Vulcan Materials Company (VMC) Q1 2025 earnings summary

Executive summary

• Achieved strong Q1 2025 results with 27% year-over-year adjusted EBITDA growth to $411M and a 420 basis point margin expansion to 25.1%, led by aggregates and disciplined pricing strategies.

• Total revenues rose 6% year-over-year to $1.63B, with gross profit up 20% to $365M and net earnings attributable to Vulcan increasing to $129M.

• Consistent execution of strategic disciplines and operational excellence drove compounding results and financial flexibility.

• Returned $104M to shareholders via $66M in dividends and $38M in share repurchases.

• Free cash flow for the trailing twelve months reached $869M, a 93% conversion of net earnings.

Financial highlights

• Adjusted EBITDA margin expanded 420 basis points year-over-year to 25.1%; gross profit margin rose to 22.4%.

• Aggregates cash gross profit per ton up 20% to $10.63; gross profit per ton $7.48.

• Operating earnings increased 31% to $226.4M; cash from operating activities was $252M, up $78.1M year-over-year.

• Net debt-to-adjusted EBITDA leverage at 2.2x; total debt to adjusted EBITDA at 2.3x.

• Return on invested capital at 16.2% for the trailing twelve months.

Outlook and guidance

• Full-year 2025 adjusted EBITDA guidance reiterated at $2.35B–$2.55B, up 19% at the midpoint versus 2024.

• Capital expenditures for 2025 expected between $750M and $800M; SAG expenses projected at $550M–$560M.

• Downstream businesses anticipated to contribute $360M in cash gross profit for the year.

• Organic volume growth guidance remains at 3–5% including acquisitions, with volumes expected to be back-half loaded.

• Pricing guidance maintained at 5–7% growth for the year.