Knife River Corp (KNF) FY2025 10-K Annual Report
Knife River Corp (KNF) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 20, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Knife River Corp FY2025 10-K Analysis
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
Knife River Corp FY2025 Key Financial MetricsXBRL
Revenue
$3.1B
▲ +8.5% YoY
Net Income
$157M
▼ -22.1% YoY
Gross Margin
18.4%
▼ -130bp YoY
Operating Margin
9.1%
▼ -182bp YoY
Net Margin
5.0%
▼ -196bp YoY
ROE
9.6%
▼ -409bp YoY
Total Assets
$3.7B
▲ +28.0% YoY
EPS (Diluted)
$2.76
▼ -22.3% YoY
Operating Cash Flow
$278M
▼ -13.6% YoY
Source: XBRL data from Knife River Corp FY2025 10-K filing on SEC EDGAR. All figures in USD.
Get deeper insights on Knife River Corp
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.