MDU Resources Group (MDU) FY2025 results: revenue $1.9 billion, up 6.7% on the year
MDU Resources Group Inc. (MDU) reported revenue of $1.9 billion for fiscal 2025, the year ended 31 December 2025, up 6.7% on the year before. Net income was $190 million, down 32.3%, and diluted earnings per share $0.93. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.
Revenue
$1.9 billion
+6.7% on the year
FY2018FY2025
Operating margin
15.5%
15.1% a year earlier
FY2018FY2025
Net income
$190 million
-32.3% on the year
FY2018FY2025
Diluted EPS
$0.93
-32.1% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 3 new, 2 kept.
Earnings per share of $0.93: Net income was $190.4 million and diluted EPS $0.93 for 2025, compared with $281.1 million and $1.37 in 2024.
Utility rate base grew 16.0%: Utility rate base rose 16.0% year over year, counting the 49% Badger Wind Farm stake placed in service December 31, 2025.
Electric earnings fell $9.9 million: Electric net income was $64.9 million for 2025, down from $74.8 million, mainly on higher operation and maintenance expense.
Gas distribution earnings rose $9.2 million: Full-year gas distribution net income was $56.1 million, up from $46.9 million, mainly from rate relief in Washington, Montana, South Dakota and Wyoming.
Pipeline earnings reached $68.2 million: Pipeline net income was $68.2 million for 2025, up from $68.0 million, driven by expansion projects and short-term firm capacity demand, offset by O&M and depreciation.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
473
502
333
-5.8%
Capital expenditure
770
523
484
+47.4%
Free cash flow
-297
-20.5
-152
Free cash flow margin
-15.8%
-1.2%
-8.4%
Cash from investing
-781
-553
-541
Cash from financing
269
40.3
205
+567.1%
Depreciation and amortisation
207
200
190
+3.3%
Share-based compensation
6.6
8.4
5.5
-22.2%
Buybacks
0.0
0.0
4.8
Dividends paid
108
103
161
+5.2%
Dividend per share
$0.54
$0.51
$0.69
+5.9%
Diluted shares, weighted
205m
205m
204m
+0.3%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
2,773
2,691
2,905
+3.1%
Short-term borrowings
n/a
0.0
n/a
Debt
2,677
2,293
2,393
+16.8%
Operating lease liabilities
n/a
n/a
51.6
Other liabilities
2,172
2,056
2,483
+5.7%
Total liabilities and equity
7,622
7,039
7,833
+8.3%
Fixed assets
5,960
5,344
5,005
+11.5%
Goodwill
346
346
346
0.0%
Intangible assets
n/a
n/a
2.0
Investments
121
115
112
+5.0%
Cash and equivalents
28.2
66.9
60.5
-57.8%
Receivables
259
274
250
-5.7%
Inventory
39.1
44.9
44.7
-13.1%
Other assets
869
847
2,013
+2.6%
Total assets
7,622
7,039
7,833
+8.3%
10-K for the year ended 31 December 2025, filed 20 February 2026: the filing.