10-Q · April 29, 2026
Vulcan Materials Company (VMC) reported Q1 2026 results with revenue of $1.755 billion, exceeding prior year's $1.634 billion and analyst estimates of $1.634 billion. The diluted EPS of $1.27 also surpassed expectations…
Earnings analysis · 10-Q
VMC earnings analysis
Filed July 29, 2026 · Our reading of the company's report
The latest report
Vulcan delivered 3% second-quarter revenue growth to $2.156 billion and increased GAAP diluted EPS to $2.48 from $2.42, driven by aggregates price growth and modest shipment growth. However, gross margin declined to…
Read full summary
Vulcan delivered 3% second-quarter revenue growth to $2.156 billion and increased GAAP diluted EPS to $2.48 from $2.42, driven by aggregates price growth and modest shipment growth. However, gross margin declined to 29.0% from 29.7%, operating earnings fell 3% to $455.5 million, and adjusted EBITDA decreased 1% to $654.0 million as energy costs, weather disruption, downstream weakness and divestiture costs offset core aggregates gains. Management maintained its 2026 Adjusted EBITDA outlook of $2.4 billion to $2.6 billion, supporting a neutral view.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.48
- Gross margin
- 29.0%
What stood out
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Revenue growth and EPS expansion
Second-quarter revenue rose $53.4 million, or 3%, year over year to $2.156 billion. GAAP diluted EPS increased $0.06 to $2.48, while adjusted diluted EPS increased $0.14 to $2.59.
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Aggregates pricing remained strong
Aggregates sales increased 7% to $1.763 billion, supported by a 1% increase in shipments to 59.9 million tons and a 3.9% increase in freight-adjusted price to $22.97 per ton.
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Core aggregates profit per ton improved
Aggregates gross profit increased $7.8 million to $567.3 million and gross profit per ton rose to $9.47 from $9.44. Cash gross profit per ton increased to $12.02 from $11.88.
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Overhead leverage improved
Selling, administrative and general expense declined $3.2 million to $141.3 million, falling to 6.6% of revenue from 6.9%. First-half SAG fell to 7.1% of revenue from 7.6%.
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Balance sheet retains flexibility
Liquidity and leverage remain sound: cash and restricted cash totaled $288.7 million, net debt/TTM Adjusted EBITDA was 1.7x versus 2.1x a year earlier, and available revolver capacity was $1.582 billion.
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Cash generation funded reinvestment and returns
First-half operating cash flow was $584.6 million, versus $593.2 million a year earlier, while investment in existing operations rose to $370.4 million from $270.9 million. The company also returned $535.2 million through dividends and buybacks.
What to watch
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Margin and operating-profit pressure
Gross margin contracted 70 basis points to 29.0% from 29.7%, and operating earnings fell $15.5 million, or 3%, to $455.5 million despite 3% revenue growth. Adjusted EBITDA also declined $5.5 million to $654.0 million.
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Energy inflation and weather constrained volumes
Aggregates freight-adjusted unit cost of sales increased 7%, or $0.72 per ton, to $10.95 per ton amid higher diesel costs. Management said significant rainfall affected Texas and certain Southeastern markets, while aggregate shipments grew only 1% to 59.9 million tons.
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Downstream volumes and profits declined
Downstream operations weakened: asphalt gross profit fell 13% to $49.8 million as asphalt shipments declined 12% to 3.4 million tons, and concrete shipments declined 17% to 1.0 million cubic yards following the California concrete divestiture.
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Divestiture-related costs reduced reported earnings
Portfolio actions created charges: the company recorded a pretax net loss of $13.2 million related to business sales and $4.5 million of pretax charges associated with divested operations in the quarter.
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No formal risk-factor updates
Item 1A states there were no material changes to risk factors disclosed in the Form 10-K for the year ended December 31, 2025. Nevertheless, MD&A identifies tariffs, Middle East conflict and elevated energy prices as potential sources of inflation and shipment-volume pressure.
Management's outlook
Management reiterated 2026 Adjusted EBITDA guidance of $2.4 billion to $2.6 billion, with a projected midpoint of $2.5 billion. It expects continued aggregates price growth and volume growth supported by large projects and public construction activity; no numeric revenue or EPS guidance was provided.
Earlier filings 4
10-K · February 19, 2026
Vulcan frames itself as an aggregates‑led, coast‑to‑coast business with 425 active aggregates facilities and 16.6 billion tons of proven and probable reserves, supporting long‑term demand in its top growth markets (top…
10-Q · October 30, 2024
Vulcan reported Q3 2024 revenue of $2,003.9 million, down $181.9 million (−8.3%) versus Q3 2023, with gross profit of $565.2 million and operating earnings of $337.1 million. Diluted EPS fell to $1.56 in Q3 2024 from…
10-Q · May 2, 2024
Vulcan reported Q1 revenues of $1,545.7 million (down $103.3 million or −6.3% YoY from $1,649.0 million) with gross profit of $304.9 million and operating earnings of $172.9 million. Diluted EPS was $0.77 versus $0.90 a…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.