Cash Flow Statement

Operating Cash Flow

-7%

-38%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	147	128	131	148	145	163	175	175	179	194	200	207	218	240	255	275	294	285	307	316	309	327	420	432	457	483	400	294	(121)	(181)	(207)	(123)	262	256	224	241	242	238	241	213	206	215	121	(1)	20	12	126	279	278	285	303	294	(71)	(362)	(613)	(658)	(335)	(327)	(95)	(67)	(44)	227	232	281	286	289	309	272	271	289	319	336	320	358	373	390	417	418	404	378	358	328	337	368	374	434	361	0	306	236	226	281	262	216	169	190
Depreciation & Amortization	144	147	152	158	166	175	182	188	194	199	204	209	212	212	219	219	228	241	248	257	265	271	282	302	319	339	354	366	372	363	349	331	316	317	322	329	335	337	341	343	344	344	347	359	367	379	387	200	393	299	249	203	157	205	217	212	214	218	210	216	213	210	208	208	209	211	214	220	227	237	247	256	265	274	281	285	290	292	295	299	306	259	324	328	330	327	239	214	187	220	223	200	196	192	187	207
Change in Deffered Taxes	24	21	25	31	30	37	43	65	68	63	62	33	25	28	23	23	33	34	38	39	46	48	53	67	66	77	92	65	(177)	(177)	(201)	(170)	67	73	102	67	93	92	75	119	117	135	79	(8)	5	(65)	(2)	29	78	98	58	55	35	36	50	(25)	(34)	(33)	(39)	(2)	(10)	(11)	(18)	(25)	(27)	(16)	34	60	75	78	67	63	53	44	31	(2)	6	10	12	60	44	48	49	23	39	76	68	(4)	(12)	(68)	(80)	(16)	(31)	(27)	(16)	(9)
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	4	0	0	0	5	0	0	0	4	0	0	0	6	0	0	0	6	0	0	0	6	0	0	0	7	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	5	7	8	10	7	8	9	6	13	13	17	21	13	13	9	7	8	8	5	6	6	6	9	9	8	7	7	6	0
Other Non-Cash Items	0	0	0	(1)	8	7	8	4	0	(10)	(11)	(18)	(18)	(23)	(21)	5	(0)	23	28	22	28	(37)	(157)	(195)	(197)	(141)	(28)	136	756	756	756	617	(3)	(3)	(3)	(23)	(23)	(22)	(22)	10	13	6	158	375	375	374	235	289	14	154	189	174	516	702	888	1 032	661	633	438	340	363	106	79	103	101	67	54	(7)	(7)	(5)	(5)	0	1	(2)	1	(1)	(1)	(1)	(1)	(9)	(4)	(138)	4	4	(3)	(106)	(274)	(281)	(279)	(41)	(18)	(3)	1	(0)	4	7
Cash Taxes Paid	77	70	60	61	60	52	54	32	30	22	19	51	55	84	88	107	110	131	152	105	103	141	153	215	222	192	179	113	81	35	25	40	67	63	47	47	52	24	(1)	(12)	(22)	(23)	2	3	(4)	(2)	30	53	42	0	0	80	69	87	0	61	78	91	135	106	105	108	79	112	114	84	75	16	17	16	9	(9)	(9)	(12)	33	66	79	112	83	71	57	25	28	27	35	44	49	64	56	80	78	44	44	17	18	31
Cash Interest Paid	42	41	42	38	40	42	42	48	47	51	51	50	47	47	48	48	55	53	64	66	71	73	72	74	75	77	79	77	84	80	83	81	81	80	82	81	81	82	79	78	75	73	72	74	74	80	77	82	81	0	0	81	105	126	0	89	133	134	155	88	82	82	80	80	80	80	80	83	84	89	89	93	90	96	92	89	87	87	86	91	93	85	107	83	96	98	92	120	113	121	111	108	107	102	102	99
Change in Working Capital	5	(9)	(17)	(10)	(16)	9	(4)	(13)	(28)	(20)	(16)	3	44	(33)	(38)	(39)	(91)	(71)	(51)	27	(15)	(1)	(14)	(43)	(45)	(94)	(119)	(75)	61	185	270	192	41	9	(56)	(61)	(60)	(42)	(43)	(59)	(48)	(154)	(162)	(141)	(171)	(56)	(63)	(42)	(21)	(102)	(67)	(139)	(88)	(24)	9	101	102	79	42	(24)	(18)	(34)	(43)	(118)	(102)	(66)	(117)	(46)	(170)	(299)	(242)	(113)	(18)	154	136	96	73	(28)	(57)	(233)	(191)	(65)	(299)	(212)	(385)	(267)	5	(10)	168	45	79	41	126	155	109	78
Cash from Operating Activities	320 N/A	287 -10%	291 +2%	326 +12%	333 +2%	391 +18%	403 +3%	418 +4%	412 -1%	427 +3%	439 +3%	433 -1%	481 +11%	424 -12%	438 +3%	484 +10%	464 -4%	512 +10%	569 +11%	660 +16%	634 -4%	607 -4%	584 -4%	563 -4%	600 +6%	663 +11%	699 +5%	786 +13%	891 +13%	946 +6%	967 +2%	847 -12%	684 -19%	652 -5%	589 -10%	552 -6%	587 +6%	603 +3%	592 -2%	627 +6%	631 +1%	547 -13%	544 0%	585 +7%	597 +2%	644 +8%	684 +6%	754 +10%	742 -2%	733 -1%	733 0%	587 -20%	549 -6%	557 +1%	550 -1%	662 +20%	608 -8%	570 -6%	556 -2%	462 -17%	503 +9%	499 -1%	458 -8%	448 -2%	467 +4%	485 +4%	494 +2%	500 +1%	396 -21%	300 -24%	386 +28%	542 +41%	620 +14%	827 +33%	821 -1%	768 -6%	785 +2%	690 -12%	652 -5%	496 -24%	513 +3%	432 -16%	415 -4%	510 +23%	354 -31%	464 +31%	400 -14%	333 -17%	541 +63%	561 +4%	599 +7%	502 -16%	555 +10%	536 -3%	453 -15%	473 +4%
Investing Cash Flow
Capital Expenditures	(257)	(240)	(254)	(277)	(286)	(294)	(277)	(313)	(303)	(324)	(326)	(338)	(383)	(413)	(454)	(378)	(395)	(402)	(407)	(480)	(488)	(482)	(490)	(558)	(600)	(702)	(736)	(747)	(727)	(633)	(533)	(449)	(427)	(413)	(444)	(449)	(408)	(437)	(449)	(497)	(589)	(661)	(787)	(873)	(887)	(916)	(892)	(531)	(901)	(694)	(628)	(429)	(385)	(486)	(547)	(537)	(516)	(484)	(356)	(388)	(346)	(312)	(306)	(341)	(374)	(408)	(465)	(568)	(597)	(639)	(646)	(576)	(582)	(543)	(567)	(558)	(530)	(571)	(572)	(659)	(699)	(607)	(694)	(657)	(660)	(679)	(564)	(520)	(492)	(531)	(550)	(523)	(490)	(453)	(476)	(770)
Other Items	(71)	(85)	(15)	(77)	(162)	(170)	(181)	(108)	(39)	(23)	(48)	(49)	(23)	(187)	(92)	(266)	(289)	(254)	(360)	(180)	(144)	(16)	290	216	36	25	(220)	(361)	(198)	(195)	(195)	17	16	(78)	(84)	41	40	141	144	33	50	1	(4)	(15)	(15)	31	51	(251)	(92)	(264)	(193)	(475)	(299)	(235)	(258)	154	215	327	264	83	166	162	157	127	14	(6)	(12)	(143)	(174)	(155)	(153)	(28)	(65)	(52)	(50)	(72)	(4)	(29)	(29)	(227)	(232)	(303)	(224)	18	21	54	(25)	(21)	(15)	31	33	(30)	(41)	(38)	(44)	(10)
Cash from Investing Activities	(328) N/A	(325) +1%	(270) +17%	(354) -31%	(447) -26%	(463) -4%	(457) +1%	(421) +8%	(342) +19%	(347) -2%	(374) -8%	(387) -3%	(406) -5%	(599) -48%	(546) +9%	(644) -18%	(684) -6%	(655) +4%	(767) -17%	(660) +14%	(632) +4%	(498) +21%	(199) +60%	(342) -72%	(563) -65%	(676) -20%	(957) -41%	(1 107) -16%	(925) +16%	(828) +10%	(728) +12%	(432) +41%	(411) +5%	(492) -19%	(528) -7%	(408) +23%	(368) +10%	(296) +20%	(305) -3%	(465) -53%	(539) -16%	(659) -22%	(791) -20%	(888) -12%	(902) -2%	(885) +2%	(841) +5%	(783) +7%	(992) -27%	(958) +3%	(821) +14%	(904) -10%	(684) +24%	(721) -5%	(805) -12%	(383) +52%	(302) +21%	(158) +48%	(93) +41%	(305) -229%	(180) +41%	(150) +17%	(150) +0%	(214) -43%	(360) -68%	(414) -15%	(477) -15%	(711) -49%	(771) -8%	(794) -3%	(798) -1%	(604) +24%	(646) -7%	(595) +8%	(617) -4%	(630) -2%	(534) +15%	(600) -12%	(601) 0%	(886) -47%	(930) -5%	(910) +2%	(919) -1%	(639) +30%	(639) 0%	(625) +2%	(589) +6%	(541) +8%	(507) +6%	(500) +1%	(518) -3%	(553) -7%	(530) +4%	(491) +7%	(520) -6%	(781) -50%
Financing Cash Flow
Net Issuance of Common Stock	42	40	15	55	55	55	55	1	55	55	66	70	18	19	13	9	9	8	15	20	32	33	23	17	5	6	7	15	13	10	61	65	66	67	17	5	10	9	8	6	0	0	0	0	0	0	0	15	69	147	160	150	105	32	27	22	12	7	0	0	(2)	(17)	(17)	(17)	(21)	(5)	(5)	(5)	39	70	106	107	72	41	5	3	13	48	82	82	62	27	(8)	(8)	(5)	(5)	(5)	(5)	(0)	(0)	0	0	0	0	0	0
Net Issuance of Debt	50	81	14	67	155	106	120	94	(13)	8	2	(23)	24	166	134	247	260	285	247	41	3	(96)	(289)	(111)	77	120	316	357	102	(63)	(181)	(243)	(162)	(79)	15	16	(81)	(155)	(92)	(105)	(13)	232	329	349	412	374	266	94	279	147	190	229	101	197	98	(221)	(270)	(316)	(326)	(7)	(156)	(227)	(162)	(77)	75	90	174	392	486	614	468	131	184	(115)	(44)	18	(154)	29	32	478	544	386	709	345	499	501	241	280	13	98	95	29	(63)	(88)	32	382
Cash Paid for Dividends	(64)	(65)	(67)	(68)	(70)	(71)	(72)	(73)	(75)	(77)	(79)	(81)	(83)	(84)	(86)	(88)	(89)	(91)	(92)	(94)	(95)	(97)	(99)	(101)	(103)	(105)	(107)	(109)	(111)	(113)	(115)	(115)	(116)	(117)	(118)	(119)	(120)	(121)	(122)	(123)	(124)	(125)	(126)	(160)	(128)	(129)	(130)	(98)	(132)	(133)	(135)	(137)	(139)	(140)	(142)	(143)	(144)	(145)	(146)	(147)	(148)	(149)	(150)	(151)	(152)	(152)	(154)	(155)	(156)	(157)	(159)	(160)	(162)	(164)	(165)	(166)	(167)	(169)	(170)	(171)	(173)	(175)	(176)	(177)	(178)	(179)	(180)	(161)	(142)	(122)	(102)	(103)	(104)	(105)	(106)	(108)
Other	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3	3	2	3	3	4	5	5	4	5	5	4	2	1	0	1	1	1	1	1	2	2	2	1	0	0	0	0	5	10	13	27	43	48	58	82	82	113	82	86	81	(18)	1	(41)	(58)	(1)	(1)	(1)	(2)	(2)	(2)	(2)	(3)	(3)	(3)	(3)	(0)	(0)	(0)	(0)	(4)	(4)	(4)	(4)	(5)	249	(5)	(5)	(3)	(163)	90	90	91	(4)	(3)	114	112	112	112	(5)
Cash from Financing Activities	28 N/A	56 +101%	(37) N/A	53 N/A	141 +164%	90 -36%	104 +15%	21 -79%	(34) N/A	(14) +59%	(12) +15%	(34) -186%	(41) -24%	100 N/A	61 -39%	169 +176%	183 +9%	205 +12%	172 -16%	(30) N/A	(56) -87%	(156) -177%	(359) -130%	(189) +48%	(17) +91%	27 N/A	221 +728%	268 +21%	7 -97%	(165) N/A	(235) -43%	(292) -24%	(211) +28%	(129) +39%	(86) +33%	(97) -13%	(190) -96%	(265) -39%	(205) +23%	(221) -8%	(137) +38%	107 N/A	202 +90%	190 -6%	289 +52%	254 -12%	149 -42%	37 -75%	260 +604%	209 -20%	272 +30%	325 +20%	150 -54%	202 +35%	65 -68%	(256) N/A	(321) -26%	(471) -47%	(471) +0%	(195) +59%	(363) -86%	(394) -9%	(330) +16%	(245) +26%	(99) +60%	(70) +30%	13 N/A	230 +1 714%	366 +59%	524 +43%	413 -21%	74 -82%	93 +26%	(239) N/A	(205) +14%	(145) +29%	(312) -115%	(96) +69%	(60) +37%	385 N/A	427 +11%	487 +14%	521 +7%	155 -70%	314 +102%	154 -51%	147 -5%	205 +39%	(38) N/A	(27) +28%	(10) +62%	40 N/A	(54) N/A	(80) -48%	39 N/A	269 +598%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(2)	(2)	(2)	(2)	1	0	0	0	0	(0)	(1)	(1)	(1)	0	1	1	0	0	0	0	0	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	0	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Change in Cash	19 N/A	18 -9%	(15) N/A	26 N/A	26 +0%	18 -30%	49 +173%	19 -62%	37 +98%	66 +77%	53 -20%	13 -76%	33 +157%	(75) N/A	(47) +38%	8 N/A	(36) N/A	59 N/A	(28) N/A	(32) -18%	(56) -74%	(47) +17%	26 N/A	33 +27%	20 -39%	14 -30%	(37) N/A	(54) -44%	(27) +50%	(48) -78%	4 N/A	124 +2 707%	62 -50%	32 -49%	(25) N/A	47 N/A	29 -38%	42 +43%	82 +96%	(59) N/A	(45) +25%	(6) +86%	(44) -628%	(114) -156%	(17) +85%	13 N/A	(8) N/A	8 N/A	10 +14%	(16) N/A	183 N/A	8 -96%	14 +78%	38 +166%	(190) N/A	23 N/A	(15) N/A	(59) -303%	(7) +87%	(38) -411%	(40) -6%	(45) -13%	(23) +50%	(12) +48%	8 N/A	1 -83%	30 +2 014%	19 -34%	(9) N/A	30 N/A	0 N/A	13 N/A	67 +434%	(8) N/A	(1) +88%	(7) -656%	(61) -800%	(6) +90%	(9) -41%	(5) +39%	10 N/A	9 -6%	18 +92%	26 +51%	28 +8%	(6) N/A	(42) -579%	(4) +92%	(4) -11%	34 N/A	72 +113%	(10) N/A	(30) -195%	(36) -20%	(28) +21%	(39) -37%
Free Cash Flow
Free Cash Flow	63 N/A	47 -25%	37 -21%	50 +33%	47 -5%	98 +108%	126 +29%	105 -17%	110 +4%	103 -6%	113 +10%	96 -15%	98 +3%	12 -88%	(16) N/A	106 N/A	69 -35%	110 +60%	162 +47%	180 +11%	146 -19%	125 -14%	94 -24%	5 -95%	(0) N/A	(38) -38 100%	(38) +1%	40 N/A	165 +315%	312 +90%	434 +39%	398 -8%	257 -35%	238 -7%	145 -39%	102 -29%	179 +75%	166 -7%	143 -14%	130 -9%	42 -67%	(114) N/A	(243) -114%	(288) -19%	(290) -1%	(272) +6%	(207) +24%	223 N/A	(158) N/A	39 N/A	104 +169%	158 +51%	164 +4%	71 -57%	3 -95%	125 +3 576%	92 -26%	86 -7%	200 +133%	74 -63%	157 +113%	187 +19%	151 -19%	107 -29%	93 -13%	77 -17%	29 -63%	(68) N/A	(201) -195%	(339) -68%	(260) +23%	(34) +87%	38 N/A	283 +642%	254 -10%	210 -17%	255 +21%	119 -53%	80 -33%	(164) N/A	(186) -14%	(175) +6%	(279) -59%	(147) +48%	(306) -109%	(215) +30%	(164) +24%	(187) -14%	49 N/A	30 -39%	49 +64%	(21) N/A	65 N/A	82 +27%	(22) N/A	(297) -1 231%

Income Statement Balance Sheet Cash Flow Statement

MDU Resources Group Inc
NYSE:MDU

Cash Flow Statement

Cash Flow Statement
MDU Resources Group Inc

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MDU Resources Group Inc NYSE:MDU

Cash Flow Statement

Cash Flow Statement MDU Resources Group Inc

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MDU Resources Group Inc
NYSE:MDU

Cash Flow Statement
MDU Resources Group Inc