VMC Filings — Vulcan Materials Company - FilingSpy
VMC
Vulcan Materials Company
A maker of the crushed stone, sand, and gravel that go into roads, bridges, buildings, and airports, based in Birmingham, Alabama. It began in 1909 as the Birmingham Slag Company, turning steel-mill waste into road material, and took its name after a 1956 merger with the Vulcan Detinning Company, named for the Roman god of fire. Birmingham is home to the Vulcan statue, the world's largest cast-iron statue, which from 1946 for about fifty years doubled as a traffic signal, glowing green or red depending on whether the city had seen a traffic fatality that day.
Q2 2026 revenue rose 7.4% to $2,102.4M and diluted EPS rose 29.9% to $2.42 on aggregates pricing.
Aggregates pricing carried the quarter even as shipments slipped. rose 7.4% to $2,102.4M and rose 29.9% to $2.42, with at 29.7% up 1.7 points as gains offset a 1% shipment decline. The company reiterated its $2.4–$2.6B full-year guide and holds within target.
Key takeaways
rose 7.4% to $2,102.4M and rose 29.9% to $2.42 , driven by aggregates increases that lifted profit despite a 1% shipment drop from weather.
rose 1.7 points to 29.7% and rose 17.2% to $471.0M, while rose 1.3 points to 22.4%.
fell 4.1% to $341.7M and fell 22.6% to $238.8M , continuing the Q1 decline in cash generation.
Section summaries
Management's Discussion and Analysis
Aggregates pricing and cost discipline drove Q2 2026 EPS growth despite weather and energy headwinds; full-year Adjusted EBITDA outlook of $2.4–$2.6 billion reiterated.
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Total revenues rose 3% to $2,155.8 million, led by a 7% increase in Aggregates sales on 1% higher shipments and a 3.9% freight-adjusted price increase.
The company reiterated full-year 2026 of $2.4–$2.6B, supported by expected aggregates price growth and public construction volume.
was 1.9x, within the 2.0–2.5x target, with at $4,359.2M down 11.1% from the prior year.
What changed
Q2 2026 aggregates shipments fell 1% versus the 3–5% full-year 2026 growth guide flagged in Q1, repeating the 1% Q2 2025 decline rather than the 12% Q3 2025 rebound.
Full-year 2026 of $2.4–$2.6B was reiterated against the Q1 flag for tariff and geopolitical uncertainty, with pricing tracking the 4%–6% improvement guide at 3.9% in Q2.
held at 1.9x versus the 2.0–2.5x target, unchanged from Q1 2026 and down from 2.3x at FY2024 end.
Q2 2026 of $238.8M reversed the decline seen in Q1 ($64.6M, down 22.6%) as the Q1 watch item anticipated.
Mexican government shutdown orders on Quintana Roo underwater quarrying were not restated in this 10-Q, indicating no new disclosure since the FY2025 flag.
What to watch
Q3 2026 aggregates shipments and against the 4%–6% 2026 price guide as volume faces seasonal patterns after two quarters of 1% declines.
Q3 2026 against the $238.8M Q2 level to confirm whether the recovery holds.
Full-year 2026 of $2.4–$2.6B against actual pricing and public construction activity as the year develops.
trajectory as sits at $4,359.2M and the ratio holds at 1.9x versus the 2.0–2.5x target.
Aggregates grew 1% to $567.3 million, while Asphalt and Concrete gross profit fell a combined $7.5 million, partly due to the California concrete divestiture.
Selling, administrative and general expenses declined $3.2 million to $141.3 million, improving 30 as a percentage of total revenues.
Operating earnings decreased 3% to $455.5 million, reflecting a $12.5 million swing to a loss on sale of property, plant & equipment and businesses.
was $584.6 million for the first six months; the company returned $317.8 million to shareholders in Q2 via dividends and share repurchases.
Full-year 2026 of $2.4–$2.6 billion was reiterated, supported by expected aggregates price growth and volume gains from public construction and large projects.
Quantitative and Qualitative Disclosures About Market Risk
MARKET RISK We are exposed to certain market risks arising from transactions that are entered into in the normal course of business. To manage these market risks, we may use derivative financial instruments. We do not enter into derivative financial instruments for trading or sp…
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MARKET RISK
We are exposed to certain market risks arising from transactions that are entered into in the normal course of business. To manage these market risks, we may use derivative financial instruments. We do not enter into derivative financial instruments for trading or speculative purposes.
As discussed in the Liquidity and Financial Resources section of Part I, Item 2 "Management’s Discussion and Analysis of Financial Condition and Results of Operations", we actively manage our capital structure and resources to balance the cost of capital and risk of financial stress. Such activity includes balancing the cost and risk of interest expense. In addition to floating-rate borrowings, we at times use interest rate swaps to manage the mix of fixed-rate and floating-rate debt.
At June 30, 2026, the estimated fair value of our long-term debt including current maturities was $4,277.1 million compared to a face value of $4,440.1 million. The estimated fair value was determined by averaging several asking price quotes for the publicly traded notes and assuming par value for the remainder of the debt. The fair value estimate is based on information available as of the balance sheet date. The effect of a decline in interest rates of one percentage point would increase the fair value of our debt by approximately $367.5 million.
We are exposed to certain economic risks related to the costs of our pension and other postretirement benefit plans. These economic risks include changes in the discount rate for high-quality bonds and the expected return on plan assets. The impact of a change in these assumptions on our annual pension and other postretirement benefits costs is discussed in our most recent Annual Report on Form 10-K.
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