MSEX earnings analysis
What we found in MSEX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Middlesex Water Company reported Q1 2026 earnings with diluted EPS of $0.57 and revenue of $48.7 million, slightly below expectations. The operating revenues increased by $4.4 million compared to the prior period, driven by increased demand and base rate increases, reflecting strong segment performance despite rising operational costs.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth
- Total revenue for Q1 2026 was $48.7 million, up $4.4 million from $44.3 million in Q1 2025.
- EPS Improvement
- Diluted EPS improved to $0.57 from $0.53 in Q1 2025.
- Increased Segment Revenue
- Regulated segment saw a revenue increase of $4.4 million due to customer growth and rate increases.
- Regulatory Rate Increases
- New Jersey Board of Public Utilities approved a $14.5 million base rate increase effective February 23, 2026.
- Infrastructure Investment
- Investments in infrastructure reached $21 million, focusing on sustainable growth.
- Cash Flow Activities
- Operating cash flow was recorded at $11.7 million despite a decrease of $2.1 million from the previous year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Operating Expenses
- Operations and maintenance expense increased by $1.9 million primarily driven by higher variable costs.
- Regulatory Compliance Costs
- Potential costs linked to regulatory compliance with PFAS drinking water regulations could impact future profitability.
- Market Condition Uncertainties
- Current market conditions could challenge customer growth rates which were previously projected to be 3.0% in the Tidewater system.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.57
- Segment
- Regulated
- Segment
- Non-Regulated
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 19, 2026
- Middlesex Water reported multi-year revenue growth to $194.7M in 2025 with operating income of $54.4M, but net income declined slightly to $42.8M in 2025 from $44.4M in 2024. Regulatory developments are the key…
- 10-Q · October 31, 2025
- Middlesex Water reported Q3 2025 operating revenues of $54.091M and diluted EPS of $0.77. Operating income improved modestly to $17.703M (operating margin ~32.7%) versus the year-ago quarter, while the company continues…
- 10-Q · July 31, 2025
- Middlesex Water reported quarter revenue essentially flat year-over-year at $49,323 (in thousands) vs. $49,146 in 2024 while diluted EPS rose slightly to $0.60 from $0.59. Operating income declined to $13,912 (in…
- 10-Q · May 1, 2025
- Middlesex Water Company reported a solid first quarter of 2025, posting a revenue of $44.30 million, a 9.3% increase from $40.52 million in the same quarter last year. However, diluted earnings per share fell slightly…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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