Vulcan Materials Company(Holding Company) (VMC)

On October 29, 2026, Vulcan announced results for the third quarter ended September 30, 2026 1. Total revenues were $2,184.6 million, down from $2,291.5 million a year earlier 5. Net earnings attributable to Vulcan were $362 million, and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, with adjustments) was $707 million 2.

Aggregates shipments decreased 3 percent, and freight-adjusted selling prices rose 5 percent on a mix-adjusted basis 2. Freight-adjusted unit cash cost of sales rose 7 percent, but only 3 percent without higher diesel fuel costs 2.

The company expects about $2.4 billion in adjusted EBITDA for the full year, and it anticipates a continuation of the current demand environment next year 2.

A subsidiary, Calmat Co., received an imminent danger order from the Mine Safety and Health Administration on October 27, 2026 at its Lexington Quarry in Los Gatos, California, and the filing says no injuries occurred 3. David P Clement, senior vice president of operations support and procurement, told Vulcan on October 19, 2026 that he intends to retire in the first quarter of 2027 4.

In October 2026 its Dutch subsidiaries also filed a new request for arbitration against Mexico over the shut Calica quarry operations 5.

Vulcan became a public company in 1956 and has grown mainly by buying other companies 6. It bought CalMat in 1999, which took it into California and Arizona, and Florida Rock in 2007, which added Florida and other Mid-Atlantic and Southeastern states 6.

Aggregates USA followed in 2017, widening its reach in Florida, Georgia and South Carolina, and U.S. Concrete in 2021 6. Over the last 10 years it completed over 30 acquisitions 6.

The U.S. Concrete deal also brought concrete markets the company later left, to focus on aggregates 6. It exited New Jersey, New York and Pennsylvania concrete in 2022 and Texas concrete in 2023 6.

In May 2022, Mexican government officials shut down its Calica quarry operations in Mexico, which stayed halted into 2025 6. A trade-treaty tribunal found in July 2026 that Mexico violated NAFTA, but its damages award to Vulcan was negligible 5.

In 2024 it bought Wake Stone, which added reach in the Carolinas, and Superior Ready Mix, which made it the leading aggregates producer in Southern California 6. It also completed two bolt-on deals in Alabama and Texas that year 6.

In 2025 total revenues rose $523.4 million, or 7 percent, to $7,941.1 million, and net earnings attributable to Vulcan rose 18 percent to $1,076.7 million 6. Shipments rose 3 percent to 226.8 million tons, and the freight-adjusted sales price rose 4.3 percent to $21.98 per ton 6.

That year it sold its Houston asphalt and construction business, with a pretax gain of $42.4 million 6. In the second quarter of 2026 it sold its California ready-mixed concrete and U.S. Virgin Islands operations for combined proceeds of $722.1 million 5.

Aggregates

Aggregates are crushed stone, sand and gravel, the base material of roads, buildings and water systems 6. Vulcan calls itself the nation's largest supplier and had 425 active aggregates facilities during 2025 6.

Aggregates are delivered by trucks, ships, barges and trains 6.

Aggregates segment sales were $6,297.2 million in 2025, with gross profit of $8.66 per ton 6. Its top ten states made up 90 percent of 2025 revenues, with California first and Texas second 6.

Asphalt and concrete

Asphalt mix and ready-mixed concrete are made mostly from the company's own aggregates, about 95 percent of asphalt by weight and 80 percent of concrete 6. Asphalt and Concrete sales were $2,141.0 million together in 2025 6.

It ran 71 asphalt facilities and 76 concrete facilities as of its latest annual report 6. In the third quarter asphalt gross profit margin was 17 percent and concrete margin 9 percent 2.

People

Ronnie Pruitt became chief executive on January 1, 2026, after serving as chief operating officer from September 2023 6. He joined through the 2021 U.S. Concrete deal, and J Thomas Hill, chief executive from July 2014, became executive chairman 6.

Thompson S. Baker II is president and Stanley G. Bass is chief strategy officer 6.

Mary Andrews Carlisle has been chief financial officer since September 1, 2022 6. As of January 1, 2026 it employed 11,172 people in the United States, of whom 1,057 are represented by labor unions 6.

Problems

Calica in Mexico and Puerto Cortes in Honduras remain halted 6. Mexico's tax authority is also examining Calica for earlier tax years, and the 10-Q says the company's position depends on Calica having had the right to mine 5.

The umbrella, in words

Exhibit 21 lists the subsidiaries, among them CalMat Co., Florida Rock Industries, Inc. and Aggregates USA, LLC, each 100 percent owned 7. Orca Sand & Gravel in British Columbia is 88 percent owned and Brooksville Quarry, LLC is 50 percent owned 7.

It holds 16.6 billion tons of proven and probable aggregates reserves and about 310,000 acres of land 6.

In its annual report the company set expectations for 2026: shipments up 1 to 3 percent and freight-adjusted price up 4 to 6 percent 6. It also expected selling, administrative and general expenses of $580 million to $590 million and interest expense of about $225 million 6.

On the day of its results release, chief executive Ronnie Pruitt said the company expects about $2.4 billion in adjusted EBITDA for the full year 2. For 2027 he said it expects aggregates cash gross profit per ton to keep rising with mid- to high-single-digit pricing gains 2.

The company also expected total asphalt and concrete cash gross profit of approximately $290 million, excluding California ready-mixed concrete assets held for sale 6.

Its debt to trailing-twelve-months adjusted EBITDA ratio was 2.0 times at September 30, 2026, inside its target range of 2.0 to 2.5 times 2. David Clement plans to retire in the first quarter of 2027, and the October 2026 ICSID arbitration over Calica is pending 45.