Knife River Corporation (KNF) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

May 12, 2026

Before Open (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

-1.37

Last Year’s EPS

-1.21

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 8 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 17, 2026|

% Change Since:

Earnings Call Sentiment|Positive

Overall the call communicated clear progress on strategic priorities with multiple operating and financial improvements: record backlog (+38%), stronger Q4 performance (Q4 adjusted EBITDA +47%, gross margin ~19%), successful M&A execution and substantial capital investment (~$789M), and continued margin expansion efforts (dynamic pricing, pit crew initiatives). Offsetting items include regional softness (notably Oregon), near-term contracting services margin pressure, higher SG&A tied to growth/M&A, weather-driven seasonality and some non‑recurring gains in 2025. Management provided constructive 2026 guidance (revenue $3.3B–$3.5B; adjusted EBITDA $520M–$560M) and emphasized a strong balance sheet and ample liquidity to drive further growth. Taken together, the positive operational momentum, backlog strength, margin improvement initiatives and healthy balance sheet outweigh the challenges highlighted, suggesting a constructive outlook.

Company Guidance

Knife River guided 2026 consolidated revenue of $3.3–$3.5 billion and adjusted EBITDA of $520–$560 million (implying roughly a 16% adjusted EBITDA margin at the midpoint), assuming normal weather, economic and operating conditions; product-line expectations include aggregates volumes up mid-single digits, aggregates pricing up mid-single digits and ~200 bps of aggregates margin expansion, ready-mix volumes up mid-teens, asphalt volumes up mid-single digits (margins roughly comparable to prior year) and contracting services gross margin expected to improve as more asphalt is self‑performed. Key backlog, capital and liquidity metrics: record backlog ≈$1.0 billion (+38% YoY) with ~90% public work and ~75% expected to be completed in 2026; 2025 investments totaled $789 million with $170 million of maintenance capex (~6% of revenue); 2026 maintenance/improvement capex expected to remain ~5–7% of revenue, reserve/organic additions ≈$131 million, ~$75 million unrestricted cash, ≈$475 million available on the revolver, net leverage 2.2x (below a 2.5x target) and expected cash flow from operations of about two‑thirds of EBITDA.

Record Backlog and Strong Visibility

Record backlog of $1,000,000,000 entering 2026, a 38% increase year-over-year; ~90% public work and ~75% of backlog expected to be completed in 2026, with more asphalt paving in backlog than performed in all of 2025.

Full-Year Adjusted EBITDA Growth

Adjusted EBITDA grew 7% to $497,000,000 for FY2025, with multi-year progress (adjusted EBITDA +58% over three years) showing sustained profitability improvements.

Exceptional Fourth Quarter Performance

Q4 produced a 47% increase in adjusted EBITDA versus prior-year quarter, gross profit up 27% for the quarter, and record gross margin of nearly 19%; adjusted EBITDA margin improved ~340 basis points over the multi-year period.

Material Segment Strength — Aggregates, Ready Mix, Asphalt

Aggregates: Q4 volumes +17%, pricing up ~8-9% in 2025 (company reported 9% dynamic pricing improvement), and gross margins +200 bps; Ready mix: Q4 volumes +20% and gross margin lift ~230 bps with mid-teens volume growth expected in 2026; Asphalt: Q4 asphalt margins improved ~400 bps, internal sales volumes +8%+, and mid-single-digit volume growth expected in 2026.

Construction and Contracting Tailwinds

Construction revenue in the Mountain region up ~20% in the quarter; contracting services revenue grew 15% in Q4 (Mountain ~20%+ uplift from extended season); federal/state/local infrastructure funding remains healthy and ~46% of IIJA funding in their 14 states remains to be dispersed.

Active M&A and Capital Deployment

Completed five acquisitions in 2025 (including largest-ever Strata), invested ~$789,000,000 across growth initiatives (acquisitions, aggregates reserve expansions, organic projects); disciplined acquisition focus on aggregates-based, vertically integrated bolt-ons in mid-sized higher-growth markets.

Strong Balance Sheet and Capital Capacity

Ended FY2025 with ~$75,000,000 unrestricted cash, ~$475,000,000 available on revolver, and net leverage of 2.2x (below long-term target of 2.5x); maintenance capex $170,000,000 (~6% of revenue); guidance for 2026 capex includes ~$131,000,000 for reserve additions/organic growth.

2026 Guidance Indicates Continued Growth

2026 guidance: consolidated revenue of $3.3B–$3.5B and adjusted EBITDA of $520M–$560M (midpoint implies ~16% adjusted EBITDA margin), reflecting expected margin expansion driven by pricing, self-help initiatives and higher-margin pull-through from paving work.

Operational Improvements and Safety

Ongoing self-help initiatives (dynamic pricing/commercial excellence, pit crew cost reductions, standardization of best practices) drove margin expansion across product lines (multi-year aggregate gross margin +450 bps, ready mix +300 bps, contracting services +280 bps) and the company reported its safest year ever.

Knife River Corporation (KNF) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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KNF Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 12, 2026	2026 (Q1)	-1.37 / -	-1.21	―	―	―
Feb 17, 2026	2025 (Q4)	0.40 / 0.56	0.41	36.59% (+0.15)
Nov 04, 2025	2025 (Q3)	2.59 / 2.52	2.6	-3.08% (-0.08)
Aug 05, 2025	2025 (Q2)	1.40 / 0.89	1.37	-35.04% (-0.48)
May 06, 2025	2025 (Q1)	-0.93 / -1.21	-0.84	-44.05% (-0.37)
Feb 13, 2025	2024 (Q4)	0.34 / 0.41	0.36	13.89% (+0.05)
Nov 04, 2024	2024 (Q3)	2.81 / 2.60	2.58	0.78% (+0.02)
Aug 06, 2024	2024 (Q2)	1.24 / 1.37	1	37.00% (+0.37)
May 07, 2024	2024 (Q1)	-0.86 / -0.84	-0.72	-16.67% (-0.12)
Feb 15, 2024	2023 (Q4)	0.17 / 0.36	0.318	13.21% (+0.04)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

KNF Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 17, 2026	$80.77	$93.97	+16.34%
Nov 04, 2025	$61.11	$66.22	+8.36%
Aug 05, 2025	$84.36	$86.00	+1.94%
May 06, 2025	$96.91	$91.81	-5.26%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Knife River Corporation (KNF) report earnings?

Knife River Corporation (KNF) is schdueled to report earning on May 12, 2026, Before Open (Confirmed).

What is Knife River Corporation (KNF) earnings time?

Knife River Corporation (KNF) earnings time is at May 12, 2026, Before Open (Confirmed).

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What is KNF EPS forecast?

KNF EPS forecast for the fiscal quarter 2026 (Q1) is -1.37.