Middlesex Water Company Reports Third Quarter 2026 Earnings

Higher wholesale demand, consumption and rates supported revenue growth, while the quarterly dividend rose 5.56%.

Rhea-AI Summary

Middlesex Water Company (MSEX) reported third-quarter 2026 diluted earnings per share of $0.95, up from $0.77 a year earlier. Net income rose to $18.0 million from $14.0 million, while revenue reached $60.2 million, up $6.1 million. Increased wholesale demand, customer consumption and rate increases supported utility revenue growth.

For the nine months ended September 30, net income reached $43.4 million, versus $34.2 million, and diluted EPS rose to $2.31 from $1.90. Revenue totaled $165.3 million. Infrastructure investment was approximately $84 million against a planned approximately $126 million for 2026. Middlesex requested additional annual revenues through two New Jersey petitions; Delaware regulators approved Tidewater’s proposed $25 thousand asset purchase from Mount Pleasant.

The quarterly dividend increased 5.56% to $0.38 per share, payable December 1, 2026, to holders of record November 16.

20 points · 0 major

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0 major · 9 points

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

Positive

• Moderate pointThird-quarter net income rose to $18.0 million from $14.0 million; diluted EPS increased to $0.95 from $0.77.
• Moderate pointThird-quarter revenue increased $6.1 million to $60.2 million year over year.
• Moderate pointThird-quarter operating income increased to $22.267 million from $17.703 million a year earlier.
• Moderate pointNine-month net income increased $9.2 million to $43.4 million; diluted EPS rose to $2.31 from $1.90.
• Moderate pointNine-month revenue increased to $165.276 million from $147.715 million a year earlier.
• Moderate pointNine-month operating income increased to $53.597 million from $43.171 million a year earlier.

14 minor points

• Minor pointMiddlesex System third-quarter revenue increased $4.7 million through wholesale demand, consumption and base rate increases.
• Minor pointTidewater System third-quarter revenue increased $1.2 million through consumption, customer growth and rate increases.
• Minor pointNon-regulated third-quarter revenue increased $0.2 million, primarily from higher supplemental contract services.
• Minor pointThird-quarter depreciation decreased $0.1 million year over year following implementation of approved depreciation rates.
• Minor pointThird-quarter construction financing allowance increased to $860 thousand from $432 thousand a year earlier.
• Minor pointThird-quarter other income, net, increased to $1.541 million from $1.454 million a year earlier.
• Minor pointMiddlesex System nine-month revenue increased $13.5 million through wholesale demand, consumption and base rate increases.
• Minor pointTidewater System nine-month revenue increased $3.8 million through consumption, customer growth and rate increases.
• Minor pointNon-regulated nine-month revenue increased $0.3 million, primarily from higher supplemental contract services.
• Minor pointNine-month construction financing allowance increased to $2.194 million from $1.218 million a year earlier.
• Minor pointNine-month other income, net, increased to $4.557 million from $4.364 million a year earlier.
• Minor pointInfrastructure investment reached approximately $84 million, approximately 67% of planned approximately $126 million spending for 2026.
• Minor pointDelaware regulators approved Tidewater’s purchase of Mount Pleasant water utility assets for $25 thousand.
• Minor pointQuarterly dividend increased 5.56% to $0.38 per share, raising the annual rate to $1.52 from $1.44.

Negative

• Moderate pointNine-month operations and maintenance expenses increased $5.4 million, primarily from credit-loss reserves, employee costs and production costs.
• Moderate point. Forward-looking: it has not happened yet and may not happen.New Jersey petitions request $0.8 million and $1.7 million in additional annual revenues, respectively; approval remains pending.
• Minor pointThird-quarter operations and maintenance expenses increased $1.1 million year over year, primarily from production and employee costs.
• Minor pointThird-quarter other taxes increased $0.5 million year over year due to higher gross receipts taxes.
• Minor pointThird-quarter income taxes increased to $2.440 million from $1.431 million a year earlier.

4 minor points

• Minor pointNine-month depreciation increased $0.5 million year over year due to higher average utility plant in service.
• Minor pointNine-month other taxes increased $1.3 million year over year due to higher gross receipts taxes.
• Minor pointNine-month interest charges increased to $11.431 million from $10.535 million a year earlier.
• Minor pointNine-month income taxes increased to $5.514 million from $4.001 million a year earlier.

Key Figures

Net income: $18.0 million Diluted EPS: $0.95 Operating revenue: $60.2 million +4 more

Net income

$18.0 million

Q3 2026, compared with $14.0 million in Q3 2025

Diluted EPS

$0.95

Q3 2026, compared with $0.77 in Q3 2025

Operating revenue

$60.2 million

Q3 2026; increased $6.1 million year over year

Net income

$43.4 million

Nine months ended September 30, 2026; increased $9.2 million year over year

Diluted EPS

$2.31

Nine months ended September 30, 2026, compared with $1.90 in 2025

Infrastructure investment

$84 million

Nine months ended September 30, 2026; 67% of planned $126 million 2026 investment

Quarterly dividend

$0.38 per share

Declared for Q4 2026; 5.56% increase from $0.36

Previous Earnings Reports

3 past events · Latest: Jul 30

Same Type 3 events

1. Jul 30

   Q2 earnings

   24h Move

   +2.7%

   Q2 net income and diluted EPS rose year over year as operating revenue increased.

2. Apr 30

   Q1 earnings

   24h Move

   +0.1%

   Q1 net income and diluted EPS increased year over year alongside higher operating revenue.

3. Oct 31

   Q3 earnings

   24h Move

   -13.1%

   Q3 net income and diluted EPS declined year over year; nine-month earnings also fell.

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

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• Diluted earnings per share (“EPS”) of $0.95
• Invested $84 million in water and wastewater utility infrastructure during the nine months ended September 30, 2026
• Declared $0.38 common stock cash dividend, a 5.56% increase
  
  

ISELIN, N.J., Oct. 29, 2026 (GLOBE NEWSWIRE) -- Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ: MSEX) today announced financial results for the third quarter ended September 30, 2026.

“Our strong third-quarter results reflect increased wholesale demand, higher customer consumption, and the continued execution of our regulatory strategy,” said Nadine Leslie, Chair, President, and Chief Executive Officer of Middlesex Water Company. “As we deliver solid earnings growth, we remain focused on investing in critical water and wastewater infrastructure, strengthening system reliability, and pursuing selective and sustainable growth under our MWC 2030 Vision to create long-term value for customers and shareholders.”

Third Quarter 2026 Results

Middlesex reported net income of $18.0 million and diluted EPS of $0.95, compared to net income of $14.0 million and diluted EPS of $0.77 for the same quarter in 2025.

Operating revenues for the quarter ended September 30, 2026, were $60.2 million, an increase of $6.1 million, compared to the same quarter last year. Operating revenues for the Middlesex System increased $4.7 million due to increased wholesale demand, customer consumption and base rate increases. Tidewater System revenues increased $1.2 million due to increased customer consumption, customer growth and rate increases. Non-regulated revenues increased $0.2 million, primarily due to higher supplemental contract services.

Operating expenses for the quarter ended September 30, 2026, were $37.9 million, an increase of approximately $1.6 million, compared to the same quarter last year. Operations and maintenance expenses increased $1.1 million primarily due to increases in variable production costs from higher customer demand and employee related costs, partially offset by higher capitalizable costs; and other taxes increased $0.5 million due to higher gross receipts taxes on higher revenues in the Middlesex System. Depreciation expense decreased $0.1 million from the same period in 2025 due to the implementation of depreciation rates from the study approved by the New Jersey Board of Public Utilities ("NJBPU"), partially offset by higher average utility plant in service.

Year-to-Date Results

Net income for the nine months ended September 30, 2026, was $43.4 million, a $9.2 million increase when compared to the same period in 2025. Diluted earnings per share were $2.31 and $1.90 for the nine months ended September 30, 2026, and 2025, respectively.

Operating revenues for the nine months ended September 30, 2026, were $165.3 million, an increase of approximately $17.6 compared to the same period in 2025. Middlesex System revenues increased $13.5 million due to increased wholesale demand, customer consumption and base rate increases. Tidewater System revenues increased $3.8 million due to increased customer consumption, customer growth, and rate increases. Non-regulated revenues increased $0.3 million, primarily due to higher supplemental contract services.

Operating expenses for the nine months ended September 30, 2026, increased $7.1 million compared to the same period in 2025. Operations and maintenance expenses increased $5.4 million primarily due to increases in allowance for credit loss reserve, employee related costs and variable production costs from higher customer demand, partially offset by higher capitalizable costs. Depreciation expense increased $0.5 million due to higher average utility plant in service, partially offset by the implementation of depreciation rates from the study approved by the NJBPU. Other taxes increased $1.3 million due to higher gross receipts taxes on higher revenues in the Middlesex System.

Selective and Sustainable Growth

Middlesex invested approximately $84 million to upgrade, replace and enhance the resiliency of its water and wastewater utility infrastructure during the nine months ended September 30, 2026, or approximately 67% of its planned 2026 annual investment of approximately $126 million.

In September 2026, Middlesex filed Resiliency and Environmental System Improvement Charge and Distribution System Improvement Charge petitions with the NJBPU requesting $0.8 million and $1.7 million of additional annual revenues, respectively.

In October 2026, the Delaware Public Service Commission approved the joint application by Tidewater Utilities, Inc. ("Tidewater") and Mount Pleasant MHP, LLC ("Mount Pleasant") for Tidewater to purchase the water utility assets of Mount Pleasant for $25 thousand. Mount Pleasant serves 39 customers in New Castle County, Delaware.

Dividend Declared, 5.56% Increase Announced

On October 23, 2026, the Company’s Board of Directors declared a fourth quarter cash dividend of $0.38 per common share, a 5.56% increase from the $0.36 per share dividend last declared in July 2026. This increase raises the annual dividend rate to $1.52 from $1.44 per share of common stock and marks Middlesex's 54th consecutive year of dividend increases. The dividend at the new rate is payable December 1, 2026, to shareholders of record as of November 16, 2026. Middlesex has paid cash dividends each year since 1912.

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 Relations:
Rebecca Stenholm,Vice President, Communications and Corporate Affairs
rstenholm@middlesexwater.com
(908) 565-2491

Investor Relations:
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 September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Operating Revenues	$60,205		$54,091		$165,276		$147,715
Operating Expenses:
Operations and Maintenance	24,871		23,738		73,282		67,913
Depreciation	6,865		6,941		20,662		20,171
Other Taxes	6,202		5,709		17,735		16,460
Total Operating Expenses	37,938		36,388		111,679		104,544
Operating Income	22,267		17,703		53,597		43,171
Other Income:
Allowance for Funds Used During Construction	860		432		2,194		1,218
Other Income, net	1,541		1,454		4,557		4,364
Total Other Income, net	2,401		1,886		6,751		5,582
Interest Charges	4,200		4,200		11,431		10,535
Income before Income Taxes	20,468		15,389		48,917		38,218
Income Taxes	2,440		1,431		5,514		4,001
Net Income	18,028		13,958		43,403		34,217
Preferred Stock Dividend Requirements	13		18		49		59
Earnings Applicable to Common Stock	$18,015		$13,940		$43,354		$34,158
Earnings per share of Common Stock:
Basic	$0.95		$0.77		$2.31		$1.90
Diluted	$0.95		$0.77		$2.31		$1.90
Average Number of
Common Shares Outstanding:
Basic	19,012		18,123		18,756		17,992
Diluted	19,026		18,154		18,778		18,023

FAQ

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

What were Middlesex Water’s third-quarter 2026 earnings?

Middlesex Water reported $18.0 million in net income and $0.95 in diluted EPS for the quarter ended September 30, 2026. A year earlier, net income was $14.0 million and diluted EPS was $0.77. Quarterly revenue increased $6.1 million to $60.2 million.

How much is Middlesex Water’s increased dividend, and when is it payable?

The increased quarterly dividend is $0.38 per common share, payable December 1, 2026, to shareholders of record November 16, 2026. The 5.56% increase raises the annual dividend rate to $1.52 from $1.44 per share and marks the company’s 54th consecutive year of dividend increases.

What additional revenues did Middlesex Water request in its September 2026 New Jersey petitions?

Middlesex requested $0.8 million in additional annual revenues through its Resiliency and Environmental System Improvement Charge petition and $1.7 million through its Distribution System Improvement Charge petition. Both were filed with the New Jersey Board of Public Utilities in September 2026.