Vulcan Materials Company (NYSE:VMC) released its third-quarter and year-to-date financial results for the period ended September 30, 2026, on October 29, 2026, reporting aggregates segment gross profit of $593 million and a full-year Adjusted EBITDA outlook of approximately $2.4 billion.

Key Highlights

  • Total revenues: $2,185 million in Q3 2026, compared with $2,292 million in Q3 2025.
  • Adjusted EBITDA: $707 million in Q3 2026 (margin of 32.3%), compared with $735 million (margin of 32.1%) in Q3 2025.
  • Aggregates freight-adjusted selling price: $22.84 per ton in Q3 2026, a reported increase of $0.82 per ton (4 percent) over Q3 2025.
  • Shareholder returns: $417 million returned in Q3 2026, comprising $350 million in common stock repurchases and $67 million in dividends.
  • Capital expenditures: $174 million in Q3 2026 for maintenance and growth projects.
  • Debt leverage: Total debt to trailing-twelve months Adjusted EBITDA ratio was 2.0 times as of September 30, 2026, within the company's stated target range of 2.0 to 2.5 times.
  • Full-year outlook: The company expects to deliver approximately $2.4 billion in Adjusted EBITDA for full-year 2026, according to the filing.

Vulcan Materials Third-Quarter 2026 Operating and Financial Review

According to the filing, Vulcan Materials reported Q3 2026 total revenues of $2,185 million and gross profit of $593 million in the aggregates segment, equal to $9.46 per ton. Cash gross profit in the aggregates segment was $750 million, or $11.95 per ton. Aggregates shipments were 62.7 million tons in Q3 2026, down 3 percent from 64.7 million tons in Q3 2025. The company attributed the prior-year comparison in part to favorable weather conditions in that period following a slow start to the construction season.

The filing disclosed that freight-adjusted unit cash cost of sales increased 7 percent, or $0.72 per ton, over the prior year, with energy cost headwinds cited as the primary driver. Excluding the impact of higher diesel fuel costs, cash cost of sales increased 3 percent. Net earnings attributable to Vulcan for Q3 2026 were $362 million, compared with $375 million in Q3 2025. Selling, Administrative and General expense was $137 million, 6 percent lower than the prior year and 6.3 percent of total revenues. On a trailing-twelve months basis, return on average invested capital was reported as 15.9 percent.

The company disclosed completion of two bolt-on acquisitions during Q3 2026 described as enhancing its position in Tennessee and expanding its reach into southern Ohio. For non-aggregates segments, the filing reported Q3 2026 non-aggregates gross profit of $72 million and noted that asphalt gross profit margin was 17 percent, while concrete gross profit margin expanded to 9 percent. Prior-year comparisons were affected by divestitures: the Houston asphalt and construction business was divested in Q4 2025, and concrete assets in California were divested in Q2 2026. Regarding the 2027 outlook, the filing contains forward-looking statements from management, which are subject to the company's cautionary language and numerous risks and uncertainties disclosed in the filing.

What Was Disclosed

Vulcan Materials filed Q3 2026 earnings disclosing revenues of $2,185 million, Adjusted EBITDA of $707 million, two bolt-on acquisitions in Tennessee and southern Ohio, $417 million in shareholder returns, and a full-year 2026 Adjusted EBITDA target of approximately $2.4 billion.