AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 6/6 · 18/10/2026
Moat63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · Transport economics, existing reserve access and permitting friction establish a strong local structural advantage. Fragmented competition prevents treating national scale as local dominance.
durability · 3/4 · Existing reserves and development barriers are supported by increasing reported gross profit per ton throughout 2017–2025. This corroborates persistence without proving exceptional future durability; halted operations demonstrate limits to asset protection.
customer dependency · 2/4 · Customers need economically delivered aggregates, creating geographic dependence on nearby supply. Competing local producers and recycled substitutes limit dependence on Vulcan specifically; shipment evidence is indirect and does not demonstrate contractual lock-in.
erosion resilience · 2/4 · Long-run unit-profit improvement and continued 2026 price increases support resilience. Increasing recycled substitution, realized operating shutdowns and recent costs rising faster than prices make protection incomplete.
Pricing power56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 3/4 · Aggregates freight-adjusted prices increased 4.3% in 2025, 3.5% in first-quarter 2026 and 3.9% in second-quarter 2026. The quarterly mix-adjusted increases also remained positive. These are observed issuer-reported outcomes rather than forecasts.
retention · 2/4 · Shipments grew 3% in 2025 and 1% in second-quarter 2026 alongside higher prices, providing indirect evidence of demand acceptance. Construction activity, acquisitions and project mix can influence volumes; repeat-customer rates and customer-level losses are not disclosed.
margin resilience · 2/4 · Reported aggregates gross profit per ton increased across 2017–2025 and remained resilient in second-quarter 2026. However, second-quarter unit costs increased 7% against 3.9% price growth, while consolidated gross profit was nearly flat on higher revenue. Pricing has not fully insulated margins from recent inflation.
contractual freedom · 2/4 · Implemented price increases, disclosed freight-cost pass-through and limited exposure to direct government profit renegotiation demonstrate some commercial flexibility. The passages do not disclose general customer repricing, termination or escalation rights, so broad contractual discretion is unproven.
Predictability88
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 75.00
- Revenue growth volatility (pp)
- 13.33
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 2.38
Financial strength65
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 59.40
- netDebtEbitGrade
- 48.40
- interestCoverageGrade
- 52.33
- currentRatioGrade
- 100.00
- Debt / FCF (x)
- 3.84
- Net debt / operating income (x)
- 2.58
- Interest coverage (x)
- 6.76
- Current ratio (x)
- 2.69
Capital allocation85
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 12.60
- 3-year average dilution (%)
- -0.25
- 3-year average SBC / revenue (%)
- 0.78
- cashConversionGrade
- 89.18
Management69
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Debt declined during 2025, and completed 2026 divestitures generated substantial proceeds. First-half 2026 operating cash flow of $584.6 million funded $370.4 million of capital spending, but dividends and repurchases exceeded the remaining operating cash flow and asset-sale cash supported overall funding. The prior $86.6 million concrete impairment and limited acquisition-return evidence make discipline mixed.
incentive alignment · 3/4 · Actual 2025 equity grants, three-year PSU measures combining relative shareholder returns with aggregates unit-profit growth, clawbacks and anti-hedging policies support strong alignment. These are existing awards and arrangements; future performance and vesting are not established, and individual ownership compliance is not supplied.
execution · 3/4 · The multiyear unit-profit record, realized 2025 price and earnings improvement, first-half 2026 earnings growth and reported safety outcomes demonstrate strong execution. Attribution to management is indirect: demand, acquisitions and weather also affect results. Recent cost pressure and prior concrete impairment preclude an exceptional grade.
governance · 3/4 · Disclosed arrangements include 11 independent directors out of 13, majority voting, an empowered independent lead director, clawbacks and shareholder proxy access. These support strong governance structures, although the passages do not establish exceptional oversight effectiveness through contested decisions or adverse events.
Evidence
Aggregates have a very high weight-to-price ratio and, in most cases, must be produced near where they are used; if not, transportation can cost more than the materials, rendering them uncompetitive compared to locally produced materials.
MD&A / business overview / transportation economics · Filed 29/07/2026
We serve these markets from quarries that have access to cost-effective long-haul transportation, including shipping by barge, rail and our fleet of Panamax-class, self-unloading ships.
MD&A / business overview / existing long-haul transportation access · Filed 29/07/2026
Additionally, we serve markets in California and Hawaii from our quarry in British Columbia, Canada by means of a long-term marine shipping agreement with CSL Americas.
MD&A / business overview / British Columbia quarry and marine shipping agreement · Filed 29/07/2026
Of the 16.6 billion tons of aggregates reserves at December 31, 2025, 10.5 billion tons or 63% are located on owned land and 6.1 billion tons or 37% are located on leased land.
Item 2 / Properties / owned and leased aggregates reserves · Filed 19/02/2026
New quarry sites often take years to develop, so our strategic planning and new site development must stay ahead of actual growth.
Item 1A / Risk Factors / quarry development lead times · Filed 19/02/2026
Operations, Growth and Competitive Risks Within our local markets, we operate in a highly competitive industry — The construction aggregates industry is highly fragmented with a large number of independent local producers in a number of our markets.
Item 1A / Risk Factors / fragmented local competition · Filed 19/02/2026
Additionally, in most markets, we also compete against large private and public companies, some of which are significantly vertically integrated.
Item 1A / Risk Factors / large and vertically integrated competitors · Filed 19/02/2026
Certain markets are experiencing the expanded use of aggregates substitutes — Recycled concrete and asphalt are increasingly being used in a number of our markets, particularly urban markets, as a substitute for aggregates.
Item 1A / Risk Factors / increasing use of recycled substitutes · Filed 19/02/2026
Executive Summary FINANCIAL SUMMARY FOR 2025 Compared To 2024: •Total revenues increased $523.4 million, or 7%, to $7,941.1 million •Gross profit increased $175.0 million, or 9%, to $2,174.6 million •Selling, administrative and general (SAG) expenses increased 6% to $564.1 million and decreased 10 basis points as a percentage of total revenues •Operating earnings increased $255.1 million, or 19%, to $1,619.6 million •Earnings attributable to Vulcan from continuing operations were $8.15 per diluted share, compared to $6.91 per diluted share •Adjusted earnings attributable to Vulcan from continuing operations were $8.00 per diluted share, compared to $7.53 per diluted share •Net earnings attributable to Vulcan were $1,076.7 million, an increase of $164.8 million, or 18% •Adjusted EBITDA was $2,323.6 million, an increase of $266.4 million, or 13% •Aggregates segment sales increased $347.6 million, or 6%, to $6,297.2 million •Aggregates segment freight-adjusted revenues increased $349.2 million, or 8%, to $4,985.4 million •Shipments increased 3%, or 6.9 million tons, to 226.8 million tons •Freight-adjusted sales price increased 4.3%, or $0.90 per ton, to $21.98 •Aggregates segment gross profit increased $148.1 million, or 8%, to $1,964.8 million •Unit profitability (as measured by gross profit per ton) increased 5% to $8.66 per ton •Unit profitability (as measured by cash gross profit per ton) increased 7% to $11.33 per ton •Asphalt and Concrete segment sales increased $241.9 million, or 13%, to $2,141.0 million, collectively •Asphalt and Concrete segment gross profit increased $26.9 million, or 15%, to $209.8 million, collectively •Returned capital to shareholders via dividends of $259.8 million at $1.96 per share versus $244.4 million at $1.84 per share •Returned capital to shareholders via share repurchases of $438.4 million at $283.82 average price per share compared to $68.8 million at $254.71 average price per share Our aggregates-led business delivered another year of strong earnings growth and margin expansion.
MD&A / 2025 financial summary / realized aggregates prices, shipments and profitability · Filed 19/02/2026
In Millions, Except Per Ton Data 2025 2024 2023 2022 2021 2020 2019 2018 2017 Aggregates segment Gross profit $1,964.8 $1,816.7 $1,736.8 $1,411.1 $1,297.9 $1,162.1 $1,149.7 $994.6 $857.0 Depreciation, depletion, accretion and amortization 603.5 515.7 482.3 441.3 360.6 321.3 305.3 281.9 245.8 Cash gross profit 2,568.3 2,332.4 2,219.1 1,852.4 1,658.5 1,483.4 1,455.0 1,276.5 1,102.8 Unit shipments - tons 226.8 219.9 234.6 236.6 223.1 208.6 215.8 201.7 183.5 Gross profit per ton $8.66 $8.26 $7.40 $5.96 $5.82 $5.57 $5.33 $4.93 $4.67 Cash gross profit per ton $11.33 $10.61 $9.46 $7.83 $7.43 $7.11 $6.74 $6.33 $6.01 EBITDA ECONOMIC PROFIT (EP) CALCULATION EBITDA EP is EP Adjusted EBITDA less capital charge (average operating capital employed x pretax cost of capital).
Proxy Annex A / aggregates unit shipments and gross profit per ton, 2017–2025 · Filed 24/03/2026
Aggregates freight-adjusted selling prices increased 3.9% compared to the prior year (4.7% on a mix-adjusted basis).
MD&A / second-quarter 2026 aggregates realized selling prices · Filed 29/07/2026
Second quarter freight-adjusted unit cost of sales increased 7% (7%, or $0.72 per ton, on a unit cash cost of sales basis).
MD&A / second-quarter 2026 aggregates unit cost increases · Filed 29/07/2026
Additionally, in a number of urban and suburban areas in which we operate, it is increasingly difficult to permit new sites or expand existing sites due to community resistance.
Item 1A / Risk Factors / permitting and community resistance · Filed 19/02/2026
The gross carrying amount and accumulated amortization by major intangible asset class for the years ended December 31 (excluding assets classified as held for sale as detailed in Note 19) are summarized below: in millions 2025 2024 Gross Carrying Amount Contractual rights in place $ 1,454.1 $ 1,899.0 Permitting, permitting compliance and zoning rights 232.8 221.3 Other 1, 2 315.4 294.4 Total gross carrying amount $ 2,002.3 $ 2,414.7 Accumulated Amortization Contractual rights in place $ (387.1) $ (407.0) Permitting, permitting compliance and zoning rights (74.6) (70.4) Other 1, 2 (51.6) (54.3) Total accumulated amortization $ (513.3) $ (531.7) Total Intangible Assets Subject to Amortization, net $ 1,489.0 $ 1,883.0 Intangible Assets with Indefinite Lives 0.0 0.0 Total Intangible Assets, net $ 1,489.0 $ 1,883.0 Amortization Expense for the Year $ 89.0 $ 83.9 1.Includes quarry development, noncompetition agreements, patents, customer relationships, trade names and trademarks.
Note 18 / recorded permitting, compliance and zoning rights · Filed 19/02/2026
Production and sales are currently halted at our Calica operations in Mexico and our Puerto Cortés operations in Honduras.
Item 1 / Business / halted Mexico and Honduras operations · Filed 19/02/2026
As compared to the prior year, second quarter aggregates shipments increased 1%, and continued to benefit from healthy public construction activity and large projects.
MD&A / second-quarter 2026 shipments and construction demand · Filed 29/07/2026
Aggregates freight-adjusted selling prices increased 3.5% compared to the prior year (4.1% on a mix-adjusted basis).
MD&A / first-quarter 2026 realized aggregates selling prices · Filed 29/04/2026
Second quarter Aggregates segment gross profit increased 1% to $567.3 million ($9.47 on a per ton basis), and cash gross profit improved to $720.1 million ($12.02 on a per ton basis).
MD&A / second-quarter 2026 aggregates gross profit and unit profitability · Filed 29/07/2026
Total revenues are primarily derived from our product sales of aggregates (crushed stone, sand and gravel, sand and other aggregates), asphalt mix and ready-mixed concrete, and include freight & delivery costs that we pass along to our customers to deliver these products.
Note 2 / revenue recognition / freight and delivery costs passed to customers · Filed 19/02/2026
Therefore, although reductions in state and federal funding can curtail publicly-funded construction, the vast majority of our business is not directly subject to renegotiation of profits or termination of contracts with local, state or federal governments.
MD&A / customer structure / government profit renegotiation and termination exposure · Filed 29/07/2026
Form 10-Q 2 Part I Financial Information VULCAN MATERIALS COMPANY AND SUBSIDIARY COMPANIES Condensed Consolidated Statements of Cash Flows Unaudited Six Months Ended June 30 in millions 2026 2025 Operating Activities Net earnings $ 490.3 $ 450.2 Adjustments to reconcile net earnings to net cash provided by operating activities Depreciation, depletion, accretion and amortization 347.8 371.8 Noncash operating lease expense 26.9 26.7 Net (gain) loss on sale of property, plant & equipment and businesses 11.6 (8.6) Contributions to pension plans (4.2) (3.4) Share-based compensation expense 24.7 33.0 Deferred income taxes, net (68.2) (11.3) Changes in assets and liabilities before initial effects of business acquisitions and dispositions (254.1) (273.0) Other, net 9.8 7.8 Net cash provided by operating activities $ 584.6 $ 593.2 Investing Activities Purchases of property, plant & equipment $ (370.4) $ (270.9) Proceeds from sale of property, plant & equipment 18.1 19.2 Proceeds from sale of businesses 572.1 19.0 Payment for businesses acquired, net of acquired cash (75.0) (5.2) Other, net 0.0 1.0 Net cash provided by (used for) investing activities $ 144.8 $ (236.9) Financing Activities Payment of short-term debt and other financing obligations (50.0) 0.0 Payment of current maturities and long-term debt (0.3) (400.4) Payment of finance leases (4.9) (5.8) Purchases of common stock (399.8) (38.1) Dividends paid (135.4) (130.7) Share-based compensation, shares withheld for taxes (38.3) (29.3) Distribution to noncontrolling interest (1.4) (1.5) Other, net 0.0 (0.3) Net cash used for financing activities $ (630.1) $ (606.1) Net increase (decrease) in cash and cash equivalents and restricted cash 99.3 (249.8) Cash and cash equivalents and restricted cash at beginning of year 189.4 600.8 Cash and cash equivalents and restricted cash at end of period $ 288.7 $ 351.0 The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of these statements.
Condensed consolidated cash flow statement / six months ended June 30, 2026 · Filed 29/07/2026
59 Form 10-K Part II DEBT Certain debt measures as of December 31 are outlined below: dollars in millions 2025 2024 Debt Current maturities of long-term debt $ 0.4 $ 400.5 Long-term debt 4,361.7 4,906.9 Total debt $ 4,362.1 $ 5,307.4 Capital Total debt $ 4,362.1 $ 5,307.4 Total equity 8,548.9 8,142.5 Total capital $ 12,911.0 $ 13,449.9 Total Debt as a Percentage of Total Capital 33.8 % 39.5 % Weighted-Average Effective Interest Rates Line of credit 1 1.13 % 1.13 % Commercial paper 3.85 % 4.65 % Term debt 5.04 % 5.00 % Fixed Versus Floating Interest Rate Debt Fixed-rate debt 100.0 % 89.8 % Floating-rate debt 0.0 % 10.2 % 1.Reflects the margin above SOFR for SOFR-based borrowings; we also paid upfront fees that are amortized to interest expense and pay fees for unused borrowing capacity and standby letters of credit.
MD&A / debt / 2025 and 2024 balances and financing structure · Filed 19/02/2026
Virgin Islands for combined proceeds of $722.1 million ($572.1 million cash and a $150.0 million note due December 2027).
Note 16 / completed divestiture consideration · Filed 29/07/2026
These transactions resulted in a combined immaterial loss of $13.2 million and sharpen our focus on aggregates serving metropolitan markets in the United States that are expected to experience the most significant growth in population, households and employment.
Note 16 / completed divestiture loss and stated strategic rationale · Filed 29/07/2026
As a result, we recorded an $86.6 million noncash impairment charge.
Critical accounting policies / realized concrete goodwill impairment · Filed 19/02/2026
The table below shows the target long-term incentive amount of each NEO: Name Base Salary ($) “Target LTI” as a Percentage of Base Salary (%) Target LTI Amount ($) Tom Hill 1,235,000 800 % 9,880,000 Ronnie Pruitt 798,000 345 % 2,753,100 Tom Baker 800,000 390 % 3,120,000 David Clement 616,000 190 % 1,170,400 Mary Andrews Carlisle 702,000 275 % 1,930,500 A summary of all long-term incentive (LTI) grants made to NEOs in 2025 is as follows: 2025 Annual Grants Total LTI Grants Name SOSARs PSUs RSUs Tom Hill 18,820 23,540 7,850 50,210 Ronnie Pruitt 5,240 6,560 2,190 13,990 Tom Baker 5,940 7,430 14,150 27,520 David Clement 2,230 2,790 6,885 11,905 Mary Andrews Carlisle 3,680 4,600 1,530 9,810 These awards are also reflected in the Summary Compensation Table on page 56 and the Grants of Plan-Based Awards table on page 58.
Compensation Discussion and Analysis / actual 2025 long-term incentive grants · Filed 24/03/2026
For PSUs granted in 2025, performance will be measured 50% based on the company’s total shareholder return (TSR) percentile rank relative to the TSR of the S&P 500, and 50% based on the company’s growth rate of Aggregates Cash Gross Profit per ton3, each averaged over the three-year period ending December 31, 2027.
Compensation Discussion and Analysis / 2025 PSU performance measures and period · Filed 24/03/2026
WHAT WE DO WHAT WE DON’T DO •Tie pay to performance by ensuring that a significant portion of NEO compensation is variable and performance-based •Apply a market based approach for determining target compensation •Utilize PSUs as a substantial portion of long-term incentive awards •Apply “double-trigger” change of control vesting requirement for long-term incentive awards •Require substantial share ownership under our stock ownership guidelines •Prohibit transactions by our directors and officers intended to hedge or offset the market value of Vulcan stock owned by them •Subject cash and equity-based incentive compensation to a clawback policy •Consider feedback provided by our shareholders related to executive compensation matters •Provide employment contracts for our executives •Permit repricing of stock options or SOSARs without shareholder approval •Allow pledging by our directors and officers of Vulcan shares as collateral for loans or any other purpose •Provide excessive change of control benefits.
Compensation Discussion and Analysis / clawback, ownership, hedging and vesting policies · Filed 24/03/2026
The following list summarizes certain highlights of our governance policies and practices: Majority voting for uncontested director elections Policies prohibiting hedging and pledging of our shares Independent lead director with defined duties Active shareholder engagement on sustainability and governance matters 11 of 13 directors are independent Political contribution oversight by Governance Committee Clawback policy Executive sessions of independent directors at every regular board meeting Annual board and committee evaluations and self-assessments Board review of safety and environmental performance at every regular board meeting Proxy access right for eligible shareholders No shareholder rights plan Mandatory director retirement age Diverse board in terms of background, experience, skills and tenure Protections against director “overboarding” Sustainability oversight by Governance Committee Risk oversight by full board and committees with annual enterprise risk management review Board participation in executive succession planning Comprehensive new director orientation Ongoing director education on relevant and emerging topics of interest 3 2026 Proxy Statement Proxy Summary COMPENSATION HIGHLIGHTS We believe that the results of the 2025 Say on Pay vote demonstrate continued strong shareholder support for our current compensation program.
Proxy summary / adopted governance practices and board independence · Filed 24/03/2026
The independent lead director role includes, among other things, the following: •presiding at all meetings or sessions of meetings of the Board at which the Executive Chairman is not present, including at executive sessions of the non-management and independent directors; •serving as liaison between the Executive Chairman and the non-management and independent directors; 2026 Proxy Statement 24 Corporate Governance •approving Board meeting schedules to assure that there is sufficient time for discussion of all agenda items, as well as meeting agendas and information sent to the Board; •having authority to call meetings of the non-management and independent directors; and •being available in appropriate circumstances to speak on behalf of the Board and for consultation and direct communication with shareholders and other stakeholders.
Corporate Governance / independent lead director's powers · Filed 24/03/2026
Our bylaws also contain proxy access provisions, which permit a shareholder, or a group of up to 20 shareholders, owning 3% or more of our outstanding common stock continuously for at least three years, to nominate and include in our annual meeting proxy materials director nominees constituting up to the greater of (a) two individuals and (b) 20% of the total number of directors serving on the board of directors on the last day on which a proxy access nomination may be submitted (rounded down to the nearest whole number), subject to certain limitations and provided that the requirements set forth in our bylaws are satisfied, including that the shareholder gives timely written notice of the nomination to our corporate secretary.
General Information / existing shareholder proxy access rights · Filed 24/03/2026
Safety Performance Our relentless focus on safety in 2025 helped us achieve a level of 0.99 MSHA/OSHA injuries per 200,000 hours worked, and an MSHA citation rate of 0.72 compared to an industry average of 1.79.
Compensation Discussion and Analysis / reported 2025 safety outcomes · Filed 24/03/2026
1 Form 10-Q Part I Financial Information VULCAN MATERIALS COMPANY AND SUBSIDIARY COMPANIES Condensed Consolidated Statements of Comprehensive Income Unaudited Three Months Ended June 30 Six Months Ended June 30 in millions, except per share data 2026 2025 2026 2025 Total revenues $ 2,155.8 $ 2,102.4 $ 3,911.7 $ 3,737.0 Cost of revenues (1,530.3) (1,477.2) (2,863.5) (2,746.5) Gross profit 625.5 625.2 1,048.2 990.5 Selling, administrative and general expenses (141.3) (144.5) (277.1) (282.7) Gain (loss) on sale of property, plant & equipment and businesses (11.3) 1.2 (11.6) 8.6 Other operating expense, net (17.4) (10.9) (38.6) (19.0) Operating earnings 455.5 471.0 720.9 697.4 Other nonoperating income (expense), net 3.7 2.4 5.1 (0.2) Interest expense, net (54.7) (59.2) (108.6) (118.9) Earnings from continuing operations before income taxes 404.5 414.2 617.4 578.3 Income tax expense (81.4) (91.3) (127.2) (125.0) Earnings from continuing operations 323.1 322.9 490.2 453.3 Gain (loss) on discontinued operations, net of tax 1.2 (2.1) 0.1 (3.1) Net earnings 324.3 320.8 490.3 450.2 (Earnings) loss attributable to noncontrolling interest (0.9) 0.1 (1.4) (0.4) Net earnings attributable to Vulcan $ 323.4 $ 320.9 $ 488.9 $ 449.8 Other comprehensive income, net of tax Amortization of accumulated cash flow hedge losses 0.4 0.4 0.9 0.9 Amortization of accumulated benefit plan costs 1.1 1.1 2.0 2.0 Other comprehensive income 1.5 1.5 2.9 2.9 Comprehensive income 325.8 322.3 493.2 453.1 Comprehensive (earnings) loss attributable to noncontrolling interest (0.9) 0.1 (1.4) (0.4) Comprehensive income attributable to Vulcan $ 324.9 $ 322.4 $ 491.8 $ 452.7 Basic earnings (loss) per share attributable to Vulcan Continuing operations $ 2.48 $ 2.44 $ 3.75 $ 3.42 Discontinued operations 0.01 (0.01) 0.00 (0.02) Net earnings $ 2.49 $ 2.43 $ 3.75 $ 3.40 Diluted earnings (loss) per share attributable to Vulcan Continuing operations $ 2.47 $ 2.43 $ 3.74 $ 3.41 Discontinued operations 0.01 (0.01) 0.00 (0.03) Net earnings $ 2.48 $ 2.42 $ 3.74 $ 3.38 Weighted-average common shares outstanding Basic 129.8 132.2 130.2 132.3 Assuming dilution 130.3 132.9 130.8 132.9 Effective tax rate from continuing operations 20.1 % 22.0 % 20.6 % 21.6 % The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of these statements.
Condensed consolidated income statement / second-quarter and first-half 2026 results · Filed 29/07/2026
In 2025, our five largest customers accounted for approximately 7% of our total revenues, and no single customer accounted for more than 2% of our total revenues.
MD&A / customer concentration · Filed 29/07/2026
Price increases effective at the beginning of the year resulted in widespread pricing growth across our footprint.
MD&A / implemented beginning-of-year price increases · Filed 29/04/2026
