Knife River Corp

Listed Company

KNFCIK 0001955520NYSELarge AcceleratedMining & Quarrying Of Nonmetallic Minerals (No Fuels)DelawareFY ends Dec 31

Period

FY 2025

Revenue

$3.15B

Net Income

$157.07M

Total Assets

$3.65B

Equity

$1.64B

Shares Out

56.66M

Op. Cash Flow

$278.48M

Business

Knife River Corporation is an aggregates-led construction materials and contracting services provider in the United States. It produces and sells aggregates, ready-mix concrete, asphalt and liquid asphalt, and provides contracting services including asphalt paving, heavy-civil construction, concrete construction, site development and, in some locations, prestressed concrete products. The company operates through reportable segments organized by geography and product—West, Mountain, Central and Energy Services—under a vertically integrated business model. It supplies public and private customers across multiple U.S. states via a network of aggregate sites, ready-mix and asphalt plants, and distributes by truck, rail and barge.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	3,146	2,899	2,830	2,535	2,229
Total cost of revenue	2,569	2,329	2,291	2,174	1,882
Gross profit	577	570	539	361	347
Selling, general and administrative expenses	291	254	243	167	156
Operating income	286	316	296	194	191
Interest expense	82	55	58	30	—
Other income	9	10	7	−5	1
Income before income taxes	213	271	245	159	—
Income taxes	56	69	62	43	43
Net income	157	202	183	116	130
Basic (in dollars per share)	2.77	3.56	3.23	2.05	2.29
Diluted (in dollars per share)	2.76	3.55	3.23	2.05	2.29
Basic (in shares)	57	57	57	57	57
Diluted (in shares)	57	57	57	57	57

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash, cash equivalents and restricted cash	123	281	262	10	14
Receivables, net	278	267	267	210	—
Contract assets	78	31	27	31	—
Inventories	436	380	320	323	—
Prepayments and other current assets	46	28	38	18	—
Total current assets	961	988	914	609	—
Net property, plant and equipment	2,029	1,442	1,315	1,315	1,250
Goodwill	520	297	274	275	276
Other intangible assets, net	33	29	11	13	—
Operating lease right-of-use assets	53	49	45	46	—
Investments and other	55	46	41	37	—
Total noncurrent assets	2,689	1,864	1,686	1,686	—
Total assets	3,650	2,851	2,600	2,294	2,182
Long-term debt - current portion	12	10	7	211,000	—
Accounts payable	146	141	108	87	—
Contract liabilities	34	42	51	40	32
Accrued compensation	44	51	48	29	—
Current operating lease liabilities	16	15	13	13	—
Other taxes payable	11	8	9	—	—
Accrued interest	7	6	7	—	—
Other accrued liabilities	108	97	104	89	—
Total current liabilities	378	370	347	517	—
Long-term debt	1,154	667	675	427,000	—
Deferred income taxes	288	175	175	176	—
Noncurrent operating lease liabilities	37	35	32	33	—
Other	153	129	106	93	—
Total liabilities	2,009	1,375	1,334	1,266	—
Commitments and contingencies	—	—	—	—	—
Common stock, 300,000,000 shares authorized, $0.01 par value, 57,095,301 shares issued and 56,664,165 shares outstanding at December 31, 2025; 57,043,841 shares issued and 56,612,705 shares outstanding at December 31, 2024	571,000	570,000	570,000	800,000	—
Other paid-in capital	630	621	615	549	—
Retained earnings	1,025	868	666	495	—
Treasury stock held at cost - 431,136 shares	−4	−4	−4	0	—
Accumulated other comprehensive loss	−10	−9	−11	−12	—
Total stockholders equity	1,641	1,476	1,266	1,029	953
Total liabilities and stockholders equity	3,650	2,851	2,600	2,294	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation, depletion and amortization	194	137	124	118	101
Deferred income taxes	25	−350,000	−2	2	33
Provision for credit losses	2	1	2	538,000	48,000
Amortization of debt issuance costs	4	3	3	483,000	402,000
Stock-based compensation costs	11	8	3	1	2
Pension and postretirement benefit plan net periodic benefit cost	1	2	1	1	1
Unrealized gains on investments	−3	−3	−2	3	−2
Gains on sale of assets	−22	−9	−27,000	−14	−7
Gain on bargain purchase	−4	0	0	—	—
Equity in unconsolidated affiliates	−259,000	−279,000	−286,000	438,000	−373,000
Receivables	−44	14	−55	−33	15
Due from related-party	0	0	16	−8	3
Inventories	−13	−44	4	−31	−42
Other current assets	−9	11	−20	44,000	−5
Accounts payable	−15	7	33	17	−14
Due to related-party	0	0	−7	4	−957,000
Other current liabilities	−9	−4	49	21	−21
Pension and postretirement benefit plan contributions	−570,000	−3	−2	−426,000	−392,000
Other noncurrent changes	3	2	6	8	−12
Net cash provided by operating activities	278	322	336	207	181
Capital expenditures	−348	−172	−124	−178	−174
Acquisitions, net of cash acquired	−610	−131	0	2	−235
Net proceeds from sale or disposition of property and other	47	12	8	23	12
Investments	−3	−3	−2	−2	−837,000
Net cash used in investing activities	−914	−295	−118	−156	−398
Issuance of long-term related-party notes, net	0	0	205	−207	282
Issuance of long-term debt	500	0	700	0	0
Repayment of long-term debt	−9	−7	−4	−298,000	−221,000
Debt issuance costs	−11	0	−17	−807,000	0
Tax withholding on stock-based compensation	−3	−2	0	0	—
Net transfers to Centennial	0	0	−851	−55	−58
Net cash provided by (used in) financing activities	477	−9	34	−55	224
Increase (decrease) in cash, cash equivalents and restricted cash	−158	19	252	−4	7

Filings

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