Chesapeake Utilities Corporation reported a significant increase in financial performance for the fiscal year ending December 31, 2025, with total operating revenues reaching $930.0 million, up from $787.2 million in 2024, marking a 18.1% increase. The company's net income also rose to $140.3 million, or $5.97 per diluted share, compared to $118.6 million, or $5.26 per diluted share, in the previous year. This growth was primarily driven by the acquisition of Florida City Gas (FCG) for $922.8 million, which added approximately 125,000 natural gas customers across eight counties in Florida to Chesapeake's portfolio.
The acquisition of FCG, completed on November 30, 2023, was a pivotal strategic development for Chesapeake Utilities, enhancing its regulated energy segment. The integration of FCG's operations contributed $170.4 million in operating revenue and $5.2 million in net income for the year ended December 31, 2025. Additionally, the company reported an adjusted gross margin of $638.5 million, reflecting a 12.5% increase from the previous year, attributed to regulatory initiatives, infrastructure programs, and organic growth in natural gas distribution.
Operationally, Chesapeake Utilities saw an increase in customer counts, with the average number of residential customers growing by approximately 4.1% in the Delmarva Peninsula, 3.6% in Florida, and 2.2% in FCG's service areas. The company also reported a total capital expenditure of $470.4 million for 2025, with significant investments in regulated distribution, transmission, and infrastructure projects. The company’s employee headcount stood at over 1,300 as of December 31, 2025, reflecting its commitment to maintaining a skilled workforce to support its growth initiatives.
Looking ahead, Chesapeake Utilities has outlined a capital expenditure forecast of $450 million to $500 million for 2026, with a five-year capital guidance of $1.5 billion to $1.8 billion. The company aims to continue its focus on expanding its regulated operations and investing in sustainable energy projects, including renewable natural gas initiatives. Chesapeake Utilities remains optimistic about its growth trajectory, supported by its strategic acquisitions and ongoing regulatory initiatives that align with its long-term business objectives.
About CHESAPEAKE UTILITIES CORP
Chesapeake Utilities Corporation is an energy delivery company operating primarily in the Mid-Atlantic, Florida, and Ohio. It distributes natural gas, electricity, and propane, transmits natural gas, generates electricity and steam, and provides mobile compressed natural gas services. Serving residential, commercial, and industrial customers, Chesapeake combines regulated utility operations with unregulated energy services, leveraging integrated infrastructure and regulatory frameworks to deliver reliable, cost-effective energy solutions across multiple states.
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