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Sep 30
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
Vulcan Materials
Vulcan Materials
Vulcan Materials Revenue by Segment
Vulcan Materials Revenue by Geographic Location
Revenue by Segment
Aggregates Revenue
CapyFin.comAsphalt Revenue
CapyFin.comConcrete Revenue
CapyFin.comRevenue by Geographic Location
Consolidated Revenue
CapyFin.com 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
- Weather volatility remains a risk in key markets
Revenue & Expenses
Visualization of income flow from segment revenue to net income