Middlesex Water Co.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 30 July 2026: press release. Guidance figures: 2 kept. The quarter’s numbers.

Key takeaways

Year-to-date EPS growth accelerates to $1.36: Year-to-date diluted EPS increased to $1.36 for the six months ended June 30, 2026, from $1.13 in the same period of 2025. Source
Total operating revenues increase $7.0 million in Q2: Operating revenues reached $56.4 million in Q2 2026, up $7.0 million from $49.3 million in Q2 2025, a 14% increase. Source
Management cites wholesale demand as earnings driver: CEO stated that strong earnings were driven in part by increased wholesale customer demand and favorable weather, contributing to solid quarterly performance. Source
Company invested $53 million in first half 2026: The company invested approximately $53 million in the first six months to upgrade, replace, and enhance the resiliency of water and wastewater utility infrastructure. Source
Full-year 2026 capital plan at $126 million: The $53 million invested in the first half represents 42% of the company's planned $126 million annual capital investment program for 2026. Source
Company achieves 53 consecutive years of increases: Middlesex has paid cash dividends each year since 1912 and has increased dividends each calendar year for 53 consecutive years, demonstrating consistent shareholder returns. Source

“Our results demonstrate the effectiveness of our disciplined approach to operational, financial, and strategic execution”
Nadine Leslie, Chair, President, and Chief Executive Officer

Guidance

Area	Period	Figure	Against last quarter
Capital investment Source	Full year 2026	$126 million	Kept
Dividend per share Source	Third quarter 2026	$0.36 per common share	Kept

Quarterly Results and EPS Growth

Year-to-date EPS growth accelerates to $1.36: Year-to-date diluted EPS increased to $1.36 for the six months ended June 30, 2026, from $1.13 in the same period of 2025. Source

Operating Revenue and Growth Drivers

Total operating revenues increase $7.0 million in Q2: Operating revenues reached $56.4 million in Q2 2026, up $7.0 million from $49.3 million in Q2 2025, a 14% increase. Source
Middlesex System revenues rise on wholesale demand: Middlesex System revenues increased $5.3 million, driven by increased wholesale customer demand, higher customer consumption, and base rate increases. Source
Tidewater System revenues grow $1.7 million: Tidewater System revenues increased $1.7 million from higher customer consumption, customer growth, and rate increases. Source
Management cites wholesale demand as earnings driver: CEO stated that strong earnings were driven in part by increased wholesale customer demand and favorable weather, contributing to solid quarterly performance. Source

“Strong earnings, driven in part by increased wholesale customer demand and favorable weather, contributed to another solid quarter of performance”
Nadine Leslie, Chair, President, and Chief Executive Officer

Operating Costs and Expense Management

Operating expenses increase $2.7 million in Q2: Operating expenses increased $2.7 million to $38.1 million in Q2 2026 from $35.4 million in Q2 2025. Source
Operations and maintenance costs rise $2.3 million: O&M expenses increased $2.3 million in Q2, primarily from higher allowance for credit loss reserve and employee-related costs, partially offset by higher capitalizable costs. Source
Year-to-date O&M expenses up $4.2 million: For the six months, O&M expenses increased $4.2 million from higher allowance reserve, employee costs, and variable production costs, partially offset by capitalized costs. Source

Capital Investment Program and Infrastructure

Company invested $53 million in first half 2026: The company invested approximately $53 million in the first six months to upgrade, replace, and enhance the resiliency of water and wastewater utility infrastructure. Source
Full-year 2026 capital plan at $126 million: The $53 million invested in the first half represents 42% of the company's planned $126 million annual capital investment program for 2026. Source
Investment advances MWC 2030 Vision strategy: Capital investment supports the company's MWC 2030 Vision framework aimed at increasing long-term reliability, growth, and value for customers and shareholders. Source

“we continue to invest in critical infrastructure to increase long-term reliability, growth, and value for our customers and shareholders under our MWC 2030 Vision”
Nadine Leslie, Chair, President, and Chief Executive Officer

Shareholder Dividends and Capital Returns

Board declares $0.36 dividend for Q3 2026: The Board declared a third-quarter cash dividend of $0.36 per common share, payable September 1, 2026 to shareholders of record as of August 17, 2026. Source
Company achieves 53 consecutive years of increases: Middlesex has paid cash dividends each year since 1912 and has increased dividends each calendar year for 53 consecutive years, demonstrating consistent shareholder returns. Source

Coming up, as management said on 30 July 2026

Dividend payment scheduled for September 1: Third quarter cash dividend of $0.36 per common share will be paid September 1, 2026 to shareholders of record as of August 17, 2026. Source

Earlier plans management reported on

On track: Company continuing to invest in critical infrastructure under MWC 2030 Vision framework to increase long-term reliability and shareholder value. Source
On track: Company has invested $53 million in first half of 2026, representing 42% of the planned $126 million annual capital investment program. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Middlesex Water Company Reports Second Quarter 2026 Earnings

Diluted earnings per share (“EPS”) of $0.79
Invested $53 million in water and wastewater utility infrastructure during the first half of 2026
Declared $0.36 common stock cash dividend

ISELIN, N.J., July 30, 2026 -- Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ: MSEX) today announced financial results for the second quarter ended June 30, 2026.

"Our results demonstrate the effectiveness of our disciplined approach to operational, financial, and strategic execution,” said Nadine Leslie, Chair, President, and Chief Executive Officer of Middlesex Water Company. “Strong earnings, driven in part by increased wholesale customer demand and favorable weather, contributed to another solid quarter of performance. In addition, we continue to invest in critical infrastructure to increase long-term reliability, growth, and value for our customers and shareholders under our MWC 2030 Vision."

Second Quarter 2026 Results

Middlesex reported net income of $14.8 million and diluted EPS of $0.79, compared to net income of $10.8 million and diluted EPS of $0.60 for the same quarter in 2025.

Operating revenues for the quarter ended June 30, 2026, were $56.4 million, an increase of $7.0 million, compared to the same quarter last year. Operating revenues for the Middlesex System increased $5.3 million due to increased wholesale demand, customer consumption and base rate increases. Tidewater System revenues increased $1.7 million due to increased customer consumption, customer growth and rate increases.

Operating expenses for the quarter ended June 30, 2026, were $38.1 million, an increase of approximately $2.7 million, compared to $35.4 million for the same quarter last year. Operations and maintenance expenses increased $2.3 million primarily due to increases in the allowance for credit loss reserve and employee related costs, partially offset by higher capitalizable costs; and other taxes increased $0.3 million due to higher gross receipts taxes on higher revenues in the Middlesex System.

Year-to-Date Results

Net income for the six months ended June 30, 2026, was $25.4 million, a $5.1 million increase when compared to the same period in 2025. Diluted earnings per share were $1.36 and $1.13 for the six months ended June 30, 2026, and 2025, respectively.

Operating revenues for the six months ended June 30, 2026, were $105.1 million, an increase of approximately $11.4 compared to the same period in 2025. Middlesex System revenues increased $8.8 million due to increased wholesale demand, customer consumption and base rate increases. Tidewater System revenues increased $2.5 million due to increased customer consumption, customer growth, and rate increases. Non-regulated revenues increased $0.1 million, primarily due to higher supplemental contract services.

Operating expenses for the six months ended June 30, 2026, increased $5.6 million compared to the same period in 2025. Operations and maintenance expenses increased $4.2 million primarily due to increases in allowance for credit loss reserve, employee related costs, and variable production costs, partially offset by higher capitalizable costs. Depreciation expense increased $0.6 million due to higher average utility plant in service. Other taxes increased $0.8 million due to higher gross receipts taxes on higher revenues in the Middlesex System.

Selective and Sustainable Growth

Middlesex invested approximately $53 million to upgrade, replace and enhance the resiliency of its water and wastewater utility infrastructure during the six months ended June 30, 2026, or approximately 42% of its planned 2026 annual investment of $126 million.

Dividend Declared

As previously announced on July 23, 2026, the Company’s Board of Directors declared a third quarter cash dividend of $0.36 per common share. Dividends on common shares will be paid on September 1, 2026, to shareholders of record as of August 17, 2026. Middlesex has paid cash dividends each year since 1912 and has increased the dividends received by shareholders each calendar year for 53 consecutive years.

About Middlesex Water Company

Middlesex Water Company (“Middlesex”) is one of the nation’s premier investor-owned water and wastewater utilities. Established in 1897, Middlesex is a trusted provider of life-sustaining services to more than half a million people in New Jersey and Delaware. The company focuses on employee engagement, operational excellence, superior customer experience, investment in infrastructure, and selective and sustainable growth to deliver value to our customers, investors, and the communities we serve.

Forward-Looking Statements

Forward-looking statements notice

This press release contains “forward-looking statements” within the meaning of U.S. federal securities laws reflecting the current beliefs or expectations of Middlesex Water Company “Company” regarding its future performance, its financial condition, its strategic plans and cash flows, its results of operations as well as any other statements that do not directly relate to any historical or current facts. These statements reflect the Company’s current views and information currently available. This information is based on estimates, assumptions, and analysis that the Company believes, as of the date hereof, provide a reasonable basis for the information contained herein. Forward-looking statements can generally be identified by the use of forward-looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “foresees,” or the negative of those words or other comparable terminology. The Company intends that these statements be covered by the safe harbors created under those laws. Actual results, performance or achievements may differ materially from forward-looking statements, and the assumptions on which forward-looking statements are based. There can be no assurance that the information contained herein is reflective of future performance, and investors are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance. Unless otherwise specified, all information contained in this press release speaks only as of the date hereof. The Company undertakes no duty to update or revise the information contained herein, whether as a result of new information, future events or otherwise.

MIDDLESEX WATER COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands except per share amounts)

	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating Revenues		$56,357		$49,323		$105,071		$93,624
Operating Expenses:
Operations and Maintenance	25,399		23,066		48,411		44,175
Depreciation	6,761		6,703		13,797		13,230
Other Taxes	5,968		5,642		11,532		10,750
Total Operating Expenses	38,128		35,411		73,740		68,155
Operating Income	18,229		13,912		31,331		25,469
Other Income:
Allowance for Funds Used During Construction	700		413		1,334		786
Other Income, net	1,648		1,485		3,017		2,910
Total Other Income, net	2,348		1,898		4,351		3,696
Interest Charges	4,016		3,623		7,231		6,336
Income before Income Taxes	16,561		12,187		28,451		22,829
Income Taxes	1,789		1,409		3,074		2,571
Net Income	14,772		10,778		25,377		20,258
Preferred Stock Dividend Requirements	18		19		35		41
Earnings Applicable to Common Stock		$14,754		$10,759		$25,342		$20,217
Earnings per share of Common Stock:
Basic		$0.79		$0.60		$1.36		$1.13
Diluted		$0.79		$0.60		$1.36		$1.13
Average Number of
Common Shares Outstanding:
Basic		18,707		17,962		18,627		17,926
Diluted		18,737		17,993		18,657		17,957

Contacts
Summer DeFEO, Senior Director of Communications sdefeo@middlesexwater.com
(732) 638-7510
Jennifer Ketschke, Director, Investor Relations and Treasury
InvestorRelations@middlesexwater.com
(732) 638-7523