Middlesex Water (MSEX) financials
Middlesex Water revenue and earnings by year
Middlesex Water's revenue was $195 million in the fiscal year to December 31, 2025, up 1.5% from the year before. Net income was $42.8 million, 22.0% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 4.3% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 195 | 192 | 166 | 162 | 143 | 142 | 135 | 138 | 131 | 133 |
| Revenue growth | 1.5% | 15.4% | 2.4% | 13.5% | 1.1% | 5.2% | -2.5% | 5.6% | -1.6% | — |
| Gross profit | 81 | 78 | 64 | 65 | 54 | 56 | 52 | 52 | 52 | 53 |
| Gross margin | 41.9% | 40.5% | 38.7% | 40.1% | 37.9% | 39.5% | 38.8% | 37.8% | 39.5% | 40.0% |
| Operating income | 54 | 53 | 39 | 42 | 33 | 37 | 36 | 37 | 38 | 40 |
| Operating margin | 27.9% | 27.7% | 23.6% | 25.9% | 23.2% | 26.4% | 26.4% | 26.9% | 28.9% | 30.3% |
| Net income | 43 | 44 | 32 | 42 | 37 | 38 | 34 | 32 | 23 | 23 |
| Net margin | 22.0% | 23.1% | 19.0% | 26.1% | 25.5% | 27.1% | 25.2% | 23.5% | 17.4% | 17.1% |
| Diluted EPS | $2.36 | $2.47 | $1.76 | $2.39 | $2.07 | $2.18 | $2.01 | $1.96 | $1.38 | $1.38 |
| Free cash flow | -38 | -16 | -37 | -30 | -46 | -52 | -53 | -26 | -7 | -0 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open MSEX in Markets.
How Middlesex Water makes money
Revenue by segment in the quarter to September 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Regulated | $57.3M | 94.3% |
| Non Regulated | $3.46M | 5.7% |
See also: MSEX valuation and P/E history · MSEX returns
No forecast, no recommendation. This page describes Middlesex Water from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.