Vulcan Materials Reports 13% EBITDA Growth to $2.32B, Cash Flow Up 29%
Vulcan Materials posted 2025 revenues of $7.94 billion with net earnings up to $1.08 billion and adjusted EBITDA rising 13% to $2.32 billion, while operating cash flow jumped 29% to $1.8 billion. Aggregate shipments grew 3% to 226.8 million tons as cash gross profit per ton increased 7% to $11.33.
1. Full Year Financial Performance
Vulcan Materials generated full-year 2025 revenues of $7.94 billion, up 7% year-over-year, with net earnings of $1.08 billion. Adjusted EBITDA increased 13% to $2.32 billion and margin expanded 160 basis points to 29.3%, while diluted EPS from continuing operations rose to $8.15.
2. Aggregates Segment Performance
Aggregates shipments climbed 3% to 226.8 million tons, driven by organic growth and late-2024 acquisitions. Mix-adjusted selling prices increased 6%, lifting cash gross profit per ton 7% to $11.33 and expanding segment gross margin to 31.2%.
3. Cash Flow and Capital Allocation
Operating cash flow surged 29% to $1.8 billion. The company invested $703 million in capital expenditures, returned $698 million to shareholders through $438 million in share repurchases and $260 million in dividends, and maintained a debt-to-EBITDA ratio of 1.9x.
4. Asset Dispositions and Outlook
Vulcan completed the sale of its Houston asphalt and construction services assets and agreed to divest California ready-mixed concrete operations, expected to close in Q2 2026. Proceeds will support its aggregates-led strategy and fund future growth initiatives.