Vulcan misses Q3 profit estimates, sees 2026 EBITDA near $2.4 billion

Vulcan Materials Company (VMC) said on Oct. 29 that third-quarter adjusted earnings were $2.83 per share, below the $2.95 consensus estimate compiled by Finnhub. Revenue was $2.18 billion, also below the $2.27 billion estimate.

The company, a supplier of construction aggregates including asphalt and ready-mixed concrete, reported the results for the quarter ended Sept. 30 in a press release furnished with its 8-K.

Here's how the company did:

• Adjusted EPS: $2.83 vs. $2.84 a year earlier; $2.95 expected, according to Finnhub
• GAAP diluted EPS: $2.80 vs. $2.82 a year earlier
• Revenue: $2.18 billion vs. $2.29 billion a year earlier; $2.27 billion expected, according to Finnhub
• Adjusted EBITDA: $706.7 million vs. $735.2 million a year earlier

Chief Executive Officer Ronnie Pruitt said, "Our results this quarter reflect disciplined operational execution across our entire organization." He pointed to a dynamic environment marked by energy inflation.

For the first nine months, adjusted EPS was $6.76 against $6.29 a year earlier, and revenue was $6.10 billion against $6.03 billion. Net cash provided by operating activities was $971.0 million, down from $1,270.0 million.

Segment results

Aggregates shipments fell 3% from a year earlier, to 62.7 million tons. Freight-adjusted selling prices rose to $22.84 per ton from $22.01. Aggregates cash gross profit was $750 million, or $11.95 per ton, up from $11.84 per ton a year earlier.

Asphalt gross profit margin was 17%, despite lower shipments and higher liquid asphalt costs. Concrete gross profit margin expanded to 9%. The prior-year quarter included the Houston asphalt and construction business, which was divested in the fourth quarter of 2025.

Costs and capital returns

Selling, administrative and general expense was $137 million, 6% lower than a year earlier. In the quarter, the company returned $417 million to shareholders through $350 million of common stock repurchases and $67 million of dividends.

The company completed two bolt-on acquisitions in Tennessee and southern Ohio during the quarter. The filing does not disclose their prices. As of Sept. 30, the ratio of total debt to trailing-twelve-month Adjusted EBITDA was 2.0 times, within its target range of 2.0 to 2.5 times.

2026 guidance

The company expects approximately $2.4 billion in Adjusted EBITDA for the full year. That compares with the $2.4 billion to $2.6 billion range it gave on July 29.

Pruitt said, "Despite significant energy headwinds, we are preserving our Adjusted EBITDA margin and expanding unit profitability in aggregates."

For 2027, the company expects to keep expanding aggregates cash gross profit per ton, with mid- to high-single digit pricing gains, Pruitt said.