second quarter 2026
Filed Jul 29, 2026Commercial Discipline and Cost Control Drive Continued Expansion in Aggregates Unit Profitability; Execution in Aggregates Underpins Reaffirmed Full Year Earnings Outlook
Second-quarter revenue, net earnings, aggregates shipments and reported selling prices increased from the prior year, while the Company reaffirmed its full-year Adjusted EBITDA outlook. Adjusted EBITDA and its margin were below prior-year levels, as significant energy inflation and disruptive weather weighed on the period.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenuesGAAP | $2,156 million | – | – |
| Gross profitGAAP | $626 million | – | – |
| Selling, Administrative and General (SAG)GAAP | $141 million | – | 2 percent lower |
| SAG as % of Total revenuesGAAP | 6.6 % | – | 30 basis points lower |
| Net earnings attributable to VulcanGAAP | $323 million | – | – |
| Adjusted EBITDAnon-GAAP | $654 million | – | – |
| Adjusted EBITDA Marginnon-GAAP | 30.3 % | – | – |
| Earnings attributable to Vulcan from continuing operations per diluted shareGAAP | $2.47 | – | – |
| Adjusted earnings attributable to Vulcan from continuing operations per diluted sharenon-GAAP | $2.59 | – | – |
| Aggregates segment Shipments (tons)other | 59.9 | – | 1 percent |
| Aggregates segment Freight-adjusted sales price per tonother | $22.97 | – | 4 percent, or $0.86 per ton, on a reported basis |
| Aggregates segment Gross profit per tonother | $9.47 | – | – |
| Aggregates segment Cash gross profit per tonnon-GAAP | $12.02 | – | – |
| Aggregates segment gross profitother | $567 million | – | – |
| Aggregates segment cash gross profitnon-GAAP | $720 million | – | – |
| Non-aggregates segment gross profitother | $58 million | – | – |
| Non-aggregates segment cash gross profitnon-GAAP | $73 million | – | – |
| Asphalt gross profit marginother | 15 percent | – | – |
| Capital expenditures for maintenance and growth projectsother | $176 million | – | – |
| Year-to-date Total revenuesGAAP | $3,912 million | – | – |
| Year-to-date Gross profitGAAP | $1,048 million | – | – |
| Year-to-date Selling, Administrative and General (SAG)GAAP | $277 million | – | – |
| Year-to-date SAG as % of Total revenuesGAAP | 7.1 % | – | – |
| Year-to-date Net earnings attributable to VulcanGAAP | $489 million | – | – |
| Year-to-date Adjusted EBITDAnon-GAAP | $1,101 million | – | – |
| Year-to-date Adjusted EBITDA Marginnon-GAAP | 28.1 % | – | – |
| Year-to-date Earnings attributable to Vulcan from continuing operations per diluted shareGAAP | $3.74 | – | – |
| Year-to-date Adjusted earnings attributable to Vulcan from continuing operations per diluted sharenon-GAAP | $3.93 | – | – |
| Year-to-date Aggregates segment Shipments (tons)other | 109.9 | – | – |
| Year-to-date Aggregates segment Freight-adjusted sales price per tonother | $22.89 | – | – |
| Year-to-date Aggregates segment Gross profit per tonother | $8.81 | – | – |
| Year-to-date Aggregates segment Cash gross profit per tonnon-GAAP | $11.53 | – | – |
| Trailing-twelve months Total revenuesGAAP | $8,116 million | – | – |
| Trailing-twelve months Gross profitGAAP | $2,232 million | – | – |
| Trailing-twelve months Selling, Administrative and General (SAG)GAAP | $558 million | – | – |
| Trailing-twelve months SAG as % of Total revenuesGAAP | 6.9 % | – | 30 basis points lower |
| Trailing-twelve months Net earnings attributable to VulcanGAAP | $1,116 million | – | – |
| Trailing-twelve months Adjusted EBITDAnon-GAAP | $2,354 million | – | – |
| Trailing-twelve months Adjusted EBITDA Marginnon-GAAP | 29.0 % | – | – |
| Trailing-twelve months Earnings attributable to Vulcan from continuing operations per diluted shareGAAP | $8.49 | – | – |
| Trailing-twelve months Adjusted earnings attributable to Vulcan from continuing operations per diluted sharenon-GAAP | $8.49 | – | – |
| Trailing-twelve months Aggregates segment Shipments (tons)other | 229.6 | – | – |
| Trailing-twelve months Aggregates segment Freight-adjusted sales price per tonother | $22.38 | – | – |
| Trailing-twelve months Aggregates segment Gross profit per tonother | $8.78 | – | – |
| Trailing-twelve months Aggregates segment Cash gross profit per tonnon-GAAP | $11.42 | – | – |
| Trailing-twelve months return on average invested capitalother | 16.1 percent | – | improved 20 basis points over the prior year |
| Ratio of total debt to trailing-twelve months Adjusted EBITDAnon-GAAP | 1.9 times | – | – |
full-year outlook
- Note$2.4 and $2.6 billion of Adjusted EBITDA
Capital returns
- $318 million to shareholders through $250 million of common stock repurchases and $68 million of dividends.
- Capital expenditures for maintenance and growth projects were $176 million in the second quarter.
What drove it
- Aggregates shipments increased 1 percent and benefited from healthy public construction activity and large projects.
- Freight-adjusted selling prices increased 5 percent on a mix-adjusted basis and 4 percent, or $0.86 per ton, on a reported basis.
- Excluding the impact of higher diesel fuel costs, aggregates cash cost of sales increased 3 percent, reflecting cost management and operating efficiencies.
- The Company acquired a quarry in southern Colorado and a rail yard in Dallas-Fort Worth from Brannan Sand & Gravel.
- The Company completed the divestiture of ready-mixed concrete operations in California in early June of 2026.
Concerns
- Significant energy inflation and disruptive weather affected the quarter.
- Shipments in Texas and certain Southeastern markets were impacted by significant rainfall, particularly in May and June.
- Freight-adjusted unit cash cost of sales increased 7 percent, or $0.72 per ton, over the prior year.
- Asphalt shipments were lower due to weather and liquid asphalt costs were higher.
- The prior-year non-aggregates results included the Houston asphalt and construction business divested in the fourth quarter of 2025.
What to watch
- Execution against the full-year outlook of $2.4 and $2.6 billion of Adjusted EBITDA.
- Continued aggregates price growth and the expected volume growth supported by large projects and public construction activity.
- The effect of energy costs, including diesel fuel costs, on cash cost of sales.
- The strategic acquisition pipeline and integration of the southern Colorado quarry and Dallas-Fort Worth rail yard.
Balance sheet and cash flow
- As of June 30, 2026, the ratio of total debt to trailing-twelve months Adjusted EBITDA was 1.9 times.
- The ratio was below the Company’s target range of 2.0 to 2.5 times.
- On a trailing-twelve months basis, return on average invested capital improved 20 basis points over the prior year to 16.1 percent.
Analysis
Vulcan reported second-quarter total revenues of $2,156 million, compared with $2,102 million in the prior year. Net earnings attributable to Vulcan were $323 million, compared with $321 million, and GAAP earnings attributable to Vulcan from continuing operations per diluted share were $2.47, compared with $2.43. Adjusted EBITDA was $654 million, compared with $660 million, while Adjusted EBITDA Margin was 30.3 %, compared with 31.4 %.
Aggregates was the principal operating contributor. Shipments were 59.9 versus 59.3 in the prior year, with the Company citing healthy public construction activity and large projects. Freight-adjusted sales price per ton was $22.97 versus $22.11, and the Company said reported pricing increased 4 percent, or $0.86 per ton, while mix-adjusted pricing increased 5 percent. Segment gross profit was $567 million and cash gross profit was $720 million. Gross profit per ton was $9.47 versus $9.44, and cash gross profit per ton was $12.02 versus $11.88.
Cost and weather effects tempered the profitability read. Freight-adjusted unit cash cost of sales increased 7 percent, or $0.72 per ton, over the prior year, although the increase was 3 percent excluding higher diesel fuel costs. Significant rainfall particularly affected Texas and certain Southeastern markets in May and June. In non-aggregates, gross profit was $58 million and cash gross profit was $73 million; asphalt gross profit margin was 15 percent despite lower shipments and higher liquid asphalt costs. Comparability is also affected by the prior-year Houston asphalt and construction business divestiture and the early-June 2026 California ready-mixed concrete divestiture.
SAG expense was $141 million, 2 percent lower than the prior year, and represented 6.6 % of total revenues versus 6.9 %. The Company spent $176 million on maintenance and growth capital expenditures and returned $318 million to shareholders through $250 million of repurchases and $68 million of dividends. It also acquired a quarry in southern Colorado and a rail yard in Dallas-Fort Worth. As of June 30, 2026, total debt to trailing-twelve months Adjusted EBITDA was 1.9 times, below the 2.0 to 2.5 times target range.
Management reiterated full-year Adjusted EBITDA of between $2.4 and $2.6 billion. The stated outlook rests on continued aggregates price growth and expected volume growth from large projects and public construction activity. The central operating watchpoints are whether pricing and cost management continue to offset energy inflation and weather-related disruption, while the Company pursues its aggregates-led portfolio strategy.
Management, verbatim
Commercial and operational execution drove solid results in the second quarter. Our industry-leading aggregates cash gross profit per ton grew to over $12 per ton, despite significant energy inflation and disruptive weather.
Ronnie Pruitt, Chief Executive Officer
Our aggregates business is executing well, and we reiterate our full-year outlook to deliver between $2.4 and $2.6 billion of Adjusted EBITDA.
Ronnie Pruitt, Chief Executive Officer
Not in the filing
stated, not guessed- Segment revenue for Aggregates, Asphalt and Concrete was not reported in the supplied filing text.
- GAAP operating income was not reported in the supplied filing text.
- GAAP gross margin was not reported in the supplied filing text.
- Operating cash flow was not reported in the supplied filing text.
- Free cash flow was not reported in the supplied filing text.
- Cash balance, total debt amount and liquidity amount were not reported in the supplied filing text.
- Quarterly tax rate was not reported in the supplied filing text.
- Prior-quarter comparisons for reported metrics were not reported in the supplied filing text.
- Forward revenue, gross margin, operating expenses and tax-rate guidance were not reported in the supplied filing text.
- Previous-release outlook was not provided, so actual results cannot be compared with prior guidance.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.