Filing Flows › MDU Resources Group (MDU) › Q4 2025
MDU Resources Group (MDU) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 20, 2026
MDU Resources Group (MDU) reported revenue of $534M for the fourth quarter 2025 (Q4 2025), -0.3% from a year earlier and +70% from the quarter before. Operating margin was 20.1%, net earnings $76.3M (14.3% of revenue).
MDU Resources Group, Q4 2025: revenue $534M (-0.3% year over year), operating margin 20.1%, net earnings $76.3M, operating cash flow $80.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $534M | +70% | -0.3% |
| Operating profit | $107M | +169% | +14% |
| Net earnings | $76.3M | +317% | +38% |
| Operating cash flow | $80.6M | +39% | +33% |
What changed
Revenue was $534.0M in Q4 2025, roughly flat year over year and up 70% from the previous quarter.
Operating profit was $107.3M, a 20.1% margin (up 2.4 points year over year). Total costs fell 3% while revenue was flat. Net earnings were $76.3M, up 38% year over year. The effective tax rate was 9.4%.
Operating cash flow was $80.6M (up 33% year over year), 106% of net earnings. Non-cash charges added back $51.5M of depreciation and amortization and $1.6M of share-based compensation. Working capital and other items used $49.0M. Capital expenditures of $416.6M exceeded it, leaving free cash flow of −$336.0M.
Questions
What was MDU Resources Group's revenue in the fourth quarter 2025?
MDU Resources Group (MDU) reported revenue of $534M for the fourth quarter 2025 (Q4 2025), -0.3% from a year earlier and +70% from the quarter before.
Was MDU Resources Group profitable in the fourth quarter 2025?
Operating profit was $107M (20.1% of revenue) and net earnings $76.3M.