Vulcan Materials (VMC) Q3 2026 Earnings Call: EBITDA, Energy Costs and 2027 Pricing
Source Tradingkey
Key Takeaways
- Vulcan Materials reported Q3 2026 adjusted EBITDA of $707 million. Adjusted EBITDA margin increased 20 basis points year over year to 32.3%.
- Aggregates shipments declined 3% year over year, while mix-adjusted average selling prices rose 5%. Excluding diesel, freight-adjusted unit cash cost of sales increased 3%.
- Management expects approximately $2.4 billion of adjusted EBITDA for 2026 despite an estimated $120 million energy-related headwind from diesel and liquid asphalt.
- The company expects full-year adjusted EBITDA growth of approximately 3%, or about 5% on a same-store basis. Full-year aggregates unit margin is expected to expand by roughly 4%.
- For 2027, management expects aggregates pricing to rise by a mid- to high-single-digit percentage, including mix effects, against a demand environment broadly similar to 2026.
- Vulcan maintained balance-sheet capacity for acquisitions, with net debt to adjusted EBITDA of 1.9x at September 30. Management expects to complete several additional bolt-on transactions before year-end.
Key Financial Data
| Metric | Q3 2026 / Latest Update | Change or Context |
|---|---|---|
| Adjusted EBITDA | $707 million | Underlying adjusted EBITDA grew 5% excluding energy headwinds and prior-year divestitures |
| Adjusted EBITDA margin | 32.3% | Up 20 basis points year over year |
| Aggregates shipments | — | Down 3% year over year |
| Mix-adjusted aggregates price | — | Up 5% year over year |
| Aggregates unit cash cost excluding diesel | — | Up 3% year over year |
| Q3 energy headwind | Approximately $40 million | Primarily diesel and liquid asphalt costs |
| Q3 SG&A | $137 million | Down from $145 million a year earlier |
| Operating cash flow, first nine months | Nearly $1 billion | — |
| Divestiture proceeds, first nine months | $572 million | From downstream and noncore asset sales |
| Capital expenditures, first nine months | Approximately $550 million | Maintenance and growth investment |
| Capital returned to shareholders | Approximately $950 million | Included $750 million of share repurchases |
| Net debt to adjusted EBITDA | 1.9x | As of September 30 |
Business and Operating Performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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