01—Abstract
Summary
Summary of the 10-Q filed April 29, 2026. Cited figures are marked; the original filing is the authoritative source.
Vulcan Materials Company (VMC) reported first-quarter 2026 total revenues of $1,755.9 milliona, up from $1,634.6 million a year earlier, and net earnings attributable to Vulcan of $165.5 million, compared with $128.9 million.
Diluted EPS was $1.26b versus $0.97. Operating earnings rose to $265.4 million from $226.4 million, and gross profit increased to $422.7 million. Results included $8.6 million of CEO transition and reorganization charges.
Adjusted EBITDA was $447.1 millionc, up from $410.9 million, and Adjusted diluted EPS from continuing operations was $1.35 versus $1.00. The company reiterated its full-year 2026 outlook for Adjusted EBITDA of $2.4 to $2.6 billion. Cash provided by operating activities was $241.1 million, slightly lower than the prior year, largely due to working capital changes.
Capital expenditures were $176.5 milliond in investing cash outflows. Vulcan returned $217.4 million to shareholders through $67.9 million in dividends and $149.5 million in share repurchases. The company took on $197.0 million of commercial paper, and total debt was $4,560.0 million at March 31, 2026, against cash of $143.7 million, for a total debt to trailing-twelve-month Adjusted EBITDA ratio of 1.9 times.
The filing also flags several contingencies. These include a pending NAFTA arbitration decision on the Calica operations in Mexico, which the company expects during 2026, and a dispute with the Los Angeles Department of Water and Power over the Hewitt Landfill, where the company said an estimated material loss could be recognized in the near term. A California ready-mixed concrete divestiture is held for sale, with closing expected in the first half of 2026.
02—Key points
Key Highlights
- Total revenues rose to $1,755.9 million from $1,634.6 million, and operating earnings increased to $265.4 million from $226.4 million.
- Net earnings attributable to Vulcan were $165.5 million, or $1.26 per diluted share, versus $0.97 per diluted share a year earlier; Adjusted diluted EPS from continuing operations was $1.35 versus $1.00.
- Adjusted EBITDA was $447.1 million versus $410.9 million; the full-year 2026 Adjusted EBITDA outlook of $2.4 to $2.6 billion was reiterated.
- Aggregates shipments increased to 50.0 million tons from 47.8 million, and the freight-adjusted sales price rose to $22.80 per ton from $22.03.
- Cash from operations was $241.1 million versus $251.5 million, and shareholder returns totaled $217.4 million, including $149.5 million of share repurchases.
- Total debt increased to $4,560.0 million, including $197.0 million of commercial paper; the total debt to TTM Adjusted EBITDA ratio was 1.9 times.
- Contingencies include a NAFTA arbitration decision expected in 2026 and a LADWP dispute over the Hewitt Landfill that could produce a reasonably possible material loss in the near term.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q1 FY2026, Vulcan Materials kept $0.09.
- Revenue$1.76B100.0%
- Cost of revenue−$1.33B75.9%
- Gross profit$422.7M24.1%
- Operating costs−$157.3M9.0%
- Operating income$265.4M15.1%
- Interest, other & tax−$99.9M5.7%
- Net income$165.5M9.4%
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed April 29, 2026Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Revenue | $1.76B$1.63B | +7.4% |
| Cost of Revenue | $1.33B$1.27B | +5.0% |
| Gross Profit | $422.70M$365.30M | +15.7% |
| SG&A Expenses | $135.70M$138.30M | −1.9% |
| Operating Income | $265.40M$226.40M | +17.2% |
| Net Income | $165.50M$128.90M | +28.4% |
| EPS (Basic) | $1.27$0.97 | +30.9% |
| EPS (Diluted) | $1.26$0.97 | +29.9% |
| Shares Outstanding (Basic) | 130.70M132.40M | −1.3% |
| Shares Outstanding (Diluted) | 131.20M133.00M | −1.4% |
05—Questions
Frequently Asked Questions
What drove the increase in first-quarter 2026 earnings?
Gross profit rose $57.4 million to $422.7 million, led by a $43.0 million increase in Aggregates segment gross profit, with higher Asphalt and Concrete gross profit contributing as well. Selling, administrative and general expenses fell $2.6 million. Interest expense declined $5.8 million, partly offset by $8.6 million of CEO transition and reorganization charges within other operating expense.
How is Vulcan funding its capital returns and debt activity?
Vulcan borrowed $197.0 million in commercial paper to fund working capital requirements and paid a $50.0 million note related to a 2022 acquisition. It repurchased $149.5 million of stock and paid $67.9 million in dividends. Its $1,600.0 million line of credit was undrawn, with $1,576.9 million of available capacity.
What are the main legal and environmental risks disclosed?
The filing describes a pending NAFTA arbitration against Mexico related to Calica operations, with a decision expected in 2026 and no assurance of recovery. It also discloses a dispute with LADWP over the Hewitt Landfill, where the company said it is reasonably possible an estimated material loss could be recognized in the near term. Accrued environmental costs totaled $54.0 million.
What portfolio changes are pending?
Vulcan agreed in the fourth quarter of 2025 to dispose of its ready-mixed concrete businesses in California, which are classified as held for sale with $698.2 million of total assets held for sale at March 31, 2026. The company expects the transaction to close in the first half of 2026, subject to regulatory approvals and customary closing conditions.
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