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Knife River (KNF) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Knife River (KNF) Q3 2026 earnings results →
Q3 2026 Revenue up 6% year over year to $1.3B · 11¢ of every $1 of revenue kept as net profit · operating margin 16.8%
Knife River made $1.3B in Q3 2026 (+6% Y/Y): Contracting services $607M, Ready-mix concrete $270M, Aggregates $250M. Operating margin 16.8%, net earnings $138M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $1.3B in Q3 2026, up 6% year over year and up 36% from the previous quarter. Contracting services public-sector was the largest line at 40% of revenue. Aggregates added $0.03B year over year (up 15%), 44% of the total change. Liquid asphalt declined 1%.
Gross margin was 22.5%, down 1.1 points from Q3 2025. Operating profit was $0.21B, a 16.8% margin (down 1.1 points year over year). Operating profit fell $1.1M even though revenue rose $0.07B versus Q3 2025, so costs grew faster than sales. Operating expenses grew 6% against revenue growth of 6%. Net earnings were $0.14B, down 4% year over year. The effective tax rate was 26.9%.
Operating cash flow was $0.19B (down 22% year over year), 141% of net earnings. Non-cash charges added back $0.06B of depreciation and amortization and $2.4M of share-based compensation. Capital expenditures of $0.06B left free cash flow of $0.14B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $1.3B | +6% | 16.8% | $138M | $195M |
| Q2 2026 | 10-Q | Aug 4, 2026 | $939M | +13% | 8.6% | $43.9M | −$75.1M |
| Q1 2026 | 10-Q | May 5, 2026 | $410M | +16% | -21.0% | −$79.2M | −$58.5M |
| Q4 2025 | 10-K | Feb 20, 2026 | $755M | +15% | 8.6% | $32.0M | $196M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $1.2B | +9% | 17.9% | $143M | $250M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $834M | +3% | 10.6% | $50.6M | −$42.6M |
| Q1 2025 | 10-Q | May 6, 2025 | $353M | +7% | -23.4% | −$68.7M | −$125M |
Charts
Interactive views
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Knife River
Knife River Corporation (referred to as we, our, us, the Company or Knife River) is an aggregates-based construction materials and contracting services provider in the United States. Our 1.3 billion tons of aggregate reserves provide the foundation for our vertically integrated business strategy, with approximately 35 percent of our aggregates in 2025 being used internally to support value-added downstream products (ready-mix concrete and asphalt) and contracting services (asphalt paving, heavy-civil construction, concrete construction, site development and grading services, and in some segments the manufacturing of prestressed concrete products).
In its own words, from its 10-K, filed Feb 20, 2026.
Knife River against its Mining & Quarrying of Nonmetallic Minerals (No Fuels) peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +6% against the peers' median +4%. Operating margin: 16.8% against the peers' median 16.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| KNF Knife River | Q3 2026 | $1.3B | +6% | 16.8% |
| MLM Martin Marietta Materials | Q3 2026 | $2.4B | +28% | 18.5% |
| VMC Vulcan Materials | Q3 2026 | $2.2B | -5% | 24.0% |
| HL Hecla Mining | Q3 2026 | $395M | +25% | 39.8% |
| CMP Compass Minerals International | Q3 FY26 | $215M | +0.3% | 5.1% |
| SND Smart Sand | Q2 2026 | $115M | +34% | 8.7% |
| USLM United States Lime & Minerals | Q3 2026 | $106M | +4% | 42.1% |
| LEU Centrus Energy | Q3 2026 | $55.5M | -26% | -53.5% |
| IPI Intrepid Potash | Q3 2026 | $51.0M | +0.4% | 0.4% |
Source: Knife River 10-Q on SEC EDGAR · CIK 1955520 · Mining & Quarrying of Nonmetallic Minerals (No Fuels)
Guidance and outlook
13F: who owns KNF and who is buying
More on KNF
- How Knife River makes money: revenue by segment
- Knife River next earnings date and what analysts expect
- Knife River stock forecast, price target and fair value
- Who owns Knife River stock: holders, funds and Congress trades
- Knife River guidance and outlook
- Is Knife River a takeover target? LBO and rumors
- Knife River recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Knife River guidance history: guided vs reported
- Knife River gross margin by quarter
- Knife River operating margin by quarter
- Knife River net income by quarter
- Knife River free cash flow by quarter
- Knife River capital expenditures by quarter
- Knife River Contracting services revenue by quarter
- Knife River Ready-mix concrete revenue by quarter
- Knife River Aggregates revenue by quarter