MDU Resources Group Inc (MDU) financial statements: income statement, balance sheet and cash flow
MDU Resources Group Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), MDU Resources Group Inc reported revenue of $1.9B (+6.7% year on year) and net income of $190.4M (-32.3% year on year).
Income statement
MDU Resources Group Inc income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Operating revenues
$1.9B
$1.8B
$4.7B
$7.0B
Purchased natural gas sold
$671.5M
$630.4M
$743.0M
$757.9M
Electric fuel and purchased power
$159.0M
$141.1M
$107.9M
$92.0M
Operation and maintenance
$433.0M
$414.5M
$3.0B
$5.0B
Depreciation and amortization
$206.7M
$200.1M
$213.6M
$327.8M
Taxes, other than income
$114.5M
$106.2M
$196.0M
$243.3M
Total operating expenses
$1.6B
$1.5B
$4.2B
$6.4B
Operating income
$290.4M
$265.6M
$426.0M
$574.0M
Realized gain on tax-free exchange of the retained shares in Knife River
0
0
186.6M
—
Other income
$28.3M
$41.4M
$41.7M
$7.4M
Interest expense
$107.7M
$108.3M
$114.3M
$119.3M
Income before income taxes
$211.0M
$198.7M
$539.9M
$462.1M
Total income tax expense and effective tax rate
19570000.0%
17589000.0%
59473000.0%
94783000.0%
Income from continuing operations
$191.4M
$181.1M
$480.4M
$367.3M
Discontinued operations, net of tax
($1.0M)
$100.0M
($65.7M)
$213.0K
Net income
$190.4M
$281.1M
$414.7M
$367.5M
Income from continuing operations (in usd per share)
$0.94
$0.89
$2.36
$1.81
Discontinued operations, net of tax (in usd per share)
-$0.01
$0.49
-$0.32
$0.00
Earnings per share - basic (in usd per share)
$0.93
$1.38
$2.04
$1.81
Income from continuing operations (in usd per share)
$0.93
$0.88
$2.36
$1.81
Discontinued operations, net of tax (in usd per share)
$0.00
$0.49
-$0.33
$0.00
Earnings per share - diluted (in usd per share)
$0.93
$1.37
$2.03
$1.81
Weighted average common shares outstanding - basic (in shares)
204.3M
203.9M
203.6M
203.4M
Weighted average common shares outstanding - diluted (in shares)
205.3M
204.7M
203.9M
203.5M
MDU Resources Group Inc income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Operating revenues
$375.3M
$606.0M
$315.0M
$351.2M
Purchased natural gas sold
$93.5M
$239.4M
$58.5M
$96.1M
Electric fuel and purchased power
$38.7M
$46.1M
$41.1M
$34.9M
Operation and maintenance
$114.0M
$114.9M
$101.8M
$112.9M
Depreciation and amortization
$55.2M
$54.2M
$52.0M
$51.9M
Taxes, other than income
$25.9M
$35.7M
$21.8M
$25.2M
Total operating expenses
$327.4M
$490.3M
$275.2M
$320.9M
Operating income
$47.9M
$115.7M
$39.8M
$30.3M
Other income
$6.2M
$2.6M
$7.3M
$9.9M
Interest expense
$31.5M
$32.7M
$26.4M
$25.4M
Income before income taxes
$22.6M
$85.6M
$20.7M
$14.8M
Income taxes
$3.4M
$4.7M
$2.4M
$655.0K
Income from continuing operations
$19.3M
$80.9M
$18.4M
$14.2M
Discontinued operations, net of tax
$2.0M
($130.0K)
($39.0K)
($397.0K)
Net income
$21.2M
$80.8M
$18.3M
$13.8M
Earnings per share - basic (in usd per share)
$0.10
$0.39
$0.09
$0.07
Income from continuing operations (in usd per share)
$0.09
$0.39
$0.09
$0.07
Discontinued operations, net of tax (in usd per share)
$0.01
$0.00
$0.00
$0.00
Earnings per share - diluted (in usd per share)
$0.10
$0.39
$0.09
$0.07
Weighted average common shares outstanding - basic (in shares)
209.6M
205.4M
204.3M
204.3M
Weighted average common shares outstanding - diluted (in shares)
211.7M
207.0M
205.3M
205.2M
Balance sheet
MDU Resources Group Inc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash, cash equivalents and restricted cash
$28.2M
$66.9M
$77.0M
$80.5M
Receivables, net
$258.6M
$274.3M
$942.8M
$1.3B
Current regulatory assets
$179.6M
$215.4M
$172.5M
$165.1M
Inventories
$39.1M
$44.9M
$87.4M
$387.5M
Current environmental allowances
$26.2M
—
—
—
Prepayments and other current assets
$40.8M
$64.7M
$84.1M
$73.0M
Total current assets
$572.4M
$666.3M
$1.4B
$2.0B
Property, plant and equipment
$8.3B
$7.6B
$7.3B
$9.4B
Less accumulated depreciation and amortization
$2.3B
$2.2B
$2.2B
$3.3B
Net property, plant and equipment
$6.0B
$5.3B
$5.1B
$6.1B
Goodwill
$345.7M
$345.7M
$489.0M
$763.5M
Regulatory assets
$297.2M
$322.4M
$447.1M
$329.7M
Investments
$121.2M
$115.5M
$124.2M
$161.9M
Environmental allowances
$112.4M
—
—
—
Other
$213.1M
$244.7M
$211.9M
$165.5M
Total noncurrent assets
$7.0B
$6.4B
$6.5B
$7.6B
Total assets
$7.6B
$7.0B
$7.8B
$9.7B
Long-term debt due within one year
$144.7M
$161.7M
$61.3M
$78.0M
Accounts payable
$149.0M
$150.1M
$475.2M
$657.2M
Regulatory liabilities due within one year
$148.6M
$137.2M
$70.8M
$26.4M
Taxes payable
$44.7M
$43.4M
$58.1M
$70.8M
Dividends payable
$28.6M
$26.5M
$25.5M
$45.2M
Accrued compensation
$34.7M
$35.3M
$85.5M
$88.7M
Current environmental obligations
$24.1M
—
—
—
Other accrued liabilities
$110.9M
$124.5M
$181.5M
$232.2M
Total current liabilities
$685.2M
$678.6M
$1.1B
$1.5B
Long-term debt
$2.5B
$2.1B
$2.2B
$2.8B
Deferred income taxes
$437.3M
$441.3M
$458.5M
$631.3M
Regulatory liabilities
$472.3M
$459.2M
$521.0M
$448.5M
Asset retirement obligations
$431.6M
$406.4M
$384.4M
$405.9M
Environmental obligations
$108.4M
—
—
—
Other
$182.3M
$231.9M
$199.7M
$259.5M
Total noncurrent liabilities
$4.2B
$3.7B
$3.9B
$4.6B
Common stock Authorized - 500,000,000 shares, $1.00 par value Shares issued - 204,382,821 at December 31, 2025 and 203,934,578 at December 31, 2024
204.4M
203.9M
203.7M
—
Other paid-in capital
$1.5B
$1.5B
$1.5B
$1.5B
Retained earnings
$1.1B
$1.0B
$1.3B
$2.0B
Accumulated other comprehensive loss
($16.7M)
($16.8M)
($18.4M)
($30.6M)
Total stockholders' equity
$2.8B
$2.7B
$2.9B
$3.6B
Total liabilities and stockholders' equity
$7.6B
$7.0B
$7.8B
$9.7B
MDU Resources Group Inc balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash, cash equivalents and restricted cash
$46.3M
$53.3M
$75.9M
$58.8M
Receivables, net
$151.7M
$223.0M
$132.2M
$156.7M
Current regulatory assets
$192.8M
$190.7M
$179.1M
$141.7M
Inventories
$19.3M
$19.5M
$44.3M
$19.7M
Current environmental allowances
$24.2M
$25.2M
—
—
Prepayments and other current assets
$61.6M
$47.9M
$69.9M
$64.9M
Total current assets
$496.0M
$559.5M
$501.4M
$441.9M
Property, plant and equipment
$8.4B
$8.3B
$7.9B
$7.7B
Less accumulated depreciation and amortization
$2.4B
$2.3B
$2.3B
$2.3B
Net property, plant and equipment
$6.1B
$6.0B
$5.6B
$5.4B
Goodwill
$345.7M
$345.7M
$345.7M
$345.7M
Regulatory assets
$295.9M
$294.0M
$305.9M
$309.3M
Investments
$123.1M
$117.9M
$118.4M
$115.8M
Environmental allowances
$162.2M
$148.9M
—
—
Other
$232.2M
$220.5M
$323.0M
$298.6M
Total noncurrent assets
$7.2B
$7.1B
$6.7B
$6.5B
Total assets
$7.7B
$7.7B
$7.2B
$6.9B
Long-term debt due within one year
$4.7M
$214.7M
$164.7M
$136.7M
Accounts payable
$110.7M
$124.4M
$122.1M
$107.2M
Regulatory liabilities due within one year
$157.0M
$148.4M
$143.8M
$134.3M
Taxes payable
$34.4M
$44.2M
$43.3M
$53.4M
Dividends payable
$29.4M
$28.7M
$28.6M
$26.6M
Accrued compensation
$21.4M
$20.1M
$31.6M
$20.8M
Current environmental obligations
$24.1M
$24.1M
—
—
Other accrued liabilities
$118.0M
$113.8M
$132.4M
$115.9M
Total current liabilities
$499.7M
$718.3M
$666.5M
$594.8M
Long-term debt
$2.6B
$2.4B
$2.2B
$2.0B
Deferred income taxes
$454.1M
$448.3M
$434.1M
$426.6M
Regulatory liabilities
$478.4M
$475.0M
$473.8M
$468.2M
Asset retirement obligations
$441.0M
$436.2M
$419.6M
$415.1M
Environmental obligations
$153.7M
$135.9M
—
—
Other
$185.6M
$185.4M
$280.1M
$264.1M
Total noncurrent liabilities
$4.3B
$4.1B
$3.8B
$3.6B
Common stock Authorized - 500,000,000 shares, $1.00 par value Shares issued - 210,349,456 at June 30, 2026, 204,331,170 at June 30, 2025 and 204,382,821 at December 31, 2025
210.3M
209.0M
204.3M
204.3M
Other paid-in capital
$1.6B
$1.6B
$1.5B
$1.5B
Retained earnings
$1.2B
$1.2B
$1.1B
$1.1B
Accumulated other comprehensive loss
($16.5M)
($16.6M)
($16.4M)
($16.5M)
Total stockholders' equity
$2.9B
$2.9B
$2.7B
$2.7B
Total liabilities and stockholders' equity
$7.7B
$7.7B
$7.2B
$6.9B
Cash flow statement
MDU Resources Group Inc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$190.4M
$281.1M
$414.7M
$367.5M
Less: (loss) income from discontinued operations, net of tax
($1.0M)
$100.0M
($65.7M)
$213.0K
Income from continuing operations
$191.4M
$181.1M
$480.4M
$367.3M
Depreciation and amortization
$206.7M
$200.1M
$213.6M
$327.8M
Deferred income taxes
($8.9M)
($16.1M)
($4.4M)
$23.3M
Provision for credit losses
$6.9M
$6.6M
$13.6M
$6.1M
Amortization of debt issuance costs
$1.3M
$1.8M
$1.2M
$1.5M
Employee stock-based compensation costs
$6.6M
$8.4M
$6.3M
$10.3M
Pension and postretirement benefit plan net periodic benefit credit
($1.1M)
($3.8M)
($5.4M)
($6.0M)
Unrealized (gains) on investments
($6.6M)
($5.9M)
($7.5M)
$12.7M
Losses (gains) on sales of assets
$25.0K
($857.0K)
($8.5M)
($20.7M)
Gain on tax-free exchange of the retained shares in Knife River
0
0
-186.6M
—
Receivables
$8.4M
($30.3M)
$110.4M
($363.3M)
Inventories
$4.3M
$246.0K
($27.6M)
($46.6M)
Other current assets
$54.5M
$81.0M
($52.9M)
($9.4M)
Accounts payable
($9.6M)
($443.0K)
($76.7M)
$186.3M
Other current liabilities
$24.4M
($5.3M)
$67.0M
$27.0M
Pension and postretirement benefit plan contributions
($3.1M)
($3.0M)
($7.6M)
($507.0K)
Other noncurrent changes
($1.1M)
($1.7M)
($22.7M)
($5.9M)
Net cash provided by continuing operations
$474.1M
$411.8M
$492.8M
$509.9M
Net cash (used in) provided by discontinued operations
($725.0K)
$90.5M
($160.1M)
$214.0K
Net cash provided by operating activities
$473.4M
$502.3M
$332.6M
$510.1M
Capital expenditures
($770.4M)
($522.8M)
($519.7M)
($656.6M)
Net proceeds from sale or disposition of property
$0
$691.0K
$16.5M
$22.4M
Cost of removal, net of salvage value
($11.3M)
($5.5M)
$1.2M
—
Investments
($4.2M)
($5.2M)
$16.3M
($6.5M)
Proceeds from investment excess cash and cost basis withdrawal
$5.0M
$9.0M
—
—
Net cash used in continuing operations
($780.9M)
($523.8M)
($485.8M)
—
Net cash used in discontinued operations
$0
($28.9M)
($55.0M)
—
Net cash used in investing activities
($780.9M)
($552.7M)
($540.8M)
($638.9M)
Issuance of short-term borrowings
$0
$0
$810.0M
$246.5M
Repayment of short-term borrowings
$0
($95.0M)
($460.9M)
$0
Issuance of long-term debt
$565.4M
$308.6M
$726.7M
$361.6M
Repayment of long-term debt
($179.5M)
($182.1M)
($793.0M)
($261.7M)
Debt issuance costs
($4.3M)
($2.5M)
($2.5M)
($1.9M)
Costs of issuance of common stock
($79.0K)
($50.0K)
$0
($149.0K)
Dividends paid
($108.2M)
($102.9M)
($161.3M)
($176.9M)
Repurchase of common stock
$0
$0
($4.8M)
($7.4M)
Tax withholding on stock-based compensation
($4.5M)
($2.6M)
($3.0M)
($4.9M)
Net cash provided by (used in) continuing operations
$268.8M
($76.6M)
$111.1M
—
Net cash provided by (used in) discontinued operations
$0
$116.9M
$93.5M
—
Net cash provided by financing activities
$268.8M
$40.3M
$204.6M
$155.2M
Decrease in cash, cash equivalents and restricted cash
($38.7M)
($10.1M)
($3.5M)
$26.4M
Cash, cash equivalents and restricted cash - beginning of year
$66.9M
$77.0M
$80.5M
—
Cash, cash equivalents and restricted cash - end of year
$28.2M
$66.9M
$77.0M
—
MDU Resources Group Inc cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$102.1M
$80.8M
$114.1M
$95.7M
Income (loss) from discontinued operations, net of tax
$1.8M
($130.0K)
($938.0K)
($899.0K)
Income from continuing operations
$100.2M
$80.9M
$115.0M
$96.6M
Depreciation and amortization
$109.4M
$54.2M
$155.2M
$103.1M
Deferred income taxes
$11.6M
$8.2M
($12.5M)
($19.0M)
Provision for credit losses
$3.1M
$2.6M
$5.4M
$3.2M
Amortization of debt issuance costs
$878.0K
$366.0K
$928.0K
$619.0K
Employee stock-based compensation costs
$3.9M
$1.9M
$4.9M
$3.3M
Pension and postretirement benefit plan net periodic benefit cost (credit)
$696.0K
$348.0K
($802.0K)
($534.0K)
Unrealized gains on investments
($4.1M)
$505.0K
($4.8M)
($2.6M)
Receivables
$103.8M
$33.0M
$136.3M
$129.5M
Inventories
$19.3M
$19.3M
($603.0K)
$25.0M
Other current assets
($23.0M)
($14.3M)
$47.6M
$86.7M
Accounts payable
($36.4M)
($14.8M)
($47.7M)
($47.6M)
Other current liabilities
($7.7M)
($11.2M)
$13.8M
($28.5M)
Pension and postretirement benefit plan contributions
($960.0K)
($220.0K)
($2.8M)
($2.5M)
Other noncurrent changes
($16.9M)
($11.6M)
($16.4M)
($11.8M)
Net cash provided by continuing operations
$264.0M
$149.3M
$393.5M
$335.6M
Net cash provided by (used in) discontinued operations
$1.3M
($130.0K)
($740.0K)
($702.0K)
Net cash provided by operating activities
$265.3M
$149.2M
$392.8M
$334.9M
Capital expenditures
($193.5M)
($92.4M)
($353.8M)
($174.0M)
Cost of removal, net
($3.9M)
($738.0K)
($7.7M)
($2.6M)
Purchase of investment securities
($2.7M)
($2.0M)
—
—
Proceeds from investment securities
$4.0M
$4.0M
—
—
Net cash used in investing activities
($196.1M)
($91.2M)
($359.7M)
($174.4M)
Issuance of long-term debt
$134.4M
$138.4M
$123.1M
$0
Repayment of long-term debt
($234.0M)
($218.9M)
($62.8M)
($111.0M)
Debt issuance costs
($619.0K)
($525.0K)
($226.0K)
($11.0K)
Issuance of common stock, net
$110.8M
$81.2M
($47.0K)
$0
Dividends paid
($57.3M)
($28.6M)
($79.6M)
($53.1M)
Tax withholding on stock-based compensation
($4.5M)
($4.5M)
($4.5M)
($4.5M)
Net cash used in financing activities
($51.1M)
($32.9M)
($24.1M)
($168.6M)
Increase (decrease) in cash, cash equivalents and restricted cash
$18.1M
$25.1M
$8.9M
($8.1M)
Cash, cash equivalents and restricted cash - beginning of year
$28.2M
$28.2M
$66.9M
$66.9M
Cash, cash equivalents and restricted cash - end of period
$46.3M
$53.3M
$75.9M
$58.8M
Interest, net
$57.3M
$23.5M
—
—
Income taxes paid, net
$1.6M
($1.7M)
—
—
Property, plant and equipment additions in accounts payable
$41.3M
$35.5M
—
—
Right-of-use assets obtained in exchange for new operating lease liabilities