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Earnings Calls

Last Earnings Call

Fiscal Period
Q2 2026
Call Date
Jul 29, 2026
AI Summary
Q2 2026

Results: Vulcan posted $654 million of adjusted EBITDA, roughly flat with last year despite almost $40 million of energy headwinds, and management said first-half execution was strong.

Pricing: Mix-adjusted aggregates prices rose 5% year over year, and management said pricing should keep improving in the second half as it works through midyear increases.

Demand: Shipments were up 1% year over year in Q2, with weather disrupting volumes, but the company still expects modest full-year shipment growth in 2026.

Outlook: Vulcan reaffirmed full-year adjusted EBITDA guidance of $2.4 billion to $2.6 billion and expects capital spending of $750 million to $800 million.

Costs: Diesel was a major headwind, but management said operating discipline helped offset it and that the back half of the year should show better cost performance.

Portfolio: The company continued to reshape its portfolio with divestitures in California and the U.S. Virgin Islands and the Brannan acquisition in Colorado and Dallas-Fort Worth.

Arbitration: Vulcan said its NAFTA arbitration against Mexico found multiple violations, but the damages award was immaterial.

Key Financials
Adjusted EBITDA
$654 million
Aggregates cash gross profit per ton
$12+
Shipments
up 1%
Mix-adjusted average selling price
up 5%
Freight-adjusted unit cash cost of sales
up 3%
Diesel headwind
almost $40 million
Diesel headwind
$26 million
Capital expenditures
$750 million to $800 million
Maintenance and growth capital projects
$370 million
Strategic acquisition spending
$75 million
Returned to shareholders
over $0.5 billion
Share repurchases
$400 million
Commercial paper repayment
approximately $200 million
Cash
approximately $300 million
Net debt to adjusted EBITDA
1.7x
Return on invested capital
16.1%
SAG expense
$558 million
Trailing 12-month highway awards in Vulcan markets
up double digits
Public infrastructure awards in Vulcan markets
up 20%
North Georgia highway awards
up 189%
Gulf Coast infrastructure
up 360%
Brannan Sand & Gravel annual production
about 1 million to 1.5 million tons
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