Vulcan Materials Company · VMC · FY2024 Q4 · Calendar Q1 2025
Vulcan leans on pricing, acquisitions, and public construction
The call supports a constructive operating case built on pricing, acquisitions, infrastructure demand, and efficiency gains. The main test is whether those drivers offset private-construction weakness, cost inflation, mix effects, and policy risk.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Vulcan entered 2025 with stronger fourth-quarter profitability, sustained pricing momentum, a larger acquisition contribution, and a higher planned capex program. Management also identified a temporary acquisition-related mix drag and continued weakness in private construction.
Guidance delta
Management maintained its outlook, with 2025 pricing expected to grow 5–7% and adjusted EBITDA guided to $2.35–$2.55 billion.
Key takeaways
- Adjusted EBITDA rose 16% year over year in Q4, with margin improvement for eight consecutive quarters.
- Recent acquisitions are expected to contribute about $150 million of EBITDA in 2025, while mix creates a temporary drag.
- Public construction and infrastructure funding are supportive; private non-residential activity is expected to bottom in mid-2025.
- The 2025 capex plan is $750–$800 million, including about $125 million for three plant rebuilds.
Management priorities
- Execute the $750–$800 million capex program.
- Pursue additional acquisitions and expand downstream asphalt and ready-mix operations.
- Implement mid-year price increases and improve operating efficiency.
- Monitor the Mexico Calico quarry USMCA case.
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Analyst 52W Price Targets
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 25, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Raymond James | Outperform | Outperform | Maintain | Oct 16, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Oct 13, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Oct 9, 2026 |
| UBS | Buy | Buy | Maintain | Oct 8, 2026 |
| Wells Fargo | Underweight | Underweight | Maintain | Oct 5, 2026 |
| Truist Securities | Buy | Buy | Maintain | Oct 5, 2026 |
| Citigroup | Buy | Buy | Maintain | Oct 2, 2026 |
| DA Davidson | Buy | Buy | Maintain | Sep 21, 2026 |
| Stephens & Co. | Overweight | Overweight | Maintain | Apr 30, 2026 |
| Barclays | Overweight | Overweight | Maintain | Apr 30, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Apr 6, 2026 |
| Stifel | Buy | Buy | Maintain | May 2, 2025 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Apr 10, 2025 |
| Loop Capital | Buy | Buy | Maintain | Apr 1, 2025 |
| Jefferies | Buy | Buy | Maintain | Apr 18, 2024 |
| Goldman Sachs | Buy | Buy | Maintain | Feb 20, 2024 |
| Seaport Global | Buy | Neutral | Upgrade | Oct 24, 2023 |
| Argus Research | Buy | Buy | Maintain | Feb 22, 2023 |
| Atlantic Equities | Neutral | Overweight | Downgrade | Jan 24, 2023 |
| Vertical Research | Buy | Hold | Upgrade | Sep 1, 2022 |
| Deutsche Bank | Buy | Buy | Maintain | Nov 23, 2020 |
| B of A Securities | Neutral | Buy | Downgrade | Oct 13, 2020 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Jul 10, 2020 |
| CFRA | Hold | Buy | Downgrade | May 6, 2020 |
| Nomura | Buy | Buy | Maintain | Apr 17, 2020 |
| Bank of America | Neutral | Underperform | Upgrade | Oct 15, 2019 |
| Stifel Nicolaus | Buy | Buy | Maintain | Sep 18, 2019 |
| Longbow Research | Buy | Buy | Maintain | Jul 26, 2019 |
| Berenberg | Hold | Hold | Maintain | Apr 3, 2019 |
| BB&T Capital | Buy | Buy | Maintain | May 4, 2016 |
| Susquehanna | Positive | Positive | Maintain | Feb 5, 2016 |
| Cleveland Research | Buy | Buy | Maintain | Aug 27, 2013 |
| Sterne Agee | Buy | Neutral | Upgrade | Apr 16, 2013 |
| KeyBanc | Hold | Buy | Downgrade | Sep 25, 2012 |
| Morgan Keegan | Market Perform | Market Perform | Maintain | Feb 17, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $261.69. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Raymond James | Patrick Tyler Brown | $308 | $257.9 | +17.7% | Oct 16, 2026 |
| RBC Capital | Analyst unavailable | $256 | $244.03 | -2.2% | Oct 9, 2026 |
| UBS | Analyst unavailable | $326 | $244.13 | +24.6% | Oct 8, 2026 |
| Truist Financial | Keith Hughes | $320 | $243.06 | +22.3% | Oct 5, 2026 |
| Wells Fargo | Analyst unavailable | $249 | $243.06 | -4.8% | Oct 5, 2026 |
| Wells Fargo | Timna Tanners | $254 | $258.3 | -2.9% | Sep 9, 2026 |
| UBS | Analyst unavailable | $349 | $288.64 | +33.4% | Jul 8, 2026 |
| RBC Capital | Analyst unavailable | $293 | $303.82 | +12.0% | Jun 30, 2026 |
| Berenberg Bank | Analyst unavailable | $283 | $281.56 | +8.1% | Jun 2, 2026 |
| Raymond James | Analyst unavailable | $325 | $300.29 | +24.2% | Apr 30, 2026 |
| Stifel Nicolaus | Analyst unavailable | $333 | $296.7 | +27.2% | Apr 30, 2026 |
| RBC Capital | Analyst unavailable | $298 | $297.89 | +13.9% | Apr 30, 2026 |
| Stephens | Trey Grooms | $340 | $296.08 | +29.9% | Apr 30, 2026 |
| Barclays | Analyst unavailable | $340 | $296.08 | +29.9% | Apr 30, 2026 |
| Raymond James | Patrick Tyler Brown | $320 | $293.03 | +22.3% | Apr 27, 2026 |
| Wells Fargo | Timna Tanners | $305 | $296.86 | +16.6% | Apr 15, 2026 |
| Morgan Stanley | Analyst unavailable | $322 | $274.33 | +23.0% | Mar 9, 2026 |
| Morgan Stanley | Analyst unavailable | $320 | $300 | +22.3% | Mar 4, 2026 |
| Truist Financial | Analyst unavailable | $360 | $300.78 | +37.6% | Feb 19, 2026 |
| RBC Capital | Analyst unavailable | $296 | $302.28 | +13.1% | Feb 18, 2026 |
| D.A. Davidson | Brent Thielman | $320 | $302.22 | +22.3% | Feb 18, 2026 |
| Wells Fargo | Timna Tanners | $315 | $302.22 | +20.4% | Feb 18, 2026 |
| Wells Fargo | Timna Tanners | $317 | $299.73 | +21.1% | Jan 29, 2026 |
| D.A. Davidson | Brent Thielman | $330 | $291.77 | +26.1% | Nov 4, 2025 |
| Stifel Nicolaus | Brian Brophy | $327 | $288.72 | +25.0% | Nov 3, 2025 |
| Barclays | Analyst unavailable | $320 | $295.35 | +22.3% | Oct 20, 2025 |
| Wells Fargo | Analyst unavailable | $311 | $300.9 | +18.8% | Oct 7, 2025 |
| UBS | Steven Fisher | $318 | $275.51 | +21.5% | May 16, 2025 |
| Stephens | Trey Grooms | $315 | $263.63 | +20.4% | May 1, 2025 |
| Stifel Nicolaus | Analyst unavailable | $287 | $234.86 | +9.7% | Mar 4, 2025 |
| RBC Capital | Mike Dahl | $269 | $251.69 | +2.8% | Jan 10, 2025 |
| Loop Capital Markets | Garik Shmois | $310 | $276.23 | +18.5% | Oct 31, 2024 |
| Stephens | Trey Grooms | $280 | $241.22 | +7.0% | Aug 8, 2024 |
| D.A. Davidson | Brent Thielman | $280 | $241.22 | +7.0% | Aug 7, 2024 |
| Stephens | Trey Grooms | $310 | $264.41 | +18.5% | May 3, 2024 |
| RBC Capital | Mike Dahl | $272 | $264.41 | +3.9% | May 3, 2024 |
| Morgan Stanley | Angel Castillo | $290 | $260.54 | +10.8% | Apr 15, 2024 |
| Loop Capital Markets | Garik Shmois | $305 | $265.62 | +16.6% | Apr 10, 2024 |
| Goldman Sachs | Jerry Revich | $212 | $172.93 | -19.0% | Apr 3, 2023 |
| RBC Capital | Mike Dahl | $191 | $180.81 | -27.0% | Jan 13, 2023 |
| J.P. Morgan | Analyst unavailable | $200 | $179.1 | -23.6% | Dec 8, 2022 |
| J.P. Morgan | Analyst unavailable | $185 | $159.99 | -29.3% | Sep 22, 2022 |
| D.A. Davidson | Analyst unavailable | $195 | $151.49 | -25.5% | Jul 19, 2022 |
| Morgan Stanley | Analyst unavailable | $180 | $149.83 | -31.2% | Jul 18, 2022 |
| Wolfe Research | Analyst unavailable | $194 | $146.29 | -25.9% | Jul 14, 2022 |
| Goldman Sachs | Analyst unavailable | $189 | $143.83 | -27.8% | Jun 23, 2022 |
| Argus Research | David Coleman | $240 | $204.96 | -8.3% | Nov 9, 2021 |
| D.A. Davidson | Brent Thielman | $227 | $204.94 | -13.3% | Nov 8, 2021 |
| Loop Capital Markets | Garik Shmois | $220 | $195.27 | -15.9% | Nov 5, 2021 |
| Stifel Nicolaus | Stanley Elliott | $220 | $187.2 | -15.9% | Aug 27, 2021 |
| Berenberg Bank | Daniel Wang | $180 | $183.53 | -31.2% | Aug 18, 2021 |
| Deutsche Bank | Rohit Seth | $220 | $189.69 | -15.9% | May 6, 2021 |
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Start freeCompany context
Snapshot as of publicationVulcan Materials Company, alongside its affiliated entities, stands as a prominent producer and distributor of construction aggregates, primarily operating within the United States. The company's activities are organized into four distinct divisions: Aggregates, Asphalt, Concrete, and Calcium. The Aggregates division focuses on providing essential materials like crushed stone, sand, gravel, and other foundational aggregates, along with related services. These products are vital for building and maintaining highways, public infrastructure, residential properties, and various commercial, industrial, and other non-residential structures.…
Historical context
All VMC earningsBasic Materials peers this season
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|---|---|---|---|---|
| CRS Carpenter Technology Corporation | FY2027 Q1 · Calendar Q4 2026 | +6.9% | -20.6% | CRS: Aerospace Bookings Accelerate as Guidance Holds |
| DOW Dow Inc. | FY2026 Q3 · Calendar Q4 2026 | +11.3% | +4.7% | Dow’s Q3 growth and self-help gains support a steady Q4 outlook |
| NEM Newmont Corporation | FY2026 Q3 · Calendar Q4 2026 | +12.2% | -2.6% | Newmont Holds 2026 Guidance as Projects Set Up 2027 Growth |
| SCCO Southern Copper Corporation | FY2026 Q3 · Calendar Q4 2026 | +6.4% | -2.1% | Southern Copper: Record Q3 results, projects advance amid execution risks |
Latest beats and misses
Who reports nextBeat on EPS
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
- FCNCOFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- FCNCPFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- RDYFY2027 Q2 · October 23, 2026+24.0% EPS-0.2% move
- SLBFY2026 Q3 · October 23, 2026+3.7% EPS+7.1% move
Missed on EPS
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-02-04T00:03:19.509714+00:00
- Polygon adjusted daily market bars · 2026-10-25T10:10:43.053187+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-25T10:10:43.050342+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-25. For educational purposes only; not investment advice.