Earnings Releases·Nov 3, 2026, 8:32 AM ET

Knife River Corporation — Third Quarter 2026 Earnings Summary

Revenue increased 6% year-over-year to $1,275.6 million, while net income declined 4% to $137.9 million and adjusted EBITDA remained essentially flat at $271.7 million.
Full-year 2026 guidance was revised downward to reflect near-term headwinds, with revenue guidance set at $3,375.0–$3,425.0 million and adjusted EBITDA guidance at $475.0–$505.0 million.
Strategic focus includes the "Sharper EDGE" operational improvement initiative, a $55.4 million organic growth spend for the remainder of 2026, and an active M&A pipeline following Q1 acquisitions.
Segment performance was mixed, with the Mountain segment driving 34% revenue growth via acquisitions, while the Energy Services segment saw an 18% EBITDA decline due to higher input costs and lower volumes.
The company maintains a net leverage ratio of 2.9x, holds $118.0 million in unrestricted cash, and expects total 2026 capital expenditures for maintenance to range between 5% and 6% of revenue.