MIDDLESEX WATER COMPANY
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $194.7M | $191.9M | $166.3M | $162.3M | $143.0M | $141.4M | $134.5M | $137.9M |
| Cost of Revenue | — | — | — | — | — | — | — | — |
| Gross Profit | — | — | — | — | — | — | — | — |
| Gross Margin | — | — | — | — | — | — | — | — |
| Operating Expenses | ||||||||
| Research & Development | — | — | — | — | — | — | — | — |
| SG&A Expense | — | — | — | — | — | — | — | — |
| Operating Income | $54.4M | $53.2M | $39.2M | $47.3M | $33.2M | $37.4M | $35.5M | $37.1M |
| Operating Margin | 27.9% | 27.7% | 23.6% | 29.2% | 23.2% | 26.5% | 26.4% | 26.9% |
| Interest Expense | — | — | $13.1M | $9.4M | $8.1M | $7.5M | $7.3M | $6.8M |
| Pretax Income | $47.6M | $51.3M | $32.6M | $45.7M | $31.1M | $34.3M | $30.7M | $33.4M |
| Income Tax Expense | $4.8M | $6.9M | $1.0M | $3.2M | $-5.5M | $-4.1M | $-3.1M | $924.0K |
| Net Income | $42.8M | $44.4M | $31.5M | $42.4M | $36.5M | $38.4M | $33.9M | $32.5M |
| Net Margin | 22.0% | 23.1% | 19.0% | 26.1% | 25.6% | 27.2% | 25.2% | 23.5% |
| EPS (Basic) | $2.36 | $2.48 | $1.77 | $2.40 | $2.08 | $2.19 | $2.02 | $1.97 |
| EPS (Diluted) | $2.36 | $2.47 | $1.76 | $2.39 | $2.07 | $2.18 | $2.01 | $1.96 |
| Shares Outstanding (Basic) | 18.1M | 17.8M | 17.7M | 17.6M | 17.5M | 17.5M | 16.7M | 16.4M |
| Shares Outstanding (Diluted) | 18.1M | 17.9M | 17.8M | 17.7M | 17.6M | 17.6M | 16.8M | 16.5M |
| Dividends Per Share | $1.38 | $1.32 | $1.26 | $1.18 | $1.11 | $1.04 | $0.98 | $0.91 |