01—Abstract
Summary
Summary of the 10-K filed February 19, 2026. Cited figures are marked; the original filing is the authoritative source.
Vulcan Materials Company (VMC) reported a strong 2025 in its Form 10-K filed February 19, 2026.
Total revenues rose $523.4 milliona, or 7%, to $7,941.1 million, and gross profit increased $175.0 million, or 9%, to $2,174.6 million. Operating earnings grew $255.1 million, or 19%, to $1,619.6 million. Net earnings attributable to Vulcan were $1,076.7 million ($8.11 per diluted share), up 18%, and Adjusted EBITDA rose 13% to $2,323.6 million.
Management attributed the results to higher aggregates pricing and shipments, with aggregates cash gross profit per ton up 7% to $11.33b. The Aggregates segment drove results, with segment sales up 6% to $6,297.2 million and freight-adjusted sales price up 4.3% to $21.98 per ton on 226.8 million tons shipped. Management guides 2026 to net earnings attributable to Vulcan of $1,100 million to $1,300 million and Adjusted EBITDA of $2,400 million to $2,600 million, with freight-adjusted price improvement of 4% to 6% and capital spending of $750 million to $800 million.
The company also agreed to divest its California ready-mixed concrete business and sold its Houston asphalt operations in 2025. Key risks disclosed include the halted operations at Calica in Mexico, where the Mexican government issued shutdown and protected-area decrees, and a pending NAFTA arbitration decision expected in the first half of 2026.
The filing also describes the Hewitt Landfill environmental matter, including a LADWP contribution demand presented in January 2026 for which the company cannot reasonably estimate a loss range. Balance sheet metrics were 1.9 times total debt to Adjusted EBITDA and 1.8 times on a net debt basis, with 2025 returns to shareholders of $698.2 millionc through dividends and share repurchases.
02—Key points
Key Highlights
- Total revenues of $7,941.1 million, up 7% from $7,417.7 million in 2024; gross profit of $2,174.6 million, up 9%.
- Net earnings attributable to Vulcan of $1,076.7 million ($8.11 per diluted share), up 18%; Adjusted EBITDA of $2,323.6 million, up 13%, with Adjusted EBITDA margin of 29.3%.
- Aggregates cash gross profit per ton rose 7% to $11.33 on 226.8 million tons; freight-adjusted sales price increased 4.3% to $21.98 per ton.
- 2026 guidance calls for net earnings attributable to Vulcan of $1,100 million to $1,300 million and Adjusted EBITDA of $2,400 million to $2,600 million.
- Total debt was $4,362.1 million, or 1.9 times Adjusted EBITDA; the company returned $698.2 million to shareholders through dividends ($259.8 million) and share repurchases ($438.4 million).
- Calica operations in Mexico remain shut down, with a NAFTA arbitration decision expected in the first half of 2026; the company has recorded a full valuation allowance against Calica deferred tax assets.
- The company agreed to sell its California ready-mixed concrete business, expected to close in the first half of 2026, and sold its Houston asphalt and construction paving operations in 2025 for a pretax gain of $42.4 million.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Vulcan Materials kept $0.14.
- Revenue$7.94B100.0%
- Cost of revenue−$5.77B72.6%
- Gross profit$2.17B27.4%
- Operating costs−$555.0M7.0%
- Operating income$1.62B20.4%
- Interest, other & tax−$542.9M6.8%
- Net income$1.08B13.6%
Where FY2025 revenue went
$7.94B- Cost of revenue: $5.77B, 73% of revenue
- Net income: $1.08B, 14% of revenue
- SG&A: $564.1M, 7.1% of revenue
- Interest, other & tax: $542.9M, 6.8% of revenue
Kept 14% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 19, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $7.94B$7.42B | +7.1% |
| Cost of Revenue | $5.77B$5.42B | +6.4% |
| Gross Profit | $2.17B$2.00B | +8.8% |
| SG&A Expenses | $564.10M$531.10M | +6.2% |
| Operating Income | $1.62B$1.36B | +18.7% |
| Net Income | $1.08B$911.90M | +18.1% |
| EPS (Basic) | $8.16$6.89 | +18.4% |
| EPS (Diluted) | $8.11$6.85 | +18.4% |
| Shares Outstanding (Basic) | 132.00M132.30M | −0.2% |
| Shares Outstanding (Diluted) | 132.70M133.10M | −0.3% |
05—Questions
Frequently Asked Questions
How did Vulcan perform financially in 2025?
Total revenues increased 7% to $7,941.1 million and operating earnings rose 19% to $1,619.6 million. Net earnings attributable to Vulcan were $1,076.7 million, or $8.11 per diluted share, compared with $6.85 in 2024. Adjusted diluted EPS from continuing operations was $8.00 versus $7.53.
What is the company's 2026 outlook?
Management expects total shipments of up 1% to 3%, freight-adjusted price improvement of 4% to 6%, and net earnings attributable to Vulcan of $1,100 million to $1,300 million. Adjusted EBITDA is projected at $2,400 million to $2,600 million, with SG&A of $580 million to $590 million and capital spending of $750 million to $800 million.
What are the main risks related to Mexico operations?
Calica operations in Mexico have been shut down since May 2022, and a September 2024 presidential decree declared its properties a Natural Protected Area that prohibits extraction. The company is pursuing a NAFTA arbitration, with a tribunal decision expected in the first half of 2026, but cannot assure a successful outcome or quantify any recovery. Should it lose a related Mexican tax position, it may incur a one-time outflow of approximately $35 million.
How is the balance sheet positioned?
Total debt was $4,362.1 million at year-end 2025, with $189.4 million of cash and restricted cash, and total debt to Adjusted EBITDA was 1.9 times. Credit ratings are BBB+ (Fitch), Baa2 (Moody's) and BBB+ (S&P), all stable, and the company had $1,760.2 million of available liquidity.
What environmental and legal matters could affect future results?
The Hewitt Landfill matter in Los Angeles includes an LADWP demand presented in January 2026 that exceeds publicly reported cost estimates; the company cannot reasonably estimate a range of loss for LADWP's contribution claim and says a material loss could be recognized in the near term. The auditor identified this as a critical audit matter. Separately, the Lower Passaic River litigation and TCA litigation remain pending.
06—Continue