01—Abstract
Summary
Summary of the 10-Q filed July 29, 2026. Cited figures are marked; the original filing is the authoritative source.
Vulcan Materials Company (VMC) reported second-quarter 2026 total revenues of $2,155.8 milliona, up from $2,102.4 million a year earlier, with net earnings attributable to Vulcan of $323.4 million, or $2.48 per diluted share, compared with $320.9 million, or $2.42 per diluted share, in the second quarter of 2025.
Operating earnings declined to $455.5 millionb from $471.0 million, mainly because of a $11.3 million loss on sale of property, plant and equipment and businesses and higher other operating expense. Adjusted diluted EPS from continuing operations was $2.59 versus $2.45, and Adjusted EBITDA was $654.0 million, down from $659.5 million. Aggregates drove results: segment gross profit rose to $567.3 million ($9.47 per ton), freight-adjusted selling prices increased 3.9%, and shipments rose 1%, while asphalt and concrete gross profit declined after the divestiture of California ready-mixed concrete operations.
For the first six months, net earnings attributable to Vulcan were $488.9 millionc, or $3.74 per diluted share, versus $449.8 million, or $3.38 per diluted share, and cash provided by operating activities was $584.6 million. Investing cash flow was positive at $144.8 million, reflecting $572.1 million of cash proceeds from business sales, partly offset by $370.4 million of capital expenditures and $75.0 million for acquisitions. Shareholders received $535.2 million through dividends and $399.8 million of share repurchases.
Total debt was $4,364.3 milliond, and the ratio of total debt to trailing-twelve-months Adjusted EBITDA was 1.9 times. Management reiterated its full-year 2026 Adjusted EBITDA outlook of $2.4 to $2.6 billion. The filing also discloses that on July 27, 2026, the NAFTA arbitration tribunal ruled that Mexico violated NAFTA in several respects, but the monetary damages awarded to Vulcan were negligible, and the tribunal found the ancillary claim outside its jurisdiction.
The company reported no material impact from this decision on the period's financial statements. The Hewitt Landfill matter with the Los Angeles Department of Water and Power is unresolved, and the filing states that a reasonably possible material loss could be recognized in the near term.
02—Key points
Key Highlights
- Total revenues rose to $2,155.8 million in Q2 2026 from $2,102.4 million, and aggregates shipments increased 1% to 59.9 million tons.
- Diluted EPS was $2.48 in Q2 2026 versus $2.42, and Adjusted diluted EPS from continuing operations was $2.59 versus $2.45.
- Adjusted EBITDA was $654.0 million in Q2 2026, down from $659.5 million, while full-year 2026 Adjusted EBITDA outlook of $2.4 to $2.6 billion was reiterated.
- Aggregates freight-adjusted sales price increased 3.9% to $22.97 per ton, and aggregates gross profit per ton was $9.47.
- During Q2 2026 the company sold its California ready-mixed concrete and U.S. Virgin Islands operations for combined proceeds of $722.1 million, including $572.1 million cash and a $150.0 million note due December 2027.
- Total debt to trailing-twelve-months Adjusted EBITDA was 1.9 times, with $4,364.3 million total debt and no borrowings under the $1,600.0 million line of credit.
- The NAFTA arbitration tribunal issued its Decision on July 27, 2026, finding Mexico violated NAFTA, but monetary damages to Vulcan were negligible and the ancillary claim was ruled outside its jurisdiction.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q2 FY2026, Vulcan Materials kept $0.15.
- Revenue$2.16B100.0%
- Cost of revenue−$1.53B71.0%
- Gross profit$625.5M29.0%
- Operating costs−$170.0M7.9%
- Operating income$455.5M21.1%
- Interest, other & tax−$132.1M6.1%
- Net income$323.4M15.0%
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed July 29, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $2.16B$2.10B | +2.5% |
| Cost of Revenue | $1.53B$1.48B | +3.6% |
| Gross Profit | $625.50M$625.20M | 0.0% |
| SG&A Expenses | $141.30M$144.50M | −2.2% |
| Operating Income | $455.50M$471.00M | −3.3% |
| Net Income | $323.40M$320.90M | +0.8% |
| EPS (Basic) | $2.49$2.43 | +2.5% |
| EPS (Diluted) | $2.48$2.42 | +2.5% |
| Shares Outstanding (Basic) | 129.80M132.20M | −1.8% |
| Shares Outstanding (Diluted) | 130.30M132.90M | −2.0% |
05—Questions
Frequently Asked Questions
How did Vulcan's second-quarter 2026 earnings compare with the prior year?
Net earnings attributable to Vulcan were $323.4 million, or $2.48 per diluted share, compared with $320.9 million, or $2.42 per diluted share, in the second quarter of 2025. Adjusted diluted EPS from continuing operations was $2.59 versus $2.45. Operating earnings decreased to $455.5 million from $471.0 million.
What drove the aggregates business in the quarter?
Aggregates segment sales increased to $1,763.0 million from $1,649.6 million, and gross profit rose to $567.3 million from $559.5 million. Freight-adjusted selling prices increased 3.9%, and shipments rose 1%. The company cited continued pricing discipline, though energy headwinds and rainfall in Texas and Southeastern markets affected operations.
What portfolio changes did Vulcan make in 2026?
Vulcan completed the sale of its California ready-mixed concrete operations and its U.S. Virgin Islands aggregates and ready-mixed concrete operations for combined proceeds of $722.1 million, including $572.1 million in cash. It also acquired aggregates operations in Colorado and Texas for $75.0 million in cash. The company stated these actions sharpen its focus on aggregates in metropolitan markets.
How much capital was returned to shareholders and how strong is the balance sheet?
In the first six months of 2026, Vulcan returned $535.2 million to shareholders, including $135.4 million in dividends and $399.8 million in share repurchases. Total debt was $4,364.3 million at June 30, 2026, with cash and restricted cash of $288.7 million, and total debt to trailing-twelve-months Adjusted EBITDA was 1.9 times. Current maturities of long-term debt were $400.0 million, due in the second quarter of 2027.
What is the status of the NAFTA arbitration and other significant legal matters?
On July 27, 2026, the NAFTA arbitration tribunal found that Mexico violated NAFTA in several respects, but the monetary damages awarded to Vulcan were negligible, and the ancillary claim was outside its jurisdiction. The company reported no material impact on the period's financial statements. The Hewitt Landfill matter involving the Los Angeles Department of Water and Power remains in discussion, and the filing says a material loss could be recognized in the near term, though it cannot yet reasonably estimate a range of loss.
06—Continue