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…
Earnings analysis · 10-Q
MSEX earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
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,…
Read full summary
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.
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.
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
- $0.57
- Segment
- Regulated
- Segment
- Non-Regulated
What stood out
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Revenue Growth
Total revenue for Q1 2026 was $48.7 million, up $4.4 million from $44.3 million in Q1 2025.
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EPS Improvement
Diluted EPS improved to $0.57 from $0.53 in Q1 2025.
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Increased Segment Revenue
Regulated segment saw a revenue increase of $4.4 million due to customer growth and rate increases.
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Regulatory Rate Increases
New Jersey Board of Public Utilities approved a $14.5 million base rate increase effective February 23, 2026.
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Infrastructure Investment
Investments in infrastructure reached $21 million, focusing on sustainable growth.
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Cash Flow Activities
Operating cash flow was recorded at $11.7 million despite a decrease of $2.1 million from the previous year.
What to watch
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Increased Operating Expenses
Operations and maintenance expense increased by $1.9 million primarily driven by higher variable costs.
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Regulatory Compliance Costs
Potential costs linked to regulatory compliance with PFAS drinking water regulations could impact future profitability.
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Market Condition Uncertainties
Current market conditions could challenge customer growth rates which were previously projected to be 3.0% in the Tidewater system.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.