What is Knife River's operating income?

Knife River's total operating income in 2025 was $285.87 million, based on the following breakdown: Total Gross Profit: $577.33 million Total Operating Expenses: $291.46 million

Knife River (KNF) Financials

$66.10 +0.14 (+0.21%)

As of 08/21/2026 03:58 PM Eastern

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Annual Income Statements for Knife River

This table shows Knife River's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	130	116	183	202	157
Consolidated Net Income / (Loss)	130	116	183	202	157
Net Income / (Loss) Continuing Operations	130	116	183	202	157
Total Pre-Tax Income	173	159	245	271	213
Total Operating Income	191	194	296	316	286
Total Gross Profit	347	361	539	570	577
Total Revenue	2,229	2,535	2,830	2,899	3,146
Total Cost of Revenue	1,882	2,174	2,291	2,329	2,569
Total Operating Expenses	156	167	243	254	291
Selling, General & Admin Expense	156	167	243	254	291
Total Other Income / (Expense), net	-18	-35	-51	-45	-73
Interest Expense	19	30	58	55	82
Other Income / (Expense), net	1.36	-5.35	7.01	10	9.27
Income Tax Expense	43	43	62	69	56
Basic Earnings per Share	$2.29	$2.05	$3.23	$3.56	$2.77
Weighted Average Basic Shares Outstanding	56.57M	56.57M	56.57M	56.61M	56.65M
Diluted Earnings per Share	$2.29	$2.05	$3.23	$3.55	$2.76
Weighted Average Diluted Shares Outstanding	56.57M	56.57M	56.67M	56.84M	56.90M
Weighted Average Basic & Diluted Shares Outstanding	-	-	56.58M	56.61M	56.66M

This table shows Knife River's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	21	-48	78	148	23	-69	51	143	32	-79	44
Consolidated Net Income / (Loss)	21	-48	78	148	23	-69	51	143	32	-79	44
Net Income / (Loss) Continuing Operations	21	-48	78	148	23	-69	51	143	32	-79	44
Total Pre-Tax Income	27	-64	104	198	33	-93	68	193	45	-108	60
Total Operating Income	37	-54	117	209	44	-83	88	215	65	-86	81
Total Gross Profit	112	6.49	176	273	114	-9.60	157	284	145	-2.77	163
Total Revenue	647	330	807	1,105	657	353	834	1,204	755	410	939
Total Cost of Revenue	534	323	631	832	543	363	677	919	610	413	776
Total Operating Expenses	75	60	59	64	70	73	69	69	80	83	82
Selling, General & Admin Expense	75	60	59	64	70	73	69	69	80	83	82
Total Other Income / (Expense), net	-10	-10	-13	-11	-11	-11	-20	-22	-20	-21	-21
Interest Expense	14	14	14	14	13	15	22	23	21	21	25
Other Income / (Expense), net	3.70	3.75	1.30	2.49	2.50	4.57	2.21	1.19	1.30	-0.63	3.29
Income Tax Expense	6.11	-16	26	50	9.87	-25	17	50	13	-28	16
Basic Earnings per Share	$0.37	($0.84)	$1.38	$2.62	$0.40	($1.21)	$0.89	$2.53	$0.56	($1.40)	$0.77
Weighted Average Basic Shares Outstanding	56.57M	56.59M	56.61M	56.61M	56.61M	56.63M	56.66M	56.66M	56.65M	56.71M	56.76M
Diluted Earnings per Share	$0.38	($0.84)	$1.37	$2.60	$0.42	($1.21)	$0.89	$2.52	$0.56	($1.40)	$0.77
Weighted Average Diluted Shares Outstanding	56.67M	56.59M	56.81M	56.87M	56.84M	56.63M	56.91M	56.88M	56.90M	56.71M	56.88M
Weighted Average Basic & Diluted Shares Outstanding	56.58M	56.61M	56.61M	56.61M	56.61M	56.65M	56.66M	56.66M	56.66M	56.75M	56.76M

This table details how cash moves in and out of Knife River's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	6.78	-3.76	252	19	-158
Net Cash From Operating Activities	181	207	336	322	278
Net Cash From Continuing Operating Activities	181	207	336	322	278
Net Income / (Loss) Continuing Operations	130	116	183	202	157
Consolidated Net Income / (Loss)	130	116	183	202	157
Depreciation Expense	101	118	124	137	194
Amortization Expense	0.40	0.48	3.12	2.76	3.72
Non-Cash Adjustments To Reconcile Net Income	-6.04	-8.44	1.80	-4.51	-14
Changes in Operating Assets and Liabilities, net	-44	-19	24	-14	-62
Net Cash From Investing Activities	-398	-156	-118	-295	-914
Net Cash From Continuing Investing Activities	-398	-156	-118	-295	-914
Purchase of Property, Plant & Equipment	-174	-178	-124	-172	-348
Acquisitions	-235	1.75	0.00	-131	-610
Sale of Property, Plant & Equipment	12	23	8.28	12	47
Sale and/or Maturity of Investments	-0.84	-2.34	-1.89	-3.39	-3.10
Net Cash From Financing Activities	224	-55	34	-8.71	477
Net Cash From Continuing Financing Activities	224	-55	34	-8.71	477
Repayment of Debt	282	-0.11	185	-7.04	-20
Issuance of Debt	0.00	0.00	700	0.00	500
Other Financing Activities, net	-58	-55	-851	-1.67	-2.65

This table details how cash moves in and out of Knife River's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	146	-92	-113	210	14	-143	-61	3.43	42	-48	27
Net Cash From Operating Activities	183	-43	-47	240	172	-125	-43	250	196	-59	-75
Net Cash From Continuing Operating Activities	183	-43	-47	240	172	-125	-43	250	196	-59	-75
Net Income / (Loss) Continuing Operations	21	-48	78	148	23	-69	51	143	32	-79	44
Consolidated Net Income / (Loss)	21	-48	78	148	23	-69	51	143	32	-79	44
Depreciation Expense	31	32	35	35	35	39	50	53	51	52	56
Amortization Expense	0.69	0.69	0.69	0.69	0.69	0.79	0.98	0.98	0.98	0.98	1.03
Non-Cash Adjustments To Reconcile Net Income	3.50	-0.49	-2.46	-1.51	-0.06	-1.91	-9.09	-0.03	-2.98	2.70	-1.77
Changes in Operating Assets and Liabilities, net	127	-28	-157	58	113	-94	-135	53	115	-35	-175
Net Cash From Investing Activities	-35	-45	-65	-28	-157	-504	-198	-81	-131	-251	-82
Net Cash From Continuing Investing Activities	-35	-45	-65	-28	-157	-504	-198	-81	-131	-251	-82
Purchase of Property, Plant & Equipment	-38	-44	-60	-24	-45	-75	-154	-62	-58	-77	-73
Acquisitions	-	0.00	-	-4.80	-116	-443	-58	-26	-82	-174	-10
Sale of Property, Plant & Equipment	3.06	1.63	5.14	0.84	4.39	18	14	6.83	9.20	3.10	1.68
Net Cash From Financing Activities	-1.74	-3.38	-1.79	-1.77	-1.77	486	180	-166	-23	262	183
Net Cash From Continuing Financing Activities	-1.74	-3.38	-1.79	-1.77	-1.77	486	180	-166	-23	262	183
Repayment of Debt	-1.76	-1.74	-1.77	-1.77	-1.77	-11	-2.93	-2.93	-2.93	-2.93	-7.80
Issuance of Debt	-	0.00	-	-	-	500	183	-163	-20	270	191

This table presents Knife River's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,294	2,600	2,851	3,650
Total Current Assets	609	914	988	961
Cash & Equivalents	10	262	281	123
Accounts Receivable	210	267	267	278
Inventories, net	323	320	380	436
Other Current Assets	65	65	59	124
Plant, Property, & Equipment, net	1,315	1,315	1,442	2,029
Total Noncurrent Assets	371	371	422	660
Goodwill	275	274	297	520
Intangible Assets	13	11	29	33
Other Noncurrent Operating Assets	83	86	95	108
Total Liabilities & Shareholders' Equity	2,294	2,600	2,851	3,650
Total Liabilities	1,266	1,334	1,375	2,009
Total Current Liabilities	517	347	370	378
Short-Term Debt	238	7.08	10	12
Accounts Payable	87	108	141	146
Current Deferred Revenue	40	51	42	34
Current Deferred & Payable Income Tax Liabilities	-	9.30	8.29	11
Current Employee Benefit Liabilities	29	48	51	44
Other Current Liabilities	122	117	112	124
Other Current Nonoperating Liabilities	-	7.25	5.54	7.35
Total Noncurrent Liabilities	749	987	1,005	1,631
Long-Term Debt	447	675	667	1,154
Noncurrent Deferred & Payable Income Tax Liabilities	176	175	175	288
Other Noncurrent Operating Liabilities	126	137	163	189
Commitments & Contingencies	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,029	1,266	1,476	1,641
Total Preferred & Common Equity	1,029	1,266	1,476	1,641
Total Common Equity	1,029	1,266	1,476	1,641
Common Stock	550	615	621	630
Retained Earnings	495	666	868	1,025
Treasury Stock	0.00	-3.63	-3.63	-3.63
Accumulated Other Comprehensive Income / (Loss)	-12	-11	-9.30	-10

This table presents Knife River's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	2,327	2,643	2,681	2,514	2,683	2,884	3,281	3,631	3,703	3,818	4,178
Total Current Assets	639	958	1,011	818	950	1,160	947	1,103	1,135	942	1,272
Cash & Equivalents	7.22	68	116	171	57	267	138	78	81	75	102
Accounts Receivable	175	419	492	184	423	449	238	428	517	227	468
Inventories, net	373	374	315	376	385	347	467	480	437	481	507
Other Current Assets	84	97	89	88	84	96	103	118	101	159	194
Plant, Property, & Equipment, net	1,317	1,311	1,300	1,321	1,355	1,346	1,744	1,924	1,961	2,158	2,177
Total Noncurrent Assets	370	373	370	375	378	378	590	604	607	717	729
Goodwill	275	274	274	274	275	275	450	464	469	573	584
Intangible Assets	13	12	11	10	10	9.85	42	38	33	38	34
Other Noncurrent Operating Assets	83	87	84	91	92	93	99	102	104	106	112
Total Liabilities & Shareholders' Equity	2,327	2,643	2,681	2,514	2,683	2,884	3,281	3,631	3,703	3,818	4,178
Total Liabilities	1,352	1,548	1,438	1,295	1,384	1,435	1,873	2,170	2,096	2,259	2,572
Total Current Liabilities	473	384	425	297	378	426	322	397	474	352	477
Short-Term Debt	238	7.08	7.08	7.07	7.07	8.79	12	12	12	12	17
Accounts Payable	80	175	149	97	164	181	112	172	211	131	228
Current Deferred Revenue	37	45	59	51	45	45	42	36	43	30	27
Current Deferred & Payable Income Tax Liabilities	-	30	53	12	16	16	14	18	29	14	19
Current Employee Benefit Liabilities	14	26	38	18	29	42	19	31	37	23	38
Other Current Liabilities	103	94	103	97	110	120	107	120	127	125	136
Other Current Nonoperating Liabilities	0.00	7.91	16	15	7.17	14	16	7.70	16	16	12
Total Noncurrent Liabilities	879	1,164	1,013	998	1,006	1,009	1,551	1,773	1,622	1,906	2,095
Long-Term Debt	0.36	832	676	674	672	670	1,160	1,341	1,176	1,422	1,600
Noncurrent Deferred & Payable Income Tax Liabilities	175	171	174	174	179	188	222	257	264	292	296
Other Noncurrent Operating Liabilities	703	161	163	150	154	151	169	174	182	192	198
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	975	1,095	1,243	1,219	1,299	1,449	1,408	1,461	1,607	1,559	1,606
Total Preferred & Common Equity	975	1,095	1,243	1,219	1,299	1,449	1,408	1,461	1,607	1,559	1,606
Total Common Equity	975	1,095	1,243	1,219	1,299	1,449	1,408	1,461	1,607	1,559	1,606
Common Stock	549	612	614	615	617	619	622	624	627	628	630
Retained Earnings	442	499	645	618	696	844	799	849	993	945	989
Treasury Stock	0.00	-3.63	-3.63	-3.63	-3.63	-3.63	-3.63	-3.63	-3.63	-3.63	-3.63
Accumulated Other Comprehensive Income / (Loss)	-12	-12	-12	-11	-11	-11	-9.24	-9.18	-9.11	-10	-10

This table displays calculated financial ratios and metrics derived from Knife River's official financial filings.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	13.72%	11.66%	2.43%	8.52%
EBITDA Growth	0.00%	4.57%	40.07%	8.26%	5.74%
EBIT Growth	0.00%	-1.81%	60.58%	7.53%	-9.53%
NOPAT Growth	0.00%	-0.67%	55.41%	6.50%	-10.50%
Net Income Growth	0.00%	-10.43%	57.35%	10.28%	-22.12%
EPS Growth	0.00%	-10.48%	57.56%	9.91%	-22.25%
Operating Cash Flow Growth	0.00%	14.46%	61.84%	-3.99%	-13.60%
Free Cash Flow Firm Growth	0.00%	0.00%	114.85%	-78.42%	-1,302.84%
Invested Capital Growth	0.00%	0.00%	-0.65%	10.95%	43.27%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.36%	3.21%
EBITDA Q/Q Growth	0.00%	0.00%	246.17%	2.13%	7.94%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	1.76%	7.27%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	1.11%	7.92%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	1.29%	5.90%
EPS Q/Q Growth	0.00%	0.00%	0.00%	1.14%	5.34%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	4.60%	-3.12%	9.20%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-72.90%	8.89%
Invested Capital Q/Q Growth	0.00%	0.00%	-7.29%	0.22%	-1.43%
Profitability Metrics	-	-	-	-	-
Gross Margin	15.57%	14.24%	19.04%	19.66%	18.35%
EBITDA Margin	13.18%	12.12%	15.20%	16.07%	15.66%
Operating Margin	8.57%	7.67%	10.47%	10.91%	9.09%
EBIT Margin	8.63%	7.45%	10.72%	11.25%	9.38%
Profit (Net Income) Margin	5.82%	4.59%	6.46%	6.96%	4.99%
Tax Burden Percent	74.91%	73.18%	74.55%	74.42%	73.67%
Interest Burden Percent	90.01%	84.06%	80.85%	83.07%	72.24%
Effective Tax Rate	25.09%	26.82%	25.45%	25.58%	26.33%
Return on Invested Capital (ROIC)	0.00%	16.69%	13.01%	13.18%	9.22%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	9.00%	6.10%	5.06%	1.84%
Return on Net Nonoperating Assets (RNNOA)	0.00%	5.91%	2.93%	1.53%	0.86%
Return on Equity (ROE)	0.00%	22.60%	15.94%	14.71%	10.08%
Cash Return on Invested Capital (CROIC)	0.00%	-183.31%	13.66%	2.80%	-26.35%
Operating Return on Assets (OROA)	0.00%	8.24%	12.40%	11.97%	9.08%
Return on Assets (ROA)	0.00%	5.07%	7.47%	7.40%	4.83%
Return on Common Equity (ROCE)	0.00%	22.60%	15.94%	14.71%	10.08%
Return on Equity Simple (ROE_SIMPLE)	0.00%	11.30%	14.44%	13.66%	0.00%
Net Operating Profit after Tax (NOPAT)	143	142	221	235	211
NOPAT Margin	6.42%	5.61%	7.81%	8.12%	6.69%
Net Nonoperating Expense Percent (NNEP)	0.00%	7.69%	6.91%	8.12%	7.38%
Return On Investment Capital (ROIC_SIMPLE)	-	8.30%	11.34%	10.93%	7.50%
Cost of Revenue to Revenue	84.43%	85.76%	80.96%	80.34%	81.65%
SG&A Expenses to Revenue	6.99%	6.57%	8.57%	8.75%	9.26%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	6.99%	6.57%	8.57%	8.75%	9.26%
Earnings before Interest and Taxes (EBIT)	192	189	303	326	295
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	294	307	430	466	493
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	2.96	3.90	2.43
Price to Tangible Book Value (P/TBV)	0.00	0.00	3.82	5.01	3.66
Price to Revenue (P/Rev)	0.00	0.00	1.32	1.98	1.27
Price to Earnings (P/E)	0.00	0.00	20.47	28.53	25.38
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	4.89%	3.50%	3.94%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	2.46	3.28	1.87
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	1.47	2.12	1.60
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	9.67	13.20	10.21
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	13.72	18.85	17.04
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	18.84	26.14	23.88
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	12.40	19.08	18.06
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	17.95	122.90	0.00
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.00	0.67	0.54	0.46	0.71
Long-Term Debt to Equity	0.00	0.43	0.53	0.45	0.70
Financial Leverage	0.00	0.66	0.48	0.30	0.47
Leverage Ratio	0.00	2.23	2.13	1.99	2.09
Compound Leverage Factor	0.00	1.88	1.72	1.65	1.51
Debt to Total Capital	0.00%	39.98%	35.00%	31.46%	41.53%
Short-Term Debt to Total Capital	0.00%	13.90%	0.36%	0.49%	0.42%
Long-Term Debt to Total Capital	0.00%	26.08%	34.64%	30.97%	41.11%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	60.02%	65.00%	68.54%	58.47%
Debt to EBITDA	0.00	2.23	1.58	1.45	2.37
Net Debt to EBITDA	0.00	2.20	0.97	0.85	2.12
Long-Term Debt to EBITDA	0.00	1.45	1.57	1.43	2.34
Debt to NOPAT	0.00	4.82	3.09	2.88	5.53
Net Debt to NOPAT	0.00	4.75	1.90	1.68	4.95
Long-Term Debt to NOPAT	0.00	3.14	3.05	2.83	5.48
Altman Z-Score	0.00	0.00	3.78	4.59	2.90
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-
Current Ratio	0.00	1.18	2.63	2.67	2.54
Quick Ratio	0.00	0.43	1.52	1.48	1.06
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-1,561	232	50	-602
Operating Cash Flow to CapEx	111.73%	133.59%	289.42%	200.91%	92.65%
Free Cash Flow to Firm to Interest Expense	0.00	-51.84	3.99	0.91	-7.35
Operating Cash Flow to Interest Expense	9.43	6.89	5.78	5.83	3.40
Operating Cash Flow Less CapEx to Interest Expense	0.99	1.73	3.78	2.93	-0.27
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.00	1.10	1.16	1.06	0.97
Accounts Receivable Turnover	0.00	12.06	11.87	10.86	11.54
Inventory Turnover	0.00	6.72	7.13	6.66	6.30
Fixed Asset Turnover	0.00	1.93	2.15	2.10	1.81
Accounts Payable Turnover	0.00	24.88	23.50	18.75	17.94
Days Sales Outstanding (DSO)	0.00	30.26	30.75	33.62	31.63
Days Inventory Outstanding (DIO)	0.00	54.28	51.20	54.84	57.98
Days Payable Outstanding (DPO)	0.00	14.67	15.53	19.47	20.35
Cash Conversion Cycle (CCC)	0.00	69.87	66.42	68.99	69.26
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	0.00	1,704	1,693	1,878	2,690
Invested Capital Turnover	0.00	2.98	1.67	1.62	1.38
Increase / (Decrease) in Invested Capital	0.00	1,704	-11	185	813
Enterprise Value (EV)	0.00	0.00	4,163	6,150	5,028
Market Capitalization	0.00	0.00	3,744	5,754	3,986
Book Value per Share	$0.00	$18.18	$22.38	$26.07	$28.96
Tangible Book Value per Share	$0.00	$13.09	$17.34	$20.30	$19.21
Total Capital	0.00	1,714	1,948	2,153	2,806
Total Debt	0.00	685	682	677	1,166
Total Long-Term Debt	0.00	447	675	667	1,154
Net Debt	0.00	675	419	396	1,042
Capital Expenditures (CapEx)	162	155	116	160	301
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	320	311	347	471
Debt-free Net Working Capital (DFNWC)	0.00	330	573	628	595
Net Working Capital (NWC)	0.00	92	566	618	583
Net Nonoperating Expense (NNE)	13	26	38	34	54
Net Nonoperating Obligations (NNO)	0.00	675	427	402	1,049
Total Depreciation and Amortization (D&A)	101	118	127	140	197
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	12.62%	10.99%	11.97%	14.98%
Debt-free Net Working Capital to Revenue	0.00%	13.01%	20.26%	21.67%	18.90%
Net Working Capital to Revenue	0.00%	3.62%	20.01%	21.30%	18.53%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$3.23	$3.56	$2.77
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	56.57M	56.61M	56.65M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$3.23	$3.55	$2.76
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	56.67M	56.84M	56.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	56.58M	56.61M	56.66M
Normalized Net Operating Profit after Tax (NOPAT)	143	142	221	235	211
Normalized NOPAT Margin	6.42%	5.61%	7.81%	8.12%	6.69%
Pre Tax Income Margin	7.77%	6.27%	8.67%	9.35%	6.78%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	10.01	6.27	5.22	5.91	3.60
NOPAT to Interest Expense	7.45	4.72	3.80	4.26	2.57
EBIT Less CapEx to Interest Expense	1.57	1.12	3.23	3.00	-0.07
NOPAT Less CapEx to Interest Expense	-0.99	-0.44	1.81	1.36	-1.10
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Knife River's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	56,664,165.00	56,753,855.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	56,664,165.00	56,753,855.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-1.40	0.77
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	7.04%	2.77%	1.37%	1.60%	7.25%	3.33%	8.90%	14.89%	16.03%	12.57%
EBITDA Growth	148.12%	-22.18%	18.74%	1.97%	13.30%	-125.68%	-7.69%	9.61%	43.89%	12.46%	0.23%
EBIT Growth	0.00%	-14.27%	22.95%	0.66%	13.79%	-56.24%	-23.52%	2.26%	42.99%	-11.24%	-6.51%
NOPAT Growth	0.00%	-20.56%	26.33%	-0.96%	7.64%	-53.84%	-24.94%	1.67%	49.48%	-4.33%	-9.32%
Net Income Growth	0.00%	-15.27%	37.11%	0.99%	12.43%	-44.26%	-35.07%	-3.34%	37.62%	-15.23%	-13.28%
EPS Growth	0.00%	-15.07%	37.00%	0.78%	10.53%	-44.05%	-35.04%	-3.08%	33.33%	-15.70%	-13.48%
Operating Cash Flow Growth	8.78%	45.50%	-623.17%	7.33%	-5.67%	-189.93%	8.58%	4.49%	13.60%	53.26%	-76.39%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	106.51%	-488.65%	-33.97%	-2,405.67%	-741.34%	-396.47%	30.42%	56.09%
Invested Capital Growth	-0.65%	44.60%	2.93%	2.63%	10.95%	40.89%	42.31%	45.67%	43.27%	19.38%	14.17%
Revenue Q/Q Growth	-40.67%	-49.05%	144.82%	36.98%	-40.54%	-46.22%	135.88%	44.37%	-37.27%	-45.68%	128.85%
EBITDA Q/Q Growth	-69.92%	-123.43%	997.47%	61.24%	-66.58%	-146.66%	467.09%	91.46%	-56.13%	-128.39%	520.32%
EBIT Q/Q Growth	-80.54%	-222.19%	336.20%	79.27%	-78.01%	-267.78%	215.62%	139.69%	-69.25%	-230.53%	197.17%
NOPAT Q/Q Growth	-81.84%	-230.92%	332.35%	79.30%	-80.27%	-287.11%	213.37%	142.85%	-70.98%	-230.60%	198.54%
Net Income Q/Q Growth	-85.88%	-330.08%	263.62%	90.05%	-84.29%	-395.22%	173.65%	182.89%	-77.63%	-347.19%	155.42%
EPS Q/Q Growth	-85.27%	-321.05%	263.10%	89.78%	-83.85%	-388.10%	173.55%	183.15%	-77.78%	-350.00%	155.00%
Operating Cash Flow Q/Q Growth	-18.14%	-123.64%	-7.77%	614.67%	-28.05%	-172.65%	66.02%	688.28%	-21.78%	-129.89%	-28.25%
Free Cash Flow Firm Q/Q Growth	102.38%	-1,549.14%	105.65%	233.75%	-242.13%	-399.53%	2.69%	7.16%	-10.02%	29.99%	38.60%
Invested Capital Q/Q Growth	-7.29%	3.04%	10.56%	-2.83%	0.22%	30.85%	11.68%	-0.53%	-1.43%	9.03%	6.81%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	17.39%	1.97%	21.84%	24.70%	17.36%	-2.71%	18.86%	23.62%	19.25%	-0.68%	17.34%
EBITDA Margin	11.27%	-5.18%	18.99%	22.36%	12.57%	-10.90%	16.97%	22.50%	15.74%	-8.23%	15.11%
Operating Margin	5.75%	-16.30%	14.47%	18.92%	6.70%	-23.38%	10.56%	17.88%	8.64%	-21.03%	8.64%
EBIT Margin	6.32%	-15.16%	14.63%	19.15%	7.08%	-22.09%	10.83%	17.98%	8.81%	-21.18%	8.99%
Profit (Net Income) Margin	3.20%	-14.45%	9.66%	13.40%	3.54%	-19.44%	6.07%	11.89%	4.24%	-19.31%	4.68%
Tax Burden Percent	77.21%	74.47%	74.85%	74.92%	70.21%	73.61%	74.47%	74.02%	70.84%	73.58%	73.33%
Interest Burden Percent	65.55%	127.96%	88.19%	93.41%	71.22%	119.55%	75.26%	89.37%	67.94%	123.88%	70.90%
Effective Tax Rate	22.79%	0.00%	25.15%	25.08%	29.79%	0.00%	25.53%	25.98%	29.16%	0.00%	26.67%
Return on Invested Capital (ROIC)	7.40%	-22.06%	16.37%	22.14%	7.64%	-22.78%	9.93%	17.53%	8.43%	-17.49%	7.13%
ROIC Less NNEP Spread (ROIC-NNEP)	5.94%	-24.71%	15.03%	20.44%	5.79%	-24.15%	8.37%	15.44%	6.48%	-19.04%	6.02%
Return on Net Nonoperating Assets (RNNOA)	2.85%	-8.53%	8.84%	7.65%	1.75%	-14.49%	5.80%	7.82%	3.01%	-15.55%	5.52%
Return on Equity (ROE)	10.26%	-30.59%	25.21%	29.79%	9.39%	-37.26%	15.73%	25.34%	11.45%	-33.04%	12.65%
Cash Return on Invested Capital (CROIC)	13.66%	-21.81%	9.44%	9.98%	2.80%	-23.73%	-26.66%	-28.70%	-26.35%	-9.95%	-6.37%
Operating Return on Assets (OROA)	7.31%	-17.87%	15.79%	19.88%	7.53%	-22.29%	10.12%	16.64%	8.53%	-19.11%	7.62%
Return on Assets (ROA)	3.70%	-17.03%	10.42%	13.91%	3.77%	-19.61%	5.67%	11.01%	4.11%	-17.42%	3.96%
Return on Common Equity (ROCE)	10.26%	-30.59%	25.21%	29.79%	9.39%	-37.26%	15.73%	25.34%	11.45%	-33.04%	12.65%
Return on Equity Simple (ROE_SIMPLE)	0.00%	14.49%	15.22%	13.74%	0.00%	12.83%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	29	-38	87	157	31	-58	66	159	46	-60	59
NOPAT Margin	4.44%	-11.41%	10.83%	14.18%	4.70%	-16.37%	7.87%	13.23%	6.12%	-14.72%	6.34%
Net Nonoperating Expense Percent (NNEP)	1.46%	2.65%	1.34%	1.70%	1.85%	1.38%	1.57%	2.09%	1.96%	1.55%	1.11%
Return On Investment Capital (ROIC_SIMPLE)	1.47%	-	-	-	1.44%	-2.24%	2.33%	5.70%	1.65%	-2.02%	1.85%
Cost of Revenue to Revenue	82.61%	98.03%	78.16%	75.30%	82.64%	102.71%	81.14%	76.38%	80.75%	100.68%	82.66%
SG&A Expenses to Revenue	11.63%	18.27%	7.37%	5.78%	10.66%	20.67%	8.30%	5.74%	10.61%	20.35%	8.70%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	11.63%	18.27%	7.37%	5.78%	10.66%	20.67%	8.30%	5.74%	10.61%	20.35%	8.70%
Earnings before Interest and Taxes (EBIT)	41	-50	118	212	47	-78	90	216	67	-87	84
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	73	-17	153	247	83	-39	141	271	119	-34	142
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.96	3.76	3.06	3.49	3.90	3.63	3.17	2.71	2.43	2.97	2.96
Price to Tangible Book Value (P/TBV)	3.82	4.91	3.92	4.35	5.01	5.58	4.82	3.94	3.66	4.88	4.80
Price to Revenue (P/Rev)	1.32	1.61	1.38	1.75	1.98	1.75	1.57	1.43	1.27	1.44	1.44
Price to Earnings (P/E)	20.47	25.98	20.09	25.42	28.53	28.28	30.18	29.37	25.38	31.56	33.94
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	4.89%	3.85%	4.98%	3.93%	3.50%	3.54%	3.31%	3.41%	3.94%	3.17%	2.95%
Enterprise Value to Invested Capital (EV/IC)	2.46	2.92	2.38	2.92	3.28	2.50	2.15	2.00	1.87	2.04	2.00
Enterprise Value to Revenue (EV/Rev)	1.47	1.79	1.60	1.89	2.12	2.10	2.00	1.79	1.60	1.87	1.89
Enterprise Value to EBITDA (EV/EBITDA)	9.67	11.93	10.17	11.99	13.20	13.82	13.64	11.97	10.21	12.03	12.58
Enterprise Value to EBIT (EV/EBIT)	13.72	17.15	14.39	17.07	18.85	20.60	21.82	19.85	17.04	20.90	22.33
Enterprise Value to NOPAT (EV/NOPAT)	18.84	23.57	19.60	23.51	26.14	28.60	30.58	27.99	23.88	28.77	31.03
Enterprise Value to Operating Cash Flow (EV/OCF)	12.40	13.71	14.52	16.45	19.08	25.56	24.16	21.42	18.06	17.34	20.03
Enterprise Value to Free Cash Flow (EV/FCFF)	17.95	0.00	25.59	29.63	122.90	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.54	0.56	0.52	0.47	0.46	0.83	0.93	0.74	0.71	0.92	1.01
Long-Term Debt to Equity	0.53	0.55	0.52	0.46	0.45	0.82	0.92	0.73	0.70	0.91	1.00
Financial Leverage	0.48	0.35	0.59	0.37	0.30	0.60	0.69	0.51	0.47	0.82	0.92
Leverage Ratio	2.13	2.21	2.23	2.07	1.99	2.21	2.29	2.16	2.09	2.39	2.55
Compound Leverage Factor	1.40	2.82	1.96	1.93	1.42	2.64	1.72	1.93	1.42	2.96	1.81
Debt to Total Capital	35.00%	35.84%	34.35%	31.89%	31.46%	45.44%	48.08%	42.50%	41.53%	47.89%	50.18%
Short-Term Debt to Total Capital	0.36%	0.37%	0.36%	0.41%	0.49%	0.46%	0.42%	0.42%	0.42%	0.39%	0.53%
Long-Term Debt to Total Capital	34.64%	35.46%	33.99%	31.48%	30.97%	44.98%	47.66%	42.07%	41.11%	47.50%	49.64%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	65.00%	64.16%	65.65%	68.11%	68.54%	54.56%	51.92%	57.50%	58.47%	52.11%	49.82%
Debt to EBITDA	1.58	1.59	1.51	1.49	1.45	2.64	3.13	2.60	2.37	2.88	3.25
Net Debt to EBITDA	0.97	1.19	1.38	0.90	0.85	2.33	2.95	2.42	2.12	2.73	3.04
Long-Term Debt to EBITDA	1.57	1.58	1.49	1.47	1.43	2.61	3.10	2.58	2.34	2.86	3.21
Debt to NOPAT	3.09	3.15	2.90	2.92	2.88	5.46	7.01	6.09	5.53	6.89	8.01
Net Debt to NOPAT	1.90	2.36	2.66	1.77	1.68	4.81	6.61	5.67	4.95	6.53	7.51
Long-Term Debt to NOPAT	3.05	3.12	2.87	2.88	2.83	5.40	6.95	6.03	5.48	6.83	7.93
Altman Z-Score	3.44	3.79	3.56	4.07	4.27	3.02	2.73	2.85	2.70	2.53	2.53
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.63	2.75	2.51	2.72	2.67	2.94	2.78	2.39	2.54	2.67	2.66
Quick Ratio	1.52	1.19	1.27	1.68	1.48	1.17	1.27	1.26	1.06	0.86	1.20
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	40	-576	33	109	-154	-771	-750	-697	-766	-537	-329
Operating Cash Flow to CapEx	525.65%	-102.73%	-84.98%	1,055.89%	421.86%	-218.12%	-30.47%	456.17%	403.78%	-78.89%	-105.50%
Free Cash Flow to Firm to Interest Expense	2.82	-41.18	2.34	7.79	-11.52	-50.52	-33.59	-30.28	-35.92	-25.87	-13.41
Operating Cash Flow to Interest Expense	12.97	-3.09	-3.34	17.20	12.87	-8.21	-1.91	10.89	9.18	-2.82	-3.06
Operating Cash Flow Less CapEx to Interest Expense	10.50	-6.10	-7.27	15.57	9.82	-11.97	-8.16	8.50	6.91	-6.40	-5.95
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.16	1.18	1.08	1.04	1.06	1.01	0.93	0.93	0.97	0.90	0.85
Accounts Receivable Turnover	11.87	15.92	6.83	6.14	10.86	13.86	6.93	6.31	11.54	13.76	7.38
Inventory Turnover	7.13	6.17	6.08	7.01	6.66	5.62	5.58	6.38	6.30	5.53	5.51
Fixed Asset Turnover	2.15	2.16	2.16	2.18	2.10	1.91	1.80	1.84	1.81	1.64	1.61
Accounts Payable Turnover	23.50	26.00	13.63	14.08	18.75	22.63	14.36	12.77	17.94	21.52	13.58
Days Sales Outstanding (DSO)	30.75	22.93	53.44	59.45	33.62	26.33	52.65	57.83	31.63	26.52	49.47
Days Inventory Outstanding (DIO)	51.20	59.16	60.05	52.07	54.84	64.93	65.36	57.17	57.98	66.04	66.27
Days Payable Outstanding (DPO)	15.53	14.04	26.78	25.92	19.47	16.13	25.42	28.57	20.35	16.96	26.87
Cash Conversion Cycle (CCC)	66.42	68.04	86.71	85.60	68.99	75.13	92.59	86.43	69.26	75.60	88.86
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,693	1,744	1,928	1,874	1,878	2,457	2,744	2,730	2,690	2,933	3,133
Invested Capital Turnover	1.67	1.93	1.51	1.56	1.62	1.39	1.26	1.32	1.38	1.19	1.13
Increase / (Decrease) in Invested Capital	-11	538	55	48	185	713	816	856	813	476	389
Enterprise Value (EV)	4,163	5,096	4,593	5,472	6,150	6,141	5,900	5,462	5,028	5,984	6,263
Market Capitalization	3,744	4,586	3,971	5,061	5,754	5,107	4,625	4,356	3,986	4,627	4,747
Book Value per Share	$22.38	$21.53	$22.94	$25.59	$26.07	$24.86	$25.79	$28.36	$28.96	$27.52	$28.30
Tangible Book Value per Share	$17.34	$16.50	$17.90	$20.56	$20.30	$16.18	$16.92	$19.49	$19.21	$16.73	$17.41
Total Capital	1,948	1,899	1,978	2,127	2,153	2,580	2,814	2,795	2,806	2,993	3,223
Total Debt	682	681	680	678	677	1,172	1,353	1,188	1,166	1,433	1,617
Total Long-Term Debt	675	674	672	670	667	1,160	1,341	1,176	1,154	1,422	1,600
Net Debt	419	510	622	411	396	1,034	1,275	1,107	1,042	1,358	1,515
Capital Expenditures (CapEx)	35	42	55	23	41	57	140	55	49	74	71
Debt-free, Cash-free Net Working Capital (DFCFNWC)	311	357	521	475	347	498	640	592	471	526	710
Debt-free Net Working Capital (DFNWC)	573	528	578	742	628	636	718	673	595	602	812
Net Working Capital (NWC)	566	521	571	734	618	625	706	661	583	590	794
Net Nonoperating Expense (NNE)	8.03	10	9.46	8.58	7.65	11	15	16	14	19	16
Net Nonoperating Obligations (NNO)	427	525	630	425	402	1,050	1,283	1,122	1,049	1,374	1,527
Total Depreciation and Amortization (D&A)	32	33	35	35	36	40	51	54	52	53	57
Debt-free, Cash-free Net Working Capital to Revenue	10.99%	12.52%	18.14%	16.44%	11.97%	17.04%	21.70%	19.41%	14.98%	16.43%	21.46%
Debt-free Net Working Capital to Revenue	20.26%	18.50%	20.13%	25.70%	21.67%	21.77%	24.34%	22.07%	18.90%	18.79%	24.54%
Net Working Capital to Revenue	20.01%	18.25%	19.88%	25.39%	21.30%	21.37%	23.94%	21.68%	18.53%	18.42%	24.02%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.37	($0.84)	$1.38	$2.62	$0.40	($1.21)	$0.89	$2.53	$0.56	($1.40)	$0.77
Adjusted Weighted Average Basic Shares Outstanding	56.57M	56.59M	56.61M	56.61M	56.61M	56.63M	56.66M	56.66M	56.65M	56.71M	56.76M
Adjusted Diluted Earnings per Share	$0.38	($0.84)	$1.37	$2.60	$0.42	($1.21)	$0.89	$2.52	$0.56	($1.40)	$0.77
Adjusted Weighted Average Diluted Shares Outstanding	56.67M	56.59M	56.81M	56.87M	56.84M	56.63M	56.91M	56.88M	56.90M	56.71M	56.88M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	56.58M	56.61M	56.61M	56.61M	56.61M	56.65M	56.66M	56.66M	56.66M	56.75M	56.76M
Normalized Net Operating Profit after Tax (NOPAT)	29	-38	87	157	31	-58	66	159	46	-60	59
Normalized NOPAT Margin	4.44%	-11.41%	10.83%	14.18%	4.70%	-16.37%	7.87%	13.23%	6.12%	-14.72%	6.34%
Pre Tax Income Margin	4.14%	-19.40%	12.90%	17.89%	5.04%	-26.41%	8.15%	16.07%	5.99%	-26.24%	6.38%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.90	-3.58	8.47	15.19	3.47	-5.12	4.04	9.41	3.12	-4.19	3.44
NOPAT to Interest Expense	2.04	-2.69	6.27	11.24	2.31	-3.79	2.94	6.92	2.17	-2.91	2.42
EBIT Less CapEx to Interest Expense	0.43	-6.59	4.54	13.56	0.42	-8.88	-2.21	7.02	0.85	-7.77	0.54
NOPAT Less CapEx to Interest Expense	-0.43	-5.70	2.34	9.61	-0.74	-7.55	-3.32	4.54	-0.11	-6.49	-0.48
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Knife River (NYSE: KNF) showed a sharp Q1 2026 deterioration in profitability and cash generation after a much stronger 2025. Revenue was still solid at $410.1 million, but the company posted a gross loss of $2.8 million and an operating loss of $86.2 million. Net loss came in at $79.2 million, or $(1.40) per share, versus net income of $32.0 million, or $0.56 per share, in Q4 2025.

What changed year over year? Compared with Q1 2025, revenue rose from $353.5 million to $410.1 million, but costs rose even faster. Cost of revenue exceeded revenue in Q1 2026, driving the business into negative gross margin territory. That’s the biggest red flag in the quarter.

Revenue increased year over year in Q1 2026, suggesting continued demand for Knife River’s products and services.
The company still generated meaningful depreciation and amortization add-backs, which supports reported cash flow analysis over time.
Total equity increased to $1.56 billion from $1.46 billion at Q2 2025 and $1.41 billion at Q1 2025, showing the balance sheet still has a sizable equity base.
Cash and equivalents improved to $75.5 million from $55.0 million at Q4 2025, giving the company a modest liquidity cushion.
Plant, property & equipment remained large at $2.16 billion, indicating Knife River continues to invest in an asset-heavy operating model.
Long-term debt rose to $1.42 billion from $1.34 billion at Q2 2025, so leverage remains a key factor to watch.
Accounts receivable and inventories remain sizeable, which is typical for an operating company but ties up working capital.
Gross profit turned negative in Q1 2026, compared with positive gross profit in every recent comparable quarter shown.
Operating cash flow was negative $58.6 million in Q1 2026, down sharply from positive $195.9 million in Q4 2025 and positive $250.4 million in Q3 2025.
Knife River spent heavily on acquisitions in Q1 2026, with $174.2 million used for acquisitions and $77.3 million for capex, pushing investing cash flow deeply negative.
The company relied on $270.0 million of new debt issuance in Q1 2026 to fund activity, which may pressure future interest expense.
Interest expense remained high at $20.7 million in Q1 2026, which is harder to absorb when operating income is negative.

Longer-term trend: 2025 was a much stronger year than 2024 overall, with several quarters of robust revenue growth and solid profitability, especially in Q3 2025 and Q4 2025. But Q1 2026 reversed that trend abruptly. The quarter suggests either unusually weak seasonal execution, a margin squeeze, acquisition-related disruption, or a combination of all three.

Bottom line: Knife River still has a sizable asset base and access to financing, but Q1 2026 was a weak quarter marked by margin compression, operating losses, and negative cash flow. Retail investors should watch whether this is a temporary first-quarter setback or the start of a more durable earnings slowdown.

08/23/26 06:02 PM ETAI Generated. May Contain Errors.

Knife River Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Knife River's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Knife River's net income appears to be on an upward trend, with a most recent value of $157.07 million in 2025, rising from $129.76 million in 2021. The previous period was $201.68 million in 2024. See where experts think Knife River is headed by visiting Knife River's forecast page.

Knife River's total operating income in 2025 was $285.87 million, based on the following breakdown:

Total Gross Profit: $577.33 million
Total Operating Expenses: $291.46 million

Over the last 4 years, Knife River's total revenue changed from $2.23 billion in 2021 to $3.15 billion in 2025, a change of 41.1%.

Knife River's total liabilities were at $2.01 billion at the end of 2025, a 46.1% increase from 2024, and a 58.7% increase since 2022.

In the past 3 years, Knife River's cash and equivalents has ranged from $10.09 million in 2022 to $281.13 million in 2024, and is currently $123.42 million as of their latest financial filing in 2025.

Over the last 4 years, Knife River's book value per share changed from 0.00 in 2021 to 28.96 in 2025, a change of 2,895.9%.

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Financial statements for NYSE:KNF last updated on 8/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Knife River (KNF) Financials

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Knife River (KNF) Financials

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Quarterly Cash Flow Statements for Knife River

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Financials Breakdown Chart

Key Financial Trends

Knife River Financials - Frequently Asked Questions

When does Knife River's financial year end?

How has Knife River's net income changed over the last 4 years?

What is Knife River's operating income?

How has Knife River's revenue changed over the last 4 years?

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How has Knife River's book value per share changed over the last 4 years?

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