Vulcan Materials (VMC) financial statements
Vulcan Materials reported revenue of $7.9B in fiscal 2025, up 9.2% a year over 9 years.
Net income was $1.1B and the operating margin 20.4%, against 18.5% in 2016.
Free cash flow was $1.1B, and the company returned $260M in dividends and $438M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Vulcan Materials's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.6B | $3.9B | $4.4B | $4.9B | $4.9B | $5.6B | $7.3B | $7.8B | $7.4B | $7.9B |
| Cost of revenue | $2.6B | $2.9B | $3.3B | $3.7B | $3.6B | $4.2B | $5.8B | $5.8B | $5.4B | $5.8B |
| Gross profit | $989M | $994M | $1.1B | $1.3B | $1.3B | $1.4B | $1.6B | $1.9B | $2.0B | $2.2B |
| Selling, general and admin | $317M | $325M | $333M | $370M | $360M | $418M | $515M | $543M | $531M | $564M |
| Operating income | $666M | $639M | $748M | $878M | $896M | $1.0B | $951M | $1.4B | $1.4B | $1.6B |
| Interest expense | $134M | $296M | $138M | $130M | $136M | $149M | $169M | $196M | $191M | $240M |
| Pre-tax income | $547M | $361M | $623M | $758M | $744M | $874M | $788M | $1.2B | $1.2B | $1.4B |
| Income tax | $125M | -$232M | $105M | $135M | $156M | $200M | $193M | $299M | $251M | $308M |
| Net income | $419M | $601M | $516M | $618M | $584M | $671M | $576M | $933M | $912M | $1.1B |
| EPS (diluted) | $3.09 | $4.46 | $3.85 | $4.63 | $4.39 | $5.02 | $4.31 | $6.98 | $6.85 | $8.11 |
| Diluted shares | 136M | 135M | 134M | 133M | 133M | 134M | 134M | 134M | 133M | 133M |
| Gross margin | 27.5% | 25.5% | 25.1% | 25.5% | 26.4% | 24.7% | 21.3% | 25.0% | 27.0% | 27.4% |
| Operating margin | 18.5% | 16.4% | 17.1% | 17.8% | 18.4% | 18.2% | 13.0% | 18.3% | 18.4% | 20.4% |
| Net margin | 11.7% | 15.5% | 11.8% | 12.5% | 12.0% | 12.1% | 7.9% | 12.0% | 12.3% | 13.6% |
Balance sheet
Fiscal years, from Vulcan Materials's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $259M | $142M | $40M | $272M | $1.2B | $235M | $161M | $931M | $560M | $183M |
| Receivables | $398M | $434M | $512M | $532M | $513M | $783M | $846M | — | — | — |
| Inventory | $346M | $384M | $429M | $458M | $449M | $521M | $579M | $616M | $682M | $680M |
| Total current assets | $1.1B | $1.2B | $1.1B | $1.4B | $2.3B | $1.7B | $1.9B | $2.5B | $2.3B | $2.6B |
| Property, plant and equipment | $3.3B | $3.9B | $4.2B | $4.3B | $4.4B | $5.5B | $6.1B | $6.2B | $8.5B | $8.1B |
| Goodwill | $3.1B | $3.1B | $3.2B | $3.2B | $3.2B | $3.7B | $3.7B | $3.5B | $3.8B | $3.8B |
| Total assets | $8.5B | $9.5B | $9.8B | $10.6B | $11.7B | $13.7B | $14.2B | $14.5B | $17.1B | $16.7B |
| Total current liabilities | $372M | $443M | $603M | $536M | $1.0B | $769M | $957M | $798M | $1.2B | $956M |
| Long-term debt | $2.0B | $2.8B | $2.8B | $2.8B | $2.8B | $3.9B | $3.9B | $3.9B | $4.9B | $4.4B |
| Total liabilities | $3.9B | $4.5B | $4.6B | $5.0B | $5.7B | $7.1B | $7.3B | $7.0B | $9.0B | $8.2B |
| Shareholders' equity | $4.6B | $5.0B | $5.2B | $5.6B | $6.0B | $6.5B | $6.9B | $7.5B | $8.1B | $8.5B |
| Net debt | $1.7B | $2.7B | $2.7B | $2.5B | $2.1B | $3.6B | $3.7B | $2.9B | $4.7B | $4.2B |
Cash flow
Fiscal years, from Vulcan Materials's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $645M | $645M | $833M | $984M | $1.1B | $1.0B | $1.1B | $1.5B | $1.4B | $1.8B |
| Capital spending | $350M | $460M | $469M | $384M | $362M | $451M | $613M | $873M | $604M | $678M |
| Free cash flow | $294M | $185M | $364M | $600M | $708M | $561M | $536M | $664M | $806M | $1.1B |
| Stock-based compensation | $21M | $27M | $25M | $32M | $33M | $35M | $41M | $63M | $53M | $63M |
| Dividends paid | $106M | $132M | $148M | $164M | $180M | $196M | $213M | $228M | $244M | $260M |
| Share buybacks (net) | -$161M | -$60M | -$134M | -$3M | -$26M | $0 | $0 | -$200M | -$69M | -$438M |
| Net borrowing | -$130,000 | $737M | -$42M | $0 | $500M | $148M | -$8M | -$500,000 | $1.4B | -$400M |
| Free cash flow margin | 8.2% | 4.8% | 8.3% | 12.2% | 14.6% | 10.1% | 7.3% | 8.5% | 10.9% | 14.3% |
| Dividends per share | $0.78 | $0.98 | $1.11 | $1.23 | $1.35 | $1.47 | $1.59 | $1.71 | $1.84 | $1.96 |
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Open VMC in InvestinglyQuestions
What was Vulcan Materials's revenue in 2025?
$7.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Vulcan Materials generate?
$1.1B in fiscal 2025 (operating cash flow minus capital spending).
From Vulcan Materials's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.