Risk Sleuth
VMC · 10-K filed 19 Feb 2026 · year to 31 Dec 2025

Vulcan Materials

26 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Publicly-funded construction

earns from · approximately 40% to 55% of our aggregates shipmentsnamed as a risk
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.Business (Item 1)

Partners and platforms

Rail transportation

depends onnamed as a risk
The distribution and cost of distribution could be negatively affected by factors such as rail service interruptions or rate increases, tariffs, rising fuel costs, truck/railcar/barge shortages, truck driver and rail crew shortages, capacity constraints and minimum tonnage requirements.Risk factors (Item 1A)

Also named by CHRD, CLMT, NRG

CSL Americas

depends on
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.Business (Item 1)

Competitors

Recycled concrete and asphalt

competes withnamed as a risk
The expanded use of recycled concrete and asphalt could cause a significant reduction in the demand for aggregates.Risk factors (Item 1A)

Martin Marietta Materials, Inc.

competes with
As of December 31, 2025, other publicly traded companies among the ten largest U.S. aggregates producers include the following:Business (Item 1)

Places

California

concentrated in · 90% of our 2025 revenuesnamed as a risk
Our top ten revenue producing states accounted for 90% of our 2025 revenues while our top five accounted for 63%.Business (Item 1)

Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more

Texas

concentrated in · 63%named as a risk
Our top ten revenue producing states accounted for 90% of our 2025 revenues while our top five accounted for 63%.Business (Item 1)

Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more

Georgia

concentrated in · 63%named as a risk
Our top ten revenue producing states accounted for 90% of our 2025 revenues while our top five accounted for 63%.Business (Item 1)

Also named by ABR, ACHR, AXP, BRO, CNC, ELV, IMKTA, MKL and 7 more

Virginia

concentrated in · 63%named as a risk
Our top ten revenue producing states accounted for 90% of our 2025 revenues while our top five accounted for 63%.Business (Item 1)

Also named by AUB, CNX, CSGP, D, ELV, PNFP, PPL, TFC and 1 more

Tennessee

concentrated in · 63%named as a risk
Our top ten revenue producing states accounted for 90% of our 2025 revenues while our top five accounted for 63%.Business (Item 1)

Also named by CTRE, FHN, IMKTA, PNFP, RF

Calica operations, Quintana Roo, Mexico

operates innamed as a risk
In recent years, the Mexican government has taken actions that adversely affect our property and operations in Mexico, including arbitrary shutdown orders to immediately cease underwater quarrying and extraction operations.Risk factors (Item 1A)

Puerto Cortés, Honduras

operates innamed as a risk
Production and sales are currently halted at our Calica operations in Mexico and our Puerto Cortés operations in Honduras.Business (Item 1)

British Columbia, Canada

operates innamed as a risk
We are also subject to both the risks of conducting international business and the requirements of the Foreign Corrupt Practices Act of 1977 (FCPA) associated with our aggregates production facilities including those located in British Columbia, Canada; Puerto Cortés, Honduras; and Quintana Roo, Mexico.Risk factors (Item 1A)

Hazards

Desert climate water and energy shortages

operates innamed as a risk
A number of our facilities are located in desert climates, and while we have not experienced any significant shortages of energy or water in the past, we cannot guarantee that we will not in the future.Risk factors (Item 1A)

Commodities and inputs

Diesel fuel

exposed to its pricenamed as a risk
In our production and distribution processes, we consume significant amounts of electricity, diesel fuel, liquid asphalt and other petroleum-based resources.Risk factors (Item 1A)

Also named by ADM, BLDR, BTU, CAH, CHD, CHRW, COST, CP and 43 more

Electricity

exposed to its pricenamed as a risk
Such introduced or contemplated legislation or regulation, if enacted, potentially could include provisions for a “cap and trade” system of allowances and credits or a carbon tax, among other provisions, and adversely impact the availability and/or cost of purchased electricity.Risk factors (Item 1A)

Also named by AA, AESI, APD, APLD, ATI, ATO, BA, BMNR and 22 more

Liquid asphalt

exposed to its pricenamed as a risk
In our production and distribution processes, we consume significant amounts of electricity, diesel fuel, liquid asphalt and other petroleum-based resources.Risk factors (Item 1A)

Also named by GVA, MLM, ROAD

Cement

depends on
We purchase cement-related materials from a few suppliers in each of our major geographic markets.Business (Item 1)

Also named by DHI, GVA, MLM, NWPX

Regulators

Mine Safety and Health Administration (MSHA)

subject to
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).Business (Item 1)

Also named by AESI, ARLP, BTU, CDE, GVA, HCC, HL, MLM and 4 more

Laws and programs

Infrastructure Investment and Jobs Act (IIJA)

earns from · nearly $350 billionnamed as a risk
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.Business (Item 1)

Also named by APG, AWK, CTOS, HASI, J, MLM, MTZ, NWPX and 3 more

Federal-Aid Highway Program

earns from · 50% of all state capital investment in roads and bridges
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.Business (Item 1)

Water Resources Development Act of 2024 (WRDA 2024)

earns from · from 65% to 75%
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.Business (Item 1)

United States-Mexico-Canada Agreement (USMCA)

subject tonamed as a risk
These risks have included, and may in the future include, changes in international trade policies, such as the United States - Mexico - Canada Agreement (USMCA), imposition of duties, tariffs, taxes or government royalties, arbitrary changes to permits, zoning classifications or operating agreements, or overt acts by foreign governments, including expropriations and other forms of takings of property.Risk factors (Item 1A)

Also named by AYI, BMI, BWA, CLF, CMI, CP, CW, DCH and 29 more

CERCLA (Superfund)

subject tonamed as a risk
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.Business (Item 1)

Also named by AA, AAOI, ALB, AN, APD, APLD, ATI, AWK and 27 more

Depletion deduction

subject tonamed as a risk
Factors that may increase our future effective tax rate include, but are not limited to: governmental authorities increasing statutory income tax rates or eliminating deductions (particularly the depletion deduction) or credits; the mix of jurisdictions in which our earnings are taxed and the mix of earnings from depletable versus non-depletable businesses; changes in the valuation of our deferred tax assets and liabilities; the effect our stock price has with regard to excess tax benefits from share-based compensation; adjustments to estimated taxes upon finalization of various income tax returns; the resolution of issues arising from income tax audits with various tax authorities; and the interpretation of income tax laws and/or administrative practices.Risk factors (Item 1A)

Also named by EXP

Technology

CarbonCure

depends on
For example, our Concrete segment has licensed the CarbonCure technology that provides capture and sequestration of carbon dioxide within ready-mixed concrete.Business (Item 1)