Vulcan Materials Company reported fourth quarter 2025 results on February 12, 2026. CEO Tom Hill stated the company expects continued strength in public construction activity in 2026 and improving private nonresidential opportunities, calling the combination one that “should benefit an already healthy pricing environment,” per Pit and Quarry’s coverage of the earnings call (Source: Pit and Quarry, pitandquarry.com, February 17, 2026). Vulcan guided for $2.4 to $2.6 billion in adjusted EBITDA for 2026, with aggregate shipments and per-ton pricing both expected to increase year over year.
Vulcan Materials operates more than 400 quarries across 22 states and is the largest aggregate producer in the United States. The company’s forward guidance is built on direct visibility into supply, demand, and pricing across every major U.S. construction market. When Vulcan’s CEO describes the pricing environment as healthy and expects it to stay that way, that is not a marketing statement. It is a capital markets communication with SEC implications backed by the company’s own operational data.
“As we look to 2026, I’m encouraged about the demand backdrop in our markets. We expect continued strength in public construction activity and improving private nonresidential opportunities, a combination that should benefit an already healthy pricing environment.” Source: Tom Hill, CEO, Vulcan Materials Company · Q4 2025 Earnings Call · reported by Pit and Quarry · pitandquarry.com · February 17, 2026
The public construction demand that Hill references is visible in Texas across TxDOT’s $21.2 billion fiscal year budget, the NTMWD’s $1.7 billion water capital program, and the AI and semiconductor campus construction running simultaneously across multiple Texas markets. That public demand pipeline does not slow significantly through 2026 and into 2027, which is precisely what Vulcan’s guidance reflects.
The private nonresidential improvement Hill cites is also relevant for Texas. As the TradeSTAR 2026 Texas Construction Outlook noted, interest rate easing was expected to unlock postponed commercial and mixed-use developments by mid-2026. If that unlocking happens as projected, private nonresidential work adds to the already substantial public construction demand in Texas, compressing the available aggregate supply further.
Vulcan’s guidance aligns with what Martin Marietta communicated in its February 23, 2026 8-K, which targeted 5% organic aggregate pricing growth in 2026. Two independent, primary-sourced signals from the two largest aggregate producers in the country pointing in the same direction is the clearest market intelligence available on where aggregate pricing is heading this year.
Two of the largest aggregate producers in the country are guiding to higher prices and stronger demand in 2026. That is the market contractors are operating in right now.