Knife River (NYSE:KNF) today reported a blowout fourth quarter to end fiscal 2025, as higher aggregates pricing and a string of strategic acquisitions drove a double-digit revenue climb and massive margin expansion.
The Bismarck, North Dakota-based construction materials giant posted consolidated revenue of $755.1 million for the quarter, a 15% increase year-over-year.
The results were powered by robust volume growth in ready-mix and aggregates, alongside successful price optimization efforts that offset earlier-year headwinds.
Adjusted EBITDA for the period soared 47% to $119.4 million, with the company’s "Competitive EDGE" initiatives helping to drive significant margin gains in its core West and Mountain segments.
While the fourth quarter was record-breaking, the full-year results told a story of a transformative and volatile transition.
For the 12 months ended Dec. 31, 2025, Knife River generated record revenue of $3.15 billion, up 9%.
However, full-year net income fell 22% to $157.1 million, or $2.76 per share, reflecting the impact of severe flooding in the Central region and funding delays in Oregon that hampered the first half of the year.