Vulcan Materials Company · VMC · FY2026 Q3 · Calendar Q4 2026
Vulcan pairs 5% EBITDA growth with acquisitions and pricing
Vulcan's Q3 analysis points to resilient earnings execution through pricing, cost controls and acquisitions despite energy headwinds and muted residential demand. The outlook depends on infrastructure and non-residential projects converting into volume while 2027 pricing offsets cost pressure.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Q3 adjusted EBITDA increased 5% year over year to $707 million, while energy headwinds totaled about $40 million. Vulcan completed three bolt-on aggregate acquisitions and said 2027 aggregate pricing could rise at a mid- to high-single-digit rate.
Guidance delta
Maintained. Management expects 2027 aggregate pricing to increase at a mid- to high-single-digit percentage rate; no broader guidance change was supplied in the analysis.
Key takeaways
- Adjusted EBITDA grew 5% year over year despite roughly $40 million of Q3 energy headwinds.
- Margin expanded 20 basis points to 32.3%, and cash gross profit per ton rose modestly.
- Three bolt-on acquisitions expanded the footprint across Texas, Tennessee, Colorado and Ohio.
- Management cited infrastructure and large non-residential projects as demand supports.
- The company returned $950 million through dividends and share repurchases, according to the analysis.
Management priorities
- Complete additional bolt-on aggregate acquisitions before year-end.
- Implement January 1 price increases and mid-year adjustments.
- Continue maintenance and growth capex, dividend growth and share repurchases.
- Use the Vulcan Way of Operating to control costs and improve efficiency.
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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 29, 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 |
|---|---|---|---|---|
| Stifel | Buy | Buy | Maintain | Oct 28, 2026 |
| 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 |
| 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 $280.31. 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 | +9.9% | Oct 16, 2026 |
| RBC Capital | Analyst unavailable | $256 | $244.03 | -8.7% | Oct 9, 2026 |
| UBS | Analyst unavailable | $326 | $244.13 | +16.3% | Oct 8, 2026 |
| Truist Financial | Keith Hughes | $320 | $243.06 | +14.2% | Oct 5, 2026 |
| Wells Fargo | Analyst unavailable | $249 | $243.06 | -11.2% | Oct 5, 2026 |
| Wells Fargo | Timna Tanners | $254 | $258.3 | -9.4% | Sep 9, 2026 |
| UBS | Analyst unavailable | $349 | $288.64 | +24.5% | Jul 8, 2026 |
| RBC Capital | Analyst unavailable | $293 | $303.82 | +4.5% | Jun 30, 2026 |
| Berenberg Bank | Analyst unavailable | $283 | $281.56 | +1.0% | Jun 2, 2026 |
| Raymond James | Analyst unavailable | $325 | $300.29 | +15.9% | Apr 30, 2026 |
| Stifel Nicolaus | Analyst unavailable | $333 | $296.7 | +18.8% | Apr 30, 2026 |
| RBC Capital | Analyst unavailable | $298 | $297.89 | +6.3% | Apr 30, 2026 |
| Stephens | Trey Grooms | $340 | $296.08 | +21.3% | Apr 30, 2026 |
| Barclays | Analyst unavailable | $340 | $296.08 | +21.3% | Apr 30, 2026 |
| Raymond James | Patrick Tyler Brown | $320 | $293.03 | +14.2% | Apr 27, 2026 |
| Wells Fargo | Timna Tanners | $305 | $296.86 | +8.8% | Apr 15, 2026 |
| Morgan Stanley | Analyst unavailable | $322 | $274.33 | +14.9% | Mar 9, 2026 |
| Morgan Stanley | Analyst unavailable | $320 | $300 | +14.2% | Mar 4, 2026 |
| Truist Financial | Analyst unavailable | $360 | $300.78 | +28.4% | Feb 19, 2026 |
| RBC Capital | Analyst unavailable | $296 | $302.28 | +5.6% | Feb 18, 2026 |
| D.A. Davidson | Brent Thielman | $320 | $302.22 | +14.2% | Feb 18, 2026 |
| Wells Fargo | Timna Tanners | $315 | $302.22 | +12.4% | Feb 18, 2026 |
| Wells Fargo | Timna Tanners | $317 | $299.73 | +13.1% | Jan 29, 2026 |
| D.A. Davidson | Brent Thielman | $330 | $291.77 | +17.7% | Nov 4, 2025 |
| Stifel Nicolaus | Brian Brophy | $327 | $288.72 | +16.7% | Nov 3, 2025 |
| Barclays | Analyst unavailable | $320 | $295.35 | +14.2% | Oct 20, 2025 |
| Wells Fargo | Analyst unavailable | $311 | $300.9 | +10.9% | Oct 7, 2025 |
| UBS | Steven Fisher | $318 | $275.51 | +13.4% | May 16, 2025 |
| Stephens | Trey Grooms | $315 | $263.63 | +12.4% | May 1, 2025 |
| Stifel Nicolaus | Analyst unavailable | $287 | $234.86 | +2.4% | Mar 4, 2025 |
| RBC Capital | Mike Dahl | $269 | $251.69 | -4.0% | Jan 10, 2025 |
| Loop Capital Markets | Garik Shmois | $310 | $276.23 | +10.6% | Oct 31, 2024 |
| Stephens | Trey Grooms | $280 | $241.22 | -0.1% | Aug 8, 2024 |
| D.A. Davidson | Brent Thielman | $280 | $241.22 | -0.1% | Aug 7, 2024 |
| Stephens | Trey Grooms | $310 | $264.41 | +10.6% | May 3, 2024 |
| RBC Capital | Mike Dahl | $272 | $264.41 | -3.0% | May 3, 2024 |
| Morgan Stanley | Angel Castillo | $290 | $260.54 | +3.5% | Apr 15, 2024 |
| Loop Capital Markets | Garik Shmois | $305 | $265.62 | +8.8% | Apr 10, 2024 |
| Goldman Sachs | Jerry Revich | $212 | $172.93 | -24.4% | Apr 3, 2023 |
| RBC Capital | Mike Dahl | $191 | $180.81 | -31.9% | Jan 13, 2023 |
| J.P. Morgan | Analyst unavailable | $200 | $179.1 | -28.7% | Dec 8, 2022 |
| J.P. Morgan | Analyst unavailable | $185 | $159.99 | -34.0% | Sep 22, 2022 |
| D.A. Davidson | Analyst unavailable | $195 | $151.49 | -30.4% | Jul 19, 2022 |
| Morgan Stanley | Analyst unavailable | $180 | $149.83 | -35.8% | Jul 18, 2022 |
| Wolfe Research | Analyst unavailable | $194 | $146.29 | -30.8% | Jul 14, 2022 |
| Goldman Sachs | Analyst unavailable | $189 | $143.83 | -32.6% | Jun 23, 2022 |
| Argus Research | David Coleman | $240 | $204.96 | -14.4% | Nov 9, 2021 |
| D.A. Davidson | Brent Thielman | $227 | $204.94 | -19.0% | Nov 8, 2021 |
| Loop Capital Markets | Garik Shmois | $220 | $195.27 | -21.5% | Nov 5, 2021 |
| Stifel Nicolaus | Stanley Elliott | $220 | $187.2 | -21.5% | Aug 27, 2021 |
| Berenberg Bank | Daniel Wang | $180 | $183.53 | -35.8% | Aug 18, 2021 |
| Deutsche Bank | Rohit Seth | $220 | $189.69 | -21.5% | 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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| LIN Linde plc | FY2026 Q3 · Calendar Q4 2026 | — | -1.4% | Linde keeps FY guidance as restructuring weighs on near-term outlook |
| KGC Kinross Gold Corporation | FY2026 Q3 · Calendar Q4 2026 | +8.7% | -6.1% | Kinross maintains 2026 outlook as cash flow and projects advance |
Latest beats and misses
Who reports nextBeat on EPS
- AGIFY2026 Q3 · October 28, 20260.0% EPS-9.0% move
- ARFY2026 Q3 · October 28, 2026+22.3% EPS-2.2% move
- INVHFY2026 Q3 · October 28, 2026+49.5% EPS-0.4% move
- AEMFY2026 Q3 · October 28, 2026+5.7% EPS-3.9% move
- ORLYFY2026 Q3 · October 28, 2026+4.3% EPS-2.7% move
- STRLFY2026 Q3 · October 28, 2026+22.3% EPS-0.4% move
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Sources
- Earnings call transcript and parsed analysis · 2026-10-29T19:10:50.010084+00:00
- FN2 earnings calendar · 2026-10-29T01:23:20.584741+00:00
- Polygon adjusted daily market bars · 2026-10-29T22:50:41.690276+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-29T22:50:41.687572+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 2026-10-29. For educational purposes only; not investment advice.