01—Abstract
Summary
Summary of the 8-K filed October 29, 2026. Cited figures are marked; the original filing is the authoritative source.
Vulcan Materials Company (VMC) reported third-quarter 2026 results on October 29, 2026, per Exhibit 99.1 furnished with this Form 8-K.
Third-quarter total revenues were $2,185 milliona versus $2,292 million a year earlier, and gross profit was $666 million versus $697 million. Net earnings attributable to Vulcan were $362 million, compared with $375 million, and Adjusted EBITDA was $707 million, compared with $735 million, for an Adjusted EBITDA margin of 32.3% versus 32.1%. Diluted EPS from continuing operations was $2.81 versus $2.83, and adjusted diluted EPS was $2.83 versus $2.84.
Aggregates shipments fell to 62.7 million tons from 64.7 million, while freight-adjusted sales price per ton rose to $22.84b from $22.01 and gross profit per ton held at $9.46. Management highlighted energy-cost headwinds offset by pricing and cost actions. Freight-adjusted unit cash cost of sales rose $0.72 per ton, and the company completed two bolt-on aggregates acquisitions in Tennessee and southern Ohio during the quarter.
Capital returns in the quarter totaled $417 millionc, including $350 million of share repurchases and $67 million of dividends. As of September 30, 2026, total debt to trailing-twelve-months Adjusted EBITDA was 2.0 times, within the company's 2.0 to 2.5 times target range, and trailing-twelve-months return on invested capital was 15.9%.
For the full year 2026, the company expects approximately $2.4 billiond of Adjusted EBITDA, with projected net earnings attributable to Vulcan of $1,120 million. Management anticipates a continuation of the current demand environment in 2027, with mid- to high-single-digit pricing gains in aggregates and another year of earnings growth.
02—Key points
Key Highlights
- Third-quarter total revenues were $2,185 million, down from $2,292 million, and Adjusted EBITDA was $707 million, down from $735 million, with Adjusted EBITDA margin of 32.3% versus 32.1%.
- Net earnings attributable to Vulcan were $362 million, compared with $375 million; diluted EPS from continuing operations was $2.81 versus $2.83.
- Aggregates freight-adjusted sales price rose to $22.84 per ton from $22.01, while aggregates shipments decreased to 62.7 million tons from 64.7 million.
- Freight-adjusted unit cash cost of sales increased $0.72 per ton, with management citing energy cost headwinds; excluding higher diesel fuel costs, cash cost of sales increased 3 percent.
- Capital returned in the quarter totaled $417 million, including $350 million of common stock repurchases and $67 million of dividends; two bolt-on acquisitions were completed.
- Total debt to trailing-twelve-months Adjusted EBITDA was 2.0 times at September 30, 2026, within the 2.0 to 2.5 times target range; trailing-twelve-months ROIC was 15.9%.
- Full-year 2026 Adjusted EBITDA is expected to be approximately $2.4 billion, and management expects earnings growth again in 2027.
03—Questions
Frequently Asked Questions
How did Vulcan perform in the third quarter of 2026?
Total revenues were $2,185 million versus $2,292 million a year earlier, and net earnings attributable to Vulcan were $362 million versus $375 million. Adjusted EBITDA was $707 million versus $735 million, with an Adjusted EBITDA margin of 32.3% versus 32.1%.
What drove pricing and costs in the aggregates business?
Freight-adjusted selling prices increased 5 percent on a mix-adjusted basis (4 percent, or $0.82 per ton, on a reported basis). Freight-adjusted unit cash cost of sales rose 7 percent, or $0.72 per ton, largely due to energy costs, and management said pricing and cost actions helped offset these headwinds.
What is the company's 2026 and 2027 outlook?
Vulcan expects approximately $2.4 billion of full-year 2026 Adjusted EBITDA. For 2027, management anticipates a continuation of the current demand environment, mid- to high-single-digit aggregates pricing gains, and another year of earnings growth.
How is the company managing its balance sheet and capital allocation?
Total debt to trailing-twelve-months Adjusted EBITDA was 2.0 times, within the 2.0 to 2.5 times target range. In the quarter, the company spent $174 million on capital expenditures, repurchased $350 million of common stock, paid $67 million in dividends, and completed two bolt-on acquisitions.
What acquisitions and divestitures affected the quarter?
Vulcan completed two bolt-on acquisitions that enhance its position in Tennessee and expand its reach into southern Ohio. The prior-year asphalt results included the Houston asphalt and construction business divested in the fourth quarter of 2025, and the prior-year third quarter included concrete assets in California divested in the second quarter of 2026.
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