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Middlesex Water Company (MSEX) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

UTILITIES · UTILITIES - REGULATED WATER · DATA UPDATED 2026-09-17

Middlesex Water Company (MSEX) operates in the UTILITIES - REGULATED WATER industry and is headquartered in Iselin, United States with about 395 employees. Its market capitalization is roughly $1 billion. In the fiscal year ended 2025-12-31, MSEX reported $195M in revenue and $43M in net income.

Middlesex Water Company owns and operates regulated water utility and wastewater systems in the United States. It operates in two segments, Regulated and Non-Regulated.

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MSEX Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$206M	$195M	$192M	$166M	$162M	$143M	$142M	$135M	$138M	$131M	$133M	$126M	$117M	$115M	$110M	$102M	$103M	$91M	$91M	$86M	$81M
Gross Profit	$90M	$76M	$100M	$83M	$83M	$69M	$71M	$67M	$67M	$66M	$67M	$61M	$58M	$54M	$50M	$102M	$103M	$91M	$91M	$86M	$81M
Gross Margin %	43.6%	39.2%	51.9%	50.0%	51.3%	48.5%	50.0%	49.5%	48.2%	50.5%	50.7%	48.3%	49.5%	47.1%	45.2%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating Income (EBIT)	$60M	$54M	$53M	$39M	$47M	$33M	$37M	$36M	$37M	$38M	$40M	$36M	$34M	$31M	$28M	$24M	$27M	$20M	$24M	$23M	$21M
Operating Margin %	29.2%	27.9%	27.7%	23.6%	29.1%	23.2%	26.4%	26.4%	26.9%	28.9%	30.3%	28.4%	29.4%	27.0%	25.1%	23.7%	25.9%	22.1%	26.4%	26.3%	26.3%
Net Income	$48M	$43M	$44M	$32M	$42M	$37M	$38M	$34M	$32M	$23M	$23M	$20M	$18M	$17M	$14M	$13M	$14M	$10M	$12M	$12M	$10M
Net Margin %	23.3%	22.0%	23.1%	19.0%	26.1%	25.5%	27.1%	25.2%	23.5%	17.4%	17.1%	15.9%	15.8%	14.5%	13.0%	13.2%	14.0%	10.9%	13.4%	13.8%	12.4%
EBITDA	$98M	$94M	$92M	$73M	$80M	$63M	$59M	$52M	$55M	$54M	$53M	$49M	$46M	$43M	$39M	$36M	$37M	$31M	$34M	$94M	$29M
Earnings Per Share (EPS)	$2.60	$2.36	$2.47	$1.77	$2.40	$2.08	$2.19	$2.01	$1.96	$1.38	$1.38	$1.23	$1.14	$1.03	$0.90	$0.85	$0.96	$0.73	$0.90	$0.88	$0.82
Shares Outstanding (M)	19M	18M	18M	18M	18M	18M	18M	17M	17M	16M	16M	16M	16M	16M	16M	16M	15M	14M	14M	14M	12M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MSEX Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$56M	$49M	$47M	$54M	$49M	$44M	$47M	$55M
Gross Profit	$24M	$26M	$17M	$23M	$26M	$23M	$22M	$30M
Gross Margin %	42.9%	52.8%	35.5%	43.3%	53.2%	52.3%	47.5%	54.0%
Operating Income (EBIT)	$18M	$13M	$11M	$18M	$14M	$12M	$11M	$18M
Operating Margin %	32.4%	26.9%	23.8%	32.7%	28.2%	26.1%	22.4%	31.8%
Net Income	$15M	$11M	$9M	$14M	$11M	$9M	$9M	$14M
Net Margin %	26.2%	21.8%	18.3%	25.8%	21.9%	21.4%	18.7%	26.0%
EBITDA	$25M	$23M	$22M	$28M	$23M	$21M	$20M	$26M
Earnings Per Share (EPS)	$0.79	$0.58	$0.47	$0.77	$0.60	$0.53	$0.49	$0.80
Shares Outstanding (M)	19M	18M	18M	18M	18M	18M	18M	18M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MSEX Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$59M	$63M	$59M	$53M	$61M	$33M	$53M	$36M	$46M	$43M	$47M	$51M	$33M	$34M	$30M	$23M	$26M	$19M	$19M	$19M	$16M
Capital Expenditures (CapEx)	$85M	$96M	$75M	$90M	$91M	$79M	$106M	$89M	$72M	$50M	$47M	$26M	$23M	$20M	$22M	$24M	$30M	$20M	$28M	$22M	$30M
Free Cash Flow (FCF)	($26M)	($34M)	($16M)	($37M)	($30M)	($46M)	($52M)	($53M)	($26M)	($7M)	$0M	$25M	$10M	$14M	$8M	($1M)	($4M)	($2M)	($9M)	($3M)	($14M)
FCF Margin %	-12.7%	-17.3%	-8.3%	-22.5%	-18.4%	-32.4%	-36.9%	-39.4%	-19.0%	-5.7%	-0.2%	20.2%	8.5%	11.9%	7.2%	-0.7%	-3.9%	-1.8%	-10.2%	-3.6%	-17.8%
Dividends Paid	$26M	$25M	$24M	$23M	$21M	$19M	$18M	$16M	$15M	$14M	$13M	$13M	$12M	$12M	$12M	$12M	$11M	$10M	$10M	$9M	$8M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MSEX Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$16M	$12M	$18M	$12M	$18M	$14M	$21M	$19M
Capital Expenditures (CapEx)	$21M	$21M	$25M	$19M	$19M	$19M	$25M	$29M
Free Cash Flow (FCF)	($4M)	($9M)	($6M)	($7M)	($1M)	($5M)	($4M)	($9M)
FCF Margin %	-7.5%	-18.3%	-13.3%	-12.7%	-1.2%	-11.6%	-8.0%	-16.8%
Dividends Paid	$7M	$7M	$7M	$6M	$6M	$6M	$6M	$6M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MSEX Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$1.4B	$1.4B	$1.3B	$1.2B	$1.1B	$1.0B	$976M	$910M	$768M	$661M	$620M	$585M	$576M	$530M	$562M	$538M	$489M	$458M	$440M	$393M	$370M
Cash & Cash Equivalents	$2M	$3M	$4M	$2M	$4M	$4M	$4M	$2M	$4M	$5M	$4M	$3M	$3M	$5M	$3M	$3M	$2M	$4M	$3M	$2M	$6M
Total Liabilities	$901M	$870M	$808M	$811M	$672M	$650M	$628M	$584M	$517M	$430M	$399M	$376M	$376M	$339M	$377M	$357M	$313M	$315M	$299M	$256M	$237M
Total Debt (Short + Long-Term)	$437M	$415M	$384M	$409M	$363M	$326M	$282M	$258M	$209M	$174M	$153M	$145M	$161M	$56M	$61M	$51M	$155M	$171M	$162M	$134M	$133M
Total Shareholders' Equity	$522M	$495M	$447M	$425M	$402M	$370M	$348M	$326M	$251M	$232M	$221M	$209M	$200M	$192M	$185M	$180M	$177M	$143M	$141M	$137M	$133M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive MSEX viewer.

Other Companies in UTILITIES - REGULATED WATER

WTRG · Essential Utilities Inc — $12 billion
AWR · American States Water Company — $3 billion
CWT · California Water Service Group — $3 billion
HTO · H2O America — $3 billion
SBS · Companhia de Saneamento Basico do Estado de Sao Paulo SABESP ADR — $19 billion

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