MDU Resources Group, Inc. reported a consolidated net income of $190.4 million for the fiscal year ending December 31, 2025, a decrease from $281.1 million in 2024. The company's earnings per share (EPS) for 2025 was $0.93, down from $1.38 the previous year. Total operating revenues increased to $1.88 billion, compared to $1.76 billion in 2024, driven primarily by growth in the natural gas distribution segment, which saw revenues rise to $1.28 billion from $1.20 billion. The electric segment, however, experienced a decline in earnings, attributed to higher operational costs and maintenance expenses.
The company underwent significant strategic changes during the fiscal year, including the completion of the separations of Knife River and Everus, which became independent publicly traded companies in May 2023 and October 2024, respectively. These separations have resulted in the historical results of operations for these segments being classified as discontinued operations. MDU Resources also acquired a 49% ownership interest in the Badger Wind Farm, which was placed in service in December 2025, securing 122.5 MW of generation capacity.
Operationally, MDU Resources reported a total employee headcount of 2,096 as of December 31, 2025. The company served approximately 1.08 million natural gas customers across eight states, reflecting a customer growth rate of about 1.5% year-over-year. The electric segment served 146,550 customers, with retail sales volumes increasing due to the addition of a data center in North Dakota, which contributed to higher demand and revenue.
Looking ahead, MDU Resources anticipates continued growth in its customer base and capital investments of approximately $2.5 billion over the next five years. The company expects to maintain a focus on operational excellence and infrastructure upgrades to meet increasing demand, particularly in the context of evolving regulatory environments and the transition to renewable energy sources. The company is also monitoring legislative changes that may impact its operations, particularly regarding greenhouse gas emissions and energy standards.
About MDU RESOURCES GROUP INC
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