--- title: "Middlesex Water | 10-K: FY2025 Revenue Misses Estimate at USD 194.69 M" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/276380688.md" datetime: "2026-02-19T21:26:36.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276380688.md) - [en](https://longbridge.com/en/news/276380688.md) - [zh-HK](https://longbridge.com/zh-HK/news/276380688.md) --- > 支持的语言: [English](https://longbridge.com/en/news/276380688.md) | [繁體中文](https://longbridge.com/zh-HK/news/276380688.md) # Middlesex Water | 10-K: FY2025 Revenue Misses Estimate at USD 194.69 M Revenue: As of FY2025, the actual value is USD 194.69 M, missing the estimate of USD 195.21 M. EPS: As of FY2025, the actual value is USD 2.36, missing the estimate of USD 2.385. EBIT: As of FY2025, the actual value is USD 68.67 M. ### Segment Revenue #### Total Operating Revenues (Consolidated) - **2025**: $194,694 thousand - **2024**: $191,877 thousand - **2023**: $166,274 thousand #### Segmented Revenues - **Regulated Segment** - **2025**: $182,200 thousand - **2024**: $178,800 thousand - **2023**: $154,617 thousand - **Non-Regulated Segment** - **2025**: $12,500 thousand - **2024**: $13,100 thousand - **2023**: $12,773 thousand In 2025, the Regulated segment contributed approximately 94% of total revenues, while in 2024, it contributed approximately 93%. #### Operating Revenues by Source (Consolidated) - **Residential** - **2025**: 52.7% - **2024**: 51.0% - **2023**: 52.1% - **Commercial** - **2025**: 15.6% - **2024**: 16.6% - **2023**: 14.4% - **Industrial** - **2025**: 6.9% - **2024**: 7.2% - **2023**: 7.0% - **Fire Protection** - **2025**: 7.8% - **2024**: 7.4% - **2023**: 7.6% - **Contract Sales** - **2025**: 10.6% - **2024**: 11.0% - **2023**: 11.5% - **Contract Operations** - **2025**: 6.4% - **2024**: 6.8% - **2023**: 7.4% ### Operational Metrics #### Net Income (Consolidated) - **2025**: $42,822 thousand - **2024**: $44,351 thousand - **2023**: $31,524 thousand #### Segmented Net Income - **Regulated Segment** - **2025**: $40,300 thousand - **2024**: $41,600 thousand - **2023**: $29,094 thousand - **Non-Regulated Segment** - **2025**: $2,500 thousand - **2024**: $2,800 thousand - **2023**: $2,430 thousand In both 2025 and 2024, the Regulated segment contributed approximately 94% of net income. #### Operating Income (Consolidated) - **2025**: $54,376 thousand - **2024**: $53,210 thousand - **2023**: $39,223 thousand #### Segmented Operating Income - **Regulated Segment** - **2025**: $50,900 thousand - **2024**: $49,500 thousand - **2023**: $35,820 thousand - **Non-Regulated Segment** - **2025**: $3,500 thousand - **2024**: $3,700 thousand - **2023**: $3,403 thousand #### Operating Costs (Consolidated) - **Operations and Maintenance** - **2025**: $91,291 thousand - **2024**: $92,363 thousand - **2023**: $83,113 thousand - **Depreciation** - **2025**: $27,113 thousand - **2024**: $24,430 thousand - **2023**: $25,194 thousand - **Other Taxes** - **2025**: $21,914 thousand - **2024**: $21,874 thousand - **2023**: $18,744 thousand #### Segmented Operating Expenses - **Operations and Maintenance Expenses** - **Regulated Segment** - **2025**: $75,293 thousand - **2024**: $76,483 thousand - **2023**: $66,670 thousand - **Non-Regulated Segment** - **2025**: $8,485 thousand - **2024**: $8,850 thousand - **2023**: $8,415 thousand - **Depreciation** - **Regulated Segment** - **2025**: $26,844 thousand - **2024**: $24,173 thousand - **2023**: $24,931 thousand - **Non-Regulated Segment** - **2025**: $269 thousand - **2024**: $257 thousand - **2023**: $263 thousand - **Other Taxes** - **Regulated Segment** - **2025**: $21,675 thousand - **2024**: $21,644 thousand - **2023**: $18,504 thousand - **Non-Regulated Segment** - **2025**: $239 thousand - **2024**: $230 thousand - **2023**: $240 thousand ### Cash Flow #### Net Cash Provided by Operating Activities - **2025**: $62,596 thousand - **2024**: $58,730 thousand - **2023**: $52,782 thousand #### Net Cash Used in Investing Activities - **2025**: - $100,961 thousand - **2024**: - $74,622 thousand - **2023**: - $90,179 thousand #### Net Cash Provided by Financing Activities - **2025**: $38,614 thousand - **2024**: $17,728 thousand - **2023**: $35,959 thousand ### Unique Metrics #### Customers Served (as of December 31, 2025) - **Middlesex System (New Jersey)**: Approximately 61,000 retail water customers - **Tidewater System (Delaware)**: Approximately 65,000 retail water customers - **Pinelands Water System (New Jersey)**: Approximately 2,500 residential water customers - **Pinelands Wastewater System (New Jersey)**: Approximately 2,500 residential wastewater customers - **White Marsh (Delaware)**: Operates/maintains systems for approximately 3,700 service connections #### Water Production (2025) - **Middlesex System**: Approximately 13.8 billion gallons - **Tidewater System (including Southern Shores)**: Approximately 3.2 billion gallons - **Pinelands Water System**: Approximately 123 million gallons #### Wastewater Treatment (2025) - **Pinelands Wastewater System**: Treated approximately 87.0 million gallons #### Capital Expenditures - **Total Estimated Capital Expenditures (2026-2028)**: $506,000 thousand - **2026**: $126,000 thousand - **2027**: $200,000 thousand - **2028**: $180,000 thousand - **Capital Expenditures by Segment (2025)** - **Regulated Segment**: $96,015 thousand - **Non-Regulated Segment**: $339 thousand #### Short-term Borrowings (as of December 31, 2025) - **Notes Payable at Year-End**: $28,300 thousand - **Weighted Average Interest Rate at Year-End**: 5.03% - **Available Lines of Credit**: $148,000 thousand #### Long-term Debt (as of December 31, 2025) - **Total Long-term Debt**: $378,874 thousand - **Weighted Average Interest Rate**: 3.49% ### Outlook / Guidance 米德尔赛克斯水务公司 (Middlesex Water Company) projects capital investments of approximately $506 million for 2026-2028, with significant allocations for PFAS removal and water main replacements. The company plans to utilize timely rate adjustments and acquisitions of small water systems to support growth and recover infrastructure costs. Continued organic residential customer growth is anticipated in the Tidewater system, alongside ongoing efforts to manage costs and secure adequate rate relief to increase earnings. ### 相关股票 - [Middlesex Water (MSEX.US)](https://longbridge.com/zh-CN/quote/MSEX.US.md) ## 相关资讯与研究 - [Middlesex Water Company Declares $0.36 Quarterly Dividend](https://longbridge.com/zh-CN/news/273890685.md) - [Wealth First Promoters Confirm 74% Stake With No Encumbrance in FY26](https://longbridge.com/zh-CN/news/281530653.md) - [Cintas (CTAS) Valuation Check After Q3 Results And Higher Fiscal 2026 Guidance](https://longbridge.com/zh-CN/news/281225115.md) - [What to Expect From Old Dominion Freight Line's Next Quarterly Earnings Report](https://longbridge.com/zh-CN/news/281031105.md) - [Zillow names Jacksonville the best market for first-time buyers this spring | Z Stock News](https://longbridge.com/zh-CN/news/281519371.md)