MIDDLESEX WATER CO

Listed Company

MSEXCIK 0000066004NasdaqLarge AcceleratedWater SupplyNew JerseyFY ends Dec 31

Period

FY 2025

Revenue

$194.69M

Net Income

$42.82M

Total Assets

$1.37B

Equity

—

Shares Out

18.62M

Op. Cash Flow

$62.60M

Business

Middlesex Water Company provides regulated water and wastewater utility services and contract operations through its subsidiaries. It treats, stores and distributes water, collects and treats wastewater, performs operations and maintenance contracts, and administers related customer billing and home maintenance program services. Its principal operating divisions include the Middlesex System, Tidewater System, Pinelands Water and Pinelands Wastewater, and contract operations businesses (USA, USA‑PA and White Marsh). The company serves retail and wholesale municipal customers primarily in New Jersey and Delaware via utility franchises and contractual arrangements.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Operating Revenues	195	192	166	—	—
Operations and Maintenance	91	92	83	79	—
Depreciation	27	24	25	23	21
Other Taxes	22	22	19	18	15
Total Operating Expenses	140	139	127	120	110
Operating Income	54	53	39	47	33
Allowance for Funds Used During Construction	2	1	2	2	3
Other Income, net	6	11	4	5	3
Total Other Income, net	8	12	6	8	6
Interest Charges	14	14	13	9	—
Income before Income Taxes	48	51	33	46	31
Income Taxes	5	7	1	3	−5
Net Income	43	44	32	42	37
Preferred Stock Dividend Requirements	76,000	112,000	120,000	120,000	120,000
Earnings Applicable to Common Stock, Basic	43	44	31	42	36
Earnings Applicable to Common Stock, Diluted	43	44	31	—	—
Basic (in dollars per share)	2.36	2.48	1.77	2.4	2.08
Diluted (in dollars per share)	2.36	2.47	1.76	2.39	2.07
Basic (in shares)	18	18	18	18	17,492
Diluted (in shares)	18	18	18	18	17,607

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Water Production	328	315	304	249	247
Transmission and Distribution	938	855	810	735	697
General	111	105	101	98	—
Construction Work in Progress	44	34	20	54	25
TOTAL	1,422	1,310	1,234	1,135	1,065
Less Accumulated Depreciation	275	254	236	215	200
UTILITY PLANT - NET	1,147	1,055	998	921	865
Cash and Cash Equivalents	3	4	2	4	4
Accounts Receivable, net of allowance for credit losses of $1,625 and $2,695, respectively in 2025 and 2024	19	19	18	16	15
Unbilled Revenues	9	11	9	9	7
Materials and Supplies (at average cost)	8	7	7	6	—
Prepayments	3	2	2	3	3
TOTAL CURRENT ASSETS	42	43	109	37	34
Operating Lease Right of Use Asset	2	3	3	4	5
Regulatory Assets	110	102	91	90	101
Restricted Cash	2	0	—	—	—
Non-utility Assets - Net	12	12	—	—	—
Employee Benefit Plans	44	37	22	9	—
Other	6	4	2	19,000	83,000
TOTAL OTHER ASSETS	177	157	129	117	—
TOTAL ASSETS	1,366	1,255	1,236	1,074	1,020
Common Stock, No Par Value, authorized 40,000, 18,521 and 17,887 outstanding in 2025 and 2024, respectively	279	248	247	233	222
Retained Earnings	215	197	176	167	146
TOTAL COMMON STOCKHOLDERS EQUITY	494	445	423	400	—
Preferred Stock, No Par Value, authorized 120, 13 and 16 outstanding in 2025 and 2024, respectively	1	2	2	2	2
Long-term Debt	379	353	358	290	307
TOTAL CAPITALIZATION	874	800	783	693	676
Current Portion of Long-term Debt	8	8	8	17	7
Notes Payable	28	23	43	56	13
Accounts Payable	31	28	28	25	21
Accrued Taxes	16	12	11	12	9
Accrued Interest	3	3	3	3	—
Unearned Revenues and Advanced Service Fees	497,000	1	1	—	—
Other	7	8	4	4	4
TOTAL CURRENT LIABILITIES	94	83	104	118	57
COMMITMENTS AND CONTINGENT LIABILITIES (Note 4)	—	—	—	—	—
Advances for Construction	26	23	—	—	—
Lease Obligations	2	2	—	—	—
Accumulated Deferred Income Taxes	110	101	89	78	70
Regulatory Liabilities	68	65	113	47	49
Other	229,000	344,000	592,000	919,000	1
TOTAL OTHER LIABILITIES	206	191	227	151	—
CONTRIBUTIONS IN AID OF CONSTRUCTION	191	181	122	113	128
TOTAL CAPITALIZATION AND LIABILITIES	1,366	1,255	1,236	1,074	1,020

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and Amortization	32	28	29	27	—
Provision for Deferred Income Taxes and Investment Tax Credits	−5	−2	−6	−5	—
Equity Portion of Allowance for Funds Used During Construction (AFUDC)	−977,000	−743,000	−1	−1	−2
Cash Surrender Value of Life Insurance	−296,000	−308,000	−300,000	401,000	−136,000
Stock Compensation Expense	1	2	2	2	1
Accounts Receivable	−371,000	−670,000	−2	−707,000	−742,000
Unbilled Revenues	1	−1	−638,000	—	—
Materials and Supplies	−830,000	253,000	−795,000	−819,000	−246,000
Prepayments	−421,000	−589,000	791,000	256,000	6,000
Accounts Payable	1	3	3	4	−9
Accrued Taxes	4	1	−2	4	−2
Accrued Interest	395,000	−222,000	603,000	549,000	−151,000
Employee Benefit Plans	−5	−4	−1	−4	−3
Unearned Revenue and Advanced Service Fees	−979,000	86,000	25,000	35,000	—
Recovered Costs Litigation Settlement	0	−9	0	—	—
Other Assets and Liabilities	−7	−1	−677,000	454,000	−4
NET CASH PROVIDED BY OPERATING ACTIVITIES	63	59	53	61	33
Utility Plant Expenditures, Including AFUDC-Debt of $641 in 2025, $511 in 2024 and $975 in 2023	−96	−75	−90	—	—
Acquisition of Water Systems	−5	0	0	—	—
NET CASH USED IN INVESTING ACTIVITIES	−101	−75	−90	−88	−79
Redemption of Long-term Debt	−7	−8	−17	−7	−53
Proceeds from Issuance of Long-term Debt	34	2	76	3	87
Net Short-term Bank Borrowings	5	−20	−13	43	11
Proceeds from Litigation Settlement, net	0	64	0	—	—
Deferred Debt Issuance Expense	−142,000	−54,000	−131,000	−624,000	−994,000
Common Stock Issuance Expense	−667,000	0	−10,000	−32,000	—
Payment of Grantee Withholding Taxes in Exchange for Restricted Stock	−371,000	−1	−619,000	—	—
Proceeds from Issuance of Common Stock	30	974,000	12	10	4
Payment of Common Dividends	−25	−23	−22	−21	−19
Payment of Preferred Dividends	−76,000	−109,000	−120,000	−120,000	−120,000
Construction Advances and Contributions-Net	3	3	2	659,000	11
NET CASH PROVIDED BY FINANCING ACTIVITIES	39	18	36	27	39
NET CHANGES IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	249,000	2	−1	295,000	−7

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