MDU Resources (MDU) financial statements
MDU Resources reported revenue of $1.9B in fiscal 2025, down 8.4% a year over 9 years.
Net income was $190M and the operating margin 15.5%, against 9.9% in 2016.
Free cash flow was -$297M, and the company returned $108M in dividends.
The diluted share count rose 5% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from MDU Resources's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.1B | $4.4B | $4.5B | $5.3B | $5.5B | $3.5B | $1.7B | $1.8B | $1.8B | $1.9B |
| Selling, general and admin | $2.9B | $3.1B | $3.3B | $3.9B | $4.0B | $2.2B | $380M | $407M | $414M | $433M |
| Operating income | $409M | $424M | $402M | $481M | $545M | $331M | $201M | $225M | $266M | $290M |
| Interest expense | $88M | $83M | $85M | $99M | $97M | $71M | $81M | $114M | $108M | $108M |
| Pre-tax income | $326M | $350M | $317M | $398M | $475M | $286M | $123M | $340M | $199M | $211M |
| Income tax | $93M | $65M | $47M | $63M | $85M | $44M | $6M | $10M | $18M | $20M |
| Net income | $64M | $281M | $272M | $335M | $390M | $378M | $367M | $415M | $281M | $190M |
| EPS (diluted) | $0.33 | $1.43 | $1.39 | $1.69 | $1.95 | $1.87 | $1.81 | $2.03 | $1.37 | $0.93 |
| Diluted shares | 196M | 196M | 196M | 199M | 201M | 202M | 203M | 204M | 205M | 205M |
| Operating margin | 9.9% | 9.5% | 8.9% | 9.0% | 9.8% | 9.6% | 11.5% | 12.5% | 15.1% | 15.5% |
| Net margin | 1.5% | 6.3% | 6.0% | 6.3% | 7.1% | 10.9% | 21.0% | 23.0% | 16.0% | 10.2% |
Balance sheet
Fiscal years, from MDU Resources's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $46M | $35M | $54M | $66M | $60M | $54M | $70M | $60M | $67M | $28M |
| Receivables | $630M | $727M | $723M | $837M | $874M | $947M | $1.1B | $250M | $274M | $259M |
| Inventory | $238M | $227M | $287M | $278M | $291M | $336M | $64M | $45M | $45M | $39M |
| Total current assets | $977M | $1.1B | $1.2B | $1.3B | $1.3B | $1.6B | $2.0B | $1.4B | $666M | $572M |
| Property, plant and equipment | $3.9B | $4.1B | $4.6B | $4.9B | $5.2B | $4.5B | $4.8B | $5.0B | $5.3B | $6.0B |
| Goodwill | $632M | $632M | $665M | $681M | $715M | $765M | $489M | $346M | $346M | $346M |
| Total assets | $6.3B | $6.3B | $7.0B | $7.7B | $8.1B | $8.9B | $9.7B | $7.8B | $7.0B | $7.6B |
| Total current liabilities | $670M | $813M | $986M | $866M | $964M | $1.1B | $1.5B | $1.1B | $679M | $685M |
| Long-term debt | $1.7B | $1.6B | $1.9B | $2.2B | $2.2B | $2.6B | $2.3B | $2.1B | $2.1B | $2.5B |
| Total liabilities | $4.0B | $3.9B | $4.4B | $4.8B | $5.0B | $5.5B | $6.1B | $4.9B | $4.3B | $4.8B |
| Shareholders' equity | $2.3B | $2.4B | $2.6B | $2.8B | $3.1B | $3.4B | $3.6B | $2.9B | $2.7B | $2.8B |
| Net debt | $1.7B | $1.7B | $2.1B | $2.2B | $2.2B | $2.7B | $2.3B | $2.1B | $2.2B | $2.6B |
Cash flow
Fiscal years, from MDU Resources's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $462M | $448M | $500M | $542M | $768M | $496M | $510M | $333M | $502M | $473M |
| Capital spending | $388M | $341M | $568M | $576M | $558M | $485M | $443M | $484M | $523M | $770M |
| Free cash flow | $74M | $107M | -$68M | -$34M | $210M | $11M | $67M | -$152M | -$21M | -$297M |
| Stock-based compensation | — | — | — | $7M | $13M | $13M | $8M | $6M | $8M | $7M |
| Dividends paid | $147M | $151M | $155M | $160M | $166M | $171M | $177M | $161M | $103M | $108M |
| Share buybacks (net) | $0 | -$2M | -$5M | $0 | $0 | -$7M | -$7M | -$5M | $0 | $0 |
| Net borrowing | -$7M | -$77M | $392M | $135M | -$31M | $247M | $176M | $26M | $126M | $386M |
| Free cash flow margin | 1.8% | 2.4% | -1.5% | -0.6% | 3.8% | 0.3% | 3.9% | -8.4% | -1.2% | -15.8% |
| Dividends per share | $0.75 | $0.77 | $0.79 | $0.81 | $0.83 | $0.85 | $0.87 | $0.79 | $0.50 | $0.53 |
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Open MDU in InvestinglyQuestions
What was MDU Resources's revenue in 2025?
$1.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does MDU Resources generate?
-$297M in fiscal 2025 (operating cash flow minus capital spending).
From MDU Resources's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.