Knife River Corp
kniferiver.comWhat Do They Do?
Sells construction aggregates, ready-mix concrete and asphalt, and provides paving, heavy-civil construction and site-development services for public agencies, developers and other private customers.
10-K for FY2025, filed Feb 20, 2026Knife River Corporation (referred to as we, our, us, the Company or Knife River) is an aggregates-based construction materials and…View ↗
Through our network of 208 active aggregate sites, 135 ready-mix plants, 55 asphalt plants and 9 liquid asphalt terminals, we supply…View ↗
Our West, Mountain and Central segments are organized by geographic location and each offers a vertically integrated suite of products and…View ↗
Our core product lines include: aggregates, ready-mix concrete, asphalt and liquid asphalt. We also perform related contracting services.View ↗
How Do They Make Money?
Construction materials customers pay for products at the time of sale, while contracting customers pay for work as it is performed. The company also supplies liquid asphalt to third parties.
10-K for FY2025, filed Feb 20, 2026Revenue is recognized when a performance obligation is satisfied by transferring control over a product or service to a customer. We are…View ↗
We generate revenue from contracting services and construction materials sales. We focus on the vertical integration of our contracting…View ↗
In the following table, revenue is disaggregated by category for each reportable segment. We believe this level of disaggregation best…View ↗
Liquid asphalt (sometimes referred to as asphalt cement or asphalt oil) is the binding agent used in combination with aggregates to produce…View ↗
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10-K for FY2025, filed Feb 20, 2026
FY2025 revenue by product or service ↗
$3.1B
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10-K for FY2025, filed Feb 20, 2026
$3.1B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Construction materials
Sold outright
10-K for FY2025, filed Feb 20, 2026 |
56%
FY2022: 53%
|
Construction materials, FY2025
$1.8B Sources
|
Sold outright |
|
Contracting services
Recurring
10-K for FY2025, filed Feb 20, 2026 |
44%
FY2022: 47%
|
Contracting services, FY2025
$1.4B Sources
|
Recurring |
Who Are Their Customers?
Public agencies buy contracting work for roads, bridges and other infrastructure; industrial, commercial and residential developers and other private customers buy materials and services. Customers are served through the company’s plants, sites and delivery network.
10-K for FY2025, filed Feb 20, 2026Through our network of 208 active aggregate sites, 135 ready-mix plants, 55 asphalt plants and 9 liquid asphalt terminals, we supply…View ↗
We have broad access to high-quality aggregates in most of our markets, which forms the foundation of our vertically integrated business…View ↗
Our customers consist of public and private-sector customers, with public-sector customers contributing about 81 percent of our revenues…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 5 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$69.6M.
10-K for FY2025, filed Feb 20, 2026
$285.9MView ↗
10-K for FY2025, filed Feb 20, 2026
$157.1MView ↗
10-K for FY2025, filed Feb 20, 2026
−$69.6MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
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Aug 4, 2026
Raised 2026 revenue and aggregate-volume guidance
The company raised its full-year revenue and aggregate-volume guidance.
Sources
8-K, filed Aug 4, 2026
2026 Financial Guidance Low High (In millions) Revenue $ 3,400.0 $ 3,600.0 Adjusted EBITDA $ 520.0 $ 560.0View ↗
Growing. Revenue grew 41% in 4 years, from $2.2B in FY2021 to $3.1B in FY2025, about 9% a year.
Who Do They Compete With?
Competes with Amrize, Cemex S.A.B. de C.V, CRH, Eagle Materials, Granite Construction, Heidelberg Materials, Martin Marietta Materials, Construction Partners, and Vulcan Materials
10-K for FY2025, filed Feb 20, 2026We operate in a largely fragmented industry, including large, public companies and many small, privately held companies. Smaller…View ↗
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