Filing Flows › Knife River (KNF) › Q2 2025
Knife River (KNF) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
Knife River (KNF) reported revenue of $834M for the second quarter 2025 (Q2 2025), +3% from a year earlier and +136% from the quarter before. Operating margin was 10.6%, net earnings $50.6M (6.1% of revenue).
Knife River, Q2 2025: revenue $834M (+3% year over year), operating margin 10.6%, net earnings $50.6M, operating cash flow −$42.6M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $834M | +136% | +3% |
| Gross profit | $157M | — | -11% |
| Operating profit | $88.1M | — | -25% |
| Net earnings | $50.6M | — | -35% |
| Operating cash flow | −$42.6M | — | — |
What changed
Revenue was $833.8M in Q2 2025, up 3% year over year and up 136% from the previous quarter. Contracting services public-sector was the largest line at 32% of revenue. Ready-mix concrete added $26.5M year over year (up 15%), 99% of the total change. Asphalt declined 7%.
Gross margin was 18.9%, down 3.0 points from a year earlier. Operating profit was $88.1M, a 10.6% margin (down 3.9 points year over year). Operating profit fell $28.7M even though revenue rose $26.9M versus a year earlier, so costs grew faster than sales. Operating expenses grew 16% against revenue growth of 3%. Net earnings were $50.6M, down 35% year over year. The effective tax rate was 25.5%.
Operating cash flow was −$42.6M. Non-cash charges added back $50.2M of depreciation and amortization and $2.9M of share-based compensation. Working capital and other items used $146.2M. Capital expenditures of $153.6M exceeded it, leaving free cash flow of −$196.2M.
Questions
What was Knife River's revenue in the second quarter 2025?
Knife River (KNF) reported revenue of $834M for the second quarter 2025 (Q2 2025), +3% from a year earlier and +136% from the quarter before.
Was Knife River profitable in the second quarter 2025?
Operating profit was $88.1M (10.6% of revenue) and net earnings $50.6M.
Source: Knife River 10-Q on SEC EDGAR.