- Adjusted EBITDA Surge Achieved $2,300,000,000 (13% YoY) with margin expansion to 29.3% (+160 bps).
- Operating Cash Flow Growth Surpassed $1,800,000,000 (29% YoY increase).
- Aggregate Shipments & Pricing Shipments rose 3% to 227M tons; mix-adjusted prices improved 6% annually.
- Shareholder Returns Distributed $260M in dividends and $438M in share buybacks in 2025.
- 2026 Guidance EBITDA projected at $2,400M–$2,600M, with 4–6% price hikes and 1–3% shipment growth.
Revenue and Shipments Growth
In 2025, aggregate shipments increased 3% to approximately 227 million tons, driven by prior-year acquisitions. The aggregates mix-adjusted price improved 6% for the full year and 5% in the fourth quarter. The company's revenue growth was supported by these factors, and it returned $260,000,000 to shareholders through dividends and $438,000,000 through share repurchases.
Outlook for 2026
For 2026, Vulcan expects continued growth in public demand, complemented by improving private demand, resulting in modest overall growth. The company anticipates aggregate shipments to grow between 1–3%, aggregates freight-adjusted average selling prices to increase between 4–6%, and aggregates units cash cost of sales to increase by low single-digit percentage. This is expected to drive another year of at least high single-digit expansion of aggregates cash gross profit per ton, with adjusted EBITDA between $2,400,000,000 and $2,600,000,000.
Valuation and Growth Prospects
Analysts estimate next year's revenue growth at 6.4%. With a current P/E Ratio of 36.89 and EV/EBITDA of 17.43, the market is pricing in a certain level of growth. The company's ROIC is 8.02%, and ROE is 12.79%, indicating a reasonable return on capital. Vulcan's balance sheet is well-positioned for M&A opportunities, with a healthy pipeline and disciplined approach.
Key Drivers and Risks
The company's public end market is expected to see continued growth, driven by the Infrastructure Investment and Jobs Act (IIJA). Data centers are a significant growth opportunity for Vulcan, but are expected to create a mix impact. Private demand is expected to improve, driven by data centers and other manufacturing projects. Management expressed confidence in their ability to deliver on price/cost spread, expecting another year of cash gross profit per ton growth at the high single-digit percentage level.