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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Item 8. Consolidated Statements of Cash Flows
Index
Part II
Consolidated Statements of Cash Flows
| Years ended December 31, | 2025 | 2024 | 2023 |
|---|---|---|---|
| (In thousands) | |||
| Operating activities: | |||
| Net income | $190,395 | $281,108 | $414,707 |
| Less: (loss) income from discontinued operations, net of tax | (1,012) | 100,035 | 84,590 |
| Income from continuing operations | 191,407 | 181,073 | 330,117 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 206,708 | 200,078 | 190,450 |
| Deferred income taxes | (8,923) | (16,078) | (1,309) |
| Provision for credit losses | 6,920 | 6,558 | 7,422 |
| Amortization of debt issuance costs | 1,259 | 1,828 | 1,013 |
| Employee stock-based compensation costs | 6,556 | 8,423 | 5,505 |
| Pension and postretirement benefit plan net periodic benefit credit | (1,069) | (3,837) | (5,380) |
| Unrealized (gains) on investments | (6,575) | (5,942) | (7,431) |
| Losses (gains) on sales of assets | 25 | (857) | (347) |
| Gain on tax-free exchange of the retained shares in Knife River | — | — | (186,556) |
| Changes in current assets and liabilities, net of acquisitions: | |||
| Receivables | 8,353 | (30,310) | 79,111 |
| Inventories | 4,342 | 246 | (21,729) |
| Other current assets | 54,459 | 80,977 | (48,492) |
| Accounts payable | (9,618) | (443) | (87,209) |
| Other current liabilities | 24,446 | (5,252) | 73,365 |
| Pension and postretirement benefit plan contributions | (3,079) | (3,000) | (7,643) |
| Other noncurrent changes | (1,121) | (1,651) | (15,554) |
| Net cash provided by continuing operations | 474,090 | 411,813 | 305,333 |
| Net cash (used in) provided by discontinued operations | (725) | 90,505 | 27,294 |
| Net cash provided by operating activities | 473,365 | 502,318 | 332,627 |
| Investing activities: | |||
| Capital expenditures | (770,394) | (522,824) | (484,136) |
| Net proceeds from sale or disposition of property | — | 691 | 260 |
| Cost of removal, net of salvage value | (11,283) | (5,539) | 1,170 |
| Investments | (4,182) | (5,155) | (2,423) |
| Proceeds from investment excess cash and cost basis withdrawal | 5,000 | 9,000 | 20,000 |
| Net cash used in continuing operations | (780,859) | (523,827) | (465,129) |
| Net cash used in discontinued operations | — | (28,858) | (75,662) |
| Net cash used in investing activities | (780,859) | (552,685) | (540,791) |
| Financing activities: | |||
| Issuance of short-term borrowings | — | — | 810,000 |
| Repayment of short-term borrowings | — | (95,000) | (433,901) |
| Issuance of long-term debt | 565,350 | 308,600 | 594,700 |
| Repayment of long-term debt | (179,466) | (182,135) | (568,883) |
| Debt issuance costs | (4,283) | (2,456) | (2,521) |
| Costs of issuance of common stock | (79) | (50) | — |
| Dividends paid | (108,244) | (102,939) | (161,316) |
| Repurchase of common stock | — | — | (4,811) |
| Tax withholding on stock-based compensation | (4,476) | (2,623) | (3,040) |
| Net cash provided by (used in) continuing operations | 268,802 | (76,603) | 230,228 |
| Net cash provided by (used in) discontinued operations | — | 116,899 | (25,606) |
| Net cash provided by financing activities | 268,802 | 40,296 | 204,622 |
| Decrease in cash, cash equivalents and restricted cash | (38,692) | (10,071) | (3,542) |
| Cash, cash equivalents and restricted cash - beginning of year | 66,904 | 76,975 | 80,517 |
| Cash, cash equivalents and restricted cash - end of year * | $28,212 | $66,904 | $76,975 |
MDU Resources Group, Inc. Form 10-K 71
Index
Part II
| Supplemental cash flow information: | |||
|---|---|---|---|
| Cash expenditures during the year for: | |||
| Interest, net** | $99,210 | $108,242 | $112,839 |
| Income taxes paid, net*** | $30,838 | $43,572 | $12,162 |
| Noncash investing and financing transactions: | |||
| Property, plant and equipment additions in accounts payable | $45,338 | $36,820 | $46,364 |
| Right-of-use assets obtained in exchange for new operating lease liabilities | $14,905 | $1,787 | $2,265 |
| Debt for equity exchange of retained shares in Knife River | $— | $— | $293,239 |
*Includes cash of discontinued operations of $16.5 million for the year ended December 31, 2023.
**AFUDC - borrowed was $7.4 million, $11.0 million and $10.0 million for the years ended December 31, 2025, 2024, and 2023, respectively.
***Income taxes paid, including discontinued operations, were $30.8 million, $80.9 million and $62.5 million for the years ended December 31, 2025, 2024, and 2023, respectively.
72 MDU Resources Group, Inc. Form 10-K
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