Knife River Corporation (KNF) is moving higher as investors digest its first-quarter 2026 update released May 5, 2026. The company posted revenue of $410.1 million, up 16% year over year, and improved adjusted EBITDA by 16% with a 290-basis-point expansion in adjusted EBITDA margin—an encouraging signal heading into the seasonally stronger construction months. (stocktitan.net)

The company entered the 2026 construction season with a record first-quarter backlog of $1.2 billion, which management framed as evidence of strong underlying demand. That backlog visibility, combined with commentary about volume gains and cost controls, is helping support the stock even though the quarter remained seasonally light and still showed a net loss. (stocktitan.net)

Knife River kept full-year 2026 guidance intact, calling for revenue of $3.3 billion to $3.5 billion and adjusted EBITDA of $520 million to $560 million; management also signaled results are trending toward the upper half of those ranges. Traders are focusing on whether pricing, volumes, and cost initiatives sustain through peak construction activity and whether additional deal activity could add upside beyond the current guide (which excludes future acquisitions). (stocktitan.net)

Knife River said it completed three aggregates-based acquisitions during the quarter (including Morgan Asphalt in Utah and two Montana additions), aligning with its strategy to expand in mid-sized, higher-growth markets while deepening vertical integration. Near-term investor watchpoints include integration execution, continued per-unit cost performance, and how quickly record backlog converts to realized margins as project activity accelerates. (stocktitan.net)