Vulcan Matls — Income Statement, Cash Flows & Balance Sheet
Is Vulcan Materials profitable?
Vulcan delivered its strongest profit in recent years, with revenue and earnings both hitting new highs in 2025.
| Metric | 2023 | 2024 | 2025 | Change (2024→2025) |
|---|---|---|---|---|
| Total revenues ($M) | $7,781.9 | $7,417.7 | $7,941.1 | +7.1% |
| Gross profit ($M) | $1,948.5 | $1,999.6 | $2,174.6 | +8.8% |
| Gross margin | 25.0% | 27.0% | 27.4% | +0.4 pp |
| Net earnings attributable to Vulcan ($M) | $933.2 | $911.9 | $1,076.7 | +18.1% |
| Diluted EPS (continuing ops) | $7.06 | $6.91 | $8.15 | +17.9% |
Revenue rebounded from a 2024 dip to surpass even the strong 2023 level, and margins continued to widen — meaning Vulcan is not just selling more, it is keeping a larger share of each dollar. Net earnings jumped meaningfully, aided in part by the absence of the $86.6 million goodwill write-down that weighed on 2024.
One-time items are worth noting but do not change the positive underlying picture.
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Gain on asset sales ($M) | $76.4 | $52.3 | $52.4 |
| Loss on impairments ($M) | $(28.3) | $(86.6) | $0.0 |
Asset sale gains recur annually at a modest level (Vulcan regularly prunes non-core properties), while 2024's large impairment charge was a one-off related to underperforming concrete operations. Stripping both out, the improvement in underlying profitability is still genuine and substantial.
Where does Vulcan Materials' revenue come from?
Aggregates — crushed stone and gravel — is the engine that drives almost all of Vulcan's profit.
| Segment | 2024 Gross Profit ($M) | 2025 Gross Profit ($M) | Change |
|---|---|---|---|
| Aggregates | $1,816.7 | $1,964.8 | +8.1% |
| Asphalt | $170.1 | $173.9 | +2.2% |
| Concrete | $12.8 | $35.9 | +180% |
| Total | $1,999.6 | $2,174.6 | +8.8% |
Aggregates generated roughly 90% of total gross profit in 2025 and was the main driver of improvement. Concrete's dramatic-looking percentage jump is less meaningful in dollar terms — the segment remains a thin-margin, subscale contributor. Notably, Vulcan has agreed to sell its California concrete business, which would further concentrate the company around its high-margin aggregates core.
Does Vulcan Materials generate cash?
Vulcan generated record operating cash flow in 2025, well above both recent prior years.
| Cash Flow Item | 2023 | 2024 | 2025 | Change (2024→2025) |
|---|---|---|---|---|
| Operating cash flow ($M) | $1,536.8 | $1,409.6 | $1,813.0 | +28.6% |
| Capital expenditures ($M) | $(872.6) | $(603.5) | $(677.7) | +12.3% |
| Free cash flow (GAAP operating CF minus capex) ($M) | $664.2 | $806.1 | $1,135.3 | +40.8% |
Operating cash flow surged well past net earnings, largely because depreciation and amortization — non-cash charges that reduce reported profit — are substantial in a capital-intensive quarrying business. After funding capital investment, Vulcan retained over a billion dollars of free cash flow, which it used to pay down debt, buy back stock, and raise dividends.
How strong is Vulcan Materials' balance sheet?
Debt declined meaningfully in 2025 after a big acquisition-driven increase in 2024.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Long-term debt, book value ($M) | $5,307.4 | $4,362.1 | -$945.3 |
| Cash & equivalents ($M) | $559.7 | $183.3 | -$376.4 |
| Total equity ($M) | $8,142.5 | $8,548.9 | +$406.4 |
Vulcan spent over $2.2 billion acquiring businesses in 2024, funded partly by new debt. In 2025, with no major acquisitions, strong free cash flow allowed the company to pay off $400 million of maturing notes and retire commercial paper, materially reducing the debt load. No debt matures until 2027 ($400 million), giving Vulcan a comfortable runway.
Liquidity is adequate even with a lower cash balance, thanks to an untapped credit facility.
| Liquidity Resource | Amount |
|---|---|
| Cash & equivalents (year-end) | $183.3M |
| Available credit facility | $1,576.9M |
| Next significant debt maturity | 2027 ($400M) |
The lower year-end cash balance reflects deliberate debt repayment rather than any distress. With nearly $1.6 billion of undrawn credit and consistent free cash flow generation, near-term liquidity is not a concern. One open item to watch: the Hewitt Landfill environmental matter carries unquantified potential liability that the auditors flagged as a critical area of judgment.