MDU Resources Group (MDU) Q4 2025 earnings summary

Executive summary

• Reported 2025 net income of $190.4 million, or $0.93 per share, with income from continuing operations rising to $191.4 million.

• 2025 marked the first full year as a pure-play regulated energy delivery business, following the Everus spinoff in October 2024.

• Achieved record results in the pipeline segment and 1.5%-1.6% retail customer growth year-over-year.

• Deployed $792 million in capital, including a 49% stake in Badger Wind Farm.

• 2025 earnings were impacted by higher operation and maintenance expenses and the absence of one-time benefits from 2024.

Financial highlights

• Full-year 2025 earnings: $190.4 million ($0.93/share) vs. $281.1 million ($1.37/share) in 2024.

• Income from continuing operations: $191.4 million ($0.93/share diluted) vs. $181.1 million ($0.88/share) in 2024.

• Electric utility earnings: $64.9 million (2025) vs. $74.8 million (2024); natural gas utility: $56.1 million (2025) vs. $46.9 million (2024).

• Pipeline segment posted record earnings of $68.2 million, supported by expansion projects and higher transportation revenue.

• Operating revenues for 2025 were $1,875.1 million, up from $1,758.0 million in 2024.

Outlook and guidance

• 2026 EPS guidance is $0.93–$1.00, assuming normal conditions and 1%-2% annual utility customer growth.

• Long-term EPS growth rate targeted at 6%-8%; annual dividend payout ratio targeted at 60%-70%.

• Revised 2026–2030 capital investment plan to $3.1 billion, with $560 million planned for 2026.