Financial Analysis

"COMMITMENTS AND CONTINGENCIES Certain of our aggregates reserves are burdened by volumetric production payments (nonoperating interest) as described in Note 4 . As the holder of the operating interest, we have responsibility to bear the cost of mining and producing the reserves attributable to this nonoperating interest. As stated in Note 2 , our lease liabilities totaled $577.8 million as of June 30, 2026. As summarized by purpose in Note 7 , our standby letters of credit totaled $19.6 million as of June 30, 2026. As described in Note 9 , our asset retirement obligations totaled $464.5 million as of June 30, 2026. Litigation and Environmental Matters We are subject to occasional governmental proceedings and orders pertaining to occupational safety and health or to protection of the environment, such as proceedings or orders relating to noise abatement, air emissions or water discharges. As part of our continuing program of stewardship in safety, health and environmental matters, we have been able to resolve such proceedings and to comply with such orders without any material adverse effects on our business. We have received notices from the United States Environmental Protection Agency (EPA) or similar state or local agencies that we are considered a potentially responsible party (PRP) at a limited number of sites under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA or Superfund) or similar state and local environmental laws. Generally, we …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

DEBT Debt is detailed as follows: in millions Effective Interest Rates June 30 2026 December 31 2025 June 30 2025 Bank line of credit expires 2029 $ 0.0 $ 0.0 $ 0.0 Commercial paper expires 2029 0.0 0.0 550.0 Total short-term debt $ 0.0 $ 0.0 $ 550.0 Commercial paper expires 2029 1 0.0 0.0 0.0 3.90% notes due 2027 4.00 % 400.0 400.0 400.0 4.95% notes due 2029 5.17 % 500.0 500.0 500.0 3.50% notes due 2030 3.94 % 750.0 750.0 750.0 5.35% notes due 2034 5.48 % 750.0 750.0 750.0 7.15% notes due 2037 8.05 % 129.2 129.2 129.2 4.50% notes due 2047 4.59 % 700.0 700.0 700.0 4.70% notes due 2048 5.42 % 460.9 460.9 460.9 5.70% notes due 2054 5.82 % 750.0 750.0 750.0 Other notes 0.0 0.5 0.6 Total long-term debt - face value $ 4,440.1 $ 4,440.6 $ 4,440.7 Unamortized discounts and debt issuance costs (75.8) (78.5) (81.0) Total long-term debt - book value $ 4,364.3 $ 4,362.1 $ 4,359.7 Current maturities (400.0) (0.4) (0.5) Total long-term debt - reported value $ 3,964.3 $ 4,361.7 $ 4,359.2 Estimated fair value of long-term debt $ 3,878.4 $ 4,333.3 $ 4,280.8 1. Borrowings on the commercial paper program are classified as long-term if we have the intent and ability to extend payment beyond twelve months. Discounts and debt issuance costs are amortized using the effective interest method over the terms of the respective notes resulting in $2.6 million and $2.6 million of net interest expense for these items for the six months ended June 30, 2026 and 2025, respectively. Line of Credit and Commer …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Freight & delivery revenues are as follows: Three Months Ended June 30 Six Months Ended June 30 in millions 2026 2025 2026 2025 Total revenues $ 2,155.8 $ 2,102.4 $ 3,911.7 $ 3,737.0 Freight & delivery revenues 1 (272.2) (260.2) (511.0) (480.0) Total revenues excluding freight & delivery $ 1,883.6 $ 1,842.2 $ 3,400.7 $ 3,257.0 1. Includes freight & delivery to remote distribution sites.

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FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels as described below: Level 1: Quoted prices in active markets for identical assets or liabilities Level 2: Inputs that are derived principally from or corroborated by observable market data Level 3: Inputs that are unobservable and significant to the overall fair value measurement Our assets subject to fair value measurement on a recurring basis are summarized below: in millions June 30 2026 December 31 2025 June 30 2025 Level 1 Fair Value Rabbi Trust Mutual funds $ 47.4 $ 42.6 $ 39.4 Total $ 47.4 $ 42.6 $ 39.4 Level 2 Fair Value Rabbi Trust Money market mutual fund $ 2.3 $ 2.1 $ 1.9 Total $ 2.3 $ 2.1 $ 1.9 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 money market instruments). Net gai …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

INCOME TAXES Our estimated annual effective tax rate (EAETR) is based on full-year expectations of pretax earnings, statutory tax rates and permanent differences between book and tax accounting such as percentage depletion. For interim financial reporting, we calculate our quarterly income tax provision in accordance with the EAETR. Each quarter, we update our EAETR based on our revised full-year expectation of pretax earnings and calculate the income tax provision so that the year-to-date income tax provision reflects the EAETR. Significant judgment is required in determining our EAETR. Certain taxes may be computed outside of the EAETR and recognized when the event occurs, such as payments of share-based awards and significant, unusual, or infrequently occurring events. In the second quarter of 2026, we recorded income tax expense from continuing operations of $81.4 million compared to $91.3 million in the second quarter of 2025. The decrease in tax expense was primarily due to the tax benefit recorded for the remeasurement of our deferred tax liabilities in the second quarter of 2026 resulting from changes in our state tax profile after the divestiture of our ready-mixed concrete operations in California For the first six months of 2026, we recorded income tax expense from continuing operations of $127.2 million compared to $125.0 million for the first six months of 2025. The increase in tax expense was primarily due to the increase in pretax earnings, partially offset by …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES Our portfolio of nonmineral leases is composed of leases for real estate (including office buildings, aggregates sales yards and terminals, and concrete and asphalt sites) and equipment (including railcars and rail track, barges, and office, plant and mobile equipment). Lease right-of-use (ROU) assets and liabilities and the weighted-average lease terms and discount rates are as follows: dollars in millions Classification on the Balance Sheet June 30 2026 December 31 2025 June 30 2025 Assets 1 Operating lease ROU assets $ 684.2 $ 674.2 $ 700.4 Accumulated amortization (160.8) (152.7) (154.3) Operating leases, net Operating lease right-of-use assets, net 523.4 521.5 546.1 Finance lease ROU assets 23.4 35.3 52.2 Accumulated depreciation (11.9) (18.6) (25.8) Finance leases, net Property, plant & equipment, net 11.5 16.7 26.4 Total lease assets $ 534.9 $ 538.2 $ 572.5 Liabilities 1 Current Operating leases Other current liabilities $ 47.4 $ 44.5 $ 51.0 Finance leases Other current liabilities 4.0 5.8 9.2 Noncurrent Operating leases Noncurrent operating lease liabilities 521.2 522.6 536.1 Finance leases Other noncurrent liabilities 5.2 5.0 5.7 Total lease liabilities $ 577.8 $ 577.9 $ 602.0 Lease Term and Discount Rate Weighted-average remaining lease term (years) Operating leases 19.0 18.9 18.8 Finance leases 2.8 2.4 2.0 Weighted-average discount rate Operating leases 4.9 % 4.8 % 4.7 % Finance leases 4.6 % 4.0 % 3.5 % 1. Balances at December 31, 2025 exclude lease asse …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

BENEFIT PLANS Pension Plans We sponsor two qualified, noncontributory defined benefit pension plans, the Vulcan Materials Company Pension Plan (VMC Pension Plan) and the CMG Hourly Pension Plan (CMG Pension Plan). The VMC Pension Plan has been closed to new entrants since 2007, and benefit accruals ceased in 2005 for hourly participants and in 2013 for salaried participants. The CMG Pension Plan is closed to new entrants other than through one small union, and benefits continue to accrue equal to a flat dollar amount for each year of service. In addition to these qualified plans, we sponsor three unfunded, nonqualified pension plans. The following table sets forth the components of net periodic pension benefit cost: Three Months Ended June 30 Six Months Ended June 30 in millions 2026 2025 2026 2025 Service cost $ 0.4 $ 0.4 $ 0.9 $ 0.9 Interest cost 7.7 8.3 15.5 16.6 Expected return on plan assets (9.0) (8.0) (18.0) (15.8) Amortization of actuarial loss 1.3 1.3 2.5 2.5 Net periodic pension benefit cost $ 0.4 $ 2.0 $ 0.9 $ 4.2 Pretax amortization from AOCI $ 1.3 $ 1.3 $ 2.5 $ 2.5 Contributions to pension plans, as reflected on the Condensed Consolidated Statements of Cash Flows, pertain to benefit payments under nonqualified plans and qualified plan contributions of $4.2 million and $3.4 million for the six months ended June 30, 2026 and 2025, respectively. Postretirement Plans In addition to pension benefits, we provide certain healthcare and life insurance benefits for some r …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

REVENUES Revenues are measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Sales taxes and other taxes we collect are recorded as liabilities until remitted and thus are excluded from revenues. Costs to obtain and fulfill contracts (primarily asphalt construction paving contracts) are immaterial and are expensed as incurred when the expected amortization period is one year or less. Our segment total revenues by geographic market for the three and six month periods ended June 30, 2026 and 2025 are disaggregated as follows: Three Months Ended June 30, 2026 in millions Aggregates Asphalt Concrete Total East revenues $ 537.2 $ 59.4 $ 89.2 $ 685.8 Gulf Coast revenues 937.0 45.9 1.2 984.1 West revenues 288.8 224.7 96.4 609.9 Segment sales $ 1,763.0 $ 330.0 $ 186.8 $ 2,279.8 Intersegment sales (124.0) 0.0 0.0 (124.0) Total revenues 1 $ 1,639.0 $ 330.0 $ 186.8 $ 2,155.8 Three Months Ended June 30, 2025 in millions Aggregates Asphalt Concrete Total 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) Total revenues 1 $ 1,512.9 $ 368.9 $ 220.6 $ 2,102.4 Six Months Ended June 30, 2026 in millions Aggregates Asphalt Concrete Total East revenues $ 915.6 $ 85.2 $ 154.8 $ 1,155.6 Gulf Coast revenues 1,771.0 87.6 3.4 1,862.0 West revenues 526.9 373.0 216.1 1,116.0 Se …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

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 vast majority of our activities are domestic. We sell a relatively small amount of construction aggregates outside the United States. 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. Segment Financial Disclosure Three Months Ended June 30 Six Months Ended June 30 in millions 2026 2025 2026 2025 Total Revenues Aggregates 1 $ 1,763.0 $ 1,649.6 $ 3,213.5 $ 2,985.4 Asphalt 2 330.0 368.9 545.8 577.6 Concrete 186.8 220.6 374.3 397.7 Segment sales $ 2,279.8 $ 2,239.1 $ 4,133.6 $ 3,960.7 Aggregates intersegment sales (124.0) (136.7) (221.9) (223.7) Total $ 2,155.8 $ 2,102.4 $ 3,911.7 $ 3,737.0 Cost of Revenues Aggregates $ (1,071.7) …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Vulcan Materials Company (the Company, Vulcan, we, our), a New Jersey corporation, is the nations largest supplier of construction aggregates (primarily crushed stone, sand and gravel) and a major producer of aggregates-intensive downstream products such as asphalt mix and ready-mixed concrete. We operate primarily in the United States, and our principal productaggregatesis used in most types of public and private construction projects and in the production of asphalt mix and ready-mixed concrete. Our primary focus is serving metropolitan markets in the United States that are expected to experience the most significant growth in population, households and employment. These three demographic factors are significant drivers of demand for aggregates. While aggregates is our focus and primary business, we produce and sell aggregates-intensive asphalt mix and/or ready-mixed concrete products in certain markets. Basis of Presentation Our accompanying unaudited condensed consolidated financial statements were prepared in compliance with the instructions to Form 10-Q and Article 10 of Regulation S-X and thus do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (GAAP) for complete financial statements. We prepared the accompanying condensed consolidated financial statements on the same basis as our annual financial statements, except for t …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

EQUITY Our capital stock consists solely of common stock, par value $1.00 per share, of which 480,000,000 shares may be issued. Holders of our common stock are entitled to one vote per share. We may also issue 5,000,000 shares of preferred stock, but no shares have been issued. The terms and provisions of such shares will be determined by our Board of Directors upon any issuance of preferred shares in accordance with our Certificate of Incorporation. There were no shares held in treasury as of June 30, 2026, December 31, 2025, or June 30, 2025. Our common stock purchases (all of which were open market purchases) and subsequent retirements for the year-to-date periods ended are as follows: in millions, except average price June 30 2026 December 31 2025 June 30 2025 Number of shares purchased and retired 1.4 1.5 0.2 Total purchase price 1 $ 399.8 $ 438.4 $ 38.1 Average price per share $ 283.77 $ 283.82 $ 224.36 1. The amount paid to purchase shares in excess of the par value and related excise taxes are recorded in retained earnings. As of June 30, 2026, 3,864,057 shares may be purchased under the current authorization of our Board of Directors. Changes in total equity are summarized below: Three Months Ended June 30 Six Months Ended June 30 in millions, except per share data 2026 2025 2026 2025 Total Shareholders' Equity Balance at beginning of period $ 8,451.3 $ 8,134.1 $ 8,525.1 $ 8,118.6 Net earnings attributable to Vulcan 323.4 320.9 488.9 449.8 Share-based compensation pl …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing