MDU Resources reported net income of $190.4 million for 2025, translating to diluted earnings per share of $0.93, compared with $281.1 million and $1.37 per share in the prior year (before the Everus spinoff). Income from continuing operations rose $10.3 million year-over-year to $191.4 million. Utility rate base expanded 16.0%, driven in part by the company’s 49% acquisition of the Badger Wind Farm. For 2026, MDU Resources targets EPS of $0.93 to $1.00 and plans approximately $560 million in capital investments, projecting 1%–2% utility customer growth and normal weather conditions.

The electric utility segment earnings declined by $9.9 million to $64.9 million, pressured by higher operation and maintenance costs including payroll, outage expenses at Coyote generating station and increased software and insurance costs. These were partially offset by stronger retail sales volumes, notably from a data center near Ellendale, North Dakota. The natural gas distribution segment posted earnings of $56.1 million, up $9.2 million, driven by rate relief across Washington, Montana, South Dakota and Wyoming, partially offset by elevated maintenance expenses. The pipeline segment achieved a record $68.2 million in earnings, supported by higher transportation revenue from expansion projects and short-term capacity demand, offset by increased payroll, depreciation and property taxes.

In the electric segment, MDU filed general rate cases requesting $14.1 million in Montana and $7.5 million in Wyoming; Montana interim rates were denied and under reconsideration, while a Wyoming settlement for $5.8 million was submitted with rates expected April 1, 2026. North Dakota approved a Renewable Resource Cost Adjustment including Badger Wind Farm recovery on January 26, 2026. In the natural gas segment, Washington’s year-one increase of $29.8 million (reduced by $3.7 million on June 1, 2025) remains subject to provisional plant review; Idaho approved a $13.0 million increase effective January 1, 2026; Oregon’s $16.4 million request is pending; and Montana and Wyoming approved increases of $7.3 million and $2.1 million respectively during 2025.

During 2025, MDU deployed $792 million of capital, including acquisition of 49% of Badger Wind Farm. The Minot Expansion Project placed in service November 1, 2025, added approximately seven million cubic feet per day of pipeline capacity. Line Section 32 FERC application is expected March 2026 with a late-2028 completion target. Early-stage development continues on the 90-mile Minot Industrial Project through mid-2026. The Bakken East Project pre-filing request was submitted December 23, 2025, with a binding open season through March 13, 2026. Long-term EPS growth remains guided at 6%–8% annually.