MDU Resources Group, Inc. (MDU) Income Statement
MDU 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMDU revenue and net income
Where MDU's revenue goes
2025Each bar shows an amount and its share of revenue. MDU kept 10.2% of revenue as net income.
MDU profit margins
MDU growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +6.7% | +2.4% | −19.5% | −7.7% |
| Gross profit | −29.2% | −6.2% | −17.3% | −4.2% |
| Operating income | +9.3% | +13.1% | −11.8% | +1.3% |
| Net income | −32.3% | −19.7% | −13.4% | — |
| EPS (diluted) | −38.0% | −20.8% | −13.8% | +0.3% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MDU quarterly EPS vs estimates
MDU Resources beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 5, 2026 (estimate $0.10).
MDU income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.88B | $1.76B | $1.80B | $1.75B | $3.45B | $5.53B | $5.34B | $4.53B | $4.44B | $4.13B |
| Cost of revenue | $1.47B | $1.19B | $1.28B | $1.26B | $2.77B | $4.49B | $4.40B | $3.74B | $3.64B | $3.35B |
| Gross profit | $404.9M | $571.9M | $518.5M | $490.1M | $687.3M | $1.05B | $933.4M | $790.6M | $802.9M | $777.2M |
| Research & development | — | — | — | — | — | — | — | — | — | $0 |
| Sales, general & admin | — | — | — | $5.22B | $4.29B | $99,000 | $4.09B | $3.42B | $3.30B | $151.8M |
| Total operating expenses | $114.5M | $306.3M | $293.6M | $289.2M | $356.2M | $502.4M | $452.2M | $388.9M | $374.2M | $368.1M |
| Operating income | $290.4M | $265.6M | $224.9M | $200.9M | $331.1M | $544.9M | $481.2M | $401.7M | $428.7M | $409.1M |
| Interest income | $107.7M | $102.4M | $89.3M | $119.3M | $94.0M | $96.5M | $98.6M | $84.6M | $82.8M | $87.8M |
| Interest expense | $107.7M | $108.3M | $114.3M | $80.7M | $70.7M | $96.5M | $98.6M | $84.6M | $82.8M | $87.9M |
| Income before taxes | $211.0M | $198.7M | $340.3M | $123.4M | $286.1M | $475.1M | $398.4M | $316.9M | $350.0M | $326.2M |
| Income taxes | $19.6M | $17.6M | $10.2M | $6.2M | $43.5M | $84.6M | $63.3M | $47.5M | $65.1M | $93.1M |
| Net income | $190.4M | $281.1M | $414.7M | $367.5M | $378.1M | $390.2M | $335.5M | $272.3M | $281.1M | $64.4M |
| EBITDA | $525.4M | $507.1M | $635.4M | $392.7M | $555.0M | $856.7M | $753.0M | $621.1M | $639.7M | $629.8M |
| EPS (diluted) | $0.93 | $1.50 | $1.29 | $1.87 | $1.86 | $1.95 | $1.68 | $1.38 | $1.25 | $1.19 |
| Gross margin | 21.6% | 32.5% | 28.8% | 28.0% | 19.9% | 18.9% | 17.5% | 17.4% | 18.1% | 18.8% |
| Operating margin | 15.5% | 15.1% | 12.5% | 11.5% | 9.6% | 9.8% | 9.0% | 8.9% | 9.6% | 9.9% |
| Net margin | 10.2% | 16.0% | 23.0% | 21.0% | 10.9% | 7.1% | 6.3% | 6.0% | 6.3% | 1.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $375.3M | $606.0M | $534.0M | $315.1M | $351.2M | $674.8M | $535.5M | $289.7M | $344.5M | $588.3M | $1.14B | $1.00B |
| Cost of revenue | $132.2M | $454.5M | $397.8M | $201.5M | $243.8M | $472.0M | $361.7M | $187.2M | $231.2M | $405.9M | $900.3M | $823.6M |
| Gross profit | $243.1M | $151.5M | $136.2M | $113.6M | $107.4M | $202.9M | $173.8M | $102.5M | $113.2M | $182.3M | $235.0M | $177.2M |
| Total operating expenses | $195.1M | $35.8M | $28.8M | $73.8M | $77.0M | $90.0M | $79.3M | $67.7M | $73.7M | $85.7M | $94.2M | $92.6M |
| Operating income | $47.9M | $115.7M | $107.4M | $39.8M | $30.3M | $112.9M | $94.6M | $34.8M | $39.6M | $96.7M | $140.8M | $84.6M |
| Interest income | — | — | $29.1M | $24.2M | $22.4M | $26.4M | — | $29.5M | $28.6M | — | — | $1.9M |
| Interest expense | $31.5M | $32.7M | $29.1M | $26.4M | $25.4M | $26.8M | $23.7M | $27.3M | $28.6M | $28.7M | $31.8M | $32.1M |
| Income before taxes | $22.6M | $85.6M | $84.4M | $20.7M | $14.8M | $91.0M | $76.7M | $16.5M | $23.4M | $82.1M | $137.9M | $91.5M |
| Income taxes | $3.4M | $4.7M | $8.1M | $2.3M | $655,000 | $8.6M | $6.2M | $876,000 | $3.2M | $7.3M | −$32.8M | $13.3M |
| Net income | $21.2M | $80.8M | $76.3M | $18.4M | $13.8M | $82.0M | $55.2M | $64.6M | $60.4M | $100.9M | $170.7M | $74.9M |
| EBITDA | $109.4M | $172.5M | $165.0M | $99.1M | $92.1M | $169.1M | $155.5M | $93.7M | $99.6M | $158.3M | $224.3M | $176.8M |
| EPS (diluted) | $0.09 | $0.39 | $0.37 | $0.09 | $0.07 | $0.40 | $0.34 | $0.32 | $0.32 | $0.52 | $0.48 | $0.29 |
| Gross margin | 64.8% | 25.0% | 25.5% | 36.1% | 30.6% | 30.1% | 32.5% | 35.4% | 32.9% | 31.0% | 20.7% | 17.7% |
| Operating margin | 12.8% | 19.1% | 20.1% | 12.6% | 8.6% | 16.7% | 17.7% | 12.0% | 11.5% | 16.4% | 12.4% | 8.5% |
| Net margin | 5.7% | 13.3% | 14.3% | 5.8% | 3.9% | 12.1% | 10.3% | 22.3% | 17.5% | 17.2% | 15.0% | 7.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MDU's financial statements (latest annual report filed February 20, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MDU financial results
In fiscal year 2025 (ended December 31, 2025), MDU Resources reported revenue of $1.9 billion, up 6.7% from the year before. It had net income of $190.4 million (down 32.3%), a net profit margin of 10.2%. Diluted earnings per share came to $0.93. Over five years revenue grew at an average rate of −19.5% a year.
See the MDU stock overview for the latest quote and news, or the MDU chart for price history and technical indicators.
MDU income statement FAQ
What is MDU Resources's annual revenue?
MDU Resources reported total revenue of $1.9 billion for fiscal year 2025, which ended on December 31, 2025. That was up 6.7% from $1.8 billion the previous year.
Is MDU Resources profitable?
Yes. MDU Resources reported net income of $190.4 million in fiscal 2025, a net profit margin of 10.2%; its operating margin was 15.5%.
What is MDU Resources's gross margin?
MDU Resources's gross margin was 21.6% in fiscal 2025: for every $100 of revenue, MDU Resources kept $22 after the direct cost of its products and services.
How fast is MDU Resources growing?
Revenue grew −19.5% a year on average over the last five fiscal years, from $5.5 billion to $1.9 billion.
What are MDU Resources's earnings per share?
MDU Resources earned $0.93 per diluted share in fiscal 2025, compared with $1.50 a year earlier.
When will MDU Resources report its next earnings?
MDU Resources is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does MDU Resources's fiscal year end?
MDU Resources's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 20, 2026.