MIDDLESEX WATER CO
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $194.7M | $191.8M | $166.1M | $162.3M | $143.0M |
| Operating expenses | $140.3M | $138.7M | $127.1M | $120.3M | $109.9M |
| Operating income | $54.4M | $53.2M | $39.2M | $47.3M | $33.2M |
| Interest expense | $14.3M | $14.0M | $13.1M | $9.4M | $8.1M |
| Pretax income | $47.6M | $51.3M | $32.6M | $45.7M | $31.1M |
| Income tax expense | $4.8M | $6.9M | $1.0M | $3.2M | -$5.5M |
| Net income | $42.8M | $44.4M | $31.5M | $42.4M | $36.5M |
| Balance Sheet | |||||
| Cash and equivalents | $2.8M | $4.2M | $2.4M | $3.8M | $3.5M |
| Current assets | $41.8M | $43.0M | $108.5M | $37.3M | $34.4M |
| Total assets | $1.4B | $1.3B | $1.2B | $1.1B | $1.0B |
| Current liabilities | $93.8M | $82.9M | $103.8M | $117.9M | $56.6M |
| Total debt | $385.7M | $359.4M | $133.4M | $147.3M | — |
| Stockholders' equity | $494.0M | $445.3M | $423.0M | $400.3M | $367.7M |
| Cash Flow Statement | |||||
| Cash from operations | $62.6M | $58.7M | $52.8M | $61.4M | $33.0M |
| Depreciation and amortization | $27.1M | $24.4M | $29.4M | $27.5M | $26.8M |
| Stock-based compensation | $1.2M | $1.5M | $2.2M | $1.6M | $1.3M |
| Capital expenditure | — | $74.6M | $90.2M | $91.3M | $79.4M |
| Free cash flow | — | -$15.9M | -$37.4M | -$30.0M | -$46.4M |
| Dividends paid | $24.9M | $23.4M | $22.4M | $20.8M | $19.4M |
| Share repurchases | — | $1.5M | $619,000 | — | — |
Shares outstanding 18.6M · Free float 98.1%
Annual filing data through FY ended December 31, 2025; float as of July 8, 2026.