Knife River (KNF) Q1 2026 earnings summary

Executive summary

• Achieved 16% year-over-year revenue growth in Q1 2026, reaching $410.1M, with adjusted EBITDA up 16% to $(31.8)M and margin improving by 290bps.

• Record first quarter backlog of $1.2B, reflecting strong demand and successful acquisition strategy.

• Completed three aggregates-based acquisitions: Donaldson Bros. (MT), Morgan Asphalt (UT), Sparrow Enterprises (MT), expanding presence in high-growth Mountain Region markets.

• Strong momentum heading into construction season, with EDGE initiatives and volume growth driving performance.

Financial highlights

• Q1 2026 revenue: $410.1M, up 16% year-over-year; adjusted EBITDA: $(31.8)M, up 16%; adjusted EBITDA margin improved by 290bps to (7.8)%.

• Net loss for Q1 2026 was $(79.2)M, with a net loss margin of (19.3)%.

• Gross margin loss narrowed to (0.7)% from (2.7)% year-over-year; gross loss narrowed to $2.8M from $9.6M.

• Product volumes: Aggregates up 26%, ready-mix concrete up 33%, asphalt up 42% year-over-year.

• Cash and cash equivalents at quarter-end were $13.4M, with $1.4B in gross debt.

Outlook and guidance

• FY 2026 revenue guidance: $3.3B–$3.5B; adjusted EBITDA guidance: $520M–$560M.

• Assumes mid-single digit increases in aggregates and asphalt volumes/pricing, mid-teens growth in ready-mix volumes.

• Energy Services expected to be in line with 2025 results; depreciation, depletion, and amortization to rise mid-single digits.