KNF · Knife River Corporation

Knife River Corporation reported first quarter 2026 results with revenue of $410.1 million, up 16% year-over-year, driven by double-digit volume increases across aggregates, ready-mix, and asphalt, as well as higher contracting services revenue. Net loss widened to $79.2 million from $68.7 million, but adjusted EBITDA improved 16% to -$31.8 million, and adjusted EBITDA margin improved 290 basis points to -7.8%. The company attributed the margin improvement to volume increases and cost controls, which drove gross profit improvements across product lines. Management highlighted a record first quarter backlog of $1.2 billion, up 24.5% from $938.7 million a year ago, providing momentum into the 2026 construction season. The company completed three aggregates-based acquisitions in the quarter: Morgan Asphalt in Utah, and Sparrow Enterprises and Donaldson Brothers Ready-Mix in Montana, all in the Mountain region. For full-year 2026, Knife River guided revenue of $3.3 billion to $3.5 billion and adjusted EBITDA of $520 million to $560 million, with expectations for mid-single-digit volume and pricing increases in aggregates and asphalt, and mid-teen volume growth in ready-mix. The company also noted that capital expenditures for growth totaled $209.2 million in Q1, including $174.2 million on acquisitions. As of March 31, 2026, the company had $75.5 million in cash and equivalents, $1.4 billion in gross debt, and net leverage of 2.9x.