Knife River sees FY25 revenue $3.25B-$3.45B, consensus $3.12B

“Our business fundamentals remain strong, and we anticipate record financial results in 2025,” Knife River (KNF) President and CEO Brian Gray said. “In the current economic environment, our business has been relatively insulated from any direct impact from tariffs. It is unclear at this time how economic uncertainties will affect downstream private work, as project owners evaluate interest rates and trade policy. However, Knife River has a resilient business model, with the ability to flex between public and private work, along with a proven record of successfully navigating through business cycles. Our outlook for the year does not include any significant impacts related to uncertainty in the private market, and we expect to have more clarity when we report our second quarter results. For the full year 2025, we anticipate revenue of $3.25B-$3.45B and adjusted EBITDA of $530M-$580M.” The company said, “Our backlog of $938.7M at the end of the Q1 was near our year-ago record, and at similar expected margins. We also saw improved bidding activity in April 2025 compared to April 2024; we are the apparent low bidder on more bids, including three large projects totaling $170M. We expect this work will be added to our Q2 backlog.”