Knife River Corp

Knife River Corporation (NYSE: KNF) is an aggregates-based construction materials and contracting services provider operating across 14 states in the United States. The company maintains 1.3 billion tons of aggregate reserves that form the foundation of its vertically integrated business strategy, with approximately 35 percent of aggregates used internally to support value-added downstream products and services. The company operates through a network of 208 active aggregate sites, 135 ready-mix plants, 55 asphalt plants, and 9 liquid asphalt terminals. More information is available at https://www.kniferiver.com.

Knife River's business is organized into four reportable segments: West, Mountain, Central, and Energy Services. The West segment, serving Alaska, California, Hawaii, Oregon, and Washington, generates 37 percent of revenue. The Mountain segment, covering Idaho, Montana, and Wyoming, contributes 20 percent of revenue. The Central segment, operating in Iowa, Minnesota, North Dakota, South Dakota, and Texas, represents 32 percent of revenue. The Energy Services segment, with operations across multiple states, accounts for 11 percent of revenue. The company generated total revenue of approximately $3.2 billion in 2025.

Core product lines include aggregates, ready-mix concrete, asphalt, and liquid asphalt, complemented by contracting services such as asphalt paving, heavy-civil construction, concrete construction, and site development. Contracting services represent the largest revenue category at 37 percent, with aggregates at 16 percent, ready-mix concrete at 21 percent, asphalt at 11 percent, and liquid asphalt at 8 percent. Approximately 81 percent of revenue derives from public-sector customers, primarily federal, state, and municipal governments, while 19 percent comes from private-sector customers.

As of December 31, 2025, the company employed 5,298 people, with approximately 599 unionized hourly employees represented by 39 collective-bargaining agreements. The company became an independent, publicly traded entity following its separation from MDU Resources Group, Inc. on May 31, 2023. In March 2025, Knife River acquired Strata Corporation, a vertically integrated aggregates-based company in North Dakota and northwestern Minnesota, for $454 million, adding approximately 30 years of aggregate reserves and expanding its Central segment operations.