| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| Delaware | 92-1008893 | |||||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
| Common Stock, $0.01 par value | KNF | New York Stock Exchange | ||||||
Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | ||||||||
Non-Accelerated Filer | ☐ | Smaller Reporting Company | ☐ | ||||||||
Emerging Growth Company | ☐ | ||||||||||
| Index | |||||
| Page | |||||
Knife River Corporation | ||||||||||||||
| Consolidated Statements of Operations | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||
| September 30, | September 30, | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| (In thousands, except per share amounts) | ||||||||||||||
| Revenue: | ||||||||||||||
| Construction materials | $ | 671,007 | $ | 647,277 | $ | 1,465,456 | $ | 1,354,260 | ||||||
| Contracting services | 604,594 | 556,440 | 1,158,863 | 1,036,688 | ||||||||||
| Total revenue | 1,275,601 | 1,203,717 | 2,624,319 | 2,390,948 | ||||||||||
| Cost of revenue: | ||||||||||||||
| Construction materials | 434,631 | 426,780 | 1,107,872 | 1,037,647 | ||||||||||
| Contracting services | 553,370 | 492,603 | 1,068,852 | 921,316 | ||||||||||
| Total cost of revenue | 988,001 | 919,383 | 2,176,724 | 1,958,963 | ||||||||||
| Gross profit | 287,600 | 284,334 | 447,595 | 431,985 | ||||||||||
| Selling, general and administrative expenses | 73,473 | 69,129 | 238,588 | 211,356 | ||||||||||
| Operating income | 214,127 | 215,205 | 209,007 | 220,629 | ||||||||||
| Interest expense | 24,718 | 23,003 | 70,022 | 60,601 | ||||||||||
| Other (expense) income | (762) | 1,194 | 1,900 | 7,967 | ||||||||||
| Income before income taxes | 188,647 | 193,396 | 140,885 | 167,995 | ||||||||||
| Income tax expense | 50,768 | 50,245 | 38,299 | 42,951 | ||||||||||
| Net income | $ | 137,879 | $ | 143,151 | $ | 102,586 | $ | 125,044 | ||||||
| Net income per share | ||||||||||||||
| Basic | $ | 2.43 | $ | 2.53 | $ | 1.81 | $ | 2.21 | ||||||
| Diluted | $ | 2.43 | $ | 2.52 | $ | 1.81 | $ | 2.20 | ||||||
| Weighted average common shares outstanding: | ||||||||||||||
| Basic | 56,763 | 56,664 | 56,744 | 56,649 | ||||||||||
| Diluted | 56,825 | 56,884 | 56,833 | 56,900 | ||||||||||
| Knife River Corporation | |||||||||||||||||
| Consolidated Statements of Comprehensive Income | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| September 30, | September 30, | ||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||
| (In thousands) | |||||||||||||||||
| Net income | $ | 137,879 | $ | 143,151 | $ | 102,586 | $ | 125,044 | |||||||||
| Other comprehensive income: | |||||||||||||||||
| Postretirement liability adjustment: | |||||||||||||||||
Amortization of postretirement liability losses included in net periodic benefit cost, net of tax of $41 and $21 for the three months ended and $123 and $61 for the nine months ended September 30, 2026 and 2025, respectively. | 127 | 63 | 381 | 190 | |||||||||||||
| Postretirement liability adjustment | 127 | 63 | 381 | 190 | |||||||||||||
| Other comprehensive income | 127 | 63 | 381 | 190 | |||||||||||||
| Comprehensive income attributable to common stockholders | $ | 138,006 | $ | 143,214 | $ | 102,967 | $ | 125,234 | |||||||||
| Knife River Corporation | |||||||||||
| Consolidated Balance Sheets | |||||||||||
| (Unaudited) | |||||||||||
| September 30, 2026 | September 30, 2025 | December 31, 2025 | |||||||||
| (In thousands, except shares and per share amounts) | |||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash, cash equivalents and restricted cash | $ | 177,317 | $ | 81,097 | $ | 123,418 | |||||
| Receivables, net | 553,236 | 516,764 | 278,030 | ||||||||
Contract assets | 149,395 | 67,886 | 77,528 | ||||||||
| Inventories | 463,645 | 436,535 | 435,714 | ||||||||
| Prepayments and other current assets | 33,588 | 33,029 | 46,232 | ||||||||
| Total current assets | 1,377,181 | 1,135,311 | 960,922 | ||||||||
| Noncurrent assets: | |||||||||||
| Net property, plant and equipment | 2,182,858 | 1,961,437 | 2,028,933 | ||||||||
| Goodwill | 583,996 | 469,381 | 519,668 | ||||||||
| Other intangible assets, net | 31,101 | 33,418 | 32,680 | ||||||||
| Operating lease right-of-use assets | 50,041 | 49,950 | 52,589 | ||||||||
| Investments and other | 61,304 | 53,820 | 55,321 | ||||||||
| Total noncurrent assets | 2,909,300 | 2,568,006 | 2,689,191 | ||||||||
| Total assets | $ | 4,286,481 | $ | 3,703,317 | $ | 3,650,113 | |||||
| Liabilities and Stockholders' Equity | |||||||||||
| Current liabilities: | |||||||||||
| Long-term debt - current portion | $ | 18,876 | $ | 11,780 | $ | 11,708 | |||||
| Accounts payable | 239,101 | 211,157 | 145,581 | ||||||||
| Accrued compensation | 41,649 | 36,977 | 44,253 | ||||||||
Contract liabilities | 27,730 | 42,837 | 33,773 | ||||||||
| Accrued interest | 19,879 | 15,680 | 7,348 | ||||||||
| Other taxes payable | 18,368 | 28,660 | 11,252 | ||||||||
| Current operating lease liabilities | 16,694 | 14,749 | 15,942 | ||||||||
| Other accrued liabilities | 122,881 | 112,604 | 108,132 | ||||||||
| Total current liabilities | 505,178 | 474,444 | 377,989 | ||||||||
| Noncurrent liabilities: | |||||||||||
| Long-term debt | 1,534,375 | 1,175,968 | 1,153,830 | ||||||||
| Deferred income taxes | 308,895 | 264,192 | 287,917 | ||||||||
| Noncurrent operating lease liabilities | 33,347 | 35,201 | 36,647 | ||||||||
| Other | 158,363 | 146,316 | 152,790 | ||||||||
| Total liabilities | 2,540,158 | 2,096,121 | 2,009,173 | ||||||||
| Commitments and contingencies | |||||||||||
| Stockholders' equity: | |||||||||||
Common stock, 300,000,000 shares authorized, $0.01 par value, 57,194,556 shares issued and 56,763,420 shares outstanding at September 30, 2026; 57,095,301 shares issued and 56,664,165 shares outstanding at September 30, 2025; 57,095,301 shares issued and 56,664,165 shares outstanding at December 31, 2025 | 572 | 571 | 571 | ||||||||
| Other paid-in capital | 632,052 | 626,773 | 629,637 | ||||||||
| Retained earnings | 1,127,206 | 992,590 | 1,024,620 | ||||||||
Treasury stock held at cost - 431,136 shares | (3,626) | (3,626) | (3,626) | ||||||||
| Accumulated other comprehensive loss | (9,881) | (9,112) | (10,262) | ||||||||
| Total stockholders' equity | 1,746,323 | 1,607,196 | 1,640,940 | ||||||||
| Total liabilities and stockholders' equity | $ | 4,286,481 | $ | 3,703,317 | $ | 3,650,113 | |||||
| Knife River Corporation | ||||||||||||||||||||||||||
| Consolidated Statements of Equity | ||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||
| Common Stock | Other Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | ||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Total | ||||||||||||||||||||||
| (In thousands, except shares) | ||||||||||||||||||||||||||
At December 31, 2025 | 57,095,301 | $ | 571 | $ | 629,637 | $ | 1,024,620 | (431,136) | $ | (3,626) | $ | (10,262) | $ | 1,640,940 | ||||||||||||
| Net loss | — | — | — | (79,176) | — | — | — | (79,176) | ||||||||||||||||||
| Other comprehensive income | — | — | — | — | — | — | 127 | 127 | ||||||||||||||||||
Stock-based compensation expense | — | — | 2,859 | — | — | — | — | 2,859 | ||||||||||||||||||
Common stock issued for employee compensation, net of tax withholding | 89,690 | 1 | (5,426) | — | — | — | — | (5,425) | ||||||||||||||||||
| At March 31, 2026 | 57,184,991 | $ | 572 | $ | 627,070 | $ | 945,444 | (431,136) | $ | (3,626) | $ | (10,135) | $ | 1,559,325 | ||||||||||||
Net income | — | — | — | 43,883 | — | — | — | 43,883 | ||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 127 | 127 | ||||||||||||||||||
Stock-based compensation expense | — | — | 2,553 | — | — | — | — | 2,553 | ||||||||||||||||||
Common stock issued for board of director fees | 9,565 | — | — | — | — | — | — | — | ||||||||||||||||||
| At June 30, 2026 | 57,194,556 | $ | 572 | $ | 629,623 | $ | 989,327 | (431,136) | $ | (3,626) | $ | (10,008) | $ | 1,605,888 | ||||||||||||
| Net income | — | — | — | 137,879 | — | — | — | 137,879 | ||||||||||||||||||
| Other comprehensive income | — | — | — | — | — | — | 127 | 127 | ||||||||||||||||||
Stock-based compensation expense | — | — | 2,429 | — | — | — | — | 2,429 | ||||||||||||||||||
| At September 30, 2026 | 57,194,556 | $ | 572 | $ | 632,052 | $ | 1,127,206 | (431,136) | $ | (3,626) | $ | (9,881) | $ | 1,746,323 | ||||||||||||
| Knife River Corporation | ||||||||||||||||||||||||||
| Consolidated Statements of Equity | ||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||
| Common Stock | Other Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | ||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Total | ||||||||||||||||||||||
| (In thousands, except shares) | ||||||||||||||||||||||||||
At December 31, 2024 | 57,043,841 | $ | 570 | $ | 620,897 | $ | 867,546 | (431,136) | $ | (3,626) | $ | (9,302) | $ | 1,476,085 | ||||||||||||
| Net loss | — | — | — | (68,710) | — | — | — | (68,710) | ||||||||||||||||||
| Other comprehensive income | — | — | — | — | — | — | 63 | 63 | ||||||||||||||||||
Stock-based compensation expense | — | — | 2,799 | — | — | — | — | 2,799 | ||||||||||||||||||
| Common stock issued for employee compensation, net of tax withholding | 39,656 | 1 | (2,654) | — | — | — | — | (2,653) | ||||||||||||||||||
At March 31, 2025 | 57,083,497 | $ | 571 | $ | 621,042 | $ | 798,836 | (431,136) | $ | (3,626) | $ | (9,239) | $ | 1,407,584 | ||||||||||||
Net income | — | — | — | 50,603 | — | — | — | 50,603 | ||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 64 | 64 | ||||||||||||||||||
Stock-based compensation expense | — | — | 2,866 | — | — | — | — | 2,866 | ||||||||||||||||||
Common stock issued for board of director fees | 11,804 | — | — | — | — | — | — | — | ||||||||||||||||||
| At June 30, 2025 | 57,095,301 | $ | 571 | $ | 623,908 | $ | 849,439 | (431,136) | $ | (3,626) | $ | (9,175) | $ | 1,461,117 | ||||||||||||
| Net income | — | — | — | 143,151 | — | — | — | 143,151 | ||||||||||||||||||
| Other comprehensive income | — | — | — | — | — | — | 63 | 63 | ||||||||||||||||||
Stock-based compensation expense | — | — | 2,865 | — | — | — | — | 2,865 | ||||||||||||||||||
| At September 30, 2025 | 57,095,301 | $ | 571 | $ | 626,773 | $ | 992,590 | (431,136) | $ | (3,626) | $ | (9,112) | $ | 1,607,196 | ||||||||||||
| Knife River Corporation | ||||||||
| Consolidated Statements of Cash Flows | ||||||||
| (Unaudited) | ||||||||
| Nine Months Ended | ||||||||
| September 30, | ||||||||
| 2026 | 2025 | |||||||
| (In thousands) | ||||||||
| Operating activities: | ||||||||
| Net income | $ | 102,586 | $ | 125,044 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation, depletion and amortization | 164,149 | 142,439 | ||||||
| Deferred income taxes | 12,646 | 6,567 | ||||||
| Provision for credit losses | 1,021 | 1,405 | ||||||
| Amortization of debt issuance costs | 3,158 | 2,745 | ||||||
| Employee stock-based compensation costs | 7,841 | 8,530 | ||||||
| Pension and postretirement benefit plan net periodic benefit cost | 1,392 | 1,074 | ||||||
| Unrealized gains on investments | (1,351) | (2,187) | ||||||
| Gains on sales of assets | (5,272) | (15,644) | ||||||
| Gains on bargain purchases | (235) | (3,547) | ||||||
| Equity in earnings of unconsolidated affiliates | (766) | (227) | ||||||
| Changes in current assets and liabilities, net of acquisitions: | ||||||||
| Receivables | (346,179) | (267,478) | ||||||
| Inventories | (22,548) | (15,277) | ||||||
| Other current assets | 16,404 | 3,742 | ||||||
| Accounts payable | 97,331 | 72,530 | ||||||
| Other current liabilities | 30,545 | 16,704 | ||||||
| Pension and postretirement benefit plan contributions | (421) | (437) | ||||||
| Other noncurrent changes | 584 | 6,600 | ||||||
| Net cash provided by operating activities | 60,885 | 82,583 | ||||||
| Investing activities: | ||||||||
| Capital expenditures | (208,574) | (290,327) | ||||||
| Acquisitions, net of cash acquired | (185,725) | (527,979) | ||||||
| Net proceeds from sale or disposition of property and other | 10,401 | 38,273 | ||||||
| Investments | (2,993) | (2,986) | ||||||
| Net cash used in investing activities | (386,891) | (783,019) | ||||||
| Financing activities: | ||||||||
| Issuance of long-term debt | 400,000 | 520,000 | ||||||
| Repayment of long-term debt | (10,835) | (5,878) | ||||||
| Debt issuance costs | (3,835) | (11,070) | ||||||
Tax withholding on stock-based compensation | (5,425) | (2,653) | ||||||
| Net cash provided by financing activities | 379,905 | 500,399 | ||||||
| Increase (decrease) in cash, cash equivalents and restricted cash | 53,899 | (200,037) | ||||||
| Cash, cash equivalents and restricted cash -- beginning of year | 123,418 | 281,134 | ||||||
| Cash, cash equivalents and restricted cash -- end of period | $ | 177,317 | $ | 81,097 | ||||
| September 30, 2026 | September 30, 2025 | December 31, 2025 | |||||||||
| (In thousands) | |||||||||||
Cash and cash equivalents | $ | 118,028 | $ | 30,695 | $ | 73,821 | |||||
Restricted cash | 59,289 | 50,402 | 49,597 | ||||||||
Cash, cash equivalents and restricted cash | $ | 177,317 | $ | 81,097 | $ | 123,418 | |||||
| Standard | Description | Standard Effective Date | Impact on financial statements/disclosures | ||||||||
Recently issued ASU's not yet adopted | |||||||||||
ASU 2024-03 -Disaggregation of Income Statement Expenses | In November 2024, the FASB issued guidance on modifying the disclosure requirements to improve the disclosures for a public entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The guidance is to be applied either on a prospective basis to the financial statements issued for reporting periods after the effective date or on a retrospective basis to the financial statements to all prior periods presented in the financial statements. Early adoption is permitted. | Annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. | We are currently evaluating the impact the guidance will have on our disclosures for the year ended December 31, 2027 and interim periods for fiscal year 2028. | ||||||||
ASU 2025-06 - Targeted Improvements to the Accounting for Internal-Use Software | In September 2025, the FASB issued guidance to provide targeted improvements to the accounting for internal-use software which is intended to modernize the recognition and capitalization framework to reflect current software development practices. Under this guidance, eligible software development costs will begin capitalization when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. | Annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. | We are currently evaluating the impact this guidance will have on our financial statements and disclosures. | ||||||||
| September 30, 2026 | September 30, 2025 | December 31, 2025 | |||||||||
| (In thousands) | |||||||||||
| Trade receivables | $ | 298,063 | $ | 279,057 | $ | 155,836 | |||||
| Contract receivables | 260,950 | 242,248 | 127,383 | ||||||||
| Receivables, gross | 559,013 | 521,305 | 283,219 | ||||||||
| Less expected credit loss | 5,777 | 4,541 | 5,189 | ||||||||
| Receivables, net | $ | 553,236 | $ | 516,764 | $ | 278,030 | |||||
| West | Mountain | Central | Energy Services | Total | |||||||||||||
(In thousands) | |||||||||||||||||
As of December 31, 2025 | $ | 2,405 | $ | 274 | $ | 1,602 | $ | 908 | $ | 5,189 | |||||||
Current expected credit loss provision | 67 | (34) | 70 | 37 | 140 | ||||||||||||
| Less write-offs charged against the allowance | 174 | 52 | 11 | 37 | 274 | ||||||||||||
At March 31, 2026 | $ | 2,298 | $ | 188 | $ | 1,661 | $ | 908 | $ | 5,055 | |||||||
| Current expected credit loss provision | 306 | 132 | 93 | 58 | 589 | ||||||||||||
| Less write-offs charged against the allowance | 43 | 40 | 7 | 6 | 96 | ||||||||||||
| At June 30, 2026 | $ | 2,561 | $ | 280 | $ | 1,747 | $ | 960 | $ | 5,548 | |||||||
| Current expected credit loss provision | (79) | (129) | 393 | 107 | 292 | ||||||||||||
| Less write-offs charged against the allowance | 46 | 17 | — | — | 63 | ||||||||||||
| At September 30, 2026 | $ | 2,436 | $ | 134 | $ | 2,140 | $ | 1,067 | $ | 5,777 | |||||||
| West | Mountain | Central | Energy Services | Total | |||||||||||||
(In thousands) | |||||||||||||||||
| As of December 31, 2024 | $ | 2,478 | $ | 780 | $ | 921 | $ | 166 | $ | 4,345 | |||||||
| Current expected credit loss provision | — | 42 | 30 | 263 | 335 | ||||||||||||
| Less write-offs charged against the allowance | 73 | 8 | 18 | 263 | 362 | ||||||||||||
At March 31, 2025 | $ | 2,405 | $ | 814 | $ | 933 | $ | 166 | $ | 4,318 | |||||||
| Current expected credit loss provision | 81 | 86 | 147 | (208) | 106 | ||||||||||||
| Less write-offs charged against the allowance | 32 | 10 | (5) | (208) | (171) | ||||||||||||
| At June 30, 2025 | $ | 2,454 | $ | 890 | $ | 1,085 | $ | 166 | $ | 4,595 | |||||||
| Current expected credit loss provision | 29 | 278 | 341 | 316 | 964 | ||||||||||||
| Less write-offs charged against the allowance | 108 | 880 | 14 | 16 | 1,018 | ||||||||||||
| At September 30, 2025 | $ | 2,375 | $ | 288 | $ | 1,412 | $ | 466 | $ | 4,541 | |||||||
| September 30, 2026 | September 30, 2025 | December 31, 2025 | |||||||||
| (In thousands) | |||||||||||
| Finished products | $ | 330,417 | $ | 313,033 | $ | 304,281 | |||||
| Raw materials | 85,628 | 83,055 | 91,069 | ||||||||
| Supplies and parts | 47,600 | 40,447 | 40,364 | ||||||||
| Total | $ | 463,645 | $ | 436,535 | $ | 435,714 | |||||
| Three Months Ended | Nine Months Ended | |||||||||||||
| September 30, | September 30, | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| (In thousands, except per share amounts) | ||||||||||||||
| Net income | $ | 137,879 | $ | 143,151 | $ | 102,586 | $ | 125,044 | ||||||
| Weighted average common shares outstanding - basic | 56,763 | 56,664 | 56,744 | 56,649 | ||||||||||
Effect of dilutive performance shares and restricted stock units | 62 | 220 | 89 | 251 | ||||||||||
| Weighted average common shares outstanding - diluted | 56,825 | 56,884 | 56,833 | 56,900 | ||||||||||
| Shares excluded from the calculation of diluted income per share | 2 | — | 34 | 29 | ||||||||||
| Net income per share - basic | $ | 2.43 | $ | 2.53 | $ | 1.81 | $ | 2.21 | ||||||
| Net income per share - diluted | $ | 2.43 | $ | 2.52 | $ | 1.81 | $ | 2.20 | ||||||
| Three Months Ended September 30, 2026 | West | Mountain | Central | Energy Services | Corporate Services and Eliminations | Total | ||||||||||||||
(In thousands) | ||||||||||||||||||||
| Aggregates | $ | 99,268 | $ | 45,440 | $ | 105,052 | $ | — | $ | — | $ | 249,760 | ||||||||
| Ready-mix concrete | 93,812 | 46,212 | 130,175 | — | — | 270,199 | ||||||||||||||
| Asphalt | 57,186 | 63,359 | 94,466 | — | — | 215,011 | ||||||||||||||
Liquid asphalt | — | — | — | 147,068 | — | 147,068 | ||||||||||||||
| Other | 54,992 | 1,216 | 11,893 | 25,445 | 3,547 | 97,093 | ||||||||||||||
| Contracting services public-sector | 110,811 | 169,726 | 229,136 | — | — | 509,673 | ||||||||||||||
| Contracting services private-sector | 29,621 | 51,536 | 13,764 | — | — | 94,921 | ||||||||||||||
| Internal sales | (81,072) | (69,433) | (126,261) | (27,858) | (3,500) | (308,124) | ||||||||||||||
Revenues from contracts with customers | $ | 364,618 | $ | 308,056 | $ | 458,225 | $ | 144,655 | $ | 47 | $ | 1,275,601 | ||||||||
| Three Months Ended September 30, 2025 | West | Mountain | Central | Energy Services | Corporate Services and Eliminations | Total | ||||||||||||||
(In thousands) | ||||||||||||||||||||
| Aggregates | $ | 91,252 | $ | 34,823 | $ | 91,969 | $ | — | $ | — | $ | 218,044 | ||||||||
| Ready-mix concrete | 98,581 | 42,121 | 120,673 | — | — | 261,375 | ||||||||||||||
| Asphalt | 61,674 | 42,210 | 96,552 | — | — | 200,436 | ||||||||||||||
Liquid asphalt | — | — | — | 148,765 | — | 148,765 | ||||||||||||||
| Other | 50,311 | 6 | 12,190 | 25,540 | 3,364 | 91,411 | ||||||||||||||
| Contracting services public-sector | 141,893 | 123,245 | 216,421 | — | — | 481,559 | ||||||||||||||
| Contracting services private-sector | 28,546 | 32,285 | 14,050 | — | — | 74,881 | ||||||||||||||
| Internal sales | (76,705) | (45,020) | (117,528) | (30,301) | (3,200) | (272,754) | ||||||||||||||
Revenues from contracts with customers | $ | 395,552 | $ | 229,670 | $ | 434,327 | $ | 144,004 | $ | 164 | $ | 1,203,717 | ||||||||
| Nine Months Ended September 30, 2026 | West | Mountain | Central | Energy Services | Corporate Services and Eliminations | Total | ||||||||||||||
(In thousands) | ||||||||||||||||||||
| Aggregates | $ | 244,011 | $ | 95,203 | $ | 208,751 | $ | — | $ | — | $ | 547,965 | ||||||||
| Ready-mix concrete | 255,978 | 111,566 | 283,938 | — | — | 651,482 | ||||||||||||||
| Asphalt | 109,078 | 108,764 | 151,651 | — | — | 369,493 | ||||||||||||||
Liquid asphalt | — | — | — | 256,611 | — | 256,611 | ||||||||||||||
| Other | 138,896 | 2,418 | 29,611 | 45,147 | 11,395 | 227,467 | ||||||||||||||
| Contracting services public-sector | 234,097 | 322,727 | 387,506 | — | — | 944,330 | ||||||||||||||
| Contracting services private-sector | 71,920 | 112,727 | 29,886 | — | — | 214,533 | ||||||||||||||
| Internal sales | (188,856) | (127,628) | (206,556) | (53,609) | (10,913) | (587,562) | ||||||||||||||
Revenues from contracts with customers | $ | 865,124 | $ | 625,777 | $ | 884,787 | $ | 248,149 | $ | 482 | $ | 2,624,319 | ||||||||
| Nine Months Ended September 30, 2025 | West | Mountain | Central | Energy Services | Corporate Services and Eliminations | Total | ||||||||||||||
(In thousands) | ||||||||||||||||||||
| Aggregates | $ | 222,339 | $ | 72,216 | $ | 170,836 | $ | — | $ | — | $ | 465,391 | ||||||||
| Ready-mix concrete | 258,313 | 90,915 | 226,586 | — | — | 575,814 | ||||||||||||||
| Asphalt | 109,085 | 71,500 | 146,818 | — | — | 327,403 | ||||||||||||||
Liquid asphalt | — | — | — | 246,888 | — | 246,888 | ||||||||||||||
| Other | 133,993 | 11 | 27,208 | 42,754 | 10,486 | 214,452 | ||||||||||||||
| Contracting services public-sector | 269,125 | 240,349 | 341,949 | — | — | 851,423 | ||||||||||||||
| Contracting services private-sector | 90,074 | 73,876 | 21,315 | — | — | 185,265 | ||||||||||||||
| Internal sales | (162,163) | (77,082) | (177,481) | (48,946) | (10,016) | (475,688) | ||||||||||||||
Revenues from contracts with customers | $ | 920,766 | $ | 471,785 | $ | 757,231 | $ | 240,696 | $ | 470 | $ | 2,390,948 | ||||||||
| September 30, 2026 | December 31, 2025 | Change | |||||||||
| (In thousands) | |||||||||||
| Contract assets | $ | 149,395 | $ | 77,528 | $ | 71,867 | |||||
| Contract liabilities | (27,730) | (33,773) | 6,043 | ||||||||
Net contract assets | $ | 121,665 | $ | 43,755 | $ | 77,910 | |||||
| September 30, 2025 | December 31, 2024 | Change | |||||||||
| (In thousands) | |||||||||||
Contract assets1 | $ | 67,886 | $ | 31,283 | $ | 36,603 | |||||
Contract liabilities1 | (42,837) | (42,126) | (711) | ||||||||
| Net contract assets (liabilities) | $ | 25,049 | $ | (10,843) | $ | 35,892 | |||||
1.Following the issuance of the FASB Staff Educational Paper on Topic 606: Presentation and Disclosure of Retainage for Construction Contractors, we have reclassed retention receivables on a contract-by-contract basis from accounts receivable to contract assets and liabilities. The change in presentation was on a prospective basis beginning with balances as of December 31, 2025 | |||||||||||
| Balance at January 1, 2026 | Goodwill Acquired During the Year | Measurement Period Adjustments | Balance at September 30, 2026 | |||||||||||
| (In thousands) | ||||||||||||||
| West | $ | 137,575 | $ | — | $ | 306 | $ | 137,881 | ||||||
| Mountain | 26,816 | 54,205 | 10,903 | 91,924 | ||||||||||
| Central | 323,903 | — | (1,086) | 322,817 | ||||||||||
| Energy Services | 31,374 | — | — | 31,374 | ||||||||||
| Total | $ | 519,668 | $ | 54,205 | $ | 10,123 | $ | 583,996 | ||||||
| Balance at January 1, 2025 | Goodwill Acquired During the Year | Measurement Period Adjustments | Balance at September 30, 2025 | |||||||||||
| (In thousands) | ||||||||||||||
| West | $ | 123,674 | $ | 11,904 | $ | 819 | $ | 136,397 | ||||||
| Mountain | 26,816 | — | — | 26,816 | ||||||||||
| Central | 115,322 | 172,492 | (13,020) | 274,794 | ||||||||||
| Energy Services | 31,413 | — | (39) | 31,374 | ||||||||||
| Total | $ | 297,225 | $ | 184,396 | $ | (12,240) | $ | 469,381 | ||||||
| Balance at January 1, 2025 | Goodwill Acquired During the Year | Measurement Period Adjustments | Balance at December 31, 2025 | |||||||||||
| (In thousands) | ||||||||||||||
| West | $ | 123,674 | $ | 11,904 | $ | 1,997 | $ | 137,575 | ||||||
| Mountain | 26,816 | — | — | 26,816 | ||||||||||
| Central | 115,322 | 212,962 | (4,381) | 323,903 | ||||||||||
| Energy Services | 31,413 | — | (39) | 31,374 | ||||||||||
| Total | $ | 297,225 | $ | 224,866 | $ | (2,423) | $ | 519,668 | ||||||
| September 30, 2026 | September 30, 2025 | December 31, 2025 | |||||||||
| (In thousands) | |||||||||||
| Customer relationships | $ | 36,030 | $ | 32,503 | $ | 34,699 | |||||
| Less accumulated amortization | 19,785 | 14,866 | 15,789 | ||||||||
| 16,245 | 17,637 | 18,910 | |||||||||
| Noncompete agreements | 2,655 | 3,107 | 3,107 | ||||||||
| Less accumulated amortization | 2,567 | 2,850 | 2,904 | ||||||||
| 88 | 257 | 203 | |||||||||
Tradename | 7,470 | 7,470 | 7,470 | ||||||||
| Less accumulated amortization | 1,432 | 685 | 871 | ||||||||
| 6,038 | 6,785 | 6,599 | |||||||||
Backlog | 3,390 | 9,290 | 10,395 | ||||||||
Less accumulated amortization | 410 | 6,202 | 9,052 | ||||||||
| 2,980 | 3,088 | 1,343 | |||||||||
| Other | 6,200 | 5,968 | 5,968 | ||||||||
| Less accumulated amortization | 450 | 317 | 343 | ||||||||
| 5,750 | 5,651 | 5,625 | |||||||||
| Total | $ | 31,101 | $ | 33,418 | $ | 32,680 | |||||
| Remainder of 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | |||||||||||||||
| (In thousands) | ||||||||||||||||||||
| Amortization expense | $ | 2,135 | $ | 4,682 | $ | 3,930 | $ | 3,325 | $ | 2,506 | $ | 14,523 | ||||||||
| Fair Value Measurements at September 30, 2026, Using | ||||||||||||||
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance at September 30, 2026 | |||||||||||
| (In thousands) | ||||||||||||||
| Assets: | ||||||||||||||
| Money market funds | $ | — | $ | 2,754 | $ | — | $ | 2,754 | ||||||
Insurance contracts | — | 38,085 | — | 38,085 | ||||||||||
| Total assets measured at fair value | $ | — | $ | 40,839 | $ | — | $ | 40,839 | ||||||
| Fair Value Measurements at September 30, 2025, Using | ||||||||||||||
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance at September 30, 2025 | |||||||||||
| (In thousands) | ||||||||||||||
| Assets: | ||||||||||||||
| Money market funds | $ | — | $ | 2,747 | $ | — | $ | 2,747 | ||||||
Insurance contracts | — | 33,428 | — | 33,428 | ||||||||||
| Total assets measured at fair value | $ | — | $ | 36,175 | $ | — | $ | 36,175 | ||||||
| Fair Value Measurements at December 31, 2025, Using | ||||||||||||||
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance at December 31, 2025 | |||||||||||
| (In thousands) | ||||||||||||||
| Assets: | ||||||||||||||
| Money market funds | $ | — | $ | 2,775 | $ | — | $ | 2,775 | ||||||
Insurance contracts | — | 33,982 | — | 33,982 | ||||||||||
| Total assets measured at fair value | $ | — | $ | 36,757 | $ | — | $ | 36,757 | ||||||
| September 30, 2026 | September 30, 2025 | December 31, 2025 | |||||||||
| (In thousands) | |||||||||||
| Carrying amount | $ | 1,570,307 | $ | 1,204,073 | $ | 1,181,142 | |||||
| Fair value | $ | 1,574,326 | $ | 1,226,500 | $ | 1,202,247 | |||||
Weighted Average Interest Rate at September 30, 2026 | September 30, 2026 | September 30, 2025 | December 31, 2025 | |||||||||||
| (In thousands) | ||||||||||||||
Term loan A agreement due on March 7, 2030 | 6.08 | % | $ | 254,763 | $ | 261,379 | $ | 259,725 | ||||||
Term loan B agreement due on March 8, 2032 | 5.49 | % | 890,524 | 497,500 | 496,250 | |||||||||
| Revolving credit agreement | 8.00 | % | — | 20,000 | — | |||||||||
Senior notes due on May 1, 2031 | 7.75 | % | 425,000 | 425,000 | 425,000 | |||||||||
Other notes due on January 1, 2061 | — | % | 20 | 194 | 167 | |||||||||
| Less unamortized debt issuance costs | 17,056 | 16,325 | 15,604 | |||||||||||
| Total long-term debt | 1,553,251 | 1,187,748 | 1,165,538 | |||||||||||
| Less current maturities | 18,876 | 11,780 | 11,708 | |||||||||||
| Net long-term debt | $ | 1,534,375 | $ | 1,175,968 | $ | 1,153,830 | ||||||||
Remainder of 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | |||||||||||||||
| (In thousands) | ||||||||||||||||||||
| Long-term debt maturities | $ | 3,892 | $ | 20,550 | $ | 22,184 | $ | 27,147 | $ | 219,046 | $ | 1,277,488 | ||||||||
| Nine Months Ended | ||||||||
| September 30, | ||||||||
| 2026 | 2025 | |||||||
| (In thousands) | ||||||||
Interest paid, net | $ | 53,915 | $ | 49,795 | ||||
| Income taxes paid, net | $ | 12,383 | $ | 22,941 | ||||
| Nine Months Ended | ||||||||
| September 30, | ||||||||
| 2026 | 2025 | |||||||
| (In thousands) | ||||||||
| Property, plant and equipment additions in accounts payable | $ | 10,784 | $ | 7,155 | ||||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 10,435 | $ | 12,367 | ||||
Accrual for holdback payment related to a business combination | $ | 4,462 | $ | 5,379 | ||||
| Products and Services | Modes of Transportation | ||||||||||||||||||||||||||||||||||
| Precast/ | |||||||||||||||||||||||||||||||||||
| Ready-Mix | Construction | Prestressed | Liquid | Heavy | |||||||||||||||||||||||||||||||
| Aggregates | Asphalt | Concrete | Services | Concrete | Asphalt | Cement | Equipment | Trucking | Rail | Barge | |||||||||||||||||||||||||
| West | X | X | X | X | X | X | X | X | X | X | |||||||||||||||||||||||||
| Mountain | X | X | X | X | X | X | X | ||||||||||||||||||||||||||||
| Central | X | X | X | X | X | X | X | X | |||||||||||||||||||||||||||
| Energy Services | X | X | X | ||||||||||||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | December 31, 2025 | |||||||||
| (In millions) | |||||||||||
| West | $ | 167.3 | $ | 257.5 | $ | 203.6 | |||||
| Mountain | 336.0 | 386.0 | 395.7 | ||||||||
| Central | 353.9 | 351.1 | 432.8 | ||||||||
| $ | 857.2 | $ | 994.6 | $ | 1,032.1 | ||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||
| (In millions) | |||||||||||||||||||||||
| Revenue | $ | 1,275.6 | $ | 1,203.7 | 6 | % | $ | 2,624.3 | $ | 2,390.9 | 10 | % | |||||||||||
| Cost of revenue | 988.0 | 919.4 | 7 | % | 2,176.7 | 1,958.9 | 11 | % | |||||||||||||||
| Gross profit | 287.6 | 284.3 | 1 | % | 447.6 | 432.0 | 4 | % | |||||||||||||||
| Selling, general and administrative expenses | 73.5 | 69.1 | 6 | % | 238.6 | 211.4 | 13 | % | |||||||||||||||
| Operating income | 214.1 | 215.2 | (1) | % | 209.0 | 220.6 | (5) | % | |||||||||||||||
| Interest expense | 24.7 | 23.0 | 7 | % | 70.0 | 60.6 | 16 | % | |||||||||||||||
| Other (expense) income | (0.8) | 1.2 | (167) | % | 1.9 | 8.0 | (76) | % | |||||||||||||||
| Income before income taxes | 188.6 | 193.4 | (2) | % | 140.9 | 168.0 | (16) | % | |||||||||||||||
| Income tax expense | 50.7 | 50.2 | 1 | % | 38.3 | 42.9 | (11) | % | |||||||||||||||
| Net income | $ | 137.9 | $ | 143.2 | (4) | % | $ | 102.6 | $ | 125.1 | (18) | % | |||||||||||
| EBITDA* | $ | 268.2 | $ | 269.2 | — | % | $ | 373.1 | $ | 367.5 | 2 | % | |||||||||||
| Adjusted EBITDA* | $ | 271.7 | $ | 272.8 | — | % | $ | 379.6 | $ | 377.1 | 1 | % | |||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||
| September 30, | September 30, | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| Sales (thousands): | ||||||||||||||
| Aggregates (tons) | 12,747 | 11,610 | 27,657 | 24,303 | ||||||||||
| Ready-mix concrete (cubic yards) | 1,338 | 1,331 | 3,255 | 2,916 | ||||||||||
| Asphalt (tons) | 3,368 | 3,111 | 5,681 | 4,953 | ||||||||||
| Average selling price:* | ||||||||||||||
| Aggregates (per ton) | $ | 19.59 | $ | 18.78 | $ | 19.81 | $ | 19.15 | ||||||
| Ready-mix concrete (per cubic yard) | $ | 201.90 | $ | 196.43 | $ | 200.16 | $ | 197.49 | ||||||
| Asphalt (per ton) | $ | 63.84 | $ | 64.43 | $ | 65.04 | $ | 66.10 | ||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||
| (In millions) | ||||||||||||||||||||
| Revenue | $ | 365.8 | $ | 396.0 | (8) | % | $ | 867.9 | $ | 921.7 | (6)% | |||||||||
| EBITDA | $ | 91.4 | $ | 91.8 | (1) | % | $ | 162.8 | $ | 177.5 | (8)% | |||||||||
| EBITDA margin | 25.0 | % | 23.2 | % | 18.8 | % | 19.3 | % | ||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||
| September 30, | September 30, | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| (In millions) | ||||||||||||||
| Revenues: | ||||||||||||||
| Aggregates | $ | 99.3 | $ | 91.2 | $ | 244.0 | $ | 222.3 | ||||||
| Ready-mix concrete | 93.8 | 98.6 | 256.0 | 258.3 | ||||||||||
| Asphalt | 57.2 | 61.7 | 109.1 | 109.1 | ||||||||||
| Other* | 55.0 | 50.3 | 138.9 | 134.0 | ||||||||||
| Contracting services | 140.4 | 170.4 | 306.0 | 359.2 | ||||||||||
| Internal sales | (79.9) | (76.2) | (186.1) | (161.2) | ||||||||||
| $ | 365.8 | $ | 396.0 | $ | 867.9 | $ | 921.7 | |||||||
| Three Months Ended | Nine Months Ended | |||||||||||||
| September 30, | September 30, | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| (In millions) | ||||||||||||||
| Revenues: | ||||||||||||||
| Aggregates | $ | 45.4 | $ | 34.9 | $ | 95.2 | $ | 72.2 | ||||||
| Ready-mix concrete | 46.2 | 42.1 | 111.6 | 90.9 | ||||||||||
| Asphalt | 63.4 | 42.2 | 108.7 | 71.5 | ||||||||||
| Other* | 1.2 | — | 2.4 | — | ||||||||||
| Contracting services | 221.3 | 155.5 | 435.5 | 314.2 | ||||||||||
| Internal sales | (69.4) | (44.9) | (127.6) | (76.9) | ||||||||||
| $ | 308.1 | $ | 229.8 | $ | 625.8 | $ | 471.9 | |||||||
| Three Months Ended | Nine Months Ended | |||||||||||||
| September 30, | September 30, | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| (In millions) | ||||||||||||||
| Revenues: | ||||||||||||||
| Aggregates | $ | 105.0 | $ | 92.0 | $ | 208.8 | $ | 170.9 | ||||||
| Ready-mix concrete | 130.2 | 120.7 | 283.9 | 226.6 | ||||||||||
| Asphalt | 94.5 | 96.5 | 151.7 | 146.8 | ||||||||||
| Other* | 11.9 | 12.2 | 29.6 | 27.2 | ||||||||||
| Contracting services | 242.9 | 230.5 | 417.4 | 363.3 | ||||||||||
| Internal sales | (122.5) | (117.5) | (202.6) | (177.4) | ||||||||||
| $ | 462.0 | $ | 434.4 | $ | 888.8 | $ | 757.4 | |||||||
| Three Months Ended | Nine Months Ended | |||||||||||||
| September 30, | September 30, | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| (In millions) | ||||||||||||||
| Revenues: | ||||||||||||||
Liquid Asphalt | $ | 147.1 | $ | 148.8 | $ | 256.6 | $ | 246.9 | ||||||
| Other* | 25.4 | 25.5 | 45.1 | 42.7 | ||||||||||
| Internal sales | (4.1) | (5.1) | (9.8) | (9.1) | ||||||||||
| $ | 168.4 | $ | 169.2 | $ | 291.9 | $ | 280.5 | |||||||
| Nine Months Ended | ||||||||
| September 30, | ||||||||
| 2026 | 2025 | |||||||
| (In millions) | ||||||||
| Net cash provided by (used in) | ||||||||
| Operating activities | $ | 60.9 | $ | 82.6 | ||||
| Investing activities | (386.9) | (783.0) | ||||||
| Financing activities | 379.9 | 500.4 | ||||||
| Increase (decrease) in cash, cash equivalents and restricted cash | 53.9 | (200.0) | ||||||
| Cash, cash equivalents and restricted cash -- beginning of year | 123.4 | 281.1 | ||||||
| Cash, cash equivalents and restricted cash -- end of period | $ | 177.3 | $ | 81.1 | ||||
| Nine Months Ended | |||||||||||
| September 30, | |||||||||||
| 2026 | 2025 | Variance | |||||||||
| (In millions) | |||||||||||
| Components of net cash provided by operating activities: | |||||||||||
| Net income | $ | 102.6 | $ | 125.1 | $ | (22.5) | |||||
| Adjustments to reconcile net income to net cash provided by operating activities | 182.6 | 141.2 | 41.4 | ||||||||
| Changes in current assets and liabilities, net of acquisitions: | |||||||||||
| Receivables | (346.2) | (267.5) | (78.7) | ||||||||
| Inventories | (22.5) | (15.3) | (7.2) | ||||||||
| Other current assets | 16.4 | 3.8 | 12.6 | ||||||||
| Accounts payable | 97.3 | 72.5 | 24.8 | ||||||||
| Other current liabilities | 30.5 | 16.7 | 13.8 | ||||||||
| Pension and postretirement benefit plan contributions | (0.4) | (0.5) | 0.1 | ||||||||
| Other noncurrent charges | 0.6 | 6.6 | (6.0) | ||||||||
| Net cash provided by operating activities | $ | 60.9 | $ | 82.6 | $ | (21.7) | |||||
| Nine Months Ended | |||||||||||
| September 30, | |||||||||||
| 2026 | 2025 | Variance | |||||||||
| (In millions) | |||||||||||
| Capital expenditures | $ | (208.6) | $ | (290.3) | $ | 81.7 | |||||
| Acquisitions, net of cash acquired | (185.7) | (528.0) | 342.3 | ||||||||
| Net proceeds from sale or disposition of property and other | 10.4 | 38.3 | (27.9) | ||||||||
| Investments | (3.0) | (3.0) | — | ||||||||
| Net cash used in investing activities | $ | (386.9) | $ | (783.0) | $ | 396.1 | |||||
| Nine Months Ended | |||||||||||
| September 30, | |||||||||||
| 2026 | 2025 | Variance | |||||||||
| (In millions) | |||||||||||
| Issuance of long-term debt | $ | 400.0 | $ | 520.0 | $ | (120.0) | |||||
| Repayment of long-term debt | (10.9) | (5.9) | (5.0) | ||||||||
| Debt issuance costs | (3.8) | (11.1) | 7.3 | ||||||||
| Tax withholding on stock-based compensation | (5.4) | (2.6) | (2.8) | ||||||||
| Net cash provided by financing activities | $ | 379.9 | $ | 500.4 | $ | (120.5) | |||||
| Three Months Ended | Nine Months Ended | |||||||||||||
| September 30, | September 30, | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| (In millions) | ||||||||||||||
| Net income | $ | 137.9 | $ | 143.2 | $ | 102.6 | $ | 125.1 | ||||||
| Depreciation, depletion and amortization | 55.7 | 53.4 | 164.1 | 142.4 | ||||||||||
| Interest expense, net | 23.9 | 22.4 | 68.1 | 57.1 | ||||||||||
| Income taxes | 50.7 | 50.2 | 38.3 | 42.9 | ||||||||||
| EBITDA | $ | 268.2 | $ | 269.2 | $ | 373.1 | $ | 367.5 | ||||||
| Unrealized (gains) losses on benefit plan investments | 1.0 | (1.1) | (1.5) | (2.2) | ||||||||||
| Stock-based compensation expense | 2.4 | 2.9 | 7.8 | 8.5 | ||||||||||
Impact of selling acquired inventory after markup to fair value as part of acquisition accounting | 0.1 | 1.8 | 0.2 | 3.3 | ||||||||||
| Adjusted EBITDA | $ | 271.7 | $ | 272.8 | $ | 379.6 | $ | 377.1 | ||||||
| Revenue | $ | 1,275.6 | $ | 1,203.7 | $ | 2,624.3 | $ | 2,390.9 | ||||||
| Net income margin | 10.8 | % | 11.9 | % | 3.9 | % | 5.2 | % | ||||||
| EBITDA margin | 21.0 | % | 22.4 | % | 14.2 | % | 15.4 | % | ||||||
| Adjusted EBITDA margin | 21.3 | % | 22.7 | % | 14.5 | % | 15.8 | % | ||||||
| Exhibits Index | ||||||||||||||||||||||||||
| Incorporated by Reference | ||||||||||||||||||||||||||
| Exhibit Number | Exhibit Description | Filed Herewith | Furnished Herewith | Form | Period Ended | Exhibit | Filing Date | File Number | ||||||||||||||||||
3.1 | 8-K | 3.1 | 5/28/25 | 1-41642 | ||||||||||||||||||||||
3.2 | 8-K | 3.2 | 5/28/25 | 1-41642 | ||||||||||||||||||||||
10.1+ | X | |||||||||||||||||||||||||
31.1 | X | |||||||||||||||||||||||||
31.2 | X | |||||||||||||||||||||||||
| 32 | X | |||||||||||||||||||||||||
| 95 | X | |||||||||||||||||||||||||
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||||||||||||||||||||
| 101.SCH | XBRL Taxonomy Extension Schema Document | |||||||||||||||||||||||||
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||||||||||||||||||||
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||||||||||||||||||||
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||||||||||||||||||||||||
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||||||||||||||||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |||||||||||||||||||||||||
| + Management contract, compensatory plan or arrangement. | ||||||||||||||||||||||||||
| Knife River Corporation | |||||||||||
| DATE: | November 3, 2026 | BY: | /s/ Nathan W. Ring | ||||||||
| Nathan W. Ring | |||||||||||
| Vice President and Chief Financial Officer | |||||||||||
| BY: | /s/ Peggy S. Rebstock | ||||||||||
| Peggy S. Rebstock | |||||||||||
| Vice President, Chief Accounting Officer and Controller | |||||||||||
| MSHA Identification Number/Contractor ID | Section 104 S&S Citations (#) | Total Dollar Value of MSHA Assessments Proposed ($) | Legal Actions Pending as of Last Day of Period (#) | Legal Actions Initiated During Period (#) | Legal Actions Resolved During Period (#) | ||||||||||||
| 04-01774 | — | $ | 151 | — | — | — | |||||||||||
| 10-02088 | 1 | 615 | — | — | — | ||||||||||||
| 21-03107 | — | 151 | — | — | — | ||||||||||||
| 21-03185 | — | 151 | — | — | — | ||||||||||||
| 21-03417 | — | 151 | — | — | — | ||||||||||||
| 21-03419 | — | 151 | — | — | — | ||||||||||||
| 21-03572 | 1 | — | — | — | — | ||||||||||||
| 21-03626 | — | 151 | — | — | — | ||||||||||||
| 21-03642 | — | 151 | — | — | — | ||||||||||||
| 21-03645 | 2 | 418 | — | — | — | ||||||||||||
| 32-00150 | 2 | — | — | — | — | ||||||||||||
| 32-00151 | 1 | 499 | — | — | — | ||||||||||||
| 32-00386 | — | 151 | — | — | — | ||||||||||||
| 35-02968 | — | 151 | — | — | — | ||||||||||||
| 35-03527 | — | 151 | — | — | — | ||||||||||||
| 35-03594 | — | 151 | — | — | — | ||||||||||||
| 35-03595 | — | 302 | — | — | — | ||||||||||||
| 48-01383 | 1 | — | — | — | — | ||||||||||||
| 51-00036 | 3 | — | — | — | — | ||||||||||||
| 11 | $ | 3,495 | — | — | — | ||||||||||||
Name | Title | Date of Agreement | ||||||
Brian R. Gray | President and Chief Executive Officer | May 30, 2023 | ||||||
Trevor J. Hastings | Vice President and Chief Operating Officer | May 30, 2023 | ||||||
Sarah L. LaChapelle | Vice President and Chief People Officer | April 19, 2025 | ||||||
Karl A. Liepitz | Vice President, Chief Legal Officer and Secretary | May 30, 2023 | ||||||
Glenn R. Pladsen | Vice President and Chief Excellence Officer | May 30, 2023 | ||||||
Peggy S. Rebstock | Vice President, Chief Accounting Officer and Controller | May 21, 2026 | ||||||
Nathan W. Ring | Vice President and Chief Financial Officer | May 30, 2023 | ||||||
Name | Title | Date of Agreement | ||||||
German Carmona Alvarez | Director | May 30, 2023 | ||||||
Patricia Chiodo | Director | June 27, 2024 | ||||||
Karen B. Fagg | Director and Chair of the Board | May 30, 2023 | ||||||
Thomas W. Hill | Director | May 14, 2024 | ||||||
Patricia L. Moss | Director | May 30, 2023 | ||||||
William J. Sandbrook | Director | May 30, 2023 | ||||||