Acquisitions and higher product pricing propelled Knife River Corp. during the third quarter, as the company reported a consolidated revenue increase of 9 percent to $1.2 billion.
Knife River’s net income slipped 3 percent to $143.2 million, although adjusted EBITDA was up 11 percent in the third quarter to $272.8 million.
“Our team faced external headwinds in the third quarter and responded with better year-over-year results, including record revenue and adjusted EBITDA,” says Brian Gray, president and CEO of Knife River. “Growth, including strategic M&A, is a core component of our Competitive EDGE strategy to deliver long-term shareholder value. We benefited during the quarter from our recent acquisitions, which boosted our operations through a rainy summer, economic uncertainty in Oregon and a slower paving season in the Mountain segment.
“We also continued our focus on price optimization and cost controls, leading to year-over-year improvement in adjusted EBITDA margin, as well as higher gross margin across our aggregate, ready-mix and asphalt product lines,” Gray adds. “Managing through adversity in 2025 while delivering record results has us optimistic for 2026. We believe the fundamentals of our business are strong, that our EDGE strategy is working and that we are well-positioned to continue delivering profitable growth.”
Gray says Knife River is now focused on finishing the year strong.
“We expect the work we are doing to manage costs, optimize prices and grow our business to pay off in 2026 and beyond,” he says. “We have record backlog and a skilled team that is eager to continue implementing our strategies and delivering for our shareholders.”
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