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MDU Resources Group Inc (MDU) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

UTILITIES · UTILITIES - REGULATED GAS · DATA UPDATED 2026-08-23

MDU Resources Group Inc (MDU) operates in the UTILITIES - REGULATED GAS industry and is headquartered in Bismarck, United States with about 2,096 employees. Its market capitalization is roughly $4 billion. In the fiscal year ended 2025-12-31, MDU reported $1.9B in revenue and $190M in net income.

MDU Resources Group, Inc. engages in the regulated energy delivery businesses in the United States. The company operates through three segments: Electric, Natural Gas Distribution, and Pipeline.

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MDU Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$1.8B	$1.9B	$1.8B	$1.8B	$1.7B	$3.5B	$5.5B	$5.3B	$4.5B	$4.4B	$4.1B	$4.2B	$4.7B	$4.5B	$4.1B	$4.0B	$3.9B	$4.2B	$5.0B	$4.2B	$4.1B
Gross Profit	$777M	$405M	$572M	$519M	$490M	$687M	$1.0B	$933M	$791M	$803M	$777M	$624M	$1.1B	$1.1B	$946M	$3.4B	$903M	$3.4B	$3.9B	$3.6B	$3.7B
Gross Margin %	42.5%	21.6%	32.5%	28.7%	28.1%	19.9%	18.9%	17.5%	17.4%	18.1%	18.8%	14.9%	23.2%	23.9%	23.2%	84.3%	23.1%	80.7%	78.0%	84.4%	91.6%
Operating Income (EBIT)	$311M	$290M	$266M	$225M	$201M	$331M	$545M	$481M	$402M	$429M	$409M	$254M	$488M	$493M	$19M	$406M	$411M	($153M)	$512M	$557M	$532M
Operating Margin %	17.0%	15.5%	15.1%	12.5%	11.5%	9.6%	9.8%	9.0%	8.9%	9.7%	9.9%	6.1%	10.4%	11.1%	0.5%	10.0%	10.5%	-3.7%	10.2%	13.1%	13.1%
Net Income	$196M	$190M	$281M	$415M	$367M	$378M	$390M	$335M	$272M	$281M	$64M	($622M)	$298M	$279M	($1M)	$213M	$241M	($123M)	$294M	$432M	$316M
Net Margin %	10.7%	10.2%	16.0%	23.0%	21.0%	10.9%	7.0%	6.3%	6.0%	6.3%	1.6%	-14.8%	6.4%	6.2%	-0.0%	5.3%	6.2%	-2.9%	5.9%	10.2%	7.8%
EBITDA	$490M	$525M	$507M	$635M	$393M	$555M	$857M	$753M	$621M	$640M	$630M	$549M	$899M	$885M	$390M	$761M	$778M	$195M	$867M	$831M	$781M
Earnings Per Share (EPS)	$0.95	$0.93	$1.37	$2.03	$1.81	$1.87	$1.95	$1.69	$1.39	$1.44	$0.33	$-3.19	$1.55	$1.47	$-0.00	$1.13	$1.28	$-0.67	$1.60	$2.36	$1.74
Shares Outstanding (M)	212M	205M	205M	204M	203M	202M	201M	199M	196M	196M	196M	195M	193M	190M	189M	189M	188M	185M	184M	183M	181M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MDU Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$375M	$606M	$534M	$315M	$351M	$675M	$536M	$290M
Gross Profit	$375M	$152M	$136M	$114M	$107M	$203M	$174M	$103M
Gross Margin %	100.0%	25.0%	25.5%	36.0%	30.6%	30.1%	32.5%	35.4%
Operating Income (EBIT)	$48M	$116M	$107M	$40M	$30M	$113M	$95M	$35M
Operating Margin %	12.8%	19.1%	20.1%	12.6%	8.6%	16.7%	17.7%	12.0%
Net Income	$21M	$81M	$76M	$18M	$14M	$82M	$55M	$65M
Net Margin %	5.7%	13.3%	14.3%	5.8%	3.9%	12.2%	10.3%	22.3%
EBITDA	$54M	$172M	$165M	$99M	$92M	$169M	$155M	$94M
Earnings Per Share (EPS)	$0.10	$0.39	$0.37	$0.09	$0.07	$0.40	$0.27	$0.32
Shares Outstanding (M)	212M	207M	206M	205M	205M	205M	205M	205M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MDU Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$404M	$473M	$502M	$333M	$510M	$496M	$768M	$542M	$500M	$448M	$462M	$641M	$616M	$742M	$585M	$627M	$552M	$847M	$786M	$563M	$659M
Capital Expenditures (CapEx)	$812M	$792M	$523M	$520M	$657M	$659M	$558M	$576M	$568M	$341M	$388M	$625M	$972M	$909M	$873M	$497M	$449M	$449M	$746M	$558M	$509M
Free Cash Flow (FCF)	($408M)	($319M)	($21M)	($187M)	($147M)	($164M)	$210M	($34M)	($68M)	$107M	$74M	$16M	($356M)	($167M)	($288M)	$130M	$102M	$398M	$40M	$5M	$150M
FCF Margin %	-22.3%	-17.0%	-1.2%	-10.4%	-8.4%	-4.7%	3.8%	-0.6%	-1.5%	2.4%	1.8%	0.4%	-7.6%	-3.8%	-7.1%	3.2%	2.6%	9.5%	0.8%	0.1%	3.7%
Dividends Paid	$113M	$108M	$103M	$161M	$177M	$171M	$166M	$160M	$155M	$151M	$147M	$143M	$137M	$98M	$160M	$123M	$119M	$115M	$109M	$101M	$93M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MDU Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$116M	$149M	$81M	$58M	$117M	$217M	$61M	$140M
Capital Expenditures (CapEx)	$102M	$92M	$438M	$180M	$81M	$93M	$122M	$174M
Free Cash Flow (FCF)	$15M	$57M	($358M)	($122M)	$36M	$124M	($61M)	($34M)
FCF Margin %	4.0%	9.4%	-67.0%	-38.7%	10.4%	18.4%	-11.5%	-11.7%
Dividends Paid	$28M	$29M	$29M	$27M	$27M	$27M	$26M	$26M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MDU Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$7.7B	$7.8B	$7.0B	$7.8B	$9.7B	$8.9B	$8.1B	$7.7B	$7.0B	$6.3B	$6.3B	$6.8B	$7.9B	$7.1B	$6.7B	$6.6B	$6.3B	$6.0B	$6.6B	$5.6B	$4.9B
Cash & Cash Equivalents	$46M	$28M	$50M	$49M	$35M	$54M	$60M	$66M	$54M	$35M	$46M	$85M	$82M	$45M	$49M	$163M	$222M	$175M	$52M	$106M	$75M
Total Liabilities	$4.8B	$5.0B	$4.3B	$4.9B	$6.1B	$5.5B	$5.0B	$4.8B	$4.4B	$3.9B	$4.0B	$4.1B	$4.6B	$4.2B	$4.0B	$3.8B	$3.6B	$3.4B	$3.8B	$3.1B	$2.7B
Total Debt (Short + Long-Term)	$2.6B	$2.7B	$2.3B	$2.4B	$2.9B	$2.8B	$2.3B	$2.3B	$2.1B	$1.7B	$1.8B	$1.8B	$2.1B	$1.9B	$1.8B	$1.4B	$1.5B	$1.5B	$1.8B	$1.3B	$1.3B
Total Shareholders' Equity	$2.9B	$2.8B	$2.7B	$2.9B	$3.6B	$3.4B	$3.1B	$2.8B	$2.6B	$2.4B	$2.3B	$2.5B	$3.2B	$2.9B	$2.6B	$2.8B	$2.7B	$2.6B	$2.8B	$2.5B	$2.2B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive MDU viewer.

Other Companies in UTILITIES - REGULATED GAS

NJR · NewJersey Resources Corporation — $5 billion
BKH · Black Hills Corporation — $5 billion
OGS · One Gas Inc — $5 billion
SR · Spire Inc — $5 billion
CPK · Chesapeake Utilities Corporation — $3 billion
NWN · Northwest Natural Gas Co — $2 billion
CTRI · Centuri Holdings, Inc. — $2 billion
SPH · Suburban Propane Partners LP — $1 billion

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