Middlesex Water Q3 earnings rise to $0.95 a share
Middlesex Water Company (MSEX) reported third-quarter 2026 net income of $18.028 million and diluted EPS of $0.95, compared with $13.958 million and $0.77 a year earlier.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Middlesex Water Company (MSEX) reported third-quarter 2026 net income of $18.028 million and diluted EPS of $0.95, compared with $13.958 million and $0.77 a year earlier. Operating revenue was $60.205 million, up $6.1 million; operating expenses were $37.938 million, up approximately $1.6 million. For the nine months ended September 30, 2026, net income was $43.403 million, up $9.2 million, and revenue was $165.276 million, up approximately $17.6 million.
Middlesex invested approximately $84 million in utility infrastructure during the nine months, about 67% of its planned 2026 annual investment of approximately $126 million. In September 2026, it filed New Jersey Board of Public Utilities petitions seeking $0.8 million and $1.7 million in additional annual revenues. In October 2026, the Delaware Public Service Commission approved the joint application by Tidewater Utilities, Inc. and Mount Pleasant MHP, LLC for Tidewater to purchase the water utility assets for $25 thousand. The board declared a $0.38 per-share fourth-quarter dividend, up 5.56% and raising the annual rate to $1.52; payment is December 1, 2026, to shareholders of record November 16, 2026.
3 points · 0 major0 major · 0 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointThird-quarter revenue increased $6.1 million year over year.
- Moderate pointNine-month net income increased $9.2 million year over year.
- Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter dividend increased 5.56% to $0.38 per common share.
Negative
- None.
Insights
Analyzing...
8-K Event Classification
2 items: 2.02, 9.01
2 items
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, or exhibit attachments filed with this report.
Key Figures
Third-quarter operating revenue: $60.205 million
Third-quarter revenue increase: $6.1 million
Third-quarter net income: $18.028 million
+5 more
8 metrics
Third-quarter operating revenue
$60.205 million
Quarter ended September 30, 2026
Third-quarter revenue increase
$6.1 million
Compared with the same quarter in 2025
Third-quarter net income
$18.028 million
Quarter ended September 30, 2026
Diluted EPS
$0.95 per share
Third quarter 2026
Nine-month net income increase
$9.2 million
Nine months ended September 30, 2026, compared with the same period in 2025
Utility infrastructure investment
Approximately $84 million
Nine months ended September 30, 2026
Planned 2026 annual infrastructure investment
Approximately $126 million
Planned annual investment for 2026
Fourth-quarter cash dividend
$0.38 per common share
Declared October 23, 2026
Key Terms
Allowance for Funds Used During Construction, capitalizable costs, Resiliency and Environmental System Improvement Charge, Distribution System Improvement Charge
4 terms
Allowance for Funds Used During Construction financial
"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.
capitalizable costs financial
"partially offset by higher capitalizable costs"
Costs that are recorded on the balance sheet as part of an asset rather than expensed immediately, because they are expected to provide benefit over multiple reporting periods. For investors, capitalizable costs change how quickly expenses hit the income statement and how assets and profits are reported — like treating a big repair as a one-time investment that will be counted over years instead of a single, immediate bill.
Resiliency and Environmental System Improvement Charge regulatory
"Resiliency and Environmental System Improvement Charge petitions"
A resiliency and environmental system improvement charge is a fee added to customer bills to pay for upgrades that make infrastructure tougher against storms, outages, or pollution and to meet environmental rules. Think of it like a household surcharge to replace an old roof and install cleaner heating so the home lasts longer and meets new codes. For investors, it affects a utility’s revenue, cash flow and ability to recover upgrade costs through regulated rates.
Distribution System Improvement Charge regulatory
"Distribution System Improvement Charge petitions"
A distribution system improvement charge is a regulated surcharge utilities add to customer bills to recover costs for upgrading local power lines, poles, transformers and other delivery equipment. It matters to investors because it speeds up cost recovery and stabilizes a utility’s cash flow and earnings between full rate reviews—like allowing a homeowner to add a small, ongoing fee to pay for immediate repairs instead of waiting to save up for a big bill.
Earnings Snapshot
Operating revenue: $60.205 million
Third quarter ended September 30, 2026
Operating revenue
$60.205 million
Increased $6.1 million from the same quarter in 2025
Net income
$18.028 million
Compared with $13.958 million in the third quarter of 2025
Diluted earnings per share
$0.95
Compared with $0.77 in the third quarter of 2025
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were MSEX's third-quarter 2026 earnings and revenue?
Middlesex Water Company reported net income of $18.028 million, diluted EPS of $0.95 and operating revenue of $60.205 million for the quarter ended September 30, 2026. Revenue increased $6.1 million from the same quarter in 2025.
When will MSEX pay its fourth-quarter dividend?
The $0.38 per-share dividend is payable December 1, 2026, to shareholders of record November 16, 2026. It represents a 5.56% increase from the $0.36 per-share dividend last declared in July 2026 and marks the 54th consecutive year of dividend increases.
What drove MSEX's third-quarter revenue increase?
Middlesex System revenue increased $4.7 million due to higher wholesale demand, customer consumption and base-rate increases. Tidewater System revenue increased $1.2 million due to customer consumption, customer growth and rate increases; non-regulated revenue increased $0.2 million, primarily due to higher supplemental contract services.
How did MSEX's operating expenses change in the first nine months of 2026?
Operating expenses increased $7.1 million for the nine months ended September 30, 2026. Operations and maintenance expenses increased $5.4 million, depreciation increased $0.5 million and other taxes increased $1.3 million. The company attributed the operations and maintenance increase primarily to credit loss reserves, employee-related costs and variable production costs.
What revenue requests did MSEX file with the New Jersey Board of Public Utilities?
In September 2026, Middlesex filed a Resiliency and Environmental System Improvement Charge petition requesting $0.8 million in additional annual revenues and a Distribution System Improvement Charge petition requesting $1.7 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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: October 29, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of Principal Executive Offices) (Zip Code)
(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:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
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 October 29, 2026, Middlesex Water Company announced its financial results for the quarter ended September 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 October 29, 2026 reporting Third Quarter 2026 Earnings | ||||
| 104 | The 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: October 29, 2026
2
Middlesex Water Company Reports Third Quarter 2026 Earnings
•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., October 29, 2026 -- 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 | |||||||||||||||||||