 | | $1.84 | | $1.72 |
Table 87 after “Amounts in accumulated other comprehensive income (loss) (AOCI), net of tax, at December 31, are as follows:”
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| in millions | 2025 | 2024 | | 2023 | |
| Cash flow hedges | $(16.0) | | $(17.7) | | $(19.4) |
| Pension and postretirement plans | (109.6) | | (109.7) | | (124.4) |
| Total AOCI | $(125.6) | | $(127.4) | | $(143.8) |
Table 88 after “Changes in AOCI, net of tax, for the three years ended December 31 are as follows:”
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| in millions | Cash Flow Hedges | Benefit Plans | | Total | |
| AOCI Balances at December 31, 2022 | $(21.0) | | $(133.7) | | $(154.7) |
| Other comprehensive income (loss) before reclassifications | 0.0 | | 4.2 | | 4.2 |
| Amounts reclassified from AOCI | 1.6 | | 5.1 | | 6.7 |
| Net OCI changes | 1.6 | | 9.3 | | 10.9 |
| AOCI Balances at December 31, 2023 | $(19.4) | | $(124.4) | | $(143.8) |
| Other comprehensive income (loss) before reclassifications | 0.0 | | 9.7 | | 9.7 |
| Amounts reclassified from AOCI | 1.7 | | 5.0 | | 6.7 |
First 8 of 14 rows. The CSV has all of them.
Table 89 after “Amounts reclassified from AOCI to earnings are as follows:”
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| in millions | 2025 | 2024 | | 2023 | |
| Amortization of Accumulated Cash Flow Hedge Losses | | | | | |
| Interest expense | $2.4 | | $2.2 | | $2.1 |
| Benefit from income taxes | (0.7) | | (0.5) | | (0.5) |
| Total | $1.7 | | $1.7 | | $1.6 |
| Amortization of Accumulated Benefit Plan Costs | | | | | |
| Other nonoperating expense | $5.4 | | $6.8 | | $6.9 |
| Benefit from income taxes | (1.4) | | (1.8) | | (1.8) |
First 8 of 10 rows. The CSV has all of them.
| in millions | 2025 | 2024 | | 2023 | |
| Total Revenues | | | | | |
| Aggregates 1 | $6,297.2 | | $5,949.6 | | $5,918.9 |
| Asphalt 2 | 1,294.4 | | 1,245.6 | | 1,140.7 |
| Concrete | 846.6 | | 653.5 | | 1,249.3 |
| Segment sales | $8,438.2 | | $7,848.7 | | $8,308.9 |
| Aggregates intersegment sales | (497.1) | | (431.0) | | (527.0) |
| Total revenues | $7,941.1 | | $7,417.7 | | $7,781.9 |
First 8 of 24 rows. The CSV has all of them.
Table 91 after “Segment Financial Disclosure (Continued)”
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| in millions | 2025 | 2024 | | 2023 | |
| Depreciation, Depletion, Accretion & Amortization 1 | | | | | |
| Aggregates | $603.5 | | $515.7 | | $482.3 |
| Asphalt | 49.8 | | 44.1 | | 35.6 |
| Concrete | 62.0 | | 45.5 | | 72.8 |
| Other | 33.2 | | 26.9 | | 26.3 |
| Total | $748.5 | | $632.2 | | $617.0 |
| Capital Expenditures 2 | | | | | |
First 8 of 21 rows. The CSV has all of them.
Table 92 after “Supplemental information referable to the Consolidated Statements of Cash Flows is summarized below:”
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| in millions | 2025 | 2024 | | 2023 | |
| Cash Payments 1 | | | | | |
| Interest (exclusive of amount capitalized) | $247.1 | | $182.9 | | $178.7 |
| Income taxes | 290.7 | | 279.8 | | 291.7 |
| Noncash Investing and Financing Activities | | | | | |
| Accruals for purchases of property, plant & equipment | $123.7 | | $98.5 | | $64.6 |
| Note received from sale of business | 0.0 | | 0.9 | | 0.0 |
| Recognition of new and revised lease obligations: | | | | | |
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Table 93 after “ARO operating costs related to accretion of the liabilities and depreciation of the assets for the years ended December 31 are as follows:”
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| in millions | 2025 | 2024 | | 2023 | |
| ARO Operating Costs | | | | | |
| Accretion | $20.7 | | $14.7 | | $13.9 |
| Depreciation | 14.4 | | 12.5 | | 9.0 |
| Total | $35.1 | | $27.2 | | $22.9 |
Table 94 after “Reconciliations of the carrying amounts of our ARO liabilities for the years ended December 31 are as follows:”
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| in millions | 2025 | 2024 | |
| Asset Retirement Obligations | | | |
| Balance at beginning of year | $427.4 | | $324.1 |
| Liabilities incurred | 26.7 | | 42.3 |
| Liabilities settled 1 | (17.6) | | (19.1) |
| Accretion expense | 20.7 | | 14.7 |
| Revisions, net | (0.7) | | 65.4 |
| Balance at end of year | $456.5 | | $427.4 |
Table 95 after “Changes in the carrying amount of goodwill by reportable segment for the three years ended December 31 are shown below:”
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| in millions | Aggregates | Asphalt | | Concrete | Total | |
| Goodwill at December 31, 2023 | $3,330.2 | | $91.6 | | $109.9 | $3,531.7 |
| Goodwill of acquired businesses 1 | 343.0 | | 0.0 | | 0.0 | 343.0 |
| Goodwill impairment | 0.0 | | 0.0 | | (86.6) | (86.6) |
| Goodwill at December 31, 2024 | $3,673.2 | | $91.6 | | $23.3 | $3,788.1 |
| Goodwill of acquired businesses 1 | (6.6) | | 0.0 | | 0.0 | (6.6) |
| Goodwill of divested businesses 1 | (0.6) | | 0.0 | | 0.0 | (0.6) |
| Goodwill at December 31, 2025 | $3,666.0 | | $91.6 | | $23.3 | $3,780.9 |
| in millions | 2025 | 2024 | |
| Gross Carrying Amount | | | |
| Contractual rights in place | $1,454.1 | | $1,899.0 |
| Permitting, permitting compliance and zoning rights | 232.8 | | 221.3 |
| Other 1, 2 | 315.4 | | 294.4 |
| Total gross carrying amount | $2,002.3 | | $2,414.7 |
| Accumulated Amortization | | | |
| Contractual rights in place | $(387.1) | | $(407.0) |
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Table 97 after “Estimated amortization expense for the five years subsequent to December 31, 2025 is as follows:”
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| in millions | |
| Estimated Amortization Expense for Five Subsequent Years | |
| 2026 | $58.0 |
| 2027 | 56.4 |
| 2028 | 54.7 |
| 2029 | 52.5 |
| 2030 | 50.0 |
Table 98 after “The following pro forma information also includes: 1) charges directly attributable to the acquisitions, including acquisition related expen”
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| in millions | 2024 | 2023 | |
| Supplemental Pro Forma Results | | | |
| Total revenues | $7,810.2 | | $8,188.9 |
| Net earnings attributable to Vulcan | 818.2 | | 835.9 |
Table 99 after “The fair value of consideration transferred for the Wake Stone and Superior acquisitions and the amounts of assets acquired and liabilities ”
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| in millions | December 31 2025 |
| Fair Value of Purchase Consideration | |
| Cash | $2,072.8 |
| Payable to seller | 31.0 |
| Total fair value of purchase consideration | $2,103.8 |
| Identifiable Assets Acquired and Liabilities Assumed | |
| Inventories | $35.0 |
| Property, plant & equipment | 1,903.6 |
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Table 100 after “he carrying value of the major classes of assets and liabilities classified as held for sale as of December 31 are as follows:”
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| in millions | December 31 2025 | December 31 2024 | |
| Held for Sale | | | |
| Inventory | $5.9 | | $0.0 |
| Land and land improvements, net | 138.1 | | 0.0 |
| Buildings, machinery and equipment, net | 150.2 | | 0.0 |
| Operating leases, net | 27.5 | | 0.0 |
| Finance leases, net | 6.2 | | 0.0 |
| Amortizable intangible assets, net | 379.7 | | 0.0 |
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Table 101 after “The following financial statements are included herein on the pages shown below:”
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| Page Reference |
| Report of Independent Registered Public Accounting Firm (PCAOB ID 34) | 70 – 71 |
| Consolidated Statements of Comprehensive Income | 72 |
| Consolidated Balance Sheets | 73 |
| Consolidated Statements of Cash Flows | 74 |
| Consolidated Statements of Equity | 75 |
| Notes to Consolidated Financial Statements | 76 – 126 |
| Exhibit 3(a) | Certificate of Incorporation (Restated 2007) of the Company (formerly known as Virginia Holdco, Inc.), filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K on November 16, 2007 1 |
| Exhibit 3(b) | Amended and Restated By-Laws of the Company (as amended through December 9, 2022) filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on December 12, 2022 1 |
| Exhibit 4(a) | Senior Debt Indenture, dated as of December 11, 2007, between the Company and Wilmington Trust Company, as Trustee, filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K on December 11, 2007 1 |
| Exhibit 4(b) | First Supplemental Indenture, dated as of December 11, 2007, between Vulcan Materials Company and Wilmington Trust Company, as Trustee, to that certain Senior Debt Indenture, dated as of December 11, 2007, between the Company and Wilmington Trust Company, as Trustee, filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K on December 11, 2007 1 |
| Exhibit 4(c) | Sixth Supplemental Indenture, dated March 14, 2017, between the Company and Regions Bank, as Trustee, filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on March 14, 2017 1 |
| Exhibit 4(d) | Seventh Supplemental Indenture, dated as of June 15, 2017, between Vulcan Materials Company and Regions Bank, as Trustee, filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on June 15, 2017 1 |
| Exhibit 4(e) | Ninth Supplemental Indenture, dated as of May 18, 2020, between Vulcan Materials Company and Regions Bank as Trustee, filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on May 18, 2020 1 |
| Exhibit 4(f) | Eleventh Supplemental Indenture, dated as of November 20, 2024, between Vulcan Materials Company and Regions Bank as Trustee, filed as Exhibit 4.1 to the Company's Current Report on Form 8-K filed on November 20, 2024 |
| Exhibit 4(g) | Indenture, dated as of February 23, 2018, between Vulcan Materials Company and Regions Bank, as Trustee, filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on February 26, 2018 1 |
| Exhibit 4(h) | Description of Securities, filed as Exhibit 4(o) to the Company’s Annual Report on Form 10-K filed on February 24, 2023 1 |
| Exhibit 10(a) | Credit Agreement, dated as of September 10, 2020, among Vulcan Materials Company, Truist Bank, as Administrative Agent, and the Lenders and other parties named therein, filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on September 11, 2020 1 |
| Exhibit 10(b) | First Amendment to Credit Agreement, dated June 30, 2021, among Vulcan Materials Company, Truist Bank, as Administrative Agent, and the Lenders and other parties named therein, filed as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed on August 5, 2021 1 |
| Exhibit 10(c) | Second Amendment to Credit Agreement, dated August 16, 2021, by and between Vulcan Materials Company and Truist Bank, as Administrative Agent, filed as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed on November 5, 2021 1 |
| Exhibit 10(d) | Third Amendment to Credit Agreement, dated March 18, 2022, by and between Vulcan Materials Company and Truist Bank, as Administrative Agent, filed as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed on May 5, 2022 1 |
| Exhibit 10(e) | Fourth Amendment to Credit Agreement, dated as of August 8, 2022, among Vulcan Materials Company, Truist Bank, as Administrative Agent, and the Lenders and other parties named therein, filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on August 9, 2022 1 |
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| Exhibit 10(o) | Form of Non-Employee Director Deferred Stock Unit Agreement under the Vulcan Materials Company 2016 Omnibus Long-Term Incentive Plan, filed as Exhibit 10(y) to the Company’s Quarterly Report on Form 10-Q filed on August 3, 2016 1,2 |
| Exhibit 10(p) | Form of Stock-Only Stock Appreciation Rights Award Agreement under the Vulcan Materials Company 2016 Omnibus Long-Term Incentive Plan, filed as Exhibit 10(z) to the Company’s Quarterly Report on Form 10-Q filed on August 3, 2016 1,2 |
| Exhibit 10(q) | Form of Restricted Stock Unit Award Agreement under the Vulcan Materials Company 2016 Omnibus Long-Term Incentive Plan, filed as Exhibit 10(aa) to the Company’s Quarterly Report on Form 10-Q filed on August 3, 2016 1,2 |
| Exhibit 10(r) | Form of Performance Share Unit Award Agreement under the Vulcan Materials Company 2016 Omnibus Long-Term Incentive Plan, filed as Exhibit 10(bb) to the Company’s Quarterly Report on Form 10-Q filed on August 3, 2016 1,2 |
| Exhibit 10(s) | Form of Performance Share Unit Award Agreement (2019) under the Vulcan Materials Company 2016 Omnibus Long-Term Incentive Plan, filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on May 3, 2019 1,2 |
| Exhibit 10(t) | Form of Performance Share Unit Award Agreement (2020) under the Vulcan Materials Company 2016 Omnibus Long-Term Incentive Plan, filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on May 6, 2020 1,2 |
| Exhibit 10(u) | Form of Stock-Only Appreciation Rights Award Agreement (2020) under the Vulcan Materials Company 2016 Omnibus Long-Term Incentive Plan, filed as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed on May 6, 2020 1,2 |
| Exhibit 10(v) | Form of Restricted Stock Unit Award Agreement (2020) under the Vulcan Materials Company 2016 Omnibus Long-Term Incentive Plan, filed as Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q filed on May 6, 2020 1,2 |
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| Exhibit 23 | Consent of Deloitte & Touche LLP, Independent Registered Public Accounting Firm |
| Exhibit 24 | Powers of Attorney |
| Exhibit 31(a) | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| Exhibit 31(b) | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| Exhibit 32(a) | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| Exhibit 32(b) | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| Exhibit 95 | MSHA Citations and Litigation |
| Exhibit 101 | The following financial information from this Annual Report on Form 10-K for the year ended December 31, 2025 are formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Consolidated Statements of Comprehensive Income, (ii) the Consolidated Balance Sheets, (iii) the Consolidated Statements of Cash Flows, (iv) the Consolidated Statements of Equity and (v) the Notes to Consolidated Financial Statements |
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Table 106 after “Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of”
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| Name | Title | Date |
| /s/ Ronnie A. Pruitt | Chief Executive Officer and Director(Principal Executive Officer) | February 19, 2026 |
| /s/ Mary Andrews Carlisle | Senior Vice President and Chief Financial Officer (Principal Financial Officer) | February 19, 2026 |
| /s/ Randy L. Pigg | Vice President, Controller (Principal Accounting Officer) | February 19, 2026 |
| /s/ J. Thomas Hill | Executive Chairman | February 19, 2026 |
| /s/ Melissa H. Anderson | Director | February 19, 2026 |
| /s/ Thomas A. Fanning | Director | February 19, 2026 |
| /s/ O. B. Grayson Hall, Jr. | Director | February 19, 2026 |
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