ITEM 1. BUSINESS

Part I Item 1 Business Vulcan Materials Company operates primarily in the U.S. and is the nation’s largest supplier of construction aggregates (mainly crushed stone, sand and gravel) and a major producer of aggregates-intensive downstream products such as asphalt mix and ready-mixed concrete. Delivered by trucks, ships, barges and trains, we provide the materials needed for the infrastructure that maintains and expands the U.S. economy. Our products are essential for building homes, offices, data centers, places of worship, schools, hospitals and factories, as well as vital infrastructure including highways, bridges, roads, ports and harbors, water systems, campuses, dams, airports and rail networks. During the year ended December 31, 2025, we had 425 active aggregates facilities as shown below. Production and sales are currently halted at our Calica operations in Mexico and our Puerto Cort é s operations in Honduras. For additional information regarding our Calica operations, see Note 12 “ Commitments and Contingencies ” in Item 8 “ Financial Statements and Supplementary Data .” Additionally, we further serve our customers through our 71 asphalt facilities and 76 concrete facilities located in Alabama, Arizona, California, Maryland, New Mexico, Tennessee, Texas, Virginia, the U.S. Virgin Islands and Washington D.C. 3 Form 10-K Part I Our top ten revenue producing states accounted for 90% of our 2025 revenues while our top five accounted for 63%. Vulcan’s Top Ten Revenue Producing States in 2025 1. California 6. North Carolina 2. Texas 7. Florida 3. Georgia 8. Alabama 4. Tennessee 9. South Carolina 5. Virginia 10. Arizona BUSINESS STRATEGY Our strategy and competitive advantage are based on our strength in aggregates, which are used in most types of construction and in the production of asphalt mix and ready-mixed concrete. Our strategy for long-term value creation is built on: (1) an aggregates-led business, (2) a discipline of durable growth, (3) a holistic approach to land management, and (4) our commitment to safety, health and the environment.

1. Aggregates Focus Demand for our products is dependent on construction activity and correlates positively with changes in population, employment and household formations. As such, we have pursued a strategy to increase our presence in U.S. metropolitan areas that are expected to grow the most rapidly and to divest assets that are no longer considered part of our long-term growth strategy. During the next decade (2025 - 2035), Woods & Poole Economics projects that 76% of the U.S. population growth, 75% of new jobs and 73% of household formations will occur in Vulcan-served states. Our coast-to-coast footprint serves 34 of the top 50 highest-growth metropolitan statistical areas in 23 states plus Washington D.C. The close proximity of our aggregates reserves and our production facilities to this projected population growth creates many opportunities to invest capital in high-return projects. Projected Demographic Growth, 2025 to 2035 in millions Source: Woods & Poole Economics, Complete Economic and Demographic Data Source (CEDDS) 2025 While certain aspects of each aggregates operation are unique, such as its location within a local market and its particular geological characteristics, every operation uses a similar group of assets to produce saleable aggregates and provide customer service. Our 425 active aggregates facilities operated during 2025 provide opportunities to share and scale best practices across our operations and to procure equipment (fixed and mobile), parts, supplies and services in an efficient and cost-effective manner, both regionally and nationally. Additionally, we are able to leverage our size for administrative support, customer service, accounting, procurement, technical support and engineering. Form 10-K 4 Part I Our reserves are critical to our long-term success. We currently have 16.6 billion tons of proven and probable aggregates reserves. They are strategically located to economically serve high-growth areas in the United States that are expected to require large amounts of aggregates to meet future construction demand. Moreover, there are significant barriers to entry in many metropolitan markets due to stringent zoning and permitting regulations. These restrictions curtail expansion in certain areas, but they also increase the value of our reserves at existing locations. While aggregates are the core of our business, complementary aggregates-intensive asphalt mix and ready-mixed concrete products in select markets support our aggregates-driven returns throughout the cycle.
2. Durable Growth Our durable growth is generated by organic growth in our existing business as well as inorganic growth through mergers and acquisitions, supplemented with greenfield developments. The ability to grow our organic aggregates unit profitability throughout the cycle supports solid cash generation and our two-pronged approach of both enhancing our core and expanding our reach to drive earnings growth. ENHANCING OUR CORE: We drive organic growth and differentiate ourselves from other aggregates producers through our strategic disciplines, the Vulcan Way of Selling (Commercial Excellence & Logistics Innovation) and the Vulcan Way of Operating (Operational Excellence & Strategic Sourcing). By focusing on consistent execution, production efficiency and controlling costs, we provide the highest quality material and the best service to our customers. Expanding on these strategic disciplines: • Commercial Excellence — We place great emphasis on the unique characteristics of each geographic market, and we interact with our customers accordingly. We leverage our coast-to-coast presence, sharing best practices and real-time, forward-looking metrics with our sales teams to drive high quality discussions, value selling and improved solutions for our customers. We have clearly defined roles and responsibilities which enable our sales teams to spend less time on non-selling activities and more time responding to our customers’ needs. • Logistics Innovation — Our industry-leading logistics team manages the shipments of nearly half of our products. Our logistics systems produce real-time information including on-site and mobile visibility to orders, deliveries and digital shipping records. Partnering with our customers (truck drivers and contractors), our bundled logistics solutions enable streamlined scheduling, speed and accuracy of delivery, as well as efficient back-office processes. • Operational Excellence — We strive for continuous and sustainable improvements in our operating disciplines and our industry-leading safety performance. Leveraging our size and diversity, we harness technology and innovation to equip our operators with the tools and information they need to improve our customer service, asset utilization and production efficiencies. We are dedicated to continuous improvement of our safety programs through ongoing internal inspections, regulatory audits and sharing of best practices. • Strategic Sourcing — We focus on value preservation and creation in our sourcing, leveraging our scale to save money across the organization while making sure our employees have the supplies and equipment they need. Deploying best practices and innovation allows us to spend more time in our plants and with our suppliers to deliver the right parts and services at the right time and optimize the total cost of ownership. As a result of these strategic disciplines, from 2023 to 2025, aggregates gross profit per ton has increased from $7.40 to $8.66 (an increase of 17%), and aggregates cash gross profit per ton has increased from $9.46 to $11.33 (an increase of 20%). Aggregates cash gross profit per ton is a Non-GAAP financial measure. Non-GAAP financial measures are defined and reconciled within Item 7 “ Management’s Discussion and Analysis of Financial Condition and Results of Operations ” under the caption “ Reconciliation of Non-GAAP Financial Measures .” EXPANDING OUR REACH: We also drive growth by expanding our reach through mergers and acquisitions and by pursuing greenfield development in anticipation of future growth. Our disciplined approach focuses on aggregates, aims to achieve a number one or number two position in the fastest growing markets in the United States and strategically pursues downstream asphalt and concrete businesses complementary to our aggregates position in select markets. Since becoming a public company in 1956, Vulcan has principally grown by mergers and acquisitions. In 1999, we acquired CalMat Co., thereby expanding our aggregates operations into California and Arizona and making us one of the nation’s leading producers of asphalt mix. In 2007, we acquired Florida Rock Industries, Inc., expanding our aggregates business in Florida and our aggregates and ready-mixed concrete businesses in other Mid-Atlantic and Southeastern states. In 2017, we acquired Aggregates USA, greatly expanding our ability to serve customers in Florida, Georgia and South Carolina. In 2021, we acquired U.S. Concrete, enhancing and expanding our aggregates-led business in attractive growing metropolitan areas. During the last 10 years, we have completed over 30 acquisitions, including more than 75 aggregates quarries and sales yards in our top 10 revenue states. 5 Form 10-K Part I While an aggregates-led business, we selectively make investments in downstream asphalt and concrete businesses that drive local market profitability. Our downstream businesses use internally produced aggregates almost exclusively when available in the market from a Vulcan aggregates operation. Over the past ten years, we entered the asphalt markets in Tennessee and Alabama and also expanded our asphalt operations in Texas through acquisitions. Through our 2021 acquisition of U.S. Concrete, we entered the New Jersey, New York, Pennsylvania and U.S. Virgin Islands concrete markets and expanded our California, Texas and Washington D.C. concrete markets. To optimize our asset portfolio consistent with our aggregates-led strategy, we subsequently exited the New Jersey, New York and Pennsylvania concrete markets in 2022, exited the Texas concrete market in 2023, and entered into an agreement to divest our concrete business in California during the fourth quarter of 2025. Our annual Return on Invested Capital (ROIC) decreased 0.5 percentage points (50 basis points) in 2025. Adjusted EBITDA increased 13% in 2025 and invested capital increased by 16% primarily as a result of acquisitions completed in the fourth quarter of 2024. 50 bps ROIC 1 13% Adjusted EBITDA 1 16% Invested Capital
3. ROIC and Adjusted EBITDA are Non-GAAP financial measures. Non-GAAP financial measures are defined and reconciled within Item 7 “ Management’s Discussion and Analysis of Financial Condition and Results of Operations ” under the caption “ Reconciliation of Non-GAAP Financial Measures .”
4. Land Management With approximately 310,000 acres in our land portfolio, a long-term holistic approach to utilizing and preserving land and water is integral to sustaining our success. From pre-mining to mining to reclamation, we are actively managing the entire life cycle of our land to create maximum value for the business, our shareholders and our communities. We are putting land to use before we mine by creating opportunities such as agricultural use and timber development. After mining, our land and water assets will be converted to other valuable uses including drinking water reservoirs, aquifer recharge basins, public parks, habitat mitigation banks, wetlands, productive farmland and residential and commercial developments. In 2024, we sold real estate associated with a former sales yard in Virginia for net proceeds of $37.6 million resulting in a pretax gain of $36.7 million. In 2023, we sold excess real estate in Virginia for net proceeds of $66.1 million resulting in a pretax gain of $65.7 million and real estate associated with a former recycled concrete facility in Illinois for net proceeds of $16.5 million resulting in a pretax gain of $15.2 million. Effective management throughout the life cycle of our land not only generates significant additional value for our shareholders but greatly benefits the communities in which we operate. Because of the evolving needs of our communities, we listen to and collaborate with our neighbors to prepare the land for its highest and best use. Many of our operations not only meet regulatory requirements for reclamation planning at the end of a quarry’s life but also use a proactive approach to conservation and engagement while the quarries are in operation. For example, we originally purchased land in Polk County, Florida with the intention of building a quarry. However, after an extensive review of the environmental impacts to sensitive species, our environmental team collaborated with various governmental agencies to identify an alternative beneficial use for the land. The property became the Tiger Creek Conservation Bank and now serves as a protected habitat for endangered or sensitive species. Designation as a conservation bank allows us to generate revenue by selling mitigation credits for third party impacts to endangered or sensitive species or to utilize those credits for our impacts. Our engagement with state, regional and local governments to develop solutions like this today will benefit future generations. Form 10-K 6 Part I
5. Safety, Health And The Environment A strategy for sustainable, long-term value creation must include doing right by our employees, our neighbors and the environment in which we operate. Over our more than six decades as a public company, we have built a strong, resilient and vital business on this foundation of doing things the right way. Sustainability includes looking beyond what is required of a company by governments and regulators — it is reflected in our business strategy. Our leadership recognized decades ago the significance and importance of leadership in the Safety, Health and Environmental areas. The Safety, Health and Environmental Affairs Committee of our Board of Directors, along with the full Board, has oversight responsibility for our safety, health and environmental programs and results. Our Safety, Health & Environmental Management Committee, made up of the senior leadership team along with other key senior personnel from cross-functional operations and staff disciplines, has the ongoing management responsibility for all of our safety, health and environmental initiatives. We are a leader in our industry in safety, health and environmental performance, with a safety record substantially better than the industry average. We apply the shared experiences, expertise and resources at each of our locally led sites with an emphasis on taking care of one another. The result is a record of safety excellence that consistently outperforms the industry. In 2025, we experienced an overall Mine Safety and Health Administration (MSHA) safety performance of 0.9 injuries per 200,000 employee hours worked, which is well below the 2024 industry average of 1.8 injuries. Vulcan MSHA Injury Rate Compared to Aggregates Industry Number Of Injuries Per 200,000 Hours Worked Source: Bureau of Labor Statistics records and internal Vulcan data.

• The aggregates industry MSHA injury rate for 2025 was not available as of the filing of this report. We focus on our environmental stewardship programs with the same commitment that we bring to our health and safety initiatives resulting in 99% citation-free inspections out of all 2025 federal and state environmental inspections. As an industry leader, our aim is to meet — and strive to exceed — all federal, state and local environmental regulations. Our environmental stewardship commitment is designed to conserve plant and animal species and habitats, as well as the air we breathe, the water we use and the lands we all share. In all parts of our company, from our local domestic and international operations to our sales and logistics functions and our corporate and division office spaces, we are focused on ensuring that our operations are efficient in ways that are economically and environmentally sustainable. As an example of our commitment to environmental stewardship, we have been a proud national partner of the Wildlife Habitat Council (WHC) since 1990 when our Sanders quarry became the first site in the U.S. to obtain certification by WHC. In 2025, we maintained 31 WHC certified sites containing wildlife enhancement programs in addition to several other sites working towards certification. 7 Form 10-K Part I Product sustainability is another aspect of environmental stewardship. The recycling of aggregates-containing construction materials including concrete rubble and recycled asphalt pavement (RAP) is an important part of our business. The sources of these materials are highway, infrastructure and other demolition projects where concrete structures or asphalt paving is being removed. During 2025, we reused 2.5 million tons of RAP and recycled 1.7 million tons of concrete. The recycling of these aggregates-containing construction materials reduces carbon emissions that impact climate change while providing a valuable service to our customers and communities, extending the life of our aggregates reserves and helping us manage the cost of production. For further discussion of our sustainability initiatives, see the Energy Management and Greenhouse Gas Emissions section later within this Item 1 under Other Business-Related Items. In addition to our commitments to our people, their safety and health, and environmental stewardship, we recognize that our operations shape the communities in which we operate. We engage with neighbors and other stakeholders and develop community relations programs that serve them while ensuring that our business grows and thrives. We leverage our charitable foundation and company funds to support food banks, healthcare services, childhood education and other initiatives. Vulcan's Foundation alone has provided over $75 million over the past 20 years to support education, environmental stewardship, social services, and civic and cultural organizations. In 2025, through our foundation and our employee matching gifts program, we provided over $3.7 million to support education initiatives and scholarships – our largest annual contribution to education – affirming our continued commitment to helping build stronger communities. Form 10-K 8 Part I PRODUCT LINES Our products are used to build the roads, tunnels, bridges, railroads and airports that connect us, and to build the homes, offices, hospitals, schools, data centers, factories and places of worship that are essential to our lives, our communities and the economy. We have three operating (and reportable) segments (Aggregates, Asphalt and Concrete) organized around our principal product lines. During 2025, we operated 425 active aggregates facilities, 71 asphalt facilities and 76 concrete facilities. Our 2025 total revenues and gross profit by segment are illustrated as follows: 2025 Total Revenues 2025 Gross Profit ■ Aggregates ■ Asphalt ■ Concrete For actual amounts, see Note 15 “ Segment Reporting ” in Item 8 “ Financial Statements and Supplementary Data .”

1. Aggregates Our construction aggregates are used in a number of ways: • as a base material underneath highways, walkways, airport runways, parking lots and railroads • to aid in water filtration, purification and erosion control • as a raw material used in combination with other resources to construct many of the items we rely on to sustain our quality of life, including houses and apartments; roads, bridges and parking lots; schools and hospitals; commercial buildings and retail space; data centers; sewer systems; airports and runways; and power plants AGGREGATES INDUSTRY Key strengths of the U.S. aggregates industry and our business include: • Location and Transportation of Reserves: Aggregates have a high weight-to-price ratio that makes transportation expensive relative to the cost of the material. In most cases, aggregates are produced near where they are used so that the transportation cost does not exceed the product cost. Where practical, we have operations located close to our local markets because the cost of trucking materials long distances is prohibitive. Approximately 80% of our total aggregates shipments are delivered exclusively from the producing location to the customer by truck. Exceptions to this typical market structure include areas along the U.S. Gulf Coast and the Eastern Seaboard where there are limited supplies of locally available, high-quality aggregates. We serve these markets from quarries that have access to cost-effective long-haul transportation, including shipping by barge, rail and our fleet of Panamax-class, self-unloading ships. Additionally, we serve markets in California and Hawaii from our quarry in British Columbia, Canada by means of a long-term marine shipping agreement with CSL Americas. Approximately 15% of our total aggregates shipments are delivered by truck to the customer after reaching a sales yard by rail or water. Less than 5% of aggregates shipments are delivered directly to the customer by rail or water. 9 Form 10-K Part I Transportation costs are passed along to our customers, and because aggregates have a very high weight-to-price ratio, those costs can add up quickly when transporting aggregates long distances. Having the most extensive distribution network of any aggregates producer sets us apart. Combining our trucking, rail, barge and ocean vessel shipping logistics capabilities allows us to provide better customer solutions and create a seamless customer experience at a competitive price. As an approximation, a truck has a capacity of 20-25 tons of aggregates; a railcar has a capacity of 4-5 truckloads; a barge has a capacity of 65 truckloads; and our ocean vessels have the capacity of 2,500 truckloads. Production and sales are currently halted at our Calica operations in Mexico and our Puerto Cort é s operations in Honduras. For additional information regarding our Calica operations, see Note 12 “ Commitments and Contingencies ” in Item 8 “ Financial Statements and Supplementary Data .” • Limited Product Substitution: There are limited substitutes for quality aggregates. Recycled concrete and asphalt have certain applications as a lower-cost alternative to virgin aggregates. However, many types of construction projects cannot be served by recycled concrete and require the use of virgin aggregates to meet technical specifications and performance-based criteria for durability, strength and other qualities. Likewise, the amount of recycled asphalt included in asphalt mix as a substitute for aggregates is limited due to specifications. • Highly Fragmented Industry: The U.S. aggregates industry is composed of approximately 5,000 companies that operated approximately 11,000 facilities during 2025. This fragmented structure provides many opportunities for consolidation. Companies in the industry commonly enter new markets or expand positions in existing markets through the acquisition of existing facilities. Through strategic acquisitions and investments, we have developed an unmatched coast-to-coast footprint of strategically located permitted reserves concentrated in and serving the nation’s key growth centers. We have over 25,000 customers across the markets we serve. Form 10-K 10 Part I • Flexible Production Capabilities: The production of aggregates is a mechanical process in which stone is crushed and, through a series of screens, separated into various sizes depending on how it will be used. Direct production costs of aggregates primarily include: a) wages and fringe benefits; b) depreciation, depletion, accretion and amortization of capital (or long-term) assets; c) operating parts and supplies; d) repair and maintenance; e) third-party contracted services and f) energy (primarily electricity and diesel). Production capacity is flexible by adjusting operating hours to meet changing market demand. We are currently operating considerably below full capacity, making us extremely well positioned to further benefit from economies of scale when aggregates demand grows. • Raw Material Inputs Largely Controlled: Unlike typical industrial manufacturing industries, the aggregates industry does not require the input of raw material beyond owned or leased aggregates reserves. Stone, sand and gravel are naturally occurring resources. However, production does require the use of explosives, hydrocarbon fuels and electric power. • Demand Cycles: Long-term growth in demand for aggregates is largely driven by growth in population, jobs and households. While short-term and medium-term demand for aggregates fluctuates with economic cycles, declines have historically been followed by strong recoveries. The drivers underpinning long-term demand and sustained pricing growth remain firmly in place in both the public and private sectors of the economy. They include: population growth; gains in total employment and in household income; a continuing increase in household formations; the growing need for additional housing stock; a multi-year federal transportation law in place and continuing increases in transportation funding at state and local levels; stable state tax receipts; and a multi-year federal infrastructure investment law and continued political awareness and focus on the need to invest in infrastructure. AGGREGATES MARKETS We focus on the U.S. markets with above-average long-term expected population growth and where construction is expected to expand. We produce and sell aggregates (crushed stone, sand and gravel, sand, and other aggregates) and related products and services in 23 states, the U.S. Virgin Islands, Washington D.C., and the local markets surrounding our operations in Freeport, Bahamas; British Columbia, Canada; and previously Puerto Cortés, Honduras and Quintana Roo, Mexico (see the NAFTA Arbitration section in Note 12 “ Commitments and Contingencies ” in Item 8 “ Financial Statements and Supplementary Data ”). We serve both the public and the private sectors. Public sector construction activity has historically been more stable and less cyclical than private sector construction, and it generally requires more aggregates per dollar of construction spending. Private sector construction (primarily residential and nonresidential buildings) typically is more affected by general economic cycles than public sector projects (particularly highways, roads and bridges), which tend to receive more consistent levels of funding throughout economic cycles. Highways Other Infrastructure Residential Nonresidential Public Funding Public Funding Private Funding Private / Public Funding Federal State & Local Airports Sewer and waste water Water supply Dams Single-family Multi-family Retail Offices Warehouses Manufacturing Schools Healthcare Government buildings Stable Demand Cyclical Demand 11 Form 10-K Part I Public Sector Construction Market Public sector construction includes spending by federal, state and local governments for highways, bridges, buildings, airports, schools, prisons, sewer and waste disposal systems, water supply systems, dams, reservoirs and other public construction projects. Construction for power plants and other utilities is funded from both public and private sources. • Public Sector Funding: Generally, public sector construction spending is more stable than private sector construction spending; public sector spending is less sensitive to interest rates and has historically been supported by multi-year laws, which provide certainty in funding amounts, program structures, rules and regulations. Federal spending is governed by authorization, budget and appropriations laws. The level of state and local spending on infrastructure varies across the United States and depends on individual state needs and economies. • State and Local Transportation Funding: Since 2013, 35 states and the District of Columbia have increased or adjusted taxes on motor fuel to increase revenues available for transportation investment, including 15 Vulcan-served states and the District of Columbia. Several states in our footprint have variable-rate fuel taxes linked to measures of inflation, gas prices, population or motor vehicle fuel efficiency standards, including Alabama, California, Florida, Georgia, Illinois, Maryland, Mississippi, North Carolina, Virginia and the District of Columbia. In addition, we benefit from state and local transportation funding ballot measures. In 2025, voters in 11 states approved measures which will generate over $24 billion in one-time and recurring revenues for transportation investment. Major transportation funding measures in Vulcan-served areas approved in 2025 are estimated to result in over $20 billion in revenues and bond proceeds primarily dedicated to roads, streets and bridges. • Federal Highway Funding: In November 2021, President Biden signed into law a historic, bipartisan infrastructure bill, the Infrastructure Investment and Jobs Act (IIJA). The IIJA provides the largest increase in federal highway, road and bridge funding in more than six decades with a five-year reauthorization of Federal-Aid Highway Program funding. The total Federal-Aid Highway Program obligation limitation under IIJA started at $66.9 billion in Fiscal Funding Year (FFY) 2022 and increases to $72.1 billion in FFY 2026, for a cumulative total of nearly $350 billion. These numbers include one-time additional funding for large road and bridge projects, such as $40 billion for bridge repair, replacement and rehabilitation. Of the bridge funds, approximately $16.2 billion is earmarked for projects in Vulcan-served states. Through November 30, 2025, states have committed highway and bridge formula funds to support over 111,000 new projects. The IIJA highway investment levels for FFY 2026 were fully funded. The long-term nature of the highway program reauthorization in the IIJA is important. The Federal-Aid Highway Program is the largest component of the law and has provided, on average, 50% of all state capital investment in roads and bridges over the last 10 years. This multi-year authorization and the associated dedicated funding provides state departments of transportation with the ability to plan and execute long-range, complex highway projects. In states where we operate, we are well positioned to serve the large general contractors who will compete for new freight and other major capacity projects that will move forward with IIJA and policy implementation. Importantly, building on improvements in the two prior reauthorization laws — The Fixing America’s Surface Transportation Act (FAST Act) and Moving Ahead for Progress in the 21 st Century Act (MAP-21) — the IIJA further streamlines project delivery and environmental approval advancements. Project financing remains an important additional component of overall surface transportation spending. The IIJA expands access to private activity bonds for highway and intermodal projects and sets the Transportation Infrastructure Finance & Innovation Act (TIFIA) program authorized at $250 million per year. • Additional Federal Public Infrastructure Investments Under the IIJA: The IIJA allocated a total of approximately $1.2 trillion in federal funds for infrastructure investment, including almost $550 billion in new spending. A little more than half of the new money has been dedicated to transportation sector projects. Beyond highway infrastructure, Vulcan is benefiting from IIJA-funded, aggregates-intensive infrastructure projects, such as railroads, airports, seaports, and drinking and wastewater systems. Form 10-K 12 Part I • Federal Water Resources Infrastructure: In December 2024, President Biden signed the Thomas R. Carper Water Resources Development Act of 2024 (WRDA 2024) into law, enacting the sixth consecutive biennial authorization for the U.S. Army Corps of Engineers (Army Corps) since 2014. WRDA 2024 reauthorizes needed investment in America’s ports, channels, locks, dams, and other infrastructure that supports the maritime and waterways transportation system. WRDA 2024 provides the Army Corps with authorization and funding for flood and coastal storm risk management and ecosystem restoration in support of resilience and sustainability. It also authorizes the Army Corps and United States Environmental Protection Agency’s (EPA) programs, which support drinking water, wastewater and storm management projects. Notably, WRDA 2024 includes a policy provision that increased the federal share of lock and dam construction and major rehabilitation project costs paid by the Inland Waterways Trust Fund (IWTF) from 65% to 75%, which reduces the non-federal share and enables the IWTF to help finance more projects. Private Sector Construction Market The private sector construction markets include both nonresidential building construction and residential construction and are considerably more cyclical than public construction. • Nonresidential Construction: Private nonresidential building construction includes a wide array of projects. Such projects generally are more aggregates intensive than residential construction. Overall demand in private nonresidential construction generally is driven by job growth, vacancy rates, private infrastructure needs and demographic trends. The growth of the private workforce creates demand for offices, hotels and restaurants. Likewise, population growth generates demand for stores, shopping centers, warehouses and parking decks as well as hospitals, places of worship and entertainment facilities. Large industrial projects, such as a new manufacturing facility, can increase the need for other manufacturing plants to supply parts and assemblies. Additionally, data centers have recently become an increasing portion of nonresidential building construction. Construction activity in this end market is influenced by a firm's ability to finance a project and the cost of such financing. This end market also includes capital investments in public nonresidential facilities to meet the needs of a growing population. • Residential Construction: Household formations in Vulcan-served states continue to outpace household formations in the rest of the United States. The majority of residential construction is for single-family housing with the remainder consisting of multi-family construction (i.e., two family houses, apartment buildings and condominiums). Public housing comprises only a small portion of housing demand. Construction activity in this end market is influenced by the cost and availability of mortgage financing and builders’ ability to maintain skilled labor. U.S. housing starts, as measured by Dodge Data & Analytics, peaked in early 2006 at over 2 million units annually. By the end of 2009, total housing starts had declined to less than 0.6 million units, well below prior historical lows of approximately 1 million units annually. In 2025, total annual housing starts in the U.S. reached approximately 1.5 million units. Additional Aggregates Products and Markets We sell aggregates that are used as ballast for construction and maintenance of railroad tracks. We also sell riprap and jetty stone for erosion control along roads and waterways. In addition, stone can be used as a feedstock for cement and lime plants and for making a variety of adhesives, fillers and extenders. Coal-burning power plants use limestone in scrubbers to reduce harmful emissions. Limestone that is crushed to a fine powder can be sold as agricultural lime. We sell a relatively small amount of construction aggregates outside of the United States, principally in the areas surrounding our aggregates production facilities located in Freeport, Bahamas; British Columbia, Canada; and previously Puerto Cortés, Honduras and Quintana Roo, Mexico (see the NAFTA Arbitration section in Note 12 “ Commitments and Contingencies ” in Item 8 “ Financial Statements and Supplementary Data ”). Nondomestic sales and long-lived assets outside the United States are reported in Note 15 “ Segment Reporting ” in Item 8 “ Financial Statements and Supplementary Data .” 13 Form 10-K Part I VERTICAL INTEGRATION While aggregates is our focus and primary business, we believe vertical integration between aggregates and downstream products, such as asphalt mix and ready-mixed concrete, can be managed effectively in certain markets to generate attractive financial returns and enhance financial returns in our core Aggregates segment. We produce and sell asphalt mix and/or ready-mixed concrete within each of our three geographic markets, as noted below. Aggregates comprise approximately 95% of asphalt mix by weight and 80% of ready-mixed concrete by weight. In both of these downstream businesses, aggregates are primarily supplied from our operations.
2. Asphalt We produce and sell asphalt mix in Alabama, Arizona, California, New Mexico, Tennessee and Texas and provide asphalt construction paving services in Alabama and Tennessee. In 2024, we strengthened our asphalt position in California by acquiring additional asphalt operations. In 2025, to optimize our asset portfolio consistent with our aggregates-led strategy, we disposed of our asphalt mix and construction paving operations in the greater Houston market. For additional details, see Note 19 “ Acquisitions and Divestitures ” in Item 8 “ Financial Statements and Supplementary Data .” This segment relies on our reserves of aggregates, functioning essentially as a customer to our aggregates operations. Aggregates are a major component in asphalt mix, comprising approximately 95% by weight of this product. We meet the aggregates requirements for our Asphalt segment primarily through our Aggregates segment. These product transfers are made at local market prices for the particular grade and quality of material required. Because asphalt mix hardens rapidly, delivery typically is within close proximity to the producing facility. The asphalt mix production process requires liquid asphalt cement, which we purchase from third-party producers. We do not anticipate any significant difficulties in obtaining the raw materials necessary for this segment to operate. We serve our Asphalt segment customers directly from our local production facilities. Form 10-K 14 Part I
3. Concrete We produce and sell ready-mixed concrete in California, Maryland, Virginia, the U.S. Virgin Islands and Washington D.C. In the fourth quarter of 2025, we entered into an agreement to divest our concrete business in California. The sale of these assets is consistent with our aggregates-led strategy and generates cash proceeds that can be redeployed into attractive growth opportunities in the future. For additional details, see Note 19 “ Acquisitions and Divestitures ” in Item 8 “ Financial Statements and Supplementary Data .” This segment relies on our reserves of aggregates, functioning essentially as a customer to our aggregates operations. Ready-mixed concrete consists of cement and other cement-related materials (such as fly ash and slag), aggregates (crushed stone and sand), chemical admixtures and water and is measured in cubic yards. Aggregates are a major component in ready-mixed concrete, comprising approximately 80% by weight of this product. We meet the aggregates requirements of our Concrete segment primarily through our Aggregates segment. These product transfers are made at local market prices for the particular grade and quality of material required. Cement is the binding agent used to bind water, crushed stone and sand in the production of ready-mixed concrete. Other industrial byproducts, such as fly ash from coal burning power plants and slag from the manufacture of iron and silica fume, have cement-related properties that allow them to be used as substitutes for cement depending on the specifications. We purchase cement-related materials from a few suppliers in each of our major geographic markets. Chemical admixtures are generally purchased from suppliers under national purchasing agreements. With the exception of chemical admixtures, each ready-mix facility typically maintains an inventory level of these raw materials sufficient to satisfy its operating needs for a few days. Inventory levels do not decline significantly or comparatively with declines in revenue during seasonally lower periods. We generally maintain inventory at specified levels to maximize purchasing efficiencies and to be able to respond quickly to customer demand. Because ready-mixed concrete hardens rapidly, delivery typically is within close proximity to the producing facility. Ready-mixed concrete production also requires cement which we purchase from third-party producers. We do not anticipate any significant difficulties in obtaining the raw materials necessary for this segment to operate. We serve our Concrete segment customers from our local production facilities or by truck. Other Business-Related Items SEASONALITY AND CYCLICAL NATURE OF OUR BUSINESS Almost all of our products are produced and consumed outdoors. Seasonal changes and other weather-related conditions can affect the production and sales volumes of our products. Therefore, the financial results for any quarter do not necessarily indicate the results expected for the year. Normally, the highest sales and earnings are in the third quarter, and the lowest are in the first quarter. Furthermore, our sales and earnings are sensitive to national, regional and local economic conditions, demographic and population fluctuations, and particularly to cyclical swings in construction spending, primarily in the private sector. COMPETITORS We operate in a fragmented industry with a large number of small, privately-held companies. We estimate that the ten largest aggregates producers accounted for approximately 35% of the total U.S. aggregates production in 2025. Despite being the industry leader, Vulcan’s total U.S. market share is approximately 10%. As of December 31, 2025, other publicly traded companies among the ten largest U.S. aggregates producers include the following: • Arcosa, Inc. • Amrize • Cemex S.A.B. de C.V. • CRH plc • Heidelberg Materials AG • Knife River Corporation • Martin Marietta Materials, Inc. Because the U.S. aggregates industry is highly fragmented, many opportunities for consolidation exist. Therefore, companies in the industry tend to grow by acquiring existing facilities to enter new markets or extend their existing market positions. 15 Form 10-K Part I CUSTOMERS No material part of our business depends upon any single customer whose loss would have a significant adverse effect on our business. In 2025, our five largest customers accounted for approximately 7% of our total revenues, and no single customer accounted for more than 2% of our total revenues. Although approximately 40% to 55% of our aggregates shipments have historically been used in publicly-funded construction, such as highways, airports and government buildings, a relatively small portion of our sales are made directly to federal, state, county or municipal governments/agencies. Therefore, although reductions in state and federal funding can curtail publicly-funded construction, the vast majority of our business is not directly subject to renegotiation of profits or termination of contracts with local, state or federal governments. In addition, our sales to government entities span several hundred entities coast-to-coast, ensuring that negative changes to various government budgets would have a muted impact across such a diversified set of government customers. ENERGY MANAGEMENT AND GREENHOUSE GAS EMISSIONS As an industry leader, we are and always have been committed to environmental stewardship which is necessary for our long-term sustainability and growth. Production of construction aggregates requires land, energy and water. Efficient use of these resources and management of the environmental impacts of our operations are embedded in our business planning and lead to increased operational efficiency, cost reduction, new opportunities for growth and effective risk management. We are committed to doing our part to reduce our greenhouse gas (GHG) emissions and to identifying, planning for, and mitigating physical and transitional climate risks to our business. As approximately 90% of our gross profit is derived from producing aggregates, our carbon dioxide and other GHG emissions from our operations are low. In addition, we do not produce cement. Beginning in 2018 and continuing today, we chose to voluntarily report GHG emissions via the Carbon Disclosure Project. In 2022, we established interim goals and targets related to Scope 1 and 2 GHG emissions. In 2024, we continued the second phase of our GHG emissions inventory project to further build the capacity to report on Scope 3 emissions from activities of assets not owned or directly controlled by Vulcan but that indirectly impact our value chain. We have continued to enhance our GHG emissions tracking and reporting capabilities in order to monitor and report Scope 1 and 2 emissions on an enterprise-wide basis by line of business and type of energy. Effective energy management is embedded in our business strategy and our company culture. We routinely conduct energy audits of our operations to identify areas for operational efficiency improvements and energy savings. Some of the opportunities identified during these audits that are being implemented include: replacement of older motors with new ultra-high efficiency motors to power plant processing equipment; improvements in water handling systems to reduce water pumping needed; optimization of process equipment flow to maximize efficiency; reduction of idle equipment hours; use of LED lighting; and optimization of air conditioning and lighting control to reduce energy consumption. Additionally, w e continue to increase the fuel efficiencies of our off-road fleet vehicles. Tier IV machines performed over 67% of the off-road fleet’s work in 2025 , which positively impacts all air emissions in addition to having an impact on GHG emissions. More recently, we have accelerated the deployment of renewable energy sourcing strategies to benefit the business which also reduces our GHG emissions. For example, solar electricity projects located at some of our quarries have proven to be an economical and successful strategy for lowering operating costs while positively impacting the environment. In California, we have four additional solar projects planned in 2026. While these projects provide clean and reliable electricity to our operations, they also benefit the local electric grid by supplying excess electricity from the facility back to the grid in peak hours. Another energy management strategy that has proven successful is the use of battery storage projects at select sites. By storing electricity during lower priced time periods and discharging the battery during higher cost time periods, we reduce our reliance on the grid and reduce our electrical costs during higher priced time periods. These projects not only provide real cost savings to Vulcan, but they also provide benefits to the grid and the utility company to meet peak demands. Further, these battery storage projects also reduce the use of older power plants which burn coal or oil, resulting in lesser concentrations of GHG emissions. We are committed to expanding our sourcing and deployment of renewable energy, battery projects and other new technologies as they become cost competitive at scale, reducing the carbon intensity of our products and improving energy resiliency. Form 10-K 16 Part I Our energy management strategy also includes producing low-embodied emissions products and supporting the construction of climate-resilient infrastructure. For example, our Concrete segment has licensed the CarbonCure technology that provides capture and sequestration of carbon dioxide within ready-mixed concrete. The carbon dioxide becomes chemically bound within the concrete matrix and is not released into the air, even when the concrete is recycled following use. This technology also reduces the demand for cement and other cement-related materials which reduces the supply side carbon footprint. The resulting concrete is also stronger than it would have been without use of the technology. Scope 1 and Scope 2 GHG reductions will come by means of continuing heavy equipment replacement with higher efficiency models, seeking production efficiencies and expanding the procurement of energy from renewable sources. We are confident that there are many more opportunities to reduce the carbon footprint of our operations, distribution and transportation networks, and the projects in which our products are used. ENVIRONMENTAL COSTS AND GOVERNMENTAL REGULATION We are subject to a wide variety of federal, state and local laws and regulations in the communities where we conduct business. Compliance with these laws and regulations often requires the time and effort of our employees, as well as financial resources. The following describes certain significant regulations that may impact our business. For additional information about our risks related to government regulations, see Item 1A “ Risk Factors .” Our operations are subject to numerous laws and regulations relating to the protection of the environment and worker health and safety including regulation of facility air emissions and water discharges, waste management, protection of wetlands, listed and threatened species, noise and dust exposure control for workers, and safety regulations under both Mine Safety and Health Administration (MSHA) and Occupational Safety and Health Administration (OSHA). Compliance with these various regulations requires capital investment and ongoing expenditures for the operation and maintenance of systems and implementation of programs. These anticipated investments and expenditures are not material to our earnings or competitive position. We have received notices from the 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 share the cost of remediation at these sites with other PRPs or alleged PRPs in accordance with negotiated or prescribed allocations. There is inherent uncertainty in determining the potential cost of remediating a given site and in determining any individual party's share of that cost. As a result, estimates can change substantially as additional information becomes available about the nature or extent of site contamination, remediation methods, other PRPs and their probable level of involvement, and actions by or against governmental agencies or private parties. Frequently, we are required by state and local regulations or contractual obligations to reclaim our former mining sites. These reclamation liabilities are recorded at fair value in our financial statements at the time the obligation arises. To determine the fair value, we estimate the cost for a third party to perform the legally required reclamation, which is adjusted for inflation and risk and includes a reasonable profit margin. Reclaimed quarries often have potential for use in commercial or residential development or as reservoirs or landfills. However, no projected cash flows from these anticipated uses have been considered to offset or reduce the estimated reclamation liability. For additional information about environmental matters and reclamation obligations, see Note 12 and Note 17 , respectively, to the consolidated financial statements in Item 8 “ Financial Statements and Supplementary Data .” 17 Form 10-K Part I HUMAN CAPITAL As of January 1, 2026, we employed 11,172 people in the United States. Of these employees, 1,057 are represented by labor unions. Also, as of that date, we employed 280 people in Mexico, 32 people in Honduras, 63 people in Canada, and 1 person in the Bahamas. Of these employees, 218 are represented by labor unions. We believe we enjoy a satisfactory relationship with our employees, including our unionized workforce, and we do not anticipate any significant issues with any unions in 2026. Vulcan’s commitment to our people has played a key role in the ongoing success and growth of our company throughout our long history. We are dedicated to fostering a culture of mutual respect, integrity, teamwork and trust among our workforce. Our employees receive tools and cutting edge, customized safety and health, technical, managerial and leadership training to enable them to perform safely and effectively. Our people share a competitive drive to be the best they can be and do the right thing, which benefits all of our stakeholders. Ensuring the safety and health of our employees is a fundamental responsibility that underpins everything we do. We work to integrate safety considerations into each aspect of our operations. Our industry-leading health and safety programs are developed through collaboration and managed through layers of internal and external oversight. By analyzing data, leveraging innovative technology and sharing best practices, we go beyond regulatory compliance to provide a higher level of protection and create a culture where risk reduction and enhanced safety performance is paramount. In 2025, we celebrated the eleventh anniversary of The Vulc an Way. Our company's culture is rooted in The Vulcan Way — doing the right thing, the right way, at the right time. Our core tenets power our ability to perform at the highest level, keep one another safe and connect with our local communities in meaningful ways. We believe that learning is fundamental to every job, and we encourage our employees to expand and explore their capabilities for continued growth throughout their careers with Vulcan. Our industry-leading training and development programs encourage collaboration and enable people to innovate and flourish on the job and in the community. These programs: • Provide our employees with a Tuition Reimbursement Program, which pays up to 100% of tuition costs based on academic performance • Encourage personal and professional growth through our mentoring program • Prepare future senior-level leaders through our Leadership Development Program in partnership with the University of North Carolina, Chapel Hill • Offer mini MBA programs and other continuing education opportunities • Deliver ongoing Vulcan Way of Operating technical and skills-based training modules • Provide ongoing management and soft skill training through the Plant Manager Engagement Series Employee Tenure in years Employees By Age in years Form 10-K 18 Part I SHAREHOLDER RETURN PERFORMANCE Below is a graph comparing the performance of our common stock, with dividends reinvested, to that of the Standard & Poor’s 500 Stock Index (S&P 500) and the S&P 500 Materials Index (S&P 500 Materials) from December 31, 2020 to December 31, 2025. 2020 2021 2022 2023 2024 2025 Comparative Total Return 1 Vulcan Materials Company $ 100.00  $ 141.10  $ 120.08  $ 156.94  $ 179.07  $ 200.02 S&P 500 $ 100.00  $ 128.70  $ 105.41  $ 133.13  $ 166.41  $ 196.20 S&P 500 Materials $ 100.00  $ 127.30  $ 111.64  $ 125.60  $ 125.60  $ 138.79
4. Assumes an initial investment at December 31, 2020 of $100 in each stock/index, with quarterly reinvestment of dividends. 19 Form 10-K Part I Investor Information We make available on our website, www.vulcanmaterials.com , free of charge, copies of our: • Annual Report on Form 10-K • Quarterly Reports on Form 10-Q • Current Reports on Form 8-K Our website also includes amendments to those reports filed with or furnished to the Securities and Exchange Commission (SEC) pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as well as all Forms 3, 4 and 5 filed with the SEC by our executive officers and directors, as soon as the filings are made publicly available by the SEC on its EDGAR database (www.sec.gov). In addition to accessing copies of our reports online, you may request a copy of our Annual Report on Form 10-K, including financial statements, by writing to the Office of the General Counsel, Vulcan Materials Company, 1200 Urban Center Drive, Birmingham, Alabama 35242. We have a: • Business Conduct Policy applicable to all employees and directors • Code of Ethics for the CEO and Senior Financial Officers Copies of the Business Conduct Policy and the Code of Ethics are available on our website under the “Investor Relations” tab (“Governance” section). If we make any amendment to, or waiver of, any provision of the Code of Ethics, we will disclose such information on our website as well as through filings with the SEC. Our Board of Directors has also adopted: • Corporate Governance Guidelines • Charters for our Audit, Compensation & Human Capital, Executive, Finance, Governance and Safety, Health & Environmental Affairs Committees These documents meet all applicable SEC and New York Stock Exchange (NYSE) regulatory requirements. The Charters of the Audit, Compensation & Human Capital and Governance Committees are available on our website under the “Investor Relations” tab (“Governance – Committee Composition” section) or you may request a copy of any of these documents by writing to the Office of the General Counsel, Vulcan Materials Company, 1200 Urban Center Drive, Birmingham, Alabama 35242. Information included on our website is not incorporated into, or otherwise made a part of, this report. CERTIFICATIONS AND ASSERTIONS The certifications of our Chief Executive Officer and Chief Financial Officer made pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are included as exhibits to this Annual Report on Form 10-K. Additionally, on June 6, 2025 our Chief Executive Officer submitted to the NYSE the annual written affirmation required by the rules of the NYSE certifying that he was not aware of any violations of Vulcan Materials Company of NYSE corporate governance listing standards. Form 10-K 20