Middlesex Water Company (MSEX) Financial Statements

Income statement

Metric	TTM	2025	2024	2023	2022
Revenue
Total Revenue	206.1M	194.7M	191.9M	166.3M	162.4M
Cost of Revenue	116.2M	118.4M	92.4M	83.1M	79.1M
Gross Profit	90.0M	76.3M	99.5M	83.2M	83.3M
Operating Expenses
R&D Expense	—	—	—	—	—
SG&A Expense	—	—	—	—	—
General & Admin Expense	—	—	—	—	—
Selling & Marketing Expense	—	—	—	—	—
Other Expenses	29.7M	21.9M	46.3M	43.9M	36.0M
Total Operating Expenses	29.7M	21.9M	46.3M	43.9M	36.0M
Cost and Expenses	145.9M	140.3M	138.7M	127.1M	115.1M
Operating Income (EBIT)	60.2M	54.4M	53.2M	39.2M	47.3M
Non-Operating
Interest Income	—	—	—	—	—
Interest Expense	15.2M	14.3M	12.8M	10.7M	7.1M
Net Interest Income	(15.2M)	(14.3M)	(12.8M)	(10.7M)	(7.1M)
Other Non-Op Income/Expense	(7.0M)	(6.7M)	(2.0M)	(6.7M)	(1.7M)
Non-Operating Income (excl Interest)	(5.9M)	(7.6M)	(10.8M)	(4.1M)	(5.4M)
EBT (Pre-Tax Income)	53.3M	47.6M	51.3M	32.6M	45.7M
Income Tax Expense	5.3M	4.8M	6.9M	1.0M	3.2M
Bottom Line
Net Income	47.9M	42.8M	44.4M	31.5M	42.4M
Earnings from Cont. Ops	47.9M	42.8M	44.4M	31.5M	42.4M
Earnings from Discont. Ops	—	—	—	—	—
Bottom Line Net Income	47.9M	42.8M	44.4M	31.5M	42.3M
Per Share
Basic EPS	$2.61	$2.36	$2.48	$1.77	$2.40
Diluted EPS	$2.60	$2.36	$2.47	$1.76	$2.39
Revenue Per Share	$11.02	$10.74	$10.76	$9.38	$9.23
Shares
Basic Shares Outstanding	18.7M	18.1M	17.8M	17.7M	17.6M
Diluted Shares Outstanding	18.7M	18.2M	17.9M	17.8M	17.7M
Profitability Metrics
EBITDA	98.3M	94.4M	92.1M	72.7M	80.2M
D&A	32.2M	32.5M	28.0M	29.4M	27.5M
EBIT	66.1M	61.9M	64.0M	43.3M	52.7M

As reported, in the filing currency · TTM sums the four latest quarters; MRQ is the latest quarter · Negatives in parentheses; a dash is a line the filing does not carry · Data as of Jun 1, 2026