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Knife River
Knife River (KNF) investor relations material
Knife River Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary17 Feb, 2026
Executive summary
Achieved record Adjusted EBITDA of $497 million in 2025, up 7% year-over-year, with margin at 15.8%, marking the most profitable year to date.
Achieved record revenue of $3,146 million in 2025, up 9% year-over-year, driven by five aggregates-based acquisitions and strong pricing initiatives.
Completed five acquisitions in 2025, expanding market presence and ready-mix volumes, with a robust pipeline for 2026.
Entered 2026 with record backlog of $1 billion, up 38% year-over-year, providing strong visibility and growth momentum.
Strategic initiatives (EDGE, dynamic pricing, cost controls) and the safest year in company history drove margin expansion and operational improvements.
Financial highlights
Q4 2025 revenue: $755.1 million (+15% YoY); full-year revenue: $3,146 million (+9% YoY).
Q4 adjusted EBITDA: $119.4 million (+47% YoY); full-year adjusted EBITDA: $497 million (+7% YoY); margin at 15.8%.
Gross profit increased 27% in Q4, with record gross margin of nearly 19%.
Aggregate pricing increased 9% year-over-year; volumes up 17% in Q4.
Net income margin for 2025 was 5.0%.
Outlook and guidance
2026 revenue guidance: $3.3–$3.5 billion; Adjusted EBITDA: $520–$560 million (16% margin at midpoint).
Aggregates and asphalt volumes/pricing expected to rise mid-single digits; ready-mix volumes to increase mid-teens.
Backlog of $1 billion, with 75% expected to be completed in 2026; majority is public work, but private opportunities are increasing.
Energy Services results expected to be in line with 2025; depreciation and amortization to rise mid-single digits.
SG&A as a percentage of revenue expected to remain flat in 2026, with future declines as synergies are realized.
Texcrete's 2026 ready-mix volume impact?
Reason for lower 2025 year-end backlog margins?
2026 organic growth vs. acquisition spend?
Data center material supply upside for 2026
How does geographic mix impact 2026 margins?
M&A pipeline and funding capacity for 2026
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Next Knife River earnings date
Q1 20265 May, 2026
Knife River
Next Knife River earnings date
Q1 20265 May, 2026
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Frequently asked questions
Knife River Corporation is a provider of aggregates-based construction materials and contracting services in the United States. The company's operations are diversified across six segments: Pacific, Northwest, Mountain, North Central, South, and Energy Services. Knife River's product line includes construction aggregates such as crushed stone, sand, and gravel, as well as asphalt and ready-mix concrete. It also offers contracting services to complement its aggregate-based product lines, including heavy-civil construction, asphalt and concrete paving, and site development and grading. The company serves a broad range of clients, including federal, state, and municipal governments for various projects like highways, bridges, airports, schools, and other public infrastructure projects. Knife River Corporation is headquartered in Bismarck, North Dakota, and its shares are listed on the New York Stock Exchange.
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