Filing Flows › Knife River (KNF) › Q3 2026 › vs Q3 2025
Knife River (KNF) Q3 2026 vs Q3 2025 (year over year)
Knife River's revenue rose $71.9M (+6%) from $1.2B in Q3 2025 to $1.3B in Q3 2026. The biggest changes: Contracting services +$33.8M (+6%); Aggregates +$31.7M (+15%); Ready-mix concrete +$8.8M (+3%). Gross margin 22.5% against 23.6% (-1.1 pts).
Knife River, Q3 2026: revenue $1.3B (+6% year over year), operating margin 16.8%, net earnings $138M, operating cash flow $195M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 22.5% | 23.6% | -1.1 pts |
| Operating margin | 16.8% | 17.9% | -1.1 pts |
| Net margin | 10.8% | 11.9% | -1.1 pts |
| Free cash flow margin | 10.7% | 15.7% | -5.0 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Contracting services public-sector | $510M | $482M | $28.1M | +6% |
| Other | $97.1M | $91.4M | $5.7M | +6% |
| Contracting services | $607M | $573M | $33.8M | +6% |
| Ready-mix concrete | $270M | $261M | $8.8M | +3% |
| Aggregates | $250M | $218M | $31.7M | +15% |
| Liquid asphalt | $147M | $149M | −$1.7M | -1% |
| Revenue | $1.3B | $1.2B | $71.9M | +6% |
| Gross profit | $288M | $284M | $3.3M | +1% |
| Cost of revenue | $988M | $919M | $68.6M | +7% |
| Operating profit | $214M | $215M | −$1.1M | -0.5% |
| Operating expenses | $73.5M | $69.1M | $4.3M | +6% |
| Pre-tax earnings | $189M | $193M | −$4.7M | -2% |
| Other expense, net | $25.5M | $21.8M | $3.7M | +17% |
| Net earnings | $138M | $143M | −$5.3M | -4% |
| Income tax | $50.8M | $50.2M | $523K | +1% |
| Depreciation & amortization | $55.6M | $53.5M | $2.2M | +4% |
| Share-based compensation | $2.4M | $2.9M | −$436K | -15% |
| Working capital & other | $1.4M | −$50.9M | $52.4M | — |
| Operating cash flow | $195M | $250M | −$55.9M | -22% |
| Free cash flow (OCF − capex) | $136M | $189M | −$52.6M | -28% |
| Capital expenditures | $58.4M | $61.7M | −$3.3M | -5% |
Questions
How much did Knife River's revenue grow year over year in Q3 2026?
Knife River's revenue rose $71.9M (+6%) from $1.2B in Q3 2025 to $1.3B in Q3 2026.
What drove Knife River's revenue change in Q3 2026?
Contracting services +$33.8M (+6%); Aggregates +$31.7M (+15%); Ready-mix concrete +$8.8M (+3%).