$MSEX

MIDDLESEX WATER CO

CIK:0000066004|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
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, Basic	14,754	10,759	25,342	20,217
Earnings Applicable to Common Stock, Diluted	$ 14,754	$ 10,759	$ 25,342	$ 20,217
Earnings per share of Common Stock:
Basic (in dollars per share)	$ 0.79	$ 0.60	$ 1.36	$ 1.13
Diluted (in dollars per share)	$ 0.79	$ 0.60	$ 1.36	$ 1.13
Common Shares Outstanding:
Basic (in shares)	18,707	17,962	18,627	17,926
Diluted (in shares)	18,737	17,993	18,657	17,957

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 25,377	$ 20,258
Adjustments to Reconcile Net Income to
Depreciation and Amortization	15,116	15,457
Provision for Deferred Income Taxes and Investment Tax Credits	(3,546)	(3,084)
Equity Portion of Allowance for Funds Used During Construction (AFUDC)	(818)	(468)
Cash Surrender Value of Life Insurance	163	(149)
Stock Compensation Expense	1,167	958
Changes in Assets and Liabilities:
Accounts Receivable	(1,744)	(2,046)
Unbilled Revenues	(2,971)	(2,337)
Materials & Supplies	(1,430)	(204)
Prepayments	(2,969)	(3,616)
Accounts Payable	672	8,326
Accrued Taxes	2,980	3,395
Accrued Interest	79	154
Employee Benefit Plans	(2,637)	(2,699)
Other Assets and Liabilities	(1,308)	(1,859)
NET CASH PROVIDED BY OPERATING ACTIVITIES	28,131	32,086
CASH FLOWS FROM INVESTING ACTIVITIES:
Utility Plant Expenditures, Including AFUDC of $516 in 2026 and $318 in 2025	(53,468)	(50,635)
Acquisition of Water Systems	(150)	(4,607)
NET CASH USED IN INVESTING ACTIVITIES	(53,618)	(55,242)
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemption of Long-term Debt	(9,948)	(2,707)
Proceeds from Issuance of Long-term Debt	26,496	886
Net Short-term Bank Borrowings	5,750	32,200
Deferred Debt Issuance Expense	(60)	0
Payment of Grantee Withholding Taxes in Exchange for Restricted Stock	(279)	(379)
Proceeds from Issuance of Common Stock	14,425	4,054
Common Stock Issuance Expense	(218)	(431)
Payment of Common Dividends	(13,377)	(12,182)
Payment of Preferred Dividends	(35)	(41)
Construction Advances and Contributions-Net	1,734	1,765
NET CASH PROVIDED BY FINANCING ACTIVITIES	24,488	23,165
NET CHANGES IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(999)	9
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	4,475	4,226
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 3,476	$ 4,235

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
UTILITY PLANT:
Water Production	$ 336,222	$ 328,496
Transmission and Distribution	973,482	938,118
General	107,645	111,325
Construction Work in Progress	60,369	44,400
TOTAL	1,477,718	1,422,339
Less Accumulated Depreciation	280,774	275,132
UTILITY PLANT - NET	1,196,944	1,147,207
CURRENT ASSETS:
Cash and Cash Equivalents	1,801	2,800
Accounts Receivable, net of allowance for uncollectible accounts of $3,074 and $1,625, respectively	20,957	19,213
Unbilled Revenues	12,332	9,361
Materials and Supplies (at average cost)	8,979	7,549
Prepayments	5,812	2,843
Regulatory Assets	2,142	0
TOTAL CURRENT ASSETS	52,023	41,766
OTHER ASSETS:
Operating Lease Right of Use Asset	1,689	1,972
Restricted Cash	1,675	1,675
Regulatory Assets	106,119	110,284
Non-utility Assets - Net	12,353	12,354
Employee Benefit Plans	46,230	44,328
Other	6,449	6,151
TOTAL OTHER ASSETS	174,515	176,764
TOTAL ASSETS	1,423,482	1,365,737
CAPITALIZATION:
Common Stock, No Par Value, authorized 40,000, issued 18,577 and 18,521 in 2026 and 2025, respectively	294,243	279,148
Retained Earnings	226,849	214,883
TOTAL COMMON EQUITY	521,092	494,031
Preferred Stock, No Par Value; authorized 120; issued 13	1,343	1,343
Long-term Debt	395,598	378,874
TOTAL CAPITALIZATION	918,033	874,248
CURRENT LIABILITIES:
Current Portion of Long-term Debt	7,651	7,850
Notes Payable	34,000	28,250
Accounts Payable	31,024	31,326
Accrued Taxes	18,972	15,992
Accrued Interest	3,390	3,311
Regulatory Liabilities	2,318	0
Unearned Revenues and Advanced Service Fees	450	497
Other	6,891	6,569
TOTAL CURRENT LIABILITIES	104,696	93,795
COMMITMENTS AND CONTINGENT LIABILITIES (Note 7)
OTHER LIABILITIES:
Advances for Construction	26,870	25,519
Lease Obligations	1,496	1,838
Accumulated Deferred Income Taxes	113,837	110,475
Regulatory Liabilities	63,718	68,437
Other	172	229
TOTAL OTHER LIABILITIES	206,093	206,498
CONTRIBUTIONS IN AID OF CONSTRUCTION	194,660	191,196
TOTAL CAPITALIZATION AND LIABILITIES	$ 1,423,482	$ 1,365,737