KNF

MKT CAP:$5B

Knife River Corporation

Market Cap

$5B

Basic Materials·Construction Materials·🇺🇸 United States·NYSE

Materials·Construction·🇺🇸·NYSE

Stock Price

$88.80+$16.06 (+22.08%)

Apr 23, 2026

Company Details

Knife River Corporation provides aggregates-based construction materials and contracting services in the United States. It operates through six segments: Pacific, Northwest, Mountain, North Central, South, and Energy Services. The company m...

CEO

Brian R. Gray

IPO Date

Jun 6, 2023

Website

www.kniferiver.com

Key Metrics TTM

Revenue

$3.1B

+8.5% YoY

Net Income

$157M

EPS (Diluted)

$2.76

Free Cash Flow

-$70M

Revenue / Share

$55.29

Gross Margin

18.4%

Operating Margin

9.1%

Net Margin

5.0%

FCF Margin

-2.2%

P/S

1.6x

P/E

32.4x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 20, 2026

$3.1B+8.5%EPS $2.76

Q4 2025

Feb 20, 2026

$755M+14.9%EPS $0.56

Q3 2025

Nov 4, 2025

$1.2B+8.9%EPS $2.52

Q2 2025

Aug 5, 2025

$834M+3.3%EPS $0.89

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$310M	$1M	-$45M
Q2 22	$712M	$103M	$60M
Q3 22	$975M	$184M	$143M
Q1 23	$308M	$4M	-$45M
Q2 23	$785M	$153M	$94M
Q3 23	$1.1B	$269M	$210M
Q4 23	$647M	$112M	$37M
Q1 24	$330M	$6M	-$54M
Q2 24	$807M	$176M	$117M
Q3 24	$1.1B	$273M	$209M
Q4 24	$657M	$114M	$44M
Q1 25	$353M	-$10M	-$83M
Q2 25	$834M	$157M	$88M
Q3 25	$1.2B	$286M	$215M
Q4 25	$755M	$145M	$65M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q1 23	2.2x	89.5x
Q2 23	1.8x	33.1x
Q3 23	1.6x	19.4x
Q4 23	1.8x	27.8x
Q1 24	1.8x	28.8x
Q2 24	1.8x	25.8x
Q3 24	1.8x	25.6x
Q4 24	1.8x	25.2x
Q1 25	1.7x	28.2x
Q2 25	1.7x	33.2x
Q3 25	1.7x	34.3x
Q4 25	1.6x	32.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$76M	-$117M
Q2 22	-$72M	-$111M
Q3 22	$187M	$146M
Q1 23	-$79M	-$122M
Q2 23	$9M	-$15M
Q3 23	$223M	$203M
Q4 23	$183M	$145M
Q1 24	-$43M	-$87M
Q2 24	-$47M	-$107M
Q3 24	$240M	$216M
Q4 24	$172M	$127M
Q1 25	-$125M	-$200M
Q2 25	-$43M	-$196M
Q3 25	$250M	$189M
Q4 25	$196M	$138M

Capital Expenditures

Quarter	CapEx
Q1 22	$41M
Q2 22	$39M
Q3 22	$42M
Q1 23	$42M
Q2 23	$24M
Q3 23	$20M
Q4 23	$38M
Q1 24	$44M
Q2 24	$60M
Q3 24	$24M
Q4 24	$45M
Q1 25	$75M
Q2 25	$154M
Q3 25	$62M
Q4 25	$58M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 23	+153.3%	+95.1%
Q3 23	+53.2%	+35.1%
Q4 23	-33.7%	-26.8%
Q1 24	+7.0%	+8.8%
Q2 24	+2.8%	-0.2%
Q3 24	+1.4%	+1.8%
Q4 24	+1.6%	+0.6%
Q1 25	+7.2%	+13.8%
Q2 25	+3.3%	+8.0%
Q3 25	+8.9%	+10.3%
Q4 25	+14.9%	+12.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$333.0K	0.1%
Q2 22	$333.0K	0.0%
Q3 22	$200.0K	0.0%
Q1 23	$453.0K	0.1%
Q2 23	-$100.0K	-0.0%
Q3 23	$1M	0.1%
Q4 23	$588.0K	0.1%
Q1 24	$2M	0.5%
Q2 24	$2M	0.2%
Q3 24	$2M	0.2%
Q4 24	$2M	0.3%
Q1 25	$3M	0.8%
Q2 25	$3M	0.3%
Q3 25	$3M	0.2%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 22	—	—	$46M
Q2 22	$5M	$38M	—
Q3 22	—	—	$42M
Q1 23	—	—	$49M
Q2 23	—	—	$59M
Q3 23	$300.0K	$59M	—
Q4 23	—	—	$75M
Q1 24	—	—	$60M
Q2 24	—	—	$59M
Q3 24	—	—	$64M
Q4 24	—	—	$70M
Q1 25	—	—	$73M
Q2 25	—	—	$69M
Q3 25	—	—	$68M
Q4 25	—	—	$80M

Revenue by Geography

Quarter	Central Segment	Corporate and Other	Mountain Segment	Northwest Segment	Pacific Segment	Energy Services Segment	West Segment
Q1 23	$21M	$43M	$61M	$116M	$68M	—	—
Q2 23	$188M	$101M	$176M	$179M	$142M	—	—
Q3 23	$305M	$140M	$255M	$209M	$181M	—	—
Q1 24	$61M	—	$60M	$119M	$78M	$11M	—
Q2 24	$215M	—	$194M	$200M	$132M	$66M	—
Q3 24	$355M	—	$261M	$218M	$165M	$111M	—
Q4 24	$187M	—	$148M	$153M	$118M	$51M	—
Q1 25	$68M	—	$66M	—	—	$12M	$208M
Q2 25	$255M	—	$176M	—	—	$86M	$317M
Q3 25	$434M	—	$230M	—	—	$149M	$396M
Q4 25	$247M	—	$172M	—	—	$49M	$288M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$10M	$0	$10M
Q1 23	$7M	$0	$7M
Q2 23	$68M	$0	$68M
Q3 23	$116M	$0	$116M
Q4 23	$262M	$0	$262M
Q1 24	$171M	$0	$171M
Q2 24	$15M	$0	$15M
Q3 24	$267M	$0	$267M
Q4 24	$281M	$0	$281M
Q1 25	$86M	$0	$86M
Q2 25	$27M	$0	$27M
Q3 25	$81M	$0	$81M
Q4 25	$123M	$0	$123M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	57M	—	—
Q2 22	57M	0.0%	—
Q3 22	57M	0.0%	—
Q1 23	57M	+0.0%	—
Q2 23	57M	+0.1%	+0.1%
Q3 23	57M	-0.1%	+0.0%
Q4 23	57M	+0.4%	+0.4%
Q1 24	57M	-0.4%	+0.1%
Q2 24	57M	+0.4%	+0.4%
Q3 24	57M	+0.2%	+0.6%
Q4 24	57M	0.0%	+0.2%
Q1 25	57M	-0.5%	0.0%
Q2 25	57M	+0.5%	+0.2%
Q3 25	57M	-0.0%	-0.0%
Q4 25	57M	+0.0%	0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	$147.4K	4K
Q1 24	$75.1K	4K
Q2 24	$183.8K	4K
Q3 24	$251.8K	4K
Q4 24	$111.4K	6K
Q1 25	$59.9K	6K
Q2 25	$141.3K	6K
Q3 25	$204.0K	6K
Q4 25	$142.5K	5K

Revenue / Employee