01—Abstract
Summary
Summary of the 10-Q filed July 31, 2025. Cited figures are marked; the original filing is the authoritative source.
Vulcan Materials Company's second-quarter 2025 Form 10-Q reports total revenues of $2,102.4 milliona, up from $2,014.4 million in the second quarter of 2024, and net earnings attributable to Vulcan of $320.9 million, or $2.42 per diluted share, compared with $308.0 million, or $2.31 per diluted share, a year earlier.
Gross profit rose to $625.2 millionb from $592.2 million. The filing attributes the Aggregates segment's gross profit growth to pricing discipline and cost performance, despite aggregates shipments decreasing 1% to 59.3 million tons amid rainfall in Southeastern markets. Adjusted EBITDA was $659.5 million for the quarter and $1,070.4 million year to date, and management reiterated a full-year 2025 Adjusted EBITDA outlook of $2,350 million to $2,550 million.
Leverage and liquidity are central to the investor picture. Total debt was $4,909.7 millionc at June 30, 2025, up from $3,427.2 million a year earlier, reflecting the November 2024 notes issuances and $550.0 million of commercial paper outstanding. Total debt to trailing-twelve-month Adjusted EBITDA was 2.2 times (2.1 times on a net debt basis), within the company's stated target range of 2.0 to 2.5 times.
Interest expense, net, rose to $59.2 milliond in the quarter from $40.2 million. Cash and cash equivalents and restricted cash totaled $351.0 million, and the company returned $64.7 million to shareholders through dividends in the quarter.
The filing also highlights ongoing legal and regulatory matters, including the Lower Passaic River Superfund matter, the Texas Brine litigation, the Hewitt Landfill matter, and a NAFTA arbitration against Mexico related to the 2022 shutdown of Calica operations. The company states that the Calica deferred tax valuation allowance was adjusted and that a subsequent law, the One Big Beautiful Bill Act, is expected to increase deferred tax liabilities and reduce income taxes payable, with no material change to the effective tax rate expected.
02—Key points
Key Highlights
- Total revenues increased to $2,102.4 million in Q2 2025 from $2,014.4 million, and gross profit rose to $625.2 million from $592.2 million.
- Net earnings attributable to Vulcan were $320.9 million, or $2.42 per diluted share, versus $308.0 million, or $2.31 per diluted share, in Q2 2024.
- Aggregates segment gross profit reached $559.5 million ($9.44 per ton), with freight-adjusted sales prices of $22.11 per ton, up from $21.00.
- Adjusted EBITDA was $659.5 million for Q2 2025 and $1,070.4 million for the first six months; full-year 2025 outlook is $2,350 million to $2,550 million.
- Total debt rose to $4,909.7 million from $3,427.2 a year earlier, with total debt to TTM Adjusted EBITDA at 2.2 times, within the 2.0 to 2.5 times target range.
- Interest expense, net, increased to $59.2 million from $40.2 million, primarily due to the November 2024 notes issuances.
- Operating cash flow for the six months was $593.2 million, up from $374.5 million, while net cash used for investing activities fell to $236.9 million, including $270.9 million of capital investment in existing operations.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q2 FY2025, Vulcan Materials kept $0.15.
- Revenue$2.10B100.0%
- Cost of revenue−$1.48B70.3%
- Gross profit$625.2M29.7%
- Operating costs−$154.2M7.3%
- Operating income$471.0M22.4%
- Interest, other & tax−$150.1M7.1%
- Net income$320.9M15.3%
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2025filed July 31, 2025Financial Statements
Q2 FY2025 against Q2 FY2024
| Line item | Q2 FY2025Q2 FY2024 | Change |
|---|---|---|
| Revenue | $2.10B$2.01B | +4.4% |
| Cost of Revenue | $1.48B$1.42B | +3.9% |
| Gross Profit | $625.20M$592.20M | +5.6% |
| SG&A Expenses | $144.50M$134.10M | +7.8% |
| Operating Income | $471.00M$453.60M | +3.8% |
| Net Income | $320.90M$308.00M | +4.2% |
| EPS (Basic) | $2.43$2.33 | +4.3% |
| EPS (Diluted) | $2.42$2.31 | +4.8% |
| Shares Outstanding (Basic) | 132.20M132.40M | −0.2% |
| Shares Outstanding (Diluted) | 132.90M133.10M | −0.2% |
05—Questions
Frequently Asked Questions
How did Vulcan perform in the second quarter of 2025?
Total revenues were $2,102.4 million, up from $2,014.4 million, and operating earnings were $471.0 million versus $453.6 million. Net earnings attributable to Vulcan were $320.9 million, or $2.42 per diluted share, compared with $308.0 million, or $2.31 per diluted share, in the prior-year quarter. The filing notes that results were affected by weather and discrete items, including a $2.1 million tax charge tied to Calica deferred tax assets.
What drove the growth in Aggregates segment profitability?
The filing attributes Aggregates gross profit growth to pricing discipline and operating cost performance. Freight-adjusted selling prices rose 5.3% in the quarter, and unit cost of sales increased a modest 4%. Aggregates shipments decreased 1% to 59.3 million tons, partly due to significant rainfall in Southeastern markets.
How leveraged is Vulcan after its recent acquisitions and debt issuances?
Total debt was $4,909.7 million at June 30, 2025, and total debt to trailing-twelve-month Adjusted EBITDA was 2.2 times, or 2.1 times on a net debt basis, which the company states is within its 2.0 to 2.5 times target range. Weighted-average debt maturity was 13.1 years and the total weighted-average effective interest rate was 4.99%. The company also had $1,575.3 million of available line of credit capacity.
What legal and environmental matters could affect Vulcan?
The filing describes several matters, including the Lower Passaic River Superfund site, where a Consent Decree was entered in December 2024 and is under appeal by Occidental; the Texas Brine litigation, where the estimated loss is within a previously recorded immaterial range; the Hewitt Landfill matter with LADWP and Honeywell; and a NAFTA arbitration against Mexico over the 2022 Calica shutdown, with a decision expected during 2025. Accrued environmental costs totaled $55.8 million, and the company states these matters are not expected to have a material effect on consolidated results, although amounts recorded in a period could be material to that period.
What is the expected impact of the One Big Beautiful Bill Act on Vulcan?
The company states it is evaluating the impact of the OBBBA, enacted in July 2025 after quarter end. It anticipates an increase to its deferred tax liability and a reduction to income taxes payable, primarily from 100% bonus depreciation and full expensing of domestic research expenditures. It does not expect a material change to its effective tax rate.
06—Continue