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MDU Resources Group (MDU) investor relations material
MDU Resources Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 income from continuing operations was $18.4 million ($0.09 per share), up from $15.6 million ($0.08 per share) in Q3 2024, reflecting the Everus spinoff and restated results.
Focused on regulated energy delivery, operational diversification, and a supportive regulatory environment.
Completed the separation of Everus in October 2024, now reported as discontinued operations.
Maintains a long-term EPS growth target of 6%–8% and a 60%–70% annual dividend payout ratio.
Board maintains an 87-year dividend history.
Financial highlights
Q3 2025 net income from continuing operations was $18.4 million, up from $15.6 million in Q3 2024; diluted EPS was $0.09, up from $0.08.
Operating revenues for Q3 2025 were $315.1 million, up from $289.6 million in Q3 2024.
Electric utility earnings were $21.5 million, down from $24.3 million year-over-year due to higher O&M and depreciation.
Natural gas utility posted a seasonal loss of $18.2 million, slightly higher than last year's $17.5 million loss, with nine-month net income of $19.1 million.
Pipeline segment achieved record Q3 earnings of $16.8 million, up from $15.1 million, driven by new projects and strong demand.
Outlook and guidance
2025 EPS guidance narrowed to $0.90–$0.95 per share, assuming normal weather and continued 1%–2% utility customer growth.
Long-term EPS growth rate expected at 6%–8%, with a 60%–70% annual dividend payout target.
Utility rate base growth of 6.8% in 2024; expects 7%–8% annual rate base growth over the next five years.
Capital expenditures for 2025 estimated at $531.7 million, focused on system upgrades and growth projects.
580 MW of data center load under signed agreements, with staged ramp-up through 2027.
O&M cost trends impact on 2026 outlook
Bakken East $50M commitment impact on valuation
Mitigating capital project execution risk
Data center load: capital-light vs. new gen?
Bakken East: financing strategy and partners?
Near-term equity needs: timing and size?
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Next MDU Resources Group earnings date
Q4 202512 Feb, 2026
Next MDU Resources Group earnings date
Q4 202512 Feb, 2026
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Frequently asked questions
MDU Resources Group Inc is a diversified energy and infrastructure company involved in regulated utility services, construction materials, and contracting services. It supplies electricity and natural gas to residential, commercial, and industrial customers, and also provides construction services for infrastructure and utility systems. MDU Resources Group Inc is headquartered in Bismarck, North Dakota, and its shares are listed on the NYSE.
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