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Middlesex Water Company (MSEX) investor relations material
Middlesex Water Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Operating revenues for Q3 2025 were $54.1 million, down $1.0 million year-over-year, mainly due to lower customer consumption from unfavorable weather, partially offset by rate increases and customer growth in certain segments.
Net income for Q3 2025 was $13.96 million, a decrease from $14.32 million in Q3 2024, reflecting lower revenues and higher interest charges, partially offset by lower income taxes.
Year-to-date net income was $34.2 million, down $1.3 million year-over-year, with diluted EPS of $1.90 versus $1.98.
The company completed the acquisition of the Ocean View water utility assets in Delaware for $4.6 million and received initial PFAS litigation settlement payments totaling $1.1 million in Q3 and October 2025.
Invested $72 million in infrastructure during the first nine months, representing 77% of the 2025 capital budget.
Financial highlights
Q3 2025 operating income was $17.7 million, up slightly from $17.5 million in Q3 2024.
Nine-month 2025 revenues were $147.7 million, up from $144.8 million in 2024; net income for the period was $34.2 million, down from $35.5 million.
Basic and diluted EPS for Q3 2025 were $0.77, compared to $0.80 in Q3 2024; nine-month EPS was $1.90, down from $1.99.
Cash flows from operating activities for the nine months ended September 30, 2025, increased to $44.1 million from $37.3 million year-over-year.
Capital expenditures for the nine months were $71.6 million, up from $49.5 million in 2024.
Outlook and guidance
Operating costs are expected to increase in 2025 and 2026, prompting a base rate increase request in June 2025.
The company plans to invest approximately $93 million in 2025 for infrastructure upgrades and system resiliency, with 77% already deployed.
Customer growth continues in Delaware, but economic conditions may challenge future growth.
Filed a fourth Distribution System Improvement Charge (DSIC) rate application in October 2025, expected to add $0.9 million in annual revenues.
Focus remains on selective and sustainable growth, infrastructure investment, and expanding customer base.
Explain 2024 one-time recovery's full impact
Plan for remaining 2025 capital investment
Significance of DSIC filings for future growth
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Next Middlesex Water Company earnings date
Q4 20252 Mar, 2026
Next Middlesex Water Company earnings date
Q4 20252 Mar, 2026
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Frequently asked questions
Middlesex Water Company is a regulated water utility that provides water and wastewater services primarily in New Jersey and Delaware. The company is engaged in the treatment, distribution, and retail sale of water, along with the collection and treatment of wastewater. Middlesex Water also offers non-regulated contract operations and maintenance services to other water and wastewater utilities and private companies. Their services are essential for residential, commercial, industrial, and municipal customers, ensuring reliable access to clean water and proper wastewater management. The company is headquartered in Iselin, New Jersey, and its shares are listed on the NASDAQ.
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