Skip to content
AnalystLens

Vulcan MaterialsVMC

Legal name
Vulcan Materials Company
Sector
Other
Industry
Mining & Quarrying of Nonmetallic Minerals (No Fuels)
Exchange
NYSE

Stock Price $VMC

Latest filings

You are here#11 of 28 in Materials by market cap

Filing record · 2016–202610-K1110-Q338-K128

VMC filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 128 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Dec ’16Dec ’16
  2. FY2018 annual report10-K · Feb ’19Feb ’19
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $7.94B
YoY changeLargest recent move+31.8%in FY22Latest +7.1%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All VMC Financial Metrics62 metrics

Income Statement15

Balance Sheet27

Cash Flow15

Per Share5

02—Overview

Vulcan Materials Financial Overview 2021–2025

Updated Nov 4, 2026

Vulcan's net earnings per share rose 87% from $4.31 in FY2022 to $8.11a in FY2025, even as shipments barely moved. That gap is the story: pricing, not volume, built this earnings stream. Aggregates freight-adjusted pricing climbed from $14.87 per ton in FY2021 to $21.98 in FY2025, and the company converted that price power into outsized profit growth.

The long-term arc is clear. Revenue grew from $5,552.2 million in FY2021 to $7,941.1 millionb in FY2025, a gain of 43%. Profit grew faster. Adjusted EBITDA rose from $1,451.3 million to $2,323.6 million, and aggregates cash gross profit per ton reached $11.33 in FY2025. The path was not smooth. Revenue slipped to $7,417.7 million in FY2024 on weather-hit volumes of 219.9 million tons, and an $86.6 million goodwill impairment on acquired concrete operations dented that year's earnings. FY2025 repaired both, with operating earnings up 19% to $1,619.6 million.

The balance sheet tightened alongside. Total debt to Adjusted EBITDA peaked at 2.6x in FY2024 after $2,297.1 millionc of acquisitions, then fell to 1.9x in FY2025. The company returned $698.2 million to shareholders that year, including $438.4 million of buybacks. The market paid up for this: at the close of FY2025, shares traded at $285.22, or 35.2x earnings, for a market cap of $37.2 billion. That multiple leaves little room for a pricing slowdown.

Recent Developments (Q2 and Q3 2026)

Momentum faded in Q3 2026. Revenue fell 5% to $2,184.6 milliond as aggregates shipments dropped 3% to 62.7 million tons. Pricing held, with freight-adjusted prices up 3.8%, but diesel pushed unit cash costs up $0.72 per ton. Management cut its full-year 2026 Adjusted EBITDA view to about $2.4 billion, the low end of the earlier $2.4 to $2.6 billion range. In Q2 2026, Vulcan sold its California ready-mixed concrete and Virgin Islands operations for $722.1 million. President Thompson Baker retired effective July 15, 2026. A July 2026 NAFTA ruling against Mexico brought negligible damages.

Bull case: pricing is intact, leverage is 2.0x, and management expects earnings growth in 2027. Bear case: operating cash flow fell $299.0 million over nine months, debt rose to $4,680.6 millione, and the Hewitt Landfill dispute could bring a material loss. At 34.6x earnings as of the October 28, 2026 report date, the shares price in a recovery.

What to watch: Q4 2026 shipment trends and diesel costs; resolution of the Hewitt Landfill dispute

03—Filings

Recent SEC Filings

  1. 8-KVulcan Materials 8-K Report, Mine Safety Disclosure (Oct 30, 2026)Vulcan Materials Company (NYSE: VMC) filed a Form 8-K dated October 30, 2026, reporting an event that occurred on October 27, 2026 under Item 1.04 (Mine Safety). On that date, Calmat Co., a Company subsidiary, received an imminent danger order from the Mine Safety and Health Administration under section 107(a) of the Federal Mine Safety and Health Act of 1977 at its Lexington Quarry in Los Gatos, California. The order was issued to remove personnel exposed to fall hazards while maintenance was being performed. The filing states that no injuries occurred and that the Company promptly took corrective action to protect the personnel and terminate the order. The filing is limited to this mine safety disclosure and contains no financial results, guidance, or other financial information. For investors, the matter appears operational in nature, with no injuries reported and the order terminated.
  2. 8-KVulcan Materials 8-K Report, Financial Results (Oct 29, 2026)Vulcan Materials Company (VMC) reported third-quarter 2026 results on October 29, 2026, per Exhibit 99.1 furnished with this Form 8-K. Third-quarter total revenues were $2,185 million versus $2,292 million a year earlier, and gross profit was $666 million versus $697 million. Net earnings attributable to Vulcan were $362 million, compared with $375 million, and Adjusted EBITDA was $707 million, compared with $735 million, for an Adjusted EBITDA margin of 32.3% versus 32.1%. Diluted EPS from continuing operations was $2.81 versus $2.83, and adjusted diluted EPS was $2.83 versus $2.84. Aggregates shipments fell to 62.7 million tons from 64.7 million, while freight-adjusted sales price per ton rose to $22.84 from $22.01 and gross profit per ton held at $9.46. Management highlighted energy-cost headwinds offset by pricing and cost actions. Freight-adjusted unit cash cost of sales rose $0.72 per ton, and the company completed two bolt-on aggregates acquisitions in Tennessee and southern Ohio during the quarter. Capital returns in the quarter totaled $417 million, including $350 million of share repurchases and $67 million of dividends. As of September 30, 2026, total debt to trailing-twelve-months Adjusted EBITDA was 2.0 times, within the company's 2.0 to 2.5 times target range, and trailing-twelve-months return on invested capital was 15.9%. For the full year 2026, the company expects approximately $2.4 billion of Adjusted EBITDA, with projected net earnings attributable to Vulcan of $1,120 million. Management anticipates a continuation of the current demand environment in 2027, with mid- to high-single-digit pricing gains in aggregates and another year of earnings growth.
  3. 8-KVulcan Materials 8-K Report, Executive Changes (Oct 22, 2026)Vulcan Materials Company (VMC) filed this Current Report on Form 8-K dated October 22, 2026, reporting an event from October 19, 2026. The filing discloses a single item, Item 5.02 (Departure of Directors or Certain Officers; Compensatory Arrangements of Certain Officers). The filing states that on October 19, 2026, David P. Clement, Senior Vice President of Operations Support and Procurement, notified Vulcan that he intends to retire from that position in the first quarter of 2027. The filing does not disclose any successor, compensation arrangements, or financial results. For investors, this is a routine executive transition notice. The filing contains no financial figures and does not indicate any impact on operations, guidance, or financial condition beyond the planned departure of a senior operations and procurement executive.
  4. 8-KVulcan Materials 8-K Report, Financial Results (Jul 29, 2026)Vulcan Materials Company (VMC) reported second-quarter 2026 results on July 29, 2026, furnished as Exhibit 99.1 under Item 2.02 of this Form 8-K. Total revenues were $2,155.8 million versus $2,102.4 million in the prior-year quarter, gross profit was $625.5 million versus $625.2 million, and net earnings attributable to Vulcan were $323.4 million versus $320.9 million. Adjusted EBITDA was $654.0 million, with an adjusted EBITDA margin of 30.3 percent versus 31.4 percent a year earlier. Diluted earnings per share from continuing operations were $2.47, compared with $2.43, and adjusted diluted EPS from continuing operations was $2.59, compared with $2.45. The Aggregates segment was the main driver. Aggregates gross profit was $567.3 million ($9.47 per ton) and cash gross profit was $720.1 million ($12.02 per ton). Freight-adjusted selling prices rose 5 percent on a mix-adjusted basis, and shipments increased 1 percent, though Texas and certain Southeastern markets were hurt by rainfall. Freight-adjusted unit cash cost of sales rose 7 percent, or $0.72 per ton, and rose 3 percent excluding higher diesel costs. The company completed the divestiture of its California ready-mixed concrete business in early June 2026 and acquired a quarry in southern Colorado and a rail yard in Dallas-Fort Worth from Brannan Sand & Gravel. Capital allocation and balance sheet items were also disclosed. Capital expenditures were $176 million in the quarter, and the company returned $318 million to shareholders through $250 million of share repurchases and $68 million of dividends. Total debt to trailing-twelve-month Adjusted EBITDA was 1.9 times, below the company's stated 2.0 to 2.5 times target range. Management reiterated full-year 2026 Adjusted EBITDA guidance of $2.4 to $2.6 billion.
  5. 8-KVulcan Materials 8-K Report, Corporate Update (Jul 27, 2026)Vulcan Materials Company filed a Form 8-K on July 27, 2026 to report an update on its North American Free Trade Agreement (NAFTA) arbitration against Mexico, originally filed in 2018. The company attached a press release (Exhibit 99.1) and stated that the NAFTA tribunal has issued its decision in the arbitration. According to the filing, the tribunal found that Mexico violated NAFTA in several respects, but the tribunal's award of monetary damages to Vulcan was negligible. The arbitration concerns Mexico's repudiation of an agreement to unlock a portion of Vulcan's aggregates reserves in Mexico and the arbitrary shutdown of the company's quarrying operations in that country. The filing states that the Decision will remain confidential until it becomes publicly available, in accordance with applicable rules, so the full text of the ruling is not yet available to investors. The filing also notes that Vulcan will host its second quarter earnings conference call at 9:00 a.m. CT on July 29, 2026, as previously scheduled. Investors seeking the company's view of the financial impact of the arbitration outcome may look to that call and to subsequent filings.
View all 8-K filings →
View all filings (10-K, 10-Q, 8-K, proxy & more) →

04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.