EarningsQ2 2026 Earnings Report
MX:MDU Q2 2026 EPS Results
Actual EPS$1.63
Consensus EPS$1.59
Beat/MissBeat by +$0.04
One Year Ago EPS$1.27
MX:MDU Q2 2026 Revenue Results
Actual Revenue$6.79B
Expected Revenue$7.18B
Beat/MissMissed by -$384.62M
YoY Revenue Growth+6.87%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeBefore Open
Conference CallThursday, August 6, 2026
MX:MDU Upcoming Earnings
Mdu Resources Group's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:MDU Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a generally positive operational and financial picture: strong quarter-over-quarter earnings growth, constructive regulatory outcomes in several jurisdictions, meaningful commercial progress on large growth projects (notably Bakken East precedent agreements and >1 GW of signed data center ESAs), and reaffirmed guidance and long-term growth targets. Key risks highlighted include a moderated pipeline segment result, higher interest expense, pending regulatory approvals and refunds, and timing/financing uncertainty around the large Bakken East project and data center approvals. Overall the positive execution and commercial milestones outweigh the remaining execution and regulatory risks.Company Guidance
Quarterly Earnings Growth
Reported Q2 2026 earnings of $21.3 million ($0.10 per share) versus $13.7 million ($0.07 per share) in Q2 2025 — an increase of approximately 55.5% in net earnings and ~42.9% in EPS. Year-to-date earnings improved to $102.1 million ($0.49 per share) from $95.7 million ($0.47 per share), increases of ~6.7% and ~4.3%, respectively.
Electric Utility Performance and Renewable Recovery
Electric utility earnings were $14.7 million in Q2 2026 versus $10.4 million a year ago (+~41.4%). Drivers included higher retail sales volumes across customer classes, interim/new rates in Montana and Wyoming, and recovery mechanisms tied to renewable investments — the Badger Wind Farm contributed $3.3 million in earnings during the quarter.
Natural Gas Distribution Improvement
Natural gas distribution reported a seasonal Q2 loss of $3.9 million versus a $7.4 million loss in Q2 2025, an improvement of ~47.3%. Improvements were driven by positive regulatory outcomes (Idaho, Washington, Montana, Wyoming), higher retail sales volumes (up 6.7% year-over-year) and customer growth of 1.6%.
Bakken East Commercial Milestone
Executed precedent agreements with all customers from the binding open season, totaling nearly 1.2 billion cubic feet per day (Bcf/d) of contracted transportation capacity and a negotiated option that may increase contracted volumes closer to original open season interest. Project still being designed for 1.4 Bcf/d with Phase 1 in-service target late 2029 and Phase 2 late 2030; anticipated FERC 7(c) filing now targeted for Q4 2026.
Data Center Load Pipeline
More than 1 gigawatt of data center load under signed electric service agreements (ESAs) with ~240 megawatts currently online. Signed an ESA with Applied Digital for Polaris Forge 3 (430 MW at full capacity) pending North Dakota Public Service Commission approval, signaling meaningful new-load growth potential under capital-light arrangements.
Capital Plan and Guidance Reaffirmed
Company reaffirmed 2026 EPS guidance of $0.93 to $1.00 and maintained a long-term EPS growth objective of 6%–8%. Announced a 2026–2030 capital program of approximately $3.1 billion (about $1.1B electric, $1.4B gas distribution, $643M pipeline).
Regulatory and Financing Progress
Multiple regulatory wins and filings: Montana interim rates and a $10 million settlement pending approval; Wyoming general rate case approved for $5.8M annual increase effective April 1, 2026; pipeline growth projects advancing (Line Section 32 on schedule targeting late-2028 in-service). Management states the balance sheet remains strong with ample access to working capital.
MX:MDU Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed