Vulcan Materials (VMC) Financials

$274.89 +0.35 (+0.13%)

Closing price 03:59 PM Eastern

Extended Trading

$275.02 +0.13 (+0.05%)

As of 07:25 PM Eastern

Annual Income Statements for Vulcan Materials

This table shows Vulcan Materials' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	221	419	601	516	618	585	671	576	933	912	1,077
Consolidated Net Income / (Loss)	221	419	601	516	618	585	670	577	935	913	1,078
Net Income / (Loss) Continuing Operations	233	422	593	518	623	588	674	595	946	921	1,083
Total Pre-Tax Income	328	547	361	623	758	744	874	788	1,245	1,172	1,390
Total Operating Income	550	666	639	748	878	896	1,011	951	1,427	1,365	1,620
Total Gross Profit	858	989	994	1,101	1,256	1,282	1,373	1,558	1,949	2,000	2,175
Total Revenue	3,422	3,593	3,890	4,383	4,929	4,857	5,552	7,315	7,782	7,418	7,941
Total Cost of Revenue	2,565	2,604	2,897	3,282	3,673	3,575	4,179	5,758	5,833	5,418	5,767
Operating Cost of Revenue	2,565	2,604	2,897	3,282	3,673	3,575	4,179	5,758	5,833	5,418	5,767
Total Operating Expenses	308	323	354	353	378	386	363	606	521	635	555
Selling, General & Admin Expense	318	338	372	368	402	390	478	515	543	531	564
Other Operating Expenses / (Income)	-	-	-	-	-	-	-	34	26	70	43
Impairment Charge	-	-	-	-	-	0.00	4.60	68	28	87	0.00
Other Special Charges / (Income)	-9.93	-15	-18	-15	-24	-4.00	-120	-11	-76	-52	-52
Total Other Income / (Expense), net	-222	-119	-278	-124	-120	-152	-137	-163	-182	-192	-230
Interest Expense	221	134	296	138	130	136	149	169	196	191	240
Interest & Investment Income	0.35	0.81	4.44	0.55	1.20	1.60	1.60	0.80	17	21	13
Other Income / (Expense), net	-1.68	15	13	13	9.20	-18	11	5.10	-2.70	-22	-3.20
Income Tax Expense	95	125	-232	105	135	156	200	193	299	251	308
Net Income / (Loss) Discontinued Operations	-12	-2.92	7.79	-2.04	-4.80	-3.50	-3.30	-19	-11	-7.60	-4.50
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	0.00	0.00	-0.40	0.90	1.70	1.20	1.40
Basic Earnings per Share	$1.66	$3.15	$4.54	$3.90	$4.67	$4.41	$5.05	$4.33	$7.02	$6.89	$8.16
Weighted Average Basic Shares Outstanding	133.21M	133.21M	132.51M	132.39M	132.30M	132.60M	132.80M	133M	133M	132.30M	132M
Diluted Earnings per Share	$1.64	$3.09	$4.46	$3.85	$4.63	$4.39	$5.02	$4.31	$6.98	$6.85	$8.11
Weighted Average Diluted Shares Outstanding	135.09M	135.79M	134.88M	133.93M	133.40M	133.20M	133.50M	133.60M	133.70M	133.10M	132.70M
Weighted Average Basic & Diluted Shares Outstanding	133.20M	133.20M	132.40M	132.30M	132.39M	132.55M	132.79M	132.97M	132.23M	132.11M	130.58M
Cash Dividends to Common per Share	$0.40	$0.80	$1.00	$1.12	$1.24	$1.36	$1.48	$1.60	$1.72	$1.84	$1.96

This table shows Vulcan Materials' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	277	227	103	308	208	294	129	321	375	252	166
Consolidated Net Income / (Loss)	277	228	103	308	208	294	129	321	375	253	166
Net Income / (Loss) Continuing Operations	280	230	105	310	210	296	130	323	376	253	167
Total Pre-Tax Income	366	335	134	405	295	339	164	414	489	323	213
Total Operating Income	419	370	173	454	337	401	226	471	543	379	265
Total Gross Profit	591	472	305	592	565	537	365	625	697	487	423
Total Revenue	2,186	1,834	1,546	2,014	2,004	1,854	1,635	2,102	2,292	1,913	1,756
Total Cost of Revenue	1,595	1,362	1,241	1,422	1,439	1,316	1,269	1,477	1,594	1,426	1,333
Operating Cost of Revenue	1,595	1,362	1,241	1,422	1,439	1,316	1,269	1,477	1,594	1,426	1,333
Total Operating Expenses	172	102	132	139	228	136	139	154	154	108	157
Selling, General & Admin Expense	144	143	130	134	129	138	138	145	145	136	136
Other Operating Expenses / (Income)	4.20	13	2.90	8.30	13	46	8.00	11	9.30	15	21
Other Special Charges / (Income)	-4.30	-54	-0.60	-3.80	-0.20	-48	-7.40	-1.20	-0.60	-43	0.30
Total Other Income / (Expense), net	-53	-35	-39	-49	-42	-62	-62	-57	-55	-56	-53
Interest Expense	47	-	39	40	38	-	60	59	55	66	54
Other Income / (Expense), net	-6.40	2.40	-0.30	-8.70	-3.80	-9.30	-2.60	2.40	0.70	-3.70	1.40
Income Tax Expense	86	105	29	94	85	43	34	91	112	70	46
Net Income / (Loss) Discontinued Operations	-2.80	-2.20	-1.70	-2.00	-1.30	-2.60	-0.90	-2.10	-1.20	-0.30	-1.00
Net Income / (Loss) Attributable to Noncontrolling Interest	0.80	0.70	0.20	0.30	0.80	-0.10	0.50	-0.10	0.10	0.90	0.50
Basic Earnings per Share	$2.08	$1.71	$0.78	$2.33	$1.57	$2.21	$0.97	$2.43	$2.84	$1.92	$1.27
Weighted Average Basic Shares Outstanding	133M	133M	132.40M	132.40M	132.20M	132.30M	132.40M	132.20M	132.10M	132M	130.70M
Diluted Earnings per Share	$2.07	$1.70	$0.77	$2.31	$1.56	$2.21	$0.97	$2.42	$2.82	$1.90	$1.26
Weighted Average Diluted Shares Outstanding	133.70M	133.70M	133.10M	133.10M	133M	133.10M	133M	132.90M	132.90M	132.70M	131.20M
Weighted Average Basic & Diluted Shares Outstanding	132.87M	132.23M	132.25M	132.06M	132.06M	132.11M	132.10M	132.12M	132.13M	130.58M	129.75M
Cash Dividends to Common per Share	$0.43	-	$0.46	$0.46	-	-	$0.49	$0.49	-	-	$0.52

This table details how cash moves in and out of Vulcan Materials' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	144	-17	-121	-102	230	924	-957	-80	788	-348	-411
Net Cash From Operating Activities	520	645	645	833	984	1,070	1,012	1,148	1,537	1,410	1,813
Net Cash From Continuing Operating Activities	520	645	645	833	984	1,070	1,012	1,148	1,537	1,410	1,813
Net Income / (Loss) Continuing Operations	221	419	601	516	618	585	670	577	935	913	1,078
Consolidated Net Income / (Loss)	221	419	601	516	618	585	670	577	935	913	1,078
Depreciation Expense	275	285	306	346	375	397	463	588	617	632	749
Amortization Expense	-	-	-	-	-	-	-	60	54	51	54
Non-Cash Adjustments To Reconcile Net Income	58	8.93	163	23	72	76	0.00	123	29	108	19
Changes in Operating Assets and Liabilities, net	-34	-69	-425	-52	-80	14	-122	-199	-98	-296	-87
Net Cash From Investing Activities	-309	-357	-1,269	-670	-416	-382	-1,874	-1,053	-164	-2,815	-529
Net Cash From Continuing Investing Activities	-309	-357	-1,269	-670	-416	-382	-1,874	-1,053	-164	-2,815	-529
Purchase of Property, Plant & Equipment	-289	-350	-460	-469	-384	-362	-451	-613	-873	-604	-678
Acquisitions	-27	-33	-1,110	-221	-44	-43	-1,639	-529	0.90	-2,266	-14
Sale of Property, Plant & Equipment	8.22	23	16	22	23	12	217	39	95	55	24
Divestitures	0.00	0.00	287	11	1.70	1.00	0.00	50	614	0.20	127
Other Investing Activities, net	-0.35	2.17	-3.25	-13	-12	11	0.10	0.10	0.00	-0.10	11
Net Cash From Financing Activities	-67	-305	503	-265	-338	235	-94	-175	-586	1,057	-1,695
Net Cash From Continuing Financing Activities	-67	-305	503	-265	-338	235	-94	-175	-586	1,057	-1,695
Repayment of Debt	-908	-4.99	-1,484	-1,544	-500	-266	-1,465	-1,821	-820	-590	-951
Repurchase of Common Equity	-21	-161	-60	-134	-2.60	-26	0.00	0.00	-200	-69	-438
Payment of Dividends	-53	-106	-132	-148	-164	-180	-196	-213	-229	-246	-261
Issuance of Debt	841	3.00	2,205	1,590	367	750	1,600	1,911	716	2,008	0.00
Other Financing Activities, net	75	-35	-25	-28	-39	-44	-33	-52	-53	-46	-45

This table details how cash moves in and out of Vulcan Materials' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	177	604	-649	-189	323	167	-408	158	-156	-5.80	-46
Net Cash From Operating Activities	548	482	173	201	595	440	252	342	677	543	241
Net Cash From Continuing Operating Activities	548	482	173	201	595	440	252	342	677	543	241
Net Income / (Loss) Continuing Operations	277	228	103	308	208	294	129	321	375	253	166
Consolidated Net Income / (Loss)	277	228	103	308	208	294	129	321	375	253	166
Depreciation Expense	161	153	151	157	161	164	186	185	191	185	170
Amortization Expense	13	13	13	13	13	13	14	13	13	14	14
Non-Cash Adjustments To Reconcile Net Income	48	-32	13	15	99	-18	10	22	23	-36	19
Changes in Operating Assets and Liabilities, net	48	120	-106	-292	114	-12	-88	-200	74	126	-128
Net Cash From Investing Activities	-306	346	-164	-370	-108	-2,173	-127	-110	-214	-78	-175
Net Cash From Continuing Investing Activities	-306	346	-164	-370	-108	-2,173	-127	-110	-214	-78	-175
Purchase of Property, Plant & Equipment	-312	-206	-153	-191	-97	-163	-168	-103	-222	-185	-177
Acquisitions	-	-	-12	-181	-13	-2,060	4.70	-9.90	-3.30	-5.00	0.00
Sale of Property, Plant & Equipment	5.70	68	1.40	2.20	2.00	49	18	1.50	3.80	1.10	1.60
Divestitures	-	484	0.00	0.20	-	-	19	-	-	108	0.00
Other Investing Activities, net	-	-	-0.10	-	-	0.10	0.10	0.90	7.50	2.00	0.00
Net Cash From Financing Activities	-65	-223	-659	-20	-164	1,900	-533	-73	-619	-471	-112
Net Cash From Continuing Financing Activities	-65	-223	-659	-20	-164	1,900	-533	-73	-619	-471	-112
Repayment of Debt	-91	0.20	-551	-7.90	-3.60	-28	-401	-0.20	-550	0.10	-50
Repurchase of Common Equity	-	-150	-19	-50	-	-	-38	-	-	-400	-150
Payment of Dividends	-57	-58	-62	-61	-63	-61	-66	-66	-65	-64	-68
Issuance of Debt	91	-	-	103	-95	2,000	0.00	-	-	-	197
Other Financing Activities, net	-7.70	-16	-27	-3.90	-3.20	-12	-28	-6.80	-3.90	-5.90	-41

This table presents Vulcan Materials' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	8,302	8,471	9,505	9,832	10,649	11,687	13,683	14,235	14,546	17,105	16,700
Total Current Assets	1,085	1,137	1,180	1,079	1,379	2,277	1,697	1,902	2,525	2,266	2,568
Cash & Equivalents	284	259	142	40	272	1,197	235	161	931	560	183
Restricted Cash	1.15	9.03	5.00	4.37	2.92	0.90	6.50	0.10	18	41	6.10
Note & Lease Receivable	-	-	-	-	-	-	-	-	890	892	888
Inventories, net	347	346	384	429	458	449	521	579	616	682	681
Other Current Assets	-	-	61	65	76	74	95	116	70	91	102
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	0.00	709
Plant, Property, & Equipment, net	3,156	3,261	3,919	4,237	4,316	4,426	5,547	6,051	6,218	8,462	8,149
Total Noncurrent Assets	4,061	4,073	4,406	4,516	4,953	4,984	6,439	6,281	5,803	6,378	5,984
Long-Term Investments	41	39	35	45	61	34	34	32	31	31	34
Goodwill	3,095	3,095	3,122	3,165	3,167	3,172	3,697	3,690	3,532	3,788	3,781
Intangible Assets	767	769	1,064	1,095	1,091	1,124	1,749	1,702	1,461	1,883	1,489
Other Noncurrent Operating Assets	159	170	185	210	634	654	959	858	779	675	680
Total Liabilities & Shareholders' Equity	8,302	8,471	9,505	9,832	10,649	11,687	13,683	14,235	14,546	17,105	16,700
Total Liabilities	3,847	3,899	4,536	4,629	5,027	5,660	7,115	7,282	7,038	8,962	8,152
Total Current Liabilities	353	372	443	603	536	1,048	769	957	798	1,239	956
Short-Term Debt	0.13	0.14	41	133	0.03	515	5.20	101	0.50	401	0.40
Accounts Payable	176	145	197	216	265	273	366	455	390	407	439
Other Current Liabilities	76	126	105	141	154	148	259	269	238	276	488
Other Current Nonoperating Liabilities	9.75	9.75	12	20	19	20	20	20	33	31	29
Total Noncurrent Liabilities	3,494	3,527	4,093	4,027	4,491	4,612	6,346	6,326	6,240	7,723	7,195
Long-Term Debt	1,980	1,983	2,813	2,779	2,784	2,772	3,875	3,875	3,877	4,907	4,362
Noncurrent Deferred Revenue	208	198	191	186	180	174	167	160	145	138	131
Noncurrent Deferred & Payable Income Tax Liabilities	681	703	464	567	633	706	1,006	1,073	1,029	1,337	1,358
Other Noncurrent Operating Liabilities	106	112	103	96	483	540	876	825	781	839	1,345
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,454	4,572	4,969	5,203	5,622	6,027	6,568	6,952	7,508	8,143	8,549
Total Preferred & Common Equity	4,454	4,572	4,969	5,203	5,622	6,027	6,545	6,929	7,483	8,119	8,525
Total Common Equity	4,454	4,572	4,969	5,203	5,622	6,027	6,545	6,929	7,483	8,119	8,525
Common Stock	2,956	2,940	2,938	2,930	2,924	2,935	2,949	2,972	3,012	3,032	3,061
Retained Earnings	1,619	1,772	2,180	2,445	2,896	3,274	3,749	4,111	4,615	5,214	5,590
Accumulated Other Comprehensive Income / (Loss)	-120	-139	-149	-172	-198	-181	-153	-155	-144	-127	-126
Noncontrolling Interest	-	-	-	-	-	0.00	23	24	25	24	24

This table presents Vulcan Materials' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	14,334	14,621	14,546	13,911	14,216	14,352	17,105	16,712	16,975	16,979	16,673
Total Current Assets	2,044	2,701	2,525	1,908	1,977	2,213	2,266	1,926	2,244	2,268	2,582
Cash & Equivalents	166	340	931	292	111	433	560	181	347	191	140
Restricted Cash	2.20	5.00	18	7.70	0.60	1.10	41	12	3.60	3.90	3.50
Note & Lease Receivable	1,160	1,185	890	886	1,061	1,017	892	929	1,079	1,185	966
Inventories, net	595	571	616	647	650	648	682	721	726	687	696
Other Current Assets	121	106	70	74	153	114	91	83	88	104	79
Other Current Nonoperating Assets	-	495	-	-	-	0.00	-	0.00	-	97	698
Plant, Property, & Equipment, net	6,106	6,112	6,218	6,209	6,416	6,414	8,462	8,381	8,337	8,353	8,100
Total Noncurrent Assets	6,184	5,807	5,803	5,794	5,824	5,726	6,378	6,405	6,394	6,357	5,990
Long-Term Investments	31	31	31	31	31	31	31	31	33	34	34
Goodwill	3,690	3,532	3,532	3,532	3,537	3,450	3,788	3,815	3,832	3,840	3,781
Intangible Assets	1,653	1,472	1,461	1,605	1,623	1,609	1,715	1,846	1,832	1,796	1,479
Other Noncurrent Operating Assets	810	773	779	626	633	635	844	712	698	688	697
Total Liabilities & Shareholders' Equity	14,334	14,621	14,546	13,911	14,216	14,352	17,105	16,712	16,975	16,979	16,673
Total Liabilities	7,107	7,155	7,038	6,394	6,486	6,459	8,962	8,554	8,545	8,221	8,197
Total Current Liabilities	793	864	798	696	797	774	1,239	797	1,342	1,017	997
Short-Term Debt	0.50	0.50	0.50	0.50	96	0.50	401	0.50	551	0.40	197
Accounts Payable	402	413	390	321	327	353	407	355	384	423	399
Other Current Liabilities	391	441	238	375	375	421	276	442	408	556	374
Other Current Nonoperating Liabilities	-	10	33	-	-	0.00	31	0.00	-	38	28
Total Noncurrent Liabilities	6,314	6,291	6,240	5,698	5,689	5,685	7,723	7,757	7,203	7,205	7,200
Long-Term Debt	3,873	3,874	3,877	3,331	3,332	3,329	4,907	4,908	4,359	4,360	4,363
Noncurrent Deferred Revenue	150	147	145	144	141	139	138	136	134	132	129
Noncurrent Deferred & Payable Income Tax Liabilities	1,070	1,068	1,029	1,027	1,012	1,000	1,337	1,331	1,324	1,392	1,362
Other Noncurrent Operating Liabilities	1,221	1,201	781	1,197	1,205	1,216	839	1,381	1,386	1,320	1,346
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7,226	7,465	7,508	7,517	7,730	7,893	8,143	8,159	8,430	8,757	8,476
Total Preferred & Common Equity	7,203	7,441	7,483	7,492	7,705	7,869	8,119	8,134	8,407	8,734	8,451
Total Common Equity	7,203	7,441	7,483	7,492	7,705	7,869	8,119	8,134	8,407	8,734	8,451
Common Stock	2,978	2,995	3,012	2,997	3,012	3,027	3,032	3,021	3,037	3,052	3,038
Retained Earnings	4,376	4,595	4,615	4,637	4,834	4,981	5,214	5,239	5,495	5,805	5,538
Accumulated Other Comprehensive Income / (Loss)	-151	-150	-144	-142	-141	-139	-127	-126	-125	-123	-124
Noncontrolling Interest	24	25	25	25	25	24	24	24	23	23	24

This table displays calculated financial ratios and metrics derived from Vulcan Materials' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	14.29%	4.98%	8.28%	12.66%	12.46%	-1.47%	14.32%	31.75%	6.38%	-4.68%	7.06%
EBITDA Growth	0.27%	17.32%	-0.74%	15.50%	13.94%	1.09%	16.43%	8.07%	30.62%	-3.32%	19.40%
EBIT Growth	1.27%	24.16%	-4.13%	16.60%	16.56%	-0.96%	16.32%	-6.36%	48.95%	-5.78%	20.41%
NOPAT Growth	4.70%	31.60%	104.19%	-40.81%	16.05%	-1.78%	10.06%	-7.82%	50.91%	-1.14%	17.68%
Net Income Growth	7.93%	89.66%	43.31%	-14.20%	19.75%	-5.37%	14.70%	-14.01%	62.17%	-2.33%	18.07%
EPS Growth	6.49%	88.41%	44.34%	-13.68%	20.26%	-5.18%	14.35%	-14.14%	61.95%	-1.86%	18.39%
Operating Cash Flow Growth	99.05%	24.07%	0.01%	29.18%	18.17%	8.77%	-5.47%	13.47%	33.84%	-8.28%	28.62%
Free Cash Flow Firm Growth	-61.00%	53.56%	-192.40%	166.12%	195.51%	2.82%	-288.27%	111.87%	800.76%	-195.62%	255.11%
Invested Capital Growth	2.45%	2.28%	22.30%	5.12%	0.55%	0.15%	25.78%	5.52%	-2.94%	23.10%	-6.35%
Revenue Q/Q Growth	3.08%	0.44%	2.76%	2.59%	2.03%	-0.23%	8.42%	1.75%	1.33%	0.26%	0.75%
EBITDA Q/Q Growth	9.89%	0.24%	-1.76%	4.51%	1.28%	-1.28%	5.01%	4.18%	12.22%	4.20%	0.27%
EBIT Q/Q Growth	15.77%	0.11%	-3.49%	4.96%	1.15%	-2.42%	3.00%	-0.66%	13.93%	1.44%	-1.00%
NOPAT Q/Q Growth	14.65%	0.84%	111.13%	-41.33%	2.15%	-0.84%	1.67%	-2.41%	9.91%	9.83%	-4.02%
Net Income Q/Q Growth	29.87%	5.99%	55.65%	-28.29%	2.85%	-4.35%	3.58%	-3.00%	13.09%	7.72%	-3.63%
EPS Q/Q Growth	31.20%	5.10%	56.49%	-28.04%	2.66%	-4.15%	3.72%	-3.36%	13.13%	8.04%	-3.68%
Operating Cash Flow Q/Q Growth	32.33%	0.28%	0.81%	1.83%	8.59%	-4.08%	-0.53%	10.89%	5.61%	-2.86%	6.02%
Free Cash Flow Firm Q/Q Growth	-5.52%	13.58%	-824.50%	205.87%	19.44%	-13.35%	0.01%	-20.44%	15.46%	-291.99%	374.00%
Invested Capital Q/Q Growth	-0.25%	-0.88%	13.17%	0.10%	-1.06%	0.17%	0.26%	0.46%	-0.39%	19.45%	-6.21%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	25.06%	27.53%	25.54%	25.12%	25.48%	26.39%	24.74%	21.29%	25.04%	26.96%	27.38%
EBITDA Margin	24.05%	26.87%	24.63%	25.26%	25.59%	26.25%	26.74%	21.93%	26.93%	27.31%	30.46%
Operating Margin	16.07%	18.54%	16.43%	17.06%	17.80%	18.44%	18.21%	13.01%	18.34%	18.40%	20.40%
EBIT Margin	16.02%	18.94%	16.77%	17.36%	17.99%	18.08%	18.40%	13.08%	18.31%	18.10%	20.35%
Profit (Net Income) Margin	6.46%	11.68%	15.45%	11.77%	12.53%	12.03%	12.07%	7.88%	12.01%	12.31%	13.58%
Tax Burden Percent	67.46%	76.65%	166.39%	82.76%	81.52%	78.58%	76.72%	73.15%	75.09%	77.90%	77.56%
Interest Burden Percent	59.82%	80.42%	55.38%	81.94%	85.45%	84.70%	85.54%	82.39%	87.39%	87.31%	86.00%
Effective Tax Rate	28.96%	22.81%	-64.23%	16.92%	17.84%	20.95%	22.90%	24.49%	24.05%	21.45%	22.12%
Return on Invested Capital (ROIC)	6.46%	8.31%	15.09%	7.91%	8.94%	8.75%	8.52%	6.86%	10.23%	9.21%	10.14%
ROIC Less NNEP Spread (ROIC-NNEP)	-3.33%	2.66%	-5.43%	4.10%	5.05%	3.31%	4.70%	3.04%	5.80%	5.05%	5.66%
Return on Net Nonoperating Assets (RNNOA)	-1.34%	0.99%	-2.49%	2.23%	2.48%	1.29%	2.13%	1.67%	2.70%	2.46%	2.78%
Return on Equity (ROE)	5.13%	9.29%	12.60%	10.14%	11.41%	10.04%	10.65%	8.53%	12.93%	11.67%	12.92%
Cash Return on Invested Capital (CROIC)	4.04%	6.06%	-4.98%	2.92%	8.39%	8.59%	-14.32%	1.48%	13.22%	-11.50%	16.70%
Operating Return on Assets (OROA)	6.71%	8.11%	7.26%	7.87%	8.66%	7.86%	8.05%	6.85%	9.90%	8.48%	9.56%
Return on Assets (ROA)	2.71%	5.00%	6.69%	5.33%	6.03%	5.23%	5.29%	4.13%	6.50%	5.77%	6.38%
Return on Common Equity (ROCE)	5.13%	9.29%	12.60%	10.14%	11.41%	10.04%	10.63%	8.50%	12.89%	11.63%	12.88%
Return on Equity Simple (ROE_SIMPLE)	4.97%	9.17%	12.10%	9.91%	10.99%	9.70%	10.24%	8.32%	12.49%	11.25%	0.00%
Net Operating Profit after Tax (NOPAT)	391	514	1,050	621	721	708	779	718	1,084	1,072	1,261
NOPAT Margin	11.41%	14.31%	26.98%	14.17%	14.63%	14.58%	14.04%	9.82%	13.93%	14.45%	15.88%
Net Nonoperating Expense Percent (NNEP)	9.79%	5.64%	20.52%	3.81%	3.89%	5.44%	3.82%	3.82%	4.43%	4.16%	4.47%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	6.57%	9.52%	7.97%	9.77%
Cost of Revenue to Revenue	74.94%	72.47%	74.46%	74.88%	74.52%	73.61%	75.26%	78.71%	74.96%	73.04%	72.62%
SG&A Expenses to Revenue	9.28%	9.42%	9.57%	8.40%	8.16%	8.03%	8.61%	7.04%	6.98%	7.16%	7.10%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	8.99%	8.99%	9.11%	8.06%	7.68%	7.94%	6.53%	8.29%	6.70%	8.56%	6.99%
Earnings before Interest and Taxes (EBIT)	548	681	652	761	887	878	1,022	957	1,425	1,342	1,616
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	823	965	958	1,107	1,261	1,275	1,485	1,604	2,096	2,026	2,419
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.63	3.38	3.21	2.38	3.25	3.16	4.11	3.31	4.00	4.18	4.42
Price to Tangible Book Value (P/TBV)	19.78	21.79	20.40	13.15	13.40	11.00	24.49	14.91	12.02	12.99	11.58
Price to Revenue (P/Rev)	3.43	4.30	4.10	2.83	3.71	3.92	4.85	3.13	3.85	4.58	4.75
Price to Earnings (P/E)	53.01	36.81	26.56	24.02	29.58	32.59	40.13	39.80	32.09	37.25	35.00
Dividend Yield	0.45%	0.69%	0.83%	1.19%	0.90%	0.95%	0.73%	0.93%	0.76%	0.72%	0.69%
Earnings Yield	1.89%	2.72%	3.76%	4.16%	3.38%	3.07%	2.49%	2.51%	3.12%	2.68%	2.86%
Enterprise Value to Invested Capital (EV/IC)	2.19	2.74	2.44	1.89	2.56	2.60	3.00	2.48	3.15	3.01	3.48
Enterprise Value to Revenue (EV/Rev)	3.91	4.77	4.79	3.47	4.20	4.35	5.50	3.65	4.22	5.21	5.27
Enterprise Value to EBITDA (EV/EBITDA)	16.26	17.73	19.45	13.74	16.43	16.55	20.58	16.65	15.69	19.09	17.30
Enterprise Value to EBIT (EV/EBIT)	24.41	25.16	28.57	20.00	23.37	24.03	29.90	27.93	23.07	28.81	25.89
Enterprise Value to NOPAT (EV/NOPAT)	34.26	33.31	17.76	24.49	28.74	29.81	39.19	37.19	30.32	36.08	33.18
Enterprise Value to Operating Cash Flow (EV/OCF)	25.75	26.56	28.92	18.27	21.05	19.72	30.19	23.27	21.39	27.43	23.08
Enterprise Value to Free Cash Flow (EV/FCFF)	54.83	45.68	0.00	66.43	30.62	30.34	0.00	171.81	23.47	0.00	20.14
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.44	0.43	0.57	0.56	0.50	0.55	0.59	0.57	0.52	0.65	0.51
Long-Term Debt to Equity	0.44	0.43	0.57	0.53	0.50	0.46	0.59	0.56	0.52	0.60	0.51
Financial Leverage	0.40	0.37	0.46	0.54	0.49	0.39	0.45	0.55	0.47	0.49	0.49
Leverage Ratio	1.89	1.86	1.88	1.90	1.89	1.92	2.01	2.06	1.99	2.02	2.03
Compound Leverage Factor	1.13	1.49	1.04	1.56	1.62	1.62	1.72	1.70	1.74	1.77	1.74
Debt to Total Capital	30.78%	30.25%	36.49%	35.89%	33.12%	35.29%	37.14%	36.38%	34.06%	39.46%	33.79%
Short-Term Debt to Total Capital	0.00%	0.00%	0.53%	1.64%	0.00%	5.53%	0.05%	0.92%	0.00%	2.98%	0.00%
Long-Term Debt to Total Capital	30.78%	30.25%	35.96%	34.25%	33.12%	29.76%	37.09%	35.46%	34.05%	36.48%	33.78%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.22%	0.22%	0.22%	0.18%	0.18%
Common Equity to Total Capital	69.22%	69.75%	63.51%	64.11%	66.88%	64.71%	62.65%	63.40%	65.73%	60.36%	66.03%
Debt to EBITDA	2.41	2.05	2.98	2.63	2.21	2.58	2.61	2.48	1.85	2.62	1.80
Net Debt to EBITDA	2.01	1.74	2.79	2.55	1.94	1.61	2.43	2.36	1.38	2.31	1.71
Long-Term Debt to EBITDA	2.41	2.05	2.94	2.51	2.21	2.17	2.61	2.42	1.85	2.42	1.80
Debt to NOPAT	5.07	3.86	2.72	4.69	3.86	4.64	4.98	5.53	3.58	4.95	3.46
Net Debt to NOPAT	4.24	3.26	2.55	4.54	3.40	2.90	4.63	5.27	2.67	4.36	3.28
Long-Term Debt to NOPAT	5.07	3.86	2.68	4.47	3.86	3.92	4.97	5.39	3.58	4.58	3.46
Altman Z-Score	2.84	3.47	3.16	2.71	3.39	3.20	3.39	3.11	4.00	3.47	4.15
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.18%	0.34%	0.33%	0.31%	0.29%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.07	3.05	2.66	1.79	2.58	2.17	2.21	1.99	3.17	1.83	2.69
Quick Ratio	1.99	2.02	1.65	0.96	1.57	1.67	1.40	1.26	2.28	1.17	1.12
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	244	375	-346	229	677	696	-1,310	156	1,401	-1,339	2,077
Operating Cash Flow to CapEx	184.86%	197.22%	145.26%	186.35%	272.30%	305.22%	430.96%	200.07%	197.53%	256.85%	277.39%
Free Cash Flow to Firm to Interest Expense	1.11	2.80	-1.17	1.66	5.20	5.12	-8.77	0.92	7.14	-7.01	8.67
Operating Cash Flow to Interest Expense	2.36	4.81	2.18	6.04	7.56	7.87	6.78	6.79	7.84	7.37	7.56
Operating Cash Flow Less CapEx to Interest Expense	1.08	2.37	0.68	2.80	4.78	5.29	5.21	3.39	3.87	4.50	4.84
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.42	0.43	0.43	0.45	0.48	0.43	0.44	0.52	0.54	0.47	0.47
Accounts Receivable Turnover	8.64	7.90	7.20	7.76	8.87	8.62	7.96	7.77	0.00	0.00	0.00
Inventory Turnover	7.67	7.52	7.94	8.07	8.28	7.88	8.62	10.46	9.76	8.35	8.47
Fixed Asset Turnover	1.10	1.12	1.08	1.07	1.15	1.11	1.11	1.26	1.27	1.01	0.96
Accounts Payable Turnover	15.99	16.23	16.92	15.86	15.25	13.28	13.09	14.04	13.81	13.59	13.64
Days Sales Outstanding (DSO)	42.23	46.22	50.67	47.02	41.13	42.33	45.85	47.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	47.60	48.55	45.99	45.25	44.10	46.29	42.36	34.89	37.38	43.70	43.11
Days Payable Outstanding (DPO)	22.83	22.48	21.57	23.01	23.93	27.48	27.89	25.99	26.43	26.86	26.76
Cash Conversion Cycle (CCC)	66.99	72.29	75.09	69.25	61.30	61.14	60.32	55.90	10.95	16.84	16.36
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,119	6,258	7,654	8,046	8,090	8,103	10,192	10,755	10,438	12,849	12,033
Invested Capital Turnover	0.57	0.58	0.56	0.56	0.61	0.60	0.61	0.70	0.73	0.64	0.64
Increase / (Decrease) in Invested Capital	147	139	1,396	392	44	12	2,089	563	-317	2,411	-816
Enterprise Value (EV)	13,380	17,119	18,642	15,212	20,719	21,105	30,544	26,718	32,872	38,669	41,849
Market Capitalization	11,725	15,443	15,969	12,389	18,270	19,050	26,917	22,912	29,950	33,970	37,686
Book Value per Share	$33.41	$34.56	$37.56	$39.40	$42.48	$45.49	$49.32	$52.13	$56.32	$61.48	$64.52
Tangible Book Value per Share	$4.45	$5.36	$5.92	$7.13	$10.30	$13.07	$8.28	$11.56	$18.75	$19.81	$24.64
Total Capital	6,435	6,555	7,824	8,115	8,406	9,315	10,448	10,928	11,386	13,450	12,911
Total Debt	1,980	1,983	2,855	2,912	2,784	3,288	3,880	3,976	3,878	5,307	4,362
Total Long-Term Debt	1,980	1,983	2,813	2,779	2,784	2,772	3,875	3,875	3,877	4,907	4,362
Net Debt	1,655	1,676	2,673	2,823	2,449	2,055	3,604	3,782	2,897	4,675	4,139
Capital Expenditures (CapEx)	281	327	444	447	361	351	235	574	778	549	654
Debt-free, Cash-free Net Working Capital (DFCFNWC)	446	497	632	565	569	547	691	884	779	826	1,423
Debt-free Net Working Capital (DFNWC)	731	765	779	610	844	1,745	933	1,046	1,728	1,427	1,612
Net Working Capital (NWC)	731	765	737	477	844	1,229	927	945	1,727	1,027	1,612
Net Nonoperating Expense (NNE)	169	94	448	105	103	124	109	142	149	159	183
Net Nonoperating Obligations (NNO)	1,664	1,685	2,685	2,843	2,468	2,075	3,624	3,802	2,930	4,707	3,484
Total Depreciation and Amortization (D&A)	275	285	306	346	375	397	463	648	671	684	803
Debt-free, Cash-free Net Working Capital to Revenue	13.03%	13.84%	16.24%	12.90%	11.55%	11.26%	12.45%	12.09%	10.01%	11.14%	17.92%
Debt-free Net Working Capital to Revenue	21.37%	21.30%	20.01%	13.91%	17.12%	35.92%	16.80%	14.30%	22.20%	19.24%	20.30%
Net Working Capital to Revenue	21.36%	21.29%	18.95%	10.87%	17.12%	25.31%	16.70%	12.92%	22.20%	13.84%	20.30%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.66	$3.15	$4.54	$3.90	$4.67	$4.41	$5.05	$4.33	$7.02	$6.89	$8.16
Adjusted Weighted Average Basic Shares Outstanding	133.21M	133.21M	132.51M	132.39M	132.30M	132.58M	132.80M	133M	133M	132.30M	132M
Adjusted Diluted Earnings per Share	$1.64	$3.09	$4.46	$3.85	$4.63	$4.39	$5.02	$4.31	$6.98	$6.85	$8.11
Adjusted Weighted Average Diluted Shares Outstanding	135.09M	135.79M	134.88M	133.93M	133.39M	133.25M	133.50M	133.60M	133.70M	133.10M	132.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	133.18M	132.36M	132.48M	131.83M	132.39M	132.55M	132.79M	132.97M	132.23M	132.11M	130.58M
Normalized Net Operating Profit after Tax (NOPAT)	384	502	435	609	701	705	690	762	1,048	1,099	1,221
Normalized NOPAT Margin	11.21%	13.97%	11.18%	13.89%	14.23%	14.51%	12.43%	10.41%	13.46%	14.81%	15.37%
Pre Tax Income Margin	9.58%	15.23%	9.29%	14.22%	15.37%	15.31%	15.74%	10.77%	16.00%	15.80%	17.51%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.48	5.08	2.21	5.51	6.81	6.46	6.84	5.65	7.27	7.02	6.74
NOPAT to Interest Expense	1.77	3.83	3.55	4.50	5.54	5.21	5.22	4.25	5.53	5.61	5.26
EBIT Less CapEx to Interest Expense	1.21	2.64	0.71	2.27	4.03	3.88	5.27	2.26	3.30	4.15	4.02
NOPAT Less CapEx to Interest Expense	0.50	1.40	2.05	1.26	2.76	2.63	3.65	0.85	1.56	2.74	2.54
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	24.06%	25.35%	22.01%	28.71%	26.55%	30.83%	29.30%	36.88%	24.52%	26.96%	24.24%
Augmented Payout Ratio	33.77%	63.84%	32.04%	54.69%	26.97%	35.30%	29.30%	36.88%	45.91%	34.50%	64.90%

This table displays calculated financial ratios and metrics derived from Vulcan Materials' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	130,580,384.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	130,580,384.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.27
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.67%	5.91%	-6.26%	-4.66%	-8.32%	1.06%	5.75%	4.37%	14.35%	3.18%	7.42%
EBITDA Growth	24.10%	47.67%	-4.05%	-0.82%	-13.65%	5.53%	25.95%	9.36%	47.70%	1.14%	6.35%
EBIT Growth	34.50%	87.80%	-8.48%	-1.35%	-19.20%	5.10%	29.66%	6.41%	63.19%	-4.16%	19.21%
NOPAT Growth	53.47%	63.56%	-17.87%	-0.19%	-25.25%	37.71%	32.70%	5.57%	74.48%	-15.21%	15.81%
Net Income Growth	56.58%	90.24%	-14.89%	-0.10%	-24.85%	28.67%	25.75%	4.05%	79.94%	-13.83%	28.28%
EPS Growth	55.64%	91.01%	-14.44%	0.00%	-24.64%	30.00%	25.97%	4.76%	80.77%	-14.03%	29.90%
Operating Cash Flow Growth	29.54%	20.43%	-21.64%	-29.73%	8.64%	-8.62%	45.04%	69.92%	13.75%	23.38%	-4.14%
Free Cash Flow Firm Growth	265.03%	240.11%	332.25%	174.04%	-107.05%	-461.03%	-738.93%	-772.84%	-4,186.01%	154.00%	140.22%
Invested Capital Growth	-2.12%	-2.94%	-1.87%	1.04%	2.66%	23.10%	22.12%	17.62%	19.26%	-6.35%	-5.10%
Revenue Q/Q Growth	3.45%	-16.09%	-15.73%	30.32%	-0.52%	-7.50%	-11.82%	28.62%	8.99%	-16.54%	-8.19%
EBITDA Q/Q Growth	-5.26%	-8.28%	-35.95%	82.67%	-17.51%	12.09%	-25.43%	58.60%	11.41%	-23.24%	-21.59%
EBIT Q/Q Growth	-8.54%	-9.67%	-53.68%	157.76%	-25.08%	17.49%	-42.85%	111.53%	14.89%	-31.00%	-28.91%
NOPAT Q/Q Growth	-7.97%	-20.71%	-46.72%	156.73%	-31.08%	46.08%	-48.66%	104.25%	13.91%	-29.01%	-29.89%
Net Income Q/Q Growth	-10.14%	-17.74%	-54.89%	199.61%	-32.40%	40.83%	-55.91%	147.91%	16.90%	-32.56%	-34.36%
EPS Q/Q Growth	-10.39%	-17.87%	-54.71%	200.00%	-32.47%	41.67%	-56.11%	149.48%	16.53%	-32.62%	-33.68%
Operating Cash Flow Q/Q Growth	91.37%	-12.07%	-64.00%	15.97%	195.87%	-26.03%	-42.85%	35.86%	98.07%	-19.77%	-55.60%
Free Cash Flow Firm Q/Q Growth	541.44%	4.27%	-44.35%	-30.38%	-116.50%	-5,240.56%	-4.15%	26.69%	-5.11%	167.29%	-22.44%
Invested Capital Q/Q Growth	-3.87%	-0.39%	1.07%	4.74%	-2.34%	19.45%	-0.05%	0.88%	-0.97%	-6.21%	1.28%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	27.04%	25.74%	19.73%	29.40%	28.21%	28.99%	22.35%	29.74%	30.43%	25.46%	24.07%
EBITDA Margin	26.86%	29.35%	21.76%	30.51%	25.30%	30.65%	25.92%	31.96%	32.67%	30.05%	25.66%
Operating Margin	19.16%	20.18%	11.19%	22.52%	16.82%	21.63%	13.85%	22.40%	23.71%	19.82%	15.11%
EBIT Margin	18.87%	20.31%	11.17%	22.09%	16.63%	21.13%	13.69%	22.52%	23.74%	19.62%	15.19%
Profit (Net Income) Margin	12.69%	12.44%	6.66%	15.30%	10.40%	15.83%	7.92%	15.26%	16.36%	13.22%	9.45%
Tax Burden Percent	75.79%	68.03%	77.08%	76.18%	70.67%	86.58%	78.85%	77.45%	76.75%	78.25%	77.97%
Interest Burden Percent	88.70%	89.99%	77.35%	90.96%	88.48%	86.57%	73.32%	87.49%	89.83%	86.12%	79.80%
Effective Tax Rate	23.45%	31.32%	21.65%	23.33%	28.89%	12.65%	20.60%	22.04%	23.00%	21.66%	21.56%
Return on Invested Capital (ROIC)	10.64%	10.18%	6.34%	11.94%	8.33%	12.03%	7.07%	11.07%	12.20%	9.91%	7.64%
ROIC Less NNEP Spread (ROIC-NNEP)	9.37%	9.40%	5.37%	10.81%	7.27%	10.55%	5.76%	9.88%	10.95%	8.83%	6.63%
Return on Net Nonoperating Assets (RNNOA)	4.47%	4.38%	2.48%	5.03%	2.78%	5.15%	2.82%	4.77%	4.56%	4.34%	3.35%
Return on Equity (ROE)	15.10%	14.56%	8.82%	16.97%	11.12%	17.18%	9.89%	15.84%	16.76%	14.24%	10.99%
Cash Return on Invested Capital (CROIC)	11.45%	13.22%	11.85%	8.61%	6.57%	-11.50%	-10.37%	-6.72%	-6.43%	16.70%	15.54%
Operating Return on Assets (OROA)	9.91%	10.99%	6.13%	11.73%	8.49%	9.90%	6.71%	10.97%	11.94%	9.22%	7.34%
Return on Assets (ROA)	6.66%	6.73%	3.65%	8.13%	5.31%	7.42%	3.88%	7.43%	8.23%	6.21%	4.57%
Return on Common Equity (ROCE)	15.05%	14.51%	8.79%	16.92%	11.08%	17.13%	9.86%	15.79%	16.71%	14.20%	10.95%
Return on Equity Simple (ROE_SIMPLE)	11.11%	0.00%	12.24%	11.90%	10.77%	0.00%	11.55%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	321	254	135	348	240	350	180	367	418	297	208
NOPAT Margin	14.67%	13.86%	8.76%	17.27%	11.96%	18.89%	11.00%	17.46%	18.25%	15.52%	11.86%
Net Nonoperating Expense Percent (NNEP)	1.27%	0.78%	0.97%	1.14%	1.07%	1.48%	1.31%	1.19%	1.25%	1.07%	1.00%
Return On Investment Capital (ROIC_SIMPLE)	-	2.23%	-	-	-	2.60%	1.38%	2.75%	3.19%	2.30%	1.60%
Cost of Revenue to Revenue	72.96%	74.26%	80.27%	70.60%	71.80%	71.01%	77.65%	70.26%	69.57%	74.54%	75.93%
SG&A Expenses to Revenue	6.58%	7.77%	8.39%	6.66%	6.44%	7.46%	8.46%	6.87%	6.34%	7.11%	7.73%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	7.87%	5.56%	8.54%	6.88%	11.38%	7.36%	8.50%	7.33%	6.72%	5.64%	8.96%
Earnings before Interest and Taxes (EBIT)	413	373	173	445	333	392	224	473	544	375	267
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	587	538	336	615	507	568	424	672	749	575	451
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.58	4.00	4.82	4.26	4.20	4.18	3.79	4.10	4.65	4.42	4.21
Price to Tangible Book Value (P/TBV)	10.93	12.02	14.37	12.13	11.13	12.99	12.46	12.56	13.12	11.58	11.14
Price to Revenue (P/Rev)	3.47	3.85	4.71	4.33	4.47	4.58	4.11	4.54	5.16	4.75	4.41
Price to Earnings (P/E)	32.29	32.09	39.48	35.89	39.11	37.25	32.85	36.23	36.34	35.00	31.94
Dividend Yield	0.84%	0.76%	0.64%	0.72%	0.72%	0.72%	0.80%	0.73%	0.63%	0.69%	0.73%
Earnings Yield	3.10%	3.12%	2.53%	2.79%	2.56%	2.68%	3.04%	2.76%	2.75%	2.86%	3.13%
Enterprise Value to Invested Capital (EV/IC)	2.88	3.15	3.72	3.28	3.34	3.01	2.77	3.01	3.49	3.48	3.28
Enterprise Value to Revenue (EV/Rev)	3.93	4.22	5.10	4.77	4.86	5.21	4.73	5.14	5.68	5.27	4.96
Enterprise Value to EBITDA (EV/EBITDA)	16.15	15.69	19.31	17.85	18.49	19.09	16.81	17.97	18.57	17.30	16.34
Enterprise Value to EBIT (EV/EBIT)	24.12	23.07	27.80	25.76	27.17	28.81	25.50	27.43	27.44	25.89	24.08
Enterprise Value to NOPAT (EV/NOPAT)	30.58	30.32	37.02	34.19	36.85	36.08	31.84	34.35	34.09	33.18	30.98
Enterprise Value to Operating Cash Flow (EV/OCF)	20.73	21.39	26.30	25.74	24.78	27.43	23.88	23.95	26.20	23.08	22.17
Enterprise Value to Free Cash Flow (EV/FCFF)	24.86	23.47	31.12	38.32	51.55	0.00	0.00	0.00	0.00	20.14	20.54
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.52	0.52	0.44	0.44	0.42	0.65	0.60	0.58	0.50	0.51	0.54
Long-Term Debt to Equity	0.52	0.52	0.44	0.43	0.42	0.60	0.60	0.52	0.50	0.51	0.51
Financial Leverage	0.48	0.47	0.46	0.47	0.38	0.49	0.49	0.48	0.42	0.49	0.50
Leverage Ratio	2.04	1.99	1.93	1.91	1.89	2.02	1.95	1.93	1.88	2.03	2.01
Compound Leverage Factor	1.81	1.79	1.49	1.74	1.67	1.75	1.43	1.69	1.69	1.74	1.60
Debt to Total Capital	34.17%	34.06%	30.71%	30.72%	29.67%	39.46%	37.56%	36.81%	33.24%	33.79%	34.98%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.86%	0.00%	2.98%	0.00%	4.13%	0.00%	0.00%	1.51%
Long-Term Debt to Total Capital	34.16%	34.05%	30.70%	29.86%	29.66%	36.48%	37.56%	32.68%	33.24%	33.78%	33.47%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.22%	0.22%	0.23%	0.23%	0.21%	0.18%	0.19%	0.17%	0.17%	0.18%	0.19%
Common Equity to Total Capital	65.61%	65.73%	69.06%	69.06%	70.12%	60.36%	62.25%	63.02%	66.58%	66.03%	64.83%
Debt to EBITDA	2.08	1.85	1.64	1.69	1.71	2.62	2.32	2.26	1.81	1.80	1.86
Net Debt to EBITDA	1.87	1.38	1.48	1.62	1.47	2.31	2.22	2.08	1.71	1.71	1.79
Long-Term Debt to EBITDA	2.07	1.85	1.64	1.65	1.71	2.42	2.32	2.01	1.81	1.80	1.78
Debt to NOPAT	3.93	3.58	3.15	3.24	3.41	4.95	4.40	4.32	3.32	3.46	3.53
Net Debt to NOPAT	3.55	2.67	2.84	3.11	2.93	4.36	4.20	3.99	3.14	3.28	3.40
Long-Term Debt to NOPAT	3.93	3.58	3.15	3.15	3.41	4.58	4.40	3.84	3.32	3.46	3.38
Altman Z-Score	3.44	3.76	4.55	4.25	4.27	3.28	3.18	3.48	4.10	3.91	3.72
Noncontrolling Interest Sharing Ratio	0.33%	0.33%	0.33%	0.33%	0.32%	0.31%	0.31%	0.30%	0.28%	0.29%	0.29%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.13	3.17	2.74	2.48	2.86	1.83	2.42	1.67	2.23	2.69	2.59
Quick Ratio	1.76	2.28	1.69	1.47	1.87	1.17	1.39	1.06	1.35	1.12	1.11
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	547	571	336	234	-39	-2,061	-2,147	-1,574	-1,654	1,113	863
Operating Cash Flow to CapEx	178.99%	349.24%	114.53%	106.29%	627.64%	388.10%	167.33%	336.98%	310.17%	295.59%	137.85%
Free Cash Flow to Firm to Interest Expense	11.75	0.00	0.00	5.82	-1.01	0.00	-35.96	-26.58	-29.91	16.99	16.02
Operating Cash Flow to Interest Expense	11.75	0.00	0.00	5.00	15.49	0.00	4.21	5.77	12.24	8.29	4.47
Operating Cash Flow Less CapEx to Interest Expense	5.19	0.00	0.00	0.30	13.03	0.00	1.70	4.06	8.29	5.49	1.23
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.53	0.54	0.55	0.53	0.51	0.47	0.49	0.49	0.50	0.47	0.48
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	10.52	9.76	9.29	9.03	8.97	8.35	7.96	8.00	8.48	8.47	8.23
Fixed Asset Turnover	1.27	1.27	1.25	1.21	1.18	1.01	1.03	1.03	1.07	0.96	0.98
Accounts Payable Turnover	13.05	13.81	16.57	15.42	14.28	13.59	16.12	15.50	14.60	13.64	15.48
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	34.69	37.38	39.28	40.43	40.69	43.70	45.84	45.64	43.06	43.11	44.35
Days Payable Outstanding (DPO)	27.97	26.43	22.03	23.66	25.57	26.86	22.64	23.56	25.01	26.76	23.59
Cash Conversion Cycle (CCC)	6.72	10.95	17.26	16.76	15.13	16.84	23.21	22.08	18.05	16.36	20.76
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,479	10,438	10,516	11,015	10,757	12,849	12,843	12,956	12,829	12,033	12,188
Invested Capital Turnover	0.73	0.73	0.72	0.69	0.70	0.64	0.64	0.63	0.67	0.64	0.64
Increase / (Decrease) in Invested Capital	-227	-317	-201	114	278	2,411	2,326	1,941	2,072	-816	-655
Enterprise Value (EV)	30,166	32,872	39,156	36,135	35,960	38,669	35,530	39,004	44,799	41,849	39,964
Market Capitalization	26,642	29,950	36,131	32,826	33,072	33,970	30,821	34,455	40,644	37,686	35,557
Book Value per Share	$56.00	$56.32	$56.59	$58.26	$59.59	$61.48	$61.57	$63.64	$66.11	$64.52	$64.72
Tangible Book Value per Share	$18.34	$18.75	$18.99	$20.46	$22.50	$19.81	$18.72	$20.77	$23.45	$24.64	$24.44
Total Capital	11,340	11,386	10,848	11,158	11,223	13,450	13,067	13,339	13,118	12,911	13,036
Total Debt	3,875	3,878	3,331	3,427	3,330	5,307	4,908	4,910	4,361	4,362	4,560
Total Long-Term Debt	3,874	3,877	3,331	3,332	3,329	4,907	4,908	4,359	4,360	4,362	4,363
Net Debt	3,499	2,897	3,000	3,284	2,864	4,675	4,684	4,526	4,132	4,139	4,383
Capital Expenditures (CapEx)	306	138	151	189	95	113	150	101	218	184	175
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,493	779	912	1,164	1,005	826	937	1,101	1,057	1,423	1,638
Debt-free Net Working Capital (DFNWC)	1,838	1,728	1,212	1,275	1,439	1,427	1,130	1,452	1,252	1,612	1,782
Net Working Capital (NWC)	1,837	1,727	1,211	1,180	1,439	1,027	1,129	902	1,252	1,612	1,585
Net Nonoperating Expense (NNE)	43	26	33	39	31	57	50	46	43	44	42
Net Nonoperating Obligations (NNO)	3,014	2,930	3,000	3,284	2,864	4,707	4,684	4,526	4,072	3,484	3,712
Total Depreciation and Amortization (D&A)	175	166	164	170	174	177	200	199	205	199	184
Debt-free, Cash-free Net Working Capital to Revenue	19.43%	10.01%	11.87%	15.35%	13.58%	11.14%	12.48%	14.50%	13.41%	17.92%	20.32%
Debt-free Net Working Capital to Revenue	23.93%	22.20%	15.78%	16.82%	19.45%	19.24%	15.05%	19.12%	15.88%	20.30%	22.10%
Net Working Capital to Revenue	23.92%	22.20%	15.78%	15.56%	19.45%	13.84%	15.04%	11.87%	15.88%	20.30%	19.66%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.08	$1.71	$0.78	$2.33	$1.57	$2.21	$0.97	$2.43	$2.84	$1.92	$1.27
Adjusted Weighted Average Basic Shares Outstanding	133M	133M	132.40M	132.40M	132.20M	132.30M	132.40M	132.20M	132.10M	132M	130.70M
Adjusted Diluted Earnings per Share	$2.07	$1.70	$0.77	$2.31	$1.56	$2.21	$0.97	$2.42	$2.82	$1.90	$1.26
Adjusted Weighted Average Diluted Shares Outstanding	133.70M	133.70M	133.10M	133.10M	133M	133.10M	133M	132.90M	132.90M	132.70M	131.20M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	132.87M	132.23M	132.25M	132.06M	132.06M	132.11M	132.10M	132.12M	132.13M	130.58M	129.75M
Normalized Net Operating Profit after Tax (NOPAT)	339	217	135	345	301	309	174	366	418	263	208
Normalized NOPAT Margin	15.51%	11.85%	8.73%	17.12%	15.03%	16.64%	10.64%	17.42%	18.23%	13.75%	11.87%
Pre Tax Income Margin	16.74%	18.28%	8.64%	20.09%	14.72%	18.29%	10.04%	19.70%	21.32%	16.90%	12.12%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	8.85	0.00	0.00	11.07	8.68	0.00	3.75	8.00	9.84	5.73	4.95
NOPAT to Interest Expense	6.88	0.00	0.00	8.65	6.24	0.00	3.01	6.20	7.56	4.53	3.86
EBIT Less CapEx to Interest Expense	2.29	0.00	0.00	6.36	6.21	0.00	1.23	6.28	5.89	2.93	1.71
NOPAT Less CapEx to Interest Expense	0.31	0.00	0.00	3.95	3.77	0.00	0.49	4.49	3.62	1.73	0.62
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	27.18%	24.52%	25.52%	25.92%	28.67%	26.96%	26.63%	26.85%	23.04%	24.24%	23.61%
Augmented Payout Ratio	33.22%	45.91%	49.38%	49.80%	54.49%	34.50%	36.00%	30.85%	26.44%	64.90%	72.93%

Financials Breakdown Chart

Key Financial Trends

Here are the key four-year trends for Vulcan Materials (VMC) based on the quarterly income statements, balance sheets, and cash flow statements provided. The points focus on items that may impact retail investors’ view of the stock.

Top-line growth: Vulcan’s revenue has trended higher over the four-year span, with 2025 Q4 revenue around $1.9126B, up from 2024 Q4 (~$1.8537B) and well above 2022 levels. This signals ongoing demand for construction materials.
Gross margin expansion: Margin improved from about 20% in 2022 to roughly 29% by 2024 Q4, suggesting better profitability per dollar of revenue and/or pricing/mix adjustments—though quarterly margins can still fluctuate.
Solid operating cash flow: Net cash from continuing operating activities was about $543M in 2025 Q4, with higher cadence in some recent quarters (e.g., 676.8M in 2025 Q3), highlighting robust cash generation relative to earnings.
Free cash flow potential: In 2025 Q4, after capex around $184.8M, estimated free cash flow was roughly $358M, indicating substantial cash available for dividends, debt reduction, or buybacks if management chooses.

Balance sheet stability: Total assets run in the mid-to-high teens of billions (around $16.9B–$17.0B) with total equity commonly near $8.1B–$8.7B across recent periods. Long-term debt typically sits in the $4.0B–$4.9B range, suggesting a stable capital base.
Consistent year-over-year trend: Revenue and asset levels show ongoing growth over the four-year window, indicating durable demand and a relatively steady balance sheet position through multiple cycles.
Interest expense and leverage: Quarterly interest expense generally runs in the $55–66M area, reflecting a moderate debt service burden given the scale of assets and operations.

Earnings momentum softened in latest quarter: Net income attributable to common shareholders declined to about $252M in 2025 Q4, down from about $374.9M in 2025 Q3, indicating a near-term mix or cost pressure that weighed on quarterly earnings.
Financing cash flows remain a drag: Net cash from financing activities was negative in recent quarters (for example, around -$470M in 2025 Q4), reflecting cash outflows for dividends, buybacks, and debt actions that reduce cash on hand.
Seasonality risk in quarterly results: Revenue and earnings show quarter-to-quarter variability (e.g., lower Q4 revenue relative to Q3), which can lead to muted quarterly performance even amid longer-term growth.

05/14/26 07:31 PM ETAI Generated. May Contain Errors.

Vulcan Materials Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Vulcan Materials' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Vulcan Materials' net income appears to be on an upward trend, with a most recent value of $1.08 billion in 2025, rising from $221.18 million in 2015. The previous period was $913.10 million in 2024. See Vulcan Materials' forecast for analyst expectations on what's next for the company.

Vulcan Materials' total operating income in 2025 was $1.62 billion, based on the following breakdown:

Total Gross Profit: $2.17 billion
Total Operating Expenses: $555 million

Over the last 10 years, Vulcan Materials' total revenue changed from $3.42 billion in 2015 to $7.94 billion in 2025, a change of 132.0%.

Vulcan Materials' total liabilities were at $8.15 billion at the end of 2025, a 9.0% decrease from 2024, and a 111.9% increase since 2015.

In the past 10 years, Vulcan Materials' cash and equivalents has ranged from $40.04 million in 2018 to $1.20 billion in 2020, and is currently $183.30 million as of their latest financial filing in 2025.

Over the last 10 years, Vulcan Materials' book value per share changed from 33.41 in 2015 to 64.52 in 2025, a change of 93.1%.

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Financial statements for NYSE:VMC last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Vulcan Materials (VMC) Financials

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Key Financial Trends

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Vulcan Materials (VMC) Financials

Annual Income Statements for Vulcan Materials

Quarterly Income Statements for Vulcan Materials

Annual Cash Flow Statements for Vulcan Materials

Quarterly Cash Flow Statements for Vulcan Materials

Annual Balance Sheets for Vulcan Materials

Quarterly Balance Sheets for Vulcan Materials

Annual Metrics And Ratios for Vulcan Materials

Quarterly Metrics And Ratios for Vulcan Materials

Financials Breakdown Chart

Key Financial Trends

Vulcan Materials Financials - Frequently Asked Questions

When does Vulcan Materials' fiscal year end?

How has Vulcan Materials' net income changed over the last 10 years?

What is Vulcan Materials' operating income?

How has Vulcan Materials' revenue changed over the last 10 years?

How much debt does Vulcan Materials have?

How much cash does Vulcan Materials have?

How has Vulcan Materials' book value per share changed over the last 10 years?

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