Knife River Corporation (KNF) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Knife River published the results on November 3, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Knife River's business is seasonal: most construction work happens in the second and third quarters, and it reported net losses in the first quarters of 2025 and 2026.
• Segment revenue includes intersegment sales, mostly in Energy Services. The last row is Knife River's corporate services revenue less the elimination of intersegment revenue, so the rows sum to total revenue.

Source: Knife River Q3 2026 results, November 3, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Knife River splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Knife River's West revenue was $366 million in Q3 2026, down 8% from $396 million in Q3 2025, 29% of total revenue.
• Knife River's Mountain revenue was $308 million in Q3 2026, up 34% from $230 million in Q3 2025, 24% of total revenue.
• Knife River's Central revenue was $462 million in Q3 2026, up 6% from $434 million in Q3 2025, 36% of total revenue.
• Knife River's Energy Services revenue was $168 million in Q3 2026, flat on $169 million in Q3 2025, 13% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Knife River gives its 2026 ranges in a table in the release: revenue of $3,375.0 million to $3,425.0 million and Adjusted EBITDA of $475.0 million to $505.0 million, updated after Q3 to reflect continued near-term headwinds.

In its Q3 2026 release, Knife River said:

“Aggregates volumes to increase high-single digits to low-double digits and pricing to increase mid-single digits.”

“Ready-mix volumes to increase high-single digits to low-double digits.”

“Asphalt volumes to increase high-single digits to low-double digits.”

“The guidance ranges are based on normal weather, economic and operating conditions, and do not include the expected impact of future acquisitions.”

Source: Knife River Q3 2026 release, Nov 3, 2026.

This is the company's own guidance as of Nov 3, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the KNF forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for Knife River's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 3, 2026

Knife River is an aggregates-based construction materials and contracting services company. Of its $1,275.6 million of Q3 2026 revenue, construction materials (aggregates, ready-mix concrete, asphalt and liquid asphalt) brought in $671.0 million and contracting services such as asphalt paving $604.6 million. About 35 percent of its aggregates in 2025 were used internally in its own ready-mix, asphalt and contracting work. (Knife River Q3 2026 release, Nov 3, 2026; Knife River Form 10-K, 2025, Feb 20, 2026)

Revenue rose $71.9 million, led by high-single digit volume increases for aggregates and asphalt and more asphalt paving work. Pricing contributed $23.9 million across legacy operations, and acquisitions added to most product lines. Aggregate volumes rose to 12,747 thousand tons from 11,610 thousand, at an average selling price of $19.59 a ton against $18.78. (Knife River Form 10-Q, Q3 2026, Nov 3, 2026; Knife River Q3 2026 release, Nov 3, 2026)

By segment, Mountain revenue rose 34% to $308.1 million on contracting work, higher volumes and first-quarter acquisitions, and Central rose 6% to $462.0 million, helped by the Texcrete acquisition and aggregates for data center projects in North Dakota and Texas. West fell 8% to $365.8 million on less available contracting work in Oregon and California, and Energy Services was flat at $168.4 million. (Knife River Q3 2026 release, Nov 3, 2026; Knife River Form 10-Q, Q3 2026, Nov 3, 2026)

Contracting work is mostly public. In 2025, 81% of Knife River's contracting services revenue came from public projects, 65% from streets and highways. Contracting backlog was $857.2 million at September 30, 2026, against $994.6 million a year earlier, and Knife River said expected margins on that backlog were lower. (Knife River Form 10-K, 2025, Feb 20, 2026; Knife River Form 10-Q, Q3 2026, Nov 3, 2026)

Knife River reports one EPS figure, on a GAAP basis. Diluted EPS was $2.43 in Q3 2026, against $2.52 a year earlier, on net income of $137.9 million, down 4%. Its main non-GAAP measure is Adjusted EBITDA, $271.7 million, which adds back stock-based compensation, unrealized gains or losses on benefit plan investments and the acquisition-accounting markup on acquired inventory. (Knife River Q3 2026 release, Nov 3, 2026)

Aggregate gross margin rose to 29.6% from 27.2%, but contracting services gross margin fell to 8.5% from 11.5% because of the timing and type of projects, higher diesel fuel costs and competitive market dynamics. Interest expense rose $1.7 million after an additional $400 million of Term Loan B borrowings in May 2026, and the effective tax rate was 26.9 percent, against 26.0 percent. Diluted shares were 56.8 million. (Knife River Q3 2026 release, Nov 3, 2026; Knife River Form 10-Q, Q3 2026, Nov 3, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Knife River gives a full-year outlook in its release, and after Q3 2026 it updated it to reflect continued near-term headwinds. It now expects 2026 revenue of $3,375.0 million to $3,425.0 million and Adjusted EBITDA of $475.0 million to $505.0 million, with aggregates volumes up high-single digits to low-double digits and aggregates pricing up mid-single digits. (Knife River Q3 2026 release, Nov 3, 2026)

The guidance assumes normal weather, economic and operating conditions and excludes future acquisitions. Knife River also said it has begun 'Sharper EDGE' initiatives and plans to discuss them at an investor day in the coming months. (Knife River Q3 2026 release, Nov 3, 2026)

A consensus figure is the average of the models published by the analysts who cover Knife River, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Knife River's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning KNF is on is KNF a buy or a sell?, what analysts expect next is on the KNF forecast, and what the company does is on the Knife River Corporation (KNF) stock page.

Every number on this page can be traced to a document Knife River published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.