Knife River reports Q4 EPS 56c, consensus 44c

Reports Q4 revenue $755.1M, consensus $726.6M. “Knife River (KNF) delivered strong second-half results in 2025, including a record Q4 that saw a 15% increase in revenue, 47% improvement in adjusted EBITDA and 340 basis-point expansion in adjusted EBITDA margin, year-over-year,” said CEO Brian Gray. “This strong finish was supported by favorable Q4 weather and caps a year of meaningful progress on our Competitive EDGE efforts…Additionally, we completed five acquisitions in 2025, starting with Strata in Q1 through Texcrete in Q4. We expect Texcrete will more than double our ready-mix volumes within the Texas Triangle in 2026, and we believe each of these transactions will allow us to better serve a growing customer base. We enter 2026 with momentum and confidence in our strategy to deliver long-term, profitable growth. We have record year-end backlog of $1B, which includes the opportunity to pull through our higher-margin materials. We will continue our efforts to optimize materials pricing and drive efficiencies at our plants. Also, we expect our strategic M&A activity to continue, as our 2026 deal pipeline looks similar to 2025. And we will keep investing in organic growth opportunities across our markets, focused on the areas where we are getting our best returns. We have the growth framework in place, and I’m excited about our potential in 2026 and beyond.”