- Company name
- Vulcan Materials
- Sector
- Construction aggregates & building materials
- About
- Vulcan Materials Company (Vulcan) is the largest producer of construction aggregates in the United States. Aggregates are crushed stone, sand and gravel. It is based in Birmingham, Alabama, and is a member of the S&P 500 Index. It has three segments. Aggregates gives most of its profit. Asphalt and Concrete make asphalt mix and ready-mixed concrete, mostly from the aggregates of Vulcan. In Q3 2026, total revenues were $2,185 million and Adjusted EBITDA was $707 million. Aggregates shipped 62.7 million tons at a freight-adjusted price of $22.84 a ton. Over the last 12 months, Adjusted EBITDA was $2,326 million. Ronnie Pruitt is Chief Executive Officer. The shares trade on the New York Stock Exchange in US dollars.
- Thesis
- The market weighs the pricing power of Vulcan against weak volume and high energy cost. In Q3 2026, aggregates shipments fell 3% to 62.7 million tons, and the freight-adjusted unit cash cost of sales rose 7% because of diesel. But the freight-adjusted price rose 5% on a mix-adjusted basis, cash gross profit per ton rose to $11.95 and the Adjusted EBITDA margin was 32.3%. Adjusted EBITDA of $707 million was lower than the $735 million of Q3 2025. Vulcan expects about $2.4 billion of Adjusted EBITDA for 2026 and earnings growth again in 2027, with mid- to high-single digit price gains. For the price to rise, three things must be true. Price gains must stay above cost growth in 2027. Shipments must stop falling when the weather and public construction budgets are normal. The bolt-on purchases of aggregates sites, such as the $290.6 million of purchases in nine months of 2026, must add profit without a rise in debt above the target range. The next tests are the Q4 2026 report in February 2027, with the first outlook for 2027, and the Q1 2027 report.
- Risks
- Construction demand can fall. Shipments fell 3% in Q3 2026 and were 172.6 million tons for nine months, up only 0.5%. A weak economy, high interest rates or cuts in public budgets lower the volume that Vulcan sells.
Energy cost can rise. Freight-adjusted unit cash cost of sales rose 7% in Q3 2026, and 3% without the cost of diesel. Liquid asphalt costs also rose.
Weather can move quarterly results. The company links the fall in Q3 2026 shipments to favorable weather in the same quarter a year earlier.
Environmental and legal matters can cost money. Vulcan is one of about 70 parties in the Lower Passaic River Superfund study in New Jersey, where the EPA estimates the dredging remedy at $1.38 billion. It also has the Hewitt Landfill matter.
Purchases can fail to add profit. Vulcan paid $290.6 million for four sets of assets in nine months of 2026, and it is selling some concrete and asphalt assets.
Debt is near the top of its target. Total debt was 2.0 times Adjusted EBITDA at September 30, 2026, and the target range is 2.0 to 2.5 times.
- Balance sheet
- At September 30, 2026, Vulcan had total debt of $4,680.6 million and cash and restricted cash of $172.4 million, which is net debt of $4,508.2 million. At December 31, 2025, total debt was $4,360.8 million. Total debt was 2.0 times the Adjusted EBITDA of the last 12 months, within the target range of 2.0 to 2.5 times. Net debt was 1.9 times. Total debt is $400.0 million of current maturities, $315.0 million of short-term debt and $3,965.6 million of long-term debt. In nine months of 2026, Vulcan spent $548.0 million on capital projects and $290.6 million on acquisitions, and it bought back $749.8 million of shares and paid $202.3 million of dividends. Cash from operations was $971.0 million, against $1,270.0 million a year earlier. The return on average invested capital was 15.9% over the last 12 months.
As of Sep 30, 2026.
- Checkpoints
- Feb 16, 2027 (estimate): Q4 2026 results and the 2027 outlook. Pending. Watch: Adjusted EBITDA for 2026 is near $2.4 billion and the outlook for 2027 shows growth with mid- to high-single digit price gains, and this passes; a flat or lower outlook fails.
Apr 2027 (estimate): Q1 2027 results: shipments and unit profit. Pending. Watch: Aggregates shipments are not lower than a year earlier and cash gross profit per ton rises, and this passes; falling shipments with falling unit profit fails.
- Recent events
- Oct 30, 2026: Vulcan reported to the SEC that a subsidiary, Calmat Co., received an imminent danger order from the Mine Safety and Health Administration on October 27, 2026 at the Lexington Quarry in Los Gatos, California. The order was for fall hazards during maintenance. No one was hurt, and the company took corrective action and ended the order.
Oct 29, 2026: Vulcan reported Q3 2026 results. Total revenues were $2,185 million, against $2,292 million a year earlier, and Adjusted EBITDA was $707 million, against $735 million. Aggregates shipments fell 3%, and the mix-adjusted price rose 5%. The company returned $417 million to shareholders in the quarter.
Oct 29, 2026: Vulcan said it expects about $2.4 billion of Adjusted EBITDA for 2026. For 2027, it expects the current demand environment to continue and mid- to high-single digit gains in aggregates pricing. It completed two bolt-on acquisitions in the quarter, in Tennessee and in southern Ohio.
Oct 29, 2026: Vulcan said in its Q3 2026 release that it sold its concrete assets in California in Q2 2026, after it sold its Houston asphalt and construction business in Q4 2025. For nine months of 2026, proceeds from sales of businesses were $572.1 million, and a receivable of $150.0 million from a sale is due in December 2027.
Oct 22, 2026: Vulcan reported to the SEC that David P. Clement, Senior Vice President of Operations Support and Procurement, plans to retire in the first quarter of 2027.