10-K · February 25, 2026
Chesapeake Utilities emphasizes a regulated energy-first growth strategy supplemented by accretive midstream/downstream and sustainable investments (e.g., RNG). Consolidated revenue rose to approximately $938.0 million…
Earnings analysis · 10-Q
CPK earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Chesapeake Utilities Corporation posted a strong Q1 2026 performance, reporting $353.1 million in revenue and $2.47 EPS, both exceeding market expectations. This marks a notable increase from Q1 2025 revenue of $298.7…
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Chesapeake Utilities Corporation posted a strong Q1 2026 performance, reporting $353.1 million in revenue and $2.47 EPS, both exceeding market expectations. This marks a notable increase from Q1 2025 revenue of $298.7 million and EPS of $2.22, attributed to improved gross margins from regulatory initiatives and increased customer consumption driven by colder weather. The company reaffirmed its capital spending guidance for 2026 between $450 million and $500 million while facing persistent negative free cash flow of -$121.9 million.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.47
- Segment
- Regulated Energy
- Segment
- Unregulated Energy
What stood out
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Strong Revenue Growth
Revenue surged to $353.1 million in Q1 2026, up 18.2% from $298.7 million in Q1 2025.
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EPS Beat the Estimates
Reported EPS was $2.47, exceeding the consensus estimate of $2.39 and up from $2.22 in Q1 2025.
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Increased Gross Margin
Gross margin improved to $157.2 million in Q1 2026, representing a 14.3% increase from $137.2 million in Q1 2025.
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Regulated Segment Performance
Revenue from the Regulated Energy segment increased to $249.3 million, up 24.9% from the prior year.
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Higher Operating Income
Operating income rose to $99.4 million, reflecting a $12.6 million increase year-over-year.
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Capital Expenditure Guidance Reaffirmed
The company expects 2026 capital expenditures between $450 million and $500 million, maintaining its previous guidance.
What to watch
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Negative Free Cash Flow
Free cash flow remained negative at -$121.9 million for the quarter, raising concerns about liquidity.
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High Debt Levels
Long-term debt stood at $1.325 billion, which constitutes 45% of total capitalization, indicating a leverage risk.
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Weather Dependency on Revenues
Revenue increases are largely dependent on weather variations, exposing the company to risks of warmer-than-expected winters.
Management's outlook
The company expects 2026 EPS in the range of $7.75 to $8.00 and has reaffirmed its capital expenditure guidance of $450 million to $500 million.
Earlier filings 4
10-Q · November 6, 2025
Chesapeake Utilities reported Q3 revenue of $179.6 million (up $19.4 million or 12.1% vs $160.2 million in Q3 2024) and diluted EPS of $0.82 (vs $0.78 in Q3 2024). Operating income increased to $45.0 million, but…
10-Q · May 7, 2025
Chesapeake Utilities reported Q1 operating revenue of $298.7M (up $53.0M or 21.6% vs. $245.7M in Q1 2024) and net income of $50.9M with diluted EPS of $2.21 (vs. $2.07). Both Regulated Energy and Unregulated Energy…
10-K · February 26, 2025
Chesapeake Utilities emphasizes growth from a stable regulated energy foundation while deploying capital into related midstream/downstream businesses (CNG/LNG/RNG and propane tuck-ins) and pursuing rate relief through…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.