Vulcan dividend: history, coverage and yield
Vulcan pays a dividend per share that rises across the years shown in Results, and free cash flow was $1,135.3 million after $677.7 million of capital spending in 2025. The cash left after reinvestment provides the basis for dividends, buybacks, and the amount not paid out.
How much does Vulcan pay per share?
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 7,941.1 | 7,417.7 | 7,781.9 | 7,315.2 | 5,552.2 |
| EPS, diluted, from continuing operations | 8.15 | 6.91 | 7.06 | 4.45 | 5.05 |
| Dividend per share | 1.96 | 1.84 | 1.72 | 1.60 | 1.48 |
What this means. Revenue growth is not always an apples-to-apples comparison because acquisitions, sales of businesses, and changes to past figures affect some years.
Does Vulcan's cash flow cover its dividend?
Capital expenditure, or capex, is spending on plants, machinery and quarry improvements. Vulcan spent $677.7 million on capex in 2025. After that spending, free cash flow was $1,135.3 million, making it a better starting point for debt repayment or shareholder returns than cash gross profit.
Stock compensation is another claim on the cash economics because employees receive an ownership interest. Vulcan recorded $63.1 million of stock pay in 2025; deducting it produces an analytical “real” free-cash-flow figure. Acquisitions remain outside Vulcan’s free-cash-flow definition, so a cash-generating company can still borrow heavily when it buys another quarry.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 1,135.3 | 806.1 | 664.2 | 535.6 | 560.6 |
| − Dividends paid | 259.8 | 244.4 | 228.4 | 212.6 | 196.4 |
| − Share buybacks | 438.4 | 68.8 | 200.0 | 0.0 | 0.0 |
| = Free cash flow not paid out | 435.6 | 491.1 | 235.0 | 323.0 | 364.2 |
| Paid out, % of free cash flow | 61.5% | 38.9% | 64.5% | 39.7% | 35.0% |
What this means. The company's own net debt is lower than ours because it leaves out finance lease debt, while our count includes it.
What could change Vulcan's dividend?
Base dividends rise from $2.20 per share to $2.36 and then $2.52. This follows five consecutive annual increases and the latest $0.52 quarterly declaration. The bear case holds at $2.08 in each period, while the bull case reaches $2.74 as stronger cash generation supports faster increases. Capital spending of $750–$800 million makes the bull path less certain.
The forecast would move toward the bear case if 2027 project starts and public awards are delayed, or if energy and other unit costs again outpace realized prices. A weaker earnings path in 2028–2029 would also compress the multiple.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Normal operating profit | 1,800 (1,550 / 1,950) | 1,900 (1,450 / 2,150) | 2,000 (1,500 / 2,350) |
| Dividends per share | 2.20 (2.08 / 2.26) | 2.36 (2.08 / 2.50) | 2.52 (2.08 / 2.74) |
| Enterprise value to normal operating profit | 20.00 (18.00 / 22.00) | 19.00 (16.00 / 23.00) | 18.00 (15.00 / 24.00) |
| Net debt | 3,601 (3,582 / 3,641) | 2,815 (2,914 / 2,824) | 2,119 (2,356 / 1,780) |