Middlesex Water Company (MSEX)

Middlesex Water Company Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	42.82	44.35	31.52	42.43	36.54
Depreciation & Amortization	32.5	28.04	29.44	27.48	26.8
Stock-Based Compensation	1.24	1.54	2.21	1.63	1.34
Other Adjustments	-6.51	-2.66	-7.36	-11.55	-12.63
Change in Receivables	1.03	-2.14	-2.79	-2.09	-0.95
Changes in Inventories	-0.83	0.25	-0.8	-0.82	-0.25
Changes in Accounts Payable	1.3	2.57	2.77	3.72	-9.32
Changes in Accrued Expenses	-4.99	-3.92	-0.74	-3.72	-2.8
Changes in Income Taxes Payable	4.02	1.44	-1.63	3.54	-1.52
Changes in Unearned Revenue	-0.98	0.09	0.03	0.04	0.08
Changes in Other Operating Activities	-7	-10.84	0.11	0.71	-4.27
Operating Cash Flow	62.6	58.73	52.78	61.36	33.03
Operating Cash Flow Growth	6.58%	11.27%	-13.98%	85.78%	-38.10%
Capital Expenditures	-96.35	-74.62	-90.18	-91.34	-79.38
Payments for Business Acquisitions	-4.61	-	-	-	-
Proceeds from Business Divestments	-	-	-	3.12	-
Investing Cash Flow	-100.96	-74.62	-90.18	-88.21	-79.38
Net Short-Term Debt Issued (Repaid)	5.25	-19.75	-12.75	42.5	11
Long-Term Debt Issued	33.62	2.3	75.81	2.66	86.6
Long-Term Debt Repaid	-7.32	-7.65	-17.46	-7.42	-52.69
Net Long-Term Debt Issued (Repaid)	26.3	-5.35	58.35	-4.76	33.9
Issuance of Common Stock	30.45	0.97	12.12	10.34	3.84
Net Common Stock Issued (Repurchased)	30.45	0.97	12.12	10.34	3.84
Common Dividends Paid	-24.92	-23.41	-22.44	-20.81	-19.37
Preferred Share Dividends Paid	-0.08	-0.11	-0.12	-0.12	-0.12
Other Financing Activities	1.61	65.37	0.81	0	10.23
Financing Cash Flow	38.61	17.73	35.96	27.15	39.48
Net Cash Flow	0.25	1.84	-1.44	0.3	-6.87
Free Cash Flow	-33.76	-15.89	-37.4	-29.97	-46.35
FCF Margin	-17.34%	-8.28%	-22.49%	-18.45%	-32.38%
Free Cash Flow Per Share	-1.86	-0.89	-2.10	-1.69	-2.63
Levered Free Cash Flow	1.95	-37.85	16.02	19.66	10.68
Unlevered Free Cash Flow	-23.47	-10.95	-23.02	-16.41	-31.57

Updated Dec 31, 2025. Data Source: Fiscal.ai. Utilities template. Financial Sources.

SEC Filings: 10-K · 10-Q