VULCAN REPORTS THIRD QUARTER 2026 RESULTS Solid Execution Demonstrates
VULCAN REPORTS THIRD QUARTER 2026 RESULTS Solid Execution Demonstrates Resilience of Aggregates-Led Business Expands Footprint with Strategic Acquisitions Targets Earnings Growth Again in 2027 Birmingham, Alabama – October 29, 2026 – Vulcan Materials Company (NYSE: VMC), the nation’s largest producer of construction aggregates, today announced results for the quarter ended September 30, 2026. Ronnie Pruitt, Vulcan Materials’ Chief Executive Officer, said, “Our results this quarter reflect disciplined operational execution across our entire organization. Our teams stayed focused on our core priorities, driving operational efficiencies, protecting margins, and delivering dependable value to our customers in a dynamic environment marked by energy inflation. “At the same time, we are actively expanding our reach through strategic, disciplined acquisitions that reinforce our position in attractive, long-term growth markets. These targeted aggregates-ledinvestments, combined with our core operational momentum, position us well for continued earnings growth and value creation for shareholders.” Financial Highlights Include:
Segment Results Aggregates Commercial and operational execution drove continued expansion in aggregates cash gross profit per ton despite ongoing energy headwinds in the third quarter. Segment gross profit was $593 million ($9.46 per ton), and cash gross profit was $750 million ($11.95 per ton). As compared to the prior year, aggregates shipments decreased 3 percent. Shipments in the prior year’s third quarter benefited from favorable weather across the Company’s footprint following a slow start to the construction season due to severe winter weather and rainfall throughout the first half of the year. Price growth in the third quarter remained widespread across the Company’s footprint. Freight- adjusted selling prices increased 5 percent on a mix-adjusted basis (4 percent, or $0.82 per ton, on a reported basis). Continued cost management and operational execution helped offset energy cost headwinds and inflationary pressures on some parts and supplies. Freight-adjusted unit cash cost of sales increased 7 percent, or $0.72 per ton, over the prior year. Excluding the impact of higher diesel fuel costs, cash cost of sales increased 3 percent. Asphalt and Concrete Non-aggregates segment gross profit in the third quarter was $72 million, and cash gross profit was $88 million. Asphalt gross profit margin remained strong at 17 percent, despite lower shipments and higher liquid asphalt costs. The prior year results included the Company’s Houston asphalt and construction business that was divested in the fourth quarter of 2025. Concrete gross profit margin expanded to 9 percent. The prior year’s third quarter included results from the concrete assets in California, that were divested in the second quarter of 2026. Selling, Administrative and General (SAG) SAG expense in the quarter was $137 million, 6 percent lower than the prior year and 6.3 percent of total revenues. On a trailing-twelve months basis, SAG expense as a percent of total revenues was 6.9 percent and 30 basis points lower than the prior year. Financial Position, Liquidity and Capital Allocation Capital expenditures for maintenance and growth projects were $174 million in the third quarter, and the Company returned $417 million to shareholders through $350 million of common stock repurchases and $67 million of dividends. During the third quarter, the Company completed two bolt-on acquisitions that align with our aggregates-led strategy and enhance our position in Tennessee and expand our reach into southern Ohio. The Company remains well positioned for continued growth with a strong liquidity position and balance sheet profile.
As of September 30, 2026, the ratio of total debt to trailing-twelve months Adjusted EBITDA was 2.0 times and within the Company’s target range of 2.0 to 2.5 times. On a trailing-twelve months basis, return on average invested capital was 15.9 percent. Outlook Regarding the Company’s outlook, Mr. Pruitt said, “Our results this year highlight the durability of our business. Despite significant energy headwinds, we are preserving our Adjusted EBITDA margin and expanding unit profitability in aggregates. We have taken proactive pricing and cost actions to mitigate the elevated energy inflation that has continued into the fourth quarter. Backed by our operational and commercial discipline, we expect to deliver approximately $2.4 billion in Adjusted EBITDA for the full year. Mr. Pruitt continued, “As we look to 2027, our execution and ongoing portfolio expansion set the stage for another year of earnings growth. We anticipate a continuation of the current demand environment next year and expect to continue expanding aggregates cash gross profit per ton with mid- to high- single digit pricing gains through execution of the Vulcan Way of Selling and cost benefits from the Vulcan Way of Operating. “ We have the right aggregates-led strategy and the operational rigor to navigate dynamic market conditions. By maintaining disciplined capital deployment, integrating high-quality assets into our network, and executing on the fundamentals we control, we will continue to generate strong cash flow and compound superior value for our shareholders.” Conference Call Vulcan will host a conference call at 9:00 a.m. CT on October 29, 2026. A webcast will be available via the Company’s website at www.vulcanmaterials.com. Investors and other interested parties may access the teleconference live by calling 800-347-6865, or 203-518-9757 if outside the U.S. The conference ID is 5524133. The conference call will be recorded and available for replay at the Company’s website approximately two hours after the call. About Vulcan Materials Company Vulcan Materials Company, a member of the S&P 500 Index with headquarters in Birmingham, Alabama, is the nation's largest supplier of construction aggregates – primarily crushed stone, sand and gravel – and a major producer of aggregates-based construction materials, including asphalt and ready-mixed concrete. For additional information about Vulcan, go to www.vulcanmaterials.com. Non-GAAP Financial Measures Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures, other than the reconciliation of Projected Adjusted EBITDA as included in Appendix 2 hereto. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results.
FORWARD-LOOKING STATEMENT DISCLAIMER This document contains forward-looking statements. Statements that are not historical fact, including statements about Vulcan's beliefs and expectations, are forward-looking statements. Generally, these statements relate to future financial performance, results of operations, business plans or strategies, projected or anticipated revenues, expenses, earnings (including EBITDA and other measures), dividend policy, shipment volumes, pricing, levels of capital expenditures, intended cost reductions and cost savings, anticipated profit improvements and/or planned divestitures and asset sales. These forward-looking statements are sometimes identified by the use of terms and phrases such as “believe,” “should,” “would,” “expect,” “project,” “estimate,” “anticipate,” “intend,” “plan,” “will,” “can,” “may” or similar expressions elsewhere in this document. These statements are subject to numerous risks, uncertainties, and assumptions, including but not limited to general business conditions, competitive factors, pricing, energy costs, and other risks and uncertainties discussed in the reports Vulcan periodically files with the SEC. Forward-looking statements are not guarantees of future performance and actual results, developments, and business decisions may vary significantly from those expressed in or implied by the forward-looking statements. The following risks related to Vulcan's business, among others, could cause actual results to differ materially from those described in the forward-looking statements: general economic and business conditions; domestic and global political, economic or diplomatic developments, including the military conflict in the Middle East involving the United States, Israel and Iran; a pandemic, epidemic or other public health emergency; Vulcan’s dependence on the construction industry, which is subject to economic cycles; the timing and amount of federal, state and local funding for infrastructure; changes in the level of spending for private residential and private nonresidential construction; changes in Vulcan’s effective tax rate; the increasing reliance on information technology infrastructure, including the risks that the infrastructure does not work as intended, experiences technical difficulties or is subjected to cyber-attacks; the impact of the state of the global economy on Vulcan’s businesses and financial condition and access to capital markets; international business operations and relationships, including actions taken by the Mexican government with respect to Vulcan’s property and operations in that country; the highly competitive nature of the construction industry; the impact of future regulatory or legislative actions, including those relating to climate change, biodiversity, land use, wetlands, greenhouse gas emissions, the definition of minerals, tax policy and domestic and international trade; the outcome of pending legal proceedings; pricing of Vulcan's products; weather and other natural phenomena, including the impact of climate change and availability of water; availability and cost of trucks, railcars, barges and ships as well as their licensed operators for transport of Vulcan’s materials; energy costs; costs of hydrocarbon-based raw materials; healthcare costs; labor relations, shortages and constraints; the amount of long-term debt and interest expense incurred by Vulcan; changes in interest rates; volatility in pension plan asset values and liabilities, which may require cash contributions to the pension plans; the impact of environmental cleanup costs and other liabilities relating to existing and/or divested businesses; Vulcan's ability to secure and permit aggregates reserves in strategically located areas; Vulcan’s ability to identify, close and successfully integrate acquisitions; the effect of changes in tax laws, guidance and interpretations; significant downturn in the construction industry may result in the impairment of goodwill or long-lived assets; changes in technologies, which could disrupt the way Vulcan does business and how Vulcan’s products are distributed; the risks of open pit and underground mining; expectations relating to sustainability considerations; claims that our products do not meet regulatory requirements or contractual specifications; and other assumptions, risks and uncertainties detailed from time to time in the reports filed by Vulcan with the SEC. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement. Vulcan disclaims and does not undertake any obligation to update or revise any forward-looking statement in this document except as required by law. Source: Vulcan Materials Company Table A Vulcan Materials Company and Subsidiary Companies
(in millions) Consolidated Statements of Cash Flows (Condensed and Nine Months unaudited) EndedSeptember 30 Operating Activities 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net earnings $ 853.3 $ 825.3 Adjustments to reconcile net earnings to net cash provided by operating activities Depreciation, depletion, accretion 529.0 563.2 and amortization Noncash operating 39.3 40.1 lease expense Net (gain) loss on sale of property, 11.4 (9.2 ) plant & equipment and businesses Contributions to (17.5 ) (13.8 ) pension plans Share-based 33.3 49.9 compensation expense Deferred income (52.7 ) 56.5 taxes, net Changes in assets and liabilities before initial effects of (435.3 ) (256.3 ) business acquisitions and dispositions Other, net 10.2 14.3 Net cash provided by operating $ 971.0 $ 1,270.0 activities Investing Activities Purchases of property, plant & (548.0 ) (492.9 ) equipment Proceeds from sale of property, plant & 19.5 23.0 equipment Proceeds from sale 572.1 19.0 of businesses Payment for businesses acquired, (290.6 ) (8.5 ) net of acquired cash Other, net 2.4 8.5 Net cash used for $ (244.6 ) $ (450.9 ) investing activities Financing Activities Proceeds from 315.0 0.0 short-term debt Payment of short-term debt and other (50.0 ) (550.0 ) financing obligations Payment of current maturities and (0.3 ) (400.5 ) long-term debt Payment of finance (6.1 ) (8.5 ) leases Purchases of common (749.8 ) (38.1 ) stock Dividends paid (202.3 ) (195.4 ) Share-based compensation, shares (48.4 ) (30.5 ) withheld for taxes Distribution to noncontrolling (1.4 ) (1.5 ) interest Other, net (0.1 ) (0.2 ) Net cash used for $ (743.4 ) $ (1,224.7 ) financing activities Net decrease in cash and cash (17.0 ) (405.6 ) equivalents and restricted cash Cash and cash equivalents and restricted 189.4 600.8 cash at beginning of year Cash and cash equivalents and restricted $ 172.4 $ 195.2 cash at end of period
Includes product sales (crushed stone, sand and gravel, sand, and other 1 aggregates), as well as freight & delivery costs that we pass along to our customers, and service revenues related to aggregates.
2 Includes product sales, as well as service revenues from our asphalt construction paving business.
Freight-adjusted revenues are Aggregates segment sales excluding freight 3 & delivery revenues and other revenues related to services, such as landfill tipping fees, that are derived from our aggregates business.
4 Freight-adjusted sales price is calculated as freight-adjusted revenues divided by aggregates unit shipments.
Sales price is calculated by dividing revenues generated from the 5 shipment of product (excluding service revenues generated by the segments) by total units of the product shipped.
Appendix 1 Reconciliation of Non-GAAP Measures Aggregates segment freight- adjusted revenues is not a Generally Accepted Accounting Principle (GAAP) measure and should not be considered as an alternative to metrics defined by GAAP. We present this metric as it is consistent with the basis by which we review our operating results. We believe that this presentation is consistent with our competitors and meaningful to our investors as it excludes revenues associated with freight & delivery, which are pass-through activities. It also excludes other revenues related to services, such as landfill tipping fees, that are derived from our aggregates business. Additionally, we use this metric as the basis for calculating the average sales price of our aggregates products. Reconciliation of this metric to its nearest GAAP measure is presented below: Aggregates Segment Freight-Adjusted Revenues
At the segment level, freight & delivery revenues include intersegment 1 freight & delivery (which are eliminated at the consolidated level) and freight to remote distribution sites.
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 investment community use this metric to assess the operating performance of our business. Additionally, we present this metric as we believe that it closely correlates to long-term shareholder value. Cash gross profit adds back noncash charges for depreciation, depletion, accretion and amortization to gross profit. Segment cash gross profit per unit is computed by dividing segment cash gross profit by units shipped. Segment cash cost of sales per unit is computed by subtracting segment cash gross profit per unit from segment freight-adjusted sales price. Reconciliation of these metrics to their nearest GAAP measures are presented below: Cash Gross Profit
Appendix 2 Reconciliation of Non-GAAP Measures (Continued) GAAP does not define "Earnings Before Interest, Taxes, Depreciation and Amortization" (EBITDA), and it should not be considered as an alternative to earnings measures defined by GAAP. We use this metric to assess the operating performance of our business and as a basis for strategic planning and forecasting as we believe that it closely correlates to long-term shareholder value. We do not use this metric as a measure to allocate resources. We adjust EBITDA for certain items to provide a more consistent comparison of earnings performance from period to period. Reconciliation of this metric to its nearest GAAP measure is presented below (numbers may not foot due to rounding): EBITDA and Adjusted EBITDA
1 Represents charges associated with acquisitions requiring clearance under federal antitrust laws.
Represents employee termination and other discrete charges directly related to organizational changes resulting from the appointment of Ronnie Pruitt as CEO, effective January 2 1, 2026. ──────────────────────────────────────────────────────────────────────────────
Similar to our presentation of Adjusted EBITDA, we present Adjusted Diluted Earnings Per Share (EPS) attributable to Vulcan from continuing operations to provide a more consistent comparison of earnings performance from period to period. This metric is not defined by GAAP and should not be considered as an alternative to earnings measures defined by GAAP. Reconciliation of this metric to its nearest GAAP measure is presented below: Adjusted Diluted EPS Attributable to Vulcan from Continuing Operations (Adjusted Diluted EPS)
Projected Adjusted EBITDA is not defined by GAAP and should not be considered as an alternative to earnings measures defined by GAAP. Reconciliation of this metric to its nearest GAAP measure is presented below: 2026 Projected Adjusted EBITDA
(in millions) ──────────────────────────────────────────────────────────────────── Net earnings attributable to Vulcan $ 1,120 Income tax expense, including discontinued 320 operations Interest expense, net 215 Depreciation, depletion, accretion and 710 amortization Projected EBITDA $ 2,365 Items included in Adjusted EBITDA $ 35 Projected Adjusted EBITDA $ 2,400
Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures, other than the reconciliation of Projected Adjusted EBITDA as noted above. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results. Appendix 3 Reconciliation of Non-GAAP Measures (Continued) 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 investment community and credit rating agencies use this metric to assess our leverage. Net debt subtracts cash and cash equivalents and restricted cash from total debt. Reconciliation of this metric to its nearest GAAP measure is presented below: Net Debt to Adjusted EBITDA
We define “Return on Invested Capital” (ROIC) as Adjusted EBITDA for the trailing-twelve months divided by average invested capital (as illustrated below) during the trailing 5-quarters. Our calculation of ROIC is considered a non-GAAP financial measure because we calculate ROIC using the non-GAAP metric EBITDA. We believe that our ROIC metric is meaningful because it helps investors assess how effectively we are deploying our assets. Although ROIC is a standard financial metric, numerous methods exist for calculating a company’s ROIC. As a result, the method we use to calculate our ROIC may differ from the methods used by other companies. This metric is not defined by GAAP and should not be considered as an alternative to earnings measures defined by GAAP. Reconciliation of this metric to its nearest GAAP measure is presented below (numbers may not foot due to rounding): Return on Invested Capital
Full text with the tables
Exhibit 99.1
October 29, 2026
───────────────────────────────────────────────
FOR IMMEDIATE RELEASE
Investor Contact: Mark Warren (205) 298-3220
Media Contact: Jack Bonnikson (205) 298-3220
VULCAN REPORTS THIRD QUARTER 2026 RESULTS Solid Execution Demonstrates
Resilience of Aggregates-Led Business Expands Footprint with Strategic
Acquisitions Targets Earnings Growth Again in 2027 Birmingham, Alabama – October
29, 2026 – Vulcan Materials Company (NYSE: VMC), the nation’s largest producer
of construction aggregates, today announced results for the quarter ended
September 30, 2026. Ronnie Pruitt, Vulcan Materials’ Chief Executive Officer,
said, “Our results this quarter reflect disciplined operational execution across
our entire organization. Our teams stayed focused on our core priorities,
driving operational efficiencies, protecting margins, and delivering dependable
value to our customers in a dynamic environment marked by energy inflation. “At
the same time, we are actively expanding our reach through strategic,
disciplined acquisitions that reinforce our position in attractive, long-term
growth markets. These targeted aggregates-ledinvestments, combined with our core
operational momentum, position us well for continued earnings growth and value
creation for shareholders.” Financial Highlights Include:
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Page2
October 29, 2026
FOR IMMEDIATE RELEASE
───────────────────────
Segment Results Aggregates Commercial and operational execution drove continued
expansion in aggregates cash gross profit per ton despite ongoing energy
headwinds in the third quarter. Segment gross profit was $593 million ($9.46 per
ton), and cash gross profit was $750 million ($11.95 per ton). As compared to
the prior year, aggregates shipments decreased 3 percent. Shipments in the prior
year’s third quarter benefited from favorable weather across the Company’s
footprint following a slow start to the construction season due to severe winter
weather and rainfall throughout the first half of the year. Price growth in the
third quarter remained widespread across the Company’s footprint. Freight-
adjusted selling prices increased 5 percent on a mix-adjusted basis (4 percent,
or $0.82 per ton, on a reported basis). Continued cost management and
operational execution helped offset energy cost headwinds and inflationary
pressures on some parts and supplies. Freight-adjusted unit cash cost of sales
increased 7 percent, or $0.72 per ton, over the prior year. Excluding the impact
of higher diesel fuel costs, cash cost of sales increased 3 percent. Asphalt and
Concrete Non-aggregates segment gross profit in the third quarter was $72
million, and cash gross profit was $88 million. Asphalt gross profit margin
remained strong at 17 percent, despite lower shipments and higher liquid asphalt
costs. The prior year results included the Company’s Houston asphalt and
construction business that was divested in the fourth quarter of 2025. Concrete
gross profit margin expanded to 9 percent. The prior year’s third quarter
included results from the concrete assets in California, that were divested in
the second quarter of 2026. Selling, Administrative and General (SAG) SAG
expense in the quarter was $137 million, 6 percent lower than the prior year and
6.3 percent of total revenues. On a trailing-twelve months basis, SAG expense as
a percent of total revenues was 6.9 percent and 30 basis points lower than the
prior year. Financial Position, Liquidity and Capital Allocation Capital
expenditures for maintenance and growth projects were $174 million in the third
quarter, and the Company returned $417 million to shareholders through $350
million of common stock repurchases and $67 million of dividends. During the
third quarter, the Company completed two bolt-on acquisitions that align with
our aggregates-led strategy and enhance our position in Tennessee and expand our
reach into southern Ohio. The Company remains well positioned for continued
growth with a strong liquidity position and balance sheet profile.
Page3
October 29, 2026
FOR IMMEDIATE RELEASE
───────────────────────
As of September 30, 2026, the ratio of total debt to trailing-twelve months
Adjusted EBITDA was 2.0 times and within the Company’s target range of 2.0 to
2.5 times. On a trailing-twelve months basis, return on average invested capital
was 15.9 percent. Outlook Regarding the Company’s outlook, Mr. Pruitt said, “Our
results this year highlight the durability of our business. Despite significant
energy headwinds, we are preserving our Adjusted EBITDA margin and expanding
unit profitability in aggregates. We have taken proactive pricing and cost
actions to mitigate the elevated energy inflation that has continued into the
fourth quarter. Backed by our operational and commercial discipline, we expect
to deliver approximately $2.4 billion in Adjusted EBITDA for the full year. Mr.
Pruitt continued, “As we look to 2027, our execution and ongoing portfolio
expansion set the stage for another year of earnings growth. We anticipate a
continuation of the current demand environment next year and expect to continue
expanding aggregates cash gross profit per ton with mid- to high- single digit
pricing gains through execution of the Vulcan Way of Selling and cost benefits
from the Vulcan Way of Operating. “ We have the right aggregates-led strategy
and the operational rigor to navigate dynamic market conditions. By maintaining
disciplined capital deployment, integrating high-quality assets into our
network, and executing on the fundamentals we control, we will continue to
generate strong cash flow and compound superior value for our shareholders.”
Conference Call Vulcan will host a conference call at 9:00 a.m. CT on October
29, 2026. A webcast will be available via the Company’s website at
www.vulcanmaterials.com. Investors and other interested parties may access the
teleconference live by calling 800-347-6865, or 203-518-9757 if outside the U.S.
The conference ID is 5524133. The conference call will be recorded and available
for replay at the Company’s website approximately two hours after the call.
About Vulcan Materials Company Vulcan Materials Company, a member of the S&P 500
Index with headquarters in Birmingham, Alabama, is the nation's largest supplier
of construction aggregates – primarily crushed stone, sand and gravel – and a
major producer of aggregates-based construction materials, including asphalt and
ready-mixed concrete. For additional information about Vulcan, go to
www.vulcanmaterials.com. Non-GAAP Financial Measures Because GAAP financial
measures on a forward-looking basis are not accessible, and reconciling
information is not available without unreasonable effort, we have not provided
reconciliations for forward-looking non-GAAP measures, other than the
reconciliation of Projected Adjusted EBITDA as included in Appendix 2 hereto.
For the same reasons, we are unable to address the probable significance of the
unavailable information, which could be material to future results.
Page4
October 29, 2026
FOR IMMEDIATE RELEASE
───────────────────────
FORWARD-LOOKING STATEMENT DISCLAIMER This document contains forward-looking
statements. Statements that are not historical fact, including statements about
Vulcan's beliefs and expectations, are forward-looking statements. Generally,
these statements relate to future financial performance, results of operations,
business plans or strategies, projected or anticipated revenues, expenses,
earnings (including EBITDA and other measures), dividend policy, shipment
volumes, pricing, levels of capital expenditures, intended cost reductions and
cost savings, anticipated profit improvements and/or planned divestitures and
asset sales. These forward-looking statements are sometimes identified by the
use of terms and phrases such as “believe,” “should,” “would,” “expect,”
“project,” “estimate,” “anticipate,” “intend,” “plan,” “will,” “can,” “may” or
similar expressions elsewhere in this document. These statements are subject to
numerous risks, uncertainties, and assumptions, including but not limited to
general business conditions, competitive factors, pricing, energy costs, and
other risks and uncertainties discussed in the reports Vulcan periodically files
with the SEC. Forward-looking statements are not guarantees of future
performance and actual results, developments, and business decisions may vary
significantly from those expressed in or implied by the forward-looking
statements. The following risks related to Vulcan's business, among others,
could cause actual results to differ materially from those described in the
forward-looking statements: general economic and business conditions; domestic
and global political, economic or diplomatic developments, including the
military conflict in the Middle East involving the United States, Israel and
Iran; a pandemic, epidemic or other public health emergency; Vulcan’s dependence
on the construction industry, which is subject to economic cycles; the timing
and amount of federal, state and local funding for infrastructure; changes in
the level of spending for private residential and private nonresidential
construction; changes in Vulcan’s effective tax rate; the increasing reliance on
information technology infrastructure, including the risks that the
infrastructure does not work as intended, experiences technical difficulties or
is subjected to cyber-attacks; the impact of the state of the global economy on
Vulcan’s businesses and financial condition and access to capital markets;
international business operations and relationships, including actions taken by
the Mexican government with respect to Vulcan’s property and operations in that
country; the highly competitive nature of the construction industry; the impact
of future regulatory or legislative actions, including those relating to climate
change, biodiversity, land use, wetlands, greenhouse gas emissions, the
definition of minerals, tax policy and domestic and international trade; the
outcome of pending legal proceedings; pricing of Vulcan's products; weather and
other natural phenomena, including the impact of climate change and availability
of water; availability and cost of trucks, railcars, barges and ships as well as
their licensed operators for transport of Vulcan’s materials; energy costs;
costs of hydrocarbon-based raw materials; healthcare costs; labor relations,
shortages and constraints; the amount of long-term debt and interest expense
incurred by Vulcan; changes in interest rates; volatility in pension plan asset
values and liabilities, which may require cash contributions to the pension
plans; the impact of environmental cleanup costs and other liabilities relating
to existing and/or divested businesses; Vulcan's ability to secure and permit
aggregates reserves in strategically located areas; Vulcan’s ability to
identify, close and successfully integrate acquisitions; the effect of changes
in tax laws, guidance and interpretations; significant downturn in the
construction industry may result in the impairment of goodwill or long-lived
assets; changes in technologies, which could disrupt the way Vulcan does
business and how Vulcan’s products are distributed; the risks of open pit and
underground mining; expectations relating to sustainability considerations;
claims that our products do not meet regulatory requirements or contractual
specifications; and other assumptions, risks and uncertainties detailed from
time to time in the reports filed by Vulcan with the SEC. All forward-looking
statements in this communication are qualified in their entirety by this
cautionary statement. Vulcan disclaims and does not undertake any obligation to
update or revise any forward-looking statement in this document except as
required by law. Source: Vulcan Materials Company Table A Vulcan Materials
Company and Subsidiary Companies
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Ef…
tax
ra… 22.7 % 23.0 % 21.5 % 22.3 %
fr…
co…
op…
Table B Vulcan Materials Company and Subsidiary Companies
Consolid…
Balance
Sheets(C…
(in and September December September
million… unaudite… 302026 312025 302025
──────────────────────────────────────────────────────────────────────────────
Assets
Cash and
cash $ 106.6 $ 183.3 $ 191.3
equival…
Restric… 65.8 6.1 3.9
cash
Accounts
and
notes
receiva…
Accounts
and
notes 1,117.1 898.2 1,197.1
receiva…
gross
Allowan…
for (4.4 ) (10.5 ) (12.3 )
credit
losses
Accounts
and
notes 1,112.7 887.7 1,184.8
receiva…
net
Invento…
Finished 546.5 557.7 545.0
products
Raw 43.0 36.7 47.6
materia…
Products
in 6.8 5.4 12.3
process
Operati…
supplies 86.2 80.7 82.2
and
other
Invento… 682.5 680.5 687.1
Other
current 111.1 101.8 104.0
assets
Assets
held for 0.0 708.5 97.3
sale
Total
current 2,078.7 2,567.9 2,268.4
assets
Investm…
and 175.7 33.7 33.6
long-te…
receiva…
Propert…
plant &
equipme…
Propert…
plant & 15,048.8 14,504.7 14,641.6
equipme…
cost
Allowan…
for
depreci… (6,644.4 ) (6,356.1 ) (6,288.9 )
depleti…
&
amortiz…
Propert…
plant & 8,404.4 8,148.6 8,352.7
equipme…
net
Operati…
lease
right-o… 589.0 521.5 522.0
assets,
net
Goodwill 3,781.2 3,780.9 3,839.5
Other
intangi… 1,459.8 1,489.0 1,796.0
assets,
net
Other
noncurr… 214.8 158.8 166.3
assets
Total $ 16,703.6 $ 16,700.4 $ 16,978.5
assets
Liabili…
Current
maturit…
of 400.0 0.4 0.4
long-te…
debt
Short-t… 315.0 0.0 0.0
debt
Trade
payables 245.3 438.5 422.6
and
accruals
Other
current 495.0 487.9 556.2
liabili…
Liabili…
held for 0.0 29.3 37.6
sale
Total
current 1,455.3 956.1 1,016.8
liabili…
Long-te… 3,965.6 4,361.7 4,360.4
debt
Deferred
income 1,292.3 1,358.3 1,391.9
taxes,
net
Deferred 124.9 130.6 132.3
revenue
Noncurr…
operati… 582.1 522.6 506.2
lease
liabili…
Other
noncurr… 852.2 822.2 813.8
liabili…
Total $ 8,272.4 $ 8,151.5 $ 8,221.4
liabili…
Equity
Common
stock, 128.2 130.6 132.0
$1 par
value
Capital
in
excess 2,914.6 2,930.0 2,920.2
of par
value
Retained 5,485.1 5,590.1 5,805.1
earnings
Accumul…
other (121.3 ) (125.6 ) (123.1 )
compreh…
loss
Total
shareho… 8,406.6 8,525.1 8,734.2
equity
Noncont… 24.6 23.8 22.9
interest
Total $ 8,431.2 $ 8,548.9 $ 8,757.1
equity
Total
liabili… $ 16,703.6 $ 16,700.4 $ 16,978.5
and
equity
Table C Vulcan Materials Company and Subsidiary Companies
(in millions)
Consolidated
Statements of Cash
Flows
(Condensed and Nine Months
unaudited) EndedSeptember 30
Operating Activities 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net earnings $ 853.3 $ 825.3
Adjustments to
reconcile net
earnings to
net cash provided by
operating
activities
Depreciation,
depletion, accretion 529.0 563.2
and
amortization
Noncash operating 39.3 40.1
lease expense
Net (gain) loss on
sale of property, 11.4 (9.2 )
plant & equipment
and businesses
Contributions to (17.5 ) (13.8 )
pension plans
Share-based 33.3 49.9
compensation expense
Deferred income (52.7 ) 56.5
taxes, net
Changes in assets
and liabilities
before
initial effects of (435.3 ) (256.3 )
business
acquisitions
and dispositions
Other, net 10.2 14.3
Net cash provided by
operating $ 971.0 $ 1,270.0
activities
Investing Activities
Purchases of
property, plant & (548.0 ) (492.9 )
equipment
Proceeds from sale
of property, plant & 19.5 23.0
equipment
Proceeds from sale 572.1 19.0
of businesses
Payment for
businesses acquired, (290.6 ) (8.5 )
net of
acquired cash
Other, net 2.4 8.5
Net cash used for $ (244.6 ) $ (450.9 )
investing activities
Financing Activities
Proceeds from 315.0 0.0
short-term debt
Payment of
short-term debt and
other (50.0 ) (550.0 )
financing
obligations
Payment of current
maturities and (0.3 ) (400.5 )
long-term debt
Payment of finance (6.1 ) (8.5 )
leases
Purchases of common (749.8 ) (38.1 )
stock
Dividends paid (202.3 ) (195.4 )
Share-based
compensation, shares (48.4 ) (30.5 )
withheld for taxes
Distribution to
noncontrolling (1.4 ) (1.5 )
interest
Other, net (0.1 ) (0.2 )
Net cash used for $ (743.4 ) $ (1,224.7 )
financing activities
Net decrease in cash
and cash (17.0 ) (405.6 )
equivalents and
restricted cash
Cash and cash
equivalents and
restricted 189.4 600.8
cash at beginning of
year
Cash and cash
equivalents and
restricted $ 172.4 $ 195.2
cash at end of
period
Table D Segment Financial Data and Unit Shipments
(in
mil…
exc…
per Three Nine
unit Mont… Mon…
dat… Ende… End…
Tot… 30 30
Rev… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Agg… $ 1,82… $ 1,79… $ 5,03… $ 4,7…
Asp… 381.2 416.1 927.0 993…
Con… 92.4 237.5 466.7 635…
Seg… $ 2,29… $ 2,44… $ 6,42… $ 6,4…
sal…
Agg…
int… (111… ) (154… ) (333… ) (37… )
sal…
Tot… $ 2,18… $ 2,29… $ 6,09… $ 6,0…
Gro…
Pro…
Agg… $ 593.4 $ 612.1 $ 1,56… $ 1,5…
Asp… 64.2 71.0 126.3 132…
Con… 8.0 14.1 26.4 25.8
Tot… $ 665.6 $ 697.2 $ 1,71… $ 1,6…
Dep…
Dep…
Acc…
and
Amo…
Agg… $ 156.1 $ 153.6 $ 454.7 $ 448…
Asp… 11.6 12.9 33.9 39.0
Con… 3.8 16.5 11.9 50.9
Oth… 9.7 8.4 28.5 25.1
Tot… $ 181.2 $ 191.4 $ 529.0 $ 563…
Ave…
Unit
Sal…
Pri…
and
Unit
Shi…
Agg…
Fre… $ 1,43… $ 1,42… $ 3,94… $ 3,7…
rev…
Agg…
- 62.7 64.7 172.6 171…
tons
Fre…
sal… $ 22.84 $ 22.01 $ 22.87 $ 22.…
pri…
Oth…
Pro…
Asp…
Mix 3.9 4.3 9.5 10.4
-
tons
Asp…
Mix
- $ 85.49 $ 82.70 $ 85.15 $ 81.…
sal…
pri…
Rea…
con…
- 0.5 1.2 2.4 3.3
cub…
yar…
Rea…
con…
- $ 192.… $ 190.… $ 190.… $ 188…
sal…
pri…
Includes product sales (crushed stone, sand and gravel, sand, and other
1 aggregates), as well as freight & delivery costs that we pass along to
our customers, and service revenues related to aggregates.
2 Includes product sales, as well as service revenues from our asphalt
construction paving business.
Freight-adjusted revenues are Aggregates segment sales excluding freight
3 & delivery revenues and other revenues related to services, such as
landfill tipping fees, that are derived from our aggregates business.
4 Freight-adjusted sales price is calculated as freight-adjusted revenues
divided by aggregates unit shipments.
Sales price is calculated by dividing revenues generated from the
5 shipment of product (excluding service revenues generated by the
segments) by total units of the product shipped.
Appendix 1 Reconciliation of Non-GAAP Measures Aggregates segment freight-
adjusted revenues is not a Generally Accepted Accounting Principle (GAAP)
measure and should not be considered as an alternative to metrics defined by
GAAP. We present this metric as it is consistent with the basis by which we
review our operating results. We believe that this presentation is consistent
with our competitors and meaningful to our investors as it excludes revenues
associated with freight & delivery, which are pass-through activities. It also
excludes other revenues related to services, such as landfill tipping fees, that
are derived from our aggregates business. Additionally, we use this metric as
the basis for calculating the average sales price of our aggregates products.
Reconciliation of this metric to its nearest GAAP measure is presented below:
Aggregates Segment Freight-Adjusted Revenues
…
…
… T… N… T…
… M… M… M…
… E… E… E…
… S… S… S…
… 30 30 30
… 2… 2… 2… 2… 2… 2…
──────────────────────────────────────────────────────────────────────────────
… $ 1… $ 1… $ 5… $ … $ … $ …
…
…
& (… ) (… ) (… ) … ) … ) … )
…
…
… (… ) (… ) (… ) … ) … ) … )
…
… $ 1… $ 1… $ 3… $ … $ … $ …
…
…
… 6… 6… 1… … … …
-
…
…
… $ 2… $ 2… $ 2… $ … $ … $ …
…
At the segment level, freight & delivery revenues include intersegment
1 freight & delivery
(which are eliminated at the consolidated level) and freight to remote
distribution sites.
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 investment
community use this metric to assess the operating performance of our business.
Additionally, we present this metric as we believe that it closely correlates to
long-term shareholder value. Cash gross profit adds back noncash charges for
depreciation, depletion, accretion and amortization to gross profit. Segment
cash gross profit per unit is computed by dividing segment cash gross profit by
units shipped. Segment cash cost of sales per unit is computed by subtracting
segment cash gross profit per unit from segment freight-adjusted sales price.
Reconciliation of these metrics to their nearest GAAP measures are presented
below: Cash Gross Profit
(…
m…
e… Th… Ni… Tra…
p… Mo… Mo… Mon…
u… En… En… End…
d… Se… Se… Sep…
A… 30 30 30
s… 20… 20… 20… 20… 2026 2025
──────────────────────────────────────────────────────────────────────────────
G… $ 59… $ 61… $ 1,… $ 1,… $ 1,… $ 2,…
p…
D…
d…
a… 15… 15… 45… 44… 61… 58…
a…
a…
C…
g… $ 74… $ 76… $ 2,… $ 1,… $ 2,… $ 2,…
p…
U…
s… 62… 64… 17… 17… 22… 22…
-
t…
G…
p… $ 9.… $ 9.… $ 9.… $ 8.… $ 8.… $ 8.…
p…
t…
F…
s… $ 22… $ 22… $ 22… $ 22… $ 22… $ 21…
p…
C…
g…
p… 11… 11… 11… 11… 11… 11…
p…
t…
F…
c…
c…
of $ 10… $ 10… $ 11… $ 10… $ 11… $ 10…
s…
p…
t…
A…
s…
G… $ 64… $ 71… $ 12… $ 13… $ 16… $ 17…
p…
D…
d…
a… 11… 12… 33… 39… 44… 51…
a…
a…
C…
g… $ 75… $ 83… $ 16… $ 17… $ 21… $ 23…
p…
C…
s…
G… $ 8.0 $ 14… $ 26… $ 25… $ 36… $ 30…
p…
D…
d…
a… 3.8 16… 11… 50… 22… 61…
a…
a…
C…
g… $ 11… $ 30… $ 38… $ 76… $ 59… $ 91…
p…
Appendix 2 Reconciliation of Non-GAAP Measures (Continued) GAAP does not define
"Earnings Before Interest, Taxes, Depreciation and Amortization" (EBITDA), and
it should not be considered as an alternative to earnings measures defined by
GAAP. We use this metric to assess the operating performance of our business and
as a basis for strategic planning and forecasting as we believe that it closely
correlates to long-term shareholder value. We do not use this metric as a
measure to allocate resources. We adjust EBITDA for certain items to provide a
more consistent comparison of earnings performance from period to period.
Reconciliation of this metric to its nearest GAAP measure is presented below
(numbers may not foot due to rounding): EBITDA and Adjusted EBITDA
T… N… …
M… M… …
E… E… …
… S… S… …
… 2… 30 2… 2… 30 2… 2… … 2…
──────────────────────────────────────────────────────────────────────────────
…
…
… $ 3… $ 3… $ 8… $ … $ … $ …
…
…
…
…
… 1… 1… 2… … … …
…
…
…
…
… 5… 5… 1… … … …
…
…
…
… 1… 1… 5… … … …
…
…
… $ 7… $ 7… $ 1… $ … $ … $ …
…
… $ 1… $ 1… $ 1… $ … $ … $ …
…
…
…
…
…
…
… 0… 0… 1… … … ) … )
…
…
…
…
…
…
…
… 2… 0… 8… … … …
…
…
…
… 0… 0… 1… … … …
…
…
…
… 0… 0… 8… … … …
…
…
… $ 7… $ 7… $ 1… $ … $ … $ …
…
… $ 2… $ 2… $ 6… $ … $ … $ …
…
…
… 3… % 3… % 2… % … % … % … %
…
1 Represents charges associated with acquisitions requiring clearance under
federal antitrust laws.
Represents employee termination and other discrete charges directly
related to organizational changes
resulting from the appointment of Ronnie Pruitt as CEO, effective January
2 1, 2026.
──────────────────────────────────────────────────────────────────────────────
Similar to our presentation of Adjusted EBITDA, we present Adjusted Diluted
Earnings Per Share (EPS) attributable to Vulcan from continuing operations to
provide a more consistent comparison of earnings performance from period to
period. This metric is not defined by GAAP and should not be considered as an
alternative to earnings measures defined by GAAP. Reconciliation of this metric
to its nearest GAAP measure is presented below: Adjusted Diluted EPS
Attributable to Vulcan from Continuing Operations (Adjusted Diluted EPS)
Th… Ni… Tr…
Mo… Mo… Mo…
En… En… En…
Se… Se… Se…
20… 30 20… 20… 30 20… 20… 30 2…
──────────────────────────────────────────────────────────────────────────────
N…
e…
a… $ 2.… $ 2.… $ 6.… $ 6.… $ 8.… $ 8.…
to
V…
I…
i…
in
A…
E… 0.… 0.… 0.… 0.… (0… ) 0.…
a…
n…
of
t…
N…
c… 0.… 0.… 0.… 0.… 0.… 0.…
v…
a…
A…
d…
E…
a… $ 2.… $ 2.… $ 6.… $ 6.… $ 8.… $ 8.…
to
V…
f…
o…
Projected Adjusted EBITDA is not defined by GAAP and should not be considered as
an alternative to earnings measures defined by GAAP. Reconciliation of this
metric to its nearest GAAP measure is presented below: 2026 Projected Adjusted
EBITDA
(in millions)
────────────────────────────────────────────────────────────────────
Net earnings attributable to Vulcan $ 1,120
Income tax expense, including discontinued 320
operations
Interest expense, net 215
Depreciation, depletion, accretion and 710
amortization
Projected EBITDA $ 2,365
Items included in Adjusted EBITDA $ 35
Projected Adjusted EBITDA $ 2,400
Because GAAP financial measures on a forward-looking basis are not accessible,
and reconciling information is not available without unreasonable effort, we
have not provided reconciliations for forward-looking non-GAAP measures, other
than the reconciliation of Projected Adjusted EBITDA as noted above. For the
same reasons, we are unable to address the probable significance of the
unavailable information, which could be material to future results. Appendix 3
Reconciliation of Non-GAAP Measures (Continued) 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 investment community and credit rating agencies use
this metric to assess our leverage. Net debt subtracts cash and cash equivalents
and restricted cash from total debt. Reconciliation of this metric to its
nearest GAAP measure is presented below: Net Debt to Adjusted EBITDA
(in millions) September 30
Debt 2026 2025
──────────────────────────────────────────────────────────────────────────────
Current maturities of $ 400.0 $ 0.4
long-term debt
Short-term debt 315.0 0.0
Long-term debt 3,965.6 4,360.4
Total debt $ 4,680.6 $ 4,360.8
Cash and cash equivalents
and restricted (172.4 ) (195.2 )
cash
Net debt $ 4,508.2 $ 4,165.6
Trailing-Twelve Months (TTM)
Adjusted $ 2,325.8 $ 2,355.7
EBITDA
Total debt to TTM Adjusted 2.0 x 1.9 x
EBITDA
Net debt to TTM Adjusted 1.9 x 1.8 x
EBITDA
We define “Return on Invested Capital” (ROIC) as Adjusted EBITDA for the
trailing-twelve months divided by average invested capital (as illustrated
below) during the trailing 5-quarters. Our calculation of ROIC is considered a
non-GAAP financial measure because we calculate ROIC using the non-GAAP metric
EBITDA. We believe that our ROIC metric is meaningful because it helps investors
assess how effectively we are deploying our assets. Although ROIC is a standard
financial metric, numerous methods exist for calculating a company’s ROIC. As a
result, the method we use to calculate our ROIC may differ from the methods used
by other companies. This metric is not defined by GAAP and should not be
considered as an alternative to earnings measures defined by GAAP.
Reconciliation of this metric to its nearest GAAP measure is presented below
(numbers may not foot due to rounding): Return on Invested Capital
Trailing-Twelve
(dollars in Months
millions) EndedSeptember 30 2026 2025
──────────────────────────────────────────────────────────────────────────────
Adjusted EBITDA $ 2,325.8 $ 2,355.7
Average invested
capital
Property, plant & $ 8,358.5 $ 7,995.7
equipment, net
Goodwill 3,792.7 3,744.9
Other intangible 1,483.4 1,626.3
assets
Fixed and intangible $ 13,634.6 $ 13,366.8
assets
Current assets $ 2,036.4 $ 2,166.1
Cash and cash (197.9 ) (354.9 )
equivalents
Current tax (29.8 ) (30.7 )
Adjusted current 1,808.7 1,780.5
assets
Current liabilities (1,115.6 ) (1,026.9 )
Current maturities 160.2 80.5
of long-term debt
Short-term debt 102.4 110.0
Adjusted current (853.1 ) (836.4 )
liabilities
Adjusted net working $ 955.6 $ 944.1
capital
Average invested $ 14,590.2 $ 14,310.9
capital
Return on invested 15.9 % 16.5 %
capital