CHESAPEAKE UTILITIES CORPORATION REPORTS THIRD QUARTER 2026 RESULTS

Florida City Gas awaits a final rate-case decision, and a new equity program allows additional common-stock issuance.

Rhea-AI Summary

Chesapeake Utilities (NYSE: CPK) reported third-quarter 2026 net income of $21.6 million, with earnings rising from the prior-year quarter.

Diluted earnings per share rose to $0.89 from $0.82; net income was $19.4 million a year earlier. Nine-month net income increased to $106.3 million from $94.2 million, and diluted EPS rose to $4.40 from $4.03. Higher operating expenses, interest and share counts partly offset operating gains.

The company announced a joint venture agreement with NextEra Energy Resources to finance and own 49 percent of the $1.2 billion Florida Energy Pathway project. Capital investment reached $412.8 million year to date. Chesapeake reaffirmed 2026 capital spending guidance of $550–$600 million and 2028 EPS guidance of $7.75–$8.00. Florida City Gas implemented an interim rate increase, while a new equity program permits up to $225 million of common-stock sales.

19 points · 1 major

PositiveiHow this balance works

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Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 12 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointFlorida Energy Pathway joint venture agreement covers financing and ownership of 49 percent of the $1.2 billion, 97-mile project. 34% of market cap
• Moderate pointThird-quarter GAAP net income rose to $21.6 million from $19.4 million; diluted EPS increased to $0.89 from $0.82.
• Moderate pointCapital investment totaled $151.2 million in the third quarter and $412.8 million year to date.
• Moderate pointFlorida City Gas implemented a $16.2 million annualized interim rate increase in July 2026 after regulatory approval.
• Moderate pointNew equity program provides financing capacity of up to $225 million, including forward sale agreements. 6.3% of market cap
• Moderate pointPipeline expansions generated adjusted gross margin of $8.7 million versus $5.8 million quarterly; nine-month contributions reached $25.2 million versus $10.5 million.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Chesapeake estimates pipeline expansion adjusted gross margin of $32.9 million in 2026 and $50.7 million in 2027.
• Moderate pointInfrastructure programs generated adjusted gross margin of $10.2 million versus $7.4 million quarterly; nine-month contributions reached $31.5 million versus $20.0 million.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Chesapeake estimates infrastructure-program adjusted gross margin of $42.9 million in 2026 and $50.5 million in 2027.

10 minor points

• Minor pointNine-month GAAP net income rose to $106.3 million from $94.2 million; diluted EPS increased to $4.40 from $4.03.
• Minor point. Forward-looking: it has not happened yet and may not happen.Chesapeake reaffirmed $550–$600 million of 2026 capital spending and expects five-year investment through 2028 to exceed $2.2 billion.
• Minor point. Forward-looking: it has not happened yet and may not happen.Chesapeake reaffirmed 2028 EPS guidance of $7.75–$8.00.
• Minor pointRate-case changes added $3.1 million quarterly and $7.2 million year to date to pretax income versus 2025.
• Minor pointNatural gas growth, excluding service expansions, added $1.9 million quarterly and $5.9 million year to date to pretax income.
• Minor pointHigher propane margins and service fees added $1.0 million quarterly and $2.8 million year to date to pretax income.
• Minor pointCustomer consumption changes added $0.8 million quarterly and $2.6 million year to date to pretax income.
• Minor pointOff-system natural gas capacity sales added $0.6 million quarterly and $2.0 million year to date to pretax income.
• Minor pointAspire Energy rate changes and gathering fees added $0.3 million quarterly and $2.1 million year to date to pretax income.
• Minor pointCredit, collections and customer service costs fell, benefiting third-quarter pretax income by $1.0 million versus 2025.

Negative

• Moderate point. Forward-looking: it has not happened yet and may not happen.New equity program permits up to $225 million of common-stock sales, which would dilute existing holders if issued. 6.3% of market cap
• Minor pointEquity offerings reduced EPS by $0.03 quarterly and $0.15 year to date versus 2025.
• Minor pointFlorida City Gas rate case remains pending a final decision, which Chesapeake expects in December 2026.
• Minor pointPayroll, benefits and employee-related costs reduced pretax income by $3.9 million quarterly and $11.7 million year to date versus 2025.
• Minor pointFacilities, maintenance and outside-service costs reduced pretax income by $3.1 million quarterly and $6.8 million year to date.

7 minor points

• Minor pointDepreciation, amortization and property taxes reduced pretax income by $2.2 million quarterly and $7.2 million year to date.
• Minor pointVehicle expenses reduced pretax income by $1.0 million quarterly and $1.6 million year to date.
• Minor pointInsurance-related costs reduced pretax income by $0.4 million quarterly and $1.0 million year to date.
• Minor pointCredit, collections and customer service costs reduced nine-month pretax income by $1.7 million versus 2025.
• Minor pointHigher interest charges reduced pretax income by $0.8 million quarterly and $2.0 million year to date.
• Minor pointLower compressed, renewable and liquefied natural gas services reduced pretax income by $0.4 million quarterly and $1.6 million year to date.
• Minor pointFlorida Mandatory Relocates recorded third-quarter adjusted gross margin of negative $0.4 million, versus zero in 2025.

News Explained

For Florida City Gas, the $16.2 million annualized interim rate increase took effect in July 2026, and hearings occurred in late September 2026; the company expects a final rate-case decision in December 2026.

Key Figures

Third-quarter net income: $21.6 million Third-quarter diluted EPS: $0.89 Year-to-date Adjusted EPS growth: 8.4% +5 more

Third-quarter net income

$21.6 million

Third quarter 2026

Third-quarter diluted EPS

$0.89

Third quarter 2026

Year-to-date Adjusted EPS growth

8.4%

Nine months ended September 30, 2026

FEP project investment

$1.2 billion

97-mile intrastate natural gas transmission project

FEP ownership interest

49%

Joint venture with NextEra Energy Resources

2026 capital expenditure guidance

$550–$600 million

Affirmed guidance

2028 EPS guidance

$7.75–$8.00 per share

Reaffirmed guidance

At-the-market equity offering program

Up to $225 million

Option to issue and sell common stock

Previous Earnings Reports

4 past events · Latest: Aug 06

Same Type 4 events

1. Aug 06

   Q2 2026 earnings

   24h Move

   +0.3%

   Reported higher Q2 earnings, 8.0% year-to-date Adjusted EPS growth, and raised 2026 capital guidance.

2. May 06

   Q1 2026 earnings

   24h Move

   +1.1%

   Reported Q1 earnings and reaffirmed 2026 capital and 2028 EPS guidance.

3. Nov 06

   Q3 2025 earnings

   24h Move

   +2.0%

   Reported Q3 earnings and reaffirmed 2025 EPS plus 2028 EPS and capital guidance.

4. Aug 07

   Q2 2025 earnings

   24h Move

   +1.8%

   Reported Q2 earnings growth and reaffirmed 2025 Adjusted EPS guidance.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

at-the-market equity offering program, forward sale agreements, gaap, non-gaap financial measures

4 terms

at-the-market equity offering program financial

"Established a new at-the-market equity offering program"

A program that lets a company sell newly issued shares directly into the open market at whatever the current trading price is, usually through a broker, and do so gradually over time instead of all at once. Investors care because it can dilute existing ownership and put steady selling pressure on the stock price, while giving the company a flexible, on-demand way to raise cash — like adding small amounts of water to a pool rather than dumping in a bucket.

forward sale agreements financial

"This program includes forward sale agreements"

A forward sale agreement is a deal where two parties agree today to sell and buy an asset at a set price on a future date. It’s like promising to sell your car to a friend next month at today's price, regardless of how the car's value changes. These agreements help businesses lock in prices and reduce uncertainty about future costs or income.

gaap financial

"references to both Generally Accepted Accounting Principles ("GAAP")"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

non-gaap financial measures financial

"including Adjusted Gross Margin, Adjusted Net Income and Adjusted EPS"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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• Net income and earnings per share ("EPS")* were $21.6 million and $0.89, respectively, for the third quarter of 2026 and $106.3 million and $4.40, respectively, for the nine months ended September 30, 2026 with a year-to-date growth rate of 8.4 percent on Adjusted EPS**
• Adjusted gross margin** growth of $11.5 million for the third quarter of 2026 and $42.7 million year to date, representing a 9.2 percent growth rate for the nine months ended September 30, 2026, driven largely by regulatory initiatives and infrastructure programs, transmission expansion projects, natural gas organic growth, improved contributions from our unregulated businesses, and increased customer consumption.
• Announced a joint venture agreement with NextEra Energy Resources to finance and own 49 percent of the Florida Energy Pathway ("FEP") project, a $1.2 billion, 97-mile intrastate natural gas transmission infrastructure project that supports energy reliability in South Florida.

DOVER, Del., Nov. 5, 2026 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE: CPK) ("Chesapeake Utilities" or the "Company") today announced financial results for the three and nine months ended September 30, 2026.

Additional highlights include:

• Invested $151.2 million of capital during the third quarter of 2026, bringing the year-to-date total to $412.8 million and on track to meet 2026 capital expenditure guidance of $550 - $600 million.
• Florida City Gas ("FCG") interim rate increase of $16.2 million on an annualized basis became effective in July 2026 following approval by the Florida Public Service Commission. The Company participated in rate case hearings in late September and expects a final decision on the FCG rate case in December 2026.
• Established a new at-the-market equity offering program that provides the option to issue and sell up to $225 million of common stock to support the Company's strategic growth initiatives in the coming years. This program includes forward sale agreements which provide additional financing optionality regarding pricing and timing of equity issuances.

"In the third quarter, we demonstrated continued earnings growth and made progress on the transformation of our business as we prepare for our next phase of growth and drive value for our customers and communities," said Jeff Householder, the Company's Chair of the Board, President and Chief Executive Officer. "We are also excited to move forward with the FEP project through a strategic partnership with NextEra Energy Resources, which supports our disciplined approach to capital deployment and infrastructure investment. We believe we are well positioned to expand natural gas transportation capacity to meet growing customer demands in one of the nation's fastest-growing regions.

Earnings and Capital Investment Guidance

The Company affirms its 2026 capital expenditure guidance of $550 - $600 million, driven primarily by increases in its regulated transmission (including initial investments in FEP), distribution and infrastructure investments.

For the five-year period ended 2028, the Company expects total capital investment to exceed $2.2 billion. The Company also continues to reaffirm its 2028 earnings guidance of $7.75 - $8.00 per share.

As previously communicated, the Company expects to provide a long-term guidance update during its Full-Year 2026 earnings call in February 2027. At that time, the Company expects to provide a capital guidance range and EPS growth rate for the 2027 - 2031 period as well as 2027 capital expenditure guidance.

*Unless otherwise noted, EPS and Adjusted EPS information are presented on a diluted basis.

Non-GAAP Financial Measures

**This press release including the tables herein, include references to both Generally Accepted Accounting Principles ("GAAP") and non-GAAP financial measures, including Adjusted Gross Margin, Adjusted Net Income and Adjusted EPS. A "non-GAAP financial measure" is generally defined as a numerical measure of a company's historical or future performance that includes or excludes amounts, or that is subject to adjustments, so as to be different from the most directly comparable measure calculated or presented in accordance with GAAP. The Company's management believes certain non-GAAP financial measures, when considered together with GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period.

The Company calculates Adjusted Gross Margin by deducting the purchased cost of natural gas, propane and electricity and the cost of labor spent on direct revenue-producing activities from operating revenues. The costs included in Adjusted Gross Margin exclude depreciation and amortization and certain costs presented in operations and maintenance expenses in accordance with regulatory requirements. The Company calculates Adjusted Net Income and Adjusted EPS by deducting costs and expenses associated with significant acquisitions that may affect the comparison of period-over-period results. These non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable GAAP measures. The Company believes that these non-GAAP measures are useful and meaningful to investors as a basis for making investment decisions and provide investors with information that demonstrates the profitability achieved by the Company under allowed rates for regulated energy operations and under the Company's competitive pricing structures for unregulated energy operations. The Company's management uses these non-GAAP financial measures in assessing a business unit and Company performance. Other companies may calculate these non-GAAP financial measures in a different manner.

The following tables reconcile Gross Margin, Net Income, and EPS, all as defined under GAAP, to the Company's non-GAAP measures of Adjusted Gross Margin, Adjusted Net Income and Adjusted EPS for each of the periods presented.

Adjusted Net Income and Adjusted EPS

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
(dollars in millions, shares in thousands (except per share data))		2026		2025		2026		2025
Net Income (GAAP)		$      21.6		$      19.4		$    106.3		$      94.2
FCG transaction and transition-related expenses, net (1)		—		0.1		—		0.7
Adjusted Net Income (Non-GAAP)		$      21.6		$      19.5		$    106.3		$      94.9
Weighted average common shares outstanding - diluted		24,300		23,629		24,177		23,360
Earnings Per Share - Diluted (GAAP)		$      0.89		$      0.82		$      4.40		$      4.03
FCG transaction and transition-related expenses, net (1)		—		—		—		0.03
Adjusted Earnings Per Share - Diluted (Non-GAAP)		$      0.89		$      0.82		$      4.40		$      4.06

(1) Transaction and transition-related expenses represent non-recurring costs incurred attributable to the acquisition and integration of FCG including, but not limited to, transition services, consulting, system integration, rebranding, and legal fees.

Financial Summary Highlights

Key variances between the third quarter of 2025 and 2026 included:

(in millions, except per share data)		Pre-tax Income		Net Income		Earnings Per Share
Three Months Ended September 30, 2025 Adjusted Results (1)		$      27.1		$       19.5		$       0.82
Change in Adjusted Gross Margins:
Rate changes associated with recent rate case activities (2)		3.1		2.2		0.09
Natural gas transmission service expansions, including interim services (2)		2.9		2.1		0.09
Contributions from regulated infrastructure programs (2)		2.8		2.0		0.08
Natural gas growth including conversions (excluding service expansions)		1.9		1.4		0.06
Increased propane margins and service fees		1.0		0.7		0.03
Changes in customer consumption		0.8		0.6		0.02
Change in off-system natural gas capacity sales		0.6		0.5		0.02
Increased Aspire Energy performance - rate changes and gathering fees		0.3		0.2		0.01
Decreased CNG/RNG/LNG services		(0.4)		(0.3)		(0.01)
Absence of recovered costs associated with Hurricane Michael (3)		(1.8)		(1.4)		(0.06)
		11.2		8.0		0.33
Change in Operating Expenses (Excluding Natural Gas, Propane, and Electric Costs):
Payroll, benefits and other employee-related expenses		(3.9)		(2.8)		(0.12)
Facilities expenses, maintenance costs and outside services		(3.1)		(2.3)		(0.09)
Depreciation, amortization and property taxes		(2.2)		(1.6)		(0.06)
Vehicle expenses		(1.0)		(0.8)		(0.03)
Insurance-related costs		(0.4)		(0.3)		(0.01)
Credit, collections and customer service costs		1.0		0.8		0.03
Absence of amortization of costs associated with Hurricane Michael recovery (3)		1.8		1.4		0.06
		(7.8)		(5.6)		(0.22)
Interest charges		(0.8)		(0.7)		(0.02)
Increase in shares outstanding due to 2025 and 2026 equity offerings (4)		—		—		(0.03)
Net other changes		0.3		0.4		0.01
		(0.5)		(0.3)		(0.04)
Three Months Ended September 30, 2026 Adjusted Results (1)		$      30.0		$       21.6		$       0.89

(1)  Transaction and transition-related expenses attributable to the acquisition and integration of FCG have been excluded from the Company's

non-GAAP measures of adjusted net income and adjusted EPS. See reconciliations above for a detailed comparison to the related GAAP measures.

(2)  Refer to the Major Projects and Initiatives table below for additional information.

(3)  The current period includes offsetting reductions in both adjusted gross margin and depreciation and amortization expense related to the absence of

recovered costs associated with Hurricane Michael.

(4)  Reflects the impact of approximately 0.6 million common shares issued under the dividend reinvestment and direct stock purchase plan ("DRIP/DSPP") and at the market ("ATM") program.

Key variances between the nine months ended September 30, 2025 and September 30, 2026 included:

(in millions, except per share data)		Pre-tax Income		Net Income		Earnings Per Share
Nine months ended September 30, 2025 Adjusted Results (1)		$     130.1		$       94.9		$       4.06
Change in Adjusted Gross Margins:
Natural gas transmission service expansions, including interim services (2)		14.7		10.8		0.45
Contributions from regulated infrastructure programs (2)		11.5		8.4		0.35
Rate changes associated with recent rate case activities (2)		7.2		5.2		0.21
Natural gas growth including conversions (excluding service expansions)		5.9		4.3		0.18
Increased propane margins and service fees		2.8		2.0		0.08
Changes in customer consumption		2.6		1.9		0.08
Increased Aspire Energy performance - rate changes and gathering fees		2.1		1.5		0.06
Change in off-system natural gas capacity sales		2.0		1.5		0.06
Decreased CNG/RNG/LNG services		(1.6)		(1.2)		(0.05)
Absence of recovered costs associated with Hurricane Michael (3)		(5.7)		(4.2)		(0.17)
		41.5		30.2		1.25
Change in Operating Expenses (Excluding Natural Gas, Propane, and Electric Costs):
Payroll, benefits and other employee-related expenses		(11.7)		(8.5)		(0.35)
Depreciation, amortization and property taxes		(7.2)		(5.3)		(0.22)
Facilities expenses, maintenance costs and outside services		(6.8)		(5.0)		(0.21)
Credit, collections and customer service costs		(1.7)		(1.2)		(0.05)
Vehicle expenses		(1.6)		(1.2)		(0.05)
Insurance-related costs		(1.0)		(0.7)		(0.03)
Absence of amortization of costs associated with Hurricane Michael recovery (3)		5.7		4.2		0.17
		(24.3)		(17.7)		(0.74)
Interest charges		(2.0)		(1.5)		(0.06)
Increase in shares outstanding due to 2025 and 2026 equity offerings (4)		—		—		(0.15)
Net other changes		0.4		0.4		0.04
		(1.6)		(1.1)		(0.17)
Nine months ended September 30, 2026 Adjusted Results (1)		$     145.7		$     106.3		$       4.40

(1) Transaction and transition-related expenses attributable to the acquisition and integration of FCG have been excluded from Company's non-GAAP measures of adjusted net income and adjusted EPS. See reconciliations above for a detailed comparison to the related GAAP measures.

(2)  Refer to the Major Projects and Initiatives table below for additional information.

(3) The current period includes offsetting reductions in both adjusted gross margin and depreciation and amortization expense related to the absence of recovered costs associated with Hurricane Michael.

(4)  Reflects the impact of approximately 0.6 million common shares issued under the Company's DRIP/DSPP and ATM program.

Major Projects and Initiatives (ongoing and recently completed)

The Company continues to execute on its strategic plan driving significant investment in its service territories. A summary table of major projects and initiatives is presented below (except for the FEP project) with a comprehensive discussion of each of the items (including the FEP project) presented in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.

	Adjusted Gross Margin
	Three Months Ended				Nine Months Ended				Year Ended		Estimate for
	September 30,				September 30,				December 31,		Fiscal
(in millions)	2026		2025		2026		2025		2025		2026		2027
Pipeline Expansions:
St. Cloud / Twin Lakes Expansion	$     1.0		$     1.0		$      3.0		$      1.9		$          2.9		$      3.8		$      3.8
Wildlight	1.1		0.5		3.3		1.5		2.6		4.3		4.3
Worcester Resiliency Upgrade	0.4		—		1.2		—		0.3		1.5		17.2
Boynton Beach	0.9		0.9		2.7		2.3		3.0		3.4		3.4
New Smyrna Beach	0.6		0.6		1.8		0.9		1.6		2.6		2.6
Central Florida Reinforcement	1.1		0.9		3.3		1.5		2.6		4.3		4.3
Renewable Natural Gas Supply Projects	1.7		1.0		4.2		1.5		2.5		5.4		6.4
Miami Inner Loop	1.9		0.9		5.7		0.9		2.8		7.6		7.6
Duncan Plains	—		—		—		—		—		—		1.1
Total Pipeline Expansions	8.7		5.8		25.2		10.5		18.3		32.9		50.7
Regulatory Initiatives:
Florida GUARD program	2.9		1.9		7.9		5.1		7.1		10.9		13.0
FCG SAFE Program	3.3		2.3		9.0		6.2		8.4		12.7		16.4
Capital Cost Surcharge Programs	2.2		1.4		6.8		4.3		5.7		9.0		10.1
Electric Storm Protection Plan	2.2		1.8		7.3		4.4		6.4		9.7		10.4
Florida Mandatory Relocates	(0.4)		—		0.5		—		—		0.6		0.6
Total Infrastructure	10.2		7.4		31.5		20.0		27.6		42.9		50.5
Rate Case
Maryland Rate Case	0.6		0.5		2.6		1.1		1.5		3.5		3.5
Delaware Rate Case	1.0		0.7		4.4		2.9		4.7		6.1		6.1
Electric Rate Case	2.4		2.4		6.7		5.2		7.3		8.6		9.1
FCG Rate Case	2.7		—		2.7		—		—		TBD		TBD
Total Rate Case (1)	6.7		3.6		16.4		9.2		13.5		18.2		18.7
Total Regulatory Initiatives	16.9		11.0		47.9		29.2		41.1		61.1		69.2
Total	$    25.6		$    16.8		$     73.1		$     39.7		$         59.4		$     94.0		$   119.9

(1) Includes adjusted gross margin attributable to interim and permanent rates.

 

Chesapeake Utilities Corporation and Subsidiaries Condensed Consolidated Statements of Income (Unaudited)
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2026		2025		2026		2025
(in millions, except shares (thousands) and per share data)
Operating Revenues
Regulated Energy		$      165.0		$     146.4		$     578.6		$     497.8
Unregulated Energy		37.8		40.7		196.7		195.3
Other Businesses and Eliminations		(7.0)		(7.5)		(24.5)		(22.0)
Total Operating Revenues		195.8		179.6		750.8		671.1
Operating Expenses
Regulated natural gas and electricity costs		38.7		31.7		179.9		137.3
Unregulated propane and natural gas costs		8.4		10.7		65.8		71.4
Operations		60.1		53.6		185.1		166.5
Maintenance		7.6		6.1		22.6		17.5
Depreciation and amortization		23.0		23.3		67.4		67.7
Other taxes		9.4		9.0		29.1		27.6
FCG transaction and transition-related expenses		—		0.2		—		1.0
Total Operating Expenses		147.2		134.6		549.9		489.0
Operating Income		48.6		45.0		200.9		182.1
Other income, net		0.4		0.2		0.9		1.2
Interest charges		19.0		18.2		56.1		54.1
Income Before Income Taxes		30.0		27.0		145.7		129.2
Income taxes		8.4		7.6		39.4		35.0
Net Income		$       21.6		$       19.4		$     106.3		$       94.2
Weighted Average Common Shares Outstanding:
Basic		24,175		23,526		24,057		23,265
Diluted		24,300		23,629		24,177		23,360
Earnings Per Share of Common Stock:
Basic		$       0.89		$       0.82		$       4.42		$       4.05
Diluted		$       0.89		$       0.82		$       4.40		$       4.03
Adjusted Net Income and Adjusted Earnings Per Share
Net Income (GAAP)		$       21.6		$       19.4		$     106.3		$       94.2
FCG transaction and transition-related expenses, net (1)		—		0.1		—		0.7
Adjusted Net Income (Non-GAAP)**		$       21.6		$       19.5		$     106.3		$       94.9
Earnings Per Share - Diluted (GAAP)		$       0.89		$       0.82		$       4.40		$       4.03
FCG transaction and transition-related expenses, net (1)		—		—		—		0.03
Adjusted Earnings Per Share - Diluted (Non-GAAP)**		$       0.89		$       0.82		$       4.40		$       4.06

(1) Transaction and transition-related expenses represent costs incurred attributable to the acquisition and integration of FCG including, but not limited to, transition services, consulting, system integration, rebranding and legal fees.

 

Chesapeake Utilities Corporation and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited)
Assets		September 30, 2026		December 31, 2025
(in millions, except shares and per share data)
Property, Plant and Equipment
Regulated Energy		$         3,147.6		$         2,941.6
Unregulated Energy		515.6		492.4
Other Businesses and Eliminations		43.3		38.3
Total property, plant and equipment		3,706.5		3,472.3
Less: Accumulated depreciation and amortization		(675.1)		(637.6)
Plus: Construction work in progress		441.4		283.7
Net property, plant and equipment		3,472.8		3,118.4
Current Assets
Cash and cash equivalents		8.6		1.8
Trade and other receivables		89.5		106.9
Less: Allowance for credit losses		(4.1)		(5.4)
Trade and other receivables, net		85.4		101.5
Accrued revenue		28.7		50.1
Propane inventory, at average cost		6.1		8.8
Other inventory, at average cost		17.1		17.9
Regulatory assets		24.9		29.7
Storage gas prepayments		5.1		4.5
Prepaid expenses		23.5		19.7
Derivative assets, at fair value		1.4		—
Other current assets		2.6		3.0
Total current assets		203.4		237.0
Deferred Charges and Other Assets
Goodwill		507.5		507.5
Other intangible assets, net		12.1		13.2
Investments in unconsolidated affiliate (FEP)		7.2		—
Investments, at fair value		18.7		17.2
Derivative assets, at fair value		1.0		—
Operating lease right-of-use assets		8.5		9.9
Regulatory assets		73.5		74.3
Receivables and other deferred charges		12.7		17.3
Total deferred charges and other assets		641.2		639.4
Total Assets		$         4,317.4		$         3,994.8

 

Chesapeake Utilities Corporation and Subsidiaries  Condensed Consolidated Balance Sheets (Unaudited)
Capitalization and Liabilities		September 30, 2026		December 31, 2025
(in millions, except shares and per share data)
Capitalization
Stockholders' equity
Preferred stock, par value $0.01 per share (authorized 2,000,000 shares), no shares issued and outstanding		$              —		$               —
Common stock, par value $0.4867 per share (authorized 75,000,000 shares)		11.7		11.6
Additional paid-in capital		1,009.1		962.8
Retained earnings		680.4		626.8
Accumulated other comprehensive loss		—		(2.7)
Deferred compensation obligation		17.8		12.6
Treasury stock		(17.8)		(12.6)
Total stockholders' equity		1,701.2		1,598.5
Long-term debt, net of current maturities		1,307.1		1,327.1
Total capitalization		3,008.3		2,925.6
Current Liabilities
Current portion of long-term debt		131.7		134.6
Short-term borrowing		325.9		158.0
Accounts payable		106.7		115.2
Customer deposits and refunds		48.5		45.1
Accrued interest		17.9		8.7
Dividends payable		17.8		16.4
Accrued compensation		12.8		21.6
Regulatory liabilities		21.8		14.5
Derivative liabilities, at fair value		0.2		0.8
Other accrued liabilities		30.5		15.0
Total current liabilities		713.8		529.9
Deferred Credits and Other Liabilities
Deferred income taxes		353.7		313.3
Regulatory liabilities		204.1		188.1
Environmental liabilities		3.3		2.9
Other pension and benefit costs		15.1		14.0
Derivative liabilities, at fair value		0.1		0.6
Operating lease - liabilities		6.6		7.9
Deferred investment tax credits and other liabilities		12.4		12.5
Total deferred credits and other liabilities		595.3		539.3
Environmental and other commitments and contingencies (1)
Total Capitalization and Liabilities		$         4,317.4		$         3,994.8

(1) Refer to Note 7 and 8 in the Company's Quarterly Report on Form 10-Q for further information.

Adjusted Gross Margin

		Three Months Ended September 30, 2026
(in millions)		Regulated Energy		Unregulated Energy		Other Businesses and Eliminations		Total
Operating Revenues		$               165.0		$                 37.8		$                 (7.0)		$               195.8
Cost of Sales:
Natural gas, propane and electric costs		(38.7)		(15.3)		6.9		(47.1)
Depreciation & amortization		(17.4)		(5.7)		0.1		(23.0)
Operations & maintenance expenses (1)		(17.0)		(11.2)		(0.2)		(28.4)
Gross Margin (GAAP)		91.9		5.6		(0.2)		97.3
Operations & maintenance expenses (1)		17.0		11.2		0.2		28.4
Depreciation & amortization		17.4		5.7		(0.1)		23.0
Adjusted Gross Margin (Non-GAAP)		$               126.3		$                 22.5		$                 (0.1)		$               148.7

		Three Months Ended September 30, 2025
(in millions)		Regulated Energy		Unregulated Energy		Other Businesses and Eliminations		Total
Operating Revenues		$               146.4		$                 40.7		$                 (7.5)		$               179.6
Cost of Sales:
Natural gas, propane and electric costs		(31.7)		(18.3)		7.6		(42.4)
Depreciation & amortization		(18.2)		(5.1)		—		(23.3)
Operations & maintenance expenses (1)		(12.6)		(9.5)		—		(22.1)
Gross Margin (GAAP)		83.9		7.8		0.1		91.8
Operations & maintenance expenses (1)		12.6		9.5		—		22.1
Depreciation & amortization		18.2		5.1		—		23.3
Adjusted Gross Margin (Non-GAAP)		$               114.7		$                 22.4		$                  0.1		$               137.2

		Nine Months Ended September 30, 2026
(in millions)		Regulated Energy		Unregulated Energy		Other Businesses and Eliminations		Total
Operating Revenues		$               578.6		$               196.7		$                (24.5)		$               750.8
Cost of Sales:
Natural gas, propane and electric costs		(179.9)		(90.2)		24.4		(245.7)
Depreciation & amortization		(50.8)		(16.7)		0.1		(67.4)
Operations & maintenance expenses (1)		(49.2)		(32.5)		(0.1)		(81.8)
Gross Margin (GAAP)		298.7		57.3		(0.1)		355.9
Operations & maintenance expenses (1)		49.2		32.5		0.1		81.8
Depreciation & amortization		50.8		16.7		(0.1)		67.4
Adjusted Gross Margin (Non-GAAP)		$               398.7		$               106.5		$                 (0.1)		$               505.1

		Nine Months Ended September 30, 2025
(in millions)		Regulated Energy		Unregulated Energy		Other Businesses and Eliminations		Total
Operating Revenues		$               497.8		$               195.3		$                (22.0)		$               671.1
Cost of Sales:
Natural gas, propane and electric costs		(137.3)		(93.4)		22.0		(208.7)
Depreciation & amortization		(52.6)		(15.1)		—		(67.7)
Operations & maintenance expenses (1)		(40.5)		(29.0)		(0.1)		(69.6)
Gross Margin (GAAP)		267.4		57.8		(0.1)		325.1
Operations & maintenance expenses (1)		40.5		29.0		0.1		69.6
Depreciation & amortization		52.6		15.1		—		67.7
Adjusted Gross Margin (Non-GAAP)		$               360.5		$               101.9		$                   —		$               462.4

(1) Operations & maintenance expenses within the condensed consolidated statements of income are presented in accordance with regulatory requirements and to provide comparability within the industry. Operations & maintenance expenses which are deemed to be directly attributable to revenue producing activities have been separately presented above in order to calculate Gross Margin as defined under GAAP.

Forward-Looking Statements

Matters included in this release may include forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements. Please refer to the Safe Harbor for Forward-Looking Statements in the Company's 2025 Annual Report on Form 10-K and as may be identified in subsequent Quarterly Reports on Form 10-Q for further information on the risks and uncertainties related to the Company's forward-looking statements.

Conference Call

Chesapeake Utilities (NYSE: CPK) will host a conference call on Friday, November 6, 2026, at 8:30 a.m. Eastern Time to discuss the Company's financial results for the three and nine months ended September 30, 2026. To listen to the Company's conference call via live webcast, please visit the Events & Presentations section of the Investors page on www.chpk.com. For investors and analysts that wish to participate by phone for the question and answer portion of the call, please use the following dial-in information:

Toll-free: 800.245.3047
International: 203.518.9765
Conference ID: CPKQ326

A replay of the presentation will be made available on the previously noted website following the conclusion of the call.

About Chesapeake Utilities Corporation 

Chesapeake Utilities Corporation is a diversified energy delivery company, listed on the New York Stock Exchange (NYSE:CPK). Chesapeake Utilities Corporation offers sustainable energy solutions through its natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, mobile compressed natural gas utility services and solutions, and other businesses.

For more information, contact:

Lucia M. Dempsey
Head of Investor Relations
347.804.9067

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SOURCE Chesapeake Utilities Corporation

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Chesapeake Utilities’ third-quarter 2026 earnings?

Chesapeake Utilities reported $21.6 million in net income and $0.89 in diluted EPS for the third quarter of 2026. Those figures compare with $19.4 million and $0.82, respectively, in the third quarter of 2025.

What is Chesapeake Utilities’ Florida Energy Pathway joint venture?

Chesapeake Utilities announced a joint venture agreement with NextEra Energy Resources to finance and own 49 percent of Florida Energy Pathway. The project is a $1.2 billion, 97-mile intrastate natural gas transmission infrastructure project supporting energy reliability in South Florida.

When will Chesapeake Utilities update its long-term earnings and capital guidance?

Chesapeake expects to provide its long-term guidance update during its Full-Year 2026 earnings call in February 2027. The planned update includes a capital guidance range and EPS growth rate for 2027–2031, along with 2027 capital expenditure guidance.