The revenue beat and maintained guidance are positive, but the EPS miss and widening net loss temper enthusiasm. Watch for Q2 construction season execution — the record $1.2B backlog provides visibility but margins on backlog are expected lower. Net leverage at 2.9x and cash burn from acquisitions ($174.2M) are concerns. Monitor the conference call for commentary on pricing power and cost controls.
Price Chart
Executive Summary
Knife River reported Q1 2026 revenue of $410.1M (+16% YoY), beating consensus of $387.0M, but GAAP EPS of -$1.40 missed the Street consensus of -$1.34 by 4.5%. The net loss widened to $79.2M from $68.7M a year ago, though adjusted EBITDA improved 16% to -$31.8M. Full-year 2026 guidance was maintained at $3.3B-$3.5B revenue and $520M-$560M adjusted EBITDA, with record backlog of $1.2B supporting the outlook.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $410.1M, +16% YoY, vs consensus $387.0M (beat)
- GAAP EPS -$1.40 vs consensus -$1.34 (miss of 4.5%)
- Net loss widened to -$79.2M from -$68.7M YoY
- Adjusted EBITDA improved 16% to -$31.8M from -$38.0M YoY
- Full-year 2026 guidance maintained: revenue $3.3B-$3.5B, adj. EBITDA $520M-$560M
- Record Q1 backlog of $1.2B, up from $938.7M a year ago
- Completed 3 acquisitions in Q1 for $174.2M; net leverage rose to 2.9x from 2.2x
- Unrestricted cash dropped to $13.4M from $73.8M at year-end 2025
Financial Impact
Revenue beat consensus by ~6% ($23.1M) but EPS missed by $0.06; net loss widened $10.5M YoY
Risk Factors
- Net leverage increased to 2.9x from 2.2x, reducing financial flexibility
- Unrestricted cash fell sharply to $13.4M, limiting liquidity buffer
- Margins on backlog expected to be lower than prior year
- Energy Services segment EBITDA margin improved but remains negative at -22.6%
- West segment EBITDA declined 11% YoY on absence of one-time gain and Hawaii flooding
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-030137 |
| Document: knf-20260505.htm | 0001628280-26-030137 |
| Document: 0001628280-26-030137-index-headers.html | 0001628280-26-030137 |
| Document: 0001628280-26-030137-index.html | 0001628280-26-030137 |
| Document: 0001628280-26-030137.txt | 0001628280-26-030137 |
| 8-K Data (Synthetic) | 0001628280-26-030137 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 7, 2026 19d ago | SC 13G/A | $50.54 $47.98 | ▼ −5.07% | ▼ −4.08% | $53.84 (+6.53%) |
Sep 23, 2026 4w ago | 8-K | $51.43 $50.42 | ▲ +1.96% | ▲ +1.29% | $53.84 (−4.69%) |
Aug 4, 2026 12w ago | 8-K | $69.51 $68.15 | ▲ +1.96% | ▲ +1.86% | $53.84 (+22.54%) |
Jun 11, 2026 19w ago | Institutional Cluster | $75.92 $83.46 | ▲ +9.93% | ▲ +9.50% | $53.84 (−29.08%) |
May 21, 2026 22w ago | 8-K | $72.20 $78.54 | ▲ +8.78% | ▲ +7.12% | $53.84 (−25.43%) |
May 18, 2026 23w ago | 8-K | $70.83 $78.30 | ▲ +10.55% | ▲ +8.25% | $53.84 (−23.99%) |
May 5, 2026 25w ago | 8-K | $87.12 $82.41 | ▼ −5.41% | ▼ −7.39% | $53.84 (−38.20%) |
Apr 6, 2026 29w ago | DEFA14A | $74.82 $86.61 | ▲ +15.76% | ▲ +11.62% | $53.84 (−28.04%) |
US Market Status
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