Vulcan Materials COVMC
Vulcan Materials CO Segments Disclosure
SEGMENT REPORTING
Our operating segments are based on our internal management reporting structure. Our chief operating decision maker, the Chief Executive Officer, evaluates our operating results through reportable segment gross profit. This financial metric is used to review operating trends, perform analytical comparisons between periods and monitor budget-to-actual variances on a monthly basis in order to assess performance and allocate resources. We have three operating (and reportable) segments organized around our principal product lines: Aggregates, Asphalt and Concrete.
The Aggregates segment produces and sells aggregates (crushed stone, sand and gravel, sand, and other aggregates) and related products and services. During 2025, the Aggregates segment principally served markets in twenty-three states, the U.S. Virgin Islands, Washington D.C., and the local markets surrounding our operations in Freeport, Bahamas; British Columbia, Canada; and previously Puerto Cortés, Honduras and Quintana Roo, Mexico (see Note 12, NAFTA Arbitration) with a full line of aggregates. Aggregates are used primarily in the construction and maintenance of highways, streets and other public works and in the construction of housing and commercial, industrial and other nonresidential facilities. Customers are served by truck, rail and water distribution networks from our production facilities and sales yards. Due to the high weight-to-price ratio of aggregates, markets generally are local in nature. Quarries located on waterways and rail lines allow us to serve remote markets where local aggregates reserves may not be available.
The Asphalt segment produces and sells asphalt mix in six states (Alabama, Arizona, California, New Mexico, Tennessee and Texas) and provides asphalt construction paving services in two states (Alabama and Tennessee).
The Concrete segment produces and sells ready-mixed concrete in three states (California, Maryland and Virginia) in addition to the U.S. Virgin Islands and Washington D.C. In the fourth quarter of 2025, we entered into an agreement to divest our concrete business in California (see Note 19, Divestitures and Pending Divestitures).
Aggregates comprise approximately 95% of asphalt mix by weight and 80% of ready-mixed concrete by weight. Our Asphalt and Concrete segments are primarily supplied with their aggregates requirements from our Aggregates segment. These intersegment sales are made at local market prices for the particular grade and quality of product used in the production of asphalt mix and ready-mixed concrete and are excluded from total revenues. Customers for our Asphalt and Concrete segments are generally served locally at our production facilities or by truck. Because asphalt mix and ready-mixed concrete harden rapidly, delivery is time constrained and generally confined to a radius of approximately 20 to 25 miles from the producing facility.
The vast majority of our activities are domestic. We sell a relatively small amount of construction aggregates outside the United States. Total domestic revenues were $7,926.2 million, $7,401.0 million and $7,769.7 million in 2025, 2024 and 2023, respectively. Nondomestic Aggregates segment revenues were $14.9 million, $16.7 million and $12.2 million in 2025, 2024 and 2023, respectively; there were no significant nondomestic revenues in our Asphalt or Concrete segments. Long-lived assets outside the United States, which consist primarily of property, plant & equipment, were $440.0 million, $501.4 million and $524.1 million in 2025, 2024 and 2023, respectively. Equity method investments of $26.6 million in 2025, $26.6 million in 2024 and $26.6 million in 2023 are included in the identifiable assets for the Aggregates segment and in Investments and long-term receivables on the accompanying Consolidated Balance Sheets.
Segment Financial Disclosure
| in millions | 2025 | 2024 | 2023 | ||||||||||||||||||||
| Total Revenues | |||||||||||||||||||||||
Aggregates 1 | $ | 6,297.2 | $ | 5,949.6 | $ | 5,918.9 | |||||||||||||||||
Asphalt 2 | 1,294.4 | 1,245.6 | 1,140.7 | ||||||||||||||||||||
| Concrete | 846.6 | 653.5 | 1,249.3 | ||||||||||||||||||||
| Segment sales | $ | 8,438.2 | $ | 7,848.7 | $ | 8,308.9 | |||||||||||||||||
| Aggregates intersegment sales | (497.1) | (431.0) | (527.0) | ||||||||||||||||||||
| Total revenues | $ | 7,941.1 | $ | 7,417.7 | $ | 7,781.9 | |||||||||||||||||
| Cost of Revenues | |||||||||||||||||||||||
| Aggregates | $ | (3,835.3) | $ | (3,701.9) | $ | (3,655.1) | |||||||||||||||||
| Asphalt | (1,120.5) | (1,075.5) | (991.1) | ||||||||||||||||||||
| Concrete | (810.7) | (640.7) | (1,187.2) | ||||||||||||||||||||
| Total | $ | (5,766.5) | $ | (5,418.1) | $ | (5,833.4) | |||||||||||||||||
| Gross Profit | |||||||||||||||||||||||
| Aggregates | $ | 1,964.8 | $ | 1,816.7 | $ | 1,736.8 | |||||||||||||||||
| Asphalt | 173.9 | 170.1 | 149.6 | ||||||||||||||||||||
| Concrete | 35.9 | 12.8 | 62.1 | ||||||||||||||||||||
| Total | $ | 2,174.6 | $ | 1,999.6 | $ | 1,948.5 | |||||||||||||||||
| Reconciliation to Pretax Earnings | |||||||||||||||||||||||
| Selling, administrative and general expenses | $ | (564.1) | $ | (531.1) | $ | (542.8) | |||||||||||||||||
| Other operating income (expense), net | 9.1 | (104.0) | 21.7 | ||||||||||||||||||||
Other nonoperating expense, net | (3.2) | (22.1) | (2.7) | ||||||||||||||||||||
| Interest expense, net | (226.3) | (170.3) | (179.6) | ||||||||||||||||||||
| Earnings from continuing operations before income taxes | $ | 1,390.1 | $ | 1,172.1 | $ | 1,245.1 | |||||||||||||||||
1.Includes product sales, as well as freight & delivery costs that we pass along to our customers, and service revenues (see Note 2) related to our aggregates business.
2.Includes product sales, as well as service revenues (see Note 2) from our asphalt construction paving business.
Segment Financial Disclosure (Continued)
| in millions | 2025 | 2024 | 2023 | ||||||||||||||||||||
Depreciation, Depletion, Accretion & Amortization 1 | |||||||||||||||||||||||
| Aggregates | $ | 603.5 | $ | 515.7 | $ | 482.3 | |||||||||||||||||
| Asphalt | 49.8 | 44.1 | 35.6 | ||||||||||||||||||||
| Concrete | 62.0 | 45.5 | 72.8 | ||||||||||||||||||||
| Other | 33.2 | 26.9 | 26.3 | ||||||||||||||||||||
| Total | $ | 748.5 | $ | 632.2 | $ | 617.0 | |||||||||||||||||
Capital Expenditures 2 | |||||||||||||||||||||||
| Aggregates | $ | 622.1 | $ | 588.4 | $ | 764.9 | |||||||||||||||||
| Asphalt | 37.4 | 36.1 | 46.9 | ||||||||||||||||||||
| Concrete | 15.3 | 12.2 | 15.8 | ||||||||||||||||||||
| Corporate | 28.1 | 0.7 | 0.9 | ||||||||||||||||||||
| Total | $ | 702.9 | $ | 637.4 | $ | 828.5 | |||||||||||||||||
Identifiable Assets 3 | |||||||||||||||||||||||
| Aggregates | $ | 14,381.2 | $ | 14,294.6 | $ | 11,753.2 | |||||||||||||||||
| Asphalt | 718.9 | 805.7 | 613.4 | ||||||||||||||||||||
| Concrete | 1,013.0 | 1,065.8 | 962.3 | ||||||||||||||||||||
Total identifiable assets | $ | 16,113.1 | $ | 16,166.1 | $ | 13,328.9 | |||||||||||||||||
| General corporate | 397.9 | 337.9 | 267.6 | ||||||||||||||||||||
| Cash and cash equivalents and restricted cash | 189.4 | 600.8 | 949.2 | ||||||||||||||||||||
| Total assets | $ | 16,700.4 | $ | 17,104.8 | $ | 14,545.7 | |||||||||||||||||
1.Depreciation, Depletion, Accretion & Amortization (DDA&A) for each segment is included in cost of revenues.
2.Capital expenditures include changes in accruals for purchases of property, plant & equipment. Capital expenditures exclude property, plant & equipment obtained by business acquisitions.
3.Certain temporarily idled assets are included within a segment's Identifiable Assets, but the associated DDA&A is shown within Other in the DDA&A section above as the related DDA&A is excluded from segment gross profit.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 25, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.