Vulcan Materials Company (VMC), the nation’s largest producer of construction aggregates, reported third-quarter revenue of $2.18 billion, down from $2.29 billion a year earlier, as aggregates volumes slipped and the company again pointed to about $2.4 billion of full-year 2026 Adjusted EBITDA.

Net earnings attributable to Vulcan were $362 million, or $2.81 a share from continuing operations, compared with $375 million and $2.83 a share a year earlier. Adjusted EBITDA was $707 million, with the margin at 32.3% versus 32.1% a year earlier.

Aggregates shipments were 62.7 million tons, down 3% from 64.7 million tons a year earlier. The company said the prior-year quarter benefited from favorable weather after a slow start to the construction season. Freight-adjusted selling prices rose 5% on a mix-adjusted basis, or 4%, or $0.82 a ton, on a reported basis, to $22.84 a ton.

Cash gross profit per ton was $11.95, up from $11.84 a year earlier. Freight-adjusted unit cash cost of sales increased 7%, or $0.72 a ton, over the prior year; excluding higher diesel fuel costs, cash cost of sales increased 3%. Aggregates segment gross profit was $593 million, or $9.46 a ton, and cash gross profit was $750 million.

That per-ton cash margin compared with $12.02 in the second quarter, when the company had described the print as over $12 a ton. Mix-adjusted price growth of 5% matched the second-quarter rate. Reported price growth was 4% in both quarters, $0.82 a ton in the third versus $0.86 a ton in the second. Cash cost of sales rose 7%, or $0.72 a ton, versus the prior year in both periods, and 3% excluding diesel.

Asphalt gross profit margin was 17%, up from 15% in the second quarter, despite lower shipments and higher liquid asphalt costs. Concrete gross profit margin expanded to 9%. Prior-year results included the Houston asphalt and construction business divested in the fourth quarter of 2025 and California concrete assets divested in the second quarter of 2026. Non-aggregates segment gross profit was $72 million, and cash gross profit was $88 million.

Selling, administrative and general expense was $137 million, 6% lower than the prior year and 6.3% of total revenues, down from $141 million in the second quarter.

During the third quarter the company completed two bolt-on acquisitions in Tennessee and southern Ohio. Capital expenditures were $174 million. Vulcan returned $417 million to shareholders through $350 million of common stock repurchases and $67 million of dividends.

As of September 30, 2026, the ratio of total debt to trailing-twelve-months Adjusted EBITDA was 2.0 times, within the company’s target range of 2.0 to 2.5 times. Trailing-twelve-months return on average invested capital was 15.9%.

Chief Executive Officer Ronnie Pruitt said the company took proactive pricing and cost actions to mitigate elevated energy inflation that has continued into the fourth quarter and that it expects to deliver approximately $2.4 billion in Adjusted EBITDA for the full year. For 2027, he said the company anticipates a continuation of the current demand environment and expects to continue expanding aggregates cash gross profit per ton with mid- to high-single-digit pricing gains.