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…
Earnings analysis · 10-Q
MDU earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.39
- Segment
- Electric
- Segment
- Natural Gas Distribution
- Segment
- Pipeline
- Segment
- Other
What stood out
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Revenue Missed Expectations
Actual revenue was $606 million, missing estimates by 12.3%.
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EPS Below Consensus
Reported EPS of $0.39 missed the estimated EPS of $0.40.
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Natural Gas Segment Decline
Natural Gas Distribution revenues fell by $76.8 million to $462.5 million.
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Interest Expense Increase
Interest expense rose to $16.3 million, up from $14.8 million, impacting margins.
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Operating Cash Flow Decline
Net cash provided by operating activities decreased to $149.2 million from $217.5 million.
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Capital Expenditures Maintained
Capital expenditures were $83.4 million, up from $79.8 million in the prior period.
What to watch
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Weather Impact on Sales
Warmer weather contributed to lower retail sales volumes, particularly in Natural Gas Distribution.
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High Operating Expenses
Operating expenses increased due to rising maintenance and payroll costs.
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Debt Management Concerns
Interest expense increased significantly, raising concerns about financial pressure due to capital investments.
Management's outlook
The company reaffirms its 2026 EPS guidance in the range of $0.93 to $1.00.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.