MDU earnings analysis
What we found in MDU's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
MDU Resources reported disappointing Q1 2026 results with revenue of $606 million and EPS of $0.39, both missing consensus estimates of $691 million and $0.40, respectively. Segment performance showed declines primarily in Natural Gas Distribution due to lower sales from warmer weather, and higher costs reduced profitability across segments, impacting overall net income.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Missed Expectations
- Actual revenue was $606 million, missing estimates by 12.3%.
- EPS Below Consensus
- Reported EPS of $0.39 missed the estimated EPS of $0.40.
- Natural Gas Segment Decline
- Natural Gas Distribution revenues fell by $76.8 million to $462.5 million.
- Interest Expense Increase
- Interest expense rose to $16.3 million, up from $14.8 million, impacting margins.
- Operating Cash Flow Decline
- Net cash provided by operating activities decreased to $149.2 million from $217.5 million.
- Capital Expenditures Maintained
- Capital expenditures were $83.4 million, up from $79.8 million in the prior period.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Weather Impact on Sales
- Warmer weather contributed to lower retail sales volumes, particularly in Natural Gas Distribution.
- High Operating Expenses
- Operating expenses increased due to rising maintenance and payroll costs.
- Debt Management Concerns
- Interest expense increased significantly, raising concerns about financial pressure due to capital investments.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.39
- Segment
- Electric
- Segment
- Natural Gas Distribution
- Segment
- Pipeline
- Segment
- Other
What they said about what is next.
The company reaffirms its 2026 EPS guidance in the range of $0.93 to $1.00.
The filing reads worse than the one before it.
What came before.
- 10-K · February 20, 2026
- MDU positions itself as a pure-play regulated energy delivery company executing a 'CORE' strategy (customers, operational excellence, returns, employee-driven culture) after completing separations of non-core businesses…
- 10-Q · November 10, 2025
- MDU reported Q3 2025 operating revenues of $315.0M (315,036 in filing, in thousands), up from $289.7M in Q3 2024, with operating income rising to $39.8M vs $34.8M a year ago; diluted EPS from continuing operations was…
- 10-Q · August 7, 2025
- MDU reported Q2 2025 operating revenues of $351.186 million, up $6.715 million (+1.95%) versus Q2 2024, but operating income and EPS declined. Operating income fell to $30.332 million (Q2 2025) from $39.574 million (Q2…
- 10-K · February 20, 2025
- MDU completed strategic separations (Knife River May 31, 2023; Everus Oct. 31, 2024) and is positioned as a pure‑play regulated energy delivery company executing a CORE strategy focused on customers, operational…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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