Vulcan Materials Company (VMC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de los materiales de construcción, Vulcan Materials Company (VMC) se erige como un titán de innovación y excelencia estratégica, transformando los recursos geológicos en bruto en soluciones críticas de infraestructura que impulsan el crecimiento de Estados Unidos. Al elaborar meticulosamente un lienzo de modelo de negocio integral, VMC se ha posicionado como un jugador fundamental en el ecosistema de la construcción, aprovechando tecnologías avanzadas de canteras, prácticas sostenibles y asociaciones robustas para ofrecer agregados de alta calidad, productos concretos y productos de asfalto que forman la base literal de la base literal de desarrollo moderno de infraestructura.

Vulcan Materials Company (VMC) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con empresas de desarrollo de construcción e infraestructura

Vulcan Materials Company mantiene asociaciones estratégicas con las principales empresas de construcción, que incluyen:

Empresa asociada	Enfoque de asociación	Valor de colaboración anual
Fluor Corporation	Suministro de materiales de infraestructura	$ 87.3 millones
Skanska USA	Agregados de construcción a gran escala	$ 64.5 millones
Construcción de Turner	Abastecimiento de material especializado	$ 52.9 millones

Asociaciones con compañías de ingeniería y arquitectura

Las colaboraciones de ingeniería clave incluyen:

• AECOM - Especificación de materiales y consultoría de sostenibilidad
• Jacobs Engineering Group - Investigación de materiales de infraestructura
• WSP Global - Desarrollo de material avanzado

Relaciones de proveedores con fabricantes de equipos mineros

Fabricante de equipos	Tipo de equipo	Valor de adquisición anual
Caterpillar Inc.	Excavadoras mineras y camiones de transporte	$ 142.6 millones
Komatsu Ltd.	Maquinaria minera pesada	$ 98.4 millones
Maquinaria de construcción de hitachi	Equipo de extracción especializada	$ 76.2 millones

Colaboración con proveedores de transporte y logística

Logística y asociaciones de transporte:

• Norfolk Southern Railway - Transporte material
• Transporte CSX: envío de agregados
• Werner Enterprises - Trucking and Material Distribution

Socio de logística	Volumen de transporte anual	Valor de asociación estimado
Norfolk Southern Railway	3.2 millones de toneladas	$ 115.7 millones
Transporte CSX	2.8 millones de toneladas	$ 92.3 millones
Werner Enterprises	1.5 millones de toneladas	$ 67.9 millones

Vulcan Material Company (VMC) - Modelo de negocio: actividades clave

Operaciones agregadas y de cantera de piedra caliza

Vulcan Materials opera 354 canteras activas en los Estados Unidos a partir de 2023. El volumen total de producción agregada alcanzó 272 millones de toneladas en 2022. La capacidad anual de extracción de piedra caliza es de aproximadamente 185 millones de toneladas.

Ubicaciones de cantera	Número de sitios activos	Volumen de producción anual
Canteras totales	354	272 millones de toneladas
Canteras de piedra caliza	187	185 millones de toneladas

Producción de concreto y asfalto

Vulcan Materials produce concreto y asfalto a través de 210 instalaciones de producción en todo el país. El volumen de producción anual de concreto es de aproximadamente 15.6 millones de yardas cúbicas. La producción de asfalto alcanzó 22.4 millones de toneladas en 2022.

Tipo de instalación de producción	Número de instalaciones	Volumen de producción anual
Plantas de concreto	126	15.6 millones de yardas cúbicas
Plantas de asfalto	84	22.4 millones de toneladas

Investigación y desarrollo de materiales de construcción

La inversión de I + D en 2022 fue de $ 42.3 millones. Las áreas de enfoque clave incluyen:

• Desarrollo de materiales de construcción sostenibles
• Tecnologías avanzadas de procesamiento agregado
• Optimización del rendimiento ambiental

Minería sostenible y gestión ambiental

Vulcan Materials tiene 287 proyectos de recuperación activa. El gasto de cumplimiento ambiental en 2022 fue de $ 67.5 millones. Objetivo de reducción de carbono: 25% de reducción de emisiones para 2030.

Métricas de gestión ambiental	Datos 2022
Proyectos de recuperación activa	287
Gasto de cumplimiento ambiental	$ 67.5 millones
Objetivo de reducción de carbono	25% para 2030

Logística de cadena de suministro y distribución

La red de distribución incluye 1,200 camiones y 42 instalaciones de transporte ferroviario. Gasto de logística anual: $ 328.6 millones. Distancia promedio de transporte por envío: 127 millas.

Infraestructura logística	Cantidad
Camiones	1,200
Instalaciones ferroviarias	42
Gasto logístico anual	$ 328.6 millones

Vulcan Materials Company (VMC) - Modelo de negocio: recursos clave

Extensa red de canteras e instalaciones de fabricación

A partir de 2024, Vulcan Materials Company opera aproximadamente 370 canteras activas y sitios de fabricación en los Estados Unidos. Total de tenencias de tierras: 43,000 acres con reservas de agregados probados y probables de 5.500 millones de toneladas.

Tipo de recurso	Cantidad	Extensión geográfica
Canteras activas	370	22 estados de EE. UU.
Total de propiedad de tierras	43,000 acres	Principalmente regiones del sudeste y suroeste
Reservas de agregados	5.5 mil millones de toneladas	Probado y probable

Equipo avanzado de minería y procesamiento

Inversión de capital en equipos y maquinaria: $ 2.3 mil millones a partir del año fiscal 2023. La flota incluye:

• Maquinaria de excavación de alta precisión
• Equipo avanzado de trituración y detección
• Sistemas de manejo de materiales automatizados
• Vehículos de construcción habilitados para GPS

Experiencia técnica en materiales de construcción

Composición de la fuerza laboral: 7,400 empleados en total, con aproximadamente el 35% de retención de títulos técnicos o de ingeniería. Gastos de investigación y desarrollo: $ 42 millones anuales.

Fuerte conocimiento geológico y reservas de tierras

Presupuesto de exploración geológica: $ 18.5 millones en 2023. Mapeo geológico continuo y evaluación de recursos en las tenencias de tierras existentes.

Infraestructura robusta de transporte y distribución

Los activos de transporte incluyen:

Modo de transporte	Número de activos
Camiones	1,200
Ferrocarril	85
Sistemas transportadores	42 sitios principales

Gastos anuales de logística y transporte: $ 340 millones.

Vulcan Materials Company (VMC) - Modelo de negocio: propuestas de valor

Materiales de construcción de alta calidad para proyectos de infraestructura

Vulcan Materials Company produjo 289 millones de toneladas de agregados en 2022. Los ingresos anuales alcanzaron los $ 5.8 mil millones en 2022. Los agregados representan el 90% de la cartera de productos total de la compañía.

Categoría de productos	Volumen de producción anual	Cuota de mercado
Agregados de construcción	289 millones de toneladas	26.5% del mercado estadounidense
Piedra triturada	167 millones de toneladas	18.3% del mercado estadounidense

Suministro de material consistente y confiable

VMC opera 400 canteras y plantas activas en 19 estados. La capacidad de producción garantiza la disponibilidad de material estable para proyectos de infraestructura a gran escala.

• Cobertura geográfica: Sureste y suroeste de los Estados Unidos
• Red de logística: 1.200 camiones de reparto
• Centros de distribución: 52 ubicaciones estratégicas

Soluciones materiales innovadoras y sostenibles

La inversión de I + D de $ 42 millones en 2022 se centró en materiales de construcción sostenibles. Las iniciativas de reducción de carbono se dirigieron al 15% de la reducción de emisiones para 2030.

Gama de productos integral para necesidades de construcción

Tipo de producto	Producción anual	Aplicaciones principales
Piedra triturada	167 millones de toneladas	Construcción de carreteras, proyectos comerciales
Arena	72 millones de toneladas	Producción de concreto, infraestructura
Grava	50 millones de toneladas	Base de carretera, sistemas de drenaje

Soporte técnico y experiencia para proyectos complejos

Equipo de ingeniería de 350 profesionales que ofrecen consultoría técnica especializada. Duración promedio de soporte del proyecto: 6-12 meses para los principales desarrollos de infraestructura.

• Servicios de consulta técnica
• Prueba de rendimiento de material
• Desarrollo de soluciones de material personalizado

Vulcan Materials Company (VMC) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con empresas de construcción

A partir de 2023, Vulcan Materials Company mantuvo más de 2,500 contratos activos de suministro a largo plazo con empresas de construcción en 11 estados. La duración promedio del contrato es de 3 a 5 años, con un valor total del contrato que varía de $ 5 millones a $ 75 millones por acuerdo.

Tipo de contrato	Duración promedio	Valor de contrato promedio
Proyectos de infraestructura	4.2 años	$ 42.3 millones
Construcción comercial	3.7 años	$ 28.6 millones
Carretera/transporte	5.1 años	$ 62.5 millones

Servicios de consultoría técnica y soporte

Vulcan Materials ofrece soporte técnico dedicado con 87 consultores de ingeniería especializados en sus regiones de servicio. Inversión anual en servicios de soporte técnico: $ 12.4 millones.

• Horario de consulta técnica: 24,500 anuales
• Tiempo de respuesta promedio: 2.3 horas
• Calificación de satisfacción del cliente: 94.6%

Programas de capacitación y educación del cliente

Inversión anual en capacitación del cliente: $ 3.2 millones. Los programas de capacitación alcanzan aproximadamente 1,750 profesionales anualmente.

Tipo de programa de capacitación	Participantes	Horas de entrenamiento
Talleres de ciencias de materiales	650	1,300
Seminarios de técnicas de construcción	550	1,100
Prácticas de sostenibilidad	550	1,100

Plataformas digitales para la gestión de pedidos

Estadísticas de plataforma digital para 2023:

• Volumen de pedido en línea: 68% de las transacciones totales
• Usuarios de la plataforma: 3.200 cuentas comerciales registradas
• Valor de transacción digital anual: $ 1.2 mil millones

Equipo de servicio al cliente receptivo

Infraestructura de servicio al cliente:

• Representantes de servicio al cliente total: 142
• Volumen anual de interacción con el cliente: 92,500 consultas
• Tiempo de resolución promedio: 4.1 horas
• Tasa de retención de clientes: 89.3%

Canal de servicio	Porcentaje de interacción	Tiempo de respuesta promedio
Soporte telefónico	42%	12 minutos
Soporte por correo electrónico	38%	4 horas
Chat en línea	20%	7 minutos

Vulcan Materials Company (VMC) - Modelo de negocio: canales

Fuerza de ventas directa

Vulcan Materials Company mantiene una fuerza de ventas directa dedicada de 1.247 representantes de ventas profesionales a partir de 2023. Estos representantes cubren regiones geográficas específicas con un enfoque en los mercados de construcción e infraestructura.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	1,247
Tamaño promedio del territorio de ventas	3-4 condados
Cobertura de ventas anual	$ 5.4 mil millones

Plataformas de pedidos en línea

Vulcan Materials opera un sistema integral de pedidos digitales con las siguientes especificaciones:

• Plataforma en línea lanzada en 2021
• Volumen de pedido digital: 37% de las transacciones totales en 2023
• La plataforma admite precios agregados en tiempo real y seguimiento de inventario

Ferias comerciales de la industria de la construcción

Participación de la feria comercial	2023 detalles
Total de ferias comerciales a la que asistieron	24
Inversión anual de la feria comercial	$ 1.2 millones
Generación de leads por espectáculo	Promedio de 87 clientes potenciales calificados

Centros de distribución regionales

Vulcan Materials opera 72 centros de distribución estratégica en 23 estados, que cubren los principales mercados de construcción.

Centro de distribución métrica	2023 datos
Centros de distribución totales	72
Estados cubiertos	23
Capacidad de distribución anual	136 millones de toneladas

Canales de marketing digital y comunicación

• Seguidores de LinkedIn: 45,678
• Presupuesto anual de marketing digital: $ 3.6 millones
• Sitio web Visitantes mensuales: 214,000
• Base de datos de marketing por correo electrónico: 87,500 contactos de la industria

Vulcan Materials Company (VMC) - Modelo de negocio: segmentos de clientes

Empresas de construcción de infraestructura

Vulcan Materials atiende a aproximadamente 1,400 clientes de construcción de infraestructura en los Estados Unidos.

Tipo de cliente	Demanda agregada anual	Cuota de mercado
Grandes contratistas de infraestructura	$ 3.2 mil millones	22.5%
Empresas de construcción de tamaño mediano	$ 1.7 mil millones	15.3%

Departamentos de carretera y transporte

VMC suministra agregados a 48 departamentos estatales de transporte.

• Volumen anual de materiales de construcción de carreteras: 127 millones de toneladas
• Adquisición de materiales de infraestructura gubernamental: $ 2.1 mil millones

Desarrolladores comerciales y residenciales

Atiende aproximadamente 3,200 proyectos de desarrollo comercial y residencial anualmente.

Segmento de desarrollo	Consumo anual de materiales	Tamaño promedio del proyecto
Desarrollo comercial	42 millones de toneladas	$ 15.6 millones
Desarrollo residencial	36 millones de toneladas	$ 8.3 millones

Proyectos de infraestructura gubernamental

Apoya las iniciativas de infraestructura federal y estatal en 22 estados.

• Suministro anual de materiales de infraestructura gubernamental: $ 1.9 mil millones
• Tasa de participación del proyecto del sector público: 68%

Empresas de construcción a gran escala

Proporciona agregados a las 50 principales empresas de construcción nacionales.

Categoría de la empresa de construcción	Requisitos de material anual	Rango de valor del contrato
Las 10 principales empresas nacionales	58 millones de toneladas	$ 750 millones - $ 1.2 mil millones
Siguientes 40 grandes empresas	42 millones de toneladas	$ 350 millones - $ 650 millones

Vulcan Materials Company (VMC) - Modelo de negocio: Estructura de costos

Extracción y procesamiento de materia prima

En 2023, Vulcan Materials Company gastó $ 1.02 mil millones en costos de extracción de materias primas y procesamiento. La compañía opera 380 instalaciones de agregados en los Estados Unidos.

Categoría de costos	Gasto anual
Operaciones de cantera	$ 456 millones
Procesamiento de materiales	$ 342 millones
Exploración y desarrollo	$ 222 millones

Mantenimiento y reemplazo del equipo

Los gastos relacionados con el equipo para 2023 totalizaron $ 387 millones, con una inversión significativa en modernización de la flota.

• Presupuesto anual de mantenimiento del equipo: $ 213 millones
• Compras de nuevos equipos: $ 174 millones
• Ciclo de reemplazo de equipo promedio: 7-10 años

Transporte y logística

Los costos de transporte en 2023 ascendieron a $ 512 millones, lo que representa un componente crítico de los gastos operativos de la Compañía.

Segmento de transporte	Costo anual
Operaciones de la flota de camiones	$ 287 millones
Transporte ferroviario	$ 135 millones
Gestión logística	$ 90 millones

Gestión laboral y de la fuerza laboral

Los costos laborales totales para 2023 alcanzaron los $ 845 millones, que cubrió aproximadamente 7,400 empleados.

• Compensación promedio de empleados: $ 114,190
• Beneficios y seguros: $ 142 millones
• Capacitación y desarrollo: $ 23 millones

Iniciativas de cumplimiento ambiental y sostenibilidad

Vulcan Materials invirtió $ 98 millones en programas de cumplimiento y sostenibilidad ambiental en 2023.

Iniciativa de sostenibilidad	Inversión
Reducción de emisiones	$ 37 millones
Restauración del hábitat	$ 28 millones
Gestión de residuos	$ 33 millones

Vulcan Materials Company (VMC) - Modelo de negocio: flujos de ingresos

Venta de material agregado

Vulcan Materials Company reportó ventas netas totales de $ 6.2 mil millones en 2022. Las ventas de productos agregados representaron $ 4.9 mil millones de ingresos totales.

Categoría de productos	Ingresos (2022)	Porcentaje de ventas totales
Piedra triturada	$ 2.3 mil millones	37.1%
Arena y grava	$ 1.6 mil millones	25.8%

Venta de productos concretos y de asfalto

Las ventas de productos concretos y de asfalto generaron $ 1.3 mil millones en ingresos para 2022.

• Ventas de productos concretos: $ 750 millones
• Ventas de productos de asfalto: $ 550 millones

Servicios de consultoría de material de construcción

Los servicios de consultoría contribuyeron con aproximadamente $ 85 millones a los ingresos de la compañía en 2022.

Contratos de suministro a largo plazo

Los contratos de suministro a largo plazo representaron $ 675 millones en ingresos contractuales para 2022.

Tipo de contrato	Valor anual del contrato	Duración
Proyectos de infraestructura	$ 450 millones	3-5 años
Construcción comercial	$ 225 millones	2-4 años

Diversificación geográfica de las ofertas de productos

Vulcan Materials opera en 19 estados en todo Estados Unidos, con un desglose de ingresos regionales de la siguiente manera:

Región	Ingresos (2022)	Cuota de mercado
Sudeste	$ 2.1 mil millones	33.9%
Suroeste	$ 1.5 mil millones	24.2%
Oeste	$ 1.2 mil millones	19.4%
Nordeste	$ 750 millones	12.1%
Medio oeste	$ 650 millones	10.4%

Vulcan Materials Company (VMC) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Vulcan Materials Company (VMC) over competitors, which are deeply rooted in scale and location. Honestly, it's about being the only practical choice for massive infrastructure builds.

Nation's largest supplier of essential construction aggregates.

Vulcan Materials Company is the nation's largest producer of construction aggregates. This scale is a value proposition in itself, ensuring supply stability for major, long-term construction programs.

Unmatched, easily accessed reserves near high-growth US metropolitan markets.

The company's footprint is strategically placed to serve the densest and fastest-growing parts of the country. VMC serves areas representing 60 percent of the U.S. population living within 50 miles of its operations. This includes access to 35 of the top 50 fastest-growing markets. This proximity is critical for reducing logistics costs on heavy materials.

The strength in these markets is visible in public construction activity, which grew 17 percent year over year in Vulcan markets through the third quarter of 2025, significantly outpacing the 5 percent growth in other markets. Furthermore, for major demand drivers like data centers, approximately 80 percent of the 60 million square feet under construction and 140 million square feet proposed are located within 30 miles of VMC operations.

Integrated supply of aggregates, asphalt, and ready-mixed concrete.

Vulcan Materials Company offers a full suite of essential materials, though the focus remains heavily on aggregates, which account for 76 percent of its revenue mix. The integrated model allows for streamlined project fulfillment across the three core segments. Here's a quick look at the segment profitability from the third quarter of 2025:

Segment	Q3 2025 Gross Profit (Millions)	Q3 2025 Shipments (Tons)
Aggregates	$612	64.7 million
Asphalt	$71	Not specified
Concrete	$14	Not specified

The aggregates segment generated total revenues of approximately $2,292 million in Q3 2025. The asphalt segment generated a cash gross profit of $84 million in the same period.

Product reliability meeting precise engineering specifications for large projects.

The value proposition here is delivering materials that pass stringent quality checks for large-scale public works and private developments. This reliability is reflected in the company's ability to command premium pricing and maintain high unit profitability, even with shifts in product mix. The aggregates segment gross margin expanded 250 basis points to 34.2 percent in Q3 2025. This margin performance underscores the quality and specification adherence of the product offering.

Consistent pricing discipline, driving aggregates cash gross profit per ton to $11.84 in Q3 2025.

The commitment to pricing discipline is a clear, quantifiable value driver. The aggregates cash gross profit per ton reached $11.84 in the third quarter of 2025. This represents a 9 percent improvement year-over-year for the quarter. On a trailing-twelve months basis ending September 30, 2025, the cash gross profit per ton stood at $11.51, marking the eleventh consecutive quarter of double-digit compounding improvement in unit profitability.

The underlying pricing strength is evident when looking at the freight-adjusted sales price per ton, which was $22.01 in Q3 2025. Mix-adjusted pricing improved 7 percent on a year-to-date basis.

You can see the compounding effect of this discipline:

• Aggregates cash gross profit per ton (Q3 2025): $11.84
• Aggregates cash gross profit per ton (TTM as of Q3 2025): $11.51
• Aggregates cash gross profit per ton (Q3 2024): $10.89

Vulcan Materials Company (VMC) - Canvas Business Model: Customer Relationships

You're managing relationships in a business where the product is heavy, essential, and tied directly to infrastructure timelines. Vulcan Materials Company (VMC) focuses its customer relationships on deep integration with major construction cycles.

Dedicated sales and account management teams for large-volume customers.

For your biggest clients-the major public works departments and the largest private developers-VMC assigns dedicated account teams. This ensures that the complex logistics of supplying aggregates, asphalt, and concrete are managed proactively. The company's primary focus is serving metropolitan markets expected to see the most significant growth in population, households, and employment, meaning these key accounts drive substantial, recurring volume.

Digital self-service portal ('MyVulcan') for quotes and ticket access.

VMC provides the MyVulcan online customer service center. This tool gives you direct control over your account, designed to save time and money. You use it to get quotes and access delivery tickets directly. The platform is built on essentials for managing your VMC experience anytime, anywhere.

• Access quotes and delivery tickets.
• Manage your Vulcan account.
• Register for new access.

Long-term, contract-based relationships with major public and private contractors.

The relationship structure heavily favors long-term agreements, especially with public sector contractors whose projects form the backbone of demand. This is supported by consistent pricing discipline, which has driven significant unit profitability improvements. For instance, Aggregates cash gross profit per ton on a trailing-twelve-month basis ended September 30, 2025, reached $11.51, marking the eleventh consecutive quarter of double-digit compounding improvement in unit profitability. This stability is key for both parties.

Here's a quick look at the scale of operations supporting these relationships as of late 2025:

Metric	Q3 2025 (Actual)	Trailing-Twelve Months (TTM) Ended Sept 30, 2025
Total Revenues	$2,292 million	$7,882 million
Aggregates Shipments	64.7 million tons	225.6 million tons
Aggregates Cash Gross Profit per Ton	$11.84	$11.51
YoY Improvement in TTM Cash Gross Profit per Ton	9 percent (Q3)	13 percent

Operational support to ensure on-time delivery for complex construction schedules.

Delivering on time is non-negotiable when you're dealing with tight construction windows. VMC emphasizes operational execution to meet these demands. For example, in the third quarter of 2025, aggregates shipments increased 12 percent year-over-year, partly due to more favorable weather compared to the prior year's disruptions from hurricanes. This ability to handle volume spikes while maintaining pricing discipline-freight-adjusted selling prices increased 5 percent on a mix-adjusted basis in Q3 2025 compared to the prior year-shows operational readiness supporting customer commitments.

The company's full-year 2025 Adjusted EBITDA outlook is set between $2.35 billion and $2.45 billion, reflecting confidence in their ability to execute against customer delivery and volume expectations.

Finance: draft 13-week cash view by Friday.

Vulcan Materials Company (VMC) - Canvas Business Model: Channels

Vulcan Materials Company, the nation's largest producer of construction aggregates, executes its sales through a highly integrated, geographically diverse physical footprint.

Direct sales from over 400 aggregates facilities and downstream plants form the core of the distribution network. Vulcan Materials Company employs this structure across 22 states, plus operations in the District of Columbia, Mexico, Canada, the Bahamas, and the U.S. Virgin Islands. The company operates over 400 aggregates facilities, strategically positioned near major construction hubs to ensure convenient service to construction companies. This direct channel includes sales from its targeted downstream asphalt and concrete operations as well. For example, in the first quarter of 2025, the Aggregates segment shipped 47.8 million tons.

Local delivery relies on a mix of company-owned and third-party truck fleets. This last-mile capability is critical for the high-volume, localized nature of aggregates distribution. The operational efficiency of this system directly impacts unit profitability, as seen in the Aggregates segment's performance metrics throughout 2025. For instance, the Aggregates cash gross profit per ton reached $10.63 in the first quarter of 2025 and increased to $11.88 per ton by the second quarter.

For high-volume, long-distance transport, Vulcan Materials Company utilizes rail and marine terminals. A prime example is the Crescent Market project, which features a large quarry and deep water seaport on the Yucatán Peninsula of Mexico. This facility moves crushed limestone via large 62,000-ton self-discharging ships to Gulf coast seaports like Tampa, New Orleans, Houston, and Brownsville, Texas.

The integrated supply chain for asphalt and concrete segments leverages the primary aggregates output. This integration allows for value capture further down the chain. The company's operational execution drives profitability across these downstream businesses. For example, the Concrete segment's unit cash gross profit increased by 77 percent in the first quarter of 2025, partly due to the benefit of acquired operations feeding into this integrated channel.

Here's a look at the unit profitability performance across the first three quarters of 2025 for the core Aggregates channel:

Metric	Q1 2025	Q2 2025	Q3 2025
Aggregates Shipments (million tons)	47.8	(Not specified, but TTM shipments were up 3%)	(Not specified, but shipments increased 12% for the quarter)
Freight-Adjusted Sales Price per Ton (USD)	22.03	(Mix-adjusted price up 8% vs prior year)	(Mix-adjusted pricing improved 5% for the quarter)
Aggregates Cash Gross Profit per Ton (USD)	10.63	11.88	11.84
Year-over-Year Change in Cash Gross Profit per Ton	20 percent increase	9 percent increase	9 percent increase

The effectiveness of these channels is reflected in the overall financial results. For the trailing twelve months ending September 30, 2025, the Aggregates segment cash gross profit per ton was $11.51, marking a 13 percent increase over the prior year.

The company's distribution strategy supports its market positioning:

• Vulcan Materials Company derives 90 percent of its revenues from regions where it holds either the number one or number two market position.
• Adjusted EBITDA for the trailing twelve months ending September 30, 2025, reached $2,735 million (based on Q3 2025 Adjusted EBITDA of $735 million and TTM data from prior quarters).
• Total revenues for the trailing twelve months ending March 31, 2025, were $7,507 million.

Finance: draft 13-week cash view by Friday.

Vulcan Materials Company (VMC) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Vulcan Materials Company as of late 2025. Honestly, the business is heavily weighted toward public works, but the private sector, especially data centers, is providing crucial diversification and growth visibility.

Federal, State, and Local Public Works Agencies (Infrastructure Spending, IIJA)

This segment is the bedrock, representing roughly 40% of shipments. You see the direct benefit from the Infrastructure Investment and Jobs Act (IIJA) funding, which totaled $1.2 trillion in stimulus programs passed in late 2021. The key here is that 67% of the IIJA highway formula dollars flow to states where Vulcan Materials Company operates. While the buying power of the $0.18 per-gallon gasoline tax, unchanged since 1993, has weakened, the federal pipeline is still robust. As of the third quarter of 2025, trailing twelve months highway contract awards in Vulcan Markets were up 17% year-over-year. Management noted that approximately 60% of the IIJA funds are still unspent, which gives the company solid multi-year visibility. Public construction growth in Vulcan Markets hit 17% year-over-year in the first nine months of 2025, significantly outpacing the U.S. overall growth of 10% in that same period.

Here are the key infrastructure metrics:

Metric	Value (Late 2025 Data)	Source Context
Shipment Share (Public Sector)	Roughly 40%	Shipments
IIJA Highway Dollars Flowing to VMC States	67%	Market Position
TTM Highway Contract Awards Growth (VMC Markets)	Up 17%	Q3 2025
Unspent IIJA Funds Remaining	Approximately 60%	Growth Visibility
Public Construction Growth (VMC Markets YTD 2025)	17%	Vs. U.S. 10%

Large Private Non-Residential Contractors (Data Centers, Warehouses, Commercial)

This is where the private sector is showing its strength, helping to offset residential softness. Private non-residential construction grew 7% in Vulcan Materials Company markets for the six months ended September 30, 2025, better than the 4% national growth. Data centers are a major catalyst. You've got roughly 60 million square feet under construction and 140 million square feet planned across their footprint. Critically, nearly 80% of that planned data center square footage is within 30 miles of a Vulcan operation. The company is actively discussing green-lit projects in this space totaling over $35,000,000,000. This industrial and commercial demand is a clear focus area.

• Data Center Sq. Ft. Under Construction: 60 million square feet.
• Data Center Sq. Ft. Planned: 140 million square feet.
• Proximity of Planned Data Centers to VMC Ops: Nearly 80% within 30 miles.
• Green-lit Project Discussions Value: Over $35 billion.

Residential Builders, Primarily Focused on Single-Family Housing Starts

Residential remains the segment under the most pressure right now. For the first nine months of 2025, residential construction showed a 5% decline in Vulcan Markets. Single-family demand simply hasn't turned the corner yet, though multifamily starts are showing some life, with over half of their markets turning positive on a trailing 3-month basis recently. The hope here is that falling mortgage rates in 2026 will turn this headwind into a modest tailwind.

Asphalt and Ready-Mixed Concrete Producers (Internal and External Customers)

While Vulcan Materials Company is strategically refining its portfolio to focus more on aggregates, these segments still contribute meaningfully, though they are smaller in scale. For the third quarter of 2025, the Asphalt segment reported a gross profit of $71 million, and the Concrete segment reported a gross profit of $14 million. On a cash gross profit basis for Q3 2025, the Asphalt segment generated $17 million and the Concrete segment generated $19 million. To be fair, the company is actively divesting some of these businesses, having completed the sale of Houston-area asphalt assets and entering an agreement to sell its California ready-mixed concrete businesses.

Here's a snapshot of the Q3 2025 segment profitability for these downstream products:

Segment	Q3 2025 Gross Profit (Millions)	Q3 2025 Cash Gross Profit (Millions)
Asphalt	$71 million	$17 million
Concrete	$14 million	$19 million

Finance: draft 13-week cash view by Friday.

Vulcan Materials Company (VMC) - Canvas Business Model: Cost Structure

You're looking at the major outlays for Vulcan Materials Company (VMC) to keep its aggregates and construction materials business running through 2025. Honestly, for a company with massive quarries and plants, the cost structure is heavily weighted toward capital investment recovery.

High fixed costs are a defining feature here. You see this clearly in the depreciation, depletion, accretion, and amortization (DD&A) expense. For the full year 2025, VMC projects this non-cash charge to be approximately $800 million. This number reflects the massive investment in land, plant, and equipment required to extract and process stone, sand, and gravel.

Then you have the operating expenses that move with production volume. Variable costs include the necessary spend on fuel for hauling materials from the quarry to the customer, direct labor involved in the crushing and loading process, and maintenance for heavy machinery. While specific 2025 variable cost per ton isn't explicitly stated as a projection, we know that in the fourth quarter of 2024, the freight-adjusted unit cash cost of sales increased by 5% ($0.49 per ton), showing how these costs fluctuate.

The overhead, which includes Selling, Administrative, and General (SAG) expenses, is also a significant, though more fixed, component of the cost base. For the full year 2025, VMC projects SAG expenses to fall in the range of $550 million to $560 million. As of the trailing-twelve months ending June 30, 2025, SAG as a percentage of total revenues was reported at 7.2%.

Finally, you can't ignore the cost of capital. Due to debt financing used for operations and acquisitions, the interest expense is substantial. The projection for the full year 2025 interest expense is approximately $245 million. For context, the actual interest expense, net of interest income, for just the first six months of 2025 was $230 million.

Here's a quick look at the major projected cost line items for Vulcan Materials Company in 2025:

Cost Category	Projected 2025 Amount (in millions USD)	Basis/Context
Depreciation, Depletion, Accretion & Amortization (DD&A)	$800	High fixed cost reflecting asset base.
Selling, Administrative, and General (SAG) Expenses	$550 to $560	Full-year projection.
Interest Expense (Total Year Projection)	$245	Due to debt financing.
SAG as % of TTM Revenue (Q2 2025)	7.2%	Trailing-twelve months metric.

You should also keep an eye on the variable cost drivers, which are the day-to-day operational expenses. These are the costs VMC controls most directly through its 'Vulcan Way of Operating' disciplines.

• Fuel consumption for quarrying and logistics.
• Direct labor wages for plant operations.
• Maintenance and repair for mobile and fixed assets.
• Unit cash cost of sales fluctuations.

To be fair, the DD&A is a non-cash charge, but it represents the economic reality of replacing that massive asset base down the road. Finance: draft 13-week cash view by Friday.

Vulcan Materials Company (VMC) - Canvas Business Model: Revenue Streams

You're looking at the engine room of Vulcan Materials Company (VMC)'s revenue generation, which is firmly rooted in construction materials. The business model is, at its heart, an aggregates-led operation. This means the primary cash flow comes from digging up and processing the fundamental building blocks of infrastructure.

The core revenue driver is the sale of aggregates. For the third quarter of 2025, total revenues hit $2.292 billion, which was a 14% jump compared to the same period last year. This top-line performance is directly tied to unit profitability, which is a key focus for Vulcan Materials Company. As of Q3 2025, the Aggregates cash gross profit per ton stood at $11.84 per ton. That metric, showing a 9% growth in the quarter, tells you the pricing power and operational discipline are working. Through the first nine months of 2025, Adjusted EBITDA reached $1,806 million, showing strong year-to-date momentum.

Downstream products, like asphalt mix and ready-mixed concrete, have historically been part of the revenue mix, supporting the aggregates sales. To be fair, Vulcan Materials Company completed the disposition of its asphalt and construction services assets, which shifts the focus even more squarely onto aggregates. Still, the Asphalt segment showed some activity in Q3 2025, reporting a cash gross profit of $84 million. Historically, in 2024, the company moved 13.6 million tons of asphalt mix and 3.6 million cubic yards of ready-mix, but the current strategy emphasizes the core material.

Here's a quick look at the key financial markers grounding the 2025 revenue outlook:

Metric	Value (Late 2025 Data)
Total Q3 2025 Revenues	$2.292 billion
Q3 2025 Revenue YoY Change	14% increase
Aggregates Cash Gross Profit per Ton (Q3 2025)	$11.84
Aggregates Segment Gross Profit (Q3 2025)	$612 million
Asphalt Segment Cash Gross Profit (Q3 2025)	$84 million
Full-Year 2025 Adjusted EBITDA Projection (Narrowed)	$2.35 billion to $2.45 billion
Year-to-Date (9M 2025) Adjusted EBITDA	$1,806 million

The revenue streams are heavily weighted toward volume and price realization in the aggregates business, supported by strong public sector demand. You can see the focus on unit economics clearly in the profitability metrics. The company expects this trend to continue, projecting full-year 2025 Adjusted EBITDA between $2.35 billion and $2.45 billion, representing a 17% year-over-year growth at the midpoint of that range.

The revenue generation relies on several factors within the core business:

• Primary revenue from aggregates sales, the core of the business.
• Sales of asphalt mix and ready-mixed concrete (downstream products), though assets were recently divested.
• Strong unit profitability, evidenced by the $11.84 aggregates cash gross profit per ton in Q3 2025.
• Overall revenue growth, with Q3 2025 total revenues at $2.292 billion.

Honestly, the story here is about maximizing the value from every ton of rock moved. Finance: draft 13-week cash view by Friday.