| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 2.3K | 9.0% | 14.3% |
| Total Income | 2.3K | 9.0% | 14.3% |
| Expenditure | 1.7K | 7.2% | 4.9% |
| PBT | 488.60 | 18.0% | 65.7% |
| Net Profit | 374.90 | 16.8% | 80.6% |
| OPM | 23.70% | 1.30pp | 6.88pp |
| NPM | 16.36% | 1.10pp | 6.00pp |
| EPS | 2.84 | 16.9% | 80.9% |
Vulcan Materials Reports Q3 2025 Results: Strong Earnings Growth & Margin Expansion
04 May 2026 · 4 May, 8:24 am
Summary
Vulcan Materials Company announced its third quarter 2025 results, highlighting strong earnings growth and margin expansion across all segments. Adjusted EBITDA improved by 20% year-to-date, with a margin expansion of 290 basis points. Aggregates cash gross profit per ton increased by 12%, indicating widespread improvements. The company anticipates full-year aggregates shipments to reflect a similar year-over-year growth of 3 percent and expects to deliver Adjusted EBITDA between $2.35 and $2.45 billion in 2025. The sale of downstream assets is consistent with the company's aggregates-led strategy.
Key Highlights
- 1
Vulcan Materials Company reported strong earnings growth and margin expansion in each segment for the third quarter of 2025.
- 2
Adjusted EBITDA improved 20 percent year-to-date, with margin expansion of 290 basis points.
- 3
Aggregates cash gross profit per ton improved 12 percent, showing widespread improvements across the company's footprint.
- 4
Aggregates segment gross profit increased 23 percent to $612 million, with gross profit margin expanding 250 basis points to 34.2 percent.
- 5
Aggregates shipments in the third quarter increased 12 percent, reflecting healthy public construction activity and favorable weather.
- 6
Freight-adjusted selling prices for aggregates increased 5 percent on a mix-adjusted basis.
- 7
The company expects to deliver between $2.35 and $2.45 billion of Adjusted EBITDA in 2025, representing 17 percent year-over-year growth at the midpoint.
Management Comments
Tom Hill
The combination of our aggregates-led business and our commercial and operational execution has resulted in strong earnings growth and margin expansion through the first nine months of 2025. Adjusted EBITDA has improved 20 percent over the prior year, and margin has expanded 290 basis points on a year-to-date basis. Aggregates cash gross profit per ton has improved 12 percent with widespread improvements across our footprint. These results demonstrate the compounding benefits of our strategic disciplines and reinforce our confidence in our ability to continue to deliver strong earnings growth and cash generation. We continue to execute well and remain focused on delivering another year of margin expansion and attractive growth in aggregates unit profitability. Aggregates shipments through the third quarter have increased 3 percent, and we expect full year shipments to reflect similar year-over-year growth. As a result, we expect to deliver between $2.35 and $2.45 billion of Adjusted EBITDA in 2025, representing 17 percent year-over-year growth at the midpoint. As we look to 2026, I’m encouraged about the demand backdrop in our markets. We expect continued strength in public construction activity and an improving private nonresidential outlook, a combination that should also benefit an already healthy pricing environment. Additionally, I’m excited about our talented teams that will continue to execute on our proven two-pronged, durable growth strategy under Ronnie’s leadership. Ronnie is the ideal person to lead Vulcan’s future growth and innovation.”
Ronnie Pruitt
Vulcan is well positioned with an irreplaceable asset base and outstanding talent. Our strategic disciplines on both the commercial and operational sides of our business continue to gain traction and sustain improvements. These competitive advantages, coupled with modest growth in shipments and mid-single digit growth in pricing, will help drive another year of earnings growth in 2026 and expansion in aggregates cash gross profit per ton that continues to exceed historical averages
Informational and educational content only. Not investment advice.