MDU Resources Group, Inc. (MDU) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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MDU Revenue Growth
Revenue Breakdown (FY 2025)
MDU's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
MDU Revenue Analysis (2014–2025)
As of May 8, 2026, MDU Resources Group, Inc. (MDU) generated trailing twelve-month (TTM) revenue of $1.81 billion, reflecting significant decline in growth of -10.2% year-over-year. The most recent quarter (Q1 2026) recorded $606.0 million in revenue, up 13.5% sequentially.
Looking at the longer-term picture, MDU's 5-year compound annual growth rate (CAGR) stands at -19.5%, indicating revenue contraction over this period. The company achieved its highest annual revenue of $5.53 billion in 2020.
Revenue diversification analysis shows MDU's business is primarily driven by Natural Gas Transportation (60%), Other Revenues (35%), and Natural Gas, Storage (5%). With over half of revenue concentrated in Natural Gas Transportation, the company maintains significant focus in this area while developing other growth vectors.
When compared to Industrials sector peers including NI (+15.0% YoY), OGE (+4.1% YoY), and AVA (-1.5% YoY), MDU has underperformed the peer group in terms of revenue growth. Compare MDU vs NI →
MDU Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| MDUCurrent | $1.8B | -10.2% | -19.5% | 15.5% | |
 NI | $6.6B | +15.0% | +7.2% | 27.6% | |
 OGE | $3.3B | +4.1% | +9.0% | 24.5% | |
 AVA | $2.0B | -1.5% | +8.2% | 18.0% | |
 OTTR | $1.3B | -0.5% | +7.9% | 26.5% | |
 NWE | $1.6B | +9.1% | +6.1% | 20.2% |
MDU Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $1.88B | +6.7% | $404.9M | 21.6% | $290.4M | 15.5% |
| 2024 | $1.76B | -2.5% | $571.9M | 32.5% | $265.6M | 15.1% |
| 2023 | $1.80B | +3.2% | $518.5M | 28.8% | $224.9M | 12.5% |
| 2022 | $1.75B | -49.4% | $490.1M | 28.0% | $200.9M | 11.5% |
| 2021 | $3.45B | -37.6% | $687.3M | 19.9% | $331.1M | 9.6% |
| 2020 | $5.53B | +3.7% | $1.05B | 18.9% | $544.9M | 9.8% |
| 2019 | $5.34B | +17.8% | $933.4M | 17.5% | $481.2M | 9.0% |
| 2018 | $4.53B | +2.0% | $790.6M | 17.4% | $401.7M | 8.9% |
| 2017 | $4.44B | +7.6% | $802.9M | 18.1% | $428.7M | 9.6% |
| 2016 | $4.13B | -1.5% | $777.2M | 18.8% | $409.1M | 9.9% |
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Start ComparisonMDU — Frequently Asked Questions
Quick answers to the most common questions about buying MDU stock.
Is MDU's revenue growth accelerating or slowing?
MDU revenue declined -10.2% year-over-year, contrasting with the 5-year CAGR of -19.5%. TTM revenue fell to $1.8B. This reverses the prior growth trend.
What is MDU's long-term revenue growth rate?
MDU Resources Group, Inc.'s 5-year revenue CAGR of -19.5% reflects the variable expansion pattern. Current YoY growth of -10.2% is below this long-term average.
How is MDU's revenue distributed by segment?
MDU reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.