Here are the 10-Q quarterly reports from Middlesex Water 7 PR (MSEXP) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow MSEXP and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MSEXP filings page.
Middlesex Water Company (MSEX) reported third-quarter operating revenues of $60.205 million, versus $54.091 million a year earlier, and earnings applicable to common stock of $18.015 million, versus $13.940 million. Diluted earnings per share were $0.95, compared with $0.77. Management attributed the revenue increase to higher wholesale demand, customer consumption and New Jersey base-rate increases effective February 23, 2026.
For the nine months ended September 30, 2026, operating revenues were $165.276 million versus $147.715 million, net income was $43.403 million versus $34.217 million, and operating cash flow was $51.013 million versus $44.134 million. Middlesex projects approximately $506 million in capital investment for 2026–2028.
New Jersey regulators approved a $14.5 million annual operating-revenue increase effective February 23, 2026. Under its ATM agreement, Middlesex sold 518,564 shares at a weighted-average $55.90 per share for the nine months ended September 30, 2026, receiving $28.6 million in net proceeds; $51.0 million of aggregate gross sales remained as of September 30, 2026. Middlesex received $9.6 million in PFAS settlement payments through that date and expects to share $6.0 million with customers.
Middlesex Water Company reported higher operating revenues and earnings for the quarter ended June 30, 2026, with operating revenues of $56,357 thousand and net income of $14,772 thousand, compared with $49,323 thousand and $10,778 thousand a year earlier. Diluted EPS was $0.79, and six‑month diluted EPS was $1.36 on revenues of $105,071 thousand.
Growth reflected a New Jersey Board of Public Utilities approval of a $14.5 million base rate increase for Middlesex and Pinelands effective February 23, 2026, along with higher consumption and customer growth at Tidewater. Regulated operations provided most of the improvement. The company invested $53,468 thousand in capital expenditures in the first half and plans about $126 million in 2026 spending within a $506 million 2026‑2028 program focused on PFAS treatment, lead service line replacement and system upgrades. Funding sources include State Revolving Fund loans, a new $25.0 million CoBank term loan, expanded credit lines totaling $180.0 million, and at‑the‑market equity issuance that generated $14.0 million in net proceeds year‑to‑date. Through June 30, 2026, the company also received $8.1 million from PFAS MDL settlements that are expected to be shared with customers.
Middlesex Water Company reported stronger results for the quarter ended March 31, 2026. Operating revenues rose to $48.7 million from $44.3 million, and earnings applicable to common stock increased to $10.6 million, or $0.57 per share, compared with $0.53 a year earlier.
Regulated operations drove most of the growth, helped by a $14.5 million annual base rate increase approved in New Jersey effective February 23, 2026, along with higher usage and customer growth in Delaware. The company received $6.0 million from PFAS multi-district litigation settlements, with proceeds being shared with customers through bill credits and refunds. Capital spending remained heavy at $20.6 million in the quarter, mainly for water infrastructure and PFAS treatment projects, funded by a mix of operating cash flow, state revolving fund loans, bank credit lines and an at-the-market equity program.