Total Reportable Segment Operating Revenues was Mdu Resources’s largest segment in fiscal 2025, bringing in $1.26B of $1.19B (106%).
| Segment | FY 2021 | FY 2022 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Total Reportable Segment Operating Revenues | — | $1.20B | $1.26B | |
| Operating Segments | $1.27B | — | — | |
| Other Revenue | — | $195.00K | — | |
| Other | $86.00K | — | — | |
| Corporate, Non-Segment | — | — | — | |
| Intersegment Eliminations | — | — | -$76.96M | |
| Total | $1.27B | $1.20B | $1.19B |
Mdu Resources brought in $1.19B from its two segments in fiscal 2025, the year ended December 31, 2025. That is less than the $1.25B it reports by major customers, so these segments do not cover all of its revenue. Total Reportable Segment Operating Revenues was the largest at $1.26B (106.5%).
Mdu Resources began breaking out Total Reportable Segment Operating Revenues in fiscal 2024, when it brought in $1.20B. Mdu Resources stopped reporting Operating Segments ($1.27B in fiscal 2022), Other Revenue ($195.00K in fiscal 2024) and Other ($86.00K in fiscal 2022) as separate segments. The total is net of Intersegment Eliminations, which took $76.96M off revenue in fiscal 2025.
Residential Utility Sales was Mdu Resources’s largest revenue line in fiscal 2025, bringing in $930.14M of $1.25B (74%).
| Major Customers | FY 2022 | FY 2024 | FY 2025 |
|---|---|---|---|
| Residential Utility Sales | $995.46M | $926.16M | $930.14M |
| Commercial Utility Sales | $453.80M | $742.61M | $187.10M |
| Industrial Utility Sales | $129.24M | $42.88M | $126.43M |
| Other Utility Sales | $7.60M | $7.91M | $7.54M |
| Total | $1.59B | $1.72B | $1.25B |
Mdu Resources brought in $1.25B from its four revenue lines in fiscal 2025, the year ended December 31, 2025. That was down 27.2% from $1.72B in fiscal 2024. Residential Utility Sales was the largest at $930.14M (74.3%), ahead of Commercial Utility Sales at $187.10M (15.0%) and Industrial Utility Sales at $126.43M (10.1%). The remaining revenue line, Other Utility Sales, brought in $7.54M.
Compared with fiscal 2024, Industrial Utility Sales grew fastest, up 194.8% to $126.43M, while Commercial Utility Sales fell the most, down 74.8% to $187.10M. From fiscal 2022 to 2025, combined revenue from these revenue lines fell from $1.59B to $1.25B, a compound annual decline of 7.6%. Residential Utility Sales' share of the total rose from 62.8% to 74.3%.
Natural Gas Transportation was Mdu Resources’s largest product and service line in fiscal 2025, bringing in $450.06M of $699.45M (64%).
| Product and Service | FY 2015 | FY 2025 |
|---|---|---|
| Nonregulated Operations | — | |
| Regulated Operations | — | |
| Natural Gas Transportation | $450.06M | |
| Other | $226.12M | |
| Natural Gas Storage | $23.27M | |
| Total | $699.45M |
Mdu Resources brought in $699.45M from its three product and service lines in fiscal 2025, the year ended December 31, 2025. That is less than the $1.25B it reports by major customers, so these lines do not cover all of its revenue. Natural Gas Transportation was the largest at $450.06M (64.3%), ahead of Other at $226.12M (32.3%) and Natural Gas Storage at $23.27M (3.3%).
Mdu Resources (MDU) reports its revenue by segment, by major customers and by product and service. In fiscal 2025, Total Reportable Segment Operating Revenues was its largest segment, bringing in $1.26B (106.5% of the total).
Total Reportable Segment Operating Revenues was Mdu Resources' largest segment in fiscal 2025, bringing in $1.26B, or 106.5% of the $1.19B total across its two segments.
Residential Utility Sales was Mdu Resources' largest revenue line in fiscal 2025, bringing in $930.14M, or 74.3% of the $1.25B total across its four revenue lines.
Natural Gas Transportation was Mdu Resources' largest product and service line in fiscal 2025, bringing in $450.06M, or 64.3% of the $699.45M total across its three product and service lines.
Among Mdu Resources' revenue lines that make up at least 2% of revenue, Industrial Utility Sales grew fastest in fiscal 2025, up 194.8% from $42.88M to $126.43M.
Every figure comes from Mdu Resources' annual financial filings, as reported. Each line keeps the name Mdu Resources gives it, and years follow its fiscal calendar.
Mdu Resources' revenue by segment goes back to fiscal 2021, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.