Knife River jumps as 2025 annual report spotlights $1B backlog, upbeat 2026 outlook
Knife River shares jumped after it published its 2025 annual report highlighting record year-end contracting services backlog of about $1.0 billion. Investors also pointed to 2026 guidance calling for $3.3–$3.5 billion in revenue and $520–$560 million in adjusted EBITDA.
1) What’s driving the move
Knife River (KNF) is moving higher as investors react to the company’s newly published 2025 annual report and refreshed focus on visibility into 2026 work. The annual report underscores a record year-end backlog of about $1.0 billion and a business mix weighted toward publicly funded work, helping reinforce the market’s confidence in revenue durability heading into the peak construction season. (sec.gov)
2) The fundamental setup investors are buying
The stock’s rally is being supported by previously issued 2026 targets that frame a solid earnings bridge from backlog conversion and pricing/volume execution. Knife River’s outlook calls for 2026 revenue of $3.3 billion to $3.5 billion and adjusted EBITDA of $520 million to $560 million, with management emphasizing its positioning in infrastructure-heavy end markets. (investors.kniferiver.com)
3) Why the move can be outsized on a day like this
With short interest recently around 3.95 million shares, roughly 6.98% of the public float (as of March 31, 2026), incremental positive catalysts can produce sharper upside as traders cover and momentum funds add exposure. That doesn’t prove a squeeze, but it can mechanically add fuel when sentiment turns constructive. (marketbeat.com)