MDU RESOURCES GROUP INC
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 6, 2026
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. Revenue from contracts with customers
Note 9 -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.
Under 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.
The Company recognizes revenue from the sale of emissions allowances allocated under the environmental programs in certain states. The Company has the right to payment when the allowances are sold at auction. Revenue is recognized on a point in time basis within the quarter that the auction is held. The revenues associated with the sale of these allowances are deferred as a component of the respective jurisdiction’s regulatory liability for environmental compliance. For more information on the Company’s regulatory assets and liabilities, see Note 10.
Disaggregation
In the following tables, 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.
| Three Months Ended September 30, 2026 | Electric | Natural gasdistribution | Pipeline | Other | Total |
|---|---|---|---|---|---|
| (In thousands) | |||||
| Residential utility sales | $44,224 | $68,618 | $— | $— | $112,842 |
| Commercial utility sales* | 69,706 | 45,653 | — | — | 115,359 |
| Industrial utility sales | 10,541 | 7,054 | — | — | 17,595 |
| Other utility sales | 2,266 | — | — | — | 2,266 |
| Natural gas transportation | — | 18,478 | 46,606 | — | 65,084 |
| Natural gas storage | — | — | 5,845 | — | 5,845 |
| Other | 19,082 | 10,583 | 4,187 | 203 | 34,055 |
| Intersegment eliminations | (125) | (86) | (4,096) | (203) | (4,510) |
| Revenues from contracts with customers | 145,694 | 150,300 | 52,542 | — | 348,536 |
| Other revenues | (3,415) | 2,585 | 40 | — | (790) |
| Total external operating revenues | $142,279 | $152,885 | $52,582 | $— | $347,746 |
| *Commercial utility sales includes the impact from data centers at the electric segment. | |||||
Index
| Three Months Ended September 30, 2025 | Electric | Natural gasdistribution | Pipeline | Other | Total |
|---|---|---|---|---|---|
| (In thousands) | |||||
| Residential utility sales | $35,730 | $64,225 | $— | $— | $99,955 |
| Commercial utility sales* | 52,492 | 45,581 | — | — | 98,073 |
| Industrial utility sales | 9,525 | 7,873 | — | — | 17,398 |
| Other utility sales | 1,949 | — | — | — | 1,949 |
| Natural gas transportation | — | 16,292 | 47,239 | — | 63,531 |
| Natural gas storage | — | — | 5,680 | — | 5,680 |
| Other | 19,118 | 7,983 | 4,439 | 182 | 31,722 |
| Intersegment eliminations | (138) | (92) | (4,269) | (182) | (4,681) |
| Revenues from contracts with customers | 118,676 | 141,862 | 53,089 | — | 313,627 |
| Other revenues | (1,014) | 2,353 | 70 | — | 1,409 |
| Total external operating revenues | $117,662 | $144,215 | $53,159 | $— | $315,036 |
| *Commercial utility sales includes the impact from data centers at the electric segment. | |||||
| Nine Months Ended September 30, 2026 | Electric | Natural gasdistribution | Pipeline | Other | Total |
|---|---|---|---|---|---|
| (In thousands) | |||||
| Residential utility sales | $118,705 | $420,945 | $— | $— | $539,650 |
| Commercial utility sales* | 169,369 | 269,453 | — | — | 438,822 |
| Industrial utility sales | 31,497 | 28,059 | — | — | 59,556 |
| Other utility sales | 6,309 | — | — | — | 6,309 |
| Natural gas transportation | — | 52,818 | 142,856 | — | 195,674 |
| Natural gas storage | — | — | 16,842 | — | 16,842 |
| Other | 59,946 | 42,504 | 10,752 | 603 | 113,805 |
| Intersegment eliminations | (416) | (261) | (48,607) | (604) | (49,888) |
| Revenues from contracts with customers | 385,410 | 813,518 | 121,843 | (1) | 1,320,770 |
| Other revenues | (6,197) | 14,361 | 92 | — | 8,256 |
| Total external operating revenues | $379,213 | $827,879 | $121,935 | $(1) | $1,329,026 |
| *Commercial utility sales includes the impact from data centers at the electric segment. | |||||
| Nine Months Ended September 30, 2025 | Electric | Natural gasdistribution | Pipeline | Other | Total |
|---|---|---|---|---|---|
| (In thousands) | |||||
| Residential utility sales | $103,984 | $453,501 | $— | $— | $557,485 |
| Commercial utility sales* | 144,397 | 303,611 | — | — | 448,008 |
| Industrial utility sales | 27,936 | 32,433 | — | — | 60,369 |
| Other utility sales | 5,592 | — | — | — | 5,592 |
| Natural gas transportation | — | 49,816 | 142,612 | — | 192,428 |
| Natural gas storage | — | — | 16,882 | — | 16,882 |
| Other | 53,832 | 43,086 | 10,778 | 540 | 108,236 |
| Intersegment eliminations | (457) | (278) | (47,401) | (540) | (48,676) |
| Revenues from contracts with customers | 335,284 | 882,169 | 122,871 | — | 1,340,324 |
| Other revenues | (7,476) | 8,088 | 119 | — | 731 |
| Total external operating revenues | $327,808 | $890,257 | $122,990 | $— | $1,341,055 |
| *Commercial utility sales includes the impact from data centers at the electric segment. | |||||
Index
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, storage 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 five years andfour years, respectively.
At September 30, 2026, 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) | |||
| $82.4 | $78.6 | $323.6 | $484.6 |
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