MIDDLESEX WATER COMPANY
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $42.8M | $44.4M | $31.5M | $42.4M | $36.5M | $38.4M | $33.9M | $32.5M |
| Depreciation & Amortization | $32.5M | $28.0M | $29.4M | $27.5M | $26.8M | $20.8M | $17.2M | $15.8M |
| Depreciation | $27.1M | $24.4M | $25.2M | $23.0M | $21.1M | $18.5M | $16.7M | $15.0M |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $1.2M | $1.5M | $2.2M | $1.6M | $1.3M | $1.1M | $637.0K | $1.1M |
| Net Cash from Operating Activities | $62.6M | $58.7M | $52.8M | $61.4M | $33.0M | $53.4M | $36.1M | $45.9M |
| Investing Activities | ||||||||
| Capital Expenditures | — | $74.6M | $90.2M | $91.3M | $79.4M | $105.6M | — | — |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-101.0M | $-74.6M | $-90.2M | $-88.2M | $-79.4M | $-105.6M | $-89.1M | $-72.1M |
| Financing Activities | ||||||||
| Dividends Paid | $24.9M | $23.4M | $22.4M | $20.8M | $19.4M | $18.2M | $16.2M | $14.9M |
| Stock Repurchases | — | $1.5M | $619.0K | — | — | — | — | — |
| Net Cash from Financing Activities | $38.6M | $17.7M | $36.0M | $27.1M | $39.5M | $16.2M | $93.9M | $25.5M |
| Net Change in Cash | — | — | — | $295.0K | $-6.9M | $-36.1M | $40.8M | $-736.0K |
| Free Cash Flow | — | $-15.9M | $-37.4M | $-30.0M | $-46.4M | $-52.3M | — | — |