# Middlesex Water Co (MSEX)

> Cited company facts from SEC filings, by Steadybase. Web page: https://steadybase.io/company/middlesex-water-co/ JSON: https://steadybase.io/company/middlesex-water-co.json Checked Nov 10, 2026. Latest filing read: Oct 29, 2026.

## Company

- Legal name: MIDDLESEX WATER CO
- Ticker: MSEX, MSEXP (Nasdaq, OTC)
- SEC CIK: 0000066004
- Industry: Water Supply (SIC 4941)
- Headquarters: Iselin, NJ
- Fiscal year ends: December 31
- SEC filer category: Large accelerated filer
- Website: middlesexwater.com
- LinkedIn: https://www.linkedin.com/company/middlesex-water-company
- Next earnings date: Jan 28, 2027 (estimated from past 8-K timing)

## Key facts

- Revenue: $194.7M for the fiscal year ended Dec 31, 2025 (10-K filed Feb 19, 2026). Source: https://www.sec.gov/Archives/edgar/data/66004/000162828026009777/0001628280-26-009777-index.html
- Operating income: $54.4M for the fiscal year ended Dec 31, 2025 (10-K filed Feb 19, 2026). Source: https://www.sec.gov/Archives/edgar/data/66004/000162828026009777/0001628280-26-009777-index.html
- Net income: $42.8M for the fiscal year ended Dec 31, 2025 (10-K filed Feb 19, 2026). Source: https://www.sec.gov/Archives/edgar/data/66004/000162828026009777/0001628280-26-009777-index.html
- Employees: 395 as of Dec 31, 2025, as reported in an SEC filing. Source: https://www.sec.gov/Archives/edgar/data/66004/000162828026009777/msex-20251231.htm
- Shares outstanding: 19,129,679 as of Oct 28, 2026 (10-Q filed Oct 29, 2026). Source: https://www.sec.gov/Archives/edgar/data/66004/000162828026068210/0001628280-26-068210-index.html
- Auditor: Pricewaterhousecoopers LLP, New York, New York, named in the latest 10-K. Source: https://www.sec.gov/Archives/edgar/data/66004/000162828026009777/msex-20251231.htm

## Business

Middlesex was incorporated as a water utility company in 1897 and owns and operates regulated water utility and wastewater systems primarily in New Jersey and Delaware. Middlesex also operates water and wastewater systems under contract on behalf of municipal and private clients primarily in New Jersey and Delaware. Across our regulated utility systems, we serve approximately 131,000 customers. We operate water and wastewater systems under unregulated contracts for governmental entities and private entities.

Source: Item 1. Business, https://www.sec.gov/Archives/edgar/data/66004/000162828026009777/msex-20251231.htm

## Annual results

| Fiscal year ended | Revenue | Operating income | Net income |
|---|---|---|---|
| Dec 31, 2025 | $194.7M | $54.4M | $42.8M |
| Dec 31, 2024 | $191.9M | $53.2M | $44.4M |
| Dec 31, 2023 | $166.3M | $39.2M | $31.5M |
| Dec 31, 2022 | $162.3M | $47.3M | $42.4M |
| Dec 31, 2021 | $143.0M | $33.2M | $36.5M |

Each figure comes from the annual report for that year. Filing links for every figure: https://steadybase.io/company/middlesex-water-co.json

## Officers and directors

- Nadine Leslie, Chair, President, and Chief Executive Officer of Middlesex Water Company. LinkedIn: https://www.linkedin.com/in/nadine-leslie-5b305475. Source: 8-K filed Oct 29, 2026, https://www.sec.gov/Archives/edgar/data/66004/000162828026068204/msex-20261029exx991.htm
- Nadine Duchemin-Leslie, President, CEO. Source: Form 4 filed Apr 1, 2026, https://www.sec.gov/Archives/edgar/data/66004/000162828026022610/0001628280-26-022610-index.htm
- Mohammed G. Zerhouni, SVP, CFO and Treasurer. Source: Form 4 filed Apr 1, 2026, https://www.sec.gov/Archives/edgar/data/66004/000162828026022614/0001628280-26-022614-index.htm
- Gregory S. Sorensen, VP, Chief Operating Officer. Source: Form 4 filed Apr 1, 2026, https://www.sec.gov/Archives/edgar/data/66004/000162828026022612/0001628280-26-022612-index.htm
- Robert K. Fullagar, President-NJ Operations. Source: Form 4 filed Apr 1, 2026, https://www.sec.gov/Archives/edgar/data/66004/000162828026022673/0001628280-26-022673-index.htm
- Bruce E. Patrick, President- Delaware Operations. Source: 10-K filed Feb 19, 2026, https://www.sec.gov/Archives/edgar/data/66004/000162828026009777/msex-20251231.htm
- Tatyana Kaplan, Chief Accounting Officer. LinkedIn: https://linkedin.com/in/tatyana-kaplan-811a08b7. Source: Form 3 filed Apr 8, 2026, https://www.sec.gov/Archives/edgar/data/66004/000162828026024197/0001628280-26-024197-index.htm
- Robert John Capko, PAO & Controller. Source: Form 4 filed Apr 1, 2026, https://www.sec.gov/Archives/edgar/data/66004/000162828026022671/0001628280-26-022671-index.htm
- Robert J. Capko, Corporate Controller and Principal Accounting Officer. LinkedIn: https://www.linkedin.com/in/robert-capko-68368117. Source: 10-K filed Feb 19, 2026, https://www.sec.gov/Archives/edgar/data/66004/000162828026009777/msex-20251231.htm
- Lorrie B. Ginegaw, Vice President - Human Resources. Source: 10-K filed Feb 19, 2026, https://www.sec.gov/Archives/edgar/data/66004/000162828026009777/msex-20251231.htm
- Lorrie Beth Ginegaw, VP, Human Resources. Source: Form 4 filed Aug 7, 2026, https://www.sec.gov/Archives/edgar/data/66004/000162828026054754/0001628280-26-054754-index.htm
- Georgia M. Simpson, VP-IT. LinkedIn: https://linkedin.com/in/georgiasimpson. Source: Form 4 filed Apr 1, 2026, https://www.sec.gov/Archives/edgar/data/66004/000162828026022681/0001628280-26-022681-index.htm
- Jay L. Kooper, VP, Gen. Counsel & Secretary. LinkedIn: https://linkedin.com/in/jay-kooper-787a432. Source: Form 4 filed Apr 1, 2026, https://www.sec.gov/Archives/edgar/data/66004/000162828026022678/0001628280-26-022678-index.htm
- Ann L. Noble, Board member (per proxy). Source: DEF 14A filed Apr 6, 2026, https://www.sec.gov/Archives/edgar/data/66004/000130817926000211/msex-20260406.htm
- James F. Cosgrove Jr., Board member (per proxy). Source: DEF 14A filed Apr 6, 2026, https://www.sec.gov/Archives/edgar/data/66004/000130817926000211/msex-20260406.htm
- Joshua Bershad, Board member (per proxy). Source: DEF 14A filed Apr 6, 2026, https://www.sec.gov/Archives/edgar/data/66004/000130817926000211/msex-20260406.htm
- Kim C. Hanemann, Board member (per proxy). Source: DEF 14A filed Apr 6, 2026, https://www.sec.gov/Archives/edgar/data/66004/000130817926000211/msex-20260406.htm
- Robert Hoglund, Board member (per proxy). Source: DEF 14A filed Apr 6, 2026, https://www.sec.gov/Archives/edgar/data/66004/000130817926000211/msex-20260406.htm
- Vaughn L. McKoy, Board member (per proxy). Source: DEF 14A filed Apr 6, 2026, https://www.sec.gov/Archives/edgar/data/66004/000130817926000211/msex-20260406.htm

## Recent 8-K events

- Oct 29, 2026: Item 2.02, Results of operations and financial condition (earnings release); Item 9.01, Financial statements and exhibits. Source: https://www.sec.gov/Archives/edgar/data/66004/000162828026068204/msex-20261029.htm
- Jul 30, 2026: Item 2.02, Results of operations and financial condition (earnings release); Item 9.01, Financial statements and exhibits. Source: https://www.sec.gov/Archives/edgar/data/66004/000162828026051031/msex-20260730.htm
- May 20, 2026: Item 5.07, Submission of matters to a vote of security holders. Source: https://www.sec.gov/Archives/edgar/data/66004/000162828026036878/msex-20260519.htm
- Apr 30, 2026: Item 2.02, Results of operations and financial condition (earnings release); Item 9.01, Financial statements and exhibits. Source: https://www.sec.gov/Archives/edgar/data/66004/000162828026028862/msex-20260430.htm
- Mar 26, 2026: Item 5.02, Departure or appointment of directors or officers; compensation. Source: https://www.sec.gov/Archives/edgar/data/66004/000162828026021412/msex-20260326.htm
- Feb 24, 2026: Item 1.01, Entry into a material definitive agreement; Item 9.01, Financial statements and exhibits. Source: https://www.sec.gov/Archives/edgar/data/66004/000162828026011115/msex-20260220.htm
- Feb 19, 2026: Item 2.02, Results of operations and financial condition (earnings release); Item 9.01, Financial statements and exhibits. Source: https://www.sec.gov/Archives/edgar/data/66004/000162828026009722/msex-20260219.htm
- Dec 22, 2025: Item 5.02, Departure or appointment of directors or officers; compensation; Item 9.01, Financial statements and exhibits. Source: https://www.sec.gov/Archives/edgar/data/66004/000162828025058529/msex-20251222.htm
- Oct 31, 2025: Item 2.02, Results of operations and financial condition (earnings release); Item 9.01, Financial statements and exhibits. Source: https://www.sec.gov/Archives/edgar/data/66004/000162828025047818/msex-20251031.htm
- Jul 31, 2025: Item 2.02, Results of operations and financial condition (earnings release); Item 9.01, Financial statements and exhibits. Source: https://www.sec.gov/Archives/edgar/data/66004/000117494725001118/form8k-34524_msx.htm

## Insider trades (Form 4)

- Aug 7, 2026: Lorrie Beth Ginegaw (VP, Human Resources) sold 615 shares, about $35,430. Source: https://www.sec.gov/Archives/edgar/data/66004/000162828026054754/0001628280-26-054754-index.htm
- Mar 4, 2026: Walter G. Reinhard (Director) sold 300 shares, about $16,563. Source: https://www.sec.gov/Archives/edgar/data/66004/000162828026014591/0001628280-26-014591-index.htm
- Feb 27, 2026: Robert N. Hoglund (Director) bought 2,000 shares, about $108,620. Source: https://www.sec.gov/Archives/edgar/data/66004/000162828026012848/0001628280-26-012848-index.htm
- Feb 25, 2026: Robert John Capko (PAO & Controller) sold 134 shares, about $7,241. Source: https://www.sec.gov/Archives/edgar/data/66004/000162828026011687/0001628280-26-011687-index.htm
- Nov 18, 2025: Lorrie Beth Ginegaw (VP-HR) sold 650 shares, about $33,098. Source: https://www.sec.gov/Archives/edgar/data/66004/000117494725001391/0001174947-25-001391-index.htm

## What management said

- "Our strong third-quarter results reflect increased wholesale demand, higher customer consumption, and the continued execution of our regulatory strategy" Nadine Leslie, Chair, President, and Chief Executive Officer of Middlesex Water Company (8-K filed Oct 29, 2026). Source: https://www.sec.gov/Archives/edgar/data/66004/000162828026068204/msex-20261029exx991.htm

## Latest filings

- 8-K filed Oct 29, 2026: https://www.sec.gov/Archives/edgar/data/66004/000162828026068204/msex-20261029.htm
- 10-K filed Feb 19, 2026: https://www.sec.gov/Archives/edgar/data/66004/000162828026009777/msex-20251231.htm
- 10-Q filed Oct 29, 2026: https://www.sec.gov/Archives/edgar/data/66004/000162828026068210/msex-20260930.htm
- DEF 14A filed Apr 6, 2026: https://www.sec.gov/Archives/edgar/data/66004/000130817926000211/msex-20260406.htm

## About this data

SEC EDGAR filings, read by Steadybase. Every value links to the filing it came from.
Steadybase covers US-headquartered public companies that file with the SEC. API and MCP access: https://steadybase.io/docs/