Revenue growth accelerated to 18.1% year-over-year in Q1 2026, driven by Florida expansion, while operating margins remained stable at 28.1%, though Q2 2026 EPS of $1.05 missed consensus, suggesting timing shifts rather than operational deterioration.
Chesapeake Utilities Corporation (CPK) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 993.6M | 930M | 787.2M | 670.6M | 680.7M | 569.97M | 488.2M | 479.61M | 717.49M | 617.58M | 498.86M | 459.24M | 498.83M | 444.31M | 392.5M | 418.03M | 427.55M | 268.79M | 291.44M | 258.29M | 231.2M | 229.63M | 177.96M | 162.3M | 142.23M | 330.32M | 335.41M | 230.9M | 183.6M | 122.8M | 119.3M |
| Revenue Growth % | 14.64% | 18.14% | 17.39% | -1.48% | 19.43% | 16.75% | 1.79% | -33.16% | 16.18% | 23.8% | 8.63% | -7.94% | 12.27% | 13.2% | -6.11% | -2.23% | 59.07% | -7.77% | 12.84% | 11.72% | 0.68% | 29.04% | 9.65% | 14.11% | -56.94% | -1.52% | 45.26% | 25.76% | 49.51% | 2.93% | 14.71% |
| Cost of Revenue | 497.9M | 635.9M | 452.4M | 415.3M | 443.2M | 352.04M | 295.58M | 308.02M | 563.57M | 478.19M | 368M | 339.41M | 390.02M | 343.8M | 303.17M | 246.9M | 260.98M | 161.75M | 0 | 0 | 0 | 0 | 0 | 0 | 74.15M | 266.36M | 273.64M | 176.7M | 136M | 77.8M | 72.5M |
| Gross Profit | 495.7M | 294.1M | 334.8M | 255.3M | 237.5M | 217.93M | 192.62M | 171.58M | 153.92M | 139.4M | 130.85M | 119.84M | 108.81M | 100.51M | 89.33M | 171.13M | 166.57M | 107.04M | 291.44M | 258.29M | 231.2M | 229.63M | 177.96M | 162.3M | 68.08M | 63.97M | 61.77M | 54.2M | 47.6M | 45M | 46.8M |
| Gross Margin % | 49.89% | 31.62% | 42.53% | 38.07% | 34.89% | 38.24% | 39.45% | 35.78% | 21.45% | 22.57% | 26.23% | 26.09% | 21.81% | 22.62% | 22.76% | 40.94% | 38.96% | 39.82% | 100% | 100% | 100% | 100% | 100% | 100% | 47.86% | 19.36% | 18.42% | 23.47% | 25.93% | 36.64% | 39.23% |
| Gross Profit Growth % | - | -12.16% | 31.14% | 7.49% | 8.98% | 13.14% | 12.26% | 11.47% | 10.42% | 6.53% | 9.19% | 10.13% | 8.26% | 12.51% | -47.8% | 2.74% | 55.62% | -63.27% | 12.84% | 11.72% | 0.68% | 29.04% | 9.65% | 138.41% | 6.43% | 3.55% | 13.97% | 13.87% | 5.78% | -3.85% | 2.86% |
| Operating Expenses | 224.4M | 36.5M | 106.6M | 104.5M | 94.6M | 86.82M | 79.89M | 65.3M | 59.43M | 53.68M | 46.89M | 43.58M | 39.66M | 37.78M | 32.7M | 117.42M | 114.64M | 73.3M | 262.96M | 230.17M | 208.27M | 208.1M | 157.99M | 140.72M | 54.24M | 48.42M | 45.75M | 39.3M | 35.9M | 33.2M | 33.6M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 352.8M | 365.2M | 309.7M | 228.2M | 222.9M | 204M | 180.44M | 160.94M | 143.38M | 130.56M | 123.59M | 107.73M | 88.59M | 92.82M | 84.69M | 78.97M | 75.82M | 45.32M | 39.72M | 40.51M | 34.28M | 31.8M | 29.86M | 32.08M | 24.26M | 24.64M | 24.07M | 21.4M | 18.5M | 17.7M | 18.9M |
| EBITDA Margin % | 35.51% | 39.27% | 39.34% | 34.03% | 32.75% | 35.79% | 36.96% | 33.56% | 19.98% | 21.14% | 24.77% | 23.46% | 17.76% | 20.89% | 21.58% | 18.89% | 17.73% | 16.86% | 13.63% | 15.68% | 14.83% | 13.85% | 16.78% | 19.76% | 17.05% | 7.46% | 7.18% | 9.27% | 10.08% | 14.41% | 15.84% |
| EBITDA Growth % | 5.05% | 17.92% | 35.71% | 2.38% | 9.26% | 13.06% | 12.12% | 12.25% | 9.81% | 5.64% | 14.72% | 21.6% | -4.55% | 9.6% | 7.24% | 4.16% | 67.29% | 14.1% | -1.94% | 18.18% | 7.77% | 6.51% | -6.91% | 32.25% | -1.56% | 2.37% | 12.48% | 15.68% | 4.52% | -6.35% | -1.56% |
| Depreciation & Amortization | 81M | 107.6M | 81.5M | 77.4M | 80M | 72.89M | 67.72M | 54.65M | 48.76M | 44.72M | 39.49M | 29.97M | 26.32M | 30.09M | 28.06M | 25.27M | 23.89M | 11.59M | 11.24M | 12.4M | 11.35M | 10.27M | 9.89M | 10.5M | 10.42M | 9.09M | 8.04M | 6.5M | 6.8M | 5.9M | 5.7M |
| D&A / Revenue % | 8.15% | 11.57% | 10.35% | 11.54% | 11.75% | 12.79% | 13.87% | 11.4% | 6.8% | 7.24% | 7.92% | 6.53% | 5.28% | 6.77% | 7.15% | 6.04% | 5.59% | 4.31% | 3.86% | 4.8% | 4.91% | 4.47% | 5.56% | 6.47% | 7.33% | 2.75% | 2.4% | 2.82% | 3.7% | 4.8% | 4.78% |
| Operating Income (EBIT) | 271.3M | 257.6M | 228.2M | 150.8M | 142.9M | 131.11M | 112.72M | 106.28M | 94.62M | 85.84M | 84.1M | 77.76M | 62.28M | 62.73M | 56.63M | 53.7M | 51.93M | 33.74M | 28.48M | 28.11M | 22.93M | 21.53M | 19.97M | 21.58M | 13.83M | 15.55M | 16.03M | 14.9M | 11.7M | 11.8M | 13.2M |
| Operating Margin % | 27.3% | 27.7% | 28.99% | 22.49% | 20.99% | 23% | 23.09% | 22.16% | 13.19% | 13.9% | 16.86% | 16.93% | 12.48% | 14.12% | 14.43% | 12.85% | 12.15% | 12.55% | 9.77% | 10.88% | 9.92% | 9.38% | 11.22% | 13.3% | 9.73% | 4.71% | 4.78% | 6.45% | 6.37% | 9.61% | 11.06% |
| Operating Income Growth % | - | 12.88% | 51.33% | 5.53% | 8.99% | 16.31% | 6.06% | 12.33% | 10.22% | 2.08% | 8.15% | 24.85% | -0.73% | 10.77% | 5.46% | 3.42% | 53.93% | 18.46% | 1.3% | 22.6% | 6.51% | 7.82% | -7.46% | 56.01% | -11.02% | -3% | 7.56% | 27.35% | -0.85% | -10.61% | -2.22% |
| Interest Expense | 4M | 72.8M | 68.4M | 36.95M | 24.36M | 20.14M | 21.77M | 22.22M | 16.15M | 12.64M | 10.64M | 10.01M | 9.48M | 8.23M | 8.75M | 9M | 9.15M | 7.09M | 6.16M | 6.59M | 5.78M | 5.13M | 5.27M | 5.71M | 5.06M | 5.28M | 4.51M | 0 | 3.4M | 0 | 2.7M |
| Interest Coverage | - | 3.65x | 3.37x | 4.12x | 6.08x | 6.60x | 5.33x | 4.70x | 5.84x | 6.92x | 8.07x | 7.67x | 7.38x | 7.62x | 6.51x | 6.07x | 5.70x | 4.78x | 4.64x | 4.27x | 4.04x | 4.27x | 33.78x | 3.78x | 3.28x | 3.07x | 3.55x | - | 3.44x | - | 5.19x |
| Interest / Revenue % | 0.4% | 7.83% | 8.69% | 5.51% | 3.58% | 3.53% | 4.46% | 4.63% | 2.25% | 2.05% | 2.13% | 2.18% | 1.9% | 1.85% | 2.23% | 2.15% | 2.14% | 2.64% | 2.11% | 2.55% | 2.5% | 2.24% | 2.96% | 3.52% | 3.56% | 1.6% | 1.34% | 0% | 1.85% | 0% | 2.26% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | 206.5M | 193M | 161.8M | 115.3M | 123.6M | 112.7M | 94.18M | 82.21M | 77.57M | 72.43M | 73.02M | 68.05M | 60.04M | 54.87M | 48.16M | 45.61M | 42.98M | 26.82M | 22.42M | 21.82M | 17.34M | 16.78M | 15.25M | 16.11M | 9.3M | 10.97M | 11.99M | 12.5M | 8.5M | 9M | 10.8M |
| Pretax Margin % | 20.78% | 20.75% | 20.55% | 17.19% | 18.16% | 19.77% | 19.29% | 17.14% | 10.81% | 11.73% | 14.64% | 14.82% | 12.04% | 12.35% | 12.27% | 10.91% | 10.05% | 9.98% | 7.69% | 8.45% | 7.5% | 7.31% | 8.57% | 9.93% | 6.54% | 3.32% | 3.57% | 5.41% | 4.63% | 7.33% | 9.05% |
| Income Tax | 56.3M | 52.7M | 43.2M | 28.1M | 33.8M | 29.23M | 23.54M | 21.11M | 20.99M | 14.31M | 28.34M | 26.91M | 23.95M | 22.09M | 19.3M | 17.99M | 16.92M | 10.92M | 8.82M | 8.6M | 6.84M | 6.31M | 5.7M | 6.03M | 3.65M | 4.25M | 4.5M | 4.2M | 3.2M | 3.3M | 3.9M |
| Effective Tax Rate % | 27.26% | 27.31% | 26.7% | 24.37% | 27.35% | 25.94% | 24.99% | 25.68% | 27.06% | 19.75% | 38.81% | 39.54% | 39.88% | 40.25% | 40.07% | 39.44% | 39.38% | 40.72% | 39.32% | 39.41% | 39.42% | 37.62% | 37.38% | 37.44% | 39.27% | 38.75% | 37.52% | 33.6% | 37.65% | 36.67% | 36.11% |
| Net Income | 150.2M | 140.3M | 118.6M | 87.2M | 89.8M | 83.47M | 71.5M | 65.15M | 56.58M | 58.12M | 44.67M | 41.14M | 36.09M | 32.79M | 28.86M | 27.62M | 26.06M | 15.9M | 13.61M | 13.2M | 10.51M | 10.47M | 9.43M | 9.29M | 3.73M | 6.72M | 7.49M | 8.3M | 5.3M | 5.7M | 6.9M |
| Net Margin % | 15.12% | 15.09% | 15.07% | 13% | 13.19% | 14.64% | 14.65% | 13.58% | 7.89% | 9.41% | 8.96% | 8.96% | 7.24% | 7.38% | 7.35% | 6.61% | 6.09% | 5.91% | 4.67% | 5.11% | 4.54% | 4.56% | 5.3% | 5.73% | 2.62% | 2.03% | 2.23% | 3.59% | 2.89% | 4.64% | 5.78% |
| Net Income Growth % | 16.47% | 18.3% | 36.01% | -2.9% | 7.59% | 16.74% | 9.74% | 15.15% | -2.66% | 30.1% | 8.59% | 13.99% | 10.08% | 13.6% | 4.49% | 6.01% | 63.91% | 16.83% | 3.1% | 25.61% | 0.37% | 11.02% | 1.47% | 149.17% | -44.52% | -10.25% | -9.77% | 56.6% | -7.02% | -17.39% | -4.17% |
| EPS (Diluted) | 6.21 | 5.97 | 5.26 | 4.73 | 5.04 | 4.73 | 4.25 | 3.63 | 3.45 | 3.55 | 2.86 | 2.72 | 2.47 | 2.26 | 1.99 | 1.91 | 1.82 | 1.43 | 1.32 | 1.29 | 1.15 | 1.18 | 1.09 | 1.09 | 0.91 | 0.82 | 0.93 | 1.05 | 0.69 | 0.78 | 1.03 |
| EPS Growth % | 11.76% | 13.5% | 11.21% | -6.15% | 6.55% | 11.29% | 17.08% | 5.22% | -2.82% | 24.13% | 5.15% | 10.12% | 9.29% | 13.57% | 4.19% | 4.95% | 27.27% | 8.33% | 2.33% | 12.17% | -2.54% | 8.26% | 0% | 19.78% | 10.98% | -11.83% | -11.43% | 52.17% | -11.54% | -24.27% | -8.85% |
| EPS (Basic) | - | 6.00 | 5.28 | 4.75 | 5.07 | 4.75 | 4.27 | 3.64 | 3.46 | 3.56 | 2.87 | 2.73 | 2.48 | 2.27 | 2.01 | 1.93 | 1.83 | 1.45 | 1.33 | 1.31 | 1.16 | 1.19 | 1.11 | 1.11 | 0.91 | 0.83 | 0.95 | 1.07 | 0.70 | 0.79 | 1.05 |
| Diluted Shares Outstanding | 24.17M | 23.49M | 22.53M | 18.43M | 17.8M | 17.63M | 16.77M | 16.45M | 16.42M | 16.38M | 15.61M | 15.14M | 14.6M | 14.54M | 14.51M | 14.48M | 14.37M | 11.16M | 10.39M | 10.28M | 9.23M | 8.87M | 8.62M | 8.55M | 8.16M | 8.16M | 8.02M | 7.93M | 7.64M | 7.56M | 7.41M |
Quick answers to the most common questions about buying CPK stock.
For fiscal year 2025, Chesapeake Utilities Corporation (CPK) reported total revenue of $930.0M. This represents a 679.5% increase compared to $119.3M in 1996.
Chesapeake Utilities Corporation (CPK) is profitable, generating $140.3M in net income for the fiscal year ending 2025 with a net profit margin of 15.1%.
Chesapeake Utilities Corporation (CPK) reported an operating income of $257.6M, resulting in an operating profit margin of 27.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Chesapeake Utilities Corporation (CPK) generated $294.1M in gross profit for the year, representing a gross profit margin of 31.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory lag and rate case risk
Metrics are mathematically derived from official filings.
Florida Expansion Drives Revenue Surge
Revenue grew 18.1% year-over-year in Q1 2026, driven by the Florida City Gas acquisition and continued customer growth, as reported in the latest quarterly filing.
The 18.1% revenue growth in Q1 2026, accelerating from 12.6% in Q1 2024, reflects the contribution of the Florida City Gas acquisition and robust organic growth in Florida's high-migration corridors. This expansion is largely rate-base driven, with new customer connections and infrastructure investments translating into higher regulated revenues. However, the sustainability of this trajectory depends on continued regulatory approval for capital projects and the pace of Florida's demographic inflows, which may moderate over time.
Earned ROE Holds Steady
Operating margin remained stable at 28.1% in Q1 2026, consistent with the prior year's 29.1%, indicating effective cost management and regulatory recovery, per the income statement data.
The stability in operating margin, despite significant revenue growth, suggests that CPK is efficiently recovering its costs and earning close to its authorized returns. The slight decline from 29.1% to 28.1% may reflect integration costs from the Florida City Gas acquisition or a changing revenue mix. Investors should monitor whether this margin compression persists, as it could signal regulatory lag or rising O&M expenses that outpace rate case approvals.
Pass-Through Costs Mask Earnings Power
Fuel and purchased power costs are largely pass-through, as evidenced by the 31.6% gross margin, which is typical for utilities with commodity cost recovery mechanisms, based on reported financials.
The relatively low gross margin of 31.6% indicates that a significant portion of revenue is derived from pass-through energy costs, which do not contribute to earnings. This means that headline revenue growth can be inflated by higher commodity prices without a corresponding increase in profitability. The operating margin of 27.7% suggests that CPK's core regulated operations are efficient, but investors should focus on operating income growth rather than revenue growth to assess true earnings power.
EPS Volatility Signals Timing Shifts
Q2 2026 EPS of $1.05 missed consensus by a wide margin, yet management raised full-year guidance, suggesting a timing shift rather than operational deterioration, as per the latest earnings report.
The significant miss in Q2 2026 EPS, despite a raised full-year guidance, indicates that earnings are being recognized unevenly across quarters, possibly due to seasonal factors or the timing of regulatory recoveries. This volatility may obscure the underlying earnings growth rate, which appears to be in the high single digits to low teens based on annualized figures. Investors should adjust for these timing effects to assess the durability of CPK's earnings power.
Capex Cycle Fuels Rate Base Expansion
Capital expenditure is translating into rate base growth, with revenue up 18.1% year-over-year in Q1 2026, indicating successful deployment into rate-eligible projects, as reported in the financial statements.
The strong revenue growth, coupled with the Florida City Gas acquisition, suggests that CPK is in an expansionary capex cycle that is directly contributing to rate base and, consequently, earnings. The company's ability to recover these investments through rate cases will determine whether this growth translates into EPS at the authorized ROE. The elevated valuation, with a P/E of 18.14, implies the market expects continued high returns on invested capital, but any regulatory setbacks could compress the earned ROE.
What Could Invalidate the Base Case
The 18.1% revenue growth may be unsustainable if Florida migration slows or regulators resist further rate increases, potentially compressing earned ROE below authorized levels, based on reported figures.
The aggressive growth strategy, heavily reliant on Florida's demographic tailwinds and the Florida City Gas acquisition, carries execution risk. If customer connection growth decelerates or if regulatory bodies in Florida or Delaware become less accommodating, the company may face regulatory lag, leading to a gap between authorized and earned ROE. Additionally, the Q2 2026 EPS miss, despite raised guidance, raises questions about earnings quality and the timing of cost recovery, which could signal underlying operational challenges not yet fully reflected in the financials.