Filing Flows › Knife River (KNF) › Q4 2025
Knife River (KNF) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 20, 2026
Knife River (KNF) reported revenue of $755M for the fourth quarter 2025 (Q4 2025), +15% from a year earlier and -37% from the quarter before. Operating margin was 8.6%, net earnings $32.0M (4.2% of revenue).
Knife River, Q4 2025: revenue $755M (+15% year over year), operating margin 8.6%, net earnings $32.0M, operating cash flow $196M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $755M | -37% | +15% |
| Gross profit | $145M | -49% | +27% |
| Operating profit | $65.2M | -70% | +48% |
| Net earnings | $32.0M | -78% | +38% |
| Operating cash flow | $196M | -22% | +14% |
| Free cash flow | $138M | -27% | +9% |
What changed
Revenue was $755.1M in Q4 2025, up 15% year over year and down 37% from the previous quarter. Construction materials was the largest line at 54% of revenue.
Gross margin was 19.2%, up 1.9 points from a year earlier. Operating profit was $65.2M, a 8.6% margin (up 1.9 points year over year). Of the extra revenue versus a year earlier, 22% reached operating profit, above the 7% margin then. Operating expenses grew 14% against revenue growth of 15%. Net earnings were $32.0M, up 38% year over year. The effective tax rate was 29.2%.
Operating cash flow was $195.9M (up 14% year over year), 612% of net earnings. Non-cash charges added back $51.3M of depreciation and amortization and $2.9M of share-based compensation. Working capital and other items added $109.7M. Capital expenditures of $57.7M left free cash flow of $138.2M.
Questions
What was Knife River's revenue in the fourth quarter 2025?
Knife River (KNF) reported revenue of $755M for the fourth quarter 2025 (Q4 2025), +15% from a year earlier and -37% from the quarter before.
Was Knife River profitable in the fourth quarter 2025?
Operating profit was $65.2M (8.6% of revenue) and net earnings $32.0M.
Source: Knife River 10-K on SEC EDGAR.