Vulcan Materials

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.

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.

1. Feb 16, 2027 · est.Pending

   Q4 2026 results and the 2027 outlookAdjusted 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.
2. Apr 2027 · est.Pending

   Q1 2027 results: shipments and unit profitAggregates 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.

Every passed and failed checkpoint across all picks

• October 30, 2026Vulcan 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.
• October 29, 2026Vulcan 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.
• October 29, 2026Vulcan 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.

Last earnings

October 29, 2026 (8-K on sec.gov)

Next earnings

Expected about February 16, 2027. The company has not confirmed the date.

• 8-KCurrent reportFiled October 30, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 29, 2026 · vmc-20260930
• 8-KEarnings releaseFiled October 29, 2026 · Press release and exhibits
• 8-KChange of directors or officersFiled October 22, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 29, 2026 · vmc-20260630
• 8-KEarnings releaseFiled July 29, 2026 · Press release and exhibits
• 8-KOther company newsFiled July 27, 2026 · Read it on sec.gov
• 8-KChange of directors or officers and Shareholder vote resultsFiled May 11, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 29, 2026 · vmc-20260331
• 8-KEarnings releaseFiled April 29, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 1396009)

• 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.

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. Read more

Yield at the current rate

0.7% (current annual rate, at today’s price)

Dividend yield

0.7% (last 12 months, at today’s price of $284.37)

Paid per share

$2.08 in the last 12 months (4 payments)

Current annual rate

$2.08 ($0.52 × 4 a year)

Payout ratio

24% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

November 9, 2026, $0.52 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 7.6% a year. From 2015 to 2025, the dividend grew by about 17.2% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.