Short answer
Knife River Corp (KNF) filed its fiscal 2025 10-K annual report with the SEC on Feb 20, 2026. It reported revenue of $3.1B (+8.5% year over year) and net income of $157M.
- Top risk flagged: Regulatory risk: IIJA federal highway funding, 46% of $1.2T authorization undisbursed in 14-state market as of Nov 2025
FY2025 key financial metrics · XBRL
- Revenue
- $3.1B
- +8.5% YoY
- Net income
- $157M
- −22.1% YoY
- Operating margin
- 9.1%
- −1.8 pp YoY
- Gross margin
- 18.4%
- −1.3 pp YoY
- EPS (diluted)
- $2.76
- −22.3% YoY
- ROE
- 9.6%
- −4.1 pp YoY
- Operating cash flow
- $278M
- −13.6% YoY
Source: XBRL data from the Knife River Corp (KNF) FY2025 10-K on SEC EDGAR. USD.
Knife River Corp FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Vertically integrated aggregates-based construction materials and contracting services provider across 14 states with 208 aggregate sites
- Completion of tax-free spin-off from MDU Resources on May 31, 2023, becoming independent public company (NYSE: KNF)
- Acquisition of Strata Corporation on March 7, 2025, adding 30 years of aggregate reserves, 24 ready-mix plants, and 3 asphalt plants for $454 million
- Expanded Central segment with Strata acquisition, including rail and trucking assets enhancing logistics capabilities
Management Discussion & Analysis
- Revenue $3,146M in 2025 (excluding $631M internal sales); Aggregates $617.1M (16.3%), Ready-mix concrete $779.4M (20.6%), Contracting services $1,383.9M (36.6%)
- Gross profit $577.3M, margin 18.4% overall; Aggregates margin 18.5%, Ready-mix concrete margin 17.1%, Contracting services margin 11.2%
- Best performing segment: Contracting services with $1,383.9M revenue and 11.2% margin; worst: Contracting services margin lowest but highest revenue
- Sold 32.5 million tons aggregates in 2025, 35% used internally supporting vertical integration
- Industry risks: high fragmentation, transportation cost limits, seasonality, cyclicality tied to economy, reliance on public spending and regulatory approvals
Risk Factors
- Regulatory risk: IIJA federal highway funding, 46% of $1.2T authorization undisbursed in 14-state market as of Nov 2025
- Macroeconomic risk: $745M-$810M North Dakota DOT 2026 bid lettings, up from $345M in 2025, affecting backlog and workload
- Operational risk: Integration of five acquisitions in 2025 for $611.7M adding 29 ready-mix and 5 asphalt plants depends on synergy realization
- Competitive risk: Higher-margin bidding initiatives target organic and acquisition growth in mid-size, high-growth markets against market peers
- Financial risk: $611.7M acquisition spend in 2025 raises capital allocation focus amid margin improvement and cost control efforts
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