Filing Flows › Middlesex Water (MSEX) › Q4 2025
Middlesex Water (MSEX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 19, 2026
Middlesex Water (MSEX) reported revenue of $47.0M for the fourth quarter 2025 (Q4 2025), -0.3% from a year earlier and -13% from the quarter before. Operating margin was 23.9%, net earnings $8.6M (18.3% of revenue).
Middlesex Water, Q4 2025: revenue $47.0M (-0.3% year over year), operating margin 23.9%, net earnings $8.6M, operating cash flow $18.5M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $47.0M | -13% | -0.3% |
| Operating profit | $11.2M | -37% | +6% |
| Net earnings | $8.6M | -38% | -2% |
| Operating cash flow | $18.5M | +53% | -14% |
What changed
Revenue was $47.0M in Q4 2025, roughly flat year over year and down 13% from the previous quarter.
Operating profit was $11.2M, a 23.9% margin (up 1.5 points year over year). Total costs fell 2% while revenue was flat. Net earnings were $8.6M, down 2% year over year. The effective tax rate was 8.7%.
Operating cash flow was $18.5M (down 14% year over year), 215% of net earnings. Non-cash charges added back $8.5M of depreciation and amortization and $118K of share-based compensation. Working capital and other items added $1.2M. Capital expenditures of $24.7M exceeded it, leaving free cash flow of −$6.2M.
Questions
What was Middlesex Water's revenue in the fourth quarter 2025?
Middlesex Water (MSEX) reported revenue of $47.0M for the fourth quarter 2025 (Q4 2025), -0.3% from a year earlier and -13% from the quarter before.
Was Middlesex Water profitable in the fourth quarter 2025?
Operating profit was $11.2M (23.9% of revenue) and net earnings $8.6M.
Source: Middlesex Water 10-K on SEC EDGAR.