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Building materials · Basic Materials · Fiscal year ends Dec 31
Knife River reported revenue of $3.1B in the fiscal year ended Dec 2025, up 8.5% from the year before. Operating income was $286M, an operating margin of 9.1%, and net income was $157M. Operating cash flow of $278M less capital expenditure of $348M left free cash flow of −$70M. Net debt was $1.1B.
Ranks among the 16 building materials companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,229 | 2,535 | 2,830 | 2,899 | 3,146 |
| Cost of revenue | 1,882 | 2,174 | 2,291 | 2,329 | 2,569 |
| Gross profit | 347 | 361 | 539 | 570 | 577 |
| Selling, general & admin | 156 | 167 | 243 | 254 | 291 |
| Operating income | 191 | 194 | 296 | 316 | 286 |
| Net interest incomeBanks | 19.2 | 30.1 | 52.9 | – | – |
| Interest expense | 19.2 | 30.1 | 58.1 | 55.2 | 81.9 |
| Pre-tax income | 173 | 159 | 245 | 271 | 213 |
| Income tax | 43.5 | 42.6 | 62.4 | 69.3 | 56.1 |
| Net income | 130 | 116 | 183 | 202 | 157 |
| Diluted EPS | 2.29 | 2.05 | 3.23 | 3.55 | 2.76 |
| Diluted shares | 56.6 | 56.6 | 56.7 | 56.8 | 56.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 13.8 | 10.1 | 219 | 237 | 73.8 |
| Receivables | – | 210 | 267 | 267 | 278 |
| Inventory | – | 323 | 320 | 380 | 436 |
| Current assets | – | 609 | 914 | 988 | 961 |
| Net PP&E | 1,250 | 1,315 | 1,315 | 1,442 | 2,029 |
| Goodwill | 276 | 275 | 274 | 297 | 520 |
| Total assets | 2,182 | 2,294 | 2,600 | 2,851 | 3,650 |
| Payables | – | 87.4 | 108 | 141 | 146 |
| Deferred revenue | 32.3 | 39.8 | 51.4 | 42.1 | 33.8 |
| Current liabilities | – | 517 | 347 | 370 | 378 |
| Short-term debt | – | 0.2 | 7.1 | 10.5 | 11.7 |
| Long-term debt | – | 0.4 | 675 | 667 | 1,154 |
| Total liabilities | 1,229 | 1,266 | 1,334 | 1,375 | 2,009 |
| Shareholders' equity | 953 | 1,029 | 1,266 | 1,476 | 1,641 |
| Backlog (remaining obligations) | – | – | 662 | 746 | 1,000 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 181 | 207 | 336 | 322 | 278 |
| Capital expenditure | 174 | 178 | 124 | 172 | 348 |
| Free cash flow | 7.0 | 29.3 | 211 | 150 | −69.6 |
| Depreciation & amortisation | 101 | 118 | 124 | 137 | 194 |
| Stock-based compensation | 1.9 | 1.3 | 2.9 | 7.8 | 11.4 |
| Acquisitions | 235 | −1.7 | 0.0 | 131 | 610 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.7% | 11.7% | 2.4% | 8.5% |
| Operating income growth (YoY) | – | 1.7% | 52.5% | 6.7% | −9.6% |
| EPS growth (YoY) | – | −10.5% | 57.6% | 9.9% | −22.3% |
| Gross margin | 15.6% | 14.2% | 19.0% | 19.7% | 18.4% |
| Operating margin | 8.6% | 7.7% | 10.5% | 10.9% | 9.1% |
| Net margin | 5.8% | 4.6% | 6.5% | 7.0% | 5.0% |
| Return on equityBlank when equity is negative | 13.6% | 11.3% | 14.4% | 13.7% | 9.6% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 10.9% | 13.2% | 12.7% | 8.7% |
| Free cash flow margin | 0.3% | 1.2% | 7.5% | 5.2% | −2.2% |
| Cash conversion (CFO ÷ net income) | 1.40x | 1.78x | 1.84x | 1.60x | 1.77x |
| Receivable days | – | 30 | 34 | 34 | 32 |
| Inventory days | – | 54 | 51 | 60 | 62 |
| Payable days | – | 15 | 17 | 22 | 21 |
| Interest cover | 9.94x | 6.45x | 5.10x | 5.72x | 3.49x |
| Debt ÷ equity | – | 0.00x | 0.54x | 0.46x | 0.71x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | −9.5 | 462 | 441 | 1,092 |
| Current ratio | – | 1.18x | 2.63x | 2.67x | 2.54x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.