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Sep 30, 2025
Vulcan Materials Q3 2025 Earnings Report
Vulcan Materials posted strong Q3 2025 results, with double-digit revenue growth, margin expansion across all segments, and record earnings driven by robust aggregates performance.
Key Takeaways
Vulcan Materials delivered a strong third quarter with $2.29 billion in revenue and $375 million in net income. Aggregates shipments rose 12%, driving higher margins and record profitability. Adjusted EBITDA grew 27% with margin expanding to 32.1%.
EPS reached $2.83; Adjusted EPS was $2.84, up from $2.22 YoY
Net income increased to $375 million, compared to $208 million a year ago
Revenue rose to $2.29 billion, up from $2.00 billion in Q3 2024
Adjusted EBITDA margin expanded to 32.1% from 29.0% last year
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Vulcan raised its 2025 Adjusted EBITDA guidance to $2.35–$2.45B, citing strong aggregates performance and improving public and private construction demand heading into 2026.
Positive Outlook
- Raised full-year Adjusted EBITDA guidance to $2.35B–$2.45B
- Aggregates shipments expected to grow 3% YoY for full year
- Improving demand from both public and private nonresidential markets
- Aggregates pricing remains healthy with mid-single digit growth outlook
- Sale of downstream assets to generate redeployable capital
Challenges Ahead
- Concrete and asphalt businesses still affected by regional softness
- Higher SAG expenses driven by incentive and acquisition-related costs
- Prior-year comparison includes goodwill write-off masking YOY growth
- Increased capital expenditures pressuring near-term cash flow
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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