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MDU Resources Group MDU Natural gas distribution — CapEx

Other segment segments

Electric
$422.93M+282%
Pipeline
$59.35M-53.2%
Other
$0-100%

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Other financials

Income statement

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Revenue$606.0M-10.2%
Operating income$115.7M+2.5%
Net income$80.8M-1.4%
EPS (diluted)$0.39-2.5%

Balance sheet

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Cash & equivalents$53.3M-10.5%
Total debt$2.6B+18.3%
Total equity$2.9B+5.9%
Total assets$7.7B+10.4%

Cash flow

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Operating cash flow$149.2M-31.4%
CapEx$92.4M-0.7%
Free cash flow$56.8M-54.4%

Valuation

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Market cap$4.34B+21.4%
Enterprise value$6.88B+20.8%
P/E22.9×+6.3×
P/S2.4×+0.5×

Profitability

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Operating margin16.2%+1.0pp
Net margin10.5%-3.7pp
FCF margin-20.2%-23.2pp

Returns & leverage

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Return on equity6.7%-2.5pp
Debt / equity0.9×+0.1×
Current ratio0.8×-0.1×

Where this comes from

Reported directly by MDU Resources Group in its filing.

Tagged under the XBRL concept us-gaap:SegmentExpenditureAdditionToLongLivedAssets.

The source filing: MDU Resources Group’s 10-K, filed February 20, 2026.

Filed
Feb 20, 2026, 8:32 AM EST
Fiscal year
FY2025
Accession
0000067716-26-000014
Year ended December 31, 2025ElectricNatural gas distributionPipelineOtherConsolidated
Income tax expense (benefit)(9,578)9,60419,932(388)19,570
Income (loss) from continuing operations64,89656,05268,1782,281191,407
Discontinued operations, net of tax(1,012)(1,012)
Net income$64,896$56,052$68,178$1,269$190,395
Capital expenditures (a)$422,929$298,553$59,348$780,830
Assets$2,367,067$3,909,046$1,196,959$149,134$7,622,206
Property, plant and equipment$2,868,379$4,003,754$1,388,691$4,148$8,264,972
Accumulated depreciation and amortization$734,674$1,194,279$373,020$2,814$2,304,787

Item 8. Financial Statements and Supplementary Data

FAQ

What is MDU Resources Group's natural gas distribution — capex?
MDU Resources Group (MDU) reported natural gas distribution — capex of $74.64M in Q4 2025.
How has MDU Resources Group's natural gas distribution — capex changed year-over-year?
MDU Resources Group's natural gas distribution — capex increased by 4.3% year-over-year, from $71.54M to $74.64M.
What is the long-term trend for MDU Resources Group's natural gas distribution — capex?
Over 4 years (2021 to 2025), MDU Resources Group's natural gas distribution — capex has grown at a 15.0% compound annual growth rate (CAGR), from $170.41M to $298.55M.
What does natural gas distribution — capex mean?
The cash outflows used by the natural gas distribution segment to acquire, upgrade, or maintain physical assets like pipelines and distribution networks. High levels of expenditure typically indicate ongoing investment in system reliability, safety, and regulatory compliance.

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