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Vulcan Materials produces, distributes, and sells construction materials. The company, which operates over 400 facilities, is the nation’s largest producer of aggregates—primarily crushed stone, sand, and gravel—and is a major producer of aggregates-based construction materials, such as asphalt and ready-mixed concrete.

Q2 2026

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Q2 2025

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Q4 2024

Vulcan Materials (VMC): Company Profile, Stock Price, News, Rankings

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Vulcan Materials

vulcan materials

Good morning. Welcome everyone to the Vulcan Materials Company Second Quarter twenty twenty five Earnings Call. My name is David and I'll be your conference call coordinator today. Please be reminded that today's call is being recorded and will be available for replay later today on the company's website. All lines have been placed in a listen only mode.

After the company's prepared remarks, there will be a question and answer session. Now, I will turn the call over to your host, Mr. Mark Warren, Vice President of Investor Relations for Vulcan Materials. Mr. Warren, you may begin.

Thank you, operator. With me today are Tom Hill, Chairman and CEO and Mary Andrews Carlisle, Senior Vice President and Chief Financial Officer. Today's call is accompanied by a press release and a supplemental presentation posted to our website, bulkmaterials.com. Please be reminded that today's discussion may include forward looking statements, which are subject to risks and uncertainties. These risks, along with other legal disclaimers, are described in detail in the company's earnings release and in other filings with the Securities and Exchange Commission.

Reconciliations of non GAAP financial measures are defined and reconciled in our earnings release, supplemental presentation and other SEC filings. During the Q and A, we ask that you limit your participation to one question. This will allow us to accommodate as many as possible during our time we have available. And with that, I'll turn the call over to Tom.

Thank you, Mark, and thank all of you for your interest in Vulcan Materials Company. I'm very proud of how our talented teams are delivering results. They exhibit their commitment to continuous improvement through consistent execution of our strategic disciplines. Most importantly, they are doing so while keeping one another safe. Both our safety and financial performance through the first half of the year has been outstanding despite a challenging operating environment.

Extreme temperatures early in the year and excessive rainfall in the second quarter have all contributed to lower same store to date shipments across all product lines. Nonetheless, our adjusted EBITDA has improved 16%. Margins have expanded two sixty basis points and aggregates cash gross profit per ton has grown 13%. Our two pronged growth strategy to improve earnings through compounding profitability in our organic business and adding strategic assets to our portfolio is clearly working. In the quarter, we generated $660,000,000 of adjusted EBITDA, a 9% improvement over the prior year despite lower aggregate shipments.

Rainfall in the Southeast notched ten year records in many key bulk of states namely Georgia, Tennessee, Alabama and the Carolinas disrupting both our aggregates and asphalt businesses in these markets. Aggregates shipments were impacted by an estimate 2,000,000 to 3,000,000 tons in our most profitable markets. Still, our reported cash gross profit per ton expanded an impressive 9%. Our teams executed particularly well on our Vulcan web operating disciplines to navigate the challenging operating environment, drive plant efficiencies and tightly control operating costs. Freight adjusted unit cash cost of sales increased only 1.5% while remaining lower on a year to date basis.

Price improvements was geographically widespread and freight adjusted average selling prices improved 5%. On a mix adjusted basis, average selling prices improved 8%. The difference was the anticipated impact of recent acquisitions and unfavorable geographic mix due to weather impacted shipments in our attractive Southeast markets. Consistent pricing discipline coupled with operating execution are yielding attractive unit profitability growth as we move into the back half of the year. Let me share a few other thoughts about the second half.

Residential construction activity which accounts for about 20% of our shipments remains weak with persistent affordability challenges across most of The U. S. Markets. Starts and permits for single family housing continue to accelerate. However, multifamily starts are showing signs of improvement with over half of our markets having turned positive on a trailing three month basis.

This improvement should begin to help offset the weakness in single family activity. In private non residential construction, higher rates for longer and macro uncertainty have been weighing but we are beginning to see several signs of recovery. With growth in data center activity and moderating declines in warehouse and other private non residential categories trailing three months starts have turned positive. This is an encouraging sign that private non residential demand will soon begin to grow. Data centers remain a bright spot.

We are currently serving a number of data center projects and actively discussing green lit projects totaling over $35,000,000,000 We're beginning to hear discussions of supporting power generation projects in areas with a heavy exposure to data centers. Nearly 80% of data center activity in the planning stage is within 30 miles of Vulcan operation. On the public side, trailing twelve months highway contract awards in Vulcan markets have accelerated meaningfully. They were modestly down a year ago and were up over 20% at the June. IIJ funding is continuing to benefit both highways and other public infrastructure activity and we still have over 60% of the dollars yet to be spent.

Importantly, the improvements we're beginning to see in both private and public demand environment are translating into accelerating bookings and growing backlogs to support volume growth in the back half of this year and into 2026. Therefore, we continue to expect to deliver between $2,350,000,000 and $2,550,000,000 of adjusted EBITDA. Now I'll turn the call over to Mary Andrews for some additional commentary on our results and revised outlook. Mary Andrews?

Thanks, Tom, and good morning. Over the last six months, our year over year trailing twelve months aggregate rate adjusted unit cash cost of sales has improved nearly 600 basis points from 10% to 4%. The focus of our operating teams on utilizing our process intelligence system and other welcome way of operating tools to drive plant efficiencies is contributing to the attractive expansion in our aggregates cash gross profit per ton, even in a lower volume environment. The solid operating performance through the first six months of this year drove a 58 improvement in operating cash flow. And free cash flow on a trailing twelve month basis surpassed $1,000,000,000 This attractive cash generation coupled with our consistent disciplined capital allocation will enable us to continue to drive long term value creation for shareholders.

Through the first six months, we reinvested $2.00 $7,000,000 in maintenance and growth capital expenditures, returned $169,000,000 to shareholders through dividends and share repurchases and retired $400,000,000 of debt. Our return on invested capital at June 30 was 15.9%. At quarter end, we reclassified $550,000,000 of commercial paper borrowings from long term to short term debt, reflecting the likelihood that we will use some of the discretionary cash generation in the second half to repay those balances. Doing so will reduce our interest expense while maintaining the flexibility to reissue at any time to opportunistically capitalize on growth opportunities. At June 30, net debt to trailing twelve months adjusted EBITDA leverage was 2.1 times.

Given the cold and wet start to the year that slowed spending timelines on some projects, we now expect full year maintenance and growth capital expenditures of approximately $700,000,000 with an acceleration of spending in the second half of the year. Our trailing twelve month SAG expenses of $550,000,000 were flat to the prior year and 10 basis points lower as a percentage of revenue. Year to date expenses of $283,000,000 were in line with our expectations. As Tom said, we are reaffirming our full year adjusted EBITDA guidance of $2,350,000,000 to $2,550,000,000 Double digit year over year shipments thus far in July, the exceptional execution of our teams in the first half of the year and the improving private and public demand backdrop, all give us confidence in an accelerating second half of the year. I'll now turn the call back over to Tom to provide a few closing remarks. Thank you, Mary Andrews, and

thank you to my Vulcan teammates who delivered a strong 2025. Our trailing twelve months aggregates cash gross profit of $11.25 per ton is now over 50% higher than just three years ago when we communicated a goal of $11 or $12 per ton. This clearly depicts the durability of our aggregates lead business and our commitment to controlling what we can control to deliver consistent earnings growth for our shareholders regardless of the demand backdrop. And now, Mayor Andrews and I will be happy to take your questions. Q

A. Thank We'll take our first question from Trey Grooms with Stephens. Please go ahead. Your line is open.

Hey, good morning everyone. Thanks for taking my question. So, clearly, you all faced a heavily weather impacted first half of the year, which clearly impacted your volume and I'm sure had to hurt profitability as well to some degree. So, I guess what are you seeing or what gives you the confidence going into the second half to reaffirm your EBITDA guide for the year despite this kind of tough first half that we've been having to deal with especially due to weather?

Well, thanks for the question Trey. I think Trey ex rain I was very pleased with the quarter and the first half of the year. Volumes were down 1% in Q2 and in the first half without acquisitions down five As we've been talking about the quarter saw significant rainfall in the Southeast. And with our outsized performance in the Southeast, we were probably impacted more than most. Now that's a tough news.

For me, the good news is that even with the wet weather in Q2, cold weather in Q1, volumes down and the most impacted region being at Southeast, which houses probably our highest prices and margins, we still saw first half prices up 6% and unit margins up 13%. And for me that's really quality earnings in some tough conditions and one I think our people should be very proud of their performance in the first half. It gives us a lot of confidence for the second half because a bit of good weather in the Southeast like we saw in July will really help improve what I thought was already a really good performance. When it's dry, we're shipping strong. July had, what I call, normal weather patterns and we saw very strong shipments.

They were as Mary Drew said, were up double digit in July and that's a little bit of catch up probably in price and easy comps. But importantly, what we know is that our backlogs and our booking pace and our shipping pace are all up and would support our full year guidance of that 3% to 5%, which will have significant catch up in the second half. And we always said this will be second half loaded from perspective. I think the other thing that gives me confidence in it is that the underlying demand is there and it is improving. And so I think that we'll start to build an edge of return for the private side.

Perfect. Okay. Thanks, Tom. That's encouraging. I'll keep it to one question and pass it on. Thank you very much.

We'll take our next question from Anthony Pettitari with Citigroup. Please go ahead. Your line is open.

Last quarter, I think you mentioned maybe delays in bids translating to bookings as something that maybe you were seeing a little bit more and maybe we've seen some of that in national data. I'm just curious if that's accurate. Are you seeing project timelines stretch out or customer confidence improved? Or I'm just kind of curious how that kind of the booking timeline has trended?

Yes, good question and an important one because it's turned. Are seeing them we are seeing them get greenlit, they're going. That's what's also building our booking pace and our backlog. So I think we've seen the trend in that.

Okay. Is specific to private commercial or public or are you seeing it across end markets or I

think you're seeing it across all end markets. The one I would call out that we're not seeing it across would be single family. But as we talked about the backlogs and booking pace and starts on the public side is very strong and it continues to improve on the private side in all sectors except for single family.

Okay. That's very helpful. I'll turn it over.

We'll take our next question from Kathryn Thompson with Thompson Research Group. Please go ahead.

morning and thank you for taking my question this morning. Just tagging on the infrastructure question, you talked about the acceleration of dollars flowing out. How much of this when you look there are certain key states like Florida with the moving Florida initiative, which is $4,000,000,000 and then Tennessee's Modernization Act, which added another $3,300,000,000 to DOT funding. Is it these types of states that have these big initiatives and you're starting to see dollars flow through? Or is it other types of projects that are more related to IJA and just seeing a more delay than those? Or is it a combination of all the above?

Yes, it's all of the above. And the capital spending to you as you pointed out in all of our Southeastern states, in fact all of our biggest states are up and up considerably. That is coupled with IIJ funding. I think you're seeing both of them come together along with some local funding that's been increasing over the last three or four years. So I think what we're seeing in the highway work is demand is very strong and getting better.

We're seeing this in lettings. We're seeing bookings. We're seeing backlogs. Remember a year ago, the contract awards were down 2%. Now contract awards are up 22%.

And so we're also seeing this in our shipments. We saw it in July. We really feel the impact in 2026. And this kind of growth in public demand should be a strong catalyst for 2026 pricing because it's so visible. And so that gives you that visibility of future work, which really helps pricing.

Okay. And you said that contract awards are up 22%. Is that for bulk and serve states or is that more a national number?

Just to put it perspective bulk and serves that is highway for bulk and serve states.

And Catherine, I think one of the things we're pleased to see is that shift from as Tom commented down a year ago to significantly up is distinctly different in Balkan states versus other states where the awards have actually decelerated some.

Thanks. We'll take our next question from Brian Brophy with Stifel. Please go ahead.

Hello, this is Andrew on for Brian. Thank you for taking my question.

I just had a question on CapEx. It looks like it took a step down in the quarter. I'm wondering if there's any particular drivers of that? And then are there any changes to how you're thinking about CapEx for the full year? Yes.

So the CapEx in the first half being lighter than what we anticipate for the full year was really due to the slow start with the weather, It's harder to get project timelines going. We do expect now that CapEx for the full year will be about seven hundred million dollars which is a bit lower than our original guide of $750,000,000 to $800,000,000

Thank you. We'll take our next question from Steven Fisher with UBS. Please go ahead.

Hi. Thanks for taking the question. So obviously, cost performance in the quarter. And I'm just curious what your visibility is to the increases in the second half of the year and maybe what you experienced in July with the real kind of question around do you think you'll be able to be back growing cash gross profit per ton by double digits in Q3?

Yes. So I look at cost, we would call it towards trending towards or guiding towards the low end of our guidance. The cost in the first half was down 1%, up 1% in Q2. I thought that was a really excellent operating performance. That's really hard to do when you have that kind of rain.

So great performance by my operators. Their safety record was also record setting. So thanks and congratulations to all of them. Really what they're really doing is to your point is helping us take that price to the bottom line. Our to that point, our gross margins for aggregates was up 200 basis points and it was up to 42.7% in Q2.

So again, in spite of rain reduced volumes in the Southeast and extremely wet quarter, I thought our folks should be very proud of, but not only the cost performance, but the unit margin performance. What it's telling me is that the Vulcan way of operating is making a difference. We got a long ways to go on that, but we should see that improving. And also to your point, we're just able to take all the price to the bottom line.

Yes. I mean, you look at the quarter, with our price being up over $1 per ton, dollars 1.11 and being able to take $0.95 of that to the bottom line and cash gross profit per ton was just a great performance, and we think that we'll carry that momentum into the back half.

Yes. And remember, this is in reduced volumes. The volume leverage that we're as the volumes go up will really help us with that and really push help push those unit margins up.

We'll take our next question from Keith Hughes with Truist. Please go ahead. Your line is open.

Keith. Thank you. Thanks for taking the questions. I guess on the non residential comments, some of the more bullish that I've heard. When do you think that would turn into volumes for you? Is that a 26 story or what's the view?

We'll feel a little bit of it in the second half. I think it is probably more of a 26 volume just because you got a delay in those projects. But we're I mean, I think we're starting to see that. We are definitely seeing in our backlogs and we're starting to see a little bit of it in shipments, but I think it's more of a 26 play, 27 play. We've been anticipating a recovery in non res.

Now I think we're starting to see signs of return. The data centers are accelerating quickly. We're seeing some green shoots in warehouses and we're seeing some green shoots in traditional like non res, which we think is at the bottom. Our backlogs in non res are up and support that are encouraging comments. So I think we're encouraged about it.

Let's hope that momentum continues, but it sure appears it's going to.

And final question in the guide, what are you thinking about second half for aggregate pricing?

I think that we keep it we keep on with the momentum. I think we'll be impacted some because the highway sector is so strong right now, which has a larger portion of base, which is a cheaper product, but it's also a cheaper product to make. So I would point you to I feel good about the unit margins and I feel good about our momentum in pricing, but that sequential will be a little bit less than prior year because of product mix because of the heavy highway sector.

Yes. One of the things I would tell you I add to that was I thought that when it came to pricing, we were really strong in the acquisitions both on the East Coast and the West Coast. We got all we had planned in January and I think we got all we planned in mid years, which will help us because as you can see the mix has been a drag on us.

We'll take our next question from Ivan Yi with Wolfe Research. Please go ahead.

Yes. Hi. Good morning. Thanks for taking my question. First, roughly what percent of your aggregates move on the rails?

And I guess I just want to get your initial thoughts on the proposed Union Pacific, Norfolk Southern merger. What impact would this have? Would you support or oppose the transaction? Thank you.

I don't know that it has any impact on us. We're customers of both those railroads, but with the way aggregate shipments move, you're not going to commingle those. So I see much of an impact for us. In other words, what we ship now, we're not a long hauler. So we're shipping to a market which is within each one of those railroads not changing carriers.

We'll take our next question from Angel Castillo with Morgan Stanley. Please go ahead. Your line is open.

Angel. Hi, good morning. Hi, how's it going? Thank you for taking my question. Just this is a bit of a multi part one, but just wanted to get a better sense of, you mentioned the bid to bookings conversions starting to improve here and sounds like, some of that is just again an inflection point, but curious what are you seeing change confidence?

Is it the tax bill? And then as you kind of respond to that, I guess just curious, it sounds like you're also still seeing some deferrals and delays. So are those also still at maybe a little bit elevated levels or are you seeing inflection there where those are no longer kind of occurring?

I missed the second half of your question, I'm sorry.

Yes, just curious, as we think about that change in the bit kind of bookings, it sounds like you are still seeing some deferrals and delays of projects that maybe make the volume inflection more of a six story. So just curious is that also improving in terms of the number of kind of deferrals or delays and just we think about kind of the speed at which we can see these awards start to turn to real volumes?

Yes. So I don't think we're seeing I think the deferrals and delays have come to pass. We're seeing those jobs start. And so I think while that will build for 2026 just because our backlogs are building, I think we're going to feel that in the second half. Where is that?

As a pretty broad spread, the highway and infrastructure work is very good. That is that all that money to IJ and the state funding and local funding going to work. And so that we will definitely feel in the second half of twenty twenty five and into 2026. Data centers are good and growing. We're shipping a number of them right now and have said there's $35,000,000,000 of green lit projects that haven't they're going to go, but we're not feeling them at this point.

Those are heavily in our markets on as I said on non res warehouses are we think are turning. So that will help us like res we think is bottom that will help us. And then we haven't talked about but on multifamily residential we've gone into growth mode in three months starts. I think we're up 17%. So the one we're struggling right now is single family, not overbuilt.

So at some point in time, it will turn, but we haven't seen signs of that at this point.

Yes. I think, Angela, overall, there was just a bit of a post Liberation Day law that we seem to really be passed now and trailing three months contract awards and private non res have turned positive. So that to us is encouraging that we've moved past some of that uncertainty.

We'll take our next question from Phil Ng with Jefferies. Please go ahead. Your line is open.

Hey, guys. Tom, you sounded pretty bullish on the pace of the infrastructure side of things. I think coming into the year there was probably an expectation for infrastructure to call it be up mid single digits. Now given what you're seeing is the is that still a good way to think about it? And does that rate of growth perhaps even accelerate more in 2026 and beyond?

I would tell you what as I said, what we're seeing is just that money going to work and the DOT's ability to get more work out, I think is maturing. I do think that, as I said, we see the upswing in 2025. I think we see it grow even more into 2026 and it wouldn't surprise me to see it go more into 27%.

Okay. That's helpful. And in your downstream business, appreciating it's a smaller part of your business. It was a little softer than I would have thought. How much of that is weather related dynamic and ready mix I would imagine is more tied to housing perspective.

Has your outlook in terms of your profitability in your downstream business changed from the start of the year?

Phil, you're right. The first half was impacted really by the weather in our asphalt business in Tennessee and Alabama and the softer private demand did weigh on ready mix. I think overall in asphalt, we saw price improvement and the lower liquid helped offset the lower volume in the quarter. So I think a pretty solid performance there. The good news is we've seen a good recovery already in July shipments where we were weather impacted.

And I think the accelerating public demand and a little bit lower liquid level versus what we'd initially anticipated all bode well for the back half in asphalt. And then in ready mix, we certainly have some ground to make up, but we saw price improvement, unit margin improvement even with the lower volumes, some of that in part to the quality of that recent Southern California acquisition. But we're encouraged and ready mix by some of the positive signs on the private side that Tom was just talking about and still think we have a shot at some improvement in the back half.

We'll take our next question from Garik Shmois with Loop Capital. Please go ahead. Your line is open.

Great. Thanks. I had a question on aggregates pricing. How should we think about mid year increases this year? Tom just spoke a little bit to traction on acquired markets.

Just wondering how widespread the mid years were. And then also on the mix side, I appreciate the product mix headwinds with more base, but I'm wondering about geographic mix, especially with the Southeast snap stack here as it has in July. How does that impact pricing in the second half of the year?

Yes. So on mid years, I'd call it some products in some markets which is not that unusual. Everybody wants it to have an impact on same year as we'll say it have a little bit of impact on '25, but it's really a '26 play and it's really trying to set you up for '26 price increases. So it's more tailwind for '26. As I said, I was very pleased with the pricing we got on both in North Carolina and in California on acquisitions.

They're behind and we'll quickly get them up to Vulcan standards, but that's going to take a little while. And as you saw in the mix, was a big a part of the difference in reported and mix. The other part to your point was the Southeast, where our volumes were hit hard with record rainfall in a number of our key states. I think that the fact that we performed as well as we did in the first half based on mix and based on challenging conditions gives me a lot of confidence with the second half where I think we'll see better volumes and that we can continue that momentum and we carry a lot of that into 2026. So I think while we've had a challenge from outside forces, I thought our internal performance was quite disciplined and done quite well.

Yes. And Gerrick, I think we will see some modest sequential growth, but it really will just come down to geographic mix and product mix and where those land. What's important to us mostly is just the underlying pricing momentum with the 8% mix adjusted in the quarter and how strong that remains?

Vulcan Materials (VMC) Q2 2025 Earnings Call Transcript

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