Knife River Corporation reported higher first quarter 2026 revenue but remained unprofitable. Revenue rose 16% to $410.1 million, while net loss widened to $79.2 million, or $1.40 per share. Adjusted EBITDA was a loss of $31.8 million, an improvement from a $38.0 million loss, reflecting better margins.
The company completed three aggregates-based acquisitions and ended the quarter with record first quarter backlog of $1.2 billion. For full-year 2026, Knife River guides revenue between $3.3 billion and $3.5 billion and Adjusted EBITDA between $520 million and $560 million. Net leverage was 2.9x, with $1.4 billion of gross debt and $13.4 million of unrestricted cash as of March 31, 2026.
Knife River Corp ownership filing shows Vanguard Capital Management beneficially owns 2,979,706 shares of Common Stock as reported on 03/31/2026, representing 5.25% of the class. The filing states Vanguard has sole voting power for 433,816 shares and sole dispositive power for 2,979,706 shares, and that these holdings include securities held for Vanguard funds and managed accounts. The filing is signed by Ashley Grim as Head of Global Fund Administration on 04/30/2026.
Knife River Corporation is asking stockholders to vote at its fully virtual annual meeting on May 20, 2026, on three items: electing two Class III directors, an advisory say‑on‑pay vote, and ratifying Deloitte & Touche LLP as auditor for 2026.
The company highlights a record year‑end backlog of about $1 billion, a vertically integrated aggregates-based model with 1.3 billion tons of reserves, and 2025 growth supported by five acquisitions. Governance features include an independent chair, majority voting for directors, proxy access, single‑class stock, and a plan to fully declassify the board by the 2027 meeting.
Executive pay is described as highly performance‑linked: for 2025, over 80% of the CEO’s target compensation and about 70% for other named executives was "at risk," with annual cash incentives and most long‑term incentives tied to specific financial and safety goals. The proxy also emphasizes sustainability efforts, including expanded renewable diesel use, ENERGY STAR®‑certified asphalt plants and a formal sustainability governance structure overseen by the board and audit committee.
Knife River Corp director Karen B. Fagg acquired 221.676 shares of phantom stock on March 31, 2026, as a grant classified as a grant, award, or other acquisition. Each phantom share is economically equivalent to one share of Knife River common stock.
The phantom stock becomes payable in cash when Fagg’s service as a director ends, so this is a cash-settled compensation award rather than an open-market stock trade. After this grant, she holds 1,061.659 phantom stock units and 30,937 shares of common stock directly.
The Vanguard Group filed Amendment No. 2 to a Schedule 13G/A reporting 0 shares and 0% beneficial ownership of Knife River Corp common stock. The filing states an internal realignment effective January 12, 2026, under SEC Release No. 34-39538 that caused disaggregated reporting by subsidiaries.
Knife River Corp President & CEO Brian R. Gray received an equity award. He acquired 20,955 restricted stock units that each represent the contingent right to receive one share of Knife River common stock. These RSUs vest on December 31, 2028, if he remains employed by the company through that date.
After the award, Gray directly holds 84,747 shares of common stock. The filing also reports 8,164.6823 shares of common stock held indirectly in a 401(k) plan by a trustee, with the share count able to fluctuate daily based on plan activity.
Kadrmas Marney L. reported acquisition or exercise transactions in this Form 4 filing.
Knife River Corp executive Marney L. Kadrmas, VP & Chief Accounting Officer, received a grant of 1,199 restricted stock units of common stock. The award was recorded at a price of $0.0000 per unit.
According to the filing, these RSUs vest on December 31, 2028, provided Kadrmas remains employed by Knife River on that vesting date. Each restricted stock unit represents the contingent right to receive one share of Knife River common stock.
After this award, Kadrmas directly held 4,917 shares of common stock. The filing also reports an indirect holding of 2,460.0368 shares of common stock through a 401(k) plan by a trustee, with the number of plan shares able to fluctuate daily based on fund activity as of the most recent quarter end.
Knife River Corp reported that VP & Chief Excellence Officer Glenn R. Pladsen acquired 2,950 restricted stock units of common stock on March 4, 2026. These RSUs vest on December 31, 2028 if he remains employed, with each unit representing one share. The filing also updates his indirect 401(k) plan holdings in Knife River stock.
Knife River Corp executive Sarah L. LaChapelle reported an equity award in the form of restricted stock units. She acquired 2,713 RSUs of common stock that will vest on December 31, 2028, provided she remains employed with the company on that date. Each RSU represents the right to receive one share of Knife River common stock. Following the award, she directly holds 4,578 shares of common stock, and also has indirect interests through a trust holding 7.7142 shares and a 401(k) plan with 1,897.7925 shares, with the trust interest subject to a proportional pecuniary ownership disclaimer and the 401(k) balance able to fluctuate based on plan activity.