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Knife River Corporation Reports First Quarter 2026 Financial Results

KNF
  • Knife River Corporation reported first quarter 2026 revenue of $410.1 million, a 16% increase from $353.5 million in the prior year.
  • The company recorded a net loss of $79.2 million compared to $68.7 million in the same period last year.
  • Adjusted EBITDA improved by 16% to a loss of $31.8 million from a loss of $38.0 million in the previous year.
  • Revenue growth was driven by double-digit volume increases across product lines & reduced per-unit costs.
  • The company completed three aggregates-based acquisitions: Morgan Asphalt in Utah, & Sparrow Enterprises and Donaldson Brothers Ready-Mix in Montana.
  • First quarter backlog reached a record $1.2 billion, with the Mountain Region showing a 23% revenue increase & the Central Region showing a 49% increase.
  • The West region revenue rose 2% to $211.8 million, though EBITDA declined 11% due to the absence of a prior year one-time gain & flooding in Hawaii.
  • Full-year 2026 financial guidance includes revenue between $3.3 billion & $3.5 billion, with Adjusted EBITDA projected between $520 million & $560 million.
  • Capital expenditures totaled $251.5 million for the quarter, comprising $42.3 million in maintenance & $209.2 million in growth initiatives including $174.2 million for acquisitions.
  • As of March 31, 2026, the company held $13.4 million in unrestricted cash, $1.4 billion in gross debt, & a net leverage ratio of 2.9x.
  • Management expects 2026 aggregates, ready-mix, & asphalt volumes to increase mid-single digits to mid-teens, with Energy Services results in line with 2025.
  • A conference call to discuss results is scheduled for May 5, 2026, at 11 a.m. EDT.