Vulcan Materials (VMC) Q3 2026 Earnings Report
CH:VMC Q3 2026 EPS Results
- Actual EPS
- CHF 2.33
- Consensus EPS
- CHF 2.32
- Beat/Miss
- Beat by +CHF 0.02
- One Year Ago EPS
- CHF 2.34
CH:VMC Q3 2026 Revenue Results
- Actual Revenue
- CHF 1.80B
- Expected Revenue
- CHF 1.85B
- Beat/Miss
- Missed by -CHF 47.02M
- YoY Revenue Growth
- -4.67%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- Before Open
- Conference Call
- Thursday, October 29, 2026
Vulcan Materials's next earnings date is estimated for February 18, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was predominantly positive. Management reported underlying EBITDA growth, margin expansion, strong cash generation, substantial shareholder returns, continued acquisition activity, disciplined cost execution, healthy public and private project opportunities, and a mid to high single-digit aggregate pricing outlook for 2027. These positives outweighed the explicitly stated challenges of lower shipments, muted demand, residential weakness, federal funding uncertainty, and approximately $120 million of expected full-year energy headwinds.
For 2026, Vulcan expects to deliver another year of earnings growth and approximately $2.4 billion of adjusted EBITDA, despite over $100 million of energy headwinds now expected for the year; energy headwinds were later estimated at probably $120 million, volume is expected to grow very modestly, aggregates unit margin expansion is expected to yield probably 4% for the full year, mixed adjusted price is expected to remain at 5%, costs are expected to be closer to mid single digit for the full year, SAG is expected to be about $30 million lower than the initial range, and CapEx expenditures are likely to be at the lower end of the $750 million-$800 million range. Even with $120 million of energy headwinds for the year, adjusted EBITDA growth is expected to be approximately 3% or closer to 5% on a same store basis. For 2027, the demand backdrop is expected to be similar to 2026, aggregates prices are expected to grow mid to high single digits, inclusive of mix impact, and the company expects a strong opportunity for attractive unit profitability expansion, with more detail to be provided in February.
- Underlying EBITDA Growth and Resilient Aggregates StrategyAdjusted EBITDA for the underlying business grew 5% in the third quarter, excluding approximately $40 million of energy cost headwinds and adjusting for prior-year divestitures. Management attributed the performance to improving organic profitability and disciplined bolt-on acquisitions within its aggregates-led strategy.
- Third-Quarter EBITDA and Margin ExpansionAdjusted EBITDA was $707 million in the quarter, with adjusted EBITDA margin expanding 20 basis points year over year to 32.3%.
- Pricing and Unit Profitability ImprovementMix-adjusted average selling prices improved 5% year over year in the quarter, with improvement widespread across geographies. Aggregates cash gross profit per ton expanded modestly, and year-to-date gross profit margin increased 30 basis points while cash gross profit per ton grew 2%.
- Operational Cost DisciplineExcluding diesel, aggregates freight-adjusted unit cash cost of sales increased 3% year over year. Management said operators continued to control costs through the Vulcan Way of Operating, advanced analytics, throughput optimization, reduced downtime, and network efficiency initiatives.
- Continued Bolt-On Acquisition ActivityVulcan closed two attractive bolt-on aggregate acquisitions during the quarter and completed another acquisition earlier in October. The acquisitions added strategic aggregate assets in Texas, Tennessee, southeastern Colorado, and southern Ohio, with long-term reserves, minimal risk, ease of integration, and synergies with existing assets. Management expects to complete several more transactions before year-end.
- Healthy Acquisition Pipeline and Balance Sheet CapacityManagement described the acquisition pipeline as healthy and said the strategy would remain focused on aggregate-led bolt-ons generally ranging from approximately half a million to 1 million tons each. Net debt to adjusted EBITDA leverage was 1.9x at September 30, providing capacity to support the active pipeline.
- Healthy Public Infrastructure ActivityPublic activity remained at healthy levels, with approximately 35% of IIJA funds yet to be spent. States continued to let work and execute projects, while trailing 12-month contract awards were up 2% in Vulcan markets versus 1% for the U.S. overall.
- Large Private Non-Residential Project OpportunitiesLarge projects continued to drive non-residential activity. Vulcan is aligned with data center development and increased energy and manufacturing opportunities and is shipping on solar, wind, LNG, power plant, refinery, SpaceX, Toyota, and Scout Motors projects. Management said Vulcan's scale, aggregate quality, customer service, and facility proximity make it a supplier of choice for large, complex projects.
- Full-Year Adjusted EBITDA Outlook MaintainedDespite a muted demand environment and more than $100 million of expected energy headwinds for the year, management expects another year of earnings growth and approximately $2.4 billion of adjusted EBITDA. Later in the call, management said adjusted EBITDA growth is expected to be approximately 3%, or closer to 5% on a same-store basis.
- Strong Cash Generation and Shareholder ReturnsThrough the first nine months, Vulcan generated nearly $1 billion of operating cash flow, received $572 million from downstream and non-core divestitures, reinvested approximately $550 million in maintenance and growth capital expenditures, and returned approximately $950 million to shareholders through dividends and $750 million of share repurchases.
- Disciplined Capital Allocation and Higher ROICApproximately $300 million of divestiture proceeds, primarily from the California concrete sale, was redeployed into strategic aggregate acquisitions. Trailing 12-month return on invested capital increased 20 basis points since year-end.
- Lower Selling, Administrative, and General ExpensesYear-to-date SAG expenses were 3% lower than the prior year despite incremental investments in technology and talent. Third-quarter SAG expenses were $137 million, down from $145 million in the prior-year period.
- Positive 2027 Pricing OutlookFor 2027, management expects aggregate prices to grow mid to high single digits, including mix impacts, supported by pricing actions taken during 2026 and announced increases for January 1. Management expects this to create an opportunity for attractive unit profitability expansion and continued growth in cash gross profit per ton.
- Pricing Execution and Customer SupportManagement said pricing discussions were progressing as expected, with early announcements giving customers time to prepare. The business is approximately half fixed-plant and half daily-bid work, and management expects January 1 increases and continued mid-year pricing actions to support the 2027 mid to high single-digit pricing outlook.
- Stable 2027 Demand Backdrop with Growth OpportunitiesManagement expects 2027 demand to be broadly similar to 2026, with growth opportunities varying across and within end markets. Backlogs, quote activity, public letting schedules, P3 projects, manufacturing projects, energy projects, and data center development were cited as support for the outlook.
- Continued Investment in Operating EfficiencyManagement said investments in the Vulcan Way of Operating, Process Intelligence, technology, talent, and maintenance capital expenditures are intended to improve efficiency rather than simply replace equipment on a like-for-like basis.
CH:VMC Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 18, 2027 | 2026 (Q4) | 1.73- | 1.4 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 2.322.33 | 2.34 | -0.35% (-0.01) | |
| Jul 29, 2026 | 2026 (Q2) | 2.032.13 | 2.02 | 5.71% (+0.12) | |
| Apr 29, 2026 | 2026 (Q1) | 0.911.11 | 0.82 | 35.00% (+0.29) | |
| Feb 17, 2026 | 2025 (Q4) | 1.741.40 | 1.79 | -21.66% (-0.39) | |
| Oct 13, 2025 | 2025 (Q3) | 2.242.34 | 1.83 | 27.93% (+0.51) | |
| Jul 31, 2025 | 2025 (Q2) | 2.082.02 | 1.94 | 4.26% (+0.08) | |
| Apr 30, 2025 | 2025 (Q1) | 0.630.82 | 0.66 | 25.00% (+0.16) | |
| Feb 18, 2025 | 2024 (Q4) | 1.441.79 | 1.2 | 48.63% (+0.58) | |
| Oct 30, 2024 | 2024 (Q3) | 1.901.83 | 1.89 | -3.06% (-0.06) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.