01—Abstract
Summary
Summary of the 10-Q filed October 30, 2025. Cited figures are marked; the original filing is the authoritative source.
Vulcan Materials Company's Form 10-Q for the quarter ended September 30, 2025 shows continued earnings growth and margin expansion.
Third-quarter total revenues were $2,291.5 milliona, up 14% from $2,003.9 million, and operating earnings rose to $543.2 million from $337.1 million. Net earnings attributable to Vulcan were $374.9 million, or $2.82 per diluted share, compared with $1.56 in the prior-year quarter. For the first nine months, net earnings attributable to Vulcan were $824.7 million, or $6.21 per diluted share, and cash provided by operating activities was $1,270.0 million versus $969.5 million a year earlier.
Adjusted EBITDA was $735.2 millionb for the quarter and $1,805.6 million year to date, and the company reaffirmed 2025 projected Adjusted EBITDA of $2,350 million to $2,450 million. Balance sheet activity included repayment of the $400.0 million senior notes due 2025 and $550.0 million of commercial paper, leaving no commercial paper outstanding and total debt of $4,360.8 million at September 30, 2025, compared with $5,307.4 million at December 31, 2024. Total debt to trailing-twelve-month Adjusted EBITDA was 1.9 times, and net debt to that measure was 1.8 times.
The line of credit had $1,576.7 millionc of available capacity. Dividends paid were $195.4 million year to date. The filing also discloses portfolio changes and open legal matters.
Subsequent to quarter end, Vulcan completed the disposition of its Texas asphalt and construction services assets, and on October 28, 2025 it agreed to sell its California ready-mixed concrete businesses, with closing expected in the fourth quarter of 2025. Legal matters include the Calica NAFTA arbitration, for which a tribunal decision was expected during 2025, and environmental proceedings such as the Hewitt Landfill and Lower Passaic River matters.
02—Key points
Key Highlights
- Third-quarter total revenues rose to $2,291.5 million from $2,003.9 million, and gross profit increased to $697.2 million from $565.2 million.
- Aggregates segment gross profit was $612.1 million in the third quarter, with aggregates shipments of 64.7 million tons, up from 57.7 million tons, and freight-adjusted sales price of $22.01 per ton.
- Diluted EPS was $2.82 for the third quarter versus $1.56 a year earlier, and adjusted diluted EPS from continuing operations was $2.84 versus $2.22.
- Net cash provided by operating activities was $1,270.0 million for the nine months, compared with $969.5 million in the prior-year period.
- Total debt fell to $4,360.8 million at September 30, 2025 from $5,307.4 million at December 31, 2024, after repayment of the $400.0 million 2025 notes and $550.0 million of commercial paper.
- The company reaffirmed 2025 projected Adjusted EBITDA of $2,350 million to $2,450 million and expects full-year shipments to show similar year-over-year growth.
- Subsequent to quarter end, Vulcan completed the disposition of its Texas asphalt and construction services assets and entered an agreement on October 28, 2025 to sell its California ready-mixed concrete businesses.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q3 FY2025, Vulcan Materials kept $0.16.
- Revenue$2.29B100.0%
- Cost of revenue−$1.59B69.6%
- Gross profit$697.2M30.4%
- Operating costs−$154.0M6.7%
- Operating income$543.2M23.7%
- Interest, other & tax−$168.3M7.3%
- Net income$374.9M16.4%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed October 30, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $2.29B$2.00B | +14.4% |
| Cost of Revenue | $1.59B$1.44B | +10.8% |
| Gross Profit | $697.20M$565.20M | +23.4% |
| SG&A Expenses | $145.30M$129.10M | +12.5% |
| Operating Income | $543.20M$337.10M | +61.1% |
| Net Income | $374.90M$207.60M | +80.6% |
| EPS (Basic) | $2.84$1.57 | +80.9% |
| EPS (Diluted) | $2.82$1.56 | +80.8% |
| Shares Outstanding (Basic) | 132.10M132.20M | −0.1% |
| Shares Outstanding (Diluted) | 132.90M133.00M | −0.1% |
05—Questions
Frequently Asked Questions
How did Vulcan's profitability change in the third quarter of 2025?
Operating earnings increased to $543.2 million from $337.1 million, and gross profit increased to $697.2 million from $565.2 million. The prior-year quarter included an $86.6 million pretax goodwill impairment, which was not repeated in 2025. Net earnings attributable to Vulcan were $374.9 million, or $2.82 per diluted share, compared with $207.6 million, or $1.56 per diluted share.
What drove the increase in aggregates results?
Aggregates shipments rose 12% to 64.7 million tons in the third quarter, and the freight-adjusted sales price increased to $22.01 per ton from $21.27. Aggregates gross profit per ton increased to $9.46 from $8.63, and cash gross profit per ton rose to $11.84 from $10.89. The filing attributes the shipment growth to healthy public construction activity and more favorable weather in most markets.
How is Vulcan's debt position and liquidity?
Total debt was $4,360.8 million at September 30, 2025, and the company had no commercial paper outstanding. Its $1,600.0 million line of credit had $1,576.7 million of available capacity, with none borrowed and $23.3 million used for standby letters of credit. Total debt to trailing-twelve-month Adjusted EBITDA was 1.9 times, and all term debt was fixed rate.
What are the main outlook and portfolio developments disclosed?
Vulcan expects to deliver $2,350 million to $2,450 million of Adjusted EBITDA in 2025 and expects full-year aggregates shipments to show similar year-over-year growth. Subsequent to quarter end, it completed the sale of its Texas asphalt and construction paving assets, and it agreed on October 28, 2025 to dispose of its California ready-mixed concrete businesses, with closing expected in the fourth quarter of 2025.
What significant legal matters are pending?
The NAFTA arbitration against Mexico relates to the Calica operations, which were shut down in May 2022, and the company expected a tribunal decision during 2025. The filing states it cannot quantify any recovery if successful. Environmental and litigation matters include the Lower Passaic River, Hewitt Landfill and 1,1,1-trichloroethane litigation, and the company reported total accrued environmental remediation costs of $54.6 million at September 30, 2025.
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