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Knife River (KNF) guidance and outlook

Knife River (KNF) raised some and lowered other parts of its guidance on Nov 3, 2026: Revenue $3.4B for FY2026; EBITDA $475M for FY2026; Revenue −8% for FY2026; EBITDA −1% for FY2026. Knife River's 10-Q filed Nov 3, 2026 makes 25 forward-looking statements.

Guidance and outlook

Latest guidance

From the earnings release filed Nov 3, 2026 (8-K on EDGAR).

Forward-looking statements, 10-Q filed Nov 3, 2026

• Although the Company believes that its expectations are expressed in good faith and based on reasonable assumptions, there is no assurance the Company’s statements with respect to its EDGE and Sharper EDGE initiatives and the benefits thereof, our ability to drive long-term profitable growth, shareholder value creation, near-term market dynamics, expected long-term goals, expected backlog margin, acquisitions,…
• We serve both public and private markets, with public projects making up most of our work and providing stability through economic cycles, which helps offset the cyclical nature of the private markets.
• Federal and state funding remain at or near record levels for a majority of our markets with approximately 80 percent of our historical contracting services revenue each year coming from public-sector projects, enhancing stability through market cycles.
• Of the $857 million of backlog at September 30, 2026, we expect to complete approximately $691 million in the 12 months following September 30, 2026.
• Approximately 82 percent of our backlog at September 30, 2026, is related to publicly funded projects, including street and highway construction projects, which are driven primarily by public works projects for state departments of transportation (DOT).
• It is estimated that a total of $2.2 trillion in funding will be needed for our roadway systems to reach a state of good repair during that time period.
• In 2023, we launched our EDGE initiatives and established specialized teams to deliver training, support higher-margin bidding opportunities across regions and pursue targeted growth opportunities.
• Building on the progress of these initiatives, which continue, we launched Sharper EDGE, a program of targeted improvement opportunities across three areas: Operational Excellence, Commercial Excellence and Organizational Excellence.
• We have begun implementing these initiatives and expect to ramp the program over the next three years.
• We are experiencing competitive market dynamics, primarily within contracting services, which is resulting in projects being more competitively bid and in turn compressing our contracting services margins.
• We will continue to monitor the effects these economic conditions have on our business.
• Pursuing our strategic growth goals through targeted acquisitions is expected to drive an increase in selling, general and administrative expenses on a year-over-year basis.

Knife River's latest quarter

Questions

Did Knife River raise or lower its guidance?

Knife River (KNF) raised some and lowered other parts of its guidance on Nov 3, 2026: Revenue $3.4B for FY2026; EBITDA $475M for FY2026; Revenue −8% for FY2026; EBITDA −1% for FY2026.

What does Knife River expect?

Although the Company believes that its expectations are expressed in good faith and based on reasonable assumptions, there is no assurance the Company’s statements with respect to its EDGE and Sharper EDGE initiatives and the benefits thereof, our ability to drive long-term profitable growth, shareholder value creation, near-term market dynamics, expected long-term goals, expected backlog margin, acquisitions,… We serve both public and private markets, with public projects making up most of our work and providing stability through economic cycles, which helps offset the cyclical nature of the

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.