MDU NYSE Russell 1000 Earnings call
MDU Resources (MDU) · Q2 2026 results and valuation
Share price: $19.44 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 6 Aug 2026 and 7 May 2026
Net income down 73.7% on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−73.7%
Net income vs Q1 2026
Net income 21.2M vs 80.8M
Revenue −38.1%
Against the same quarter last year (Q2 2025) it is +54.1%, so the move on last quarter looks seasonal or timing-related rather than a trend.
2 · How management spoke
Typical
Less upbeat than 63% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Figure
MDU is evaluating financing, partnership, and other commercial options to support the projected $2.7 billion to $3.2 billion.
Valuation
Is MDU Resources undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 2.4% growth a year (3-year revenue growth), the model's fair value is $0.23 a share — the stock trades 8294% above it. Today's price assumes 15.2% growth a year.
Current price
$19.44
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+15.2% for 10 yrs
Fair value / share
$0.23
Buy below
$0.17
Price vs fair value
Overvalued >200%
Price vs buy-below price
Overvalued >200%
Read between the lines
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Key theme
The company is focusing on obtaining a final investment decision from the Board by securing precedent agreements to evaluate all options for the project.
Source quote
“And of course, you need to get in front of our Board to look at a final investment decision on this project. So we've been very focused on getting these precedent agreements signed and getting to a point of a decision. So I think it's safe to say we'll look at all options out there.”
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Key theme
MDU reached a milestone by signing precedent agreements that the company identified as real positive news for the team.
Source quote
“I really want to give a shout out to the WBI team, extremely proud of the milestone here that we announced... And I guess I just want to start by echoing what Jason said. So that's real positive news.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“We delivered solid results while also continuing to advance strategic infrastructure opportunities that continue to support long-term growth.”
“Our natural gas distribution segment reported a seasonal second quarter loss of $3.9 million compared to a seasonal loss of $7.4 million in the second quarter of 2025.”
“Retail sales volumes increased 6.7% and customer growth was 1.6% year-over-year.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 375.3M | 606.0M | −38.1% | 351.2M | +6.9% |
| Operating income | 47.9M | 115.7M | −58.6% | 30.3M | +58.1% |
| Net income | 21.2M | 80.8M | −73.7% | 13.8M | +54.1% |
| EPS | 0.10 | 0.39 | −74.4% | 0.07 | +42.9% |
| P/E today 19.7 | 22.3 | 22.5 | −0.2 | 15.9 | +6.4 |
Topics
Most discussed now
- As MDU Resources moves through the remainder of 2026, it remains focused on disciplined execution of its capital program, constructive…
- As MDU Resources mentioned in the news release, and I also reiterated as part of my talking points here today, it...
- Essentially, what MDU Resources has done with that customer is they're working all customers are working on timing with their applicable…
- The bottom line is the Center ESA right now, MDU Resources is still waiting for approval and final move forward on...
Faded since Q1 2026
- Dropped Weather normalization mechanisms in certain states helped offset the warmer temperatures experienced in the quarter.
- Fading Results reflected strong operational performance across MDU Resources' businesses, offset by mild winter weather impacts, which reduced…
- Fading In terms of the overall next steps following that, as MDU Resources moves forward with executing the remaining agreements, the next...
- Fading Certainly both WBI and MDU Resources' potential customers hope to reach an FID as soon as practical.
Latest announcements
Official filings, newest first.
- Results of operations; Regulation FD disclosure · SEC 8-K
- Director or officer change; 5.05; Shareholder vote results · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Material agreement; New financial obligation · SEC 8-K
- Material agreement; Other events · SEC 8-K
- Material agreement; Acquisition or disposal · SEC 8-K
- Material agreement; Other events · SEC 8-K