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VMC US S&P 500Russell 1000 Earnings call

Vulcan Materials Company (VMC) · Q2 2026 results and valuation

Share price: $284.37 · 2026-11-11

Results Q2 2026 vs Q1 2026 · previous quarter · published 29 Jul 2026 and 29 Apr 2026

Net income up 95.4% on the previous quarter. Management sounded cautious, in its script and in answers to analysts.

Only a basic analysis is available for this company at the moment.

1 · Numbers

+95.4%

Net income vs Q1 2026

Net income 323.4M vs 165.5M

Revenue +22.8%

Against the same quarter last year (Q2 2025) it is +0.8% — part of the move on last quarter is seasonal.

2 · How management spoke

Cautious

Among the least upbeat of all company calls

Answers to analysts: restrained, in line with the script.

Similar to last call.

3 · What stood out

Figure

Public infrastructure awards increased by 20% year-over-year in Vulcan markets while decreasing in other markets.

Valuation

Is Vulcan Materials Company undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 2.8% growth a year (3-year revenue growth), the model's fair value is $75.59 a share — the stock trades 276% above it. Today's price assumes 16.4% growth a year.

Current price

$284.37

close of 2026-11-11

Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.

+16.4% for 10 yrs

Fair value / share

$75.59

Buy below

$56.69

Price vs fair value

Overvalued >200%

Price vs buy-below price

Overvalued >200%

Official channels

The company's own website and social media accounts.

Read between the lines

  1. Key theme

    I am proud of how Vulcan Materials' commercial and operating teams have navigated The resiliency of its aggregates-led business and the importance of its strategic disciplines are evident in periods of inflationary pressure.

    Source quote
    “I am proud of how our commercial and operating teams have navigated The resiliency of our aggregates-led business and the importance of our strategic disciplines are evident in periods of inflationary pressure. And most importantly, they did so while keeping each other safe.”
  2. Dropped

    The company aims to increase its aggregate cash gross profit per ton from $11.38 to $20 following the realization of its January 1 price increases.

    Source quote
    “Currently sitting at $11.38 per ton, we are aligned across the company to drive this highly important metric to $20... Trailing 12 months aggregate cash gross profit per ton continues to move higher with strong realization of our January 1 price increases and our disciplined approach to operational execution. Aggregate shipments in the first quarter support the anticipated return to growth for 2026.”

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.

Prepared remarks Cautious (was cautious)
Answers to analysts Restrained (was typical)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone
“I am proud of how our commercial and operating teams have navigated the first half of the year to deliver adjusted EBITDA growth and aggregates cash gross profit per ton...”
“We still expect strong public activity in our markets and improving private large project opportunities to drive year-over-year shipments growth in 2026.”
“And I would like to thank the men and women of Vulcan Materials for a great performance during the quarter, controlling our cost and expanding our cash gross profit per...”

Full figures

USD · ROIC.AI fundamentals (NYSE:VMC, period end 2026-06-30)

Metric Q2 2026period end 2026-06-30 Q1 2026period end 2026-03-31 Change Q2 2025 YoY
Revenue 2.16B 1.76B +22.8% 2.10B +2.5%
Gross profit 625.5M 422.7M +48.0% 625.2M ±0%
Operating income 466.8M 265.4M +75.9% 471.0M −0.9%
Net income 323.4M 165.5M +95.4% 320.9M +0.8%
EPS 2.49 1.26 +97.7% 2.42 +3.0%
P/E today 29.2 — 32.4 — 36.5 —

Topics

Most discussed now

  • Vulcan Materials' teams executed well, earning higher prices for its products in each segment and driving operational efficiencies to help…
  • Aggregates freight-adjusted selling prices moved higher both sequentially and year-over-year.
  • Excluding diesel, aggregates freight adjusted unit cash cost of sales increased 3% compared to the prior year.
  • The strong cash generation of Vulcan Materials' business, coupled with the recent proceeds from divestitures Ronnie commented on earlier…
  • Vulcan Materials' trailing 12-month return on invested capital improved 20 basis points from a year ago to 16.1% at quarter end.

Faded since Q1 2026

  • Dropped Vulcan Materials has a proven track record of offsetting these types of fluctuations through its bulk way of operating also its...
  • Fading Another key expectation is driving continuous improvement in Vulcan Materials' underlying business.
  • Fading Approximately 70% of Vulcan Materials' trailing 12 months capital expenditures of $686 million were utilized for fixed plant mobile…
  • Fading The remaining 30% was invested in greenfield and other growth projects, including a new quarry site in South Texas, several...

Latest announcements

Official filings, newest first.

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