Knife River Corp
For the period ended May 5, 2026. Filed May 5, 2026.
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May 5, 2026 · Filed May 5, 2026
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Contents
EX-99 · PERFORMANCE SUMMARY
PERFORMANCE SUMMARY
| Three Months Ended March 31, | |||
|---|---|---|---|
| (In millions, except per share) | 2026 | 2025 | % Change |
| Revenue | $410.1 | $353.5 | 16% |
| Net loss | $(79.2) | $(68.7) | (15)% |
| Net loss margin | (19.3)% | (19.4)% | |
| Adjusted EBITDA | $(31.8) | $(38.0) | 16% |
| Adjusted EBITDA margin | (7.8)% | (10.7)% | |
| Net loss per share | $(1.40) | $(1.21) | (16)% |
| Note: Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. For more information on all non-GAAP measures and a reconciliation to the nearest GAAP measure, see the section entitled "Non-GAAP Financial Measures." | |||
MANAGEMENT COMMENTARY
“We had a good start to 2026, improving year-over-year revenue by 16%, adjusted EBITDA by 16% and adjusted EBITDA margin by 290 basis points,” said Knife River President and CEO Brian Gray. “We realized double-digit volume increases across our product lines and we reduced our per-unit costs, which drove gross profit improvements for aggregates, ready-mix and asphalt. We also generated more contracting services revenue than the same time last year, taking advantage of better weather and more activity across our segments.
“Knife River states are enjoying some of the fastest population growth in the nation, and we are growing our business along with them,” Gray said. “We completed three acquisitions during the quarter: Morgan Asphalt in Utah; and Sparrow Enterprises and Donaldson Brothers Ready-Mix in Montana. These aggregates-based, vertically integrated additions to our Mountain Region align with our strategy of expanding into mid-sized, higher-growth markets.
“While the first quarter is seasonally the lightest activity period of the year, we enter the 2026 construction season with momentum, including record first quarter backlog of $1.2 billion,” Gray said. “With strong underlying demand, our recent acquisitions, and continued focus on price optimization and cost controls — including mitigating energy costs with our established operational practices — we expect to deliver profitable growth for our shareholders this year and beyond.”
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