The strong beat on both EPS and revenue, combined with the dividend increase and ongoing infrastructure investment, signals continued operational momentum. Watch for updates on the NJBPU rate case petitions filed in September 2026, which could drive further revenue growth if approved.
Price Chart
Executive Summary
Middlesex Water reported Q3 2026 diluted EPS of $0.95 on revenue of $60.2M, beating consensus estimates of $0.86 and $59.9M. Revenue grew 11.3% YoY driven by increased wholesale demand, customer consumption, and rate increases. The company also announced a 5.56% dividend increase to $0.38 per share, marking the 54th consecutive year of dividend increases.
Key Financial Metrics
Key Facts
- Q3 2026 diluted EPS of $0.95 vs $0.77 in Q3 2025, a 23.4% increase
- Q3 2026 operating revenue of $60.2M vs $54.1M in Q3 2025, an 11.3% increase
- Net income of $18.0M vs $14.0M in Q3 2025, a 28.6% increase
- EPS of $0.95 beat consensus estimate of $0.86 by 10.5%
- Revenue of $60.2M beat consensus estimate of $59.9M
- Dividend increased 5.56% to $0.38 per share, 54th consecutive year of dividend increases
- Invested $84M in infrastructure during nine months ended September 30, 2026 (67% of planned $126M annual investment)
- Filed NJBPU petitions requesting $2.5M of additional annual revenues
- Delaware PSC approved Tidewater acquisition of Mount Pleasant water assets for $25K
Financial Impact
EPS grew 23.4% YoY to $0.95, revenue grew 11.3% YoY to $60.2M; dividend increased 5.56%
Segment Breakdown
| Segment |
|---|
| Middlesex System |
| Tidewater System |
Risk Factors
- Regulatory risk: rate case outcomes with NJBPU are uncertain
- Interest rate risk: interest charges were $4.2M in Q3 2026, flat YoY but could rise with refinancing
- Weather dependency: increased wholesale demand partly driven by favorable weather, which may not persist
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-068204 |
| Document: msex-20261029.htm | 0001628280-26-068204 |
| Document: 0001628280-26-068204-index-headers.html | 0001628280-26-068204 |
| Document: 0001628280-26-068204-index.html | 0001628280-26-068204 |
| Document: 0001628280-26-068204.txt | 0001628280-26-068204 |
| 8-K Data (Synthetic) | 0001628280-26-068204 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | Press Release | No price | awaiting T+60 | awaiting T+60 | No price |
Oct 29, 2026 3d ago | 8-K | $55.86 | awaiting T+60 | awaiting T+60 | $56.79 (+1.66%) |
Oct 23, 2026 9d ago | Press Release | $56.19 | awaiting T+60 | awaiting T+60 | $56.79 (+1.07%) |
Oct 15, 2026 17d ago | Press Release | $54.59 | awaiting T+60 | awaiting T+60 | $56.79 (+4.03%) |
Jul 30, 2026 13w ago | Press Release | No price | awaiting T+60 | awaiting T+60 | No price |
Jul 30, 2026 13w ago | 8-K | $57.30 $56.19 | ▼ −1.94% | ▼ −4.39% | $56.79 (−0.89%) |
Apr 30, 2026 26w ago | Press Release | $50.58 $56.90 | ▲ +12.50% | ▲ +11.02% | $56.79 (+12.28%) |
Apr 24, 2026 27w ago | Press Release | $53.18 $56.58 | ▲ +6.39% | ▲ +1.62% | $56.79 (+6.79%) |
Apr 16, 2026 28w ago | Press Release | $51.31 $55.37 | ▲ +7.91% | ▲ +1.77% | $56.79 (+10.68%) |
Mar 26, 2026 31w ago | Press Release | $51.80 $53.73 | ▲ +3.73% | ▼ −12.34% | $56.79 (+9.63%) |
US Market Status
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