Middlesex Water Company (MSEX) Q4 2025 earnings summary

Executive summary

• Reported 2025 net income of $42.8 million, down $1.5 million year-over-year, with diluted EPS of $2.36 compared to $2.47 in 2024.

• Fourth quarter 2025 net income was $8.6 million and diluted EPS was $0.46, both slightly lower than the prior year quarter.

• Operating revenues for 2025 were $194.7 million, up $2.8 million from 2024, driven by rate increases and customer growth.

Financial highlights

• Operating income for 2025 was $54.4 million, up from $53.2 million in 2024.

• Operating expenses increased by $1.7 million year-over-year, mainly due to higher depreciation.

• Dividend of $0.36 per share declared for the first quarter of 2026.

Outlook and guidance

• Plans to invest $126 million in infrastructure in 2026, including water main replacements and PFAS treatment upgrades.

• Expects $506 million in infrastructure investments from 2026 to 2028.

• New rates effective February 23, 2026, with an annual operating revenue increase of $14.5 million and authorized ROE of 9.6%.