Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Restricted Stock Units Activity

A summary of time-vesting RSUs activity for the years ended December 31, 2025 and 2024, including the conversion to Everus RSUs in 2024, was as follows:


	RSUs
		Number of Shares	Weighted-Average Grant-Date Fair Value Per Share2
Nonvested pre-Separation		243,327	$	21.37
Conversion to Everus RSUs1		(109,596)
Vested shares		(30,939)	40.72
Nonvested as of December 31, 2024		102,792	38.33
Granted shares		67,369	52.38
Vested shares		(45,419)	38.82

Nonvested as of December 31, 2025		124,742	$	45.74

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1.Includes the conversion adjustments to preserve the intrinsic value of the awards.

2.Weighted-average grant-date fair value per share represented post-separations of Knife River and the Company from MDU Resources in 2023 and 2024, respectively, as applicable.

Schedule of Nonvested Performance-Based Units Activity

A summary of PSAs activity for the year ended December 31, 2025 was as follows:


	PSAs
		Number of Shares	Weighted Average Grant-Date Fair Value Per Share
Nonvested as of December 31, 2024		—	$	—
Granted shares		55,092	52.10


Nonvested as of December 31, 2025		55,092	$	52.10

Schedule of Valuation Assumptions

The weighted-average grant-date fair value per share and the assumptions used for grants applicable to PSAs with a market condition granted during the year ended December 31, 2025 were:


	Annual Award			Off-Cycle Award
Weighted-average grant-date fair value per share	$	55.82		$	72.20

Assumptions:
Performance period	January 1, 2025 to December 31, 2027			January 1, 2025 to December 31, 2027
Grant date closing stock price	$	46.54		$	57.39
Blended volatility range	44.33% - 47.07%			46.31% - 52.10%
Risk-free interest rate range	4.37% - 4.46%			4.08% - 4.24%

Dividend yield	0.00		%	0.00		%