Vulcan Materials Company (VMC) Cash Flow Statement
Where VMC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.81B +28.6% vs 2024
- Capital expenditures
- $677.7M 8.5% of revenue
- Free cash flow
- $1.14B 14.3% margin
- Returned to shareholders
- $698.2M 61% of free cash flow
- Change in cash
- −$411.4M cash at year-end $189.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
VMC operating cash flow, capex and free cash flow
VMC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $644.6M2016 | $1.81B2025 | +12.2%/yr | |
| Capital expenditures | $350.1M2016 | $677.7M2025 | +7.6%/yr | |
| Free cash flow | $294.4M2016 | $1.14B2025 | +16.2%/yr | |
| Free cash flow margin | 8.2%2016 | 14.3%2025 | +6.1 pts | |
| Operating cash flow / net income | 1.542016 | 1.682025 | +0.15 | |
| Stock-based compensation | $20.7M2016 | $63.1M2025 | +13.2%/yr | |
| Dividends paid | $106.3M2016 | $259.8M2025 | +10.4%/yr | |
| Share buybacks (net) | $161.5M2016 | $438.4M2025 | +11.7%/yr | |
| Capex / revenue | 9.7%2016 | 8.5%2025 | −1.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VMC cash flow by activity
VMC net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
VMC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.08B | $913.1M | $914.6M | $576.5M | $670.4M | $584.5M | $617.7M | $515.8M | $601.2M | $419.5M |
| Depreciation & amortization | $748.5M | $632.2M | $617.0M | $587.5M | $342.9M | $392.8M | $350.8M | $346.2M | $306.0M | $284.9M |
| Stock-based compensation | $63.1M | $53.4M | $63.2M | $41.1M | $34.7M | $33.0M | $31.8M | $25.2M | $26.6M | $20.7M |
| Change in working capital | −$98.7M | −$277.4M | −$33.4M | −$248.5M | −$180.3M | −$39.7M | −$147.2M | −$7.0M | −$169.4M | −$92.8M |
| Other non-cash items | $22.0M | $88.3M | −$24.6M | $191.6M | $144.2M | $99.8M | $131.0M | −$47.5M | −$119.8M | $12.3M |
| Cash from operating activities | $1.81B | $1.41B | $1.54B | $1.15B | $1.01B | $1.07B | $984.1M | $832.8M | $644.7M | $644.6M |
| Investing activities | ||||||||||
| Capital expenditures | −$677.7M | −$603.5M | −$872.6M | −$612.6M | −$451.3M | −$362.2M | −$384.1M | −$469.1M | −$459.6M | −$350.1M |
| Investments (net) | — | −$2.81B | −$621.5M | −$1.05B | −$1.87B | −$381.5M | −$415.8M | −$669.9M | −$1.27B | −$365.1M |
| Acquisitions & other investing | $148.5M | $603.5M | $1.33B | $612.6M | $451.3M | $362.2M | $384.1M | $469.1M | $459.6M | $350.1M |
| Cash from investing activities | −$529.2M | −$2.81B | −$163.5M | −$1.05B | −$1.87B | −$381.5M | −$415.8M | −$669.9M | −$1.27B | −$365.1M |
| Financing activities | ||||||||||
| Dividends paid | −$259.8M | −$244.4M | −$228.4M | −$212.6M | −$196.4M | −$180.2M | −$164.0M | −$148.1M | −$132.3M | −$106.3M |
| Share repurchases & issuance (net) | −$438.4M | −$68.8M | −$200.0M | −$49.9M | −$19.1M | −$26.1M | −$2.6M | −$134.0M | −$60.3M | −$161.5M |
| Net borrowing (repayment) | −$961.4M | $1.44B | −$131.3M | $89.5M | $148.3M | $484.6M | −$133.0M | $45.4M | $721.4M | −$2.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$35.6M | −$66.4M | −$25.9M | −$2.2M | −$27.1M | −$43.6M | −$38.6M | −$28.5M | −$25.3M | −$34.8M |
| Cash from financing activities | −$1.70B | $1.06B | −$585.6M | −$175.2M | −$94.3M | $234.7M | −$338.2M | −$265.1M | $503.4M | −$304.6M |
| Summary | ||||||||||
| Net change in cash | −$411.4M | −$348.4M | $787.7M | −$80.0M | −$956.5M | $923.5M | $230.1M | −$102.2M | −$121.4M | −$25.1M |
| Cash at end of period | $189.4M | $600.8M | $949.2M | $161.5M | $241.5M | $1.20B | $274.5M | $44.4M | $146.6M | $259.0M |
| Free cash flow | $1.14B | $806.1M | $664.2M | $535.6M | $560.6M | $708.2M | $600.0M | $363.7M | $185.1M | $294.4M |
| Free cash flow margin | 14.3% | 10.9% | 8.5% | 7.3% | 10.1% | 14.6% | 12.2% | 8.3% | 4.8% | 8.2% |
| Capex / revenue | 8.5% | 8.1% | 11.2% | 8.4% | 8.1% | 7.5% | 7.8% | 10.7% | 11.8% | 9.7% |
| Operating cash flow / net income | 1.68 | 1.54 | 1.68 | 1.99 | 1.51 | 1.83 | 1.59 | 1.61 | 1.07 | 1.54 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $324.3M | $166.0M | $252.8M | $375.1M | $320.8M | $129.4M | $293.5M | $208.4M | $308.3M | $102.9M | $228.1M | $277.3M |
| Depreciation & amortization | $177.5M | $170.3M | $164.5M | $191.4M | $185.4M | $186.4M | $163.8M | $160.7M | $156.8M | $150.9M | $152.5M | $125.6M |
| Stock-based compensation | $9.2M | $15.5M | $13.2M | $16.9M | $19.1M | $13.9M | $13.5M | $15.4M | $15.4M | $9.1M | $19.7M | $19.2M |
| Change in working capital | −$123.6M | −$130.5M | $157.6M | $16.7M | −$187.8M | −$85.2M | $239.0M | $129.3M | −$273.6M | −$98.0M | $160.7M | $50.9M |
| Other non-cash items | −$43.9M | $19.8M | −$45.1M | $76.7M | $4.2M | $7.0M | −$269.7M | $81.2M | −$5.8M | $8.5M | −$79.4M | $74.7M |
| Cash from operating activities | $343.5M | $241.1M | $543.0M | $676.8M | $341.7M | $251.5M | $440.1M | $595.0M | $201.1M | $173.4M | $481.6M | $547.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$193.9M | −$176.5M | −$184.8M | −$222.0M | −$102.9M | −$168.0M | −$162.5M | −$96.8M | −$191.4M | −$152.8M | −$206.3M | −$311.7M |
| Investments (net) | — | — | — | −$214.0M | −$110.4M | −$126.5M | −$2.17B | −$108.0M | −$370.0M | −$163.8M | $345.7M | −$306.0M |
| Acquisitions & other investing | $513.6M | $1.6M | $106.5M | $222.0M | $102.9M | $168.0M | $162.5M | $96.8M | $191.4M | $152.8M | $206.3M | $108.5M |
| Cash from investing activities | $319.7M | −$174.9M | −$78.3M | −$214.0M | −$110.4M | −$126.5M | −$2.17B | −$108.0M | −$370.0M | −$163.8M | $345.7M | −$509.2M |
| Financing activities | ||||||||||||
| Dividends paid | −$67.5M | −$67.9M | −$64.4M | −$64.7M | −$64.7M | −$66.0M | −$60.8M | −$60.8M | −$60.8M | −$62.0M | −$56.8M | −$57.2M |
| Share repurchases & issuance (net) | −$250.3M | −$149.5M | −$400.3M | $3.9M | −$3.9M | −$38.1M | −$8.5M | −$200,000 | −$50.0M | −$18.8M | −$150.1M | −$49.9M |
| Net borrowing (repayment) | −$198.5M | $143.3M | −$2.4M | −$552.8M | −$2.9M | −$403.3M | $2.00B | −$98.0M | — | — | — | −$5.7M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.9M | −$37.8M | −$3.4M | −$5.0M | −$1.7M | −$25.5M | −$28.1M | −$5.3M | $91.2M | −$577.9M | −$16.2M | $47.9M |
| Cash from financing activities | −$518.2M | −$111.9M | −$470.5M | −$618.6M | −$73.2M | −$532.9M | $1.90B | −$164.3M | −$19.6M | −$658.7M | −$223.1M | −$64.9M |
| Summary | ||||||||||||
| Net change in cash | $145.0M | −$45.7M | −$5.8M | −$155.8M | $158.1M | −$407.9M | $166.5M | $322.7M | −$188.5M | −$649.1M | $604.2M | $176.8M |
| Cash at end of period | $288.7M | $143.7M | $189.4M | $195.2M | $351.0M | $192.9M | $600.8M | $434.3M | $111.6M | $300.1M | $949.2M | $345.0M |
| Free cash flow | $149.6M | $64.6M | $358.2M | $454.8M | $238.8M | $83.5M | $277.6M | $498.2M | $9.7M | $20.6M | $275.3M | $236.0M |
| Free cash flow margin | 6.9% | 3.7% | 18.7% | 19.9% | 11.4% | 5.1% | 15.0% | 24.9% | 0.5% | 1.3% | 15.0% | 10.8% |
| Capex / revenue | 9.0% | 10.1% | 9.7% | 9.7% | 4.9% | 10.3% | 8.8% | 4.8% | 9.5% | 9.9% | 11.2% | 14.3% |
| Operating cash flow / net income | 1.06 | 1.45 | 2.15 | 1.80 | 1.07 | 1.94 | 1.50 | 2.86 | 0.65 | 1.69 | 2.11 | 1.98 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
VMC cash generation
In fiscal 2025 (ended December 31, 2025), Vulcan Materials generated $1.8 billion of cash from operations (up 28.6%) and spent $677.7 million on capital expenditures, leaving free cash flow of $1.1 billion, 14.3% of revenue. It returned $698.2 million to shareholders through dividends ($259.8 million) and net share buybacks ($438.4 million). Cash and equivalents fell by $411.4 million over the year.
Related: VMC income statement, VMC balance sheet, VMC dividend history. See the VMC stock overview for the latest quote and news.
VMC cash flow FAQ
What is Vulcan Materials's free cash flow?
Vulcan Materials's free cash flow was $1.1 billion in fiscal 2025: $1.8 billion of operating cash flow minus $677.7 million of capital expenditures It was $806.1 million a year earlier..
How much cash does Vulcan Materials generate from operations?
Vulcan Materials generated $1.8 billion of cash from operating activities in fiscal 2025, 1.68 times its net income of $1.1 billion.
How much does Vulcan Materials spend on capital expenditures?
Vulcan Materials spent $677.7 million on capital expenditures in fiscal 2025, 8.5% of revenue, compared with $603.5 million the year before.
How much stock does Vulcan Materials buy back?
Vulcan Materials spent $438.4 million on net share repurchases in fiscal 2025.
How much does Vulcan Materials pay in dividends?
Vulcan Materials paid $259.8 million in dividends in fiscal 2025, 22.9% of free cash flow.