Fundies.
English

MIDDLESEX WATER COMPANY

EDGAR
MSEX Quarterly report (10-Q) · filed 2026-10-29

Annual consolidated revenue for 2025: about USD 194.7M, using the latest reported figures. The previous period, 2024, was about USD 191.9M.

Inspect reported changes Compare with another company Historical disclosures Search filings Segments
Watchlist

Latest quarter

Revenue

60.2 million USD

2026 Q3 · USD

Exact inputs and evidence

Operating margin

36.99%

2026 Q3 · %

Exact inputs and evidence
  • Operating Income: 22267000 USD Source
  • Revenue: 60205000 USD Source

Operating cash flow

22.9 million USD

2026 Q3 · USD

Exact inputs and evidence
  • Operating Cash Flow: 51013000 USD Source
  • Operating Cash Flow: 28131000 USD Source
Cash and cash equivalents
1.7 million USD Source
Exact value

1698000 USD

Long-term debt including current maturities
365 million USD Source
Exact value

364736000 USD

Shares outstanding
19.1 million shares Source
Exact value

19129000 shares

Trailing twelve months

The four most recent complete quarters added together. This gives a full-year view that includes the latest quarterly results.

Revenue

212 million USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Revenue: 194694000 USD · 2025-01-01 – 2025-12-31 Source
  • Revenue: 147715000 USD · 2025-01-01 – 2025-09-30 Source
  • Revenue: 48714000 USD · 2026-01-01 – 2026-03-31 Source
  • Revenue: 56357000 USD · 2026-04-01 – 2026-06-30 Source
  • Revenue: 60205000 USD · 2026-07-01 – 2026-09-30 Source

Net income

52 million USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Net income: 42822000 USD · 2025-01-01 – 2025-12-31 Source
  • Net income: 34217000 USD · 2025-01-01 – 2025-09-30 Source
  • Net income: 10605000 USD · 2026-01-01 – 2026-03-31 Source
  • Net income: 14772000 USD · 2026-04-01 – 2026-06-30 Source
  • Net income: 18028000 USD · 2026-07-01 – 2026-09-30 Source

Operating cash flow

69.5 million USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Operating cash flow: 62596000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: 44134000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: 11731000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 28131000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: 11731000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 51013000 USD · 2026-01-01 – 2026-09-30 Source
  • Operating cash flow: 28131000 USD · 2026-01-01 – 2026-06-30 Source

Capital expenditure

74.6 million USD

2024-01-01 – 2024-12-31

Exact inputs and evidence
  • Capital expenditure: 14389000 USD · 2024-01-01 – 2024-03-31 Source
  • Capital expenditure: 28737000 USD · 2024-01-01 – 2024-06-30 Source
  • Capital expenditure: 14389000 USD · 2024-01-01 – 2024-03-31 Source
  • Capital expenditure: 49480000 USD · 2024-01-01 – 2024-09-30 Source
  • Capital expenditure: 28737000 USD · 2024-01-01 – 2024-06-30 Source
  • Capital expenditure: 74622000 USD · 2024-01-01 – 2024-12-31 Source
  • Capital expenditure: 49480000 USD · 2024-01-01 – 2024-09-30 Source

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-10-29.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 3 of 11 periods available· newest 2025-12-31
  • Operating income: 11 of 11 periods available· newest 2025-12-31
  • Net income: 11 of 11 periods available· newest 2025-12-31
  • Operating cash flow: 11 of 11 periods available· newest 2025-12-31
  • Capital expenditure: 5 of 11 periods available· newest 2024-12-31
  • Total assets: 3 of 11 periods available· newest 2025-12-31
  • liabilities: No compatible figures in this window
  • Current assets: 3 of 11 periods available· newest 2025-12-31
  • Current liabilities: 3 of 11 periods available· newest 2025-12-31
  • Cash and cash equivalents: 3 of 11 periods available· newest 2025-12-31
  • Long-term debt including current maturities: 1 of 11 periods available· newest 2023-12-31
  • Shares outstanding: 3 of 11 periods available· newest 2025-12-31

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    +1.5%

    Prior period

    USD 191.88 million

    –

    Current period

    USD 194.69 million

    –

    Exact inputs and evidence

    194694000 − 191877000 = 2817000 USD

    191877000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    194694000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
    Share or cite

    The citation records this snapshot. The page link may show a newer release later.

  • Net income

    -3.4%

    Prior period

    USD 44.35 million

    –

    Current period

    USD 42.82 million

    –

    Exact inputs and evidence

    42822000 − 44351000 = -1529000 USD

    44351000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    42822000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
    Share or cite

    The citation records this snapshot. The page link may show a newer release later.

  • Operating cash flow

    +6.6%

    Prior period

    USD 58.73 million

    –

    Current period

    USD 62.6 million

    –

    Exact inputs and evidence

    62596000 − 58730000 = 3866000 USD

    58730000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    62596000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
    Share or cite

    The citation records this snapshot. The page link may show a newer release later.

Comparable inputs unavailable for: Capital expenditure.

Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue USD 194.69 million 100% of revenue
  • Operating costs Derived USD 140.32 million 72% of revenue
  • Operating income USD 54.38 million 28% of revenue
  • Tax, interest and other Derived USD 11.55 million 5.9% of revenue
  • Net income USD 42.82 million 22% of revenue

Cash

  • Operating cash flow USD 62.6 million 32% of revenue
  • Capital expenditure Unavailable An input is unavailable.
  • Free cash flow Derived Unavailable An input is unavailable.

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2023 19%76%
  • 2024 23%72%
  • 2025 22%72%
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2023 2023-01-01 – 2023-12-31166274000 127051000 Derived 39223000 7699000 Derived 31524000 -37397000 Derived
Source
2024 2024-01-01 – 2024-12-31191877000 138667000 Derived 53210000 8859000 Derived 44351000 -15892000 Derived
Source
2025 2025-01-01 – 2025-12-31194694000 140318000 Derived 54376000 11554000 Derived 42822000 Unavailable
Source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 194.7M 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.210.3M157.7M105.1M52.6M0.0202320242025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(USD)Source evidence
2023Revenue166274000
2024Revenue191877000
2025Revenue194694000

Revenue growth

Change in revenue from the same financial period one year earlier.

1.5% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.16.6%12.5%8.3%4.2%0.0%202320242025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2023Year over yearNo prior comparable period
2024Year over year15.4%
2025Year over year1.5%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin 27.9% 2025
Net margin 22% 2025
Free cash flow margin -8.3% 2024
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.32%17%3%-12%-27%202320242025
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2023Operating margin23.6%
2024Operating margin27.7%
2025Operating margin27.9%
2023Net margin19%
2024Net margin23.1%
2025Net margin22%
2023Free cash flow margin-22.5%
2024Free cash flow margin-8.3%
2025Free cash flow marginNot reported

Operating cash flow

Cash generated by the company’s normal business operations.

USD 62.6M 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.67.6M50.7M33.8M16.9M0.0202320242025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2023Operating cash flow52782000
2024Operating cash flow58730000
2025Operating cash flow62596000

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

USD -15.9M 2024
Free cash flow historyOperating cash flow minus capital expenditure for the same period and unit. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.3.0M-7.9M-18.7M-29.5M-40.4M202320242025
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2023Free cash flow-37397000
2024Free cash flow-15892000
2025Free cash flowUnavailable

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

Not enough comparable data to show this history.
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2023-12-31Liabilities / assetsNot reported
2024-12-31Liabilities / assetsNot reported
2025-12-31Liabilities / assetsNot reported

Current assets to current liabilities

Current assets divided by current liabilities.

0.45× 2025
Current assets to current liabilities historyCurrent assets divided by current liabilities. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.1.13×0.85×0.56×0.28×0.00×202320242025
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2023Current assets / current liabilities1.05×
2024Current assets / current liabilities0.52×
2025Current assets / current liabilities0.45×

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2016 2016-01-01 – 2016-12-31
USD 22.74 million
Exact value

Exact value: 22742000 USD

2016-01-01 – 2016-12-31: 22742000 USD Inspect Net Income Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

USD 47.07 million
Exact value

Exact value: 47071000 USD

2016-01-01 – 2016-12-31: 47071000 USD Inspect Operating Cash Flow Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2017 2017-01-01 – 2017-12-31
USD 22.81 million
Exact value

Exact value: 22809000 USD

2017-01-01 – 2017-12-31: 22809000 USD Inspect Net Income Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

USD 42.84 million
Exact value

Exact value: 42843000 USD

2017-01-01 – 2017-12-31: 42843000 USD Inspect Operating Cash Flow Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2018 2018-01-01 – 2018-12-31
USD 32.45 million
Exact value

Exact value: 32452000 USD

2018-01-01 – 2018-12-31: 32452000 USD Inspect Net Income Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

USD 45.86 million
Exact value

Exact value: 45864000 USD

2018-01-01 – 2018-12-31: 45864000 USD Inspect Operating Cash Flow Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2019 2019-01-01 – 2019-12-31
USD 33.89 million
Exact value

Exact value: 33888000 USD

2019-01-01 – 2019-12-31: 33888000 USD Inspect Net Income Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

USD 36.05 million
Exact value

Exact value: 36053000 USD

2019-01-01 – 2019-12-31: 36053000 USD Inspect Operating Cash Flow Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2020 2020-01-01 – 2020-12-31
USD 38.43 million
Exact value

Exact value: 38425000 USD

2020-01-01 – 2020-12-31: 38425000 USD Inspect Net Income Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

USD 53.36 million
Exact value

Exact value: 53355000 USD

2020-01-01 – 2020-12-31: 53355000 USD Inspect Operating Cash Flow Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

USD 105.62 million
Exact value

Exact value: 105619000 USD

2020-01-01 – 2020-12-31: 105619000 USD Inspect Capital Expenditure Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

−USD 52.26 million
Calculation and evidence

53355000 − 105619000 USD

Exact free cash flow: -52264000 USD

Share or cite

The citation records this snapshot. The page link may show a newer release later.

2021 2021-01-01 – 2021-12-31
USD 36.54 million
Exact value

Exact value: 36543000 USD

2021-01-01 – 2021-12-31: 36543000 USD Inspect Net Income Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

USD 33.03 million
Exact value

Exact value: 33028000 USD

2021-01-01 – 2021-12-31: 33028000 USD Inspect Operating Cash Flow Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

USD 79.38 million
Exact value

Exact value: 79378000 USD

2021-01-01 – 2021-12-31: 79378000 USD Inspect Capital Expenditure Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

−USD 46.35 million
Calculation and evidence

33028000 − 79378000 USD

Exact free cash flow: -46350000 USD

Share or cite

The citation records this snapshot. The page link may show a newer release later.

2022 2022-01-01 – 2022-12-31
USD 42.43 million
Exact value

Exact value: 42429000 USD

2022-01-01 – 2022-12-31: 42429000 USD Inspect Net Income Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

USD 61.36 million
Exact value

Exact value: 61361000 USD

2022-01-01 – 2022-12-31: 61361000 USD Inspect Operating Cash Flow Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

USD 91.34 million
Exact value

Exact value: 91335000 USD

2022-01-01 – 2022-12-31: 91335000 USD Inspect Capital Expenditure Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

−USD 29.97 million
Calculation and evidence

61361000 − 91335000 USD

Exact free cash flow: -29974000 USD

Share or cite

The citation records this snapshot. The page link may show a newer release later.

2023 2023-01-01 – 2023-12-31
USD 31.52 million
Exact value

Exact value: 31524000 USD

2023-01-01 – 2023-12-31: 31524000 USD Inspect Net Income Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

USD 52.78 million
Exact value

Exact value: 52782000 USD

2023-01-01 – 2023-12-31: 52782000 USD Inspect Operating Cash Flow Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

USD 90.18 million
Exact value

Exact value: 90179000 USD

2023-01-01 – 2023-12-31: 90179000 USD Inspect Capital Expenditure Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

−USD 37.4 million
Calculation and evidence

52782000 − 90179000 USD

Exact free cash flow: -37397000 USD

Share or cite

The citation records this snapshot. The page link may show a newer release later.

2024 2024-01-01 – 2024-12-31
USD 44.35 million
Exact value

Exact value: 44351000 USD

2024-01-01 – 2024-12-31: 44351000 USD Inspect Net Income Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

USD 58.73 million
Exact value

Exact value: 58730000 USD

2024-01-01 – 2024-12-31: 58730000 USD Inspect Operating Cash Flow Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

USD 74.62 million
Exact value

Exact value: 74622000 USD

2024-01-01 – 2024-12-31: 74622000 USD Inspect Capital Expenditure Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

−USD 15.89 million
Calculation and evidence

58730000 − 74622000 USD

Exact free cash flow: -15892000 USD

Share or cite

The citation records this snapshot. The page link may show a newer release later.

2025 2025-01-01 – 2025-12-31
USD 42.82 million
Exact value

Exact value: 42822000 USD

2025-01-01 – 2025-12-31: 42822000 USD Inspect Net Income Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

USD 62.6 million
Exact value

Exact value: 62596000 USD

2025-01-01 – 2025-12-31: 62596000 USD Inspect Operating Cash Flow Open source
Share or cite

The citation records this snapshot. The page link may show a newer release later.

Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

206 filings · 4,455 latest values · 4,455 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0000066004, 66004, MSEX, MSEXP, edgar:66004

Also known as MIDDLESEX WATER CO, MIDDLESEX WATER COMPANY