KNF on NYSE
Knife River Corp
The following abbreviations and acronyms used in this Form 10-K are defined below:.3 From its latest annual report
Price unavailable
Last updated Oct 19, 2026.
Overview
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- TickerKNF on NYSE1
- IndustryMining & Quarrying of Nonmetallic Minerals (No Fuels)1
- HeadquartersBismarck, North Dakota1
- Incorporated inDE2
- Business address1150 W. Century Ave,, Bismarck, Nd 585032
- Filer categoryLarge accelerated filer2
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The following abbreviations and acronyms used in this Form 10-K are defined below:3 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
18.4%Gross margin4
9.1%Operating margin4
5.0%Net margin4
8.5%Revenue growth, 20254
9.6%Return on equity4
0.70×Debt to equity4
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Contracting Services Public-Sector brought in 32% of the revenue Knife River Corp broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Contracting Services Public-Sector | $1.0B | $1.1B | $1.1B |
| Ready-Mix Concrete | $653.9M | $655.4M | $779.4M |
| Aggregates | $547.9M | $556.1M | $617.1M |
| Asphalt | $452.4M | $441.4M | $421.0M |
| Liquid Asphalt | $253.2M | $238.9M | $296.0M |
| Contracting Services Private-Sector | $303.5M | $236.0M | $259.0M |
Business segments
West brought in 38% of the revenue Knife River Corp broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| West | $1.1B | $1.2B | $1.2B |
| Central | $825.0M | $818.1M | $1.0B |
| Mountain | $634.0M | $663.1M | $644.0M |
| Energy Services | $292.4M | $275.7M | $338.0M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue82¢$2.6B
- Selling, general and admin9¢$291.5M
- Other costs2¢$72.7M
- Income tax2¢$56.1M
- Profit5¢$157.1M
Out of $3.1B in revenue.4
Where each dollar of operating cash went, fiscal 2025
- Kept or used elsewhere100¢$278.5M
Out of $278.5M of cash from operations.4
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total revenue | $3.1B | $2.9B | $2.8B |
| Total cost of revenue | $2.6B | $2.3B | $2.3B |
| Gross profit | $577.3M | $569.8M | $538.9M |
| Selling, general and administrative expenses | $291.5M | $253.6M | $242.5M |
| Operating income | $285.9M | $316.2M | $296.4M |
| Interest expense | $81.9M | $55.2M | $58.1M |
| Other income | $9.3M | $10.0M | $7.0M |
| Income before income taxes | $213.2M | $271.0M | $245.3M |
| Income taxes | $56.1M | $69.3M | $62.4M |
| Net income | $157.1M | $201.7M | $182.9M |
| Basic (in dollars per share) | $2.77 | $3.56 | $3.23 |
| Diluted (in dollars per share) | $2.76 | $3.55 | $3.23 |
| Basic (in shares) | 56.7M shares | 56.6M shares | 56.6M shares |
| Diluted (in shares) | 56.9M shares | 56.8M shares | 56.7M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 5 quarters (quarterly), latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-05-31 | 2022-12-31 |
|---|---|---|---|---|---|
| Cash, cash equivalents and restricted cash | $123.4M | $281.1M | $262.3M | $10.1M | |
| Receivables, net | $278.0M | $267.2M | |||
| Contract assets | $77.5M | $31.3M | $27.3M | ||
| Inventories | $435.7M | $380.3M | |||
| Prepayments and other current assets | $46.2M | $27.7M | |||
| Total current assets | $960.9M | $987.7M | |||
| Net property, plant and equipment | $2.0B | $1.4B | |||
| Goodwill | $519.7M | $297.2M | $274.5M | ||
| Other intangible assets, net | $32.7M | $29.4M | |||
| Operating lease right-of-use assets | $52.6M | $49.4M | |||
| Investments and other | $55.3M | $45.8M | |||
| Total noncurrent assets | $2.7B | $1.9B | |||
| Total assets | $3.7B | $2.9B | $2.6B | ||
| Long-term debt - current portion | $11.7M | $10.5M | |||
| Accounts payable | $145.6M | $140.8M | |||
| Contract liabilities | $33.8M | $42.1M | $51.4M | ||
| Accrued compensation | $44.3M | $50.7M | |||
| Current operating lease liabilities | $15.9M | $14.8M | |||
| Other taxes payable | $11.3M | $8.3M | |||
| Accrued interest | $7.3M | $5.5M | |||
| Other accrued liabilities | $108.1M | $97.3M | |||
| Total current liabilities | $378.0M | $370.0M | |||
| Long-term debt | $1.2B | $666.9M | |||
| Deferred income taxes | $287.9M | $174.7M | |||
| Noncurrent operating lease liabilities | $36.6M | $34.5M | |||
| Other | $152.8M | $128.9M | |||
| Total liabilities | $2.0B | $1.4B | |||
| 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 | $571.0K | $570.0K | |||
| Other paid-in capital | $629.6M | $620.9M | |||
| Retained earnings | $1.0B | $867.5M | |||
| Treasury stock held at cost - 431,136 shares | -$3.6M | -$3.6M | |||
| Accumulated other comprehensive loss | -$10.3M | -$9.3M | |||
| Total stockholders equity | $1.6B | $1.5B | $1.3B | $1.0B | |
| Total liabilities and stockholders equity | $3.7B | $2.9B | |||
| Common stock, authorized (in shares) | 300.0M shares | 300.0M shares | |||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 | ||
| Common stock, issued (in shares) | 57.1M shares | 57.0M shares | |||
| Common stock, outstanding (in shares) | 56.7M shares | 56.6M shares | |||
| Treasury stock held at cost (in shares) | 431.1K shares | 431.1K shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-05-31 | 2022-12-31 |
|---|---|---|---|---|---|
| Cash, cash equivalents and restricted cash | $123.4M | $281.1M | $262.3M | $10.1M | |
| Receivables, net | $278.0M | $267.2M | |||
| Contract assets | $77.5M | $31.3M | $27.3M | ||
| Inventories | $435.7M | $380.3M | |||
| Prepayments and other current assets | $46.2M | $27.7M | |||
| Total current assets | $960.9M | $987.7M | |||
| Net property, plant and equipment | $2.0B | $1.4B | |||
| Goodwill | $519.7M | $297.2M | $274.5M | ||
| Other intangible assets, net | $32.7M | $29.4M | |||
| Operating lease right-of-use assets | $52.6M | $49.4M | |||
| Investments and other | $55.3M | $45.8M | |||
| Total noncurrent assets | $2.7B | $1.9B | |||
| Total assets | $3.7B | $2.9B | $2.6B | ||
| Long-term debt - current portion | $11.7M | $10.5M | |||
| Accounts payable | $145.6M | $140.8M | |||
| Contract liabilities | $33.8M | $42.1M | $51.4M | ||
| Accrued compensation | $44.3M | $50.7M | |||
| Current operating lease liabilities | $15.9M | $14.8M | |||
| Other taxes payable | $11.3M | $8.3M | |||
| Accrued interest | $7.3M | $5.5M | |||
| Other accrued liabilities | $108.1M | $97.3M | |||
| Total current liabilities | $378.0M | $370.0M | |||
| Long-term debt | $1.2B | $666.9M | |||
| Deferred income taxes | $287.9M | $174.7M | |||
| Noncurrent operating lease liabilities | $36.6M | $34.5M | |||
| Other | $152.8M | $128.9M | |||
| Total liabilities | $2.0B | $1.4B | |||
| 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 | $571.0K | $570.0K | |||
| Other paid-in capital | $629.6M | $620.9M | |||
| Retained earnings | $1.0B | $867.5M | |||
| Treasury stock held at cost - 431,136 shares | -$3.6M | -$3.6M | |||
| Accumulated other comprehensive loss | -$10.3M | -$9.3M | |||
| Total stockholders equity | $1.6B | $1.5B | $1.3B | $1.0B | |
| Total liabilities and stockholders equity | $3.7B | $2.9B | |||
| Common stock, authorized (in shares) | 300.0M shares | 300.0M shares | |||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 | ||
| Common stock, issued (in shares) | 57.1M shares | 57.0M shares | |||
| Common stock, outstanding (in shares) | 56.7M shares | 56.6M shares | |||
| Treasury stock held at cost (in shares) | 431.1K shares | 431.1K shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $157.1M | $201.7M | $182.9M |
| Depreciation, depletion and amortization | $193.7M | $136.9M | $123.8M |
| Deferred income taxes | $25.5M | -$350.0K | -$1.6M |
| Provision for credit losses | $2.4M | $1.1M | $2.0M |
| Amortization of debt issuance costs | $3.7M | $2.8M | $3.1M |
| Stock-based compensation costs | $11.4M | $7.8M | $2.9M |
| Pension and postretirement benefit plan net periodic benefit cost | $1.2M | $1.6M | $1.2M |
| Unrealized gains on investments | -$2.9M | -$2.9M | -$2.2M |
| Gains on sale of assets | -$21.8M | -$9.2M | -$27.0K |
| Gain on bargain purchase | -$3.5M | $0 | $0 |
| Equity in unconsolidated affiliates | -$259.0K | -$279.0K | -$286.0K |
| Receivables | -$44.0M | $14.1M | -$54.8M |
| Due from related-party | $0 | $0 | $16.1M |
| Inventories | -$13.4M | -$44.3M | $3.7M |
| Other current assets | -$9.1M | $10.9M | -$19.6M |
| Accounts payable | -$15.0M | $7.3M | $33.1M |
| Due to related-party | $0 | $0 | -$7.3M |
| Other current liabilities | -$9.3M | -$4.0M | $49.0M |
| Pension and postretirement benefit plan contributions | -$570.0K | -$2.7M | -$1.8M |
| Other noncurrent changes | $3.3M | $1.9M | $5.7M |
| Net cash provided by operating activities | $278.5M | $322.3M | $335.7M |
| Capital expenditures | -$348.0M | -$172.4M | -$124.3M |
| Acquisitions, net of cash acquired | -$610.0M | -$131.0M | $0 |
| Net proceeds from sale or disposition of property and other | $47.5M | $12.0M | $8.3M |
| Investments | -$3.1M | -$3.4M | -$1.9M |
| Net cash used in investing activities | -$913.7M | -$294.8M | -$117.9M |
| Issuance of long-term related-party notes, net | $0 | $0 | $205.3M |
| Issuance of long-term debt | $500.0M | $0 | $700.0M |
| Repayment of long-term debt | -$8.8M | -$7.0M | -$3.7M |
| Debt issuance costs | -$11.1M | $0 | -$16.6M |
| Tax withholding on stock-based compensation | -$2.7M | -$1.7M | $0 |
| Net transfers to Centennial | $0 | $0 | -$850.6M |
| Net cash provided by (used in) financing activities | $477.5M | -$8.7M | $34.4M |
| Increase (decrease) in cash, cash equivalents and restricted cash | -$157.7M | $18.8M | $252.2M |
No quarter-by-quarter statement was filed.
Leadership
Who has led Knife River Corp, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chair
President
Chief financial officer
Chief operating officer
2025
- Chief executive officerBrian R. Gray May 10, 2023 to now9
- ChairDavid L. Goodin May 10, 2023 to May 10, 202310
- PresidentBrian R. Gray May 10, 2023 to now9
- Chief financial officerNathan W. Ring May 10, 2023 to now11
- Chief operating officerTrevor J. Hastings Jun 1, 2023 to now12
Board members and other officers (17)
- VP, CAO and ControllerPeggy S. Rebstock May 21, 2026 to now13
- VP & Chief People OfficerSarah L. Stevens Apr 25, 2025 to now14
- TreasurerNancy K. Christenson May 10, 2023 to now15
- VP of Support ServicesGlenn R. Pladsen Jun 1, 2023 to now16
- VP of Business DevelopmentJohn F. Quade Jun 1, 2023 to Jun 1, 202317
- Chief Accounting OfficerMarney L. Kadrmas Jun 1, 2023 to now18
- Board memberThomas W. Hill May 15, 2024 to now19
- Board memberPatricia Chiodo Jun 27, 2024 to now20
- Board memberBrian R. Gray May 10, 2023 to now9
- Board memberJason L. Vollmer May 10, 2023 to May 10, 202321
- Board memberKarl A. Liepitz May 10, 2023 to May 10, 202322
- Board memberPatricia L. Moss May 22, 2023 to now23
- Board memberGerman Carmona-Alvarez Jun 1, 2023 to now24
- Board memberKaren B. Fagg Jun 1, 2023 to now25
- Board memberThomas S. Everist Jun 1, 2023 to Nov 16, 202326
- Board memberWilliam J. Sandbrook Jun 1, 2023 to now27
- General counselKarl A. Liepitz May 10, 2023 to now22
Former names
- Knife River Holding CoDec 14, 2022 to Jun 1, 20232
Timeline
- May 10, 2023New chief executive Brian R. Gray becomes CEO9
Filings
189 filings to the SEC since October 2021: 3 annual reports, 11 quarterly reports, 27 major events, 91 insider forms, 13 large holders, 44 other. The latest 20:
- Oct 7, 2026SCHEDULE 13G/A EDGAR
- Oct 1, 20264 EDGAR
- Sep 23, 20268-K KNIFE RIVER CORPORATION FORM 8-K EDGAR
- Aug 14, 2026SCHEDULE 13G/A EDGAR
- Aug 12, 2026SCHEDULE 13G EDGAR
- Aug 4, 202610-Q KNIFE RIVER FORM 10-Q 06-30-2026 EDGAR
- Aug 4, 20268-K KNIFE RIVER CORPORATION FORM 8-K EDGAR
- Jul 31, 2026SCHEDULE 13G EDGAR
- Jul 1, 20264 EDGAR
- Jun 17, 202611-K KNIFE RIVER CORPORATION FORM 11-K EDGAR
- May 21, 20268-K EDGAR
- May 21, 20264 EDGAR
- May 21, 20264 EDGAR
- May 21, 20264 EDGAR
- May 21, 20264 EDGAR
- May 21, 20264 EDGAR
- May 21, 20264 EDGAR
- May 21, 20263 EDGAR
- May 18, 20268-K EDGAR
- May 15, 2026SCHEDULE 13G/A EDGAR
The 189 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
1 open-market trades by officers, directors and large owners since October 2021: 1 buys and 0 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Feb 29, 2024 | Gray Brian R.President & CEO | Buy | 1 | $73.65 | $74 | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- PRICE T ROWE ASSOCIATES INC /MD/SCHEDULE 13G/A, 5 filings Aug 14, 2025 to Oct 7, 202628
- Capital World InvestorsSCHEDULE 13G, 1 filing Aug 12, 202629
- VANGUARD PORTFOLIO MANAGEMENT LLCSCHEDULE 13G, 1 filing Jul 31, 202630
- VANGUARD CAPITAL MANAGEMENT LLCSCHEDULE 13G, 1 filing Apr 30, 202631
- VANGUARD GROUP INCSCHEDULE 13G/A, 3 filings Dec 8, 2023 to Mar 27, 202632
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 7,290,232 | $609.8M | 0.0% | +318,399 |
| Capital World Investors | 3,244,201 | $271.4M | 0.0% | +600,717 |
| Vanguard Portfolio Management LLC | 2,815,143 | $235.5M | 0.0% | +73,057 |
| Baillie Gifford & Co | 2,739,232 | $229.1M | 0.2% | +70,984 |
| Vanguard Capital Management LLC | 2,562,120 | $214.3M | 0.0% | +16,230 |
| State Street Corp | 2,154,853 | $180.3M | 0.0% | +97,684 |
| Dimensional Fund Advisors LP | 1,790,209 | $149.8M | 0.0% | +325,519 |
| Geode Capital Management, LLC | 1,523,250 | $127.4M | 0.0% | +91,528 |
| UBS Group AG | 1,486,688 | $124.4M | 0.0% | −854,709 |
| Neuberger Berman Group LLC | 1,412,674 | $118.2M | 0.1% | +279,610 |
| Capital Research Global Investors | 1,289,282 | $107.8M | 0.0% | −469,086 |
| Morgan Stanley | 1,069,907 | $89.5M | 0.0% | −320,120 |
| Goldman Sachs Group Inc | 1,011,540 | $84.6M | 0.0% | +162,087 |
| Barrow Hanley Mewhinney & Strauss LLC | 851,516 | $71.2M | 0.2% | −1,199,273 |
| Westwood Holdings Group Inc | 814,324 | $68.1M | 0.5% | −84,078 |
| Nomura Asset Management International Inc. | 754,866 | $63.1M | 0.1% | +177,597 |
| Northern Trust Corp | 729,778 | $61.0M | 0.0% | +29,087 |
| Charles Schwab Investment Management Inc | 693,197 | $58.0M | 0.0% | +11,505 |
| Fmr LLC | 636,185 | $53.2M | 0.0% | +272,724 |
| Massachusetts Financial Services Co /ma/ | 572,730 | $50.4M | 0.0% | +45,562 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 559,761 | $46.8M | 0.1% | +41,688 |
| Silvercrest Asset Management Group LLC | 555,477 | $46.5M | 0.3% | +28,811 |
| Hood River Capital Management LLC | 535,074 | $44.8M | 0.3% | +24,452 |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | 465,873 | $39.0M | 0.0% | −2,805 |
| Nuveen, LLC | 438,012 | $36.6M | 0.0% | −118,687 |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 10SEC EDGARDavid L. Goodin, Chair
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- 15SEC EDGARNancy K. Christenson, Treasurer
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- 19SEC EDGARThomas W. Hill, Board member
- 20SEC EDGARPatricia Chiodo, Board member
- 21SEC EDGARJason L. Vollmer, Board member
- 22SEC EDGARKarl A. Liepitz, Board member
- 23SEC EDGARPatricia L. Moss, Board member
- 24SEC EDGARGerman Carmona-Alvarez, Board member
- 25SEC EDGARKaren B. Fagg, Board member
- 26SEC EDGARThomas S. Everist, Board member
- 27SEC EDGARWilliam J. Sandbrook, Board member
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