Gray

Acquisitions, alongside higher aggregate and ready-mixed concrete volumes and pricing, drove

Knife River Corp.

’s performance in the fourth quarter of 2025.

Over the last three months of the year, Knife River reported consolidated revenue of $755.1 million – a 15 percent increase compared to a year earlier. Knife River’s net income increased 38 percent to $32 million, with adjusted EBITDA gaining 47 percent in the quarter and settling at $119.4 million.

For full-year 2025, Knife River’s revenue was up 9 percent to $3.1 billion while EBITDA increased 7 percent to $496.5 million. Net income was down 22 percent year over year, totaling $157.1 million.

“This strong finish was supported by favorable fourth-quarter weather and caps a year of meaningful progress on our Competitive EDGE efforts,” says

Brian Gray

, president and CEO of Knife River. “Throughout 2025, our teams advanced key strategic initiatives, worked to optimize operations, and completed targeted acquisitions to expand our footprint.

“Our focus on commercial excellence resulted in increased aggregate pricing of high single digits for the year, while our process improvement teams continued to improve production and efficiency at our plants,” Gray adds. “Additionally, we completed five acquisitions in 2025, starting with Strata in the first quarter through

Texcrete

in the fourth. We expect Texcrete will more than double our ready-mix volumes within the Texas Triangle in 2026, and we believe each of these transactions will allow us to better serve a growing customer base.”

Knife River’s expectations for 2026 are positive.

“We enter 2026 with momentum and confidence in our strategy to deliver long-term, profitable growth,” Gray says. “We have record year-end backlog of $1 billion, which includes the opportunity to pull through our higher-margin materials. We will continue our efforts to optimize materials pricing and drive efficiencies at our plants.

“Also, we expect our strategic M&A activity to continue, as our 2026 deal pipeline looks similar to 2025,” he adds. “And we will keep investing in organic growth opportunities across our markets, focused on the areas where we are getting our best returns. We have the growth framework in place, and I’m excited about our potential in 2026 and beyond.”

Related:

Knife River secures $112 million project in Texas