MDU RESOURCES GROUP INC
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
MDU$19.25+3.3%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Definitions
| Abbreviation or Acronym | |
|---|---|
| AFUDC | Allowance for funds used during construction |
| Applied Digital | Applied Digital Corporation |
| Army Corps | U.S. Army Corps of Engineers |
| ASC | FASB Accounting Standards Codification |
| ASU | FASB Accounting Standards Update |
| ATM | At-the-Market |
| Badger Wind Farm | 250 MW wind turbine farm near Wishek, North Dakota (49.0 percent ownership) |
| Bcf | Billion cubic feet |
| Big Stone Station | 475-MW coal-fired electric generating facility near Big Stone City, South Dakota (22.7 percent ownership) |
| Board | Company's Board of Directors |
| BSSE | 345-kV transmission line from Ellendale, North Dakota, to Big Stone City, South Dakota (50 percent ownership) |
| Cascade | Cascade Natural Gas Corporation, an indirect wholly-owned subsidiary of MDU Energy Capital |
| Centennial | CEHI, LLC, a direct wholly-owned subsidiary of the Company, formerly known as Centennial Energy Holdings, Inc. prior to the separation of Knife River from the Company. References to Centennial's historical business and operations refer to the business and operations of Centennial Energy Holdings, Inc. |
| Centennial Capital | Centennial Holdings Capital LLC, a direct wholly-owned subsidiary of Centennial |
| CERCLA | Comprehensive Environmental Response, Compensation and Liability Act |
| CIO | Chief Information Officer |
| Code | U.S. Internal Revenue Code |
| CODM | Chief Operating Decision Maker |
| Company | MDU Resources Group, Inc. |
| COVID-19 | Coronavirus disease 2019 |
| Coyote Creek | Coyote Creek Mining Company, LLC, a subsidiary of The North American Coal Corporation |
| Coyote Station | 427-MW coal-fired electric generating facility near Beulah, North Dakota (25 percent ownership) |
| CWIP | Construction work in progress, costs associated with the construction of new utility facilities recorded on the balance sheet until these facilities are placed in service. |
| CyROC | Cyber Risk Oversight Committee |
| DC Circuit Court | U.S Court of Appeals for the D.C. Circuit |
| dk | Decatherm |
| EBITDA | Earnings before interest, taxes, depreciation and amortization |
| EIN | Employer Identification Number |
| EDA | Equity Distribution Agreement |
| EPA | U.S. Environmental Protection Agency |
| ERISA | Employee Retirement Income Security Act of 1974, as amended |
| ERM | Enterprise risk management |
| ESG | Environmental, social and governance |
| Everus | Everus Construction Group, Inc., a wholly-owned subsidiary of the Company prior to the separation from the Company, that was established in conjunction with the separation of Everus Construction |
| Everus Construction | Everus Construction, Inc., a direct wholly-owned subsidiary of Centennial prior to the separation from the Company, formerly known as MDU Construction Services Group, Inc. prior to March 12, 2024 |
| Exchange Act | Securities Exchange Act of 1934, as amended |
| FASB | Financial Accounting Standards Board |
| FERC | Federal Energy Regulatory Commission |
4 MDU Resources Group, Inc. Form 10-K
| Fidelity | Fidelity Exploration & Production Company, an indirect wholly-owned subsidiary of Centennial (previously referred to as the Company's exploration and production segment) |
|---|---|
| FIP | Funding improvement plan |
| FSA | Forward sale agreement |
| GAAP | Accounting principles generally accepted in the United States of America |
| GHG | Greenhouse gas |
| Great Plains | Great Plains Natural Gas Co., a public utility division of Montana-Dakota |
| GVTC | Generation Verification Test Capacity |
| Holding Company Reorganization | The internal holding company reorganization completed on January 1, 2019, pursuant to the agreement and plan of merger, dated as of December 31, 2018, by and among Montana-Dakota, the Company and MDUR Newco Sub, which resulted in the Company becoming a holding company and owning all of the outstanding capital stock of Montana-Dakota. |
| IBEW | International Brotherhood of Electrical Workers |
| ICWU | International Chemical Workers Union |
| Impact Report | Company's 2024 Impact Report |
| Intermountain | Intermountain Gas Company, an indirect wholly-owned subsidiary of MDU Energy Capital |
| IPUC | Idaho Public Utilities Commission |
| IRA | Inflation Reduction Act |
| IRP | Integrated Resource Plan |
| IRS | Internal Revenue Service |
| Item 8 | Financial Statements and Supplementary Data |
| JETx | 345-kV transmission line from Jamestown, North Dakota to Ellendale, North Dakota (50 percent ownership) |
| Knife River | Established as Knife River Corporation prior to the separation from the Company, a direct wholly-owned subsidiary of Centennial. Knife River refers to Knife River Corporation, during the period prior to separation, now known as "KRC Materials, Inc." Following the separation Knife River refers to Knife River Holding Company, now known as Knife River Corporation. |
| K-Plan | Company's 401(k) Retirement Plan |
| kW | Kilowatts |
| kWh | Kilowatt-hour |
| kV | Kilovolts |
| Leading with Integrity Policy | Company's code of business conduct |
| MAOP | Maximum allowable operating pressure |
| MD&A | Management's Discussion and Analysis of Financial Condition and Results of Operations |
| MDU Energy Capital | MDU Energy Capital, LLC, a direct wholly-owned subsidiary of the Company |
| MDUR Newco | MDUR Newco, Inc., a public holding company created by implementing the Holding Company Reorganization, now known as the Company |
| MDUR Newco Sub | MDUR Newco Sub, Inc., a direct, wholly-owned subsidiary of MDUR Newco, which was merged with and into Montana-Dakota in the Holding Company Reorganization |
| MEPP | Multiemployer pension plan |
| MISO | Midcontinent Independent System Operator, Inc., the organization that provides open-access transmission services and monitors the high-voltage transmission system in the Midwest United States and Manitoba, Canada and a southern United States region which includes much of Arkansas, Mississippi and Louisiana |
| MMcf | Million cubic feet |
| MMdk | Million dk |
| MNPUC | Minnesota Public Utilities Commission |
| Montana-Dakota | Montana-Dakota Utilities Co. a direct wholly-owned subsidiary of MDU Energy Capital |
| MPPAA | Multiemployer Pension Plan Amendments Act of 1980 |
| MTPSC | Montana Public Service Commission |
| MW | Megawatt |
| NDDEQ | North Dakota Department of Environmental Quality |
MDU Resources Group, Inc. Form 10-K 5
| NDPSC | North Dakota Public Service Commission |
|---|---|
| NERC | North American Electric Reliability Corporation |
| NPA | Note Purchase Agreement |
| NYSE | New York Stock Exchange |
| OBBBA | One Big Beautiful Bill Act |
| ODEQ | Oregon Department of Environmental Quality |
| OPUC | Oregon Public Utility Commission |
| PCAOB | Public Company Accounting Oversight Board |
| PCBs | Polychlorinated biphenyls |
| PHMSA | Pipeline and Hazardous Material Safety Administration |
| PPA | Power purchase agreement |
| Proxy Statement | Company's 2026 Proxy Statement |
| PRP | Potentially Responsible Party |
| PSAs | Performance share awards |
| RCRA | Resource Conservation and Recovery Act |
| RNG | Renewable natural gas |
| ROE | Return on equity |
| RP | Rehabilitation plan |
| RSUs | Restricted stock units |
| SBCC | State Building Code Council |
| SDPUC | South Dakota Public Utilities Commission |
| SEC | U.S. Securities and Exchange Commission |
| Securities Act | Securities Act of 1933, as amended |
| Sheridan System | A separate electric system owned by Montana-Dakota |
| SOFR | Secured Overnight Financing Rate |
| SPP | Southwest Power Pool, the organization that manages the electric grid and wholesale power market for the central United States. |
| TSA | Transportation Security Administration |
| UA | United Association of Journeyman and Apprentices of the Plumbing and Pipefitting Industry of the United States and Canada |
| VIE | Variable interest entity |
| Washington DOE | Washington State Department of Ecology |
| WBI Energy | WBI Energy, Inc., an indirect wholly-owned subsidiary of Centennial |
| WBI Energy Transmission | WBI Energy Transmission, Inc., an indirect wholly-owned subsidiary of Centennial |
| WUTC | Washington Utilities and Transportation Commission |
| Wygen III | 100-MW coal-fired electric generating facility near Gillette, Wyoming (25 percent ownership) |
| WYPSC | Wyoming Public Service Commission |
| ZRCs | Zonal resource credits - a MW of demand equivalent assigned to generators by MISO for meeting system reliability requirements |
6 MDU Resources Group, Inc. Form 10-K
Index
Part I
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.