Vulcan Materials Co (Holding Co)

Latest Results (28.08.2026):

Vulcan Materials Co (Holding Co) — second quarter 2026: Vulcan reported solid Q2 2026 results driven by aggregates execution, with total revenues of $2,155.8 million, net earnings attributable to Vulcan of $323.4 million (diluted EPS $2.47) and adjusted EBITDA of $654.0 million. Management highlighted strong aggregates unit profitability (cash gross profit per ton), active portfolio actions, continued share repurchases and a reaffirmed full‑year Adjusted EBITDA outlook of $2.4–$2.6 billion.

Summary financials

Total revenues were $2,155.8M in Q2 2026 (vs. $2,102.4M Q2 2025). Gross profit was $625.5M. Net earnings attributable to Vulcan were $323.4M (diluted EPS $2.47); adjusted diluted EPS from continuing operations was $2.59. Adjusted EBITDA was $654.0M (adjusted EBITDA margin 30.3%, down modestly from 31.4% a year ago).

Aggregates performance (core business)

Aggregates remained the performance driver: segment gross profit of $567.3M and segment cash gross profit of $720.1M. Freight‑adjusted sales price rose to $22.97/ton (reported +4% year‑over‑year; 5% on a mix‑adjusted basis) while shipments were up ~1% year‑over‑year (59.9 in Q2 2026 vs 59.3 in Q2 2025). Cash gross profit per ton improved to $12.02 (from $11.88).

Costs and margins

Freight‑adjusted unit cash cost of sales increased ~7% ($0.72/ton) versus prior year; excluding higher diesel fuel costs, cash cost rose ~3%, underscoring ongoing cost management. SAG expense was $141M (down 2% year‑over‑year and ~30 bps lower as a percent of revenue at 6.6%).

Capital allocation and cash flow

Q2 capital expenditures were $176M. The company returned $318M to shareholders in the quarter via $250M of share repurchases and $68M of dividends. Six‑month operating cash flow remained robust, supporting investments and returns.

Balance sheet and leverage

As of June 30, 2026 total debt to trailing‑12‑month Adjusted EBITDA was 1.9x (below the Company target range of 2.0–2.5x); net debt to TTM Adjusted EBITDA was 1.7x. Cash and restricted cash totaled $288.7M. ROIC (TTM) improved to 16.1% (up ~20 bps year‑over‑year).

Portfolio actions and other items

Completed the divestiture of California ready‑mixed concrete operations in early June 2026; acquired a southern Colorado quarry and a Dallas‑Fort Worth rail yard to expand aggregates reach and distribution. Prior divestiture of Houston asphalt/construction business occurred in Q4 2025.

Outlook

Management reaffirmed 2026 Adjusted EBITDA guidance of $2.4–$2.6 billion (midpoint $2.5B), citing supportive construction market fundamentals, expected volume growth from large/public projects, and focus on compounding aggregates unit profitability to drive cash generation.