Knife River (KNF) Q3 FY2026 earnings: revenue $1.3 billion, up 6.0% on the year

Knife River Corp. (KNF) reported revenue of $1.3 billion for Q3 FY2026, the quarter ended 30 September 2026, up 6.0% on the same quarter a year earlier. Net income was $138 million, down 3.7% on the year, and diluted earnings per share $2.43. The figures are the company's own, from the 10-Q it filed with the SEC on 3 November 2026.

Revenue

$1.3 billion

+6.0% on the year · +35.9% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

16.8%

17.9% a year earlier

Q4 FY2024Q3 FY2026

Net income

$138 million

-3.7% on the year · +214.2% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$2.43

-3.6% on the year · +215.6% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 3 lowered, 1 narrowed.

Revenue rose; profit measures flat or lower: Revenue was $1,275.6 million against $1,203.7 million. Net income was $137.9 million against $143.2 million, diluted EPS $2.43 against $2.52, and Adjusted EBITDA $271.7 million against $272.8 million, margin 21.3% against 22.7%.
Full-year revenue and EBITDA ranges lowered: Full-year revenue range is now $3,375.0 million to $3,425.0 million, and Adjusted EBITDA $475.0 million to $505.0 million, both below the prior ranges. Management tied the update to near-term headwinds.
Aggregate gross margin reached 29.6%: Aggregate gross margin was 29.6%, up from 27.2%. Aggregate gross profit was $73.9 million on revenue of $249.7 million, against $59.4 million on $218.1 million a year earlier.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	1,276	939	1,204	+35.9%	+6.0%
Cost of revenue	988	776	919	+27.3%	+7.5%
Gross profit	288	163	284	+76.7%	+1.1%
Gross margin	22.5%	17.3%	23.6%
Selling, general and administrative	73.5	81.7	69.1	-10.0%	+6.3%
Operating income	214	81.1	215	+164.0%	-0.5%
Operating margin	16.8%	8.6%	17.9%
Interest expense	24.7	24.6	23.0	+0.6%	+7.5%
Pre-tax income	189	59.8	193	+215.2%	-2.5%
Income tax	50.8	16.0	50.2	+218.1%	+1.0%
Effective tax rate	26.9%	26.7%	26.0%
Net income	138	43.9	143	+214.2%	-3.7%
Net margin	10.8%	4.7%	11.9%
Diluted EPS	$2.43	$0.77	$2.52	+215.6%	-3.6%

$ 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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	195	-75.1	250		-22.3%
Capital expenditure	58.4	72.9	61.7	-19.8%	-5.4%
Free cash flow	136	-148	189		-27.9%
Free cash flow margin	10.7%	-15.8%	15.7%
Cash from investing	-54.3	-81.5	-81.1
Cash from financing	-64.9	183	-166
Depreciation and amortisation	55.6	56.4	53.5	-1.3%	+4.1%
Share-based compensation	2.4	2.6	2.9	-4.9%	-15.2%
Diluted shares, weighted	57m	57m	57m	-0.1%	-0.1%
Shares outstanding at period end	57m	57m	57m	0.0%	+0.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	1,746	1,606	1,607	+8.7%	+8.7%
Debt	1,553	1,617	1,188	-4.0%	+30.8%
Operating lease liabilities	33.3	34.8	35.2	-4.2%	-5.3%
Other liabilities	954	920	873	+3.7%	+9.2%
Total liabilities and equity	4,286	4,178	3,703	+2.6%	+15.7%
Fixed assets	2,183	2,177	1,961	+0.3%	+11.3%
Goodwill	584	584	469	0.0%	+24.4%
Intangible assets	31.1	33.7	33.4	-7.6%	-6.9%
Cash and equivalents	118	40.7	30.7	+190.1%	+284.5%
Receivables	553	468	517	+18.1%	+7.1%
Inventory	464	507	437	-8.6%	+6.2%
Other assets	354	367	255	-3.6%	+38.6%
Total assets	4,286	4,178	3,703	+2.6%	+15.7%

Questions

What was Knife River's revenue in Q3 FY2026?

Knife River (KNF) reported revenue of $1.3 billion for Q3 FY2026, the quarter ended 30 September 2026, up 6.0% on the same quarter a year earlier.

How much did Knife River earn in Q3 FY2026?

Net income for Q3 FY2026 was $138 million, down 3.7% on the year, and diluted earnings per share $2.43.

When did Knife River report Q3 FY2026 results?

Knife River filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 3 November 2026.

Quarterly results, the last 19 quarters

	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	310	712	975	538	308	785	1,090	647	330	807	1,105	657	353	834	1,204	755	410	939	1,276
Cost of revenue	309	608	791	466	304	632	821	534	323	631	832	543	363	677	919	610	413	776	988
Gross profit	1.1	103	184	72.0	4.1	153	269	112	6.5	176	273	114	-9.6	157	284	145	-2.8	163	288
Gross margin	0%	15%	19%	13%	1%	19%	25%	17%	2%	22%	25%	17%	-3%	19%	24%	19%	-1%	17%	23%
SG&A	45.7	42.9	41.6	36.4	48.7	59.5	59.2	75.3	60.2	59.5	63.9	70.1	73.1	69.2	69.1	80.1	83.5	81.7	73.5
Operating income	-44.6	60.4	143	35.6	-44.6	93.5	210	37.2	-53.7	117	209	44.0	-82.7	88.1	215	65.2	-86.2	81.1	214
Operating margin	-14%	8%	15%	7%	-14%	12%	19%	6%	-16%	14%	19%	7%	-23%	11%	18%	9%	-21%	9%	17%
Interest expense	5.3	7.4	8.8	8.6	9.5	19.2	15.4	14.1	14.0	13.9	13.9	13.4	15.3	22.3	23.0	21.3	20.7	24.6	24.7
Pre-tax income	-51.8	50.1	133	27.7	-53.2	76.9	195	26.8	-64.0	104	198	33.1	-93.3	67.9	193	45.2	-108	59.8	189
Tax rate	n/a	23%	25%	35%	n/a	26%	25%	23%	n/a	25%	25%	30%	n/a	26%	26%	29%	n/a	27%	27%
Net income	-40.0	38.6	99.7	18.0	-41.3	56.8	147	20.7	-47.6	77.9	148	23.3	-68.7	50.6	143	32.0	-79.2	43.9	138
Net margin	-13%	5%	10%	3%	-13%	7%	13%	3%	-14%	10%	13%	4%	-19%	6%	12%	4%	-19%	5%	11%
Diluted EPS	n/a	$0.68	$1.76	n/a	n/a	$1.00	$2.58	$0.36	-$0.84	$1.37	$2.60	$0.42	-$1.21	$0.89	$2.52	$0.56	-$1.40	$0.77	$2.43
Operating cash flow	-76.2	-71.6	187	168	-79.3	8.9	223	183	-43.2	-46.6	240	172	-125	-42.6	250	196	-58.5	-75.1	195
Capital expenditure	40.8	39.5	41.6	56.3	42.4	24.2	19.9	37.8	43.7	59.9	23.5	45.3	75.0	154	61.7	57.7	77.3	72.9	58.4
Free cash flow	-117	-111	146	112	-122	-15.3	203	145	-86.9	-107	216	127	-200	-196	189	138	-136	-148	136
Shares outstanding	n/a	57m	57m	80,000	n/a	57m	57m	57m	57m	57m	57m	57m	57m	57m	57m	57m	57m	57m	57m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A blank figure marked on a quarter is one the filings do not give on their own: the quarters as filed do not add to the year the company filed, or the year and its quarters stand on different share counts. Each quarter's page says which. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 3 November 2026: the filing.