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Dec 31, 2025
Knife River Q4 2025 Earnings Report
Knife River Corporation reports strong fourth quarter and full-year 2025 financial results, driven by increased revenue, adjusted EBITDA, and strategic acquisitions.
Key Takeaways
Knife River Corporation delivered strong second-half results in 2025, with a record fourth quarter that saw a 15% increase in revenue to $755.1 million and a 47% improvement in adjusted EBITDA to $119.4 million. The company completed five aggregates-based acquisitions and ended the year with a record backlog of $1 billion, positioning it well for continued growth in 2026.
Record fourth quarter revenue of $755.1 million, a 15% increase year-over-year, driven by acquisitions and higher aggregate and ready-mix volumes and pricing.
Adjusted EBITDA increased 47% year-over-year to $119.4 million, with a 340 basis-point expansion in adjusted EBITDA margin.
Completed five aggregates-based acquisitions in 2025, including Strata and Texcrete, expanding the company's footprint and customer base.
Achieved a record year-end backlog of $1 billion, with approximately 89% related to publicly funded projects, indicating strong future revenue potential.
Revenue by Segment
Forward Guidance
Knife River expects continued long-term, profitable growth in 2026, with revenue projected between $3.3 billion and $3.5 billion, and Adjusted EBITDA between $520 million and $560 million. The company anticipates increases in aggregates, ready-mix, and asphalt volumes, continued strategic M&A activity, and investments in organic growth.
Positive Outlook
- Aggregates volumes and pricing expected to increase mid-single digits.
- Ready-mix volumes projected to increase mid-teens, with Texcrete acquisition more than doubling volumes in the Texas Triangle.
- Asphalt volumes expected to increase mid-single digits.
- Strategic M&A activity anticipated to continue, with a deal pipeline similar to 2025.
- Continued investment in organic growth opportunities across markets, focusing on areas with best returns.
Challenges Ahead
- Depreciation, depletion and amortization expected to increase mid-single digits.
- Guidance ranges are based on normal weather, economic, and operating conditions, and do not include the expected impact of potential acquisitions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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