Current Status Overview
Knife River Corporation (NYSE: KNF) reported financial results for the fourth quarter and full year ended December 31, 2025. Fourth-quarter revenue increased 15% year over year to $755.1 million, compared with $657.2 million in Q4 2024. Full-year 2025 revenue rose 9% to $3,146.0 million. Adjusted EBITDA and net income improved relative to the prior year, reflecting pricing strength, volume growth in aggregates, and contributions from acquisitions completed during 2025.
Share Price Performance
Knife River Corporation shares were trading near $80.77 in mid-February 2026 following the earnings release. The stock experienced moderate volatility around the announcement, reflecting market evaluation of the company’s revenue growth and forward guidance. Over the past year, shares have traded within a broad range influenced by infrastructure spending trends and construction sector demand.
Revenue Performance
Revenue for the last three months (Q4 2025) totaled $755.1 million, representing a 15% increase from $657.2 million in Q4 2024. For the last six months (Q3 and Q4 2025 combined), revenue reached $1,958.8 million, compared with $1,762.5 million in the comparable 2024 period, reflecting growth of approximately 11%. Over the last nine months (Q2 through Q4 2025), revenue totaled $2,792.6 million versus $2,569.5 million in the prior-year period, an increase of approximately 8.7% year over year.
Market Analysis
Knife River operates in the construction materials and infrastructure services industry, with vertically integrated operations spanning aggregates, ready-mix concrete, asphalt, and contracting services across multiple U.S. markets. Industry trends include elevated public infrastructure investment, backlog expansion, and pricing discipline in materials. Competitive dynamics remain regional, with national and local producers competing for public and private construction contracts.
Analyst Commentary
No analyst commentary reported.
Mergers & Acquisitions
Knife River completed five aggregates-focused acquisitions during 2025, contributing to revenue growth and expanded geographic reach. No additional acquisitions were announced in the fourth-quarter 2025 earnings release.
Outlook
For full-year 2026, Knife River provided revenue guidance of $3,300 million to $3,500 million and Adjusted EBITDA guidance of $520 million to $560 million. Aggregates volumes and pricing are expected to increase in the mid-single-digit range, ready-mix volumes are projected to increase in the mid-teens, and asphalt volumes are anticipated to grow in the mid-single digits. The company expects continued operational execution and capital deployment aligned with infrastructure demand trends.