Knife River Corporation reported third‑quarter 2025 revenue of $1.203 billion, up 9% from $1.105 billion in Q3 2024, and net income of $143.2 million. Adjusted EBITDA reached $272.8 million, a 22.7% margin. Diluted earnings per share were $2.52, beating the consensus estimate of $2.45.
The company narrowed its full‑year 2025 guidance to revenue of $3.10 billion to $3.15 billion and adjusted EBITDA of $475 million to $500 million, citing stronger pricing and continued contributions from recent acquisitions. Revenue guidance is below the prior range of $3.10 billion to $3.30 billion, while EBITDA guidance is slightly lower than the previous $475 million to $525 million range.
Segment analysis shows the Mountain division posted a decline in revenue, driven by reduced asphalt paving activity and increased rainfall, while the West and Central segments maintained steady growth. The company’s backlog reached $995 million, 87% of which is public‑sector work, underscoring strong future demand. CEO John Smith highlighted weather‑related headwinds in Oregon and a slower paving season in the Mountain segment, but noted that the company’s Competitive EDGE strategy continues to optimize pricing and margin. In Q2 2025, the company reported revenue of $833.8 million and EPS of $0.89.
Knife River’s Q3 results reflect a mix of growth and headwinds. Revenue rose 9% year over year but fell short of the consensus estimate of $1.21–$1.22 billion, largely due to weather‑related delays. Net income and EPS were slightly lower than the prior year, while adjusted EBITDA margin remained robust. The company’s focus on strategic acquisitions and its public‑sector backlog position it to capture opportunities as infrastructure spending resumes.
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