Middlesex Water Company (MSEX) Q2 2026 earnings summary

Executive summary

• Operating revenues for Q2 2026 rose to $56.4 million, up $7.0 million year-over-year, driven by base rate increases, higher customer consumption, growth in New Jersey and Delaware operations, and increased wholesale demand.

• Net income for Q2 2026 was $14.8 million, a 37% increase from $10.8 million in Q2 2025, reflecting improved operating results, regulatory rate relief, and strong operational execution.

• Achieved diluted EPS of $0.79 for Q2 2026 and $1.36 for the first half, up from $0.60 and $1.13 year-over-year, respectively.

• The merger of Pinelands Water and Pinelands Wastewater into the main utility was completed in April 2026, expected to deliver operational efficiencies.

• The company received $8.1 million in PFAS litigation settlements through June 2026, with a portion refunded to customers.

Financial highlights

• Q2 2026 operating revenues: $56.4 million (Q2 2025: $49.3 million); six-month revenues: $105.1 million (2025: $93.6 million).

• Q2 2026 net income: $14.8 million (Q2 2025: $10.8 million); six-month net income: $25.4 million (2025: $20.3 million).

• Diluted EPS for Q2 2026: $0.79 (Q2 2025: $0.60); six-month diluted EPS: $1.36 (2025: $1.13).

• Operating income for Q2 2026: $18.2 million (Q2 2025: $13.9 million); six-month operating income: $31.3 million (2025: $25.5 million).

• Cash flows from operating activities for the first half of 2026 were $28.1 million, down $4.0 million year-over-year due to higher vendor and tax payments.

Outlook and guidance

• Projected capital investment of $126 million in 2026, with a three-year program totaling $506 million through 2028.

• Ongoing focus on infrastructure upgrades, PFAS compliance, and selective acquisitions to drive growth and long-term reliability.

• Anticipates continued use of DSIC and RESIC surcharges for timely recovery of qualified capital investments.

• Forward-looking statements caution that actual results may differ materially from projections.