Company file · VMC
Vulcan Materials
Vulcan Materials' revenue rose 7.1% in FY2025, to $7.9B, and net income rose 18.1% to $1.1B
Revenue rose 7.1% to $7.9B in FY2025, from $7.4B in FY2024. Net income rose 18.1% to $1.1B. Revenue Excluding Freight Delivery was the largest product or service, at 87% of revenue.
Key facts
Vulcan Materials (NYSE: VMC) closed fiscal 2025 on Dec 31, 2025 with revenue of $7.9B, up 7.1% from a year before; net income came to $1.1B, up 18.1%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $2.2B, down 4.7% on the same stretch of the prior year, and net income of $362M. Sources: 10-K for fiscal 2025 (filed Feb 19, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026).
Source: 10-K FY2025, filed Feb 19, 2026
Source: 10-Q filed Apr 29, 2026 · 10-Q filed Jul 29, 2026 · 10-Q filed Oct 29, 2026
How it makes money
By product or service in FY2025: Revenue Excluding Freight Delivery (87%) and Services (4%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $7.9B.
By product or service, FY2025
Share is of FY2025 revenue; the items listed don't cover all of it. The last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Vulcan Materials 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026
The bull case and the bear case
The bull case
- Revenue rose 7.1% in FY2025 to $7.9B, from $7.4B a year earlier. 10-K, FY2025
- Net income rose 18.1% in FY2025 to $1.1B, from $912M. 10-K, FY2025
- Operating cash flow rose 28.6% in FY2025 to $1.8B. 10-K, FY2025
- Total debt fell 17.8% in FY2025 to $4.4B. 10-K, FY2025
The bear case
- Revenue in the quarter ended Sep 30, 2026 was $2.2B, down 4.7% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Net income in the quarter ended Sep 30, 2026 was $362M, down 3.4% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include commodity prices; demand cycles; energy and input costs. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Vulcan Materials is in the construction materials industry, part of the materials sector. The SEC files it under Mining & Quarrying Of Nonmetallic Minerals (No Fuels).
The full description of Vulcan Materials' business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the construction materials industry. They are not a summary of Vulcan Materials’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Commodity pricesPrices of the metals, chemicals or products it sells move revenue and margins.
- Demand cyclesCustomers in construction, manufacturing and autos buy less in downturns.
- Energy and input costsEnergy, raw material and freight costs can rise faster than prices.
- Regulation and environmentEnvironmental and safety rules can raise costs or limit operations.
- TradeTariffs and trade policy can shift demand and competition.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $7.8B | $7.4B | $7.9B |
| Net income | $933M | $912M | $1.1B |
| Operating cash flow | $1.5B | $1.4B | $1.8B |
| Cash & equivalents (year end) | $931M | $560M | $183M |
| Total debt (year end) | $3.9B | $5.3B | $4.4B |
| Diluted shares | 134M | 133M | 133M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Net debt and net cash
- Debt-to-equity ratio
- Risk factors (Item 1A)
- The cash flow statement
- Market cap and enterprise value
- Comprehensive income and AOCI
- Accelerated share repurchases
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- The product or service chart covers only part of revenue: the company reports other lines that aren't part of this breakdown.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 29, 2026 | Sep 30, 2026 |
| 10-Q | Jul 29, 2026 | Jun 30, 2026 |
| 10-Q | Apr 29, 2026 | Mar 31, 2026 |
| DEF 14A | Mar 24, 2026 | Dec 31, 2025 |
| 10-K | Feb 19, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Vulcan Materials
How does Vulcan Materials make money?
Fiscal 2025 revenue: $7.9B. By product or service in FY2025: Revenue Excluding Freight Delivery (87%) and Services (4%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $7.9B. Source: 10-K for fiscal 2025, filed Feb 19, 2026.
What was Vulcan Materials's revenue in fiscal 2025?
$7.9B, up 7.1% from fiscal 2024 ($7.4B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $7.8B. Source: 10-K for fiscal 2025, filed Feb 19, 2026.
Is Vulcan Materials profitable?
Net income was $1.1B in fiscal 2025 (up 18.1%; fiscal 2024 was $912M). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $362M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 19, 2026.
What did Vulcan Materials report in its latest quarterly filing?
For the three months to Sep 30, 2026: revenue $2.2B (down 4.7% from $2.3B) and net income $362M (down 3.4% from $375M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026.
How much cash and debt does Vulcan Materials have?
As of Sep 30, 2026: $107M of cash and cash equivalents, $4.7B of total debt. Total debt here is short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Oct 29, 2026.
What are the main risks Vulcan Materials faces?
Vulcan Materials's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 19, 2026. Risks that are common among companies in the construction materials industry include Commodity prices; demand cycles; energy and input costs; regulation and environment; trade. The first: Prices of the metals, chemicals or products it sells move revenue and margins. Source: 10-K, Item 1A Risk Factors.
Where do these Vulcan Materials numbers come from?
The 10-K filed Feb 19, 2026 (fiscal 2025) and the 10-Q filed Oct 29, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Vulcan Materials
- TCI Fund Management: 2,447,004 shares, reported value $721.9M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Egerton Capital: 1,007,912 shares, reported value $246.6M at Sep 30, 2026 (−48.9% in shares since the filing for Jun 30, 2026). Form 13F filed Oct 20, 2026.
- Maverick Capital: 637,264 shares, reported value $188.0M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 132,061 shares, reported value $39.0M at Jun 30, 2026 (−74.0% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Bridgewater Associates: 108,687 shares, reported value $32.1M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Two Sigma Investments: 25,964 shares, reported value $7.7M at Jun 30, 2026 (+20.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Millennium Management: 23,121 shares, reported value $6.8M at Jun 30, 2026 (+2.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 2,285 shares, reported value $0.7M at Jun 30, 2026 (−98.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
- Markel Group: 958 shares, reported value $0.2M at Sep 30, 2026 (new in this filing). Form 13F filed Oct 30, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in VMC
- The editor holds no position in Vulcan Materials (VMC). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell VMC from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold VMC, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Vulcan MaterialsVMC | FY2025 | $7.9B | +7.1% | $1.1B |
| CRH | FY2025 | $37.4B | +5.3% | $3.8B |
| Martin Marietta MaterialsMLM | FY2025 | $6.2B | +8.6% | $1.1B |
| LindeLIN | FY2025 | $34.0B | +3.0% | $6.9B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.