MDU RESOURCES GROUP INC

Listed Company

MDUCIK 0000067716NYSELarge AcceleratedMining & Quarrying Of Nonmetallic Minerals (No Fuels)FY ends Dec 31

Period

FY 2025

Revenue

$1.88B

Net Income

$190.40M

Total Assets

$7.62B

Equity

$2.77B

Shares Out

204.38M

Op. Cash Flow

$473.37M

Business

MDU RESOURCES GROUP INC is a holding company that owns and operates regulated energy and infrastructure businesses and construction materials and contracting operations. It provides electric and natural gas distribution and transmission services, natural gas pipelines and storage, power generation (including joint ownership interests in generation facilities), and construction materials, contracting and related services. The company reports its operations through utility, pipeline/midstream and construction materials/contracting business segments conducted by operating subsidiaries. It serves regional U.S. markets through regulated service territories, wholesale energy markets, pipeline customers and commercial contracting channels.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Operating revenues	1,875	1,758	1,803	1,747	3,454
Purchased natural gas sold	671	630	743	758	483
Electric fuel and purchased power	159	141	135	119	74
Operation and maintenance	433	414	407	380	2,210
Depreciation and amortization	207	200	190	189	198
Taxes, other than income	114	106	103	101	158
Total operating expenses	1,585	1,492	1,578	1,546	3,123
Operating income	290	266	225	201	331
Realized gain on tax-free exchange of the retained shares in Knife River	0	0	187	0	0
Other income	28	41	33	3	26
Interest expense	108	108	105	81	—
Income before income taxes	211	199	340	123	286
Total income tax expense and effective tax rate	20	18	10	6	44
Income from continuing operations	191	181	330	117	243
Discontinued operations, net of tax	−1	100	85	250	136
Net income	190	281	415	367	378
Income from continuing operations (in usd per share)	0.94	0.89	1.62	0.58	1.2
Discontinued operations, net of tax (in usd per share)	−0.01	0.49	0.42	1.23	0.67
Earnings per share - basic (in usd per share)	0.93	1.38	2.04	1.81	1.87
Income from continuing operations (in usd per share)	0.93	0.88	1.62	0.58	1.2
Discontinued operations, net of tax (in usd per share)	0	0.49	0.41	1.23	0.67
Earnings per share - diluted (in usd per share)	0.93	1.37	2.03	1.81	1.87
Weighted average common shares outstanding - basic (in shares)	204	204	204	203	202
Weighted average common shares outstanding - diluted (in shares)	205	205	204	203	202

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash, cash equivalents and restricted cash	28	67	60	70	54
Receivables, net	259	274	250	1,064	947
Current regulatory assets	180	215	172	165	119
Inventories	39	45	45	64	336
Current environmental allowances	26	23	—	—	—
Prepayments and other current assets	41	41	66	55	96
Total current assets	572	666	1,364	2,012	1,551
Property, plant and equipment	8,265	7,554	7,081	6,630	8,973
Less accumulated depreciation and amortization	2,305	2,210	2,076	1,963	2,119
Net property, plant and equipment	5,960	5,344	5,005	4,776	4,506
Goodwill	346	346	346	489	765
Regulatory assets	297	322	447	330	358
Investments	121	115	112	129	175
Environmental allowances	112	66	—	—	—
Other	213	179	211	162	158
Total noncurrent assets	7,050	6,373	6,469	7,649	7,359
Total assets	7,622	7,039	7,833	9,661	8,910
Long-term debt due within one year	145	162	61	48	148
Accounts payable	149	150	160	526	479
Regulatory liabilities due within one year	149	137	71	26	16
Taxes payable	45	43	50	62	80
Dividends payable	29	27	25	45	44
Accrued compensation	35	35	41	59	82
Current environmental obligations	24	20	—	—	—
Other accrued liabilities	111	105	130	156	207
Total current liabilities	685	679	1,076	1,480	1,092
Long-term debt	2,532	2,131	2,105	2,318	2,594
Deferred income taxes	437	441	452	455	592
Regulatory liabilities	472	459	521	448	429
Asset retirement obligations	432	406	384	373	458
Environmental obligations	108	58	—	—	—
Other	182	173	210	181	273
Total noncurrent liabilities	4,164	3,670	3,852	4,594	4,435
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	204	204	204	—
Other paid-in capital	1,476	1,474	1,466	1,466	1,461
Retained earnings	1,109	1,030	1,254	1,951	1,762
Accumulated other comprehensive loss	−17	−17	−18	−31	−41
Total stockholders' equity	2,773	2,691	2,905	3,587	3,383
Total liabilities and stockholders' equity	7,622	7,039	7,833	9,661	8,910

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred income taxes	−9	−16	−1	20	27
Provision for credit losses	7	7	7	5	1
Amortization of debt issuance costs	1	2	1	885,000	930,000
Employee stock-based compensation costs	7	8	6	8	13
Pension and postretirement benefit plan net periodic benefit credit	−1	−4	−5	−7	−6
Unrealized (gains) on investments	−7	−6	−7	10	−6
Losses (gains) on sales of assets	25,000	−857,000	−347,000	15,000	−6
Receivables	8	−30	79	−91	−75
Inventories	4	246,000	−22	243,000	138,000
Other current assets	54	81	−48	15	−67
Accounts payable	−10	−443,000	−87	85	26
Other current liabilities	24	−5	73	−27	3
Pension and postretirement benefit plan contributions	−3	−3	−8	−81,000	−83,000
Other noncurrent changes	−1	−2	−16	−3	−52
Net cash provided by continuing operations	474	412	305	322	299
Net cash (used in) provided by discontinued operations	−725,000	91	27	188	197
Net cash provided by operating activities	473	502	333	510	496
Capital expenditures	−770	−523	−484	−443	−485
Net proceeds from sale or disposition of property	0	691,000	260,000	3,000	15
Cost of removal, net of salvage value	−11	−6	1	−12	−11
Investments	−4	−5	−2	−3	−3
Proceeds from investment excess cash and cost basis withdrawal	5	9	20	0	—
Net cash used in continuing operations	−781	−524	−465	−457	−488
Net cash used in discontinued operations	0	−29	−76	−182	−398
Net cash used in investing activities	−781	−553	−541	−639	−886
Issuance of short-term borrowings	0	0	810	12	50
Repayment of short-term borrowings	0	−95	−434	0	−100
Issuance of long-term debt	565	309	595	215	272
Repayment of long-term debt	−179	−182	−569	−39	−25
Debt issuance costs	−4	−2	−3	−1	−918,000
Costs of issuance of common stock	−79,000	−50,000	0	−150,000	89
Dividends paid	−108	−103	−161	−177	−171
Repurchase of common stock	0	0	−5	−7	−7
Tax withholding on stock-based compensation	−4	−3	−3	−5	−4
Net cash provided by (used in) continuing operations	269	−77	230	−3	103
Net cash provided by (used in) discontinued operations	0	117	−26	158	282
Net cash provided by financing activities	269	40	205	155	385
Decrease in cash, cash equivalents and restricted cash	−39	−10	−4	26	−5
Interest, net	99	108	113	—	—
Income taxes paid (refunded), net	31	44	12	—	—
Property, plant and equipment additions in accounts payable	45	37	46	—	—
Right-of-use assets obtained in exchange for new operating lease liabilities	15	2	2	—	—
Debt for equity exchange of retained shares in Knife River	0	0	293	—	—

Filings

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