--- title: "Vulcan Materials | 8-K: FY2025 Q4 Revenue Misses Estimate at USD 1.913 B" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/276121098.md" datetime: "2026-02-17T12:07:56.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276121098.md) - [en](https://longbridge.com/en/news/276121098.md) - [zh-HK](https://longbridge.com/zh-HK/news/276121098.md) --- > 支持的语言: [English](https://longbridge.com/en/news/276121098.md) | [繁體中文](https://longbridge.com/zh-HK/news/276121098.md) # Vulcan Materials | 8-K: FY2025 Q4 Revenue Misses Estimate at USD 1.913 B Revenue: As of FY2025 Q4, the actual value is USD 1.913 B, missing the estimate of USD 1.956 B. EPS: As of FY2025 Q4, the actual value is USD 1.91, missing the estimate of USD 2.0995. EBIT: As of FY2025 Q4, the actual value is USD 374.1 M. #### Full Year 2025 Financial Highlights - Total Revenues for Vulcan Materials Company (火神材料) were $7,941 million, an increase from $7,418 million in 2024. - Gross Profit reached $2,175 million, up from $2,000 million in 2024. - Selling, Administrative and General (SAG) Expenses were $564 million, compared to $531 million in 2024, representing 7.1% of Total Revenues (down from 7.2% in 2024). - Net Earnings Attributable to Vulcan were $1,077 million, an increase from $912 million in 2024. - Adjusted EBITDA was $2,324 million, up from $2,057 million in 2024, with an Adjusted EBITDA Margin of 29.3% (up from 27.7% in 2024). - Operating Earnings totaled $1,619.6 million, an increase from $1,364.5 million in 2024. - Net Cash Provided by Operating Activities was $1,813 million, a 29% increase from $1,409.6 million in 2024. - Capital Expenditures for the full year were $703 million. - Return on Average Invested Capital was 15.7%, a decrease from 16.2% in 2024. - Total Debt to Adjusted EBITDA stood at 1.9 times, down from 2.6 times in 2024. - Net Debt to Adjusted EBITDA was 1.8 times, a reduction from 2.3 times in 2024. #### Segment Performance (Full Year 2025) ##### Aggregates Segment - Segment Revenue was $6,297.2 million, up from $5,949.6 million in 2024. - Shipments totaled 226.8 million tons, an increase from 219.9 million tons in 2024. - Freight-Adjusted Sales Price Per Ton was $21.98, up from $21.08 in 2024. - Gross Profit Per Ton was $8.66, an increase from $8.26 in 2024. - Cash Gross Profit Per Ton was $11.33, up 7% from $10.61 in 2024. - Gross Margin was 31.2%, an increase of 70 basis points from 30.5% in 2024. - Freight-Adjusted Unit Cash Cost of Sales increased by 2%. ##### Asphalt Segment - Segment Revenue was $1,294.4 million, up from $1,245.6 million in 2024. - Gross Profit was $173.9 million, a 15% increase from $170.1 million in 2024. - Cash Gross Profit was $223.7 million, up 18% from $214.2 million in 2024. - Gross Profit Margin was 13%. - Unit Cash Gross Profit improved by 6%. - Asphalt Mix shipments were 13.4 million tons, down from 13.6 million tons in 2024. - Asphalt Mix sales price was $81.93, an increase from $80.09 in 2024. ##### Concrete Segment - Segment Revenue was $846.6 million, up from $653.5 million in 2024. - Gross Profit reached $35.9 million, a 15% increase from $12.8 million in 2024. - Cash Gross Profit was $97.9 million, up 18% from $58.3 million in 2024. - Gross Profit Margin was 4%, expanding by 220 basis points. - Unit Cash Gross Profit increased by 34%. - Ready-mixed concrete shipments were 4.5 million cubic yards, up from 3.6 million cubic yards in 2024. - Ready-mixed concrete sales price was $188.82, an increase from $182.93 in 2024. #### 2026 Outlook Vulcan Materials Company (火神材料) anticipates continued earnings growth in 2026, driven by expected aggregates demand growth, an attractive price environment, strong public construction activity, and improving private nonresidential opportunities. The company projects its Adjusted EBITDA to be between $2.4 billion and $2.6 billion for 2026. Key expectations include a 1% to 3% increase in Aggregates Total Shipments and a 4% to 6% improvement in Aggregates Freight-Adjusted Price. **Key expectations for 2026:** Aggregates Segment Cash Gross Profit Per Ton: Continued improvement. Aggregates Total Shipments: Up 1% to 3% (from 226.8 million tons in 2025). Aggregates Freight-Adjusted Price Improvement: 4% to 6% (from $21.98 in 2025). Aggregates Freight-Adjusted Unit Cash Cost: Low-single digit increase. Total Asphalt and Concrete Segment Cash Gross Profit: Approximately $290 million (down from $322 million in 2025), excluding California ready-mixed concrete assets held for sale. Selling, Administrative and General Expense: $580 million to $590 million (from $564 million in 2025). Interest Expense: Approximately $225 million. Capital Spending for Maintenance and Growth Projects: $750 million to $800 million. Depreciation, Depletion, Accretion and Amortization Expense: Approximately $700 million. Effective Tax Rate: 22% to 23%. Net Earnings Attributable to Vulcan: $1.1 billion to $1.3 billion. Adjusted EBITDA: $2.4 billion to $2.6 billion. ### 相关股票 - [Vulcan Materials (VMC.US)](https://longbridge.com/zh-CN/quote/VMC.US.md) ## 相关资讯与研究 - [Vulcan Steel Director Russell Chenu Increases Indirect Shareholding](https://longbridge.com/zh-CN/news/280541233.md) - [Brown Brothers Harriman & Co. Purchases 7,251 Shares of Vulcan Materials Company $VMC](https://longbridge.com/zh-CN/news/279114008.md) - [Wealth First Promoters Confirm 74% Stake With No Encumbrance in FY26](https://longbridge.com/zh-CN/news/281530653.md) - [Cintas (CTAS) Valuation Check After Q3 Results And Higher Fiscal 2026 Guidance](https://longbridge.com/zh-CN/news/281225115.md) - [SCI Engineered Materials Announces New Chief Financial Officer](https://longbridge.com/zh-CN/news/281410278.md)