Monitor Q4 2026 results for confirmation of the guided ~$2.4B full-year Adjusted EBITDA and any update on 2027 earnings growth trajectory. The revenue miss and volume decline suggest end-market softness that may persist into 2027.
Price Chart
Executive Summary
Vulcan Materials reported Q3 2026 EPS of $2.81, in line with the $2.81 consensus, on revenue of $2.185B, below the $2.23B consensus. Revenue declined 4.7% YoY, driven by a 3% drop in aggregates shipments and divestitures of asphalt and concrete assets. The company guided to full-year 2026 Adjusted EBITDA of approximately $2.4B, implying a modest Q4 ramp, and expects continued earnings growth in 2027.
Key Financial Metrics
Key Facts
- Q3 2026 EPS of $2.81 matched consensus of $2.81.
- Q3 2026 revenue of $2.185B missed consensus of $2.23B and declined 4.7% YoY from $2.292B.
- Aggregates shipments fell 3% YoY to 62.7M tons; freight-adjusted price rose 4% to $22.84/ton.
- Adjusted EBITDA declined 3.9% YoY to $707M; margin improved slightly to 32.3% from 32.1%.
- Company guided to full-year 2026 Adjusted EBITDA of ~$2.4B, implying Q4 Adjusted EBITDA of ~$592M.
- Net earnings attributable to Vulcan fell 3.4% YoY to $362.3M.
- Company repurchased $350M in stock and paid $67M in dividends during Q3.
- Completed two bolt-on acquisitions in Tennessee and southern Ohio.
- Total debt to TTM Adjusted EBITDA ratio was 2.0x, within target range.
Financial Impact
Revenue miss of ~$45M vs consensus; EPS in line; full-year Adjusted EBITDA guidance of ~$2.4B implies modest Q4 improvement.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Aggregates | $1.8B | +1.7% |
| Asphalt | $381.2M | -8.4% |
| Concrete | $92.4M | -61.1% |
Risk Factors
- Energy cost inflation continues to pressure unit costs (freight-adjusted cash cost of sales up 7% YoY).
- Aggregates shipments declined 3% YoY, indicating potential demand weakness in construction markets.
- Divestitures of Houston asphalt and California concrete assets reduced revenue contribution from non-aggregates segments.
- Full-year guidance implies Q4 Adjusted EBITDA of ~$592M, which would be below Q3's $707M, suggesting a seasonal slowdown.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-prn-302922797 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 2d ago | 8-K | $283.31 | awaiting T+1 | awaiting T+1 | $281.25 (−0.73%) |
Oct 29, 2026 3d ago | 8-K | No price | awaiting T+1 | awaiting T+1 | No price |
Oct 29, 2026 3d ago | Press Release | $280.31 $281.25 | ▼ −0.34% | ▼ −2.11% | $281.25 (−0.34%) |
Oct 22, 2026 10d ago | 8-K | $261.69 $261.48 | ▼ −0.08% | ▼ −0.79% | $281.25 (+7.47%) |
Jul 31, 2026 13w ago | 144 | $268.57 $283.55 | ▲ +5.58% | ▲ +4.17% | $281.25 (+4.72%) |
Jul 29, 2026 13w ago | 8-K | $283.92 $271.24 | ▼ −4.47% | ▼ −6.14% | $281.25 (−0.94%) |
Jul 15, 2026 15w ago | Press Release | $289.11 | awaiting T+1 | awaiting T+1 | $281.25 (−2.72%) |
Jul 10, 2026 16w ago | Press Release | $292.78 $291.89 | ▼ −0.30% | ▼ −0.66% | $281.25 (−3.94%) |
Mar 24, 2026 31w ago | DEFA14A | $269.47 $266.41 | ▼ −1.14% | ▲ +0.63% | $281.25 (+4.37%) |
US Market Status
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