Vulcan Materials Company reported third‑quarter 2025 results for the quarter ended September 30, 2025, with total revenues of $2,292 million, up 14.4% year‑over‑year, and net earnings of $375 million.
Adjusted earnings per share were $2.84, beating the consensus estimate of $2.73. Adjusted EBITDA rose 26% to $735 million, giving a margin of 32.1% and reflecting pricing power and disciplined cost management.
The aggregates segment drove performance, with shipments of 64.7 million tons and a freight‑adjusted sales price of $22.01 per ton. Cash gross profit per ton improved to $11.84, marking the eleventh consecutive quarter of double‑digit unit profitability growth.
The asphalt and concrete segments posted cash gross profit increases of 10% and 34%, respectively, supported by recent acquisitions and continued demand in the construction market.
Sequentially, Q3 revenue was $2,292 million versus $2,100 million in Q2, and adjusted EPS rose from $2.45 in Q2 to $2.84 in Q3.
Segment revenue breakdown for Q3 2025 was $1,637.9 million for aggregates, $416.1 million for asphalt, and $237.5 million for concrete.
Capital allocation remained robust: the company returned $65 million to shareholders through dividends, a 6% increase from the prior year, and completed the disposition of its Houston asphalt and construction services assets. It also entered into an agreement to sell its ready‑mixed concrete businesses in California, expected to close in the fourth quarter.
Capital expenditures for the quarter were $235 million, focused on maintenance and growth projects.
Management reaffirmed a 2025 adjusted EBITDA guidance range of $2.35 billion to $2.45 billion, a 17% year‑over‑year increase at the midpoint. The guidance is slightly below analyst estimates of $2.43 billion at the midpoint, but the company expects continued margin expansion and 3% to 5% growth in aggregates shipments, supported by public infrastructure spending and private non‑residential demand.
The company’s two‑pronged growth plan continues: operational discipline to enhance core operations and acquisitions to expand reach. Recent divestitures and capital deployment underscore a focus on high‑margin assets and efficient use of cash, positioning the company for sustained earnings growth in 2025 and beyond.
Management noted that the company will transition to new CEO Ronnie Pruitt on January 1, 2026, succeeding Tom Hill.
The company’s balance sheet remains strong, with operating cash flow of $1.3 billion year‑to‑date and a leverage ratio of 1.9x total debt to adjusted EBITDA.
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