MDU RESOURCES GROUP INC
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
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4. Revenue from Contracts with Customers
Note 4 -Revenue from Contracts with Customers
Revenue is recognized when a performance obligation is satisfied by transferring control over a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. The Company is considered an agent for certain taxes collected from customers. As such, the Company presents revenues net of these taxes at the time of sale to be remitted to governmental authorities, including sales and use taxes.
As part of the adoption of ASC 606 -Revenue from Contracts with Customers, the Company elected the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the Company otherwise would have recognized is 12 months or less.
MDU Resources Group, Inc. Form 10-K 81
Index
Part II
Disaggregation
In the following table, revenue is disaggregated by the type of customer or service provided. The Company believes this level of disaggregation best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The table also includes a reconciliation of the disaggregated revenue by reportable segments. For more information on the Company's business segments, see Note 14.
| Year ended December 31, 2025 | Electric | Natural gas distribution | Pipeline | Other | Total |
|---|---|---|---|---|---|
| (In thousands) | |||||
| Residential utility sales | $137,673 | $654,793 | $— | $— | $792,466 |
| Commercial utility sales | 187,097 | 436,431 | — | — | 623,528 |
| Industrial utility sales | 38,066 | 44,183 | — | — | 82,249 |
| Other utility sales | 7,537 | — | — | — | 7,537 |
| Natural gas transportation | — | 66,978 | 191,542 | — | 258,520 |
| Natural gas storage | — | — | 23,270 | — | 23,270 |
| Other | 74,159 | 62,894 | 14,185 | 722 | 151,960 |
| Intersegment eliminations | (553) | (345) | (74,992) | (722) | (76,612) |
| Revenues from contracts with customers | 443,979 | 1,264,934 | 154,005 | — | 1,862,918 |
| Other revenues | (6,202) | 18,196 | 154 | — | 12,148 |
| Total external operating revenues | $437,777 | $1,283,130 | $154,159 | $— | $1,875,066 |
| Year ended December 31, 2024 | Electric | Natural gas distribution | Pipeline | Other | Total |
|---|---|---|---|---|---|
| (In thousands) | |||||
| Residential utility sales | $140,054 | $646,049 | $— | $— | $786,103 |
| Commercial utility sales | 171,760 | 399,087 | — | — | 570,847 |
| Industrial utility sales | 42,883 | 42,588 | — | — | 85,471 |
| Other utility sales | 7,910 | — | — | — | 7,910 |
| Natural gas transportation | — | 60,645 | 174,623 | — | 235,268 |
| Natural gas storage | — | — | 23,690 | — | 23,690 |
| Other | 59,288 | 40,703 | 13,139 | 195 | 113,325 |
| Intersegment eliminations | (72) | (130) | (69,222) | (195) | (69,619) |
| Revenues from contracts with customers | 421,823 | 1,188,942 | 142,230 | — | 1,752,995 |
| Other revenues | (7,417) | 12,033 | 367 | — | 4,983 |
| Total external operating revenues | $414,406 | $1,200,975 | $142,597 | $— | $1,757,978 |
| Year ended December 31, 2023 | Electric | Natural gas distribution | Pipeline | Other | Total |
|---|---|---|---|---|---|
| (In thousands) | |||||
| Residential utility sales | $136,274 | $724,600 | $— | $— | $860,874 |
| Commercial utility sales | 170,321 | 442,507 | — | — | 612,828 |
| Industrial utility sales | 43,063 | 45,205 | — | — | 88,268 |
| Other utility sales | 7,270 | — | — | — | 7,270 |
| Natural gas transportation | — | 52,465 | 145,297 | — | 197,762 |
| Natural gas storage | — | — | 18,254 | — | 18,254 |
| Other | 54,508 | 15,141 | 13,874 | 119 | 83,642 |
| Intersegment eliminations | (138) | (301) | (62,533) | (119) | (63,091) |
| Revenues from contracts with customers | 411,298 | 1,279,617 | 114,892 | — | 1,805,807 |
| Other revenues | (10,261) | 7,619 | 187 | — | (2,455) |
| Total external operating revenues | $401,037 | $1,287,236 | $115,079 | $— | $1,803,352 |
82 MDU Resources Group, Inc. Form 10-K
Index
Part II
Remaining performance obligations
The remaining performance obligations at the pipeline segment include firm transportation and storage contracts with fixed pricing and fixed volumes. The Company has applied the practical expedient that does not require additional disclosures for contracts with an original duration of less than 12 months to certain firm transportation and non-regulated contracts. The Company's firm transportation and storage contracts included in the remaining performance obligations have weighted average remaining durations of less than four years andone year, respectively.
At December 31, 2025, the Company expects to recognize revenue in future periods from remaining performance obligations, as follows:
| 12 months or less | Next 13-24 months | 25 months or more | Total |
|---|---|---|---|
| (In Millions) | |||
| $86.8 | $79.1 | $365.6 | $531.5 |
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