Vulcan Materials Co. (VMC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$2.47	$2.59	+4.9%	—	—	—
Q4 26	$1.1	$1.35	+22.7%	—	—	—
Q3 26	$2.11	$1.7	-19.4%	—	—	—
Q2 26	$2.72	$2.84	+4.4%	—	—	—
Q1 26	$2.52	$2.45	-2.8%	—	—	—
Q4 25	$0.76	$1	+31.6%	—	—	—
Q3 25	$1.75	$2.17	+24.0%	—	—	—
Q2 25	$2.31	$2.22	-3.9%	—	—	—
Q1 25	$2.49	$2.35	-5.6%	—	—	—
Q4 24	$0.77	$0.8	+3.9%	—	—	—
Q3 24	$1.4	$1.46	+4.3%	—	—	—
Q2 24	$2.23	$2.29	+2.7%	—	—	—
Q1 24	$1.92	$2.29	+19.3%	—	—	—
Q4 23	$0.62	$0.95	+53.2%	—	—	—
Q3 23	$1.26	$1.08	-14.3%	—	—	—
Q2 23	$1.71	$1.78	+4.1%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$8.16	—	—	$7.9B	—
FY24	—	$6.89	—	—	$7.4B	—
FY23	—	$7.02	—	—	$7.8B	—
FY22	—	$4.33	—	—	$7.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$3.6B	$3.9B	$4.4B	$4.9B	$4.9B	$5.6B	$7.3B	$7.8B	$7.4B	$7.9B
YoY change	+4.98%	+8.28%	+12.7%	+12.5%	-1.47%	+14.3%	+31.8%	+6.38%	-4.68%	+7.06%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	3.6B	3.9B	4.4B	4.9B	4.9B	5.6B	7.3B	7.8B	7.4B	7.9B
Cost of revenue	2.6B	2.9B	3.3B	3.7B	3.6B	4.2B	5.8B	5.8B	5.4B	5.8B
Gross profit	988.9M	993.5M	1.1B	1.3B	1.3B	1.4B	1.6B	1.9B	2B	2.2B
Gross margin	27.5%	25.5%	25.1%	25.5%	26.4%	24.7%	21.3%	25%	27%	27.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	316.8M	325M	333.4M	370.5M	359.8M	417.6M	515.1M	542.8M	531.1M	564.1M
Operating expenses	338.4M	372.3M	368.2M	402.2M	389.8M	478.1M	549.1M	569.2M	600.8M	607.4M
Operating income	650.5M	621.2M	732.8M	853.7M	891.7M	895.3M	1B	1.4B	1.4B	1.6B
Operating margin	18.1%	16%	16.7%	17.3%	18.4%	16.1%	13.8%	17.7%	18.9%	19.7%
Non-operating income, net	30.1M	31.2M	27.9M	33M	-13.5M	126.2M	-52.1M	45.4M	-56.4M	49.2M
Pretax income	547.3M	361.3M	623.3M	757.7M	743.8M	873.8M	788.1M	1.2B	1.2B	1.4B
Income tax	124.9M	-232.1M	105.4M	135.2M	155.8M	200.1M	193M	299.4M	251.4M	307.5M
Net income	419.5M	601.2M	515.8M	617.7M	584.5M	670.4M	576.5M	934.9M	913.1M	1.1B
Net margin	11.7%	15.5%	11.8%	12.5%	12%	12.1%	7.88%	12%	12.3%	13.6%
EBITDA	950.8M	945M	1.1B	1.2B	1.3B	1.4B	1.6B	2B	2B	2.3B
EPS	3.15	4.54	3.9	4.67	4.41	5.05	4.33	7.02	6.89	8.16
Diluted EPS	3.09	4.46	3.85	4.63	4.39	5.02	4.31	6.98	6.85	8.11

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.2B	1.8B	1.5B	2B	2B	1.9B	1.6B	2.1B	2.3B	1.9B	1.8B	2.2B
Cost of revenue	1.6B	1.4B	1.2B	1.4B	1.4B	1.3B	1.3B	1.5B	1.6B	1.4B	1.3B	1.5B
Gross profit	591M	472.2M	304.9M	592.2M	565.2M	537.2M	365.3M	625.2M	697.2M	486.9M	422.7M	625.5M
Gross margin	27%	25.7%	19.7%	29.4%	28.2%	29%	22.3%	29.7%	30.4%	25.5%	24.1%	29%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	143.9M	142.4M	129.7M	134.1M	129.1M	138.1M	138.3M	144.5M	145.3M	136.1M	135.7M	141.3M
Operating expenses	148.1M	155.7M	132.6M	142.4M	141.7M	183.9M	146.3M	155.4M	154.6M	151.2M	157M	158.7M
Operating income	442.9M	316.5M	172.3M	449.8M	423.5M	353.3M	219M	469.8M	542.6M	335.7M	265.7M	466.8M
Operating margin	20.3%	17.3%	11.1%	22.3%	21.1%	19.1%	13.4%	22.3%	23.7%	17.6%	15.1%	21.7%
Non-operating income, net	-30.4M	56.2M	300K	-4.9M	-90.2M	38.3M	4.8M	3.6M	1.3M	39.6M	1.1M	-7.6M
Pretax income	365.9M	335.3M	133.5M	404.7M	294.9M	339M	164.1M	414.2M	488.6M	323.2M	212.9M	404.5M
Income tax	85.8M	105M	28.9M	94.4M	85.2M	42.9M	33.8M	91.3M	112.4M	70.1M	45.9M	81.4M
Net income	277.3M	228.1M	102.9M	308.3M	208.4M	293.5M	129.4M	320.8M	375M	252.8M	166M	324.3M
Net margin	12.7%	12.4%	6.66%	15.3%	10.4%	15.8%	7.92%	15.3%	16.4%	13.2%	9.45%	15%
EBITDA	597.6M	474.3M	322.9M	597.9M	580.4M	513.9M	402.8M	657.6M	734.7M	510M	437.4M	648M
EPS	2.08	1.71	0.78	2.33	1.57	2.22	0.97	2.43	2.84	1.92	1.27	2.49
Diluted EPS	2.07	1.7	0.77	2.31	1.56	2.21	0.97	2.42	2.82	1.91	1.26	2.48

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	16.7B	17B	13.1B	19B	19.7B	27.6B	23.3B	30.2B	34B	37.6B	31.9B
Enterprise value	18.4B	19.7B	16B	22B	22.2B	31.9B	27.7B	33.6B	39.3B	42.4B	36.5B
Shares outstanding	133.2M	132.5M	132.4M	132.3M	132.6M	132.8M	133M	133M	132.3M	132M	132M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	39.7	28.3	25.4	30.8	33.6	41.1	40.4	32.3	37.3	34.9	29.3
P/S	4.64	4.37	2.98	3.86	4.05	4.96	3.18	3.88	4.59	4.74	3.92
P/B	3.65	3.42	2.51	3.39	3.26	4.2	3.35	4.02	4.18	4.4	3.75
EV/EBITDA	19.3	20.9	14.6	17.7	17.4	23.5	17.4	16.9	19.5	18.4	15.6
EV/Sales	5.12	5.07	3.64	4.45	4.56	5.74	3.78	4.32	5.3	5.33	4.5
Earnings yield	2.52%	3.53%	3.94%	3.24%	2.97%	2.43%	2.48%	3.1%	2.68%	2.86%	3.42%
FCF yield	1.77%	1.09%	2.78%	3.15%	3.6%	2.03%	2.3%	2.2%	2.37%	3.02%	2.64%
PEG	—	—	—	—	—	—	—	—	—	—	11.8

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	27.5%	25.5%	25.1%	25.5%	26.4%	24.7%	21.3%	25%	27%	27.4%	29%
Operating margin	18.1%	16%	16.7%	17.3%	18.4%	16.1%	13.8%	17.7%	18.9%	19.7%	21.6%
Net margin	11.7%	15.5%	11.8%	12.5%	12%	12.1%	7.88%	12%	12.3%	13.6%	13.7%
ROE	9.17%	12.1%	9.91%	11%	9.7%	10.2%	8.29%	12.5%	11.2%	12.6%	13.2%
ROA	4.95%	6.33%	5.25%	5.8%	5%	4.9%	4.05%	6.43%	5.34%	6.46%	6.04%
ROIC	7.97%	8.09%	7.54%	8.23%	8.28%	6.36%	6.73%	9.56%	8.19%	9.21%	9.57%
Return on tangible assets	56.4%	53.1%	39.4%	29%	18.9%	24%	16.7%	20.5%	15%	17.5%	18.6%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.05	2.66	1.79	2.58	2.17	2.21	1.99	3.17	1.83	2.69	1.76
Quick ratio	2.13	1.8	1.08	1.72	1.75	1.53	1.38	2.39	1.28	1.97	1.2
Debt / equity	0.43	0.57	0.56	0.56	0.61	0.69	0.65	0.58	0.72	0.57	0.58
Debt / assets	0.23	0.3	0.3	0.3	0.32	0.33	0.32	0.3	0.34	0.29	0.3
Net debt / EBITDA	1.81	2.87	2.63	2.34	1.96	3.16	2.75	1.73	2.61	2.04	2.01
Interest coverage	5.08	2.22	5.52	6.82	6.47	6.85	5.66	7.35	7.13	6.8	7.23
Effective tax rate	22.8%	0%	16.9%	17.8%	20.9%	22.9%	24.5%	24%	21.4%	22.1%	21.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	27	29.4	33.1	37.3	36.6	41.8	55	58.5	56.1	60.2	62
EPS (basic)	3.15	4.54	3.9	4.67	4.41	5.05	4.33	7.02	6.89	8.16	8.16
EPS (diluted)	3.09	4.46	3.85	4.63	4.39	5.02	4.31	6.98	6.85	8.11	8.39
Book value per share	34.3	37.5	39.3	42.5	45.5	49.5	52.3	56.5	61.5	64.8	65.4
FCF per share	2.21	1.4	2.75	4.54	5.34	4.22	4.03	4.99	6.09	8.6	7.88
Cash per share	1.94	1.07	0.3	2.05	9.03	1.77	1.21	7	4.23	1.39	1.5
Capex per share	2.45	3.35	3.38	2.73	2.65	1.77	4.32	5.85	4.15	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	9.1%	11.4%	10.2%	7.33%	7.22%	4.23%	7.85%	10%	7.4%	—	—
Capex / operating cash flow	50.7%	65.5%	48.5%	37.5%	33.9%	20.7%	52.2%	49.4%	39.5%	—	—
Payout ratio	25.3%	22%	28.7%	26.6%	30.8%	29.3%	36.9%	24.4%	26.8%	24.1%	23.8%
Dividend yield	0.64%	0.78%	1.13%	0.86%	0.92%	0.71%	0.91%	0.76%	0.72%	0.69%	0.84%

Yield

0.84%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.52

ex-dividend Aug 13, 2026

Payout ratio

24%

of earnings

Dividend growth

12 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 13, 2026	$0.52
May 22, 2026	$0.52
Mar 9, 2026	$0.52

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.2B	$1.8B	$1.5B	$2B	$2B	$1.9B	$1.6B	$2.1B	$2.3B	$1.9B	$1.8B	$2.2B
YoY change	+4.67%	+5.91%	-6.26%	-4.66%	-8.32%	+1.06%	+5.75%	+4.37%	+14.4%	+3.18%	+7.42%	+2.54%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	259M	141.6M	40M	271.6M	1.2B	235M	161.4M	931.1M	559.7M	183.3M
Receivables	398.5M	434.1M	512.3M	532M	512.9M	783.2M	1B	889.7M	892.3M	887.7M
Inventory	345.6M	384.3M	429.3M	458.3M	448.6M	521.3M	579.3M	615.6M	681.8M	680.5M
Total current assets	1.1B	1.2B	1.1B	1.4B	2.3B	1.7B	1.9B	2.5B	2.3B	2.6B
Property, plant & equipment	3.1B	3.8B	4.1B	4.6B	4.7B	6.1B	6.4B	6.5B	8.7B	8.4B
Goodwill & intangibles	7.7B	8.4B	8.5B	8.5B	8.6B	10.9B	10.8B	10B	11B	10.5B
Total assets	8.5B	9.5B	9.8B	10.6B	11.7B	13.7B	14.2B	14.5B	17.1B	16.7B
Accounts payable	145M	197.3M	216.5M	265.2M	273.1M	365.5M	454.5M	390.4M	407M	438.5M
Short-term debt	138K	41.4M	133M	25K	515.4M	5.2M	100.5M	500K	400.5M	400K
Total current liabilities	372.2M	442.9M	602.5M	535.6M	1B	769.3M	956.6M	797.6M	1.2B	956.1M
Long-term debt	2B	2.8B	2.8B	3.2B	3.2B	4.5B	4.4B	4.4B	5.4B	4.9B
Total liabilities	3.9B	4.5B	4.6B	5B	5.7B	7.1B	7.3B	7B	9B	8.2B
Shareholders' equity	4.6B	5B	5.2B	5.6B	6B	6.6B	7B	7.5B	8.1B	8.5B
Total debt	2B	2.9B	2.9B	3.2B	3.7B	4.5B	4.5B	4.4B	5.8B	4.9B
Net debt	1.7B	2.7B	2.9B	2.9B	2.5B	4.3B	4.4B	3.5B	5.3B	4.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	340M	931.1M	292.4M	111M	433.2M	559.7M	181.3M	347.4M	191.3M	183.3M	140.2M	194.2M
Receivables	1.2B	889.7M	886.1M	1.1B	1B	892.3M	928.9M	1.1B	1.2B	887.7M	965.6M	1.1B
Inventory	570.6M	615.6M	647.2M	650.3M	647.7M	681.8M	721M	725.5M	687.1M	680.5M	695.8M	688.7M
Total current assets	2.7B	2.5B	1.9B	2B	2.2B	2.3B	1.9B	2.2B	2.3B	2.6B	2.6B	2.2B
Property, plant & equipment	6.6B	6.5B	6.7B	6.9B	6.9B	8.7B	8.9B	8.9B	8.9B	8.4B	8.6B	8.7B
Goodwill & intangibles	10B	10B	10B	10B	9.8B	11B	11.3B	11.3B	11.3B	10.5B	10.5B	10.4B
Total assets	14.6B	14.5B	13.9B	14.2B	14.4B	17.1B	16.7B	17B	17B	16.7B	16.7B	16.4B
Accounts payable	—	390.4M	—	—	—	407M	—	—	—	438.5M	—	—
Short-term debt	500K	500K	500K	95.5M	500K	400.5M	500K	550.5M	400K	400K	197M	400M
Total current liabilities	864.2M	797.6M	696.2M	796.8M	774.1M	1.2B	796.9M	1.3B	1B	956.1M	997.3M	1.2B
Long-term debt	4.4B	4.4B	3.8B	3.8B	3.8B	5.4B	5.5B	4.9B	4.9B	4.9B	4.9B	4.5B
Total liabilities	7.2B	7B	6.4B	6.5B	6.5B	9B	8.6B	8.5B	8.2B	8.2B	8.2B	8B
Shareholders' equity	7.5B	7.5B	7.5B	7.7B	7.9B	8.1B	8.2B	8.4B	8.8B	8.5B	8.5B	8.5B
Total debt	4.4B	4.4B	3.8B	3.9B	3.8B	5.8B	5.5B	5.4B	4.9B	4.9B	5.1B	4.9B
Net debt	4.1B	3.5B	3.5B	3.8B	3.4B	5.3B	5.3B	5.1B	4.7B	4.7B	4.9B	4.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	419.5M	601.2M	515.8M	617.7M	584.5M	670.4M	576.5M	934.9M	913.1M	1.1B
Depreciation & amortization	284.9M	306M	346.2M	374.6M	396.8M	449.9M	573.4M	603.1M	617.5M	727.7M
Stock-based compensation	20.7M	26.6M	25.2M	31.8M	33M	34.7M	41.1M	63.2M	53.4M	63.1M
Change in working capital	-117.3M	-174.8M	-43.9M	-199.8M	-87.9M	-179.9M	-248.9M	-66.1M	-270.6M	-91.4M
Operating cash flow	645.1M	677.1M	920.5M	964.3M	1B	1.1B	1.1B	1.6B	1.4B	1.8B
Capital expenditure	-326.8M	-443.8M	-446.9M	-361.4M	-350.7M	-234.8M	-573.9M	-778M	-548.8M	—
Investing cash flow	-357.2M	-1.3B	-669.9M	-415.8M	-381.5M	-1.9B	-1.1B	-163.5M	-2.8B	124.4M
Dividends paid	-106.3M	-132.3M	-148.1M	-164M	-180.2M	-196.4M	-212.6M	-228.4M	-244.4M	-259.8M
Share repurchases	-161.5M	-60.3M	-134M	-2.6M	-26.1M	0	0	-200M	-68.8M	-438.4M
Financing cash flow	-272.9M	-939.5M	-1.7B	-799.6M	6.7M	-1.5B	-2B	-1.4B	531.4M	-2.6B
Net change in cash	15M	-1.5B	-1.5B	-251.2M	660.1M	-2.3B	-1.9B	29.7M	-892.7M	-674.3M
Free cash flow	294.4M	185.1M	363.7M	600M	708.2M	560.6M	535.6M	664.2M	806.1M	1.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	277.3M	228.1M	102.9M	308.3M	208.4M	293.5M	129.4M	320.8M	375.1M	252.8M	166M	324.3M
Depreciation & amortization	161.1M	138.7M	150.9M	156.8M	160.7M	149.1M	186.4M	185.4M	191.4M	164.5M	170.3M	177.5M
Stock-based compensation	19.2M	19.7M	9.1M	15.4M	15.4M	13.5M	13.9M	19.1M	16.9M	13.2M	15.5M	9.2M
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	474.6M	378.3M	277.9M	480.2M	383M	520.3M	345.3M	532.9M	676.8M	543M	241.1M	343.5M
Capital expenditure	-306M	-137.9M	-151.4M	-189.2M	-94.8M	-113.4M	-150.3M	-101.4M	—	—	—	—
Investing cash flow	-306M	345.7M	-163.8M	-370.1M	-107.8M	-2.2B	-126.5M	-110.4M	4.2M	105.4M	0	497.1M
Dividends paid	-57.2M	-56.8M	-62M	-60.8M	-60.8M	-60.8M	-66M	-64.7M	-64.7M	-64.4M	-67.9M	-67.5M
Share repurchases	0	-150.1M	-18.8M	-50M	0	0	-38.1M	0	0	-400.3M	-149.5M	-250.3M
Financing cash flow	-154M	-221.1M	-1.2B	-27.2M	-158.9M	1.9B	-907.9M	-69.3M	-1.2B	-467M	-124.5M	-516.2M
Net change in cash	14.6M	502.9M	-1.1B	82.9M	116.3M	255.2M	-689.1M	353.2M	-486.5M	181.4M	116.6M	324.4M
Free cash flow	236M	275.3M	20.6M	9.7M	498.2M	277.6M	83.5M	238.8M	454.8M	358.2M	64.6M	149.6M

Date	Ratio
Mar 11, 1999	3:1
Mar 13, 1989	4:1
May 17, 1976	2:1

Vulcan Materials Co. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history