EX-99.1 2 ef20052989_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1
 
July 31, 2025
FOR IMMEDIATE RELEASE
Investor Contact:  Mark Warren (205) 298-3220
Media Contact:  Jack Bonnikson (205) 298-3220

VULCAN REPORTS SECOND QUARTER 2025 RESULTS

Price Discipline and Cost Performance Drive Continued
Earnings Growth and Margin Expansion

Strong Execution in Aggregates Business Underpins Reaffirmed
Full Year Earnings Outlook

Birmingham, Alabama – July 31, 2025 – Vulcan Materials Company (NYSE: VMC), the nation’s largest producer of construction aggregates, today announced results for the quarter ended June 30, 2025.

Financial Highlights Include:

   
Second Quarter
    
Year-to-Date
    
Trailing-Twelve Months
  
Amounts in millions, except per unit data
  
2025
    
2024
    
2025
    
2024
    
2025
    
2024
  
Total revenues
  
$
2,102
    
$
2,014
    
$
3,737
    
$
3,560
    
$
7,595
    
$
7,580
  
Gross profit
  
$
625
    
$
592
    
$
991
    
$
897
    
$
2,093
    
$
1,960
  
Selling, Administrative and General (SAG)
  
$
144
    
$
134
    
$
283
    
$
264
    
$
550
    
$
550
  
As % of Total revenues
    
6.9
%
    
6.7
%
    
7.6
%
    
7.4
%
    
7.2
%
    
7.3
%
Net earnings attributable to Vulcan
  
$
321
    
$
308
    
$
450
    
$
411
    
$
951
    
$
915
  
Adjusted EBITDA
  
$
660
    
$
603
    
$
1,070
    
$
927
    
$
2,201
    
$
2,005
  
Adjusted EBITDA Margin
    
31.4
%
    
29.9
%
    
28.6
%
    
26.0
%
    
29.0
%
    
26.5
%
Earnings attributable to Vulcan from continuing operations per diluted share
  
$
2.43
    
$
2.33
    
$
3.41
    
$
3.11
    
$
7.21
    
$
6.92
  
Adjusted earnings attributable to Vulcan from continuing operations per diluted share
  
$
2.45
    
$
2.35
    
$
3.45
    
$
3.14
    
$
7.84
    
$
6.90
  
Aggregates segment
                                                
Shipments (tons)
    
59.3
      
60.1
      
107.0
      
108.3
      
218.7
      
227.6
  
Freight-adjusted sales price per ton
  
$
22.11
    
$
21.00
    
$
22.07
    
$
20.82
    
$
21.70
    
$
20.04
  
Gross profit per ton
  
$
9.44
    
$
8.79
    
$
8.57
    
$
7.68
    
$
8.70
    
$
7.76
  
Cash gross profit per ton
  
$
11.88
    
$
10.92
    
$
11.32
    
$
10.01
    
$
11.25
    
$
9.96
  
Gross margin
    
33.9
%
    
32.8
%
    
30.7
%
    
28.6
%
    
31.5
%
    
29.7
%

Tom Hill, Vulcan Materials’ Chairman and Chief Executive Officer, said, “Our second quarter results reflected another quarter of outstanding execution, and we carry good momentum into the remainder of the year.  Despite weather challenges, our pricing discipline and excellent cost performance have led to a 13 percent increase in aggregates cash gross profit per ton, a 16 percent improvement in Adjusted EBITDA and Adjusted EBITDA margin expansion of 260 basis points through the first half of the year.”

Page 2
July 31, 2025
FOR IMMEDIATE RELEASE
Second Quarter Segment Results

Aggregates
Continued pricing discipline and operational execution drove earnings growth and margin expansion despite lower shipments and challenging weather conditions throughout the quarter.  Segment gross profit increased to $560 million ($9.44 per ton), and gross profit margin expanded to 33.9 percent.  Cash gross profit per ton increased 9 percent to $11.88 per ton.  On a trailing-twelve months basis, cash gross profit per ton was $11.25, increasing 13 percent over the prior year and marking a tenth consecutive quarter of double-digit compounding improvement in unit profitability.

Second quarter aggregates shipments decreased 1 percent as compared to the prior year due in part to significant rainfall in many key Southeastern markets throughout much of the quarter.  Price growth was widespread, and freight-adjusted selling prices increased 5 percent (8 percent on a mix-adjusted basis) as compared to the prior year.  In addition to the anticipated impact of recent acquisitions, second quarter reported price was also impacted by unfavorable legacy geographic mix due to the inclement weather in the Southeast.  Freight-adjusted unit cash cost of sales increased a modest 1 percent ($0.15 per ton) as a result of continued operating cost discipline despite challenging weather conditions.

Asphalt and Concrete
Asphalt segment gross profit was $57 million, and cash gross profit was $71 million.  Despite lower shipments, unit cash gross profit improved 5 percent, and gross profit margin remained a solid 15.5 percent.  Concrete segment gross profit was 8 million, and cash gross profit was $27 million.  Unit cash gross profit increased 30 percent, due mostly to the contribution of acquired operations.

Selling, Administrative and General (SAG)
SAG expense in the second quarter was $144 million, or 6.9 percent of total revenues.  On a trailing-twelve months basis, SAG expense was $550 million, or 7.2 percent as a percentage of total revenues, 10 basis points lower than the prior year.

Financial Position, Liquidity and Capital Allocation
The Company remains well positioned for continued growth with a strong liquidity position and balance sheet profile.  Capital expenditures for maintenance and growth projects were $102 million in the second quarter, and the Company returned $65 million to shareholders through dividends, a 6 percent increase versus the prior year.

As of June 30th, 2025, the ratio of total debt to trailing-twelve months Adjusted EBITDA was 2.2 times (2.1 times on a net debt basis) and within the Company’s target range of 2.0 to 2.5 times.  On a trailing-twelve months basis, return on average invested capital was 15.9 percent.

Outlook
Regarding the Company’s outlook, Mr. Hill said, “Our execution in the first half of the year along with an acceleration in new highway construction activity in our markets supports our full-year outlook to deliver $2.35 to $2.55 billion of Adjusted EBITDA.  As always, we will remain focused on factors within our control, including pricing and operating disciplines that drive earnings growth and cash generation.”

Page 3
July 31, 2025
FOR IMMEDIATE RELEASE
Conference Call
Vulcan will host a conference call at 10:00 a.m. CT on July 31, 2025.  A webcast will be available via the Company’s website at www.vulcanmaterials.com.  Investors and other interested parties may access the teleconference live by calling 800-343-4136, or 203-518-9843 if outside the U.S.  The conference ID is 9512587.  The conference call will be recorded and available for replay at the Company’s website approximately two hours after the call.

About Vulcan Materials Company
Vulcan Materials Company, a member of the S&P 500 Index with headquarters in Birmingham, Alabama, is the nation's largest supplier of construction aggregates – primarily crushed stone, sand and gravel – and a major producer of aggregates-based construction materials, including asphalt and ready-mixed concrete.  For additional information about Vulcan, go to www.vulcanmaterials.com.

Non-GAAP Financial Measures
Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures, other than the reconciliation of Projected Adjusted EBITDA as included in Appendix 2 hereto. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results.

FORWARD-LOOKING STATEMENT DISCLAIMER
This document contains forward-looking statements.  Statements that are not historical fact, including statements about Vulcan's beliefs and expectations, are forward-looking statements.  Generally, these statements relate to future financial performance, results of operations, business plans or strategies, projected or anticipated revenues, expenses, earnings (including EBITDA and other measures), dividend policy, shipment volumes, pricing, levels of capital expenditures, intended cost reductions and cost savings, anticipated profit improvements and/or planned divestitures and asset sales.  These forward-looking statements are sometimes identified by the use of terms and phrases such as “believe,” “should,” “would,” “expect,” “project,” “estimate,” “anticipate,” “intend,” “plan,” “will,” “can,” “may” or similar expressions elsewhere in this document.  These statements are subject to numerous risks, uncertainties, and assumptions, including but not limited to general business conditions, competitive factors, pricing, energy costs, and other risks and uncertainties discussed in the reports Vulcan periodically files with the SEC.

Page 4
July 31, 2025
FOR IMMEDIATE RELEASE
Forward-looking statements are not guarantees of future performance and actual results, developments, and business decisions may vary significantly from those expressed in or implied by the forward-looking statements.  The following risks related to Vulcan's business, among others, could cause actual results to differ materially from those described in the forward-looking statements: general economic and business conditions; domestic and global political, economic or diplomatic developments; a pandemic, epidemic or other public health emergency; Vulcan’s dependence on the construction industry, which is subject to economic cycles; the timing and amount of federal, state and local funding for infrastructure; changes in the level of spending for private residential and private nonresidential construction; changes in Vulcan’s effective tax rate; the increasing reliance on information technology infrastructure, including the risks that the infrastructure does not work as intended, experiences technical difficulties or is subjected to cyber-attacks; the impact of the state of the global economy on Vulcan’s businesses and financial condition and access to capital markets; international business operations and relationships, including recent actions taken by the Mexican government with respect to Vulcan’s property and operations in that country; the highly competitive nature of the construction industry; the impact of future regulatory or legislative actions, including those relating to climate change, biodiversity, land use, wetlands, greenhouse gas emissions, the definition of minerals, tax policy and domestic and international trade; the outcome of pending legal proceedings; pricing of Vulcan's products; weather and other natural phenomena, including the impact of climate change and availability of water; availability and cost of trucks, railcars, barges and ships as well as their licensed operators for transport of Vulcan’s materials; energy costs; costs of hydrocarbon-based raw materials; healthcare costs; labor relations, shortages and constraints; the amount of long-term debt and interest expense incurred by Vulcan; changes in interest rates; volatility in pension plan asset values and liabilities, which may require cash contributions to the pension plans; the impact of environmental cleanup costs and other liabilities relating to existing and/or divested businesses; Vulcan's ability to secure and permit aggregates reserves in strategically located areas; Vulcan’s ability to identify, close and successfully integrate acquisitions; the effect of changes in tax laws, guidance and interpretations; significant downturn in the construction industry may result in the impairment of goodwill or long-lived assets; changes in technologies, which could disrupt the way Vulcan does business and how Vulcan’s products are distributed; the risks of open pit and underground mining; expectations relating to environmental, social and governance considerations; claims that our products do not meet regulatory requirements or contractual specifications; and other assumptions, risks and uncertainties detailed from time to time in the reports filed by Vulcan with the SEC.  All forward-looking statements in this communication are qualified in their entirety by this cautionary statement.  Vulcan disclaims and does not undertake any obligation to update or revise any forward-looking statement in this document except as required by law.

Source: Vulcan Materials Company

Table A
Vulcan Materials Company
and Subsidiary Companies

   
   
(in millions, except per share data)
  
   
Three Months Ended
    
Six Months Ended
  
Consolidated Statements of Earnings
  
June 30
    
June 30
  
(Condensed and unaudited)
  
2025
    
2024
    
2025
    
2024
  
Total revenues
  
$
2,102.4
    
$
2,014.4
    
$
3,737.0
    
$
3,560.1
  
Cost of revenues
    
(1,477.2
)
    
(1,422.2
)
    
(2,746.5
)
    
(2,662.9
)
Gross profit
    
625.2
      
592.2
      
990.5
      
897.2
  
Selling, administrative and general expenses
    
(144.5
)
    
(134.1
)
    
(282.7
)
    
(263.8
)
Gain on sale of property, plant & equipment and businesses
    
1.2
      
3.8
      
8.6
      
4.4
  
Other operating expense, net
    
(10.9
)
    
(8.3
)
    
(19.0
)
    
(11.3
)
Operating earnings
    
471.0
      
453.6
      
697.4
      
626.5
  
Other nonoperating income (expense), net
    
2.4
      
(8.7
)
    
(0.2
)
    
(8.9
)
Interest expense, net
    
(59.2
)
    
(40.2
)
    
(118.9
)
    
(79.3
)
Earnings from continuing operations before income taxes
    
414.2
      
404.7
      
578.3
      
538.3
  
Income tax expense
    
(91.3
)
    
(94.4
)
    
(125.0
)
    
(123.4
)
Earnings from continuing operations
    
322.9
      
310.3
      
453.3
      
414.9
  
Loss on discontinued operations, net of tax
    
(2.1
)
    
(2.0
)
    
(3.1
)
    
(3.7
)
Net earnings
    
320.8
      
308.3
      
450.2
      
411.2
  
(Earnings) loss attributable to noncontrolling interest
    
0.1
      
(0.3
)
    
(0.4
)
    
(0.6
)
Net earnings attributable to Vulcan
  
$
320.9
    
$
308.0
    
$
449.8
    
$
410.6
  
                                 
Basic earnings (loss) per share attributable to Vulcan
                                
Continuing operations
  
$
2.44
    
$
2.34
    
$
3.42
    
$
3.13
  
Discontinued operations
  
$ 
(0.01
)
  
$ 
(0.01
)
  
$ 
(0.02
)
  
$ 
(0.03
)
Net earnings
  
$
2.43
    
$
2.33
    
$
3.40
    
$
3.10
  
                                 
Diluted earnings (loss) per share attributable to Vulcan
                                
Continuing operations
  
$
2.43
    
$
2.33
    
$
3.41
    
$
3.11
  
Discontinued operations
  
$ 
(0.01
)
  
$ 
(0.02
)
  
$ 
(0.03
)
  
$ 
(0.03
)
Net earnings
  
$
2.42
    
$
2.31
    
$
3.38
    
$
3.08
  
                                 
Weighted-average common shares outstanding
                                
Basic
    
132.2
      
132.4
      
132.3
      
132.4
  
Assuming dilution
    
132.9
      
133.1
      
132.9
      
133.1
  
Effective tax rate from continuing operations
    
22.0
%
    
23.3
%
    
21.6
%
    
22.9
%

Table B
Vulcan Materials Company
and Subsidiary Companies

               
(in millions)
  
Consolidated Balance Sheets
  
June 30
    
December 31
    
June 30
  
(Condensed and unaudited)
  
2025
    
2024
    
2024
  
Assets
                  
Cash and cash equivalents
  
$
347.4
    
$
559.7
    
$
111.0
  
Restricted cash
    
3.6
      
41.1
      
0.6
  
Accounts and notes receivable
                        
Accounts and notes receivable, gross
    
1,092.2
      
905.5
      
1,075.5
  
Allowance for credit losses
    
(13.3
)
    
(13.2
)
    
(14.3
)
Accounts and notes receivable, net
    
1,078.9
      
892.3
      
1,061.2
  
Inventories
                        
Finished products
    
574.4
      
534.6
      
514.2
  
Raw materials
    
57.8
      
69.7
      
58.8
  
Products in process
    
10.9
      
9.0
      
8.8
  
Operating supplies and other
    
82.4
      
68.5
      
68.5
  
Inventories
    
725.5
      
681.8
      
650.3
  
Other current assets
    
88.1
      
90.8
      
153.4
  
Total current assets
    
2,243.5
      
2,265.7
      
1,976.5
  
Investments and long-term receivables
    
32.9
      
31.3
      
31.4
  
Property, plant & equipment
                        
Property, plant & equipment, cost
    
14,558.8
      
14,516.8
      
12,240.8
  
Allowances for depreciation, depletion & amortization
    
(6,222.0
)
    
(6,055.3
)
    
(5,825.0
)
Property, plant & equipment, net
    
8,336.8
      
8,461.5
      
6,415.8
  
Operating lease right-of-use assets, net
    
546.1
      
526.4
      
511.8
  
Goodwill
    
3,831.8
      
3,788.1
      
3,536.6
  
Other intangible assets, net
    
1,831.6
      
1,883.0
      
1,623.3
  
Other noncurrent assets
    
152.0
      
148.8
      
121.0
  
Total assets
  
$
16,974.7
    
$
17,104.8
    
$
14,216.4
  
Liabilities
                        
Current maturities of long-term debt
    
0.5
      
400.5
      
0.5
  
Short-term debt
    
550.0
      
0.0
      
95.0
  
Trade payables and accruals
    
383.5
      
407.0
      
326.6
  
Other current liabilities
    
407.9
      
431.6
      
374.7
  
Total current liabilities
    
1,341.9
      
1,239.1
      
796.8
  
Long-term debt
    
4,359.2
      
4,906.9
      
3,331.7
  
Deferred income taxes, net
    
1,323.6
      
1,336.5
      
1,011.5
  
Deferred revenue
    
134.3
      
137.8
      
141.4
  
Noncurrent operating lease liabilities
    
536.1
      
521.4
      
507.5
  
Other noncurrent liabilities
    
849.9
      
820.6
      
697.1
  
Total liabilities
  
$
8,545.0
    
$
8,962.3
    
$
6,486.0
  
Equity
                        
Common stock, $1 par value
    
132.0
      
132.1
      
132.1
  
Capital in excess of par value
    
2,904.5
      
2,900.1
      
2,879.9
  
Retained earnings
    
5,494.9
      
5,213.8
      
4,833.9
  
Accumulated other comprehensive loss
    
(124.5
)
    
(127.4
)
    
(140.6
)
Total shareholder's equity
    
8,406.9
      
8,118.6
      
7,705.3
  
Noncontrolling interest
    
22.8
      
23.9
      
25.1
  
Total equity
  
$
8,429.7
    
$
8,142.5
    
$
7,730.4
  
Total liabilities and equity
  
$
16,974.7
    
$
17,104.8
    
$
14,216.4
  

Table C
Vulcan Materials Company
and Subsidiary Companies

   
(in millions)
  
   
Six Months Ended
  
Consolidated Statements of Cash Flows
  
June 30
  
(Condensed and unaudited)
  
2025
    
2024
  
             
Operating Activities
            
Net earnings
  
$
450.2
    
$
411.2
  
Adjustments to reconcile net earnings to net cash provided by operating activities
                
Depreciation, depletion, accretion and amortization
    
371.8
      
307.7
  
Noncash operating lease expense
    
26.7
      
25.7
  
Net gain on sale of property, plant & equipment and businesses
    
(8.6
)
    
(4.4
)
Contributions to pension plans
    
(3.4
)
    
(3.4
)
Share-based compensation expense
    
33.0
      
24.5
  
Deferred income taxes, net
    
(11.3
)
    
(18.5
)
Changes in assets and liabilities before initial effects of business acquisitions and dispositions
    
(273.0
)
    
(375.8
)
Other, net
    
7.8
      
7.5
  
Net cash provided by operating activities
  
$
593.2
    
$
374.5
  
                 
Investing Activities
                
Purchases of property, plant & equipment
    
(270.9
)
    
(344.2
)
Proceeds from sale of property, plant & equipment
    
19.2
      
3.6
  
Proceeds from sale of businesses
    
19.0
      
0.2
  
Payment for businesses acquired, net of acquired cash and adjustments
    
(5.2
)
    
(193.4
)
Other, net
    
1.0
      
0.0
  
Net cash used for investing activities
  
$ 
(236.9
)
  
$ 
(533.8
)
                 
Financing Activities
                
Proceeds from short-term debt
    
0.0
      
103.0
  
Payment of short-term debt
    
0.0
      
(8.0
)
Payment of current maturities and long-term debt
    
(400.4
)
    
(550.4
)
Payment of finance leases
    
(5.8
)
    
(7.0
)
Purchases of common stock
    
(38.1
)
    
(68.8
)
Dividends paid
    
(130.7
)
    
(122.8
)
Share-based compensation, shares withheld for taxes
    
(29.3
)
    
(24.3
)
Distribution to noncontrolling interest
    
(1.5
)
    
0.0
  
Other, net
    
(0.3
)
    
0.0
  
Net cash used for financing activities
  
$ 
(606.1
)
  
$ 
(678.3
)
Net decrease in cash and cash equivalents and restricted cash
    
(249.8
)
    
(837.6
)
Cash and cash equivalents and restricted cash at beginning of year
    
600.8
      
949.2
  
Cash and cash equivalents and restricted cash at end of period
  
$
351.0
    
$
111.6
  

Table D
Segment Financial Data and Unit Shipments

   
   
(in millions, except per unit data)
  
   
Three Months Ended
    
Six Months Ended
  
   
June 30
    
June 30
  
   
2025
    
2024
    
2025
    
2024
  
                         
Total Revenues
                        
Aggregates 1
  
$
1,649.6
    
$
1,613.5
    
$
2,985.4
    
$
2,904.9
  
Asphalt 2
    
368.9
      
351.2
      
577.6
      
537.4
  
Concrete
    
220.6
      
167.3
      
397.7
      
315.5
  
Segment sales
  
$
2,239.1
    
$
2,132.0
    
$
3,960.7
    
$
3,757.8
  
Aggregates intersegment sales
    
(136.7
)
    
(117.6
)
    
(223.7
)
    
(197.7
)
Total
  
$
2,102.4
    
$
2,014.4
    
$
3,737.0
    
$
3,560.1
  
                                 
Gross Profit
                                
Aggregates
  
$
559.5
    
$
528.5
    
$
916.9
    
$
831.8
  
Asphalt
    
57.2
      
59.0
      
62.0
      
63.7
  
Concrete
    
8.5
      
4.7
      
11.6
      
1.7
  
Total
  
$
625.2
    
$
592.2
    
$
990.5
    
$
897.2
  
                                 
Depreciation, Depletion, Accretion and Amortization
                          
Aggregates
  
$
144.3
    
$
128.0
    
$
294.7
    
$
251.5
  
Asphalt
    
14.0
      
11.0
      
26.0
      
19.8
  
Concrete
    
19.0
      
11.9
      
34.5
      
24.1
  
Other
    
8.2
      
5.9
      
16.6
      
12.3
  
Total
  
$
185.5
    
$
156.8
    
$
371.8
    
$
307.7
  
                                 
Average Unit Sales Price and Unit Shipments
                                
Aggregates
                                
Freight-adjusted revenues 3
  
$
1,310.1
    
$
1,262.6
    
$
2,362.1
    
$
2,254.0
  
Aggregates - tons
    
59.3
      
60.1
      
107.0
      
108.3
  
Freight-adjusted sales price 4
  
$
22.11
    
$
21.00
    
$
22.07
    
$
20.82
  
Other Products
                                
Asphalt Mix - tons
    
3.9
      
4.0
      
6.1
      
6.1
  
Asphalt Mix - sales price 5
  
$
81.29
    
$
78.80
    
$
81.30
    
$
78.46
  
                                 
Ready-mixed concrete - cubic yards
    
1.2
      
0.9
      
2.1
      
1.7
  
Ready-mixed concrete - sales price 5
  
$
186.60
    
$
180.24
    
$
187.83
    
$
181.40
  

1
Includes product sales (crushed stone, sand and gravel, sand, and other aggregates), as well as freight & delivery costs that we pass along to our customers, and service revenues related to aggregates.
2
Includes product sales, as well as service revenues from our asphalt construction paving business.
3
Freight-adjusted revenues are Aggregates segment sales excluding freight & delivery revenues and other revenues related to services, such as landfill tipping fees, that are derived from our aggregates business.
4
Freight-adjusted sales price is calculated as freight-adjusted revenues divided by aggregates unit shipments.
5
Sales price is calculated by dividing revenues generated from the shipment of product (excluding service revenues generated by the segments) by total units of the product shipped.

Appendix 1
Reconciliation of Non-GAAP Measures
Aggregates segment freight-adjusted revenues is not a Generally Accepted Accounting Principle (GAAP) measure and should not be considered as an alternative to metrics defined by GAAP. We present this metric as it is consistent with the basis by which we review our operating results. We believe that this presentation is consistent with our competitors and meaningful to our investors as it excludes revenues associated with freight & delivery, which are pass-through activities. It also excludes other revenues related to services, such as landfill tipping fees, that are derived from our aggregates business. Additionally, we use this metric as the basis for calculating the average sales price of our aggregates products. Reconciliation of this metric to its nearest GAAP measure is presented below:

Aggregates Segment Freight-Adjusted Revenues

 
  
   
   
(in millions, except per unit data)
  
   
Three Months Ended
    
Six Months Ended
    
Trailing-Twelve Months Ended
  
   
June 30
    
June 30
    
June 30
  
 
  
2025
    
2024
    
2025
    
2024
    
2025
    
2024
  
Aggregates segment
                                    
Segment sales
  
$
1,649.6
    
$
1,613.5
    
$
2,985.4
    
$
2,904.9
    
$
6,030.1
    
$
5,946.3
  
Freight & delivery revenues 1
    
(310.9
)
    
(324.5
)
    
(575.2
)
    
(602.0
)
    
(1,193.3
)
    
(1,277.7
)
Other revenues
    
(28.8
)
    
(26.4
)
    
(48.1
)
    
(48.9
)
    
(92.6
)
    
(108.3
)
Freight-adjusted revenues
  
$
1,310.1
    
$
1,262.6
    
$
2,362.1
    
$
2,254.0
    
$
4,744.3
    
$
4,560.3
  
Unit shipments - tons
    
59.3
      
60.1
      
107.0
      
108.3
      
218.7
      
227.6
  
Freight-adjusted sales price
  
$
22.11
    
$
21.00
    
$
22.07
    
$
20.82
    
$
21.70
    
$
20.04
  

1
At the segment level, freight & delivery revenues include intersegment freight & delivery (which are eliminated at the consolidated level) and freight to remote distribution sites.

GAAP does not define "cash gross profit," and it should not be considered as an alternative to earnings measures defined by GAAP. We and the investment community use this metric to assess the operating performance of our business. Additionally, we present this metric as we believe that it closely correlates to long-term shareholder value. Cash gross profit adds back noncash charges for depreciation, depletion, accretion and amortization to gross profit. Segment cash gross profit per unit is computed by dividing segment cash gross profit by units shipped. Segment cash cost of sales per unit is computed by subtracting segment cash gross profit per unit from segment freight-adjusted sales price. Reconciliation of these metrics to their nearest GAAP measures are presented below:

Cash Gross Profit

 
  
   
   
(in millions, except per unit data)
  
   
Three Months Ended
    
Six Months Ended
    
Trailing-Twelve Months Ended
  
   
June 30
    
June 30
    
June 30
  
 
  
2025
    
2024
    
2025
    
2024
    
2025
    
2024
  
Aggregates segment
                                    
Gross profit
  
$
559.5
    
$
528.5
    
$
916.9
    
$
831.8
    
$
1,901.8
    
$
1,765.4
  
Depreciation, depletion, accretion and amortization
    
144.3
      
128.0
      
294.7
      
251.5
      
558.9
      
501.9
  
Cash gross profit
  
$
703.8
    
$
656.5
    
$
1,211.6
    
$
1,083.3
    
$
2,460.7
    
$
2,267.3
  
Unit shipments - tons
    
59.3
      
60.1
      
107.0
      
108.3
      
218.7
      
227.6
  
Gross profit per ton
  
$
9.44
    
$
8.79
    
$
8.57
    
$
7.68
    
$
8.70
    
$
7.76
  
Freight-adjusted sales price
  
$
22.11
    
$
21.00
    
$
22.07
    
$
20.82
    
$
21.70
    
$
20.04
  
Cash gross profit per ton
    
11.88
      
10.92
      
11.32
      
10.01
      
11.25
      
9.96
  
Freight-adjusted cash cost of sales per ton
  
$
10.23
    
$
10.08
    
$
10.75
    
$
10.81
    
$
10.45
    
$
10.08
  
Asphalt segment
                                                
Gross profit
  
$
57.2
    
$
59.0
    
$
62.0
    
$
63.7
    
$
168.3
    
$
156.0
  
Depreciation, depletion, accretion and amortization
    
14.0
      
11.0
      
26.0
      
19.8
      
50.4
      
37.5
  
Cash gross profit
  
$
71.2
    
$
70.0
    
$
88.0
    
$
83.5
    
$
218.7
    
$
193.5
  
Concrete segment
                                                
Gross profit
  
$
8.5
    
$
4.7
    
$
11.6
    
$
1.7
    
$
22.9
    
$
39.0
  
Depreciation, depletion, accretion and amortization
    
19.0
      
11.9
      
34.5
      
24.1
      
55.7
      
57.1
  
Cash gross profit
  
$
27.5
    
$
16.6
    
$
46.1
    
$
25.8
    
$
78.6
    
$
96.1
  

Appendix 2
Reconciliation of Non-GAAP Measures (Continued)
GAAP does not define "Earnings Before Interest, Taxes, Depreciation and Amortization" (EBITDA), and it should not be considered as an alternative to earnings measures defined by GAAP. We use this metric to assess the operating performance of our business and as a basis for strategic planning and forecasting as we believe that it closely correlates to long-term shareholder value. We do not use this metric as a measure to allocate resources. We adjust EBITDA for certain items to provide a more consistent comparison of earnings performance from period to period. Reconciliation of this metric to its nearest GAAP measure is presented below (numbers may not foot due to rounding):

EBITDA and Adjusted EBITDA

 
  
   
   
(in millions)
  
   
Three Months Ended
    
Six Months Ended
    
Trailing-Twelve Months Ended
  
   
June 30
    
June 30
    
June 30
  
 
  
2025
    
2024
    
2025
    
2024
    
2025
    
2024
  
Net earnings attributable to Vulcan
  
$
320.9
    
$
308.0
    
$
449.8
    
$
410.6
    
$
951.2
    
$
914.6
  
Income tax expense, including discontinued operations
    
90.6
      
93.7
      
124.0
      
122.1
      
250.7
      
311.1
  
Interest expense, net
    
59.2
      
40.2
      
118.9
      
79.3
      
209.9
      
163.3
  
Depreciation, depletion, accretion and amortization
    
185.5
      
156.8
      
371.8
      
307.7
      
696.3
      
621.3
  
EBITDA
  
$
656.1
    
$
598.7
    
$
1,064.5
    
$
919.7
    
$
2,108.0
    
$
2,010.2
  
Loss on discontinued operations
  
$
2.8
    
$
2.7
    
$
4.1
    
$
5.0
    
$
9.3
    
$
11.8
  
Gain on sale of real estate and businesses, net
    
0.0
      
0.0
      
0.0
      
0.0
      
(36.7
)
    
(51.9
)
Loss on impairments
    
0.0
      
0.0
      
0.0
      
0.0
      
86.6
      
28.3
  
Charges associated with divested operations
    
0.0
      
1.0
      
0.0
      
1.0
      
16.7
      
4.2
  
Acquisition related charges 1
    
0.6
      
0.8
      
1.8
      
0.9
      
17.1
      
2.3
  
Adjusted EBITDA
  
$
659.5
    
$
603.1
    
$
1,070.4
    
$
926.6
    
$
2,201.1
    
$
2,005.0
  
Total revenues
  
$
2,102.4
    
$
2,014.4
    
$
3,737.0
    
$
3,560.1
    
$
7,594.6
    
$
7,580.2
  
Adjusted EBITDA margin
    
31.4
%
    
29.9
%
    
28.6
%
    
26.0
%
    
29.0
%
    
26.5
%

1
Represents charges associated with acquisitions requiring clearance under federal antitrust laws.

Similar to our presentation of Adjusted EBITDA, we present Adjusted Diluted Earnings Per Share (EPS) attributable to Vulcan from continuing operations to provide a more consistent comparison of earnings performance from period to period. This metric is not defined by GAAP and should not be considered as an alternative to earnings measures defined by GAAP. Reconciliation of this metric to its nearest GAAP measure is presented below:

Adjusted Diluted EPS Attributable to Vulcan from Continuing Operations (Adjusted Diluted EPS)

   
Three Months Ended
    
Six Months Ended
    
Trailing-Twelve Months Ended
  
   
June 30
    
June 30
    
June 30
  
 
  
2025
    
2024
    
2025
    
2024
    
2025
    
2024
  
Net earnings attributable to Vulcan
  
$
2.42
    
$
2.31
    
$
3.38
    
$
3.08
    
$
7.15
    
$
6.86
  
Items included in Adjusted EBITDA above, net of tax
    
0.02
      
0.03
      
0.04
      
0.04
      
0.67
      
(0.03
)
NOL carryforward valuation allowance
    
0.01
      
0.01
      
0.03
      
0.02
      
0.02
      
0.07
  

                                               
Adjusted diluted EPS attributable to Vulcan from continuing operations
  
$
2.45
    
$
2.35
    
$
3.45
    
$
3.14
    
$
7.84
    
$
6.90
  

Projected Adjusted EBITDA is not defined by GAAP and should not be considered as an alternative to earnings measures defined by GAAP. Reconciliation of this metric to its nearest GAAP measure is presented below:

2025 Projected Adjusted EBITDA

 
  
(in millions)
  
   
Mid-point
  
Net earnings attributable to Vulcan
  
$
1,130
  
Income tax expense, including discontinued operations
    
330
  
Interest expense, net of interest income
    
230
  
Depreciation, depletion, accretion and amortization
    
750
  
Projected EBITDA
  
$
2,440
  
Items included in Adjusted EBITDA
  
$
10
  
Projected Adjusted EBITDA
  
$
2,450
  

Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures, other than the reconciliation of Projected Adjusted EBITDA as noted above. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results.

Appendix 3
Reconciliation of Non-GAAP Measures (Continued)
Net debt to Adjusted EBITDA is not a GAAP measure and should not be considered as an alternative to metrics defined by GAAP. We, the investment community and credit rating agencies use this metric to assess our leverage. Net debt subtracts cash and cash equivalents and restricted cash from total debt. Reconciliation of this metric to its nearest GAAP measure is presented below:

Net Debt to Adjusted EBITDA

 
  
(in millions)
  
   
June 30
  
 
  
2025
    
2024
  
Debt
            
Current maturities of long-term debt
  
$
0.5
    
$
0.5
  
Short-term debt
    
550.0
      
95.0
  
Long-term debt
    
4,359.2
      
3,331.7
  
Total debt
  
$
4,909.7
    
$
3,427.2
  
Cash and cash equivalents and restricted cash
    
(351.0
)
    
(111.6
)
Net debt
  
$
4,558.7
    
$
3,315.6
  
Trailing-Twelve Months (TTM) Adjusted EBITDA
  
$
2,201.1
    
$
2,005.0
  
Total debt to TTM Adjusted EBITDA
    
2.2x
 
    
1.7x
 
Net debt to TTM Adjusted EBITDA
    
2.1x
 
    
1.7x
 

We define “Return on Invested Capital” (ROIC) as Adjusted EBITDA for the trailing-twelve months divided by average invested capital (as illustrated below) during the trailing 5-quarters. Our calculation of ROIC is considered a non-GAAP financial measure because we calculate ROIC using the non-GAAP metric EBITDA. We believe that our ROIC metric is meaningful because it helps investors assess how effectively we are deploying our assets. Although ROIC is a standard financial metric, numerous methods exist for calculating a company’s ROIC. As a result, the method we use to calculate our ROIC may differ from the methods used by other companies. This metric is not defined by GAAP and should not be considered as an alternative to earnings measures defined by GAAP. Reconciliation of this metric to its nearest GAAP measure is presented below (numbers may not foot due to rounding):

Return on Invested Capital

   
(dollars in millions)
  
   
Trailing-Twelve Months Ended
  
   
June 30
  
   
2025
    
2024
  
Adjusted EBITDA
  
$
2,201.1
    
$
2,005.0
  
Average invested capital
                
Property, plant & equipment, net
  
$
7,600.8
    
$
6,212.1
  
Goodwill
    
3,684.3
      
3,564.3
  
Other intangible assets
    
1,591.5
      
1,498.8
  
Fixed and intangible assets
  
$
12,876.6
    
$
11,275.2
  
Current assets
  
$
2,124.9
    
$
2,230.8
  
Cash and cash equivalents
    
(338.1
)
    
(374.8
)
Current tax
    
(41.7
)
    
(38.2
)
Adjusted current assets
    
1,745.1
      
1,817.8
  
Current liabilities
    
(989.8
)
    
(789.6
)
Current maturities of long-term debt
    
80.5
      
0.5
  
Short-term debt
    
129.0
      
19.0
  
Adjusted current liabilities
    
(780.3
)
    
(770.1
)
Adjusted net working capital
  
$
964.8
    
$
1,047.7
  
Average invested capital
  
$
13,841.4
    
$
12,322.9
  
Return on invested capital
    
15.9
%
    
16.3
%