VMC · Vulcan Materials Company

Vulcan Materials delivered strong first quarter 2026 results, with GAAP net earnings attributable to Vulcan rising 28% year-over-year to $165.5 million ($1.26 diluted EPS), driven by broad-based operational execution across its aggregates-led business. Total revenues increased 7% to $1,755.9 million, fueled by a 5% rise in aggregates shipments to 50.0 million tons—supported by more typical weather versus the severe winter conditions that hampered Q1 2025—and a 4% increase in freight-adjusted selling prices ($22.80 vs. $22.03 per ton). Gross profit expanded 16% to $422.7 million, with Aggregates segment gross margin improving 90 basis points to 27.6%, reflecting disciplined pricing and cost management: unit cash cost of sales rose only 4% ($0.47/ton), while cash gross profit per ton climbed to $10.93. SAG expense declined 2% to $135.7 million and fell to 7.7% of revenue—80 basis points lower than Q1 2025—contributing to operating earnings growth of 17% to $265.4 million. Management attributed the performance to 'solid first quarter execution' and reaffirmed full-year Adjusted EBITDA guidance of $2.4–$2.6 billion, citing a healthy backlog, strong public construction activity, and continued focus on strategic disciplines. The company also returned $217 million to shareholders in Q1—including $149 million in buybacks and $68 million in dividends—and maintained a conservative leverage ratio of 1.9x debt-to-Trailing-Twelve-Months Adjusted EBITDA, well below its 2.0–2.5x target range.