$KNF

Knife River Corp

CIK:0001955520|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Revenue	$ 938,587	$ 833,759	$ 1,348,718	$ 1,187,231
Cost of revenue:
Cost of revenue:	775,819	676,513	1,188,723	1,039,579
Gross profit	162,768	157,246	159,995	147,652
Selling, general and administrative expenses	81,654	69,170	165,115	142,228
Operating income (loss)	81,114	88,076	(5,120)	5,424
Interest expense	24,563	22,335	45,304	37,598
Other income	3,293	2,207	2,662	6,773
Income (loss) before income taxes	59,844	67,948	(47,762)	(25,401)
Income tax expense (benefit)	15,961	17,345	(12,469)	(7,294)
Net income (loss)	$ 43,883	$ 50,603	$ (35,293)	$ (18,107)
Net income (loss) per share
Basic (in dollars per share)	$ 0.77	$ 0.89	$ (0.62)	$ (0.32)
Diluted (in dollars per share)	$ 0.77	$ 0.89	$ (0.62)	$ (0.32)
Weighted average common shares outstanding:
Basic (in shares)	56,758	56,657	56,734	56,642
Diluted (in shares)	56,878	56,912	56,734	56,642
Construction materials
Revenue:
Revenue	$ 532,134	$ 493,575	$ 794,449	$ 706,983
Cost of revenue:
Cost of revenue:	400,298	377,104	673,242	610,867
Contracting services
Revenue:
Revenue	406,453	340,184	554,269	480,248
Cost of revenue:
Cost of revenue:	$ 375,521	$ 299,409	$ 515,481	$ 428,712

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net loss	$ (35,293)	$ (18,107)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, depletion and amortization	108,508	88,967
Deferred income taxes	257	(133)
Provision for credit losses	729	441
Amortization of debt issuance costs	2,012	1,766
Employee stock-based compensation costs	5,412	5,665
Pension and postretirement benefit plan net periodic benefit cost	928	714
Unrealized gains on investments	(2,343)	(1,050)
Gains on sales of assets	(2,630)	(12,737)
Gains on bargain purchases	(235)	(3,547)
Equity in earnings of unconsolidated affiliates	(656)	(203)
Changes in current assets and liabilities, net of acquisitions:
Receivables	(233,179)	(177,419)
Inventories	(66,228)	(59,895)
Other current assets	(22,508)	(18,149)
Accounts payable	87,576	36,198
Other current liabilities	16,664	(15,550)
Pension and postretirement benefit plan contributions	(278)	(287)
Other noncurrent changes	7,625	5,479
Net cash used in operating activities	(133,639)	(167,847)
Investing activities:
Capital expenditures	(150,176)	(228,595)
Acquisitions, net of cash acquired	(184,405)	(501,917)
Net proceeds from sale or disposition of property and other	4,785	31,440
Investments	(2,803)	(2,873)
Net cash used in investing activities	(332,599)	(701,945)
Financing activities:
Issuance of long-term debt	461,000	683,000
Repayment of long-term debt	(6,892)	(2,951)
Debt issuance costs	(3,835)	(11,070)
Tax withholding on stock-based compensation	(5,425)	(2,653)
Net cash provided by financing activities	444,848	666,326
Decrease in cash, cash equivalents and restricted cash	(21,390)	(203,466)
Cash, cash equivalents and restricted cash -- beginning of year	123,418	281,134
Cash, cash equivalents and restricted cash -- end of period	$ 102,028	$ 77,668

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Current assets:
Cash, cash equivalents and restricted cash	$ 102,028	$ 123,418	$ 77,668
Receivables, net	468,412	278,030	428,098
Contract assets	121,925	77,528	63,964
Inventories	507,325	435,714	479,521
Prepayments and other current assets	71,977	46,232	54,029
Total current assets	1,271,667	960,922	1,103,280
Noncurrent assets:
Net property, plant and equipment	2,176,739	2,028,933	1,924,220
Goodwill	583,996	519,668	464,133
Other intangible assets, net	33,671	32,680	38,147
Operating lease right-of-use assets	51,339	52,589	49,114
Investments and other	60,411	55,321	52,569
Total noncurrent assets	2,906,156	2,689,191	2,528,183
Total assets	4,177,823	3,650,113	3,631,463
Current liabilities:
Long-term debt - current portion	17,221	11,708	11,780
Accounts payable	227,943	145,581	172,204
Contract liabilities	26,640	33,773	36,306
Accrued compensation	38,378	44,253	31,398
Accrued interest	11,836	7,348	7,697
Current operating lease liabilities	16,535	15,942	14,306
Other taxes payable	18,795	11,252	17,960
Other accrued liabilities	119,887	108,132	105,555
Total current liabilities	477,235	377,989	397,206
Noncurrent liabilities:
Long-term debt	1,600,085	1,153,830	1,341,174
Deferred income taxes	296,466	287,917	257,472
Noncurrent operating lease liabilities	34,804	36,647	34,807
Other	163,345	152,790	139,687
Total liabilities	2,571,935	2,009,173	2,170,346
Commitments and contingencies
Commitments and contingencies
Stockholders' equity:
Common stock, 300,000,000 shares authorized, $0.01 par value, 57,194,556 shares issued and 56,763,420 shares outstanding at June 30, 2026; 57,095,301 shares issued and 56,664,165 shares outstanding at June 30, 2025; 57,095,301 shares issued and 56,664,165 shares outstanding at December 31, 2025	572	571	571
Other paid-in capital	629,623	629,637	623,908
Retained earnings	989,327	1,024,620	849,439
Treasury stock held at cost - 431,136 shares	(3,626)	(3,626)	(3,626)
Accumulated other comprehensive loss	(10,008)	(10,262)	(9,175)
Total stockholders' equity	1,605,888	1,640,940	1,461,117
Total liabilities and stockholders' equity	$ 4,177,823	$ 3,650,113	$ 3,631,463