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Call sheet · Q2'26

Vulcan Materials (VMC)

Q2'26 earnings call · held July 29, 2026 · compared with the Q1'26 call · management-credibility review
4/12
Disclosure score
2 high, 2 medium, 2 low flags
Financial quality
Bottom line
The market will focus on the flat adjusted EBITDA headline, but the real lever is the **hidden diesel‑saving program (VWO) and new liquid‑asphalt storage** that could shave 5‑7 % off unit cost - a benefit not reflected in any disclosed metric. While pricing is up 5 % YoY, the binding constraint is diesel usage and weather‑driven stripping capacity, which caps margin upside. Management’s most concrete commitment is the 1.7× net‑debt/EBITDA leverage cap; everything else is narrative. My view flips if diesel savings fall short of the implied 5 % cost reduction or if the mid‑year price increase proves smaller than expected.

The 30-second version

  • Sleeper story: hidden diesel‑saving engine in VWO and new liquid‑asphalt storage
  • Headline: Adjusted EBITDA flat YoY, but the real story is pricing vs cost balance
  • Red flag: key margin metric vanished and new ratios appear without context

What changed this quarter

MetricQ1'26Q2'26Change
Adjusted EBITDA$447 m (Q1) (+9 % YoY)$654 m (Q2) (≈0 % YoY, +46 % QoQ)+46 % QoQ
Adjusted EBITDA YoY growth≈9 % YoY≈0 % YoYflat YoY
Mix‑adjusted price+4 % YoY (Q1)+5 % YoY (Q2)+1 ppt acceleration
Freight‑adjusted unit cash cost (ex‑diesel)+4 % YoY (Q1)+3 % YoY (Q2)-1 ppt deceleration
Net debt / Adjusted EBITDA leverage≈1.9× (Q1)1.7× (Q2)-0.2 ppt
Return on Invested Capital (ROIC)16.0 % (Q1)16.1 % (Q2)+0.1 ppt
SAG expense % of revenue6.9 % (12‑mo trailing, Q1)6.9 % (12‑mo trailing, Q2)flat
Capital expenditures (YTD)$686 m (12‑mo trailing, Q1)$370 m (maintenance & growth) + $75 m acquisition (Q2)-$241 m YTD
Share repurchases (YTD)$149 m (Q1)$400 m (YTD Q2)+$251 m
Cash on handNot disclosed$300 mnew disclosure

Accountability tracked

6 new promises made5 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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