Knife River Corp (KNF) is the issuer in an amended ownership report in which T. Rowe Price Associates, Inc. lists 6,133,996 common shares as beneficially owned, or 10.8% of the class, as of September 30, 2026. T. Rowe Price Associates expressly denied beneficial ownership and stated that the filing is not an admission of it.
On September 30, 2026, Knife River Corp director Karen B. Fagg received an award of 330 phantom-stock shares at a reported $53.4330 per share. Each phantom share is the economic equivalent of one common share and becomes payable in cash upon termination of her service as a director. After the award, her reported phantom-stock holdings were 1,589 shares; she also directly held 33,317 common shares.
Knife River Corporation (KNF) posted its September 2026 investor presentation for management use in meetings and presentations to the investment community. For the twelve months ended June 30, 2026, it reported revenue of $3,307.5 million, net income of $139.9 million and Adjusted EBITDA of $501.6 million. For the twelve months ended December 31, 2025, the presentation lists $3,146.0 million, $157.1 million and $496.5 million, respectively. It also reports Adjusted EBITDA up 60% and Adjusted EBITDA margin up 280 basis points from full-year 2022 to TTM June 30, 2026.
For 2Q 2026, the presentation cites Adjusted EBITDA impacts of approximately $8 million, $10 million and $6 million amid fewer public bid lettings, delayed work, adverse weather and fuel-cost pressures. It says diesel prices increased approximately 40% since early July and management expects 2H 2026 contracting services margins of approximately 9% to 10%. The slides also describe acquisition and organic-growth plans, including materials investments and operations modernization with process improvements and AI.
T. Rowe Price Associates, Inc. reports beneficial ownership of 5,116,450 shares of Knife River Corp common stock, representing 9.0% of the class. It has sole voting power over 5,104,094 shares and sole dispositive power over 5,116,450 shares, with no shared voting or dispositive power. T. Rowe Price Associates states that this report should not be construed as an admission that it is the beneficial owner of these securities, and such beneficial ownership is expressly denied.
Capital World Investors reported beneficial ownership of 3,244,201 shares of Knife River Corporation common stock on a Schedule 13G. This represents 5.7% of the 56,753,855 Knife River shares believed to be outstanding as of June 30, 2026.
Capital World Investors, a division of Capital Research and Management Company and its investment management affiliates, has sole voting and dispositive power over all 3,244,201 shares, with no shared voting or dispositive authority. The filing notes that another person, including SMALLCAP World Fund, Inc., may have rights to receive dividends or proceeds from these securities.
Knife River Corporation reported higher Q2 2026 sales but weaker profitability. Revenue for the three months ended June 30, 2026 grew 13% year over year to $938.6 million, while net income declined 13% to $43.9 million and net income margin narrowed to 4.7% from 6.1%. Adjusted EBITDA was $139.7 million, down 1% with margin of 14.9% versus 16.9%.
Management cited higher energy costs, delayed projects, a less favorable mix in contracting services and much smaller gains on asset sales compared with 2025. Contracting services revenue rose 20%, contributing to double‑digit volume and gross profit growth across key material product lines, and aggregate pricing improved 8% on a mix‑adjusted basis. Segment results were mixed, with revenue down in the West but up strongly in the Mountain, Central and Energy Services regions.
For full‑year 2026, Knife River projects revenue of $3.4 billion to $3.6 billion and Adjusted EBITDA of $520 million to $560 million, and noted it has raised guidance for revenue and aggregate volumes. Contracting services backlog was $1.2 billion at June 30, 2026. The company is investing heavily, with $90.1 million spent on maintenance and improvement capex and $244.5 million on growth initiatives in the first half of 2026, funded in part by a new $400 million Term Loan B that brought net leverage to 3.2x Adjusted EBITDA.
Vanguard Portfolio Management LLC reports beneficial ownership of Knife River Corp common stock, filing as an institutional investor. Vanguard and certain affiliated entities report beneficial ownership of 2,870,086 shares of Knife River Corp, representing 5.05% of the outstanding common stock.
Vanguard has sole voting power over 54,943 shares and sole dispositive power over 2,870,086 shares, with no shared voting or dispositive power. The position reflects securities held by Vanguard funds and other managed accounts over which Vanguard or specified affiliates exercise dispositive and/or voting authority, while interests of other Vanguard affiliates are disaggregated under SEC rules.
Fagg Karen B reported acquisition or exercise transactions in this Form 4 filing.
Knife River Corp director Karen B. Fagg reported an award of 197.479 shares of phantom stock, each economically equivalent to one share of common stock. After this grant, she holds 1,259.138 phantom stock units and 33,317 shares of common stock directly. The phantom stock will be paid in cash when her board service ends.
Knife River Corp director William J. Sandbrook received a grant of 2,040 restricted stock units (RSUs) of common stock. The award was made on May 20, 2026 at no cash purchase price and is compensation, not an open-market trade. The RSUs vest immediately before the company’s next annual meeting of stockholders, if he continues serving on the board through that date. Each RSU converts into one share of Knife River common stock upon vesting, and Sandbrook will own 7,735 shares directly after this award.