MDU Resources Group Inc
Statements
Segments
US companies must disclose in their mandatory reports how revenue breaks down across business segments, regions and product lines. We read that breakdown for you straight from the annual and quarterly reports (10-K and 10-Q) of MDU Resources Group Inc (MDU). It shows which part of the business is growing — and which one is holding it back.
Revenue by business segment
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Natural gas distribution | $847.7M 15.3% | $962.6M 28.3% · +13.6% | $1.28B 72.7% · +32.6% | $1.28B 70.9% · +0.3% | $1.19B 67.8% · -7.1% | $1.26B 67.9% · +6.4% |
| Electric | $331.5M 6.0% | $355.9M 10.5% · +7.4% | $381.7M 21.8% · +7.2% | $411.3M 22.8% · +7.7% | $421.8M 24.1% · +2.6% | $444.0M 23.8% · +5.3% |
| Pipeline | $85.3M 1.5% | $82.9M 2.4% · -2.9% | $96.4M 5.5% · +16.4% | $114.9M 6.4% · +19.1% | $142.2M 8.1% · +23.8% | $154.0M 8.3% · +8.3% |
| Other | -$55.0K 0.0% | $84.0K 0.0% · +252.7% | $0 0.0% · -100.0% | $0 0.0% | $0 0.0% | $0 0.0% |
| Construction materials and contracting | $2.18B 39.4% | – | – | – | – | – |
| Construction services | $2.09B 37.8% | $2.00B 58.8% · -4.3% | – | – | – | – |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Natural gas distribution | $73.1M 8.6% | $89.2M 9.3% | – | – | – | – |
| Electric | $63.4M 19.1% | $66.3M 18.6% | – | – | – | – |
| Pipeline | $49.4M 57.9% | $48.1M 58.0% | – | – | – | – |
| Other | -$3.2M -5,761.8% | -$18.3M -21,772.6% | – | – | – | – |
| Construction materials and contracting | $214.5M 9.9% | – | – | – | – | – |
| Construction services | $147.6M 7.1% | $145.8M 7.3% | – | – | – | – |
Large figure: segment operating income. Below it the margin, that is operating income measured against the revenue of the same segment.
Segment and region names are the ones the company itself uses and are shown as reported. Change and share refer to revenue.
Data as of: August 14, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q) · Segment figures: SEC EDGAR (10-K/10-Q reports)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.