Middlesex Water Company (MSEX) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose to $60.2m from $54.1m YoY, and net income increased to $18.0m from $14.0m, reflecting rate increases, higher wholesale demand and customer consumption.

• Nine-month revenue reached $165.3m versus $147.7m, while net income rose to $43.4m from $34.2m.

Financial highlights

• Q3 operating income increased to $22.3m from $17.7m; nine-month operating income was $53.6m versus $43.2m.

• Q3 operating expenses rose to $37.9m from $36.4m; nine-month operating expenses increased $7.1m, including higher production, employee costs and credit-loss reserves.

• Nine-month operating cash flow increased $6.9m to $51.0m; utility plant expenditures rose to $83.9m from $71.6m.

Outlook and guidance

• Planned 2026 capital investment is $126m; the 2026–28 program totals $506m, including $255m for PFAS treatment at the Carl J. Olson plant.

• Other 2026–28 projects include $34m for water-main replacement, $17m for a transmission main, $9m for a Delaware treatment facility and $12m for elevated storage tanks.

• Nine-month utility infrastructure investment was ~$84m, or ~67% of planned 2026 investment; September filings sought $0.8m through RESIC and $1.7m through DSIC.