$VMC · Vulcan Materials CO
Vulcan Materials reported Q3 2026 results: revenue of $2.185B (-4.7% YoY), GAAP EPS of $2.81, and adjusted EPS of $2.83. Aggregates shipments declined 3% to 62.7M tons while freight-adjusted pricing rose 4% to $22.84/ton. The company guided to approximately $2.4B in full-year Adjusted EBITDA and signaled mid-to-high single-digit pricing gains for 2027.
- Q3 revenue $2.185B, down 4.7% from $2.292B in prior-year quarter
- Adjusted EPS $2.83 vs. $2.84 prior year; GAAP EPS $2.81 vs. $2.83
- Aggregates freight-adjusted price per ton rose 4% to $22.84; shipments fell 3% to 62.7M tons
- Full-year 2026 Adjusted EBITDA guidance of approximately $2.4B
- Company repurchased $350M in stock and paid $67M in dividends during Q3
Markets closed — no regular-session reaction yet; extended-hours move not captured here.
The nation's largest aggregates producer shows pricing power offsetting volume declines and energy inflation, while guiding ~$2.4B Adjusted EBITDA and signaling confidence in 2027 growth.
Vulcan's aggregates pricing power (+4% freight-adjusted) continues to offset volume softness, consistent with the sector's structural pricing discipline. Peer Martin Marietta (MLM) reports next, offering a read-across on demand trends.
Energy cost headwinds: diesel drove a 7% increase in freight-adjusted unit cash cost of sales; excluding diesel, costs rose 3%. The company cites "elevated energy inflation that has continued into the fourth quarter."