Chesapeake Utilities (CPK) FY2025 results: revenue $930 million, up 18.1% on the year
Chesapeake Utilities Corp. (CPK) reported revenue of $930 million for fiscal 2025, the year ended 31 December 2025, up 18.1% on the year before. Net income was $140 million, up 18.3%, and diluted earnings per share $5.97. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.
Revenue
$930 million
+18.1% on the year
FY2018FY2025
Operating margin
27.5%
29.0% a year earlier
FY2018FY2025
Net income
$140 million
+18.3% on the year
FY2018FY2025
Diluted EPS
$5.97
+13.5% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 raised, 3 new, 3 kept.
Adjusted EPS grew 11.5 percent: Adjusted EPS was $6.01 for 2025 against $5.39 in 2024; GAAP diluted EPS was $5.97 against $5.26. Adjusted EPS excludes FCG transaction and transition costs.
Adjusted gross margin rose $71.1 million: Adjusted gross margin rose $71.1 million, or 12.5 percent, to $638.5 million, driven by regulatory initiatives, infrastructure programs, organic growth, transmission projects and Marlin services.
Transmission and infrastructure drove margin: Ten transmission projects added $18.8 million of adjusted gross margin, or $0.58 of EPS. Regulated infrastructure investment of $121.2 million added $13.8 million, or $0.43 of EPS.
Regulated Energy operating income rose 13.1 percent: Regulated Energy adjusted gross margin rose $54.8 million, or 12.5 percent, to $494.0 million. Segment operating income reached $222.0 million.
Residential customers grew across territories: Average residential customers grew about 4.1 percent on the Delmarva Peninsula, 3.6 percent at FPU and 2.2 percent at FCG in 2025. Customer growth added $1.8 million in Delmarva and $5.6 million in Florida.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
234
239
203
-2.4%
Capital expenditure
449
355
189
+26.3%
Free cash flow
-215
-116
14.9
Free cash flow margin
-23.1%
-14.7%
2.2%
Cash from investing
-436
-350
-1,111
Cash from financing
196
114
907
+72.6%
Depreciation and amortisation
91.7
65.7
65.5
+39.6%
Share-based compensation
8.5
8.4
7.6
+1.2%
Dividends paid
60.7
54.2
40.0
+12.0%
Dividend per share
$2.69
$2.51
$2.31
+7.4%
Diluted shares, weighted
23m
23m
18m
+4.2%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,598
1,390
1,246
+15.0%
Debt
1,620
1,484
1,386
+9.2%
Operating lease liabilities
7.9
8.7
10.6
-9.2%
Other liabilities
769
694
662
+10.7%
Total liabilities and equity
3,995
3,577
3,305
+11.7%
Fixed assets
3,118
2,736
2,456
+14.0%
Goodwill
508
508
508
-0.0%
Intangible assets
13.2
15.0
16.9
-12.0%
Cash and equivalents
1.8
7.9
4.9
-77.2%
Receivables
102
76.7
71.8
+32.3%
Other assets
252
234
247
+8.0%
Total assets
3,995
3,577
3,305
+11.7%
10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.