Vulcan Materials Company (VMC) Q4 2025 earnings summary

Executive summary

• Achieved $2.32B Adjusted EBITDA in 2025, up 13% year-over-year, with margin expanding 160 bps to 29.3%.

• Operating cash flow grew 29% to $1.8B, supported by disciplined capital management and a two-pronged growth strategy.

• Net earnings attributable to shareholders increased to $1.08B for 2025, up from $912M in 2024.

• Achieved strong earnings growth and margin expansion, driven by organic pricing improvements, strategic acquisitions, and robust aggregates profitability.

• Returned $698M to shareholders via dividends and share repurchases; net debt to Adjusted EBITDA at 1.8x.

Financial highlights

• Total revenues for 2025 were $7.94B, up 7% year-over-year.

• Aggregates shipments rose 3% for the year, driven by acquisitions; same-store shipments slightly declined.

• Mix-adjusted aggregates price improved 6% for the year; cash gross profit per ton up 7% to $11.33.

• SG&A expenses were $564M, 7.1% of revenue, down 10 bps year-over-year.

• Adjusted diluted EPS from continuing operations was $8.00, compared to $7.53 in 2024.

Outlook and guidance

• 2026 Adjusted EBITDA expected between $2.4B–$2.6B.

• Aggregate shipments projected to grow 1%–3%; average selling prices up 4%–6%; unit cash cost of sales to rise low single digits.

• Net earnings expected in the range of $1.1B to $1.3B.

• Capital spending planned at $750M–$800M; effective tax rate projected at 22%–23%.

• Downstream businesses to contribute ~$290M in cash gross profit, 85% from asphalt.