EarningsQ1 2026 Earnings Report
MX:KNF Q1 2026 EPS Results
Actual EPS-$24.57
Consensus EPS-$24.73
Beat/MissBeat by +$0.16
One Year Ago EPS-$21.24
MX:KNF Q1 2026 Revenue Results
Actual Revenue$7.20B
Expected Revenue$6.79B
Beat/MissBeat by +$404.90M
YoY Revenue Growth+16.03%
Earnings Announcement Details
QuarterQ1 2026
Date05/05/2026
TimeBefore Open
Conference CallTuesday, May 5, 2026
MX:KNF Upcoming Earnings
Knife River Corporation's next earnings date is estimated for November 9, 2026, based on past reporting schedules.
Q1 2026 Earnings Call Audio
MX:KNF Q1 2026 Earnings Call
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Q1 2026 Earnings Slide Deck
Q1 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a predominantly positive tone: strong top-line and adjusted EBITDA growth, record backlog, significant aggregate and ready-mix volume gains, margin expansion initiatives, and accretive acquisitions support confidence in the 2026 outlook. Near-term challenges include contracting services margin softness in Q1, geographic mix effects on reported aggregates pricing, and emerging energy cost pressure — all of which management says are being mitigated via pricing tools, diesel pre-purchases and integration of recent acquisitions. On balance, highlights materially outweigh the lowlights.Company Guidance
Strong Top-Line and EBITDA Growth
Revenue increased 16% year-over-year and adjusted EBITDA grew 16% year-over-year, with adjusted EBITDA margins expanding by 290 basis points.
Double-Digit Volume Growth Across Product Lines
Company reported double-digit volume growth: aggregates volumes +26%, ready-mix volumes +33%, and asphalt volumes +42% year-over-year in Q1.
Record Backlog Providing Visibility
Record quarter backlog of approximately $1.2 billion (up ~25% YoY), with ~75% expected to be completed in 2026, giving strong near-term revenue visibility.
Aggregate Margin and Cost Improvements
Aggregates gross profit margins improved (management cited +390 basis points for the quarter) while per-unit production costs fell by more than 10% due to process improvements and prior investments; normalized aggregates pricing was +4.1% (reported +1%).
Accretive M&A Activity and Expansion
Completed three aggregates-based acquisitions in Q1 (including Morgan Asphalt in Salt Lake City and two Montana acquisitions); $174 million spent on acquisitions in the quarter and management expects M&A to be a continued growth engine.
Vertical Integration and Profit Multiplier
Management emphasized vertical integration as a profit multiplier (ability to capture upstream margins across aggregates, ready-mix and asphalt) and noted ~90% of aggregates volume comes from markets where the company is a leading supplier.
Energy Services and Operational Synergies
Energy Services EBITDA improved 40% in the quarter after West Coast operational merger; company continues to realize synergies from consolidation and PIT Crew initiatives.
Strong Market Fundamentals in Core Footprint
Knife River states show stronger funding and demographic tailwinds: DOT budgets in Knife River states up ~15% year-over-year (vs flat in non-Knife River states); West DOT budgets ~$34B (+13% YoY) and Central DOT budgets ~$31B (+16% YoY).
Disciplined Capital Allocation and Balance Sheet Targets
First-quarter capital: $42M maintenance CapEx and $209M growth spend (including $174M acquisitions and $35M aggregate expansions); management expects to end 2026 with no revolver borrowings and net leverage near 2.5x target.
Confidence in Full-Year Outlook
Company reaffirmed February guidance and indicated results are tracking toward the upper half of the revenue and adjusted EBITDA ranges for 2026, citing strong start, backlog and acquisitions.
MX:KNF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed