Short answer
MIDDLESEX WATER CO (MSEX) filed its Q3 2025 10-Q quarterly report on Oct 31, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $54M (down 1.7% year over year) with net income of $14M.
Q3 2025 key financials · XBRL
- Revenue
- $54M
- −1.7% YoY · +9.9% QoQ
- Net income
- $14M
- −2.5% YoY · +29.5% QoQ
- Operating margin
- 32.7%
- EPS (diluted)
- $0.77
- −3.8% YoY · +28.3% QoQ
Source: XBRL data from the MIDDLESEX WATER CO (MSEX) Q3 2025 10-Q on SEC EDGAR. USD.
MIDDLESEX WATER CO Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Risk Factors
- New regulatory risk: USEPA finalized PFAS limits April 2024 requiring compliance monitoring by April 2027 and treatment by April 2029 with potential 2031 extension
- Materially updated legal risk: Received $1.1 million PFAS MDL settlement payments in Q3 2025 recorded as regulatory liability pending approvals
- Most impactful regulatory risk: Approved Tidewater Delaware rate settlement July 2025 and filed joint base rate increase June 2025 for Middlesex and Pinelands
- Operational risk: Weather-driven lower consumption and water quality increased main break repairs and production costs in 2025
- Financial risk: Issued $30M 5.99% Series 2025A bonds in Oct 2025, increased ATM equity sales raising $20.3M YTD, and $4.6M Ocean View asset acquisition in Q2 2025
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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