Vulcan Materials reports $374.9 million net income for Q3 2025

Cover page 4 changes

3 unchanged paragraphs

For the quarterly period ended June September 30, 2025

23 unchanged paragraphs

Class Shares Outstanding at July 23, October 21, 2025

Common Stock, $1 Par Value 132,124,158 132,130,905

1 unchanged paragraph

QUARTER ENDED JUNE SEPTEMBER 30, 2025

1 unchanged paragraph

Financial statements 137 changes

2 unchanged paragraphs

Cash and cash equivalents $ 347.4 $ 559.7 $ 111.0

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

Goodwill 3,831.8 3,788.1 3,536.6

Other noncurrent assets 152.0 148.8 121.0

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

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

Unaudited September 30

Cash and cash equivalents $ 191.3 $ 559.7 $ 433.2

Restricted cash 3.6 3.9 41.1 0.6 1.1

Accounts and notes receivable, gross 1,092.2 1,197.1 905.5 1,075.5 1,030.9

Allowance for credit losses ( 13.3 12.3 ) ( 13.2 ) ( 14.3 13.5 )

Accounts and notes receivable, net 1,078.9 1,184.8 892.3 1,061.2 1,017.4

Inventories 687.1 681.8 647.7

Other current assets 104.0 90.8 113.5

Assets held for sale 97.3 0.0 0.0

Total current assets 2,268.4 2,265.7 2,212.9

Investments and long-term receivables 32.9 33.6 31.3 31.4

Property, plant & equipment, cost 14,558.8 14,641.6 14,516.8 12,240.8 12,350.5

Allowances for depreciation, depletion & amortization ( 6,222.0 6,288.9 ) ( 6,055.3 ) ( 5,825.0 5,937.0 )

Property, plant & equipment, net 8,336.8 8,352.7 8,461.5 6,415.8 6,413.5

Operating lease right-of-use assets, net 546.1 522.0 526.4 511.8 508.3

Goodwill 3,839.5 3,788.1 3,450.0

Other intangible assets, net 1,831.6 1,796.0 1,883.0 1,623.3 1,609.1

Other noncurrent assets 166.3 148.8 126.7

Total assets $ 16,974.7 16,978.5 $ 17,104.8 $ 14,216.4 14,351.9

Current maturities of long-term debt $ 0.5 0.4 $ 400.5 $ 0.5

Trade payables and accruals 422.6 407.0 352.6

Other current liabilities 556.2 431.6 421.0

Liabilities held for sale 37.6 0.0 0.0

Total current liabilities 1,341.9 1,016.8 1,239.1 796.8 774.1

Long-term debt 4,359.2 4,360.4 4,906.9 3,331.7 3,329.2

Deferred income taxes, net 1,323.6 1,391.9 1,336.5 1,011.5 1,000.3

Deferred revenue 132.3 137.8 139.4

Noncurrent operating lease liabilities 506.2 521.4 503.5

Other noncurrent liabilities 813.8 820.6 712.3

Total liabilities $ 8,545.0 8,221.4 $ 8,962.3 $ 6,486.0 6,458.8

3 unchanged paragraphs

Accumulated other comprehensive loss ( 124.5 ) ( 127.4 ) ( 140.6 )

Noncontrolling interest 22.8 23.9 25.1

Capital in excess of par value 2,904.5 2,920.2 2,900.1 2,879.9 2,895.0

Retained earnings 5,494.9 5,805.1 5,213.8 4,833.9 4,980.7

Accumulated other comprehensive loss ( 123.1 ) ( 127.4 ) ( 138.8 )

Total shareholders' equity 8,406.9 8,734.2 8,118.6 7,705.3 7,869.0

Noncontrolling interest 22.9 23.9 24.1

Total equity $ 8,429.7 8,757.1 $ 8,142.5 $ 7,730.4 7,893.1

Total liabilities and equity $ 16,974.7 16,978.5 $ 17,104.8 $ 14,216.4 14,351.9

5 unchanged paragraphs

June 30 Six Months Ended

September 30 Nine Months Ended

1 unchanged paragraph

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 )

Other operating expense, net ( 10.9 ) ( 8.3 ) ( 19.0 ) ( 11.3 )

Operating earnings 471.0 453.6 697.4 626.5

Total revenues $ 2,291.5 $ 2,003.9 $ 6,028.5 $ 5,564.0

Cost of revenues ( 1,594.3 ) ( 1,438.7 ) ( 4,340.8 ) ( 4,101.6 )

Gross profit 697.2 565.2 1,687.7 1,462.4

Selling, administrative and general expenses ( 145.3 ) ( 129.1 ) ( 428.0 ) ( 393.0 )

Gain on sale of property, plant & equipment and businesses 1.2 3.8 8.6 4.4 0.6 0.2 9.2 4.6

Loss on impairments 0.0 ( 86.6 ) 0.0 ( 86.6 )

Other operating expense, net ( 9.3 ) ( 12.6 ) ( 28.2 ) ( 23.9 )

Operating earnings 543.2 337.1 1,240.7 963.5

1 unchanged paragraph

Interest expense, net ( 59.2 ) ( 40.2 ) ( 118.9 ) ( 79.3 )

Interest expense, net ( 55.3 ) ( 38.4 ) ( 174.2 ) ( 117.7 )

1 unchanged paragraph

Income tax expense ( 91.3 ) ( 94.4 ) ( 125.0 ) ( 123.4 )

Earnings from continuing operations 322.9 310.3 453.3 414.9

Net earnings 320.8 308.3 450.2 411.2

Net earnings attributable to Vulcan $ 320.9 $ 308.0 $ 449.8 $ 410.6

Income tax expense ( 112.4 ) ( 85.2 ) ( 237.4 ) ( 208.5 )

Earnings from continuing operations 376.2 209.7 829.5 624.6

Loss on discontinued operations, net of tax ( 2.1 1.2 ) ( 2.0 1.3 ) ( 3.1 4.2 ) ( 3.7 5.0 )

Net earnings 375.0 208.4 825.3 619.6

Earnings loss attributable to noncontrolling interest 0.1 ( 0.3 0.1 ) ( 0.4 0.8 ) ( 0.6 ) ( 1.4 )

Net earnings attributable to Vulcan $ 374.9 $ 207.6 $ 824.7 $ 618.2

1 unchanged paragraph

Comprehensive income 322.3 309.9 453.1 414.4

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

3 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

and 57 more changes in the filing

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 27 changes

5 unchanged paragraphs

Operating results for the three and six nine month periods ended June September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

Our condensed consolidated financial statements reflect estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues and expenses. The most significant estimates and assumptions included in the preparation of these financial statements are related to goodwill and long-lived asset impairments, business combinations and purchase price allocation, pension and other postretirement benefits, environmental compliance, claims and litigation including self-insurance, and income taxes (refer to the Critical Accounting Policies included in Item 7 of our most recent Annual Report on Form 10-K). Events that relate to conditions arising after June September 30, 2025 will be reflected in management's estimates for future periods.

4 unchanged paragraphs

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

Total inventories $ 725.5 $ 681.8 $ 650.3

in millions September 30

Finished products $ 545.0 $ 534.6 $ 505.9

Raw materials 47.6 69.7 62.2

Products in process 12.3 9.0 11.1

Operating supplies and other 82.4 82.2 68.5 68.5

Total inventories $ 687.1 $ 681.8 $ 647.7

2 unchanged paragraphs

June 30 Six Months Ended

September 30 Nine Months Ended

1 unchanged paragraph

Pretax loss $ ( 2.8 ) $ ( 2.7 ) $ ( 4.1 ) $ ( 5.0 )

Income tax benefit 0.7 0.7 1.0 1.3

Pretax loss $ ( 1.6 ) $ ( 1.8 ) $ ( 5.7 ) $ ( 6.8 )

Income tax benefit 0.4 0.5 1.5 1.8

Loss on discontinued operations, net of tax $ ( 2.1 1.2 ) $ ( 2.0 1.3 ) $ ( 3.1 4.2 ) $ ( 3.7 5.0 )

3 unchanged paragraphs

June 30 Six Months Ended

September 30 Nine Months Ended

1 unchanged paragraph

Weighted-average common shares outstanding 132.1 132.2 132.4 132.2 132.3 132.4

1 unchanged paragraph

Other stock compensation awards 0.7 0.6 0.5 0.5 0.5 0.6 0.6

Weighted-average common shares outstanding, assuming dilution 132.9 133.1 133.0 132.9 133.1

2 unchanged paragraphs

June 30 Six Months Ended

September 30 Nine Months Ended

2 unchanged paragraphs

Capitalized quarry development costs of $ 160.6 160.8 million and $ 168.3 million at June September 30, 2024 and December 31, 2024, respectively, were reclassified from Other noncurrent assets to Other intangible assets, net in our Condensed Consolidated Balance Sheet to conform to our current presentation.

Note 2: LEASES 37 changes

2 unchanged paragraphs

Operating lease ROU assets $ 700.4 $ 673.2 $ 646.9

Accumulated amortization ( 154.3 ) ( 146.8 ) ( 135.1 )

Finance lease ROU assets 52.2 54.7 59.0

Accumulated depreciation ( 25.8 ) ( 24.3 ) ( 22.2 )

Total lease assets $ 572.5 $ 556.8 $ 548.6

Operating Other current liabilities $ 51.0 $ 49.3 $ 47.9

dollars in millions Classification on the Balance Sheet June September 30

Operating lease ROU assets $ 706.6 $ 673.2 $ 651.4

Accumulated amortization ( 157.6 ) ( 146.8 ) ( 143.1 )

Operating leases, net Operating lease right-of-use assets, net 546.1 549.0 526.4 511.8 508.3

Finance lease ROU assets 44.3 54.7 55.8

Accumulated depreciation ( 21.6 ) ( 24.3 ) ( 23.2 )

Finance leases, net Property, plant & equipment, net 26.4 22.7 30.4 36.8 32.6

Total lease assets $ 571.7 $ 556.8 $ 540.9

Operating Other current liabilities $ 49.4 $ 49.3 $ 48.7

Finance Other current liabilities 9.2 8.2 10.7 11.7 11.4

Operating Noncurrent operating lease liabilities 536.1 540.1 521.4 507.5 503.5

Finance Other noncurrent liabilities 5.7 5.3 9.7 13.6 11.8

Total lease liabilities $ 602.0 603.0 $ 591.1 $ 580.7 575.4

2 unchanged paragraphs

Operating leases 18.8 18.9 19.2 18.9 19.1

Finance leases 2.0 2.1 2.2 2.4 2.3

1 unchanged paragraph

Finance leases 3.5 % 3.2 % 2.9 %

Operating leases 4.7 4.8 % 4.5 % 4.4 %

Finance leases 3.8 % 3.2 % 3.1 %

1 Balances at September 30, 2025 include lease assets and liabilities classified as held for sale as detailed in Note 16 .

2 unchanged paragraphs

June 30 Six Months Ended

September 30 Nine Months Ended

1 unchanged paragraph

Operating lease cost 20.2 18.9 40.6 37.7

Depreciation of right-of-use assets $ 2.1 2.0 $ 2.4 2.3 $ 4.2 6.2 $ 4.9 7.2

Interest on lease liabilities 0.1 0.2 0.3 0.4 0.5

Operating lease cost 20.3 19.0 60.9 56.6

1 unchanged paragraph

Variable lease cost 4.6 4.4 8.6 9.7

Variable lease cost 5.8 5.5 14.4 15.1

Sublease income ( 0.8 ) ( 0.8 0.7 ) ( 1.6 2.4 ) ( 1.6 2.0 )

1 unchanged paragraph

Total lease expense $ 38.2 $ 36.7 $ 71.6 $ 73.8

Total lease expense $ 40.0 $ 38.5 $ 111.6 $ 112.3

1 unchanged paragraph

Cash paid for operating leases was $ 40.2 60.9 million and $ 36.7 55.3 million for the six nine months ended June September 30, 2025 and 2024, respectively. Cash paid for finance leases (principal and interest) was $ 6.1 8.9 million and $ 7.3 10.5 million for the six nine months ended June September 30, 2025 and 2024, respectively.

Note 3: INCOME TAXES 5 changes

1 unchanged paragraph

In the second third quarter of 2025, we recorded income tax expense from continuing operations of $ 91.3 112.4 million compared to $ 94.4 85.2 million in the second third quarter of 2024. The decrease increase in tax expense was primarily due to the release of a valuation allowance against deferred tax assets of a Canadian subsidiary resulting from a restructuring completed increase in the second quarter of 2025, pretax earnings, partially offset by an increase the nondeductible portion of the loss on impairment recorded in pretax earnings. the third quarter of 2024.

For the first six nine months of 2025, we recorded income tax expense from continuing operations of $ 125.0 237.4 million compared to $ 123.4 208.5 million for the first six nine months of 2024. The increase in tax expense was primarily due to an the increase in pretax earnings, partially offset by the nondeductible portion of the loss on impairment recorded in the third quarter of 2024. The increase was further offset by an increase in the statutory depletion deduction and the release of a valuation allowance against deferred tax assets of a Canadian subsidiary in 2025.

As discussed in Note 8 , in May 2022, Mexican government officials unexpectedly and arbitrarily shut down our Calica operations in Mexico. In 2024, Calica had deferred tax assets (including net operating losses) of $ 27.5 million against which we have a full valuation allowance recorded. In 2025, we project an a $ 8.2 7.6 million increase in deferred tax assets against which we have recorded a valuation allowance. A majority of the deferred tax assets relate to a net operating loss (NOL) carryforward which would expire between 2032 and 2035 if not utilized. Should the Mexican government lift the shutdown and/or if we are successful in our North American Free Trade Agreement (NAFTA) claim, we will reevaluate the need for a valuation allowance against the deferred tax assets.

We project Alabama NOL carryforward deferred tax assets at December 31, 2025 of $ 57.6 million against which we have a valuation allowance of $ 42.7 million. We expect $ 7.4 8.7 million of the Alabama NOL carryforward to expire in 2025 resulting in a tax benefit expense of $ 0.7 million (recorded as a component of the EAETR) over the previous amount of valuation allowance recorded. Almost all of the Alabama NOL carryforward would expire between 2025 and 2029 if not utilized.

Subsequent to quarter end, In July 2025, President Trump signed into law H.R.1 - One Big Beautiful Bill Act ("OBBBA"). The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research cost expensing and an increased business interest expense limitation, as well as certain modifications to the international tax framework. Changes in tax rates and laws on deferred tax balances are recognized in the period in which the legislation is enacted. Consequently, we are in the process of evaluating all have evaluated our deferred tax balances under the newly enacted tax law and other incorporated all applicable changes required to into our financial statements as a result of the OBBBA We anticipate for the quarter ended September 30, 2025. The results include an increase to our deferred tax liability and a reduction to income taxes payable primarily related to the provisions for 100% bonus depreciation and full expensing of domestic research expenditures. We do not expect any No material change changes to our effective tax rate as a result of resulted from the OBBBA.

1 unchanged paragraph

Note 4: REVENUES 61 changes

1 unchanged paragraph

Our segment total revenues by geographic market for the three and six nine month periods ended June September 30, 2025 and 2024 are disaggregated as follows:

Three Months Ended June September 30, 2025

1 unchanged paragraph

East revenues $ 525.1 $ 58.3 $ 84.3 $ 667.7

Gulf Coast revenues 853.3 91.0 1.8 946.1

West revenues 271.2 219.6 134.5 625.3

Segment sales $ 1,649.6 $ 368.9 $ 220.6 $ 2,239.1

Intersegment sales ( 136.7 ) 0.0 0.0 ( 136.7 )

East revenues $ 567.7 $ 68.1 $ 91.8 $ 727.6

Gulf Coast revenues 943.0 107.7 2.6 1,053.3

West revenues 281.4 240.3 143.1 664.8

Segment sales $ 1,792.1 $ 416.1 $ 237.5 $ 2,445.7

Intersegment sales ( 154.2 ) 0.0 0.0 ( 154.2 )

Three Months Ended June September 30, 2024

1 unchanged paragraph

East revenues $ 461.7 $ 63.0 $ 82.4 $ 607.1

Gulf Coast revenues 885.6 64.6 2.5 952.7

West revenues 266.2 223.6 82.4 572.2

Segment sales $ 1,613.5 $ 351.2 $ 167.3 $ 2,132.0

Intersegment sales ( 117.6 ) 0.0 0.0 ( 117.6 )

Six Months Ended June 30, 2025

East revenues $ 466.7 $ 64.0 $ 88.4 $ 619.1

Gulf Coast revenues 842.7 90.9 2.6 936.2

West revenues 263.0 226.2 83.4 572.6

Segment sales $ 1,572.4 $ 381.1 $ 174.4 $ 2,127.9

Intersegment sales ( 124.0 ) 0.0 0.0 ( 124.0 )

Nine Months Ended September 30, 2025

1 unchanged paragraph

East revenues $ 920.8 $ 82.6 $ 154.7 $ 1,158.1

Gulf Coast revenues 1,591.9 143.3 3.4 1,738.6

West revenues 472.7 351.7 239.6 1,064.0

Segment sales $ 2,985.4 $ 577.6 $ 397.7 $ 3,960.7

Intersegment sales ( 223.7 ) 0.0 0.0 ( 223.7 )

Six Months Ended June 30, 2024

East revenues $ 1,457.3 $ 150.8 $ 246.4 $ 1,854.5

Gulf Coast revenues 2,566.1 251.0 6.0 2,823.1

West revenues 754.1 591.9 382.8 1,728.8

Segment sales $ 4,777.5 $ 993.7 $ 635.2 $ 6,406.4

Intersegment sales ( 377.9 ) 0.0 0.0 ( 377.9 )

Nine Months Ended September 30, 2024

1 unchanged paragraph

East revenues $ 800.6 $ 85.7 $ 158.3 $ 1,044.6

Gulf Coast revenues 1,642.0 107.1 4.5 1,753.6

West revenues 462.3 344.6 152.7 959.6

Segment sales $ 2,904.9 $ 537.4 $ 315.5 $ 3,757.8

East revenues $ 1,267.3 $ 149.7 $ 246.6 $ 1,663.6

Gulf Coast revenues 2,484.7 198.0 7.1 2,689.8

West revenues 725.3 570.8 236.2 1,532.3

Segment sales $ 4,477.3 $ 918.5 $ 489.9 $ 5,885.7

Intersegment sales ( 197.7 321.7 ) 0.0 0.0 ( 197.7 321.7 )

4 unchanged paragraphs

Total revenues are primarily derived from our p roduct sales of aggregates (crushed stone, sand and gravel, sand and other aggregates), asphalt mix and ready-mixed concrete, and include freight & delivery costs that we pass along to our customers to deliver these products. We also generate service revenues from our asphalt construction paving business and service revenues related to our aggregates business, such as landfill tipping fees. Our total service revenues were $ 87.9 104.7 million ( 4.2 4.6 % of total revenues) and $ 70.2 88.2 million ( 3.5 4.4 % of total revenues) for the three months ended June September 30, 2025 and 2024, respectively, and $ 132.7 237.4 million ( 3.6 3.9 % of total revenues) and $ 106.7 195.0 million ( 3.0 3.5 % of total revenues) for the six nine months ended June September 30, 2025 and 2024, respectively.

4 unchanged paragraphs

June 30 Six Months Ended

September 30 Nine Months Ended

1 unchanged paragraph

Total revenues $ 2,102.4 $ 2,014.4 $ 3,737.0 $ 3,560.1

Total revenues $ 2,291.5 $ 2,003.9 $ 6,028.5 $ 5,564.0

1 unchanged paragraph

Total revenues excluding freight & delivery $ 1,842.2 $ 1,755.9 $ 3,257.0 $ 3,079.8

Total revenues excluding freight & delivery $ 2,008.2 $ 1,742.5 $ 5,265.2 $ 4,822.3

2 unchanged paragraphs

Revenue from our asphalt construction paving business is recognized over time using the percentage-of-completion method under the cost approach. The percentage of completion is determined by costs incurred to date as a percentage of total costs estimated for the project. Under this approach, recognized contract revenue equals the total estimated contract revenue multiplied by the percentage of completion. Future revenues from unsatisfied performance obligations (including contracts with an expected duration of 1 year or less) at June September 30, 2025 and 2024 were $ 320.4 293.8 million and $ 271.6 206.5 million, respectively. The remaining period to complete the obligations at June September 30, 2025 ranged from 1 month 0 months to 42 46 months.

10 unchanged paragraphs

June 30 Six Months Ended

September 30 Nine Months Ended

1 unchanged paragraph

Revenue recognized from deferred revenue ( 1.9 ) ( 2.2 ) ( 3.5 ) ( 3.9 )

Deferred revenue balance at beginning of period $ 143.7 141.8 $ 151.1 148.9 $ 145.3 $ 152.8

Revenue recognized from deferred revenue ( 2.0 ) ( 2.0 ) ( 5.5 ) ( 5.9 )

Deferred revenue balance at end of period $ 141.8 139.8 $ 148.9 146.9 $ 141.8 139.8 $ 148.9 146.9

Based on expected sales from the specified quarries, we expect to recognize $ 7.5 million of VPP deferred revenue as income during the twelve-month period ending June September 30, 2026 (reflected in other current liabilities in our June September 30, 2025 Condensed Consolidated Balance Sheet).

Note 5: FAIR VALUE MEASUREMENTS 10 changes

5 unchanged paragraphs

Mutual funds $ 39.4 $ 31.1 $ 31.5

Total $ 39.4 $ 31.1 $ 31.5

Total $ 1.9 $ 0.3 $ 0.8

in millions September 30

Mutual funds $ 41.4 $ 31.1 $ 34.7

Total $ 41.4 $ 31.1 $ 34.7

Money market mutual fund $ 1.9 2.1 $ 0.3 $ 0.8 0.3

Total $ 2.1 $ 0.3 $ 0.3

We have two Rabbi Trusts for the purpose of providing a level of security for the employee nonqualified retirement and deferred compensation plans and for the directors' nonqualified deferred compensation plans. The fair values of these investments are estimated using a market approach. The Level 1 investments include mutual funds for which quoted prices in active markets are available. Level 2 investments are stated at estimated fair value based on the underlying investments in the fund (high-quality, short-term U.S. dollar-denominated money market instruments).

Net gains of the Rabbi Trusts' investments were $ 1.5 3.9 million and $ 1.0 3.8 million for the six nine months ended June September 30, 2025 and 2024, respectively. The portions of the net gains related to investments still held by the Rabbi Trusts at June September 30, 2025 and 2024 were a loss of $ 1.9 1.5 million and a gain of $ 0.9 3.7 million, respectively.

1 unchanged paragraph

Note 6: DERIVATIVE INSTRUMENTS 4 changes

5 unchanged paragraphs

June 30 Six Months Ended

September 30 Nine Months Ended

Loss reclassified from AOCI Interest expense $ ( 0.6 ) $ ( 0.6 ) $ ( 1.2 1.8 ) $ ( 1.1 1.7 )

For the twelve-month period ending June September 30, 2026, we estimate that $ 2.4 million of the $ 16.8 16.4 million net of tax loss in AOCI will be reclassified to interest expense.

Note 7: DEBT 19 changes

2 unchanged paragraphs

Interest Rates June 30

Interest Rates September 30

2 unchanged paragraphs

Total short-term debt $ 550.0 0.0 $ 0.0 $ 95.0 0.0

11 unchanged paragraphs

Other notes 0.6 0.4 1.0 1.0

Total long-term debt - face value $ 4,440.7 4,440.5 $ 5,391.1 $ 3,391.1

Unamortized discounts and debt issuance costs ( 81.0 79.7 ) ( 83.7 ) ( 58.9 61.4 )

Total long-term debt - book value $ 4,359.7 4,360.8 $ 5,307.4 $ 3,332.2 3,329.7

Current maturities ( 0.5 0.4 ) ( 400.5 ) ( 0.5 )

Total long-term debt - reported value $ 4,359.2 4,360.4 $ 4,906.9 $ 3,331.7 3,329.2

Estimated fair value of long-term debt $ 4,280.8 4,354.8 $ 4,762.6 $ 3,158.6 3,286.9

1 unchanged paragraph

Discounts and debt issuance costs are amortized using the effective interest method over the terms of the respective notes resulting in $ 2.6 4.0 million and $ 4.5 5.5 million of net interest expense for these items for the six nine months ended June September 30, 2025 and 2024, respectively.

1 unchanged paragraph

Our $ 1,600.0 million unsecured commercial paper program was established in August 2022 and matures in November 2029. Our commercial paper is fully back-stopped by our line of credit and contains covenants customary for an unsecured investment-grade facility. As of June September 30, 2025, we were in compliance with the commercial paper covenants. Commercial paper borrowings bear interest at rates determined at the time of borrowing and as agreed between us and the commercial paper investors. As of June September 30, 2025, we had $ 550.0 million in there were no outstanding commercial paper borrowings. with a 4.66 % effective interest rate.

Our $ 1,600.0 million unsecured line of credit was amended in November 2024 to extend the maturity date from August 2027 to November 2029. Our line of credit contains covenants customary for an unsecured investment-grade facility. As of June September 30, 2025, we were in compliance with the line of credit covenants. Borrowings on the line of credit bear interest, at our option, at either SOFR plus a margin or Truist Bank's base rate plus a margin. The margins are determined by our credit ratings. Standby letters of credit, which are issued under the line of credit and reduce availability, are charged a fee equal to the margin for SOFR borrowings plus 0.175 %. We also pay a commitment fee on the daily average unused amount of the line of credit that ranges from 0.090 % to 0.225 % determined by our credit ratings. As of June September 30, 2025, the margin for SOFR borrowings was 1.125 %, the margin for base rate borrowings was 0.125 % and the commitment fee for the unused amount was 0.100 %.

As of June September 30, 2025, our available borrowing capacity under the line of credit was $ 1,575.3 1,576.7 million. Utilization of the borrowing capacity was as follows:

1 unchanged paragraph

▪ $ 24.7 23.3 million was used to support standby letters of credit

All of our $ 4,440.7 4,440.5 million (face value) of term debt is unsecured. All of the covenants in the debt agreements are customary for investment-grade facilities. As of June September 30, 2025, we were in compliance with all term debt covenants.

3 unchanged paragraphs

We provide, in the normal course of business, certain third-party beneficiaries with standby letters of credit to support our obligations to pay or perform according to the requirements of an underlying agreement. Such letters of credit typically have an initial term of one year , renew automatically and can only be modified or canceled with the approval of the beneficiary. Except for $ 5.9 5.2 million of letters of credit related to acquisitions completed in 2024, our standby letters of credit are issued by banks that participate in our $ 1,600.0 million line of credit and reduce the borrowing capacity thereunder. Our standby letters of credit as of June September 30, 2025 are summarized by purpose in the table below:

1 unchanged paragraph

Reclamation/restoration requirements 20.8 18.7

Total standby letters of credit $ 30.6 28.5

Note 8: COMMITMENTS AND CONTINGENCIES 25 changes

1 unchanged paragraph

As stated in Note 2 , our lease liabilities totaled $ 602.0 603.0 million as of June September 30, 2025.

As summarized by purpose in Note 7 , our standby letters of credit totaled $ 30.6 28.5 million as of June September 30, 2025.

As described in Note 9 , our asset retirement obligations totaled $ 447.8 446.1 million as of June September 30, 2025.

4 unchanged paragraphs

Continuing operations $ 47.5 $ 47.9 $ 33.7

in millions September 30

Continuing operations $ 46.3 $ 47.9 $ 33.4

Retained from former Chemicals business 8.3 8.3 8.3 8.2

Total accrued environmental remediation costs $ 55.8 54.6 $ 56.2 $ 42.0 41.6

4 unchanged paragraphs

In August 2017, the EPA informed certain members of the CPG, including Vulcan and others, that it planned to use the services of a third-party allocator with the expectation of offering cash-out settlements to some parties in connection with the bank-to-bank remedy identified in the ROD. This voluntary allocation process established an impartial third-party expert recommendation for use by the government and the participants as the basis of possible settlements, including settlements related to future remediation actions. The final allocation recommendations, which are subject to confidentiality provisions, were submitted to the EPA for its review and consideration in late December 2020. Certain PRPs, including Vulcan, thereafter received a joint confidential settlement demand from the EPA/Department of Justice (DOJ). Vulcan and certain of the other PRPs that received the joint confidential settlement demand (the Settling Defendants) reached an agreement to settle with the EPA/DOJ and negotiated a Consent Decree. The court granted the motion to enter the Consent Decree in December 2024. Occidental thereafter filed an appeal challenging the entry of the Consent Decree. The appeal remains pending. Vulcan's portion of the settlement is within the immaterial loss recorded for this matter in 2015.

3 unchanged paragraphs

The state court held a joint bench trial (judge only) in 2017 in three cases brought by pipeline companies claiming damages to their facilities as a result of the sinkhole. This "Phase 1" trial was limited in scope to comparative fault and liability for causing the sinkhole. In December 2017, the trial court issued a ruling allocating fault as follows: Occidental 50 %, Texas Brine (and its wholly-owned subsidiary) 35 % and Vulcan 15 %. In December 2020, the Louisiana Court of Appeal, First Circuit reversed the judgment in part in one of the three jointly tried cases, allocating 55 % of the fault to Texas Brine (and its wholly-owned subsidiary); 30 % to Occidental; and affirming the 15 % fault allocation to Vulcan. In May 2021 and April 2022, the Court of Appeal issued judgments in the other two pipeline cases, adopting the same fault allocation. The Louisiana Supreme Court has declined to review the judgments, resulting in final judgments regarding fault allocations in those matters.

In August 2022, Vulcan and Texas Brine commenced a joint "Phase 2" bench trial in the same three pipeline cases where fault was allocated. Prior to trial, the trial court granted various motions by Vulcan seeking dismissal of Texas Brine's contract-based claims and hundreds of millions of dollars in alleged damages. Thus, the Phase 2 trial addressed the claims that remained pending between Texas Brine and Vulcan after that motion practice. During the Phase 2 trial, Texas Brine and Vulcan reached a negotiated joint stipulation as to the amount of Texas Brine's damages for its surviving tort claims at issue in the trial. I n December 2022, the trial court entered a judgment in the pipeline cases reflecting this stipulation.

The December 2022 Phase 2 judgment did not address numerous of Texas Brine's claims seeking hundreds of millions of dollars in damages that were dismissed prior to trial. Texas Brine appealed those judgments. In December 2024, the Court of Appeal affirmed dismissal of most of those damage claims, but remanded the dispute to the District Court for further proceedings based on an indemnity claim under one of the agreements. That decision is now final, following writ denials from the Louisiana Supreme Court. Vulcan and Texas Brine are pursuing court-sponsored mediation in an attempt to bring all remaining disputed matters between them to final resolution, failing which a trial is contemplated for early fall. The estimated loss from Texas Brine's remaining claim and the State of Louisiana's potential claims is within the range of the immaterial loss previously recorded in the second quarter of 2022.

The EPA and Vulcan entered into an AOC and Statement of Work having an effective date of September 2017 for the design of two extraction wells south of the Hewitt Landfill to protect the North Hollywood West (NHW) well field located within the NHOU. In November 2017, we submitted a Pre-Design Investigation (PDI) Work Plan to the EPA, which sets forth the activities and schedule for collection of data in support of our evaluation of the need for an offsite remedy. In addition, this evaluation was expanded as part of the PDI to include the evaluation of a remedy in light of LADWP's Rinaldi-Toluca (RT) wellfield project. PDI investigative activities were completed between the first and third quarters of 2018, and in December 2018 we submitted a Draft PDI Evaluation Report to the EPA. The Draft PDI Evaluation Report summarizes data collection activities conducted pursuant to the Draft PDI Work Plan and provides model updates and evaluation of remediation alternatives for offsite areas. The EPA provided a final set of comments to the Draft PDI Evaluation Report in October 2020. The final set of comments included a request that Vulcan revise and develop a final PDI Evaluation Report. The final comments further provided a proposal for an alternative approach for offsite remediation (as opposed to installation of offsite extraction wells) and development of a Supplemental PDI Evaluation Report (Supplemental Report) that would require the EPA to modify the remedy in the record of decision as it relates to the Hewitt Landfill. In December 2020, we submitted the Final PDI Evaluation Report, which included responses to the EPA's comments.

At the EPA's request, we submitted a draft Supplemental Report in March 2023 and a draft Alternative Design Work Plan (ADWP) in May 2023. Similar to the PDI Evaluation Report, the draft Supplemental Report and draft ADWP identified expansion of the onsite Hewitt remedy in conjunction with the offsite treatment being performed by LADWP as the preferred option for addressing contamination in offsite areas, instead of the two wells proposed by the EPA. In conjunction with its review of the draft Supplemental Report, the EPA held an initial meeting with stakeholders, including LADWP, in November 2023. Since that time, Vulcan has participated in several additional meetings and responded to several rounds of comments. After receiving final comments from the LADWP, EPA and the RWQCB, Vulcan submitted a final Supplemental Report to the EPA in April 2025 and an ADWP in June 2025. The EPA has requested additional information related to the ADWP, which Vulcan anticipates providing in the third quarter of 2025.

Additionally, Texas Brine, Occidental and Vulcan sued each other in various state and federal court forums. Vulcan and Occidental have since dismissed all of their claims against one another Texas Brine and Occidental have settled their claims against each other; and in 2017. Texas Brine's and Vulcan's claims against each other are remained pending in state and federal court until the third quarter of 2025. In general, Texas Brine alleges alleged that the sinkhole was caused, in whole or in part, by our negligent or fraudulent actions or failure to act; that we breached the salt lease with Occidental, as well as an operating agreement and related contracts with Texas Brine; that we were strictly liable for certain property damages in our capacity as a former lessee of the salt lease; and that we violated the agreement under which we sold our Chemicals Division to Occidental. Texas Brine's claims against Vulcan include included claims for past and future response costs, lost profits and investment costs, indemnity payments, attorneys' fees, other litigation costs, and judicial interests. Texas Brine also recently filed a lawsuit against Vulcan seeking indemnity for potential exposure Texas Brine may have was subject to Occidental in the its related arbitration with Occidental, to the State of Louisiana, and for ongoing and future Louisiana regulatory matters. In August the second quarter of 2022, we removed the lawsuit recorded an immaterial loss related to federal court. these claims brought by Texas Brine.

During the third quarter of 2025, Vulcan and Texas Brine settled all disputed matters remaining between them, with Vulcan paying an amount within the range of the immaterial loss recorded in the second quarter of 2022. With the dispute between Vulcan, Occidental and Texas Brine concluded, the only remaining liability related to this matter concerns claims by the State of Louisiana. The claims from the State of Louisiana as defined by their pleadings and discovery responses present an immaterial liability within the range of the remaining loss recorded in the second quarter of 2022.

▪ 1,1,1-TRICHLOROETHANE LITIGATION (DISCONTINUED OPERATIONS) — During the operation of our former Chemicals Division, which was divested to Occidental in 2005, Vulcan manufactured a chlorinated solvent known as 1,1,1-trichloroethane. Vulcan faces liabilities related to 1,1,1-trichloroethane stabilized with 1,4-dioxane ("TCA"). We are one of the defendants in cases filed in both state and federal courts, including one case filed by the State of New Jersey. According to the various complaints, the plaintiffs seek damages including, but not limited to, unspecified compensatory damages associated with the remediation of water wells allegedly contaminated with 1,4-dioxane, natural resource damages, disgorgement of profits from the sale of TCA, punitive damages, as well as penalties and attorney's fees under various statutes. Our first-layer insurance carrier has funded all settlements to date. We will vigorously defend these the remaining cases on substantive and procedural grounds. At this time, we cannot determine the likelihood of loss, or reasonably estimate a range of loss, if any, pertaining to the above-referenced cases.

▪ HEWITT LANDFILL MATTER (SUPERFUND SITE) — In September 2015, the Los Angeles Regional Water Quality Control Board (RWQCB) issued a Cleanup and Abatement Order (CAO) directing Calmat Co., a Vulcan subsidiary (hereinafter Vulcan) to assess, monitor, cleanup, and abate wastes that have been discharged to soil, soil vapor, and/or groundwater at the former Hewitt Landfill in Los Angeles.

Following an onsite and offsite extensive investigation and pilot scale testing, the RWQCB approved a Vulcan implemented an onsite corrective action under a Cleanup and Abatement Order (CAO) to include leachate recovery, storm water capture and conveyance improvements, and plan approved by RWQCB that includes a groundwater pump, treat and reinjection system. Certain on-site source control measures have been implemented, and the treatment system is fully operational. In October 2024, the RWQCB made a request under the CAO for a work plan to install additional monitoring wells and optimize and expand the existing on-site remediation system. This request complements expansion discussions with the EPA and other stakeholders as part of an anticipated Alternative Design Plan (ADP). Currently-anticipated costs of these on-site source control activities including those associated with this work plan, have been fully accrued.

We are also engaged in an ongoing dialogue with the EPA Honeywell, and the Los Angeles Department of Water and Power (LADWP) regarding the potential contribution of the Hewitt Landfill to groundwater contamination in the North Hollywood Operable Unit (NHOU) of the San Fernando Valley Superfund Site.

The EPA and Vulcan entered into a 2017 Administrative Order on Consent (AOC) for the design of two extraction wells south of the Hewitt Landfill to protect the North Hollywood West (NHW) well field. Thereafter, LADWP proposed and ultimately constructed two water production and well head treatment facilities—the NHW system and the North Hollywood Central (NHC) system—at LADWP wellfields located near the Hewitt Landfill. After significant evaluation of the likely effect of LADWP's water production facilities on other previously-feasible remediation options and the exchange of numerous workplans and evaluation reports, Vulcan submitted an ADP to the EPA in August 2025. The ADP relies upon the RWQCB-approved expansion of the onsite Hewitt remedy and, necessarily, the two well head treatment systems operated by LADWP as the preferred method to address the off-site impacts that were the target of the 2017 AOC. The ADP further contemplates an agreement on the coordination of the operation of the onsite Hewitt remedy and LADWP's well head treatment systems. The EPA, Vulcan, and LADWP continue to engage in a dialogue regarding the coordination of the systems. At this time, we cannot reasonably estimate a range of a loss pertaining to potential work completed at the direction of the EPA.

Further, LADWP Additionally, Vulcan is constructing two new production in a dispute with LADWP regarding the cost and necessity of LADWP's construction of the two well head treatment facilities at city wellfields located near the Hewitt Landfill — the NHW wellfield and the RT wellfield (also referred Vulcan's relative contribution to as the NHW treatment system their construction and North Hollywood Central (NHC) treatment system, respectively). operation. LADWP has alleged that the Hewitt Landfill is one of the primary sources of contamination at the NHW treatment system and one of the sources of contamination at the NHC treatment system. According to information available on the California State Water Resources Control Board (SWRCB) website, the capital cost of the NHW treatment system is estimated at $ 92 million, and the capital cost of the NHC treatment system is estimated at $ 245 million. LADWP initially started operation of the NHW treatment system in the third quarter of 2024 but subsequently discontinued startup. Currently, LADWP plans LADWP's actual cost is likely to re-commence operation be in late 2025. excess of these publicly-reported estimates. Additionally, both systems will incur costs for operation and maintenance. LADWP has applied for and received substantial funding to contribute to Both treatment systems from received substantial grants of Proposition 1 bond funding from the SWRCB. According to information available on the SWRCB website, the bond money obtained for the NHW treatment system is $ 46 million, and the bond money obtained for the NHC treatment system is $ 95 million. LADWP has also indicated that it may assert claims related to the historical inability to use water in the vicinity of its well fields.

We anticipate continued discussions with LADWP regarding its potential claims. In conjunction with those discussions, we are engaging in further efforts to gather and analyze records and data in order to assess the extent of possible contribution by the Hewitt Landfill to the groundwater contamination in the area, consistent with the parallel request by the EPA, and the reasonableness of LADWP's remediation efforts. This work is also intended to assist in identification of other PRPs that may have contributed to groundwater contamination in the area of the NHW and RT wellfields. NHC systems. Together, these efforts will allow us to analyze our anticipated equitable contribution to LADWP's remediation efforts. treatment systems. Among other factors, we anticipate that any equitable contribution should take into account the on-site source control and other measures implemented by Vulcan at the former Hewitt Landfill, the relative contribution and duration of any contaminants originating from the Hewitt Landfill to the LADWP systems, and the cost effectiveness cost-effectiveness of the LADWP systems. At this time, we cannot reasonably estimate a range of a loss to Vulcan pertaining to LADWP's potential contribution claim.

Finally, Honeywell operated a facility within the NHOU footprint that is responsible for groundwater contamination and, under an EPA agreement, will construct and operate a water treatment system. Honeywell's system is often referred to by EPA as the second interim remedy (2IR). Honeywell alleges that some of the contamination to be remediated by the 2IR originated from the Hewitt Landfill and that Vulcan should fund some portion of the costs that Honeywell has incurred and will incur in developing and implementing the remedy. In 2021, an immaterial settlement was reached with Honeywell related to certain past costs incurred.

In December 2019, Honeywell agreed with LADWP to build a water treatment system (often referred to as the Cooperative Containment Concept or CCC or the second interim remedy) that will provide treated groundwater in the NHOU to LADWP for public water supply purposes. Honeywell contends that some of the contamination to be remediated by the treatment system it is building originated from the Hewitt Landfill and that Vulcan should fund some portion of the costs that Honeywell has incurred and will incur in developing and implementing the second interim remedy. During the fourth quarter of 2021, we completed a partial settlement with Honeywell related to certain costs that Honeywell has incurred for an immaterial amount. In March 2023 Honeywell filed a lawsuit against Vulcan and a third party, alleging that Honeywell stated it has incurred more than $ 11 million in costs to resolve its liability to the EPA and that it estimates estimated that it will spend in excess of $ 100 million to construct and operate its water treatment system. Through the lawsuit, Honeywell seeks an "equitable share of necessary response costs" from Vulcan and the a third party, which claims indemnity from Vulcan. The Court stayed the lawsuit until February 2025, and Vulcan has since answered filed its answer to the lawsuit in the first quarter of 2025. Vulcan and remains in discussions with Honeywell regarding the reasonable costs Honeywell has incurred and Vulcan's share of the same. We are also gathering and analyzing data and developing technical information to determine the extent of possible contribution by the Hewitt Landfill to the groundwater contamination in the area of Honeywell's system. Based on this technical information and recent settlement discussions, we have accrued an immaterial amount for our contribution of costs anticipated liability to be incurred by Honeywell. This work is also intended to assist in identification of other PRPs that may have contributed to groundwater contamination in the area.

5 unchanged paragraphs

Note 9: ASSET RETIREMENT OBLIGATIONS 16 changes

2 unchanged paragraphs

June 30 Six Months Ended

September 30 Nine Months Ended

1 unchanged paragraph

Accretion $ 4.8 $ 3.6 $ 9.0 $ 7.1

Depreciation 4.0 2.8 8.0 5.2

Total ARO operating costs $ 8.8 $ 6.4 $ 17.0 $ 12.3

Accretion $ 5.0 $ 3.7 $ 14.0 $ 10.8

Depreciation 2.4 3.2 10.4 8.4

Total ARO operating costs $ 7.4 $ 6.9 $ 24.4 $ 19.2

2 unchanged paragraphs

June 30 Six Months Ended

September 30 Nine Months Ended

1 unchanged paragraph

Liabilities incurred 18.2 0.8 23.2 0.8

ARO liability balance at beginning of period $ 429.5 447.8 $ 325.7 334.1 $ 427.4 $ 324.1

Liabilities incurred 6.0 0.0 29.2 0.8

1 unchanged paragraph

Accretion expense 4.8 3.6 9.0 7.1

Accretion expense 5.0 3.7 14.0 10.8

ARO liability balance at end of period $ 447.8 446.1 $ 334.1 346.5 $ 447.8 446.1 $ 334.1 346.5

2 unchanged paragraphs

Note 10: BENEFIT PLANS 20 changes

2 unchanged paragraphs

June 30 Six Months Ended

September 30 Nine Months Ended

1 unchanged paragraph

Expected return on plan assets ( 8.0 ) ( 7.1 ) ( 15.8 ) ( 14.1 )

Pretax amortization from AOCI $ 1.3 $ 1.5 $ 2.5 $ 3.0

Service cost $ 0.4 $ 0.7 0.5 $ 0.9 0.4 $ 1.4 $ 1.8

Interest cost 8.3 8.2 16.6 16.4 25.0 24.7

Expected return on plan assets ( 7.9 ) ( 7.0 ) ( 23.7 ) ( 21.1 )

Amortization of prior service cost 0.0 0.3 0.2 0.0 0.5 0.7

Amortization of actuarial loss 1.3 1.2 2.5 2.5 1.4 3.7 3.8

Net periodic pension benefit cost $ 2.0 2.1 $ 3.3 3.2 $ 4.2 6.4 $ 6.7 9.9

Pretax amortization from AOCI $ 1.2 $ 1.6 $ 3.7 $ 4.5

The Contributions to pension plans, for the six months ended June 30, 2025 and 2024, as reflected on the Condensed Consolidated Statements of Cash Flows, pertain to benefit payments under nonqualified plans for both periods and a qualified plan contribution contributions of $ 1.3 13.8 million in the second quarter of 2025. We anticipate making total contributions of and $ 9.6 7.1 million to our qualified pension plans in for the nine months ended September 30, 2025 and 2024, respectively.

3 unchanged paragraphs

June 30 Six Months Ended

September 30 Nine Months Ended

1 unchanged paragraph

Service cost $ 0.6 $ 0.6 0.4 $ 1.1 1.7 $ 1.2 1.6

Interest cost 0.6 0.5 1.1 1.1 0.6 1.7 1.7

Amortization of prior service cost 0.3 0.4 0.7 0.7 0.3 1.1 1.1

Amortization of actuarial gain ( 0.2 ) ( 0.2 0.1 ) ( 0.4 0.7 ) ( 0.4 0.5 )

Net periodic postretirement benefit cost $ 1.3 $ 1.3 1.2 $ 2.5 3.8 $ 2.6 3.9

2 unchanged paragraphs

In addition to our pension and postretirement plans, we sponsor six defined contribution plans. Substantially all salaried and non-union hourly employees are eligible to be covered by one of these plans. Under these plans, we match employees' eligible contributions at established rates. Expense recognized in connection with these matching obligations totaled $ 39.6 61.3 million and $ 48.1 67.2 million for the six nine months ended June September 30, 2025 and 2024, respectively.

Note 11: OTHER COMPREHENSIVE INCOME 22 changes

2 unchanged paragraphs

Total AOCI $ ( 124.5 ) $ ( 127.4 ) $ ( 140.6 )

in millions September 30

Cash flow hedges $ ( 16.8 16.4 ) $ ( 17.7 ) $ ( 18.6 18.2 )

Pension and postretirement plans ( 107.7 106.7 ) ( 109.7 ) ( 122.0 120.6 )

Total AOCI $ ( 123.1 ) $ ( 127.4 ) $ ( 138.8 )

Changes in AOCI, net of tax, for the six nine months ended June September 30, 2025 are as follows:

2 unchanged paragraphs

Amounts reclassified from AOCI 0.9 2.0 2.9

AOCI Balances as of June 30, 2025 $ ( 16.8 ) $ ( 107.7 ) $ ( 124.5 )

Amounts reclassified from AOCI 1.3 3.0 4.3

AOCI Balances as of September 30, 2025 $ ( 16.4 ) $ ( 106.7 ) $ ( 123.1 )

1 unchanged paragraph

June 30 Six Months Ended

September 30 Nine Months Ended

2 unchanged paragraphs

Interest expense $ 0.6 $ 0.6 $ 1.2 1.8 $ 1.1 1.7

Benefit from income taxes ( 0.2 ) ( 0.2 ) ( 0.3 0.5 ) ( 0.3 0.5 )

Total $ 0.4 $ 0.4 $ 0.9 1.3 $ 0.8 1.2

1 unchanged paragraph

Other nonoperating expense $ 1.4 $ 1.7 $ 2.8 $ 3.3

Benefit from income taxes ( 0.3 ) ( 0.5 ) ( 0.8 ) ( 0.9 )

Total $ 1.1 $ 1.2 $ 2.0 $ 2.4

Other nonoperating expense $ 1.3 $ 1.8 $ 4.1 $ 5.1

Benefit from income taxes ( 0.2 ) ( 0.4 ) ( 1.1 ) ( 1.3 )

Total $ 1.1 $ 1.4 $ 3.0 $ 3.8

Total reclassifications from AOCI to earnings $ 1.5 $ 1.6 1.8 $ 2.9 4.3 $ 3.2 5.0

Note 12: EQUITY 23 changes

1 unchanged paragraph

There were no shares held in treasury as of June September 30, 2025, December 31, 2024 and June September 30, 2024.

1 unchanged paragraph

in millions, except average price June September 30

4 unchanged paragraphs

As of June September 30, 2025, 6,647,118 shares may be purchased under the current authorization of our Board of Directors.

1 unchanged paragraph

June 30 Six Months Ended

September 30 Nine Months Ended

2 unchanged paragraphs

Net earnings attributable to Vulcan 320.9 308.0 449.8 410.6

Share-based compensation expense 19.1 15.4 33.0 24.5

Balance at beginning of period $ 8,134.1 8,406.9 $ 7,491.9 7,705.3 $ 8,118.6 $ 7,483.4

Net earnings attributable to Vulcan 374.9 207.6 824.7 618.2

Share-based compensation plans, net of shares withheld for taxes ( 4.0 1.3 ) ( 0.7 0.3 ) ( 28.6 29.8 ) ( 24.8 25.1 )

Purchase and retirement of common stock 0.0 ( 50.0 ) 0.0 ( 38.1 ) ( 68.8 )

Share-based compensation expense 16.9 15.4 49.9 39.9

1 unchanged paragraph

Balance at end of period $ 8,406.9 $ 7,705.3 $ 8,406.9 $ 7,705.3

($ 0.49 /$ 0.46 /$ 0.98 1.47 /$ 0.92 1.38 per share, respectively)

Other comprehensive income 1.5 1.6 2.9 3.2 1.8 4.3 5.0

Balance at end of period $ 8,734.2 $ 7,869.0 $ 8,734.2 $ 7,869.0

1 unchanged paragraph

Balance at end of period $ 8,429.7 $ 7,730.4 $ 8,429.7 $ 7,730.4

Balance at beginning of period $ 24.4 22.8 $ 24.8 25.1 $ 23.9 $ 24.5

Distribution to noncontrolling interest 0.0 ( 1.5 1.8 ) 0.0 ( 1.5 ) 0.0 ( 1.8 )

Earnings (loss) attributable to noncontrolling interest ( 0.1 ) 0.3 0.4 0.8 0.6 1.4

Other noncontrolling interest

Balance at end of period $ 22.8 22.9 $ 25.1 24.1 $ 22.8 22.9 $ 25.1 24.1

Balance at end of period $ 8,757.1 $ 7,893.1 $ 8,757.1 $ 7,893.1

Note 13: SEGMENT REPORTING 71 changes

3 unchanged paragraphs

June 30 Six Months Ended

September 30 Nine Months Ended

1 unchanged paragraph

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

Aggregates $ ( 953.4 ) $ ( 967.4 ) $ ( 1,844.8 ) $ ( 1,875.4 )

Asphalt ( 311.7 ) ( 292.2 ) ( 515.6 ) ( 473.7 )

Concrete ( 212.1 ) ( 162.6 ) ( 386.1 ) ( 313.8 )

Total $ ( 1,477.2 ) $ ( 1,422.2 ) $ ( 2,746.5 ) $ ( 2,662.9 )

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

Concrete 237.5 174.4 635.2 489.9

Segment sales $ 2,445.7 $ 2,127.9 $ 6,406.4 $ 5,885.7

Aggregates intersegment sales ( 154.2 ) ( 124.0 ) ( 377.9 ) ( 321.7 )

Total $ 2,291.5 $ 2,003.9 $ 6,028.5 $ 5,564.0

Aggregates $ ( 1,025.8 ) $ ( 949.9 ) $ ( 2,870.6 ) $ ( 2,825.3 )

Asphalt ( 345.1 ) ( 320.9 ) ( 860.8 ) ( 794.6 )

Concrete ( 223.4 ) ( 167.9 ) ( 609.4 ) ( 481.7 )

Total $ ( 1,594.3 ) $ ( 1,438.7 ) $ ( 4,340.8 ) $ ( 4,101.6 )

Aggregates $ 612.1 $ 498.5 $ 1,529.0 $ 1,330.3

Asphalt 71.0 60.2 132.9 123.9

Concrete 14.1 6.5 25.8 8.2

Total $ 697.2 $ 565.2 $ 1,687.7 $ 1,462.4

1 unchanged paragraph

Selling, administrative and general expenses $ ( 144.5 ) $ ( 134.1 ) $ ( 282.7 ) $ ( 263.8 )

Other operating income (expense), net ( 9.7 ) ( 4.5 ) ( 10.4 ) ( 6.9 )

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

Selling, administrative and general expenses $ ( 145.3 ) $ ( 129.1 ) $ ( 428.0 ) $ ( 393.0 )

Loss on impairments 0.0 ( 86.6 ) 0.0 ( 86.6 )

Other operating income (expense), net ( 8.7 ) ( 12.4 ) ( 19.0 ) ( 19.3 )

Other nonoperating income (expense), net 0.7 ( 3.8 ) 0.4 ( 12.7 )

Interest expense, net ( 55.3 ) ( 38.4 ) ( 174.2 ) ( 117.7 )

Earnings from continuing operations before income taxes $ 488.6 $ 294.9 $ 1,066.9 $ 833.1

3 unchanged paragraphs

June 30 Six Months Ended

September 30 Nine Months Ended

2 unchanged paragraphs

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

Aggregates $ 153.6 $ 130.3 $ 448.2 $ 381.8

Asphalt 12.9 12.0 39.0 31.9

Concrete 16.5 10.9 50.9 34.9

1 unchanged paragraph

1 unchanged paragraph

3 unchanged paragraphs

and 24 more changes in the filing

Note 14: SUPPLEMENTAL CASH FLOW INFORMATION 6 changes

2 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

2 unchanged paragraphs

and 6 more changes in the filing

Note 15: GOODWILL 4 changes

1 unchanged paragraph

4 unchanged paragraphs

1 unchanged paragraph

and 4 more changes in the filing

Note 16: ACQUISITIONS AND DIVESTITURES 33 changes

1 unchanged paragraph

7 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

and 33 more changes in the filing

Note 17: NEW ACCOUNTING STANDARDS 1 change

2 unchanged paragraphs

1 unchanged paragraph

and 1 more change in the filing

MD&A 339 changes

8 unchanged paragraphs

4 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

7 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

3 unchanged paragraphs

1 unchanged paragraph

3 unchanged paragraphs

3 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

3 unchanged paragraphs

3 unchanged paragraphs

14 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

3 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

3 unchanged paragraphs

4 unchanged paragraphs

1 unchanged paragraph

3 unchanged paragraphs

7 unchanged paragraphs

2 unchanged paragraphs

and 339 more changes in the filing

Forward-looking statements 1 change

9 unchanged paragraphs

39 unchanged paragraphs

and 1 more change in the filing

Market risk 1 change

2 unchanged paragraphs

1 unchanged paragraph

and 1 more change in the filing

Controls and procedures 2 changes

1 unchanged paragraph

1 unchanged paragraph

and 2 more changes in the filing

Legal proceedings 1 change

and 1 more change in the filing

Unregistered sales of stock 2 changes

and 2 more changes in the filing

Other information 1 change

1 unchanged paragraph

and 1 more change in the filing

Exhibits 9 changes

5 unchanged paragraphs

4 unchanged paragraphs

2 unchanged paragraphs

4 unchanged paragraphs

and 9 more changes in the filing