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Middlesex Water cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$22.9M in Q3 2026 · $69.5M over twelve months

Operating cash flow$22.9M
Free cash flow+$22.9M
Cash / net income1.3×

Analysis

In Q3 2026, Middlesex Water generated $22.9M of operating cash flow. That is $10.8M more than in Q3 2025 ($12.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $69.5M; the largest uses were other investing ($109M), dividends ($26.8M), taxes on employees’ shares ($274K); besides operations, cash came from shares issued ($38.4M), net borrowing (+) / repaid (−) ($24.3M); the cash balance fell by $1.7M.

Operating cash flow was $22.9M against net income of $18.0M — 1.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$7.7M, receivables −$2.6M, deferred taxes −$2.1M.

Free cash flow

Middlesex Water: free cash flow by quarterMiddlesex Water: free cash flow by quarter−$3.7MQ4 2024$13.8MQ1 2025$18.3MQ2 2025$12.0MQ3 2025$18.5MQ4 2025$11.7MQ1 2026$16.4MQ2 2026$22.9MQ3 2026
Operating cash flow less capital spending.
Middlesex Water: operating cash flow against capital spendingMiddlesex Water: operating cash flow against capital spendingOperating cash flowCapital spending$21.4M$25.1MQ4 2024$13.8M$0Q1 2025$18.3M$0Q2 2025$12.0M$0Q3 2025$18.5M$0Q4 2025$11.7M$0Q1 2026$16.4M$0Q2 2026$22.9M$0Q3 2026
Latest (Q3 2026): Operating cash flow $22.9M, Capital spending $0.

Capital allocation, year by year

Middlesex Water: where the cash came from (up) and went (down), by fiscal yearMiddlesex Water: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $33.0MFY2021: Net borrowing $44.9MFY2021: Shares issued $3.8MFY2021: Capital spending −$79.4MFY2021: Dividends −$19.4M$81.8MFY2021FY2022: Operating cash flow $61.4MFY2022: Net borrowing $37.7MFY2022: Shares issued $10.3MFY2022: Asset sales $6.2MFY2022: Capital spending −$91.3MFY2022: Dividends −$20.8M$116MFY2022FY2023: Operating cash flow $52.8MFY2023: Net borrowing $45.6MFY2023: Shares issued $12.1MFY2023: Capital spending −$90.2MFY2023: Buybacks −$619KFY2023: Dividends −$22.4M$110MFY2023FY2024: Operating cash flow $58.7MFY2024: Net borrowing −$25.1MFY2024: Shares issued $974KFY2024: Capital spending −$74.6MFY2024: Buybacks −$1.5MFY2024: Dividends −$23.4M$59.7MFY2024FY2025: Operating cash flow $62.6MFY2025: Net borrowing $31.5MFY2025: Shares issued $30.5MFY2025: Dividends −$24.9M$125MFY2025
Over these 5 years operating cash flow totalled $268M; the largest uses were capital spending ($336M) and dividends ($111M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.7M
Debt$400M
Net debt$398M
Due within a year$7.9M

Middlesex Water funds itself: free cash flow was $69.5M over the last twelve months, and $1.7M of cash and investments stands against $400M of debt ($7.9M due within a year, 0.2× covered by cash).

Middlesex Water: debt maturities by year (FY2025)Middlesex Water: debt maturities by year (FY2025)$7.9MYear 1$7.5MYear 2$7.2MYear 3$6.7MYear 4$5.8MYear 5$351MAfter year 5
Principal due in each year as disclosed in the annual report, against $1.7M of cash and investments now.

Where the cash came from and went

Middlesex Water: sources (+) and uses (−) of cash, Q3 2026Middlesex Water: sources (+) and uses (−) of cash, Q3 2026Other investing−$30.4MOperating cash flow$22.9MShares issued$14.8MDividends−$6.8MNet borrowing (+) / repaid (−)−$286KOther financing−$268KCash drawn (+) / kept (−)$103KTaxes on employees’ shares−$3K
Middlesex Water: sources (+) and uses (−) of cash, TTM to Q3 2026Middlesex Water: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$109MOperating cash flow$69.5MShares issued$38.4MDividends−$26.8MNet borrowing (+) / repaid (−)$24.3MOther financing$2.0MCash drawn (+) / kept (−)$1.7MTaxes on employees’ shares−$274K

From profit to cash

Middlesex Water: net income to operating cash flow, Q3 2026Middlesex Water: net income to operating cash flow, Q3 2026Net income$18.0MDepreciation & amortization$7.7MStock-based pay$347KDeferred taxes−$2.1MReceivables−$2.6MPayables$2.1MAccrued liabilities−$65KContract assets−$26KPrepaid and other assets$1.0MIncome taxes payable−$611KOther operating capital$1.3MOperating cash flow$22.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$22.9M——−$6.8M−$286K$14.8M$103K$22.9M
Q2 2026$16.4M——−$6.7M$11.0M$11.6M$239K$16.4M
Q1 2026$11.7M——−$6.7M$11.3M$2.8M$760K$11.7M
Q4 2025$18.5M——−$6.6M$2.3M$9.2M$584K$18.5M
Q3 2025$12.0M——−$6.1M−$1.1M$17.2M−$824K$12.0M
Q2 2025$18.3M—−$154K−$6.1M$20.9M$3.8M−$1.6M$18.3M
Q1 2025$13.8M—−$225K−$6.1M$9.4M$221K$1.6M$13.8M
Q4 2024$21.4M−$25.1M−$118K−$6.1M$6.0M$234K$2.1M−$3.7M

Middlesex Water: income statement and cash flow

Middlesex Water, Q3 2026: revenue $60.2M (+11% year over year), operating margin 37.0%. The chart follows the revenue to costs, profit and cash.

Middlesex Water: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.