Middlesex Water Company (MSEX) Earnings History
Profitable32 years of earnings data (1994–2025) · Positive TTM net income
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Middlesex Water Company (MSEX) Earnings Overview
As of October 3, 2026, Middlesex Water Company (MSEX) reported trailing twelve-month net income of $48M, reflecting -4.5% year-over-year growth. The company earned $2.56 per diluted share over the past four quarters, with a net profit margin of 22.0%.
Looking at the long-term picture, MSEX's 5-year EPS compound annual growth rate (CAGR) stands at +1.6%, reflecting modest earnings expansion. The company achieved its highest annual net income of $44M in fiscal 2024.
Middlesex Water Company maintains industry-leading profitability with a gross margin of 39.2%, operating margin of 27.9%, and net margin of 22.0%. This margin structure demonstrates strong pricing power and operational efficiency. View revenue history →
Compared to peers including AWR ($143M net income, 19.8% margin), YORW ($24M net income, 25.9% margin), ARTNA ($24M net income, 20.2% margin), MSEX has outperformed on profitability metrics. Compare MSEX vs AWR →
MSEX Earnings vs Peers
Earnings metrics vs comparable public companies
MSEX Historical Earnings Data (1994–2025)
32 years| Fiscal Year | Net Income | YoY % | Operating Income | EPS (Diluted) | Net Margin | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $43M | -3.4% | $54M | $2.36 | 22.0% | 27.9% |
| 2024 | $44M | +40.7% | $53M | $2.47 | 23.1% | 27.7% |
| 2023 | $32M | -25.7% | $39M | $1.76 | 19.0% | 23.6% |
| 2022 | $42M | +16.1% | $47M | $2.39 | 26.1% | 29.1% |
| 2021 | $37M | -4.9% | $33M | $2.07 | 25.5% | 23.2% |
| 2020 | $38M | +13.4% | $37M | $2.18 | 27.1% | 26.4% |
| 2019 | $34M | +4.4% | $36M | $2.01 | 25.2% | 26.4% |
| 2018 | $32M | +42.3% | $37M | $1.96 | 23.5% | 26.9% |
| 2017 | $23M | +0.3% | $38M | $1.38 | 17.4% | 28.9% |
| 2016 | $23M | +13.6% | $40M | $1.38 | 17.1% | 30.3% |
| 2015 | $20M | +8.6% | $36M | $1.22 | 15.9% | 28.4% |
| 2014 | $18M | +10.9% | $34M | $1.13 | 15.7% | 29.4% |
| 2013 | $17M | +15.5% | $31M | $1.03 | 14.5% | 27.0% |
| 2012 | $14M | +7.1% | $28M | $0.90 | 13.0% | 25.0% |
| 2011 | $13M | -6.2% | $24M | $0.84 | 13.2% | 23.7% |
| 2010 | $14M | +43.6% | $27M | $0.96 | 13.9% | 25.9% |
| 2009 | $10M | -18.3% | $20M | $0.72 | 10.9% | 22.1% |
| 2008 | $12M | +3.1% | $24M | $0.89 | 13.4% | 26.4% |
| 2007 | $12M | +18.0% | $23M | $0.87 | 13.8% | 26.3% |
| 2006 | $10M | +18.4% | $21M | $0.82 | 12.4% | 26.3% |
| 2005 | $8M | +0.4% | $17M | $0.71 | 11.4% | 23.1% |
| 2004 | $8M | +27.4% | $17M | $0.73 | 11.9% | 23.9% |
| 2003 | $7M | -14.6% | $15M | $0.61 | 10.3% | 23.0% |
| 2002 | $8M | +11.7% | $16M | $0.73 | 12.5% | 26.6% |
| 2001 | $7M | +31.1% | $15M | $0.66 | 11.7% | 25.6% |
| 2000 | $5M | -32.8% | $13M | $0.51 | 9.7% | 23.1% |
| 1999 | $8M | +21.5% | $14M | $0.76 | 14.8% | 25.8% |
| 1998 | $7M | +10.2% | $12M | $0.71 | 15.1% | 28.1% |
| 1997 | $6M | +13.5% | $12M | $0.67 | 14.6% | 29.5% |
| 1996 | $5M | -8.8% | $11M | $0.60 | 13.7% | 27.9% |
| 1995 | $6M | +3.6% | $11M | $0.68 | 15.1% | 30.2% |
| 1994 | $6M | - | $11M | $0.67 | 15.2% | 30.7% |
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MSEX — Frequently Asked Questions
Quick answers to the most common questions about buying MSEX stock.
What is MSEX earnings per share (EPS)?
MSEX trailing twelve-month (TTM) diluted EPS is $2.56, reflecting -4.5% year-over-year growth. The 5-year EPS CAGR is +1.6%. Complete EPS history from 1994 to 2025 is available in the table on this page.
What is Middlesex Water Company's net income?
Middlesex Water Company (MSEX) trailing twelve-month net income is $48M as of 2025. Earnings declined -4.5% year-over-year. Middlesex Water Company has been profitable for 32 consecutive years.
Is MSEX profitable?
Yes, MSEX is profitable with a TTM net income of $48M and a net profit margin of +22.0%. Middlesex Water Company has generated profits for 32 consecutive years.
What is MSEX's earnings growth rate?
MSEX compound annual EPS growth rates (CAGR): 1-Year: -4.5%, 3-Year: -0.4%, 5-Year: +1.6%, 10-Year: +6.8%. These figures measure the annualised rate of diluted EPS growth over each period, based on data from 1994 to 2025.
What are MSEX's profit margins?
Middlesex Water Company net profit margin is +22.0%, operating margin is +27.9%, and gross margin is +39.2%. Above-average net margins reflect strong pricing power and competitive moat. Return on Equity is +9.1%.
Is MSEX growing earnings?
MSEX earnings growth is slowing. Current YoY EPS growth of -4.5% trails the 5-year CAGR of +1.6%. TTM net income is $48M.
What was MSEX's best earnings year?
Middlesex Water Company's highest annual net income on record is $44M, achieved in fiscal year 2024. Earnings history on this page spans 1994 to 2025 and includes all annual and quarterly figures.
What were MSEX's earnings last quarter?
MSEX's most recent reported quarter was Q2 2026. Net income was $15M with diluted EPS of $0.79. For a full breakdown of all quarters, see the quarterly earnings table on this page.