With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Industries included in the sector are building materials, forest products, metals, and packaging.

Fortune Sector Leaders: Materials

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

This year’s Fortune 500 marks the 68th running of the list.

This year’s Fortune 500 marks the 67th running of the list.

This year's Fortune 500 marks the 66th running of the list.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune 500 marks the 62nd running of the list.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Key Financials (last Fiscal Year)

Revenues ($M)

Profits ($M)

Assets ($M)

Total Stockholder Equity ($M)

Profit Ratios

Profit as % of Revenues

Profits as % of Assets

Profits as % of Stockholder Equity

Earnings Per Share (last Fiscal Year)

Earnings Per Share ($)

EPS % Change (from prior fiscal year)

EPS % Change (5 year annual rate)

EPS % Change (10 year annual rate)

Total Return

Total Return to Investors (last year)

Total Return to Investors (5 year, annualized)

Total Return to Investors (10 year, annualized)

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.

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Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

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

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Vulcan Materials

vulcan materials

Good morning everyone. Welcome to the Vulcan Materials Company third quarter 2025 earnings call. My name is Bo and I will be your conference call coordinator today. Please be reminded that today's call is being recorded and will be available for replay after today's call 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 Company. Please go ahead, sir.

Thank you, operator. Joining me today are Tom Hill, Chairman and CEO, Ronnie Pruitt, Chief Operating Officer, and Mary Andrews Carlile, Senior Vice President and Chief Financial Officer. Today's call is accompanied by a press release and a supplemental presentation posted to our website, vulcanmaterials.com. Please be advised 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&A, we ask that you limit your participation to one question. This will allow us to accommodate as many as possible during the time we have available. With that, I'll turn the call over to Tom.

Thank you, Mark, and thank all of you for joining our call this morning. Mary Andrews Carlisle and I are happy to have Ronnie joining us today as we discuss the third quarter results and what lies ahead for the remainder of 2025 and moving into 2026. The third quarter financial results clearly demonstrate the consistent, solid execution of our teams across the footprint. Gross margin and unit profitability expanded in each segment, and adjusted EBITDA margin expanded 310 basis points. Adjusted EBITDA of $735 million improved 27% compared to the prior year. Thankfully, this year we were not confronted with the same extreme weather events as the prior year. Aggregate shipments increased 12% in the quarter, resulting in 3% higher shipments on a year-to-date basis. Aggregates cash gross profit per ton grew 9% in the quarter through a combination of commercial and operational execution.

As anticipated, the prior year acquisitions and a higher percentage of base shipments contributed to 150 basis points of mix. Headwinds in our aggregate freight-adjusted selling price, mix-adjusted pricing improved 5% in the quarter and 7% on a year-to-date basis. Our Vulcan Way of Operating efforts continue to benefit our cost performance. Aggregates freight-adjusted unit cash cost of sales was 2% lower than the prior year in the third quarter. I'm proud of the way our operators are adopting new tools and disciplines to drive plant efficiencies, and I'm excited about the runway ahead for continued profitability improvements, especially as private demand recovers. Currently, strong momentum continues in public construction activity. The private non-residential end use is improving, while residential demand remains weak since there has been little relief in affordability to date. Single-family housing starts and permits continue to decelerate across most U.S. markets.

With our leading footprint, we are confident we are in the right markets to benefit from an eventual single-family residential recovery. In multifamily residential end use, current data is more varied across geographies. Some states are already showing growth in starts, which should begin to help offset weakness in single-family activity. Private non-residential construction activity is improving. Overall starts in our markets are positive on a trailing six-month basis. Data center activity remains robust with approximately 60 million square feet under construction and another 140 million square feet proposed and in the planning stages. Nearly 80% of data center projects in the planning stage are within 30 miles of a Vulcan operation. For both data centers and large project opportunities like LNG, which are also gaining momentum, Vulcan is in the right markets and well positioned to supply these projects and help create value for our customers.

The same is true on the public side. Growth in public contract awards in our markets continues to outpace other markets. Trailing 12-month awards are up 17% year over year in our footprint, and importantly, there's a long tail to public strength since approximately 60% of the IIJA funds are still yet to be spent. Given shipment trends year to date, coupled with the demand I just described, we now anticipate full year shipments to increase approximately 3%, yielding full year adjusted EBITDA of $2.35 to $2.45 billion, a 17% increase over the prior year at midpoint. Now I'll turn the call over to Ronnie to discuss our continued execution of our aggregates-led two-pronged growth strategy. Ronnie.

Thank you, Tom, and good morning. Over the last 24 months as Chief Operating Officer, I've been highly focused on growing the profitability of our existing business in addition to shaping our portfolio for optimal future growth. In the third quarter, our trailing 12 months aggregate cash gross profit per ton was $11.51, 27% higher than just two years ago. Our commitment to the Vulcan Way of Selling and the Vulcan Way of Operating has supported this growth. Our organic growth, coupled with disciplined M&A and portfolio management, positions us well to continue compounding results and creating value for shareholders. In early October, we completed the disposition of our asphalt and construction services assets. We believe that these downstream positions that we strategically built over time are now more valuable to the acquirers than to us, and we will redeploy the proceeds into attractive growth opportunities in the future.

I'll now pass the call to Mary Andrews Carlisle to provide some additional details on our financial results and capital allocation before we share some of our preliminary views about next year.

Thanks Ronnie and good morning. The aggregates unit profitability improvement that Ronnie and our division teams are driving each day is foundational to our cash generation, overall growth, and return on invested capital. Over the last 12 months our free cash flow has increased by 31% to over $1 billion and our conversion is 94%, complementing our free cash flow with incremental debt of $1 billion. We have grown our franchise through over $2 billion of acquisitions and returned approximately $300 million to shareholders through dividends and share repurchases, all while maintaining our adjusted EBITDA leverage ratio just below our targeted range of 2 to 2.5x and improving our return on invested capital by 40 basis points. We are poised for additional profitable growth. We also continue to prioritize reinvesting in our franchise.

Year to date we have deployed $442 million toward maintenance and growth capital expenditures and plan to spend approximately $700 million for the full year. Our trailing 12 months SAG expenses were $566 million and consistent with the prior year's trailing 12 months as a percentage of revenue at 7.2%. We are pleased with the results. Our investments in technology and talent earnings are yielding in the business. I'll now turn the call back over to Ronnie to provide some preliminary thoughts on 2026 before Tom makes some closing remarks.

Thank you, Mary Andrews Carlisle. Tom shared earlier our views on the current demand environment, and we anticipate those trends to continue into next year. Consistent growth in public, improving private non-res, and lingering softness in residential overall. We expect organic shipments to return to growth in 2026 and improve modestly year over year. We also anticipate mid-single-digit pricing improvement. We will maintain our focus on efficiency gains and cost discipline through our Vulcan Way of Operating efforts to continue to deliver expansion in aggregate cash gross profit per ton that exceeds historical averages. Before I turn the call back over to Tom, I would like to express my gratitude for the opportunity to lead this organization and leverage the strong foundation Tom has built over the last decade. He has cultivated a culture of continuous improvement and created meaningful value for our shareholders.

I'm excited about what lies ahead, and I'm confident Vulcan Materials Company will continue to deliver. Tom, back over to you.

Thank you, Ronnie. I want to thank all the men and women of Vulcan Materials for living out the Vulcan Way each and every day, doing the right thing the right way at the right time. Our safety and financial performance are evidence of their commitment to excellence and to continuous improvement. We are ready to finish the year strong and to continue our long track record of durable growth as we move into 2026. Mary Andrews, Ronnie and I will be happy to take your questions.

Thank you very much. Ladies and gentlemen, at this time, if you would like to ask a question, please press Star one, and you may remove yourself from the queue at any time by pressing Star two. Again, we do ask that you please limit yourself to one question so we can get to as many questions as possible. We'll go first this morning to Trey Grooms with Stephens Inc.

Hey, good morning, everyone. Hey, Tom. First, I want to say congratulations, Ronnie, on your new role.

It has been a pleasure working with you, Tom.

Sure. Ronnie, maybe if you could highlight some of your top priorities that you have for the Vulcan Materials team here as you take the reins and transition into your new position.

Sure. Thanks, Trey, for the question. First and foremost, I'm going to continue to build on the culture that Tom has grown through his leadership of Vulcan. Our culture is based on safety, which is our foundation. Our people own and drive our results. Our strategic approach will continue to focus on enhancing our core through Vulcan Way of Operating and Vulcan Way of Selling. Strategically, we'll continue to expand our reach through disciplined aggregate-centric acquisitions, as well as greenfield initiatives that are going to continue to complement our aggregate leading positions in our network.

Thank you. We'll go next now to Tyler Brown with Raymond James.

First off, congrats, Ronnie. Congrats, Tom. This quarter's volumes were obviously great, benefited from some pretty calm weather. We have the Wakestone comp, and you guys are guiding kind of towards the low end for the full year. Can you just talk about the trends into Q4?

I appreciate the look on 2026, but when you say modest improvement, can you put a finer point there? Maybe talk about some of the puts and takes in the three, call it the three big end markets.

Yeah, I think you got to look back a little bit at the third quarter before we go to Q4. Weather definitely cooperated. Third quarter volumes were up, obviously double digit. The big jump in volume was a combination of pent up demand from the first half of the year, easy comps from last year, and then importantly strong and growing public demand and improving non-residential demand. Now, Q4 weather last year was very good, so tough comps in Q4. We predict 3% volume growth for the full year. With the exception of single family construction, we see demand in other sectors getting better. I would tell you that October supported the full year guide of 3%, but Ronnie, why don't you talk a little bit about 2026.

Yeah, Tom, thanks. You know, as Tom said, I think single family will continue to be challenging until we get some of the affordability issues behind us. Public's quite strong, and as we look into public into 2026, we'll continue to see improved funding, and I think the more mature DOT execution from the states to get that money put in play. On the private non-res side, our starts have been positive in our markets for the previous six months, and as we look internally, our bidding activity, our bookings, and our backlog really support demand growth as we go into next year.

We'll go next now to Garik Shmois at Loop Capital Markets.

Congratulations to you both on your new roles moving forward. I wanted to ask, just on the pricing, both the growth in the quarter and your confidence in the outlook in 2026, it ticked down sequentially.

How should we think about pricing a little bit more detail into 2026?

Good morning. I would call pricing as expected. 5%, 150 basis points of mix in there, which we talked about last quarter. Obviously acquisitions have been a drag on prices, but pricing in those markets continues to improve. I'd call it as planned. In the quarter we had 20% more base driven by really good highway work and data centers. While base is lower price, it's also lower cost. We kept our unit margin momentum. I'm very pleased with our ability to take that price to the bottom line and then some. As you saw, costs go down in the quarter. If you look, looking forward, I think growing highway demand and improvements in non-res will support higher prices and unit margins in 2026. Ronnie, why don't you talk a little bit about 2026.

Yeah, Tom's correct. I mean, improving demand in public and private non-res will definitely support 2026 pricing. We sent out our letters in September for effective January 1. We're in the middle of having those conversations now. I've been encouraged with those conversations, and that's really around the fixed plants. 40% of our business, you know, on the bid work, our trailing three-month backlog process is showing acceleration, and most of that work will ship in next year. There is still work to be done. This, coupled with our operating performance, should still provide us with continued superior unit margin growth over historical norms.

Thank you. We'll go next now to Brian Brophy at Stifel.

Down 2% in the quarter. How much of that was Vulcan Way of Operating versus lower inflation versus volume benefits? Additionally, as you're looking at next year, do you have any preliminary thoughts on how you're thinking about inflation or the cost piece into 2026 following such a phenomenal year this year?

Thanks. Yeah, short answer. We've got no relief on inflation. I mean, things, no prices have come down, they're not going up as fast. I would really point to the Vulcan Way of Operating. If you look at the whole year, I'm very pleased with our operators' performance in our 2025 cost in the quarter and the year. We're seeing improved operating efficiencies, but still early innings of Vulcan Way of Operating. Remember, in the first half of the year we had weather issues, we had volume issues that actually hurt costs. Ronnie and his team were still able to keep the cost down in Q3. We probably had some tailwinds from efficiencies, volume, and more base sales. I think Ronnie and his operators have worked very hard at the Vulcan Way of Operating, and he should be pleased with its performance.

Yeah, thanks Tom. I know our operators will appreciate those comments. First and foremost, our safety performance is really good and it's continuing to improve. When I look at our disciplines and our investment in technology, they're working and that's the Vulcan Way of Operating. There's still improvement ahead, so we'll continue to focus on those disciplines as we get into 2026. I've got confidence in our people, our processes, our disciplines, and our technology, and I think it'll be exciting to watch the Vulcan Way of Operating as we continue to go selling as far as growing our margins. I think our margin growth will continue to be even more dependable in the future.

We'll go next to Anthony Petinari at Citigroup Global Markets.

Hi, this is Asher Sohnen on for Anthony. Thanks for taking my question and congratulations all around. You guys talked about stronger backlogs, but I was wondering if you could maybe walk through some of your key geographies and what you're seeing there.

an individual or regional basis? Yeah, actually it's pretty widespread. I can't think of any that are down at this point. Probably the healthiest is going to be the Southeast, which is a benefit for us because that's probably where the higher unit margins are. We've really seen a turn in the non-res side of the business. Data centers have helped that and really strong growth in public demand. I think that growth continues to accelerate for the next two or three years. A good story. Obviously, single family is still a drag for us and probably will be for a while. Hopefully that turns next year, but in the meantime the other sectors are taking up for that.

We'll go next to Kathryn Thompson with Thompson Research Group.

Hi, good morning and thank you for taking my question today. First off, Tom, it's been a pleasure working with you over the years. I look forward to keeping up with you. Ronnie, we go back a couple of companies and congratulations on starting in the CEO role in January.

Looking forward, you did a great job of shaping a portfolio as was highlighted in the quarter you just reported. How are you thinking about what fits in your portfolio and maybe what may not or who may be a better owner? Can you approach it from thinking about either a product type, which we saw this quarter, or a geographic focus, and just maybe thinking bigger picture about how you're thinking about that portfolio shaping going forward. Thanks very much.

Yeah, Catherine, this is Ronnie. I'll take that question. I'm continuing to be really pleased with the downstream business that we have in the asphalt business. Those businesses are really heavily influenced by the public funding and the strength in public funding. We're going to continue to focus on one safety as well as our financial performance. We talk about the concrete and the divestiture that we announced this week. I mean that's our strategy. We said early on when we bought Superior that we were going to evaluate that business and we would decide whether that was a business that we wanted to be in long term. We continue to see challenges on the private side in California. We thought the acquirers, it was a business that was going to be more valuable to them. I'll remind you that since the acquisition of U.S.

Concrete, we now only have a couple of plants left in the Virginia D.C. area that are integrated with a very successful Vulcan Legacy concrete business. We've also retained all those aggregates. It complements our strategy of being aggregate led. We're going to keep the expertise of both the asphalt and the concrete business. If those businesses, as we look in the future and M&A presents those to us, we're not scared of that. It's going to continue to be aggregate led and I think that's our strategy. You'll see us continue to be focused heavily on those aggregate led businesses.

Thank you. We'll go next now to Phil Ng with Jefferies.

Hey, good morning, guys. This is Jesse on for Phil.

How you're thinking about the pipeline? You obviously will have quite a bit.

Is and post the divestitures. Just any geographies that you're particularly targeting. Thanks.

Yeah, this is Ronnie. I would tell you, one, we have a number of greenfields that are still in process. Greenfields for us is a strategy of growth. It takes time. Those will be timed with both market driven as well as the timing of permits. We still have that going when we talk about M&A opportunities. It's been a quiet year. We continue to have a really good list of targets out there. The timing of those targets is really driven twofold, one by the seller and their readiness and then also by the market conditions. I would tell you M&A this year is not surprising to us. We knew through some of the uncertainties with tariffs and other pauses in the interest rates that M&A was going to be paused. I can assure you that we're still very active.

We have a really strong list and those M&A opportunities are going to continue to be aggregate led.

We'll go next to Keith Hughes with Truist Securities.

Thank you. Congratulations, Tom, on a tremendous run here. I do have a question for Ronnie. You had talked about 2026 kind of from a high level of continuing this just wonderful run of cash gross profit per ton. Just from a general level, would we, from what you know today, in the

Market, will we see something similar to?

What would take it higher? What kind of things would you need to see, something that would set, you know, even better what we've seen the last couple of.

look, we're coming off three years of muted demand in our markets. What we've been able to accomplish over the last three years with growing our cash gross profit has been twofold. One, the inflationary stuff helped our pricing early on. This year we've had some momentum on the cost side of our business. As we said earlier, demand is going to help, some recovery in demand is going to help our pricing story and we look forward to that. The Vulcan Way of Operating, the Vulcan Way of Selling both support that from a cost side as well as a commercial side. I would tell you, as I said earlier in my comments, I think our cash gross profit will continue above historical norms. I think both sides of it, the cost and the commercial efforts, will play a role into that.

Some demand will definitely help the pricing side of our story.

We'll go next to Brent Thielman at D.A. Davidson & Co.

Congrats to Alderman team as well, I guess.

Vulcan Materials (VMC) Q3 2025 Earnings Call Transcript

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