Filing Flows › Middlesex Water (MSEX) › Q3 2025
Middlesex Water (MSEX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 31, 2025
Middlesex Water (MSEX) reported revenue of $54.1M for the third quarter 2025 (Q3 2025), -2% from a year earlier and +10% from the quarter before. Operating margin was 32.7%, net earnings $14.0M (25.8% of revenue).
Middlesex Water, Q3 2025: revenue $54.1M (-2% year over year), operating margin 32.7%, net earnings $14.0M, operating cash flow $12.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $54.1M | +10% | -2% |
| Operating profit | $17.7M | +27% | +1% |
| Net earnings | $14.0M | +30% | -3% |
| Operating cash flow | $12.0M | -34% | -38% |
What changed
Revenue was $54.1M in Q3 2025, down 2% year over year and up 10% from the previous quarter.
Operating profit was $17.7M, a 32.7% margin (up 1.0 points year over year). Total costs fell 3% while revenue fell 2%. Net earnings were $14.0M, down 3% year over year. The effective tax rate was 9.3%.
Operating cash flow was $12.0M (down 38% year over year), 86% of net earnings. Non-cash charges added back $8.5M of depreciation and amortization and $161K of share-based compensation. Working capital and other items used $10.6M.
Questions
What was Middlesex Water's revenue in the third quarter 2025?
Middlesex Water (MSEX) reported revenue of $54.1M for the third quarter 2025 (Q3 2025), -2% from a year earlier and +10% from the quarter before.
Was Middlesex Water profitable in the third quarter 2025?
Operating profit was $17.7M (32.7% of revenue) and net earnings $14.0M.
Source: Middlesex Water 10-Q on SEC EDGAR.