Knife River Corporation reported a total revenue of $3.146 billion for the fiscal year ending December 31, 2025, marking a 9% increase from $2.899 billion in 2024. The company's net income for the year was $157.1 million, a decrease of 22% compared to $201.7 million in the previous year. The decline in profitability was attributed to increased interest expenses and lower margins in certain segments, particularly contracting services, which saw a decrease in gross margin due to the nature of the work performed.
The company underwent significant changes during the fiscal year, including the acquisition of Strata Corporation for $454 million, which added approximately 30 years of aggregate reserves and expanded its operational footprint in North Dakota and northwestern Minnesota. This acquisition, along with others, contributed to a 38% increase in the company's backlog, which reached $1.032 billion by the end of 2025. Approximately 89% of this backlog is related to public-sector projects, providing a stable revenue stream amid fluctuating market conditions.
Operationally, Knife River maintained a workforce of 5,298 employees as of December 31, 2025, with a peak employment of nearly 6,900 during the construction season. The company operates across 14 states, with a network of 208 active aggregate sites, 135 ready-mix plants, and 55 asphalt plants. The strategic focus on vertical integration allowed approximately 35% of the aggregates produced to be utilized internally for ready-mix concrete and asphalt production, enhancing operational efficiency.
Looking ahead, Knife River's management expressed optimism about future growth, driven by ongoing infrastructure development and public funding initiatives, including the Infrastructure Investment and Jobs Act. The company plans to continue leveraging its Competitive EDGE strategy to improve margins and operational efficiency while pursuing additional acquisitions in higher-growth markets. The anticipated capital expenditures for 2026 are projected to be between $170 million and $235 million, focusing on maintenance and organic growth projects.
About Knife River Corp
Knife River Corporation is a leading aggregates-based construction materials and contracting services provider in the U.S. It mines and processes aggregates, produces and sells asphalt, ready-mix concrete, and liquid asphalt, and offers related contracting services for public infrastructure and private projects. Its vertically integrated, regional operations focus on high-growth markets, emphasizing safety, quality, environmental responsibility, and operational efficiency for long-term, profitable growth.
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