Knife River Corporation reported a record fourth quarter and mixed full-year 2025 results. Fourth quarter revenue rose to $755.1 million, up 15% from 2024, while net income increased 38% to $32.0 million. Adjusted EBITDA grew 47% to $119.4 million, with margin improving to 15.8%.
For 2025 as a whole, revenue increased 9% to $3,146.0 million, but net income declined to $157.1 million from $201.7 million, as interest expense and depreciation rose following heavy investment and acquisitions. Full-year Adjusted EBITDA improved to $496.5 million, up 7%. Year-end contracting services backlog reached about $1.0 billion, up from $745.6 million, supporting management’s positive outlook.
For 2026, the company expects revenue between $3.3 billion and $3.5 billion and Adjusted EBITDA of $520–$560 million. Knife River highlighted benefits from five 2025 aggregates-focused acquisitions, higher pricing in key materials, and ongoing efficiency programs, while noting net leverage of 2.2x Adjusted EBITDA at December 31, 2025.
T. Rowe Price Associates, Inc. filed an amended Schedule 13G reporting beneficial ownership of 3,791,537 shares of Knife River Corp common stock, representing 6.7% of the class as of the event date 09/30/2025.
The filer reports sole voting power over 3,763,847 shares and sole dispositive power over 3,791,537 shares, with no shared voting or dispositive power. T. Rowe Price Associates indicates it is an investment adviser filing under Rule 13d-1(b) and certifies the holdings were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of Knife River.
Knife River Corporation reported Q3 2025 results showing solid top-line growth and stable profitability. Total revenue was 1,203,717, with net income of $143,151 and diluted EPS of $2.52. Construction materials revenue rose to $647,277, while contracting services were $556,440. Gross profit was $284,334 and operating income was $215,205.
Year-to-date revenue reached 2,390,948. The company completed the $454.0 million acquisition of Strata Corporation, which contributed $95.3 million of revenue and $9.3 million of net income in the quarter. Backlog was $994.6 million, including $764.4 million expected within 12 months, $129.0 million in 13–24 months, and $101.2 million in 25 months or more. Cash from operations was $82,583 for the nine months, offset by $783,019 used in investing, and $500,399 provided by financing, including $520,000 of new long-term debt issuance. Shares outstanding were 56,664,165 as of October 28, 2025. The company reorganized into four segments: West, Mountain, Central, and Energy Services.
Knife River Corporation filed an 8-K stating it issued a press release announcing third quarter 2025 earnings. The company furnished the release to the SEC under Items 2.02 (Results of Operations and Financial Condition) and 7.01 (Regulation FD Disclosure). The press release is included as Exhibit 99 and incorporated by reference. The filing was signed by Vice President and CFO Nathan W. Ring. Knife River’s common stock trades on the NYSE under the symbol KNF.
Knife River's Schedule 13G discloses that T. Rowe Price Associates, Inc. beneficially owns 2,983,797 shares of common stock, equal to 5.3% of the class. The filing shows sole voting power over 2,975,460 shares and sole dispositive power over 2,983,797 shares. The report states these securities were acquired and are held in the ordinary course of business and are not held to influence control of the issuer, which is why a Schedule 13G (passive investor) was used. In short, this is a material institutional stake disclosed as passive ownership rather than an active control position.