Knife River Corporation reported record fourth quarter 2025 results with revenue of $755.1 million and Adjusted EBITDA of $119.4 million, representing 15% and 47% year-over-year growth respectively. The company initiated full-year 2026 guidance targeting revenue of $3.3-$3.5 billion and Adjusted EBITDA of $520-$560 million.
Key takeaways
Q4 2025 revenue increased 15% year-over-year to $755.1 million, with full-year 2025 revenue of $3,146.0 million.
Q4 2025 Adjusted EBITDA grew 47% to $119.4 million; full-year 2025 Adjusted EBITDA was $496.5 million.
Full-year 2025 net income was $157.1 million, a 22% decrease from the prior year.
The company completed five acquisitions in 2025 for $610.0 million and reported a record year-end backlog of $1 billion.
Full-year 2026 guidance projects revenue of $3,300.0 - $3,500.0 million and Adjusted EBITDA of $520.0 - $560.0 million.
Net leverage stood at 2.2x as of December 31, 2025, with $476.6 million available under the revolving credit facility.