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Dec 31, 2025
Vulcan Materials Q4 2025 Earnings Report
Vulcan Materials reported higher revenue in the fourth quarter of 2025, with continued pricing strength in aggregates but lower earnings and margins year over year.
Key Takeaways
Vulcan generated $1912600000 in Q4 2025 revenue, with net earnings attributable to Vulcan of $252000000 and Adjusted EBITDA of $518000000. Aggregates shipments increased to 55100000 tons, supported by pricing growth, while margins declined compared to the prior year.
Total revenue increased to $1912600000 in Q4 2025.
Net income attributable to Vulcan was $252000000.
Aggregates shipments rose to 55100000 tons with higher average pricing.
Adjusted EBITDA was $518000000 with a 27.1% margin.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For 2026, Vulcan expects continued earnings growth supported by aggregates demand and pricing strength, with projected Adjusted EBITDA between $2400000000 and $2600000000.
Positive Outlook
- Projected Adjusted EBITDA between $2400000000 and $2600000000.
- Expected total shipments growth of 1% to 3%.
- Freight-adjusted price improvement of 4% to 6%.
- Continued improvement in aggregates cash gross profit per ton.
- Strong public construction demand outlook.
Challenges Ahead
- Low-single digit increase in freight-adjusted unit cash cost expected.
- SAG expense projected to increase to $580000000–$590000000.
- Interest expense expected around $225000000.
- Capital expenditures projected at $750000000–$800000000.
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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