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  4. [8-K] MIDDLESEX WATER CO Reports Material Event

Middlesex Water (NASDAQ: MSEX) lifts Q2 EPS to $0.79 and boosts investment

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Middlesex Water Company reported strong second quarter 2026 results, with operating revenues of $56.4 million, net income of $14.8 million and diluted EPS of $0.79, up from $10.8 million and $0.60 a year earlier. Growth was driven by increased wholesale demand, higher customer consumption and base rate increases in both the Middlesex and Tidewater systems.

For the first six months of 2026, operating revenues were $105.1 million and net income was $25.4 million, with diluted EPS of $1.36. Operations and maintenance, depreciation and taxes rose mainly due to higher credit loss reserves, employee and production costs. The company invested $53 million in utility infrastructure, about 42% of its planned $126 million 2026 program, and declared a third quarter cash dividend of $0.36 per common share, continuing a 53-year streak of annual dividend increases.

Positive

  • Net income rose to $14.8 million and diluted EPS to $0.79 in Q2 2026, from $10.8 million and $0.60 a year earlier, supported by higher wholesale demand, customer consumption and base rate increases.
  • Infrastructure investment reached $53 million in the first half of 2026, about 42% of a planned $126 million program, while maintaining a $0.36 quarterly dividend and a 53-year record of annual dividend increases.

Negative

  • None.
Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 operating revenues $56.4 million Operating revenues for the quarter ended June 30, 2026
Q2 2026 net income $14.8 million Net income for the quarter ended June 30, 2026
Q2 2026 diluted EPS $0.79 Diluted earnings per share for the quarter ended June 30, 2026
First-half 2026 operating revenues $105.1 million Operating revenues for the six months ended June 30, 2026
First-half 2026 net income $25.4 million Net income for the six months ended June 30, 2026
First-half 2026 diluted EPS $1.36 Diluted earnings per share for the six months ended June 30, 2026
Planned 2026 infrastructure investment $126 million Planned annual 2026 water and wastewater infrastructure program
First-half 2026 infrastructure investment $53 million Invested in water and wastewater infrastructure in first six months of 2026
Quarterly cash dividend $0.36 per share Third quarter 2026 common stock dividend declared
Allowance for Funds Used During Construction financial
"Other Income includes Allowance for Funds Used During Construction"
Allowance for funds used during construction (AFUDC) is the accounting practice of adding the cost of borrowing money and using company funds while building long-term assets to the value of that asset instead of treating it as an immediate expense. For investors, AFUDC matters because it boosts reported profits and increases the company’s asset base today while deferring financing costs to future periods, similar to adding construction loan interest to the price of a house under renovation.
allowance for credit loss reserve financial
"Operations and maintenance expenses increased due to increases in the allowance for credit loss reserve"
gross receipts taxes financial
"Other taxes increased due to higher gross receipts taxes on higher revenues in the Middlesex System"
diluted earnings per share financial
"Middlesex Water Company reported diluted earnings per share of $0.79"
Diluted earnings per share is a measure of a company's profit allocated to each share of stock, taking into account all possible shares that could be created through stock options, convertible bonds, or other securities. It shows the lowest possible earnings per share if all these potential shares were issued, helping investors understand the worst-case scenario for their ownership. This figure matters because it provides a more conservative view of a company's profitability per share.
forward-looking statements regulatory
"This press release contains "forward-looking statements" within the meaning of U.S. federal securities laws"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Q2 2026 operating revenues $56.4 million $7.0 million increase versus the same quarter in 2025
Q2 2026 net income $14.8 million Higher than $10.8 million in Q2 2025
Q2 2026 diluted EPS $0.79 Higher than $0.60 in Q2 2025
First-half 2026 operating revenues $105.1 million Approximately $11.4 million higher than the first six months of 2025
First-half 2026 net income $25.4 million $5.1 million increase versus the first six months of 2025
First-half 2026 diluted EPS $1.36 Higher than $1.13 for the first six months of 2025

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

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FAQ

What were Middlesex Water (MSEX) earnings and EPS for Q2 2026?
Middlesex Water reported Q2 2026 net income of $14.8 million and diluted EPS of $0.79, compared with $10.8 million and $0.60 in Q2 2025. Results benefited from increased wholesale demand, higher customer usage and base rate increases in its regulated systems.

How did Middlesex Water (MSEX) revenue perform in Q2 2026?
Operating revenues for Q2 2026 were $56.4 million, a $7.0 million increase versus the same quarter in 2025. Middlesex System revenues rose $5.3 million and Tidewater System revenues $1.7 million, driven by wholesale demand, customer growth, higher consumption and rate increases.

What are Middlesex Water (MSEX) year-to-date 2026 financial results?
For the six months ended June 30, 2026, Middlesex Water generated $105.1 million in operating revenues and $25.4 million in net income, with diluted EPS of $1.36. Year-to-date growth reflects stronger demand, customer additions and base rate increases across the Middlesex and Tidewater systems.

What dividend did Middlesex Water (MSEX) declare for Q3 2026?
The board declared a third quarter cash dividend of $0.36 per common share, payable September 1, 2026, to shareholders of record on August 17, 2026. Middlesex has paid cash dividends annually since 1912 and increased dividends for 53 consecutive years.

How much is Middlesex Water (MSEX) investing in infrastructure in 2026?
During the first half of 2026, Middlesex invested $53 million to upgrade and enhance water and wastewater infrastructure, about 42% of its planned $126 million 2026 investment program, aimed at improving long-term system resiliency, reliability and support for future growth.

What drove higher operating expenses for Middlesex Water (MSEX) in 2026?
Operating expenses for the first half of 2026 increased by $5.6 million. Operations and maintenance rose $4.2 million from higher allowance for credit loss reserves, employee-related and variable production costs, while depreciation increased $0.6 million and other taxes rose $0.8 million on higher revenues.
0000066004FALSE00000660042026-07-302026-07-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: July 30, 2026
MIDDLESEX WATER COMPANY
(Exact name of registrant as specified in its charter)
New Jersey0-42222-1114430
(State or other jurisdiction of
incorporation or organization)		(Commission
File Number)		(I.R.S. Employer
Identification No.)
485C Route 1 South, Suite 400, Iselin, New Jersey 08830
(Address of Principal Executive Offices) (Zip Code)
732-634-1500
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, No Par ValueMSEXThe NASDAQ Stock Market, LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Item 2.02 Results of Operations and Financial Condition.
On July 30, 2026, Middlesex Water Company announced its financial results for the quarter ended June 30, 2026. A copy of the press release announcing these results is attached hereto as Exhibit 99.1 and incorporated into this Form 8-K by reference.
The information in Item 2.02, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section, nor shall it be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(c)Exhibits
Exhibit
Number		Description of Document
99.1
Press Release issued by Middlesex Water Company dated July 30, 2026 reporting Second Quarter 2026 Earnings
104The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf of the undersigned hereunto duly authorized.
MIDDLESEX WATER COMPANY
(Registrant)
/s/ Mohammed G. Zerhouni
Senior Vice President, Chief Financial Officer
and Treasurer
Dated: July 30, 2026
2

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Middlesex Water Company Reports Second Quarter 2026 Earnings
•Diluted earnings per share (“EPS”) of $0.79
•Invested $53 million in water and wastewater utility infrastructure during the first half of 2026
•Declared $0.36 common stock cash dividend

ISELIN, N.J., July 30, 2026 -- Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ: MSEX) today announced financial results for the second quarter ended June 30, 2026.
"Our results demonstrate the effectiveness of our disciplined approach to operational, financial, and strategic execution,” said Nadine Leslie, Chair, President, and Chief Executive Officer of Middlesex Water Company. “Strong earnings, driven in part by increased wholesale customer demand and favorable weather, contributed to another solid quarter of performance. In addition, we continue to invest in critical infrastructure to increase long-term reliability, growth, and value for our customers and shareholders under our MWC 2030 Vision."
Second Quarter 2026 Results
Middlesex reported net income of $14.8 million and diluted EPS of $0.79, compared to net income of $10.8 million and diluted EPS of $0.60 for the same quarter in 2025.
Operating revenues for the quarter ended June 30, 2026, were $56.4 million, an increase of $7.0 million, compared to the same quarter last year. Operating revenues for the Middlesex System increased $5.3 million due to increased wholesale demand, customer consumption and base rate increases. Tidewater System revenues increased $1.7 million due to increased customer consumption, customer growth and rate increases.
Operating expenses for the quarter ended June 30, 2026, were $38.1 million, an increase of approximately $2.7 million, compared to $35.4 million for the same quarter last year. Operations and maintenance expenses increased $2.3 million primarily due to increases in the allowance for credit loss reserve and employee related costs, partially offset by higher capitalizable costs; and other taxes increased $0.3 million due to higher gross receipts taxes on higher revenues in the Middlesex System.
Year-to-Date Results
Net income for the six months ended June 30, 2026, was $25.4 million, a $5.1 million increase when compared to the same period in 2025. Diluted earnings per share were $1.36 and $1.13 for the six months ended June 30, 2026, and 2025, respectively.
Operating revenues for the six months ended June 30, 2026, were $105.1 million, an increase of approximately $11.4 compared to the same period in 2025. Middlesex System revenues increased $8.8 million due to increased wholesale demand, customer consumption and base rate increases. Tidewater System revenues increased $2.5 million due to increased customer consumption, customer growth, and rate increases. Non-regulated revenues increased $0.1 million, primarily due to higher supplemental contract services.
Operating expenses for the six months ended June 30, 2026, increased $5.6 million compared to the same period in 2025. Operations and maintenance expenses increased $4.2 million primarily due to increases in allowance for credit loss reserve, employee related costs, and variable production costs, partially offset by higher capitalizable costs. Depreciation expense increased $0.6 million due to higher average utility plant in


service. Other taxes increased $0.8 million due to higher gross receipts taxes on higher revenues in the Middlesex System.
Selective and Sustainable Growth
Middlesex invested approximately $53 million to upgrade, replace and enhance the resiliency of its water and wastewater utility infrastructure during the six months ended June 30, 2026, or approximately 42% of its planned 2026 annual investment of $126 million.
Dividend Declared
As previously announced on July 23, 2026, the Company’s Board of Directors declared a third quarter cash dividend of $0.36 per common share. Dividends on common shares will be paid on September 1, 2026, to shareholders of record as of August 17, 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, Senior 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
June 30,		Six Months Ended
June 30,
2026202520262025
Operating Revenues$56,357$49,323$105,071$93,624
Operating Expenses:
Operations and Maintenance25,399 23,066 48,411 44,175 
Depreciation6,761 6,703 13,797 13,230 
Other Taxes5,968 5,642 11,532 10,750 
Total Operating Expenses38,128 35,411 73,740 68,155 
Operating Income18,229 13,912 31,331 25,469 
Other Income:
Allowance for Funds Used During Construction700 413 1,334 786 
Other Income, net1,648 1,485 3,017 2,910 
Total Other Income, net2,348 1,898 4,351 3,696 
Interest Charges4,016 3,623 7,231 6,336 
Income before Income Taxes16,561 12,187 28,451 22,829 
Income Taxes1,789 1,409 3,074 2,571 
Net Income14,772 10,778 25,377 20,258 
Preferred Stock Dividend Requirements18 19 35 41 
Earnings Applicable to Common Stock$14,754$10,759$25,342$20,217
Earnings per share of Common Stock:
Basic$0.79$0.60$1.36$1.13
Diluted$0.79$0.60$1.36$1.13
Average Number of
Common Shares Outstanding:
Basic18,70717,96218,62717,926
Diluted18,73717,99318,65717,957

Source: View Original Filing on SEC EDGAR

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