01—Abstract
Summary
Summary of the 10-Q filed October 29, 2026. Cited figures are marked; the original filing is the authoritative source.
Vulcan Materials Company reported lower third-quarter 2026 results, with total revenues of $2,184.6 milliona, down 5% from $2,291.5 million a year earlier, and gross profit of $665.6 million, down $31.6 million or 5%.
Net earnings attributable to Vulcan were $362.3 millionb, or $2.80 per diluted share, versus $2.82 in the prior-year quarter. Adjusted EBITDA was $706.7 million, a decrease of $28.5 million or 4%. Aggregates freight-adjusted sales prices rose 3.8% per ton, but aggregates shipments fell 3%, and energy and diesel costs weighed on unit costs.
Over the first nine months, revenues rose 1% to $6,096.3 millionc and diluted EPS was $6.53 versus $6.21. Adjusted diluted EPS from continuing operations was $6.76 versus $6.29. Cash generation weakened over the nine months.
Net cash provided by operating activities was $971.0 milliond, a decrease of $299.0 million, driven mainly by working capital and deferred taxes. Vulcan returned $952.1 million to shareholders, including $749.8 million of share repurchases and $202.3 million of dividends. Total debt rose to $4,680.6 million, reflecting $315.0 million of commercial paper and $400.0 million of current maturities due in the second quarter of 2027.
The company reports total debt to trailing-twelve-month Adjusted EBITDA of 2.0 times, within its target range of 2.0 to 2.5 times. Management expects approximately $2.4 billion of full-year 2026 Adjusted EBITDA. The filing also details several contingencies.
A NAFTA arbitration tribunal found Mexico violated NAFTA but awarded negligible damages, and Vulcan filed a new ICSID arbitration in October 2026. A dispute with the Los Angeles Department of Water and Power over the Hewitt Landfill could produce a material loss in the near term, although a range cannot yet be estimated. Calica faces a Mexican tax claim that could cost about $35 million if Vulcan is unsuccessful.
02—Key points
Key Highlights
- Third-quarter 2026 total revenues were $2,184.6 million, down 5%, and gross profit was $665.6 million, down 5%, as shipments in aggregates fell 3%.
- Third-quarter net earnings attributable to Vulcan were $362.3 million, or $2.80 per diluted share, versus $2.82 in the prior-year quarter. Adjusted EBITDA was $706.7 million, down 4%.
- Nine-month diluted EPS rose to $6.53 from $6.21, and adjusted diluted EPS from continuing operations rose to $6.76 from $6.29.
- Net cash provided by operating activities fell to $971.0 million for the nine months, a $299.0 million decrease, while share repurchases of $749.8 million and dividends of $202.3 million were paid.
- Total debt was $4,680.6 million at September 30, 2026, with a total debt to trailing-twelve-month Adjusted EBITDA ratio of 2.0 times, and $315.0 million of commercial paper outstanding.
- Vulcan sold California ready-mixed concrete and U.S. Virgin Islands operations for $722.1 million ($572.1 million cash and a $150.0 million receivable due December 2027), and acquired operations for $290.6 million in cash.
- Legal and tax exposures include a reasonably possible material loss from the LADWP Hewitt Landfill dispute and a potential one-time outflow of about $35 million tied to Calica's Mexican tax audit.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q3 FY2026, Vulcan Materials kept $0.17.
- Revenue$2.18B100.0%
- Cost of revenue−$1.52B69.5%
- Gross profit$665.6M30.5%
- Operating costs−$141.0M6.5%
- Operating income$524.6M24.0%
- Interest, other & tax−$162.3M7.4%
- Net income$362.3M16.6%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2026filed October 29, 2026Financial Statements
Q3 FY2026 against Q3 FY2025
| Line item | Q3 FY2026Q3 FY2025 | Change |
|---|---|---|
| Revenue | $2.18B$2.29B | −4.7% |
| Cost of Revenue | $1.52B$1.59B | −4.7% |
| Gross Profit | $665.60M$697.20M | −4.5% |
| SG&A Expenses | $137.00M$145.30M | −5.7% |
| Operating Income | $524.60M$543.20M | −3.4% |
| Net Income | $362.30M$374.90M | −3.4% |
| EPS (Basic) | $2.81$2.84 | −1.1% |
| EPS (Diluted) | $2.80$2.82 | −0.7% |
| Shares Outstanding (Basic) | 129.10M132.10M | −2.3% |
| Shares Outstanding (Diluted) | 129.50M132.90M | −2.6% |
05—Questions
Frequently Asked Questions
How did Vulcan perform in the third quarter of 2026?
Total revenues were $2,184.6 million, down 5% from $2,291.5 million. Gross profit was $665.6 million and operating earnings were $524.6 million. Net earnings attributable to Vulcan were $362.3 million, or $2.80 per diluted share, compared with $2.82 a year earlier. The filing attributes the decline partly to lower aggregates shipments and higher energy costs, with aggregates freight-adjusted prices up 3.8% per ton.
How is Vulcan's balance sheet and debt position?
Total debt was $4,680.6 million at September 30, 2026, including $315.0 million of commercial paper, $400.0 million of current maturities due in the second quarter of 2027, and $3,965.6 million of long-term debt. Cash and restricted cash totaled $172.4 million. The total debt to trailing-twelve-month Adjusted EBITDA ratio was 2.0 times, and $1,585.1 million was available under the $1,600.0 million line of credit.
How much capital did Vulcan return to shareholders?
In the first nine months of 2026, Vulcan repurchased 2.7 million shares for $749.8 million, at an average price of $279.76 per share, and paid $202.3 million in dividends at $0.52 per share quarterly. Third-quarter repurchases totaled $350.0 million at an average price of $275.31 per share. As of September 30, 2026, 2,592,781 shares remained under the Board's repurchase authorization.
What are the main legal and tax risks disclosed?
The LADWP dispute over the Hewitt Landfill could result in a material loss in the near term, but a reasonable range cannot yet be estimated. In the Mexican NAFTA arbitration, the tribunal found violations but awarded negligible monetary damages, and the ancillary claim was ruled outside its jurisdiction. Vulcan also filed a new arbitration against Mexico in October 2026. Separately, if Vulcan is unsuccessful in defending Calica's 2018 cost of goods sold deduction, it may incur a one-time cash outflow and tax expense of about $35 million, including $23 million of interest and penalties.
What is management's outlook?
Management expects approximately $2.4 billion of full-year 2026 Adjusted EBITDA. It anticipates a continuation of the current demand environment in 2027 and expects mid- to high-single digit pricing gains for aggregates cash gross profit per ton. The filing also notes that energy inflation has continued into the fourth quarter and that Vulcan has taken pricing and cost actions to mitigate it.
06—Continue