Knife River (KNF) FY2024 results: revenue $2.9 billion, up 2.4% on the year

Knife River Corp. (KNF) reported revenue of $2.9 billion for fiscal 2024, the year ended 31 December 2024, up 2.4% on the year before. Net income was $202 million, up 10.3%, and diluted earnings per share $3.55. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2025.

Revenue

$2.9 billion

+2.4% on the year

FY2021FY2024

Operating margin

10.9%

10.5% a year earlier

FY2021FY2024

Net income

$202 million

+10.3% on the year

FY2021FY2024

Diluted EPS

$3.55

+9.9% on the year

FY2021FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	2,899	2,830	2,535	+2.4%
Cost of revenue	2,329	2,291	2,174	+1.6%
Gross profit	570	539	361	+5.7%
Gross margin	19.7%	19.0%	14.2%
Selling, general and administrative	254	243	167	+4.6%
Operating income	316	296	194	+6.7%
Operating margin	10.9%	10.5%	7.7%
Interest expense	55.2	58.1	30.1	-4.9%
Pre-tax income	271	245	159	+10.5%
Income tax	69.3	62.4	42.6	+11.0%
Effective tax rate	25.6%	25.5%	26.8%
Net income	202	183	116	+10.3%
Net margin	7.0%	6.5%	4.6%
Diluted EPS	$3.55	$3.23	$2.05	+9.9%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	322	336	207	-4.0%
Capital expenditure	172	124	178	+38.7%
Free cash flow	150	211	29.3	-29.1%
Free cash flow margin	5.2%	7.5%	1.2%
Cash from investing	-295	-118	-156
Cash from financing	-8.7	34.4	-55.3
Depreciation and amortisation	137	124	118	+10.6%
Share-based compensation	7.8	2.9	1.3	+171.0%
Diluted shares, weighted	57m	57m	57m	+0.3%
Shares outstanding at period end	57m	57m	80,000	+0.1%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,476	1,266	1,029	+16.6%
Debt	677	682	685	-0.6%
Operating lease liabilities	34.5	31.8	32.7	+8.7%
Other liabilities	663	620	548	+6.9%
Total liabilities and equity	2,851	2,600	2,294	+9.7%
Fixed assets	1,442	1,315	1,315	+9.6%
Goodwill	297	274	275	+8.3%
Intangible assets	29.4	10.8	13.4	+171.8%
Cash and equivalents	237	219	10.1	+8.0%
Receivables	267	267	210	+0.2%
Inventory	380	320	323	+19.0%
Other assets	198	194	148	+2.4%
Total assets	2,851	2,600	2,294	+9.7%

10-K for the year ended 31 December 2024, filed 21 February 2025: the filing.