Knife River (KNF) financial statements
Knife River reported revenue of $3.1B in fiscal 2025, up 9.0% a year over 4 years.
Net income was $157M and the operating margin 9.1%, against 8.6% in 2021.
Free cash flow was -$70M.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Knife River's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.2B | $2.5B | $2.8B | $2.9B | $3.1B |
| Cost of revenue | $1.9B | $2.2B | $2.3B | $2.3B | $2.6B |
| Gross profit | $347M | $361M | $539M | $570M | $577M |
| Selling, general and admin | $156M | $167M | $243M | $254M | $291M |
| Operating income | $191M | $194M | $296M | $316M | $286M |
| Interest expense | $19M | $30M | $58M | $55M | $82M |
| Pre-tax income | $173M | $159M | $245M | $271M | $213M |
| Income tax | $43M | $43M | $62M | $69M | $56M |
| Net income | $130M | $116M | $183M | $202M | $157M |
| EPS (diluted) | $2.29 | $2.05 | $3.23 | $3.55 | $2.76 |
| Diluted shares | 57M | 57M | 57M | 57M | 57M |
| Gross margin | 15.6% | 14.2% | 19.0% | 19.7% | 18.4% |
| Operating margin | 8.6% | 7.7% | 10.5% | 10.9% | 9.1% |
| Net margin | 5.8% | 4.6% | 6.5% | 7.0% | 5.0% |
Balance sheet
Fiscal years, from Knife River's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash and short-term investments | $14M | $10M | $219M | $237M | $74M |
| Receivables | — | $210M | $267M | $267M | $278M |
| Inventory | — | $323M | $320M | $380M | $436M |
| Total current assets | — | $609M | $914M | $988M | $961M |
| Property, plant and equipment | $1.3B | $1.3B | $1.3B | $1.4B | $2.0B |
| Goodwill | $276M | $275M | $274M | $297M | $520M |
| Total assets | $2.2B | $2.3B | $2.6B | $2.9B | $3.7B |
| Total current liabilities | — | $517M | $347M | $370M | $378M |
| Long-term debt | — | $427,000 | $675M | $667M | $1.2B |
| Total liabilities | — | $1.3B | $1.3B | $1.4B | $2.0B |
| Shareholders' equity | $953M | $1.0B | $1.3B | $1.5B | $1.6B |
| Net debt | -$14M | -$9M | $462M | $441M | $1.1B |
Cash flow
Fiscal years, from Knife River's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $181M | $207M | $336M | $322M | $278M |
| Capital spending | $174M | $178M | $124M | $172M | $348M |
| Free cash flow | $7M | $29M | $211M | $150M | -$70M |
| Stock-based compensation | $2M | $1M | $3M | $8M | $11M |
| Net borrowing | -$221,000 | -$298,000 | $696M | -$7M | $491M |
| Free cash flow margin | 0.3% | 1.2% | 7.5% | 5.2% | -2.2% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for KNF.
Open KNF in InvestinglyQuestions
What was Knife River's revenue in 2025?
$3.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Knife River generate?
-$70M in fiscal 2025 (operating cash flow minus capital spending).
From Knife River's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.