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MDU Resources Group cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$56.3M in Q3 2026 · −$320M over twelve months

Operating cash flow$82.3M
Capital spending−$139M
Free cash flow−$56.3M
Cash / net income5.8×

Analysis

In Q3 2026, MDU Resources Group generated $82.3M of operating cash flow and spent $139M on capital projects, leaving free cash flow of −$56.3M. That is $65.6M more than in Q3 2025 (−$122M).

Over the twelve months to Sep 30, 2026, operating cash flow was $428M; the largest uses were capital spending ($749M), dividends ($115M), other investing ($16.8M); besides operations, cash came from net borrowing (+) / repaid (−) ($245M), shares issued ($170M); the cash balance fell by $48.2M.

Operating cash flow was $82.3M against net income of $14.1M — 5.8× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$55.7M, other liabilities +$41.8M, prepaid and other assets −$23.8M.

Free cash flow

MDU Resources Group: free cash flow by quarterMDU Resources Group: free cash flow by quarter−$95.8MQ4 2024$124MQ1 2025$36.5MQ2 2025−$122MQ3 2025−$336MQ4 2025$56.8MQ1 2026$15.0MQ2 2026−$56.3MQ3 2026
Operating cash flow less capital spending.
MDU Resources Group: operating cash flow against capital spendingMDU Resources Group: operating cash flow against capital spendingOperating cash flowCapital spending$60.5M$156MQ4 2024$217M$93.0MQ1 2025$117M$80.9MQ2 2025$57.9M$180MQ3 2025$80.6M$417MQ4 2025$149M$92.4MQ1 2026$116M$101MQ2 2026$82.3M$139MQ3 2026
Latest (Q3 2026): Operating cash flow $82.3M, Capital spending $139M.

Capital allocation, year by year

MDU Resources Group: where the cash came from (up) and went (down), by fiscal yearMDU Resources Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $496MFY2021: Net borrowing $197MFY2021: Shares issued $88.8MFY2021: Asset sales $14.6MFY2021: Capital spending −$485MFY2021: Acquisitions −$2.5MFY2021: Buybacks −$6.7MFY2021: Dividends −$171M$796MFY2021FY2022: Operating cash flow $510MFY2022: Net borrowing $188MFY2022: Shares issued −$150KFY2022: Asset sales $11.3MFY2022: Capital spending −$443MFY2022: Buybacks −$7.4MFY2022: Dividends −$177M$709MFY2022FY2023: Operating cash flow $333MFY2023: Net borrowing $402MFY2023: Asset sales $260KFY2023: Capital spending −$484MFY2023: Buybacks −$4.8MFY2023: Dividends −$161M$735MFY2023FY2024: Operating cash flow $502MFY2024: Net borrowing $31.5MFY2024: Shares issued −$50KFY2024: Asset sales $691KFY2024: Capital spending −$523MFY2024: Dividends −$103M$534MFY2024FY2025: Operating cash flow $473MFY2025: Net borrowing $386MFY2025: Shares issued −$79KFY2025: Capital spending −$770MFY2025: Dividends −$108M$859MFY2025
Over these 5 years operating cash flow totalled $2.3B; the largest uses were capital spending ($2.7B) and dividends ($721M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$27.6M
Debt$2.6B
Net debt$2.6B
Due within a year$145M

MDU Resources Group's operations bring cash in ($428M over twelve months), and it spends more than that on capital projects: a gap of $320M funded from its $27.6M of cash and investments and from borrowing ($2.6B of debt, $145M due within a year). That is a choice to invest, not a cash runway running down.

MDU Resources Group: debt maturities by year (FY2025)MDU Resources Group: debt maturities by year (FY2025)$145MYear 1$275MYear 2$79.7MYear 3$74.7MYear 4$475MYear 5$1.6BAfter year 5
Principal due in each year as disclosed in the annual report, against $27.6M of cash and investments now.

Where the cash came from and went

MDU Resources Group: sources (+) and uses (−) of cash, Q3 2026MDU Resources Group: sources (+) and uses (−) of cash, Q3 2026Capital spending−$139MOperating cash flow$82.3MShares issued$59.2MDividends−$29.4MNet borrowing (+) / repaid (−)$19.4MCash drawn (+) / kept (−)$18.6MOther investing−$9.6MOther financing−$1.9M
MDU Resources Group: sources (+) and uses (−) of cash, TTM to Q3 2026MDU Resources Group: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$749MOperating cash flow$428MNet borrowing (+) / repaid (−)$245MShares issued$170MDividends−$115MCash drawn (+) / kept (−)$48.2MOther investing−$16.8MOther financing−$6.6MTaxes on employees’ shares−$4.5M

From profit to cash

MDU Resources Group: net income to operating cash flow, Q3 2026MDU Resources Group: net income to operating cash flow, Q3 2026Net income$14.1MDepreciation & amortization$55.7MStock-based pay$1.9MDeferred taxes$10.4MReceivables$2.4MInventory−$22.5MPayables−$5.5MPrepaid and other assets−$23.8MOther liabilities$41.8MOperating cash flow$82.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$82.3M−$139M−$29.4M$19.4M$59.2M$18.6M−$56.3M
Q2 2026$116M−$101M−$28.7M−$19.1M$29.6M$7.0M$15.0M
Q1 2026$149M−$92.4M−$28.6M−$80.5M$81.2M−$25.1M$56.8M
Q4 2025$80.6M−$417M−$28.6M$326M−$32K$47.6M−$336M
Q3 2025$57.9M−$180M−$26.6M$171M−$47K−$17.1M−$122M
Q2 2025$117M−$80.9M−$26.6M−$11.9M—$740K$36.5M
Q1 2025$217M−$93.0M−$26.5M−$99.1M—$7.4M$124M
Q4 2024$60.5M−$156M−$26.0M−$28.2M—$37.1M−$95.8M

MDU Resources Group: income statement and cash flow

MDU Resources Group, Q3 2026: revenue $348M (+10% year over year), operating margin 13.7%. The chart follows the revenue to costs, profit and cash.

MDU Resources Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.