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Knife River (KNF) FY2025 results: revenue $3.1 billion, up 8.5% on the year

Knife River Corp. (KNF) reported revenue of $3.1 billion for fiscal 2025, the year ended 31 December 2025, up 8.5% on the year before. Net income was $157 million, down 22.1%, and diluted earnings per share $2.76. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.

Revenue
$3.1 billion
+8.5% on the year
FY2021FY2025
Operating margin
9.1%
10.9% a year earlier
FY2021FY2025
Net income
$157 million
-22.1% on the year
FY2021FY2025
Diluted EPS
$2.76
-22.3% on the year
FY2021FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 4 new, 1 kept.

  • Revenue rose 15% in quarter: Fourth-quarter revenue was $755.1 million, up 15%, driven by acquisitions and higher aggregate and ready-mix volumes and pricing. Full-year revenue was $3,146.0 million, up 9%.
  • Adjusted EBITDA rose 47%: Adjusted EBITDA was $119.4 million, up 47%, with margin at 15.8% against 12.4%. The West and Mountain segments led the improvement. Full-year Adjusted EBITDA was $496.5 million, up 7%.
  • Mountain EBITDA rose 101%: Mountain revenue rose 16% to $172.0 million, largely from late-season contracting work. EBITDA reached $34.2 million, helped by $3.1 million of asset disposal gains.
  • Gross margin up in quarter: Total gross profit was $145.3 million, a 19.2% margin against 17.4%. For the full year the gross margin was 18.4%, against 19.7%.
  • Backlog rose to $1,032.1 million: Backlog was $1,032.1 million at December 31, 2025, against $745.6 million a year earlier. Central rose to $432.8 million, Mountain to $395.7 million, and West fell to $203.6 million.
Read the Q4 FY2025 earnings call summary

From this 10-K

Knife River mines and sells construction aggregates, makes ready-mix concrete and asphalt, supplies liquid asphalt, and does paving and heavy-civil construction work in the United States. It became an independent public company on May 31, 2023, when MDU Resources spun it off, and its stock trades on the New York Stock Exchange.

Knife River Corp., the 10-K for 2025

Knife River mines and sells construction aggregates, makes ready-mix concrete and asphalt, supplies liquid asphalt, and does paving and heavy-civil construction work in the United States. It became an independent public company on May 31, 2023, when MDU Resources spun it off, and its stock trades on the New York Stock Exchange.

Scale

At December 31, 2025, it had 1.3 billion tons of aggregate reserves, 208 active aggregate sites, 135 ready-mix plants, 55 asphalt plants and 9 liquid asphalt terminals, serving customers across 14 states. In 2025 it sold 32.5 million tons of aggregates, 3.9 million cubic yards of ready-mix concrete and 6.3 million tons of asphalt, and approximately 35 percent of its aggregates were used inside the company for its own concrete, asphalt and contracting work.

Segments

It reports four segments. West operates in Alaska, California, Hawaii, Oregon and Washington; Mountain in Idaho, Montana and Wyoming; and Central in Iowa, Minnesota, North Dakota, South Dakota and Texas. Each of these mines and sells crushed stone and sand and gravel, makes asphalt and ready-mix concrete, and provides contracting services such as heavy-civil construction, paving, and site development and grading. Energy Services supplies liquid asphalt, the binding agent in asphalt mix, to the company's own plants and to outside customers from terminals in seven states. On March 7, 2025, it bought Strata Corporation, a construction materials and contracting company in North Dakota and northwestern Minnesota, which added 24 ready-mix plants and three asphalt plants to the Central segment.

Customers

Its construction materials go to federal, state and municipal governments and to industrial, commercial and residential developers. Its contracting work is mainly for public-sector customers building and maintaining highways, local roads, bridges and other public infrastructure. It moves its products by truck, rail and barge, and runs a fleet of 1,150 concrete mixer trucks.

People

At December 31, 2025, it employed 5,298 people, all in the United States, and at the peak of the 2025 construction season it employed nearly 6,900. Of the 5,298, 599 were union employees, represented under 39 collective-bargaining agreements. Its managers and supervisors have an average tenure of 15 years.

From Knife River's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 20 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue3,1462,8992,830+8.5%
Cost of revenue2,5692,3292,291+10.3%
Gross profit577570539+1.3%
Gross margin18.4%19.7%19.0%
Selling, general and administrative291254243+14.9%
Operating income286316296-9.6%
Operating margin9.1%10.9%10.5%
Interest expense81.955.258.1+48.3%
Pre-tax income213271245-21.3%
Income tax56.169.362.4-19.0%
Effective tax rate26.3%25.6%25.5%
Net income157202183-22.1%
Net margin5.0%7.0%6.5%
Diluted EPS$2.76$3.55$3.23-22.3%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow278322336-13.6%
Capital expenditure348172124+101.8%
Free cash flow-69.6150211
Free cash flow margin-2.2%5.2%7.5%
Cash from investing-914-295-118
Cash from financing477-8.734.4
Depreciation and amortisation194137124+41.5%
Share-based compensation11.47.82.9+45.6%
Diluted shares, weighted57m57m57m+0.1%
Shares outstanding at period end57m57m57m+0.1%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity1,6411,4761,266+11.2%
Debt1,166677682+72.1%
Operating lease liabilities36.634.531.8+6.1%
Other liabilities807663620+21.7%
Total liabilities and equity3,6502,8512,600+28.0%
Fixed assets2,0291,4421,315+40.7%
Goodwill520297274+74.8%
Intangible assets32.729.410.8+11.1%
Cash and equivalents73.8237219-68.8%
Receivables278267267+4.0%
Inventory436380320+14.6%
Other assets281198194+41.7%
Total assets3,6502,8512,600+28.0%

10-K for the year ended 31 December 2025, filed 20 February 2026: the filing.