Middlesex Water Company (MSEX) Financial Statements & Analysis

Middlesex Water Company (MSEX) Income Statement

Middlesex Water Company reported revenue of $194.69M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 1.5% from $191.88M a year earlier. Net income was $42.82M, down 3.2% year over year, a net margin of 22.0%. Gross margin was 39.2% and operating margin 27.9%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $56.36M, up 14.3% from the same quarter a year earlier.

Middlesex Water Company Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Middlesex Water Company income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	194.69	191.88	166.27	162.43	143.14	141.59	134.60	138.08	130.78
Cost of Revenue	118.40	92.36	83.11	79.10	73.67	70.80	67.98	71.57	64.67
Gross Profit	76.29	99.51	83.16	83.34	69.47	70.80	66.62	66.51	66.11
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	0.00	0.00	2.60	0.00	0.00	0.00	0.00	0.00	0.00
Operating Expenses	21.91	46.30	43.94	36.01	36.26	33.38	31.10	29.37	27.49
Operating Income	54.38	53.21	39.22	47.33	33.21	37.42	35.52	37.14	37.80
Other Income/Expense
Interest Income	0.00	1.25	0.00	0.00	2.65	0.00	0.00	0.00	0.00
Interest Expense	14.30	12.77	10.71	7.05	5.46	3.48	4.12	5.40	4.80
Other Income/Expense	-6.73	-1.95	4.05	-1.66	-2.16	-3.11	-4.77	-3.77	-3.89
Income
Income Before Tax	47.64	51.26	32.57	45.67	31.06	34.31	30.75	33.38	33.91
Income Tax Expense	4.82	6.91	1.04	3.24	-5.49	-4.12	-3.14	0.92	11.10
Net Income	42.82	44.24	31.52	42.43	36.42	38.43	33.89	32.45	22.81
Net Income - Continuous Operations	42.82	44.35	31.52	42.43	36.54	38.43	33.89	32.45	22.81
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	94.43	86.31	72.72	80.20	62.04	58.62	52.10	54.55	53.56
EBIT	59.05	58.27	43.28	46.65	35.24	-	-	-	-
Depreciation & Amortization	32.49	28.04	25.19	27.48	26.80	20.84	17.23	15.78	14.85
Earnings Per Share
Basic EPS	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	1.00
Diluted EPS	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	1.00
Basic Shares Outstanding	18.12	17.84	17.73	17.60	17.49	17.46	16.68	16.38	16.33
Diluted Shares Outstanding	18.15	17.95	17.85	17.71	17.61	17.57	16.83	16.54	16.49

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Middlesex Water Company Financial Statements

What was Middlesex Water Company's revenue in fiscal 2025?

Middlesex Water Company reported revenue of $194.69M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 1.5% from $191.88M a year earlier.

Is Middlesex Water Company profitable?

Yes. Middlesex Water Company earned net income of $42.82M in fiscal 2025, a net margin of 22.0%. In fiscal 2024 it earned $44.24M.

What is Middlesex Water Company's operating margin?

Middlesex Water Company's operating income was $54.38M on revenue of $194.69M in fiscal 2025, an operating margin of 27.9%, compared with 27.7% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition