Every material Form 8-K MDU Resources Group has filed with the SEC since February 14, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
MDU Resources reported third-quarter 2026 net income of $14.0 million, down from $18.4 million a year earlier, and diluted EPS of $0.07 versus $0.09. Revenue rose to $347.8 million from $315.1 million, and the company reaffirmed 2026 EPS guidance of $0.93 to $1.00. Shareholders also learned that the board made a positive final investment decision on the Bakken East Pipeline, with an estimated capital investment of $2.8 billion to $3.1 billion.
Net income was $14.0 million versus $18.4 million; diluted EPS was $0.07 versus $0.09, and adjusted EPS was $0.08 versus $0.09.
Operating revenues were $347.8 million, up from $315.1 million in the third quarter of 2025.
Electric utility net income rose to $26.5 million from $21.5 million, while the natural gas distribution segment posted a $20.7 million seasonal loss and pipeline net income fell to $13.1 million from $16.8 million.
The Bakken East Pipeline decision was made Sept. 30, 2026; the company's estimated capital range is $2.8 billion to $3.1 billion, and first-phase completion is expected in late 2029.
MDU Resources reported second-quarter 2026 net income of $21.3 million, up from $13.7 million a year earlier, and diluted earnings per share of $0.10 versus $0.07. The company reaffirmed its 2026 earnings-per-share guidance of $0.93 to $1.00, and the filing says the proposed Bakken East Pipeline application is now expected to be filed in the fourth quarter of 2026.
Q2 2026 net income was $21.3 million, up 55.5% from $13.7 million in Q2 2025; diluted EPS was $0.10 versus $0.07.
Six-month 2026 net income was $102.1 million, compared with $95.7 million in the same period of 2025.
2026 EPS guidance of $0.93 to $1.00 was reaffirmed, and the long-term EPS growth objective of 6% to 8% remains.
The Bakken East Pipeline FERC Section 7(c) application is now anticipated in Q4 2026, with a projected project cost of $2.7 billion to $3.2 billion.
At its May 11, 2026 annual meeting, MDU Resources stockholders approved an amended and restated Long-Term Performance-Based Incentive Plan that increases the shares available for issuance by 6,564,000, to a total of 15,806,806, and elected all eight director nominees. The Board also adopted a revised code of business conduct on May 13, 2026, which shareholders can review on the company's website.
LTIP share reserve increased by 6,564,000 shares to a total of 15,806,806; the plan took effect on stockholder approval on May 11, 2026.
Stockholders approved the LTIP with 154,587,051 votes for and 2,817,302 against.
Advisory vote on executive compensation passed with 155,483,583 votes for and 2,448,238 against.
Board adopted the "Leading With Integrity Policy" on May 13, 2026, with updates covering artificial intelligence, conflicts of interest and regulatory compliance.
MDU Resources reported first quarter 2026 net income of $80.8 million, or $0.39 per diluted share, down from $82.0 million, or $0.40, a year earlier, as operating revenues fell to $606.0 million from $674.8 million on warmer weather. The company affirmed 2026 earnings guidance of $0.93 to $1.00 per share and said it has not made a final investment decision on the proposed Bakken East Pipeline, whose projected capital cost is $2.7 billion to $3.2 billion on top of the current $3.1 billion capital forecast.
Q1 2026 net income $80.8 million vs. $82.0 million; diluted EPS $0.39 vs. $0.40
Operating revenues $606.0 million vs. $674.8 million; milder weather reduced volumes
Bakken East open season drew about 1.4 billion cubic feet per day of submitted interest; about 40% signed under precedent agreements
2026 EPS guidance of $0.93 to $1.00 affirmed; long-term EPS growth target of 6% to 8% unchanged
MDU Resources reported fourth-quarter and full-year 2025 results and initiated 2026 earnings guidance of $0.93 to $1.00 per share. Full-year net income fell to $190.4 million from $281.1 million, but the company says the prior year included discontinued operations from the Everus spinoff, while income from continuing operations rose to $191.4 million from $181.1 million.
Full-year 2025 operating revenues were $1,875.1 million, up from $1,758.0 million in 2024; fourth-quarter revenues were $534.0 million, compared with $535.5 million.
Diluted EPS from continuing operations was $0.93 in 2025, up from $0.88 in 2024; total diluted EPS was $0.93, down from $1.37.
Fourth-quarter 2025 net income was $76.3 million, compared with $55.2 million a year earlier.
The company plans $560 million of capital investment in 2026 and reaffirmed long-term EPS growth of 6% to 8%.
An indirect MDU subsidiary, WBI Energy Transmission, amended its private shelf agreement with Prudential, extending through December 22, 2028 the period in which it may issue up to $350 million of senior unsecured notes. WBI has already issued $235 million under the agreement, leaving $115 million available, and plans to use proceeds for general corporate purposes, including funding previously announced WBI capital expenditures.
Amendment dated January 14, 2026, entered January 15, 2026, between WBI, PGIM (Prudential) and other purchasers
Up to $350 million of additional senior unsecured notes may be issued through December 22, 2028, unless terminated
$235 million already issued under the agreement; $115 million remains available
Agreement includes customary covenants and events of default; Prudential may decide purchases in its sole discretion
On December 23, 2025, the underwriters of MDU Resources' December 3, 2025 public offering exercised in full their option to buy 1,522,842 more shares of common stock, and the company entered into additional forward sale agreements covering those shares. The additional shares were sold to the underwriters on December 26, 2025. Settlement of these agreements is at the company's discretion by December 6, 2027, and the initial forward sale price is $18.90 per share, which may be adjusted, so settlement could dilute earnings per share.
December 23, 2025: underwriters exercised in full their option for 1,522,842 additional shares of common stock.
December 26, 2025: forward sellers borrowed and sold the additional forward shares to the underwriters.
Initial forward sale price is $18.90 per share, subject to adjustment for an overnight bank funding rate less a spread and for expected dividends.
Settlement is due by December 6, 2027, at the company's discretion; physical or net share settlement would dilute earnings per share.
MDU Resources Group entered into an amended and restated credit agreement with U.S. Bank and other lenders on December 11, 2025. The main change extends the maturity of the revolving commitments from May 31, 2028 to December 11, 2030, while keeping the $200 million initial commitment. The filing describes the terms as largely unchanged from the previous agreement, so the change mainly affects the timing of the company's borrowing capacity.
Maturity extended from May 31, 2028 to December 11, 2030
Initial commitment of $200 million, with a $25 million standby letter of credit facility and a $25 million swingline subfacility
Commitment may be increased by up to $50 million at the company's request, subject to conditions
Financial covenant: funded debt to total capitalization not greater than 65% at any fiscal quarter-end
MDU Resources entered into forward sale agreements on December 3, 2025, covering 10,152,284 shares of common stock that were borrowed from third parties and sold to underwriters on December 5, 2025. The company can settle the agreements by December 6, 2027, and any shares issued at settlement would dilute earnings per share, so existing shareholders could see their ownership and per-share earnings affected.
Initial forward sale price is $19.04 per share, subject to adjustment for a floating interest rate factor and expected dividends.
Forward purchasers are Wells Fargo Bank, Bank of America and JPMorgan Chase Bank; underwriters have a 30-day option on 1,522,842 additional shares.
Settlement may occur on dates set by the company through December 6, 2027, and the company may settle in shares, cash or net shares.
MDU Resources reported third-quarter 2025 income from continuing operations of $18.4 million, up from $15.6 million a year earlier, and narrowed its 2025 earnings guidance to $0.90 to $0.95 per share from $0.88 to $0.95. Reported net income fell to $18.4 million from $64.6 million, but the prior-year figure included $49.0 million from discontinued operations tied to the Everus spinoff, so the continuing-operations comparison is the more direct one for shareholders.
Q3 2025 diluted EPS from continuing operations was $0.09, compared with $0.08 in Q3 2024.
Operating revenues were $315.1 million, up from $289.6 million; electric segment net income fell to $21.5 million from $24.3 million.
Pipeline segment net income rose 11.3% to $16.8 million; natural gas distribution posted a seasonal loss of $18.2 million versus $17.5 million a year earlier.
The long-term EPS growth expectation of 6%-8% is unchanged.
MDU Resources increased its board to nine directors and elected Charles M. Kelley and Tammy J. Miller, both effective August 12, 2025, to serve until the 2026 Annual Meeting. Both were also appointed to the Audit Committee, and the board determined that both are independent under NYSE listing standards.
Board size increased to nine directors; Kelley and Miller elected August 12, 2025, effective immediately
Both will serve until the 2026 Annual Meeting of Stockholders and are on the Audit Committee
Kelley spent a 25-year career at ONEOK, most recently as senior vice president of Natural Gas Pipelines
Miller is a former lieutenant governor of North Dakota and former CEO and board chair of Border States
MDU Resources Group entered into a distribution agreement on August 7, 2025 to sell common stock with an aggregate gross sale price of up to $400 million, through agents and forward sale agreements. The company is not obligated to sell any shares, and actual sales will depend on market conditions and its funding needs, so the filing does not show the amount it will raise.
Up to $400 million of common stock may be issued and sold from time to time under the distribution agreement
Agents receive a commission of up to 1.0% of sales prices; forward sellers receive up to 1.0% commission
Shares are registered under an automatic shelf registration statement filed August 7, 2025 (File No. 333-289348)
Company expects to physically settle forward sale agreements, which would bring cash proceeds on future settlement dates
MDU Resources reported second-quarter 2025 net income of $13.7 million, or $0.07 per diluted share, down from $60.4 million, or $0.30 per share, a year earlier. The prior-year figure included discontinued operations from the Everus spinoff. Operating revenues rose to $351.2 million from $344.5 million, and the company narrowed its 2025 earnings guidance to $0.88 to $0.95 per share.
Q2 2025 operating revenues were $351.2 million, up from $344.5 million; Q2 operating income was $30.4 million, down from $39.5 million
2025 EPS guidance narrowed to $0.88 to $0.95 per share; long-term EPS growth expectation of 6%-8% is unchanged
Electric segment net income fell to $10.4 million and natural gas distribution posted a seasonal loss of $7.4 million, citing higher operation and maintenance costs and warmer weather
At its May 13, 2025 annual meeting, MDU Resources stockholders approved an amended and restated long-term incentive plan that now covers non-employee directors and sets new pay caps, and re-elected all seven board nominees. The company also adopted an updated code of business conduct on May 14, 2025, and ratified Deloitte & Touche LLP as auditor for 2025.
Amended LTIP caps non-employee director awards at $600,000 a year and employee awards at $8 million or 500,000 shares, whichever is greater
All seven board nominees elected for one-year terms, with Dennis W. Johnson receiving the most votes against at 6,063,862
Advisory say-on-pay proposal approved with 148,199,129 votes for and 10,334,399 against
Deloitte & Touche LLP ratified as independent auditor for fiscal 2025 with 181,721,026 votes for
MDU Resources reported first-quarter 2025 results with income from continuing operations of $82.5 million, up from $74.7 million, and operating revenues of $674.8 million, up from $588.2 million. Reported net income fell to $82.0 million from $100.9 million, mainly because the prior-year period included discontinued operations from the Everus spinoff, and the company affirmed its 2025 diluted EPS guidance of $0.88 to $0.98.
Diluted EPS was $0.40 versus $0.49 a year earlier; EPS from continuing operations was $0.40 versus $0.37
Pipeline segment earnings were a record $17.2 million, up 13.9%; natural gas distribution earnings were $44.7 million, up 11.5%
Electric segment earnings fell to $15.0 million from $17.9 million, due mainly to higher operation and maintenance expense and generation outage costs
The company affirmed 2025 EPS guidance of $0.88 to $0.98, assuming normal weather and 1%-2% annual customer growth
Montana-Dakota Utilities, a subsidiary of MDU Resources, agreed on February 13, 2025 to buy a 49% ownership interest in the Badger Wind project in North Dakota for $294.0 million in cash. The deal is subject to closing conditions including regulatory approvals, and the company also adopted amended bylaws that update director nomination procedures.
Purchase price of $294.0 million in cash for a 49% interest, representing 122.5 megawatts of the project's approximately 250 megawatts
Purchase agreement signed February 13, 2025 with Badger Wind, LLC, a subsidiary of Orsted Onshore North America, LLC; closing is subject to conditions including HSR waiting period expiration and the North Dakota Public Service Commission ap
Either party may terminate if the closing has not occurred by December 1, 2026, or if construction costs exceed thresholds of $496.4 million or $509.4 million as set out in the agreement
Board approved amended and restated bylaws effective February 13, 2025, updating director nomination and proposal procedures
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