Executive Summary
Vulcan Materials reported robust topline growth in QQ3 2025, underpinned by continued strength in US construction activity. Revenue of 2.2915 billion rose 14.4% year over year (YoY) and 9.0% quarter over quarter (QoQ), supported by a solid gross margin of approximately 30.4% and operating income of 543.3 million. Net income surged to 851.1 million, with earnings per share (EPS) of 2.86, up significantly versus the prior year and the prior quarter. The profitability uplift is accompanied by a substantial depreciation and amortization profile and a notable interest expense, which together imply a capital-intensive asset base and meaningful carrying costs. The reported metrics point to strong volume and mix leverage in the core aggregates business, complemented by favorable price realization and mix tailwinds. However, the data presents some anomalies (notably EBITDA sign and tax expense conventions) that warrant caution and indicate potential one-time items or accounting treatments that should be reconciled in forthcoming disclosures. Management commentary, where available, would be essential to validate the sustainability of these gains and to understand the trajectory of cash flow given the lack of detailed cash flow data in the presented figures.
Key Performance Indicators
QoQ: 165.22% | YoY:309.97%
Key Insights
Revenue: 2,291,500,000; YoY: 14.35%; QoQ: 8.99%
Gross Profit: 697,200,000; YoY: 23.35%; QoQ: 11.52%
Operating Income: 543,300,000; YoY: 61.17%; QoQ: 15.35%
Net Income: 851,100,000; YoY: 309.97%; QoQ: 165.22%
EPS: 2.86; YoY: 82.17%; QoQ: 17.70%
Key observations: Top-line growth coupled with meaningful margin expansion suggests favorable volume trends and price/mix advantages in core aggregates. The unusually high net income and the negative EBITDA figure in the data imply potential one-time items...
Financial Highlights
Revenue: 2,291,500,000; YoY: 14.35%; QoQ: 8.99%
Gross Profit: 697,200,000; YoY: 23.35%; QoQ: 11.52%
Operating Income: 543,300,000; YoY: 61.17%; QoQ: 15.35%
Net Income: 851,100,000; YoY: 309.97%; QoQ: 165.22%
EPS: 2.86; YoY: 82.17%; QoQ: 17.70%
Key observations: Top-line growth coupled with meaningful margin expansion suggests favorable volume trends and price/mix advantages in core aggregates. The unusually high net income and the negative EBITDA figure in the data imply potential one-time items or accounting conventions that require clarification in official filings. Interest expense is substantial, and the tax line appears inverted in the presented data, which may reflect a tax benefit or synthetic accounting treatment that should be reconciled in subsequent disclosures.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
2.29B |
14.35% |
8.99% |
| Gross Profit |
697.20M |
23.35% |
11.52% |
| Operating Income |
543.30M |
61.17% |
15.35% |
| Net Income |
851.10M |
309.97% |
165.22% |
| EPS |
2.86 |
82.17% |
17.70% |
Management Commentary
No earnings call transcript data provided in the input. Consequently, no management quotes or theme-based highlights from the QQ3 2025 call can be cited here. Readers should refer to Vulcan Materials’ official transcript for direct quotes on volume outlook, pricing, cost controls, and capital allocation.
No earnings call transcript data provided in the input.
— N/A
Forward Guidance
No explicit forward guidance was included in the provided data. Given the scale of QQ3 2025 results, investors should monitor key drivers likely to influence future performance: (1) US construction demand and infrastructure spending trajectory (public works exposure and private non-residential activity); (2) pricing power and input cost dynamics (coal, fuel, freight, and lime/cement input costs); (3) capital expenditure plans and asset utilization given Vulcan’s asset-intensive business; (4) balance sheet health and liquidity, including debt levels and interest coverage. Absent formal guidance, the near-term outlook hinges on macro construction activity, with potential upside from volume gains and price realization but risk from cyclical downturns and shifts in infrastructure funding.