# Middlesex Water Co: overview

MSEX · Nasdaq · CIK 66004 · [Utilities](/sectors/utilities.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/msex.md) · [Financials](/companies/msex/financials.md) · [Filings](/companies/msex/filings.md) · [Insiders](/companies/msex/insiders.md)

Latest reported revenue: [$60.2m](/filings/0001628280-26-068210.md) for Q3 FY2026, three months to 2026-09-30, from the 10-Q filed Oct 29, 2026 (XBRL us-gaap:Revenues, accession 0001628280-26-068210).

## Last eight quarters

| Line item | Unit | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) | Q3 FY2026 (2026-09-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [47.1](/filings/0001174947-25-000318.md) | [44.3](/filings/0001628280-26-028887.md) | [49.3](/filings/0001628280-26-051038.md) | [54.1](/filings/0001628280-26-068210.md) | [47.0 d](/filings/0001628280-26-009777.md) | [48.7](/filings/0001628280-26-028887.md) | [56.4](/filings/0001628280-26-051038.md) | [60.2](/filings/0001628280-26-068210.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [22.4%](/filings/0001174947-25-000318.md) | [26.1%](/filings/0001628280-26-028887.md) | [28.2%](/filings/0001628280-26-051038.md) | [32.7%](/filings/0001628280-26-068210.md) | [23.9% d](/filings/0001628280-26-009777.md) | [26.9%](/filings/0001628280-26-028887.md) | [32.3%](/filings/0001628280-26-051038.md) | [37.0%](/filings/0001628280-26-068210.md) |
| Net margin | % | [18.7%](/filings/0001174947-25-000318.md) | [21.4%](/filings/0001628280-26-068210.md) | [21.9%](/filings/0001628280-26-068210.md) | [25.8%](/filings/0001628280-26-068210.md) | [18.3% d](/filings/0001628280-26-009777.md) | [21.8%](/filings/0001628280-26-068210.md) | [26.2%](/filings/0001628280-26-068210.md) | [29.9%](/filings/0001628280-26-068210.md) |
| Diluted EPS | $ per share | [0.49](/filings/0001174947-25-000318.md) | [0.53](/filings/0001628280-26-028887.md) | [0.60](/filings/0001628280-26-051038.md) | [0.77](/filings/0001628280-26-068210.md) | not reported | [0.57](/filings/0001628280-26-028887.md) | [0.79](/filings/0001628280-26-051038.md) | [0.95](/filings/0001628280-26-068210.md) |
| Free cash flow | $m | [(3.7) d](/filings/0001628280-26-009777.md) | not reported | not reported | not reported | not reported | not reported | not reported | not reported |

- Revenue. XBRL Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 12-month figure less the 9-month figure; 6-month figure less the 3-month figure; 9-month figure less the 6-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [143](/filings/0001174947-24-000281.md) | [162](/filings/0001174947-25-000318.md) | [166](/filings/0001628280-26-009777.md) | [192](/filings/0001628280-26-009777.md) | [195](/filings/0001628280-26-009777.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [23.2%](/filings/0001174947-24-000281.md) | [29.2%](/filings/0001174947-25-000318.md) | [23.6%](/filings/0001628280-26-009777.md) | [27.7%](/filings/0001628280-26-009777.md) | [27.9%](/filings/0001628280-26-009777.md) |
| Net margin | % | [25.6%](/filings/0001174947-24-000281.md) | [26.1%](/filings/0001174947-25-000318.md) | [19.0%](/filings/0001628280-26-009777.md) | [23.1%](/filings/0001628280-26-009777.md) | [22.0%](/filings/0001628280-26-009777.md) |
| Diluted EPS | $ per share | [2.07](/filings/0001174947-24-000281.md) | [2.39](/filings/0001174947-25-000318.md) | [1.76](/filings/0001628280-26-009777.md) | [2.47](/filings/0001628280-26-009777.md) | [2.36](/filings/0001628280-26-009777.md) |
| Free cash flow | $m | [(46.4)](/filings/0001174947-24-000281.md) | [(30.0)](/filings/0001174947-25-000318.md) | [(37.4)](/filings/0001628280-26-009777.md) | [(15.9)](/filings/0001628280-26-009777.md) | not reported |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax; Revenue: us-gaap:Revenues.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax; Revenue: us-gaap:Revenues.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax; Revenue: us-gaap:Revenues.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax; Revenue: us-gaap:Revenues.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/msex/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $176.0m | 3,134,461 |  | Added +117,859 |
| [NEUBERGER BERMAN GROUP LLC](/funds/1465109.md) | 2026-06-30 | $90.1m | 1,604,067 |  | Added +54,161 |
| [MORGAN STANLEY](/funds/895421.md) | 2026-06-30 | $61.9m | 1,101,704 |  | Reduced −5,911 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $45.1m | 802,323 |  | Reduced −25,630 |
| [STATE STREET CORP](/funds/93751.md) | 2026-06-30 | $44.8m | 798,240 |  | Added +54,178 |
| [VANGUARD PORTFOLIO MANAGEMENT LLC](/funds/2100121.md) | 2026-06-30 | $28.9m | 513,809 |  | Added +25,742 |
| [GEODE CAPITAL MANAGEMENT, LLC](/funds/1214717.md) | 2026-06-30 | $28.1m | 500,555 |  | Added +30,638 |
| [Legal & General Group Plc](/funds/764068.md) | 2026-06-30 | $24.6m | 437,504 |  | Added +31,657 |
| [DIMENSIONAL FUND ADVISORS LP](/funds/354204.md) | 2026-06-30 | $19.6m | 348,430 |  | Added +2,669 |
| [Invesco Ltd.](/funds/914208.md) | 2026-06-30 | $15.7m | 280,212 |  | Reduced −10,419 |

## Recent filings

[All 972 filings](/companies/msex/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-29 | 16:05 ET | [10-Q](/filings/0001628280-26-068210.md) | Quarterly report, period 2026-09-30 | 0001628280-26-068210 |
| 2026-10-29 | 16:02 ET | [8-K](/filings/0001628280-26-068204.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001628280-26-068204 |
| 2026-07-30 | 16:05 ET | [10-Q](/filings/0001628280-26-051038.md) | Quarterly report, period 2026-06-30 | 0001628280-26-051038 |
| 2026-07-30 | 16:01 ET | [8-K](/filings/0001628280-26-051031.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001628280-26-051031 |
| 2026-05-20 | 16:05 ET | [8-K](/filings/0001628280-26-036878.md) | 5.07 Shareholder vote results | 0001628280-26-036878 |
| 2026-04-30 | 16:10 ET | [10-Q](/filings/0001628280-26-028887.md) | Quarterly report, period 2026-03-31 | 0001628280-26-028887 |
| 2026-04-30 | 16:05 ET | [8-K](/filings/0001628280-26-028862.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001628280-26-028862 |
| 2026-04-06 | 16:05 ET | [DEF 14A](/filings/0001308179-26-000211.md) | Proxy statement, period 2026-05-19 | 0001308179-26-000211 |
| 2026-03-26 | 16:05 ET | [8-K](/filings/0001628280-26-021412.md) | 5.02 Departure or appointment of officers or directors | 0001628280-26-021412 |
| 2026-02-24 | 16:20 ET | [8-K](/filings/0001628280-26-011115.md) | 1.01 Entry into a material agreement; 9.01 Financial statements and exhibits | 0001628280-26-011115 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001628280-26-009777.md), filed Feb 19, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, has been scored from the reported figures. [See the target](/leagues/2026q3/targets/715da7c3-2c66-45d7-bac1-4e371960811b)

## About the filer

- CIK: 66004
- Tickers: MSEX, MSEXP
- Exchange: Nasdaq
- SIC code: 4941 Water Supply
- State of incorporation: NJ
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 29, 2026, 16:49 ET. No prices; not investment advice.