10-Q · July 29, 2026
Vulcan delivered 3% second-quarter revenue growth to $2.156 billion and increased GAAP diluted EPS to $2.48 from $2.42, driven by aggregates price growth and modest shipment growth. However, gross margin declined to…
Earnings analysis · 10-Q
VMC earnings analysis
Filed October 29, 2026 · Our reading of the company's report
The latest report
Vulcan reported third-quarter revenue of $2,184.6 million and diluted EPS of $2.80, below the provided consensus estimates of $2,238.9 million and $2.83, respectively, but both improved sequentially from $2.16 billion…
Read full summary
Vulcan reported third-quarter revenue of $2,184.6 million and diluted EPS of $2.80, below the provided consensus estimates of $2,238.9 million and $2.83, respectively, but both improved sequentially from $2.16 billion and $2.48. Pricing and operating execution remained supportive, with a 32.3% Adjusted EBITDA margin and $11.95 of aggregates cash gross profit per ton despite lower shipments and energy inflation. The filing reiterates approximately $2.4 billion of 2026 Adjusted EBITDA and describes meaningful debt, interest-rate, and systems-implementation risks; it reports no material changes to the risk factors from the 2025 Form 10-K.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.8
What stood out
-
Revenue and EPS improved sequentially
Third-quarter revenue was $2,184.6 million, down from $2.29 billion in the prior-year quarter but up from $2.16 billion in the preceding quarter. Diluted EPS was $2.80 versus $2.82 a year earlier and $2.48 in the prior quarter.
-
Pricing supported aggregates profitability
Management reported a 32.3% Adjusted EBITDA margin and aggregates cash gross profit of $11.95 per ton, indicating continued pricing and cost execution despite lower shipments and energy inflation.
-
Share repurchases continued
The company repurchased 1,271,276 shares during the quarter at an average price of $275.31 per share; 2,592,781 shares remained available under the repurchase authorization at September 30, 2026.
-
Controls remained effective
Disclosure controls and procedures were deemed effective as of September 30, 2026, while the budgeting and forecasting phase of the enterprise performance-management implementation is expected to be completed by the fourth quarter of 2026.
What to watch
-
Debt and interest-rate exposure
Long-term debt had an estimated fair value of $4,022.6 million versus a face value of $4,440.1 million at September 30, 2026. A 1-percentage-point decline in interest rates would increase the estimated fair value of the debt by approximately $319.5 million, highlighting interest-rate and refinancing sensitivity.
-
ERP implementation execution risk
The company is deploying significant financial-system changes: significant portions of its financial systems are scheduled for deployment during the fourth quarter of 2026, with full modernization expected in the second half of 2027. The scale and timing of these implementations create execution and reporting-control risks.
-
Volume and energy-cost pressure
The quarter included lower shipments across products while management cited energy inflation as a headwind; despite those pressures, the company reported a 32.3% Adjusted EBITDA margin and $11.95 of aggregates cash gross profit per ton. Continued volume weakness or energy-cost escalation could pressure profitability.
Management's outlook
The filing does not provide numeric revenue or EPS guidance. Management reiterated a target of approximately $2.4 billion of 2026 Adjusted EBITDA and expects 2027 earnings growth with mid- to high-single-digit pricing gains; no prior outlook was provided for comparison.
Earlier filings 4
10-Q · April 29, 2026
Vulcan Materials Company (VMC) reported Q1 2026 results with revenue of $1.755 billion, exceeding prior year's $1.634 billion and analyst estimates of $1.634 billion. The diluted EPS of $1.27 also surpassed expectations…
10-K · February 19, 2026
Vulcan frames itself as an aggregates‑led, coast‑to‑coast business with 425 active aggregates facilities and 16.6 billion tons of proven and probable reserves, supporting long‑term demand in its top growth markets (top…
10-Q · October 30, 2024
Vulcan reported Q3 2024 revenue of $2,003.9 million, down $181.9 million (−8.3%) versus Q3 2023, with gross profit of $565.2 million and operating earnings of $337.1 million. Diluted EPS fell to $1.56 in Q3 2024 from…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.