0001628280-26-009777
SEC filingMiddlesex Water Company PFD 7% reported solid financial results for fiscal year 2025, with operating revenues of $194.7 million and net income of $42.8 million. The company generated operating income of $54.4 million, representing a healthy operating margin of 27.9%. Earnings per share were $2.00 for both basic and diluted calculations. The company maintained strong cash flow from operations of $62.6 million, which supported significant capital investments of $101.0 million in utility plant and water system acquisitions. The balance sheet shows total assets of $1.37 billion, with utility plant net of $1.15 billion representing the company's core infrastructure assets. Total capitalization stands at $874.2 million, including common stockholders' equity of $494.0 million and long-term debt of $378.9 million. The company paid $24.9 million in common dividends and $76,000 in preferred dividends during the year.
Middlesex Water Company PFD 7% delivered solid financial performance for fiscal year 2025, ending December 31, 2025. The company reported operating revenues of $194.7 million, with operating income of $54.4 million and net income of $42.8 million. Earnings per share were $2.00 for both basic and diluted calculations, based on average shares outstanding of 18.1 million. The company maintained a healthy operating margin of 27.9%. Operating expenses totaled $140.3 million, consisting primarily of operations and maintenance ($91.3 million), depreciation ($27.1 million), and other taxes ($21.9 million). Other income contributed $7.6 million, while interest charges amounted to $14.3 million. Income taxes were $4.8 million, resulting in earnings applicable to common stock of $42.7 million after preferred stock dividend requirements of $76,000.
The company's revenue structure is centered around water utility operations, with operating revenues of $194.7 million for fiscal year 2025. The document does not provide segment breakdowns or geographic mix details beyond the consolidated operating revenue figure. No specific growth drivers or segment performance metrics are disclosed in the provided data. The company's revenue appears to be derived from its core water utility business, which includes water production, transmission, and distribution services. The absence of segment data suggests the company operates as a single integrated water utility business rather than through distinct reportable segments.
The company demonstrated strong profitability metrics with an operating margin of 27.9% based on operating income of $54.4 million and operating revenues of $194.7 million. The cost structure shows operations and maintenance expenses of $91.3 million (46.9% of revenue), depreciation of $27.1 million (13.9% of revenue), and other taxes of $21.9 million (11.2% of revenue). Net income margin was 22.0% based on net income of $42.8 million. The company's profitability benefited from other income of $7.6 million, which included allowance for funds used during construction of $1.6 million and other income, net of $5.9 million. Interest expense of $14.3 million represented 7.3% of operating revenues.
The company generated strong operating cash flow of $62.6 million, significantly exceeding net income of $42.8 million due to non-cash adjustments including depreciation and amortization of $32.5 million. Investing activities used $101.0 million primarily for utility plant expenditures ($96.4 million) and water system acquisitions ($4.6 million). Financing activities provided $38.6 million through issuance of long-term debt ($33.6 million), common stock ($30.5 million), and net short-term borrowings ($5.2 million), offset by debt redemption ($7.3 million) and dividend payments ($25.0 million total). The balance sheet shows total assets of $1.37 billion, with utility plant net of $1.15 billion representing 83.9% of total assets. Current assets totaled $41.8 million, including cash and equivalents of $2.8 million. Total capitalization was $874.2 million, consisting of common stockholders' equity ($494.0 million), preferred stock ($1.3 million), and long-term debt ($378.9 million). Current liabilities were $93.8 million, with total liabilities and equity of $1.37 billion.
The provided document does not include management guidance, strategic priorities, or specific risk factors beyond the financial statements. The company's significant capital expenditures of $101.0 million in investing activities suggest continued investment in utility infrastructure and system acquisitions. The issuance of $33.6 million in long-term debt and $30.5 million in common stock indicates capital raising activities to support operations and growth. The payment of $25.0 million in dividends demonstrates commitment to shareholder returns. The absence of forward-looking statements in the provided data limits analysis of the company's strategic direction and future expectations.