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Middlesex Water (MSEX) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Middlesex Water (MSEX) Q3 2026 earnings results →
Q3 2026 Revenue up 11% year over year to $60.2M · 30¢ of every $1 of revenue kept as net profit · operating margin 37.0%
Middlesex Water made $60.2M in Q3 2026 (+11% Y/Y). Operating margin 37.0%, net earnings $18.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $60.2M in Q3 2026, up 11% year over year and up 7% from the previous quarter.
Operating profit was $22.3M, a 37.0% margin (up 4.3 points year over year). Of the extra revenue versus Q3 2025, 75% reached operating profit, above the 33% margin then. Total costs grew 4% against revenue growth of 11%. Net earnings were $18.0M, up 29% year over year. The effective tax rate was 11.9%.
Operating cash flow was $22.9M (up 90% year over year), 127% of net earnings. Non-cash charges added back $7.7M of depreciation and amortization and $347K of share-based compensation. Working capital and other items used $3.2M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 29, 2026 | $60.2M | +11% | 37.0% | $18.0M | $22.9M |
| Q2 2026 | 10-Q | Jul 30, 2026 | $56.4M | +14% | 32.3% | $14.8M | $16.4M |
| Q1 2026 | 10-Q | Apr 30, 2026 | $48.7M | +10% | 26.9% | $10.6M | $11.7M |
| Q4 2025 | 10-K | Feb 19, 2026 | $47.0M | -0.3% | 23.9% | $8.6M | $18.5M |
| Q3 2025 | 10-Q | Oct 31, 2025 | $54.1M | -2% | 32.7% | $14.0M | $12.0M |
| Q2 2025 | 10-Q | Jul 31, 2025 | $49.3M | +0.4% | 28.2% | $10.8M | $18.3M |
| Q1 2025 | 10-Q | May 1, 2025 | $44.3M | +9% | 26.1% | $9.5M | $13.8M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Middlesex Water
The terms “the Company,” “we,” “our,” and “us” collectively refer to Middlesex Water Company (Middlesex) and its subsidiaries, including Tidewater Utilities, Inc. (Tidewater) and Tidewater’s wholly-owned subsidiaries, Southern Shores Water Company, LLC (Southern Shores) and White Marsh Environmental Systems, Inc. (White Marsh). The Company’s other subsidiaries are Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), Utility Service Affiliates, Inc. (USA) and Utility Service Affiliates (Perth Amboy) Inc. (USA-PA).
In its own words, from its 10-K, filed Feb 19, 2026.
Middlesex Water against its Water Supply peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +11% against the peers' median +5%. Operating margin: 37.0% against the peers' median 35.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MSEX Middlesex Water | Q3 2026 | $60.2M | +11% | 37.0% |
| AWK American Water Works Company | Q3 2026 | $1.5B | +4% | 42.5% |
| WTRG Essential Utilities | Q3 2026 | $508M | +7% | 37.9% |
| CWT California Water Service | Q3 2026 | $331M | +5% | 25.0% |
| HTO H2O America | Q3 2026 | $250M | +4% | 24.2% |
| AWR American States Water | Q3 2026 | $193M | +5% | 35.0% |
| CWCO Consolidated Water | Q2 2026 | $32.9M | -2% | 11.4% |
| ARTNA Artesian Resources | Q2 2026 | $30.7M | +7% | 28.1% |
| YORW York Water | Q3 2026 | $24.3M | +20% | 43.3% |
Source: Middlesex Water 10-Q on SEC EDGAR · CIK 66004 · Water Supply
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History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results