Middlesex Water Company Reports First Quarter 2026 Earnings

Middlesex Water Company (NASDAQ: MSEX) reported Q1 2026 net income $10.6M and diluted EPS $0.57, versus $9.5M and $0.53 in Q1 2025.

Rhea-AI Summary

Middlesex Water Company (NASDAQ: MSEX) reported Q1 2026 net income $10.6M and diluted EPS $0.57, versus $9.5M and $0.53 in Q1 2025. Operating revenue was $48.7M, up $4.4M year-over-year. The company invested $21M in utility infrastructure (≈17% of its $126M 2026 plan) and declared a $0.36 per-share quarterly cash dividend payable June 1, 2026.

Annual meeting is scheduled May 19, 2026. The company noted higher operating expenses driven by increased production and labor costs, partly offset by capitalizable costs.

Positive

• Net income of $10.6 million in Q1 2026
• Diluted EPS of $0.57 for Q1 2026
• Operating revenue increased to $48.7 million
• Invested $21 million in utility infrastructure (17% of 2026 plan)
• Declared $0.36 quarterly cash dividend payable June 1, 2026

Negative

• Operating expenses rose by approximately $2.9 million in Q1 2026
• Higher variable production and labor costs increased cost base

Argus May 1 session

+0.10% close to close Open Argus

Details

News Market Reaction – MSEX

In the May 1 session, MSEX gained 0.10%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details year-over-year growth in net income to $10.6M, diluted EPS of $0.57, and o...

Analysis

This announcement details year-over-year growth in net income to $10.6M, diluted EPS of $0.57, and operating revenues of $48.7M, supported by $21M of infrastructure investment in Q1 2026. It also confirms a $0.36 quarterly dividend and continues a 53-year streak of annual dividend increases. Investors may focus on sustained capital spending versus planned $126M for 2026, ongoing rate dynamics, and consistency of earnings and cash flows across future periods.

Key Figures

Diluted EPS: $0.57 Net income: $10.6M Prior net income: $9.5M +5 more

Diluted EPS

$0.57

Q1 2026

Net income

$10.6M

Q1 2026

Prior net income

$9.5M

Q1 2025

Diluted EPS prior

$0.53

Q1 2025

Operating revenues

$48.7M

Quarter ended Mar 31, 2026

Operating revenues prior

$44.3M

Quarter ended Mar 31, 2025

Infrastructure investment

$21M

Water and wastewater capex, Q1 2026

Quarterly dividend

$0.36 per share

Second quarter 2026 cash dividend

Previous Earnings Reports

5 past events · Latest: Oct 31

Same Type 5 events

1. Oct 31

   Q3 2025 earnings

   24h Move

   -13.1%

   Strong Q3 2025 results, higher EPS and dividend, infrastructure investment.

2. Jul 31

   Q2 2025 earnings

   24h Move

   +1.5%

   Slight EPS increase, revenue growth, but softer year-to-date earnings.

3. May 01

   Q1 2025 earnings

   24h Move

   -3.9%

   EPS and net income down year-over-year despite higher operating revenue.

4. Feb 28

   2024 annual results

   24h Move

   +15.8%

   Strong 2024 net income and EPS growth with higher revenues and capex.

5. Oct 31

   Q3 2024 earnings

   24h Move

   +6.7%

   Robust Q3 2024 EPS and revenue growth, plus a higher quarterly dividend.

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

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

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• Diluted earnings per share (“EPS”) of $0.57
• Invested $21 million in water and wastewater utility infrastructure during the three months ended March 31, 2026
• Declared $0.36 common stock cash dividend

ISELIN, N.J., April 30, 2026 (GLOBE NEWSWIRE) -- Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ: MSEX) today announced financial results for the first quarter ended March 31, 2026.

“Our first-quarter results reflect disciplined execution across our operations, capital program, and regulatory strategy,” said Nadine Leslie, Chair, President and Chief Executive Officer of Middlesex Water Company. “We remain focused on delivering reliable service, investing strategically for long-term growth, and advancing our MWC 2030 Vision. This performance underscores the strength of our fundamentals and the dedication of our employees in driving consistent operational and financial outcomes.”

First Quarter 2026 Results

Middlesex reported net income of $10.6 million and diluted EPS of $0.57, compared to net income of $9.5 million and diluted EPS of $0.53 for the same quarter in 2025.

Operating revenues for the quarter ended March 31, 2026, were $48.7 million, an increase of $4.4 million, compared to $44.3 million for the same quarter last year. Operating revenues increased $3.4 million in the Middlesex System due to increased wholesale demand, customer consumption and base rate increases and $0.8 million in the Tidewater System primarily attributable to increased customer consumption, customer growth and rate increases. Non-regulated and other operating revenues increased $0.2 million, primarily due to higher supplemental contract services.

Operating expenses for the quarter ended March 31, 2026, were $35.6 million, an increase of approximately $2.9 million, compared to $32.7 million for the same quarter last year. The increase is primarily driven by increased variable production costs from higher production resulting from increased customer demand, higher labor cost due to wage and employee headcount increases partially offset by higher capitalizable costs.

Selective and Sustainable Growth

Middlesex invested approximately $21 million to upgrade, replace and enhance the resiliency of its water and wastewater utility infrastructure during the three months ended March 31, 2026, or approximately 17% of its planned 2026 annual investment of $126 million.

Annual Meeting and Dividend Declared

Middlesex will hold its Annual Meeting on Tuesday, May 19, 2026, at 11:00 a.m. EDT. Shareholders may obtain instructions to access the meeting by visiting www.virtualshareholdermeeting.com/MSEX2026 and entering the 16-digit control number listed on their Notice of Internet Availability of Proxy Materials or proxy card.

As previously announced on April 24, 2026, the Company’s Board of Directors declared a second quarter cash dividend of $0.36 per common share. Dividends on common shares will be paid on June 1, 2026, to shareholders of record as of May 15, 2026. Middlesex has paid cash dividends each year since 1912 and has increased the dividends received by shareholders each calendar year for 53 consecutive years.

About Middlesex Water Company

Middlesex Water Company (“Middlesex”) is one of the nation’s premier investor-owned water and wastewater utilities. Established in 1897, Middlesex is a trusted provider of life-sustaining services to more than half a million people in New Jersey and Delaware. The company focuses on employee engagement, operational excellence, superior customer experience, investment in infrastructure, and selective and sustainable growth to deliver value to our customers, investors, and the communities we serve.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of U.S. federal securities laws reflecting the current beliefs or expectations of Middlesex Water Company “Company” regarding its future performance, its financial condition, its strategic plans and cash flows, its results of operations as well as any other statements that do not directly relate to any historical or current facts. These statements reflect the Company’s current views and information currently available. This information is based on estimates, assumptions, and analysis that the Company believes, as of the date hereof, provide a reasonable basis for the information contained herein. Forward-looking statements can generally be identified by the use of forward-looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “foresees,” or the negative of those words or other comparable terminology. The Company intends that these statements be covered by the safe harbors created under those laws. Actual results, performance or achievements may differ materially from forward-looking statements, and the assumptions on which forward-looking statements are based. There can be no assurance that the information contained herein is reflective of future performance, and investors are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance. Unless otherwise specified, all information contained in this press release speaks only as of the date hereof. The Company undertakes no duty to update or revise the information contained herein, whether as a result of new information, future events or otherwise.

Media Contact:
Summer DeFEO, Director of Communications
sdefeo@middlesexwater.com
(732) 638-7510

Investor Relations Contact:
Jennifer Ketschke, Director, Investor Relations and Treasury
InvestorRelations@middlesexwater.com
(732) 638-7523

MIDDLESEX WATER COMPANY CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands except per share amounts)
	Three Months Ended March 31,
	2026			2025
Operating Revenues	$	48,714		$	44,301
Operating Expenses:
Operations and Maintenance		23,012			21,109
Depreciation		7,036			6,527
Other Taxes		5,564			5,108
Total Operating Expenses		35,612			32,744
Operating Income		13,102			11,557
Other Income:
Allowance for Funds Used During Construction		633			372
Other Income, net		1,369			1,425
Total Other Income, net		2,002			1,797
Interest Charges		3,214			2,713
Income before Income Taxes		11,890			10,641
Income Taxes		1,285			1,162
Net Income		10,605			9,479
Preferred Stock Dividend Requirements		18			22
Earnings Applicable to Common Stock	$	10,587		$	9,457
Earnings per share of Common Stock:
Basic	$	0.57		$	0.53
Diluted	$	0.57		$	0.53
Average Number of
Common Shares Outstanding:
Basic		18,545			17,890
Diluted		18,575			17,951

FAQ

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

What were Middlesex Water Company (MSEX) Q1 2026 earnings and EPS?

Middlesex reported Q1 2026 net income of $10.6M and diluted EPS $0.57. According to the company, that compares with $9.5M net income and $0.53 EPS in Q1 2025, driven by higher revenues and utility demand.

How much did MSEX invest in capital projects in Q1 2026 and what portion of 2026 plan is that?

Middlesex invested $21 million in water and wastewater infrastructure in Q1 2026. According to the company, that equals approximately 17% of its $126 million planned 2026 annual investment, supporting resiliency upgrades.

What dividend did Middlesex (MSEX) declare and when will it be paid?

The board declared a $0.36 per-share cash dividend, payable June 1, 2026. According to the company, shareholders of record as of May 15, 2026 will receive the dividend.

Why did Middlesex operating expenses increase in Q1 2026?

Operating expenses rose about $2.9 million, primarily from higher variable production and increased labor costs. According to the company, higher production from customer demand and headcount increases were main drivers.

When is Middlesex Water Company’s annual meeting and how can shareholders attend?

The annual meeting is scheduled for May 19, 2026 at 11:00 a.m. EDT. According to the company, shareholders can access it via the virtual shareholder meeting site using the 16-digit control number on their proxy materials.