Vulcan Materials delivered 227 million tons of aggregates in 2025, up 3% year-over-year, with mix-adjusted prices rising 6% and cash gross profit per ton increasing to $11.33. The company generated $1.8 billion in operating cash flow (up 29%) and grew free cash flow by over 40% after reinvesting $678 million in capital expenditures.

In the fourth quarter, revenue of $1.91 billion and adjusted EBITDA of $518 million fell short of analyst targets, while adjusted EPS of $1.70 missed consensus and prompted a 5.5% decline in the share price. Management cited geographic, acquisition and product mix headwinds that widened reported pricing by 300 basis points.

For 2026, Vulcan Materials guided to $2.4–$2.6 billion of adjusted EBITDA versus forecasts near $2.65 billion, expecting shipments to grow 1–3%, freight-adjusted prices to rise 4–6% and unit cash costs to increase by a low single-digit percentage. The plan includes continued dividends, share buybacks and a disciplined M&A agenda.

End-market dynamics featured robust public infrastructure demand, with highway starts in key markets growing three times the national rate and significant remaining IIJA funding. These gains were offset by weaker single-family residential activity, while industrial catalysts such as data centers—150 million square feet under construction—offer future volume support.