MIDDLESEX WATER CO

For the period ended Dec 31, 2025. Filed Feb 19, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 19, 2026

MSEX$58.77-1.2%Stored close · as of Nov 10, 2026

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Contents

Consolidated Balance Sheets at December 31, 2025 and 2024

ASSETS · December 31,2025 · December 31,2024
UTILITY PLANT:		Water Production	$328,496		$314,924
		Transmission and Distribution	938,118		855,497
		General	111,325		105,167
		Construction Work in Progress	44,400		34,209
		TOTAL	1,422,339		1,309,797
		Less Accumulated Depreciation	275,132		254,425
		UTILITY PLANT - NET	1,147,207		1,055,372
CURRENT ASSETS:		Cash and Cash Equivalents	2,800		4,226
		Accounts Receivable, net of allowance for credit losses of $1,625 and $2,695, respectively in 2025 and 2024	19,213		18,842
		Unbilled Revenues	9,361		10,764
		Materials and Supplies (at average cost)	7,549		6,719
		Prepayments	2,843		2,422
		TOTAL CURRENT ASSETS	41,766		42,973
OTHER ASSETS:		Operating Lease Right of Use Asset	1,972		2,567
		Regulatory Assets	110,284		101,783
		Restricted Cash	1,675		—
		Non-utility Assets - Net	12,354		11,760
		Employee Benefit Plans	44,328		36,856
		Other	6,151		3,863
		TOTAL OTHER ASSETS	176,764		156,829
		TOTAL ASSETS	$1,365,737		$1,255,174
See Notes to Consolidated Financial Statements.
CAPITALIZATION AND LIABILITIES	December 31,2025		December 31,2024
CAPITALIZATION:		Common Stock, No Par Value, authorized 40,000, 18,521 and 17,887 outstanding in 2025 and 2024, respectively	$279,148		$248,202
		Retained Earnings	214,883		197,061
		TOTAL COMMON STOCKHOLDERS’ EQUITY	494,031		445,263
		Preferred Stock, No Par Value, authorized 120, 13 and 16 outstanding in 2025 and 2024, respectively	1,343		1,635
		Long-term Debt	378,874		352,822
		TOTAL CAPITALIZATION	874,248		799,720
CURRENT		Current Portion of Long-term Debt	7,850		7,711
LIABILITIES:		Notes Payable	28,250		23,000
		Accounts Payable	31,326		28,050
		Accrued Taxes	15,992		11,976
		Accrued Interest	3,311		2,916
		Unearned Revenues and Advanced Service Fees	497		1,476
		Other	6,569		7,759
		TOTAL CURRENT LIABILITIES	93,795		82,888
COMMITMENTS AND CONTINGENT LIABILITIES (Note 4)
OTHER LIABILITIES:		Advances for Construction	25,519		22,629
		Lease Obligations	1,838		2,432
		Accumulated Deferred Income Taxes	110,475		101,235
		Regulatory Liabilities	68,437		64,557
		Other	229		344
		TOTAL OTHER LIABILITIES	206,498		191,197
CONTRIBUTIONS IN AID OF CONSTRUCTION	191,196			181,369
		TOTAL CAPITALIZATION AND LIABILITIES	$1,365,737		$1,255,174

ContentsView on SEC.gov

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