Vulcan Materials
VMC · NYSEMining & Quarrying of Nonmetallic Minerals (No Fuels) · Fiscal year ends Dec 31
Vulcan Materials reported revenue of $7.9B in the fiscal year ended Dec 2025, up 7.1% from the year before. Operating income was $1.6B, an operating margin of 20.4%, and net income was $1.1B. Operating cash flow of $1.8B less capital expenditure of $678M left free cash flow of $1.1B. Net debt was $4.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $5.6B | $7.3B | $7.8B | $7.4B | $7.9B |
| Cost of revenue | $4.2B | $5.8B | $5.8B | $5.4B | $5.8B |
| Gross profit | $1.4B | $1.6B | $1.9B | $2B | $2.2B |
| Selling, general & admin | $418M | $515M | $543M | $531M | $564M |
| Operating income | $1B | $951M | $1.4B | $1.4B | $1.6B |
| Interest expense | $149M | $169M | $196M | $191M | $240M |
| Pre-tax income | $874M | $788M | $1.2B | $1.2B | $1.4B |
| Income tax | $200M | $193M | $299M | $251M | $308M |
| Net income | $671M | $576M | $933M | $912M | $1.1B |
| Diluted EPS | 5.02 | 4.31 | 6.98 | 6.85 | 8.11 |
| Diluted shares | 134M | 134M | 134M | 133M | 133M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $235M | $161M | $931M | $560M | $183M |
| Receivables | $783M | $846M | – | – | – |
| Inventory | $521M | $579M | $616M | $682M | $681M |
| Current assets | $1.7B | $1.9B | $2.5B | $2.3B | $2.6B |
| Net PP&E | $5.5B | $6.1B | $6.2B | $8.5B | $8.1B |
| Goodwill | $3.7B | $3.7B | $3.5B | $3.8B | $3.8B |
| Total assets | $13.7B | $14.2B | $14.5B | $17.1B | $16.7B |
| Deferred revenue | $170M | $162M | $153M | $145M | $138M |
| Current liabilities | $769M | $957M | $798M | $1.2B | $956M |
| Short-term debt | $5M | $500,000 | $500,000 | $401M | $400,000 |
| Long-term debt | $3.9B | $3.9B | $3.9B | $4.9B | $4.4B |
| Total liabilities | $7.1B | $7.3B | $7B | $9B | $8.2B |
| Shareholders' equity | $6.5B | $6.9B | $7.5B | $8.1B | $8.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1B | $1.1B | $1.5B | $1.4B | $1.8B |
| Capital expenditure | $451M | $613M | $873M | $604M | $678M |
| Free cash flow | $561M | $536M | $664M | $806M | $1.1B |
| Depreciation & amortisation | $463M | $588M | $617M | $632M | $749M |
| Stock-based compensation | $35M | $41M | $63M | $53M | $63M |
| Acquisitions | $1.6B | $529M | −$900,000 | $2.3B | $14M |
| Share buybacks | $0 | $0 | $200M | $69M | $438M |
| Dividends paid | $196M | $213M | $228M | $244M | $260M |
| Dividend per share | 1.48 | 1.60 | 1.72 | 1.84 | 1.96 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 31.8% | 6.4% | −4.7% | 7.1% |
| Operating income growth (YoY) | – | −5.9% | 50.0% | −4.4% | 18.7% |
| EPS growth (YoY) | – | −14.1% | 61.9% | −1.9% | 18.4% |
| Gross margin | 24.7% | 21.3% | 25.0% | 27.0% | 27.4% |
| Operating margin | 18.2% | 13.0% | 18.3% | 18.4% | 20.4% |
| Net margin | 12.1% | 7.9% | 12.0% | 12.3% | 13.6% |
| Return on equityBlank when equity is negative | 10.2% | 8.3% | 12.5% | 11.2% | 12.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.8% | 7.2% | 10.4% | 8.6% | 10.3% |
| Free cash flow margin | 10.1% | 7.3% | 8.5% | 10.9% | 14.3% |
| Cash conversion (CFO ÷ net income) | 1.51x | 1.99x | 1.65x | 1.55x | 1.68x |
| Receivable days | 51 | 42 | – | – | – |
| Inventory days | 46 | 37 | 39 | 46 | 43 |
| Interest cover | 6.77x | 5.62x | 7.28x | 7.14x | 6.76x |
| Debt ÷ equity | 0.59x | 0.56x | 0.52x | 0.65x | 0.51x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $3.6B | $3.7B | $2.9B | $4.7B | $4.2B |
| Current ratio | 2.21x | 1.99x | 3.17x | 1.83x | 2.69x |
Recent filings
More in Mining & Quarrying Of Nonmetallic Minerals (No Fuels)
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.