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MDU Resources Group (MDU) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · MDU Resources Group (MDU) Q3 2026 earnings results →
Q3 2026 Revenue up 10% year over year to $348M · 4¢ of every $1 of revenue kept as net profit · operating margin 13.7%
MDU Resources Group made $348M in Q3 2026 (+10% Y/Y). Operating margin 13.7%, net earnings $14.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $347.7M in Q3 2026, up 10% year over year and down 7% from the previous quarter.
Operating profit was $47.6M, a 13.7% margin (up 1.0 points year over year). Of the extra revenue versus Q3 2025, 24% reached operating profit, above the 13% margin then. Total costs grew 9% against revenue growth of 10%. The fastest-growing cost line was SG&A (+14%). Net earnings were $14.1M, down 23% year over year. The effective tax rate was 14.0%.
Operating cash flow was $82.3M (up 42% year over year), 584% of net earnings. Non-cash charges added back $55.7M of depreciation and amortization and $1.9M of share-based compensation. Working capital and other items added $10.6M. Capital expenditures of $138.6M exceeded it, leaving free cash flow of −$56.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $348M | +10% | 13.7% | $14.1M | $82.3M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $375M | +7% | 12.8% | $21.2M | $116M |
| Q1 2026 | 10-Q | May 7, 2026 | $606M | -10% | 19.1% | $80.8M | $149M |
| Q4 2025 | 10-K | Feb 20, 2026 | $534M | -0.3% | 20.1% | $76.3M | $80.6M |
| Q3 2025 | 10-Q | Nov 10, 2025 | $315M | +9% | 12.6% | $18.3M | $57.9M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $351M | +2% | 8.6% | $13.8M | $117M |
| Q1 2025 | 10-Q | May 8, 2025 | $675M | +15% | 16.7% | $82.0M | $217M |
Charts
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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📈Investments: gains and what it boughtinteractive
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Customers and suppliers named in filings
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About MDU Resources Group
MDU Resources Group, Inc., a member of the S&P SmallCap 600 index, strives to deliver safe, reliable, cost-effective and environmentally responsible electric utility and natural gas distribution services to more than 1.2 million customers across the Pacific Northwest and Midwest. In addition to its utility operations, the company’s pipeline business operates a more than 3,800-mile natural gas pipeline network and storage system, ensuring reliable energy delivery across the Northern Plains. With a legacy spanning over a century, MDU Resources remains focused on energizing lives for a better tomorrow. For more information about MDU Resources, visit www.mdu.com or contact the investor relations department at investor@mduresources.com .
In its own words, from its 8-K, filed Aug 6, 2026.
MDU Resources Group against its Natural Gas Distribution peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +10% against the peers' median +7%. Operating margin: 13.7% against the peers' median 31.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MDU MDU Resources Group | Q3 2026 | $348M | +10% | 13.7% |
| LNG Cheniere Energy | Q3 2026 | $6.2B | +39% | 31.0% |
| VG Venture Global | Q2 2026 | $4.6B | +48% | 47.8% |
| Cheniere Corpus Christi Holdings, LLC | Q3 2026 | $2.7B | +84% | 21.2% |
| CQP Cheniere Energy Partners, L.P. | Q3 2026 | $2.6B | +7% | 31.7% |
| Sabine Pass Liquefaction, LLC | Q3 2026 | $2.5B | +7% | 29.4% |
| ATO Atmos Energy | Q3 FY26 | $879M | +5% | 36.4% |
| NFG National Fuel Gas | Q3 FY26 | $537M | +1% | 38.9% |
| SR Spire | Q3 FY26 | $420M | -0.4% | 5.6% |
Source: MDU Resources Group 10-Q on SEC EDGAR · CIK 67716 · Natural Gas Distribution
Guidance and outlook
13F: who owns MDU and who is buying
More on MDU
- How MDU Resources Group makes money: revenue by segment
- MDU Resources Group next earnings date and what analysts expect
- MDU Resources Group stock forecast, price target and fair value
- Who owns MDU Resources Group stock: holders, funds and Congress trades
- MDU Resources Group guidance and outlook
- Is MDU Resources Group a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
Compare MDU with
- MDU Resources Group vs National Fuel Gas (MDU vs NFG)
- MDU Resources Group vs Spire (MDU vs SR)
- MDU Resources Group vs New Jersey Resources (MDU vs NJR)
- MDU Resources Group vs New Fortress Energy (MDU vs NFE)
- MDU Resources Group vs Excelerate Energy (MDU vs EE)
- MDU Resources Group vs Northwest Natural Holding (MDU vs NWN)