Vulcan Materials Company is the largest producer of construction aggregates in the United States, primarily supplying crushed stone, sand, and gravel. Headquartered in Birmingham, Alabama, the company also produces aggregates-based construction materials, including asphalt and ready-mixed concrete. Vulcan operates a vast network of quarries and facilities across the U.S., with additional operations in Mexico, Canada, and the Caribbean, serving infrastructure, commercial, and residential construction markets.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
7,941,100
7,417,700
7,781,900
7,315,200
Cost of Sales
5,766,500
5,418,100
5,833,400
5,757,500
Gross Profit
2,174,600
1,999,600
1,948,500
1,557,700
Selling, General & Administrative Expenses
564,100
531,100
542,800
515,100
Other Operating Expenses
(9,100)
104,000
(21,700)
91,200
Operating Profit
1,619,600
1,364,500
1,427,400
951,400
Interest and Investment Income
13,400
20,900
16,500
800
Interest Expense
(239,700)
(191,200)
(196,100)
(169,200)
Non-Operating Income
(3,200)
(22,100)
(2,700)
5,100
Total Non-Operating Income
(229,500)
(192,400)
(182,300)
(163,300)
Income Before Provision for Income Taxes
1,390,100
1,172,100
1,245,100
788,100
Provision for Income Taxes
307,500
251,400
299,400
193,000
Consolidated Net Income
1,082,600
920,700
945,700
595,100
Net Income Attributable to Minority Interests and Other
1,400
1,200
1,700
900
Net Income Attributable to Discontinued Operations
(4,500)
(7,600)
(10,800)
(18,600)
Net Income Attributable to Common Shareholders
1,076,700
911,900
933,200
575,600
Basic EPS
8.16
6.89
7.02
4.33
Diluted EPS
8.11
6.85
6.98
4.31
Basic Weighted Average Shares Outstanding
132,000
132,300
133,000
133,000
Diluted Weighted Average Shares Outstanding
132,700
133,100
133,700
133,600
Shares Outstanding
130,600
132,100
132,100
132,900
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
183,300
559,700
931,100
161,400
Total Cash and Cash Equivalents
183,300
559,700
931,100
161,400
Accounts Receivable
887,700
892,300
889,700
1,045,300
Total Trade Receivables
887,700
892,300
889,700
1,045,300
Inventories
680,500
681,800
615,600
579,300
Other Current Assets
816,400
131,900
88,500
116,000
Total Current Assets
2,567,900
2,265,700
2,524,900
1,902,000
Net Property, Plant & Equipment
8,670,100
8,987,900
6,729,400
6,623,900
Net Intangible Assets
1,489,000
1,883,000
1,460,700
1,702,100
Goodwill
3,780,900
3,788,100
3,531,700
3,689,600
Long-Term Investments
33,700
31,300
31,300
31,800
Other Long-Term Assets
158,800
148,800
267,700
285,200
Total Assets
16,700,400
17,104,800
14,545,700
14,234,600
Accounts Payable
438,500
407,000
390,400
454,500
Accrued Expenses
155,100
155,400
168,600
132,700
Short-Term Debt
—
—
—
100,000
Current Portion of Long-Term Debt
400
400,500
500
500
Other Current Liabilities
362,100
276,200
238,100
268,900
Total Current Liabilities
956,100
1,239,100
797,600
956,600
Long-Term Debt
4,361,700
4,906,900
3,877,300
3,875,200
Leases
522,600
521,400
507,400
548,400
Other Long-Term Liabilities
2,311,100
2,294,900
1,855,500
1,902,200
Total Long-Term Liabilities
7,195,400
7,723,200
6,240,200
6,325,800
Total Liabilities
8,151,500
8,962,300
7,037,800
7,282,400
Common Stock
130,600
132,100
132,100
132,900
Additional Paid-in Capital
2,930,000
2,900,100
2,880,100
2,839,000
Accumulated Other Comprehensive Income
(125,600)
(127,400)
(143,800)
(154,700)
Retained Earnings
5,590,100
5,213,800
4,615,000
4,111,400
Total Common Shareholders' Equity
8,525,100
8,118,600
7,483,400
6,928,600
Minority Interests and Other
23,800
23,900
24,500
23,600
Total Shareholders' Equity
8,548,900
8,142,500
7,507,900
6,952,200
Total Liabilities and Shareholders' Equity
16,700,400
17,104,800
14,545,700
14,234,600
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
1,078,100
913,100
934,900
576,500
Depreciation & Amortization
748,500
632,200
617,000
587,500
Share-Based Compensation Expense
63,100
53,400
63,200
41,100
Other Adjustments
22,000
88,300
(31,000)
191,600
Changes in Trade Receivables
3,800
63,200
28,200
(53,300)
Changes in Inventories
(15,500)
(27,400)
(54,600)
(49,500)
Changes in Accounts Payable
75,700
(193,000)
(25,100)
(17,400)
Changes in Income Taxes Payable
(7,300)
(6,800)
18,800
400
Changes in Other Operating Activities
(155,400)
(113,400)
(14,600)
(128,700)
Cash from Operating Activities
1,813,000
1,409,600
1,536,800
1,148,200
Capital Expenditure
(677,700)
(603,500)
(872,600)
(612,600)
Proceeds from Sale of Property, Plant & Equipment
24,100
54,700
94,600
38,700
Payments for Business Acquisitions
(13,500)
(2,266,200)
900
(529,200)
Proceeds from Business Divestments
127,400
200
613,600
50,000
Other Investing Activities
10,500
(100)
0
100
Cash from Investing Activities
(529,200)
(2,814,900)
(163,500)
(1,053,000)
Issuance of Short-Term Debt
0
8,000
166,100
1,361,000
Repayments of Short-Term Debt
(550,000)
(8,000)
(266,100)
(1,261,000)
Net Issuance / (Repayments) of Short-Term Debt
(550,000)
0
(100,000)
100,000
Issuance of Long-Term Debt
0
2,000,000
550,000
550,000
Repayments of Long-Term Debt
(400,500)
(550,500)
(550,500)
(557,700)
Net Issuance / (Repayments) of Long-Term Debt
(400,500)
1,449,500
(500)
(7,700)
Repurchases of Common Shares
(472,400)
(101,800)
(221,900)
(231,100)
Net Issuance / (Repurchases) of Common Shares
(472,400)
(101,800)
(221,900)
(231,100)
Common Share Dividends Paid
(259,800)
(244,400)
(228,400)
0
Other Financing Activities
(12,500)
(46,400)
(34,800)
(36,400)
Cash from Financing Activities
(1,695,200)
1,056,900
(585,600)
(175,200)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash