Filing Flows › Knife River (KNF) › Q3 2025
Knife River (KNF) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Knife River (KNF) reported revenue of $1.2B for the third quarter 2025 (Q3 2025), +9% from a year earlier and +44% from the quarter before. Operating margin was 17.9%, net earnings $143M (11.9% of revenue).
Knife River, Q3 2025: revenue $1.2B (+9% year over year), operating margin 17.9%, net earnings $143M, operating cash flow $250M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.2B | +44% | +9% |
| Gross profit | $284M | +81% | +4% |
| Operating profit | $215M | +144% | +3% |
| Net earnings | $143M | +183% | -3% |
| Operating cash flow | $250M | — | +4% |
| Free cash flow | $189M | — | -13% |
What changed
Revenue was $1.2B in Q3 2025, up 9% year over year and up 44% from the previous quarter. Contracting services public-sector was the largest line at 40% of revenue. Ready-mix concrete added $0.05B year over year (up 22%), 49% of the total change.
Gross margin was 23.6%, down 1.1 points from a year earlier. Operating profit was $0.22B, a 17.9% margin (down 1.0 points year over year). Of the extra revenue versus a year earlier, 6% reached operating profit, below the 19% margin then. Operating expenses grew 8% against revenue growth of 9%. Net earnings were $0.14B, down 3% year over year. The effective tax rate was 26.0%.
Operating cash flow was $0.25B (up 4% year over year), 175% of net earnings. Non-cash charges added back $0.05B of depreciation and amortization and $2.9M of share-based compensation. Working capital and other items added $0.05B. Capital expenditures of $0.06B left free cash flow of $0.19B.
Questions
What was Knife River's revenue in the third quarter 2025?
Knife River (KNF) reported revenue of $1.2B for the third quarter 2025 (Q3 2025), +9% from a year earlier and +44% from the quarter before.
Was Knife River profitable in the third quarter 2025?
Operating profit was $215M (17.9% of revenue) and net earnings $143M.
Source: Knife River 10-Q on SEC EDGAR.