Middlesex Water Company reported significant financial growth in its latest quarterly results, with operating revenues reaching $56.4 million for the three months ended June 30, 2026, compared to $49.3 million for the same period in 2025, marking an increase of 14.1%. For the first half of 2026, revenues totaled $105.1 million, up from $93.6 million in the prior year, reflecting a 12.2% increase. The company's net income also saw a notable rise, reaching $14.8 million for the second quarter, compared to $10.8 million in the same quarter last year, and $25.4 million for the first half of 2026, up from $20.3 million in 2025.
The increase in revenue and profitability can be attributed to several factors, including a base rate increase approved by the New Jersey Board of Public Utilities, which became effective on February 23, 2026. This adjustment contributed to an additional $14.5 million in annual operating revenues. Additionally, increased customer consumption and wholesale demand further bolstered the company's financial performance. Operating income for the second quarter was reported at $18.2 million, up from $13.9 million in the same quarter of 2025, while operating income for the first half of 2026 reached $31.3 million, compared to $25.5 million in the previous year.
In terms of operational developments, Middlesex Water Company has expanded its customer base through the merger of Pinelands Water Company and Pinelands Wastewater Company into Middlesex, effective April 1, 2026. This merger is expected to enhance operational efficiencies and customer service. The company also reported a customer count of approximately 61,000 in New Jersey and 66,000 in Delaware, with ongoing efforts to grow its franchise area. The company’s employee headcount has increased, reflecting its expansion and operational needs.
Middlesex Water Company has also made strategic investments in its infrastructure, with capital expenditures amounting to $32.8 million in the second quarter of 2026, compared to $31.7 million in the same period last year. The company plans to invest approximately $506 million in its capital investment program from 2026 to 2028, focusing on upgrading utility infrastructure and enhancing service quality. The company has secured financing through various means, including a $17.8 million State Revolving Fund construction loan and proceeds from its At-the-Market equity offering program, which raised $14 million in the first half of 2026.
Looking ahead, Middlesex Water Company anticipates continued growth driven by customer demand and strategic investments in infrastructure. The company is focused on maintaining its operational efficiency while navigating regulatory changes and market conditions. The outlook remains positive, with expectations for further revenue growth supported by ongoing capital projects and rate adjustments. The company continues to monitor market conditions and customer growth trends, which will influence its future financial performance.
About MIDDLESEX WATER CO
Middlesex Water Company provides regulated water and wastewater services primarily in New Jersey and Delaware. It serves residential, commercial, industrial, and fire protection customers through its own systems and contracted operations. The company emphasizes water quality, infrastructure investment, and regulatory compliance, leveraging a diversified business model with core competitive advantages in service reliability, environmental standards, and strategic acquisitions.
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