Vulcan Q2 Misses Estimates, Sees Broad Segment Gains

Vulcan Materials Company reported second-quarter 2025 results with revenue of $2.1 billion and adjusted earnings per share of $2.45, both below Wall Street expectations. Despite a slight decline in aggregates shipments caused by adverse weather, all three business segments—aggregates, asphalt, and concrete—contributed to revenue growth, with asphalt and concrete benefiting from improved unit cash gross profits and recent acquisitions. The aggregates segment achieved margin expansion and a higher cash gross profit per ton due to strong pricing discipline. Vulcan reaffirmed its full-year adjusted EBITDA guidance of $2.35 to $2.55 billion, citing accelerating highway construction and resilient demand. The company maintained a strong liquidity position, invested in capital expenditures, and increased shareholder dividends. While Vulcan shares have slightly underperformed the S&P 500 year-to-date, analysts remain optimistic about improved growth prospects as construction demand recovers.