Aggregate volumes and pricing were up in the first quarter at Knife River Corp., which released its latest earnings report Tuesday.
Volumes were up 26.1 percent to 4.87 million in the first quarter, while pricing climbed just 0.8 percent to $21.22 per ton. Revenue in Knife River’s overall construction materials business, which includes aggregates, asphalt and ready-mixed concrete, increased 22.9 percent to $262.3 million.
“We had a good start to 2026, improving year-over-year revenue by 16 percent, adjusted EBITDA by 16 percent and adjusted EBITDA margin by 290 basis points,” says Brian Gray, president and CEO of Knife River. “We realized double-digit volume increases across our product lines, and we reduced our per-unit costs, which drove gross profit improvements for aggregates, ready-mix and asphalt.
“We also generated more contracting services revenue than the same time last year, taking advantage of better weather and more activity across our segments,” Gray adds.
Gray is optimistic as he looks ahead for Knife River. The company, for one, expects aggregate volumes and pricing to increase in the mid-single digits this year.
“While the first quarter is seasonally the lightest activity period of the year, we enter the 2026 construction season with momentum – including record first-quarter backlog of $1.2 billion,” he says. “With strong underlying demand, our recent acquisitions and continued focus on price optimization and cost controls – including mitigating energy costs with our established operational practices – we expect to deliver profitable growth for our shareholders this year and beyond.”
Knife River’s first-quarter acquisitions included Morgan Asphalt in Utah and Sparrow Enterprises and Donaldson Brothers Ready-Mix in Montana.
“These aggregates-based, vertically integrated additions to our Mountain Region align with our strategy of expanding into mid-sized, higher-growth markets,” Gray says.
Related: How other producers performed in the first quarter of 2026
