Short answer
MIDDLESEX WATER CO (MSEX) filed its fiscal 2025 10-K annual report with the SEC on Feb 19, 2026. It reported revenue of $195M (+1.5% year over year) and net income of $43M.
- Top risk flagged: Compliance risk under Federal Safe Drinking Water Act and NJDEP regulations with potential fines and remediation costs from contamination or water quality violations
FY2025 key financial metrics · XBRL
- Revenue
- $195M
- +1.5% YoY
- Net income
- $43M
- −3.4% YoY
- Operating margin
- 27.9%
- +0.2 pp YoY
- EPS (diluted)
- $2.36
- −4.5% YoY
- ROE
- 8.7%
- −1.3 pp YoY
- Operating cash flow
- $63M
- +6.6% YoY
Source: XBRL data from the MIDDLESEX WATER CO (MSEX) FY2025 10-K on SEC EDGAR. USD.
MIDDLESEX WATER CO FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Water utility services primarily focused on regulated water supply and wastewater operations
- No new products, services, or segments introduced or emphasized this year
- No strategic shift or changed competitive positioning disclosed in this filing
- Proxy statement for 2026 Annual Meeting includes insider trading, executive compensation, security ownership, related transactions, and auditor fees details by reference
- Filing mainly incorporates key governance and financial disclosures by reference, with minimal standalone business narrative
Management Discussion & Analysis
- Revenue $194.7M in 2025, up $2.8M YoY; regulated up mainly from Middlesex +$1.5M and Tidewater +$1.6M, non-regulated down $0.6M
- Operating margin 27.9% in 2025 vs 27.7% in 2024 (Operating income $54.4M/$194.7M vs $53.2M/$191.9M)
- Best segment: Regulated revenue $182.2M (+$3.4M YoY), Net income $40.3M; Worst segment: Non-Regulated revenue $12.5M (-$0.6M YoY), Net income $2.5M
- Cash flow from operations $62.6M (+$3.9M YoY); investing cash flow used $101.0M (+$26.3M YoY) mostly on utility plant and acquisitions; financing cash flow $38.6M (+$20.9M YoY) from increased debt and equity issuance ($29.5M net proceeds from ATM sales in 2025)
- 2026 capital expenditures planned $126M focused on PFAS treatment and system upgrades; 2026-2028 total $506M; management expects customer growth (~3% at Tidewater in 2025), timely rate relief critical, PFAS compliance a key emerging regulatory risk
Risk Factors
- Compliance risk under Federal Safe Drinking Water Act and NJDEP regulations with potential fines and remediation costs from contamination or water quality violations
- Concentration risk in New Jersey and Delaware markets with exposure to local regulatory, economic, demographic, and weather conditions impacting revenues
- Supply chain disruptions for critical goods (pipe, chemicals, power) causing operational delays and increased costs
- Competitive risk from other utilities and challengers in Delaware affecting new franchise awards and long-term contract renewals
- Financing risk with $506 million planned capital projects through 2028 requiring prior regulator approval for debt/equity issuance
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