Knowledge graphs have been used throughout the history of information retrieval for a variety of tasks. Advances in knowledge acquisition and alignment technology in the last few years have given rise to a body of new approaches for utilizing knowledge graphs in text retrieval tasks. This report presents the motivation, output, and outlook of the first workshop on Knowledge Graphs and Semantics for Text Retrieval and Analysis which was co-located with SIGIR 2017 in Tokyo, Japan. We aim to assess where we stand today, what future directions are, and which preconditions could lead to further performance increases. See https://kg4ir.github.io/ for more info.