KNF Knife River Corp

Overview and Growth

In fiscal 2025, Knife River Corp recorded $3.15B of revenue, net income of $157.07M, and an operating cash inflow of $278.48M. Revenue of $3.15B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Compared with $2.90B in fiscal 2024, revenue recorded a 8.5% year-over-year increase. The company reported diluted EPS of $2.76, adding a shareholder-level measure to the absolute income figures considered below. The per-share result recorded a 22.3% decrease from fiscal 2024 diluted EPS of $3.55. The revenue-to-assets relationship was 0.86x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

After reported cost of revenue, the company retained $577.33M as gross profit before recognizing operating expenses and other items. Gross profit represented 18.4% of revenue, showing how much of the top line remained after direct costs. The reported operating result was $285.87M, capturing profitability after direct costs and the operating expenses reflected in the statements. The operating result equaled 9.1% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. The bottom-line result was net income of $157.07M, after the operating, financing, tax, and other items recognized for the period. Measured against reported revenue, net income produced a 5.0% margin after operating costs and the remaining recognized items. Pretax income was $213.21M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. The pretax margin was 6.8%, relating income before taxes directly to revenue. Income tax expense totaled $56.14M, providing the reported tax component that separates pretax and after-tax earnings. Relative to pretax income, the tax provision measured 26.3%, quantifying the portion of pre-tax earnings paid in income tax. Return on period-end equity was 9.6%, relating annual net income to the equity capital on the balance sheet.

Liquidity and Capital Structure

At period end, the $3.65B asset base was financed through $2.01B of liabilities and $1.64B of equity. The near-term balance sheet paired $960.92M of current assets with $377.99M of current liabilities at the reporting date. Current assets covered current liabilities by 2.54x, leaving a positive buffer for near-term obligations. Reported cash and equivalents were $73.82M, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 19.5%, excluding receivables and other current assets. The company carried $1.17B of total debt at period end, which frames its leverage and debt-service burden. Against book equity, debt measured 0.71x, placing the company’s financial leverage in clear balance-sheet terms. Debt represented 31.9% of total assets, placing borrowing in the context of the company’s full resource base. Relative to total assets, liabilities measured 55.0%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 2.0%, comparing reported cash and equivalents with the full positive asset balance. Compared with $2.85B in fiscal 2024, the current asset base moved 28.0% and finished higher.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $278.48M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Against net income, operating cash flow measured 1.77x, showing the relationship between accrual earnings and operating cash. The cash-flow statement records $348.04M of capital expenditures, the investment amount considered after operating cash generation. Relative to operating cash flow, capital expenditures measured 125.0%, connecting investment intensity with the company’s cash-generation base. The company recorded a $69.57M cash deficit after capital spending for the period. Relative to revenue, the post-investment cash deficit represented 2.2%. Relative to total assets, the post-investment cash deficit measured 1.9%.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.