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Financials · MDU

MDU Resources Group Inc. (MDU) financials

For the twelve months ended Sep 30, 2026, MDU Resources Group Inc. reported $1.86B of revenue and $192.48M of net income.

Revenue, TTM
$1.86B
Revenue growth, YoY
-0.8%
Net income, TTM
$192.48M
Net income growth, YoY
+13.8%
Net margin
10.3%
Free cash flow, TTM
-$320.50M
EPS, diluted, TTM
$0.93
EPS growth, YoY
+13.4%
Cash
$27.62M
Total debt
$2.59B
P/E
20.35
P/S
2.10
Market cap
$3.92B
Annual revenue$1.88B
FY2016FY2025
Annual net income$190.40M
FY2016FY2025
Annual free cash flow-$297.03M
FY2016FY2025

MDU revenue and earnings growth

MDU revenueQ3 2026$348.54M

Quarter YoY
+10.6%
QoQ
-7.1%
FY YoY
+6.7%
5Y CAGR
-19.5%
10Y CAGR
-7.3%

MDU revenue was $348.54M in fiscal Q3 2026 (ended Sep 30, 2026), up 10.6% from a year earlier and down 7.1% from the prior quarter. For the full fiscal 2025 it was $1.88B, up 6.7% from fiscal 2024. Compound annual growth was -19.5% over 5 years and -7.3% over 10 years. It rose in 7 of the last 10 fiscal years.

MDU net incomeQ3 2026$14.09M

Quarter YoY
-23.1%
QoQ
-33.7%
FY YoY
-32.3%
5Y CAGR
-13.4%

MDU net income was $14.09M in fiscal Q3 2026 (ended Sep 30, 2026), down 23.1% from a year earlier and down 33.7% from the prior quarter. For the full fiscal 2025 it was $190.40M, down 32.3% from fiscal 2024. Compound annual growth was -13.4% over 5 years. It rose in 4 of the last 9 fiscal years.

MDU EPSQ3 2026$0.07

Quarter YoY
-22.2%
QoQ
-30.0%
FY YoY
-32.1%
5Y CAGR
-13.8%

MDU diluted EPS was $0.07 in fiscal Q3 2026 (ended Sep 30, 2026), down 22.2% from a year earlier and down 30.0% from the prior quarter. For the full fiscal 2025 it was $0.93, down 32.1% from fiscal 2024. Compound annual growth was -13.8% over 5 years.

MDU free cash flowQ3 2026-$56.28M

MDU free cash flow was -$56.28M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$121.91M a year earlier. For the full fiscal 2025 it was -$297.03M, compared with -$20.51M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$1.88B$1.76B$1.81B$1.75B$3.45B$5.53B$5.34B$4.53B$4.44B$4.13B
Selling, general and admin$433.02M$414.49M$407.08M$379.95M$2.21B$4.03B$3.90B$3.26B$3.14B$2.89B
Operating income$290.38M$265.64M$224.94M$200.87M$331.05M$544.92M$481.22M$401.72M$424.05M$408.91M
Interest expense$107.75M$108.35M$104.62M$80.68M$70.71M$96.52M$98.59M$84.61M$82.79M$87.85M
Pre-tax income$210.98M$198.66M$340.33M$123.45M$286.07M$475.12M$398.44M$316.87M$350.03M$326.23M
Income tax$19.57M$17.59M$10.21M$6.20M$43.54M$84.59M$63.28M$47.48M$65.04M$93.13M
Net income$190.40M$281.11M$414.71M$367.49M$378.13M$390.20M$335.45M$272.32M$281.20M$63.75M
EPS, basic$0.93$1.38$2.04$1.81$1.87$1.95$1.69$1.39$1.44$0.33
EPS, diluted$0.93$1.37$2.03$1.81$1.87$1.95$1.69$1.39$1.43$0.33
Diluted shares205.3M204.7M203.9M203.5M202.4M200.6M198.6M196.2M195.7M195.6M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$28.21M$66.90M$76.97M$80.52M$54.16M$59.55M$66.46M$53.95M$34.60M$46.11M
Short-term investments--$0$0------
Receivables$258.63M$274.30M$250.15M$1.06B$946.74M$873.99M$836.61M$722.95M$727.03M$630.24M
Inventory$39.05M$44.94M$44.68M$64.25M$335.61M$291.17M$278.41M$287.31M$226.58M$238.27M
Current assets$572.44M$666.26M$1.36B$2.01B$1.55B$1.34B$1.30B$1.18B$1.07B$977.48M
Goodwill$345.74M$345.74M$345.74M$488.96M$765.39M$714.96M$681.36M$664.92M$631.79M$631.79M
Total assets$7.62B$7.04B$7.83B$9.66B$8.91B$8.05B$7.68B$6.99B$6.33B$6.28B
Current liabilities$685.22M$678.60M$1.08B$1.48B$1.09B$963.52M$866.43M$986.05M$812.86M$669.66M
Short-term debt$144.70M$161.70M$61.32M$47.82M$148.05M$1.55M$16.54M$251.85M$148.50M$43.60M
Long-term debt$2.53B$2.13B$2.10B$2.32B$2.59B$2.21B$2.23B$1.86B$1.57B$1.75B
Total debt$2.68B$2.29B$2.17B$2.37B$2.74B$2.21B$2.24B$2.11B$1.71B$1.79B
Total liabilities--$4.93B$6.07B$5.53B$4.97B$4.84B$4.42B$3.91B$3.97B
Shareholders' equity$2.77B$2.69B$2.91B$3.59B$3.38B$3.08B$2.85B$2.57B$2.43B$2.32B

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$473.37M$502.32M$332.63M$510.06M$495.78M$768.37M$542.28M$499.88M$448.01M$462.21M
Capital expenditures$770.39M$522.82M$484.14M$442.58M$485.20M$558.01M$576.07M$568.23M$341.38M$388.18M
Free cash flow-$297.03M-$20.51M-$151.51M$67.48M$10.58M$210.37M-$33.78M-$68.35M$106.63M$74.03M
Investing cash flow-$780.86M-$552.68M-$540.79M-$638.88M-$885.88M-$630.24M-$603.86M-$710.91M-$214.17M-$305.10M
Financing cash flow$268.80M$40.30M$204.62M$155.17M$384.71M-$145.04M$74.09M$230.38M-$245.35M-$194.91M
Dividends paid$108.24M$102.94M$161.32M$176.91M$171.35M$166.41M$160.26M$154.57M$150.73M$147.16M
Share repurchases$0$0$4.81M$7.40M$6.70M$0$0$5.02M$1.68M$0
Stock-based compensation$6.56M$8.42M$5.50M$7.91M$12.86M$13.10M$7.35M---
Depreciation and amortization$206.71M$200.08M$190.45M$188.56M$198.24M$285.10M$256.02M$220.21M$207.49M$216.32M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY6.7%-2.6%2.9%-49.2%-37.6%3.7%17.8%2.0%7.6%2.9%
Net income growth, YoY-32.3%-32.2%12.8%-2.8%-3.1%16.3%23.2%-3.2%341.1%-
EPS growth, YoY-32.1%-32.5%12.2%-3.2%-4.1%15.4%21.6%-2.8%333.3%-
Operating margin15.5%15.1%12.5%11.5%9.6%9.8%9.0%8.9%9.5%9.9%
Net margin10.2%16.0%23.0%20.9%10.9%7.1%6.3%6.0%6.3%1.5%
Free cash flow margin-15.8%-1.2%-8.4%3.8%0.3%3.8%-0.6%-1.5%2.4%1.8%
Return on equity6.9%10.4%14.3%10.2%11.2%12.7%11.8%10.6%11.6%2.8%
Return on assets2.5%4.0%5.3%3.8%4.2%4.8%4.4%3.9%4.4%1.0%
Current ratio0.840.981.271.361.421.391.501.201.321.46
Debt to equity0.970.850.750.660.810.720.790.820.710.77

Source: XBRL data MDU Resources Group Inc. files with the SEC, latest filing dated Nov 6, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

MDU peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
MDU$1.86B-0.8%$192.48M10.3%$3.92B
MLM$7.21B+19.6%$2.30B31.9%$36.85B
VMC$8.01B+1.6%$1.10B13.8%$36.29B
TECKC$10.76B+18.7%C$1.40B13.0%$29.69B
SQM$4.58B+1.0%$588.14M12.9%$16.43B
HL$1.82B+84.1%$382.86M21.0%$9.90B
USLM$381.09M+4.5%$133.68M35.1%$3.39B
KNF$3.38B+10.9%$134.62M4.0%$3.20B
LEU$454.50M+0.1%$76.20M16.8%$2.08B

MDU FAQ

8 questions
  • What is MDU revenue?
    MDU Resources Group Inc. (MDU) reported $1.86B of revenue for the twelve months ended Sep 30, 2026. That is down 0.8% from the year before. Revenue for fiscal 2025 was $1.88B.
  • Is MDU profitable?
    Yes. MDU Resources Group Inc. earned $192.48M in net income for the twelve months ended Sep 30, 2026, a net margin of 10.3%.
  • How much cash and debt does MDU have?
    MDU Resources Group Inc. reported $27.62M in cash and cash equivalents and $2.59B of debt on its most recent balance sheet in SEC filings.
  • How fast is MDU revenue growing?
    MDU Resources Group Inc.'s revenue changed +6.7% in fiscal 2025, to $1.88B. Its compound annual growth rate was -19.5% over 5 years and -7.3% over 10 years.
  • What is MDU free cash flow?
    MDU Resources Group Inc. generated -$320.50M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $428.18M less capital expenditures.
  • What is MDU earnings per share?
    Diluted earnings per share were $0.93 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did MDU last report financial results?
    The latest statements here come from MDU Resources Group Inc.'s 10-Q filed on Nov 6, 2026, covering the period ended Sep 30, 2026.
  • Where does this MDU financial data come from?
    Quantisnow builds these statements from the structured XBRL data MDU Resources Group Inc. files with the SEC. It is provided for information only and is not investment advice.