Vulcan(US:VMC)2026-02-17 12:05Financial Performance - Full year total revenues increased to $7.941 billion, up 7% from $7.418 billion in 2024[3] - Adjusted EBITDA for the full year improved 13% to $2.324 billion, with a margin expansion of 160 basis points to 29.3%[3] - Total revenues for Q4 2025 reached $1,912.6 million, a 3.0% increase from $1,853.6 million in Q4 2024[23] - Gross profit for the twelve months ended December 31, 2025, was $2,174.6 million, up 8.8% from $1,999.6 million in 2024[23] - Net earnings attributable to Vulcan for the twelve months ended December 31, 2025, were $1,076.7 million, an increase of 18.1% from $911.9 million in 2024[23] - Net earnings for the twelve months ended December 31, 2025, increased to $1,078.1 million from $913.1 million in 2024, representing a growth of approximately 18.1%[25] - Total revenues for the three months ended December 31, 2025, were $1,519.7 million, compared to $1,472.3 million in 2024, reflecting an increase of about 3.2%[27] - EBITDA for Q4 2025 was $559.4 million, slightly up from $552.2 million in Q4 2024, indicating a year-over-year increase of 0.4%[35] - Net earnings attributable to Vulcan for Q4 2025 were $252.0 million, compared to $293.8 million in Q4 2024, a decrease of 14.2%[35] Cash Flow and Investments - Operating cash flow rose 29% to $1.8 billion compared to the previous year[12] - The company plans to return $698 million to shareholders through stock repurchases and dividends[12] - Net cash provided by operating activities for the twelve months ended December 31, 2025, was $1,813.0 million, compared to $1,409.6 million in 2024, marking an increase of about 28.6%[25] - The company reported a net cash used for investing activities of $529.2 million in 2025, a significant reduction from $2,814.9 million in 2024[25] Revenue and Pricing - Freight-adjusted selling prices improved by 6% for the full year, reaching $21.98 per ton[5] - The average unit sales price for aggregates increased to $21.78 in the three months ended December 31, 2025, from $21.41 in 2024, reflecting a rise of about 1.7%[27] - Aggregates shipments for the full year increased by 3% to 226.8 million tons, driven by acquisitions[4] - Aggregates segment freight-adjusted revenues for Q4 2025 were $1,199.6 million, up from $1,154.2 million in Q4 2024, representing a growth of 3.9%[31] Expenses and Liabilities - Selling, Administrative and General expenses are projected to be between $580 million and $590 million for 2026[15] - Total cost of revenues for the twelve months ended December 31, 2025, was $5,766.5 million, an increase of 6.4% from $5,418.1 million in 2024[23] - Interest expense for the twelve months ended December 31, 2025, was $226.3 million, an increase from $170.3 million in 2024[23] - Total liabilities were reported at $9,561.1 million[24] Assets and Equity - Total current assets reached $2,567.9 million, a 5.7% increase compared to the previous year[24] - Total assets amounted to $16,700.4 million, up from $17,104.8 million[24] - The company holds inventories of finished products valued at $557.7 million[24] - Goodwill is recorded at $3,780.9 million, reflecting a stable asset base[24] - Average invested capital for the trailing twelve months was $14,775.0 million, compared to $12,717.5 million in 2024, an increase of 16.1%[39] Future Projections - Management expects Adjusted EBITDA for 2026 to be between $2.4 billion and $2.6 billion[15] - Projected EBITDA for 2026 is estimated at $2,500 million, with net earnings attributable to Vulcan projected at $1,220 million[37]