Filing Flows › Middlesex Water (MSEX) › Q2 2025
Middlesex Water (MSEX) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
Middlesex Water (MSEX) reported revenue of $49.3M for the second quarter 2025 (Q2 2025), +0.4% from a year earlier and +11% from the quarter before. Operating margin was 28.2%, net earnings $10.8M (21.9% of revenue).
Middlesex Water, Q2 2025: revenue $49.3M (+0.4% year over year), operating margin 28.2%, net earnings $10.8M, operating cash flow $18.3M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $49.3M | +11% | +0.4% |
| Operating profit | $13.9M | +20% | -9% |
| Net earnings | $10.8M | +14% | +2% |
| Operating cash flow | $18.3M | +33% | +63% |
What changed
Revenue was $49.3M in Q2 2025, roughly flat year over year and up 11% from the previous quarter. Regulated was the largest line at 94% of revenue. Regulated added $301K year over year (up 1%), 170% of the total change. Non Regulated declined 5%.
Operating profit was $13.9M, a 28.2% margin (down 3.0 points year over year). Operating profit fell $1.4M even though revenue rose $177K versus a year earlier, so costs grew faster than sales. Total costs grew 5% against flat revenue. Net earnings were $10.8M, up 2% year over year. The effective tax rate was 11.6%.
Operating cash flow was $18.3M (up 63% year over year), 170% of net earnings. Non-cash charges added back $7.5M of depreciation and amortization and $569K of share-based compensation.
Questions
What was Middlesex Water's revenue in the second quarter 2025?
Middlesex Water (MSEX) reported revenue of $49.3M for the second quarter 2025 (Q2 2025), +0.4% from a year earlier and +11% from the quarter before.
Was Middlesex Water profitable in the second quarter 2025?
Operating profit was $13.9M (28.2% of revenue) and net earnings $10.8M.
Source: Middlesex Water 10-Q on SEC EDGAR.