Middlesex Water Co.
- MSEX ยท Nasdaq
- Water Supply
- Iselin, NJ
- 395 employees
- CIK 0000066004
Updated from SEC filings through
Top things to know
Executives
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Nadine Leslie Chair, President, and Chief Executive Officer of Middlesex Water Company 8-K, 2026-10-29 - Nadine Duchemin-Leslie President, CEO 4, 2026-04-01
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Mohammed G. Zerhouni SVP, CFO and Treasurer 4, 2026-04-01 - Tatyana Kaplan Chief Accounting Officer 3, 2026-04-08
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Gregory S. Sorensen VP, Chief Operating Officer 4, 2026-04-01 -
Robert K. Fullagar President-NJ Operations 4, 2026-04-01
What leadership is saying
“Our strong third-quarter results reflect increased wholesale demand, higher customer consumption, and the continued execution of our regulatory strategy”
Earnings press release (8-K Ex. 99.1), filed October 29, 2026
Middlesex Water Co is a U.S. public company in water supply (SIC 4941), headquartered in Iselin, NJ. It trades as MSEX on Nasdaq. Revenue was $195M in the fiscal year ending December 31, 2025, +1.5% from the year before. It reported about 395 employees. Nadine Leslie is Chair, President, and Chief Executive Officer of Middlesex Water Company.
Five-year financials
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $195M 10-K, 2026-02-19 | $192M 10-K, 2026-02-19 | $166M 10-K, 2026-02-19 | $162M 10-K/A, 2025-03-11 | $143M 10-K, 2024-03-01 |
| Operating income | $54.4M 10-K, 2026-02-19 | $53.2M 10-K, 2026-02-19 | $39.2M 10-K, 2026-02-19 | $47.3M 10-K/A, 2025-03-11 | $33.2M 10-K, 2024-03-01 |
| SG&A | Not on file | Not on file | Not on file | Not on file | Not on file |
| Net income | $42.8M 10-K, 2026-02-19 | $44.4M 10-K, 2026-02-19 | $31.5M 10-K, 2026-02-19 | $42.4M 10-K/A, 2025-03-11 | $36.5M 10-K, 2024-03-01 |
Annual figures from XBRL in each company's own filings. Click a figure to open the filing. SG&A marked derived is general and administrative plus selling and marketing.
Leadership and board
| Name | Title | Source |
|---|---|---|
| Nadine Leslie | Chair, President, and Chief Executive Officer of Middlesex Water Company | 8-K, 2026-10-29 |
| Nadine Duchemin-Leslie | President, CEO | 4, 2026-04-01 |
| Mohammed G. Zerhouni | SVP, CFO and Treasurer | 4, 2026-04-01 |
| Tatyana Kaplan Vice President & Chief Accounting Officer at Middlesex Water Company | Chief Accounting Officer | 3, 2026-04-08 |
| Gregory S. Sorensen | VP, Chief Operating Officer | 4, 2026-04-01 |
| Robert K. Fullagar | President-NJ Operations | 4, 2026-04-01 |
 Bruce E. Patrick | President- Delaware Operations | 10-K, 2026-02-19 |
 Lorrie B. Ginegaw | Vice President - Human Resources | 10-K, 2026-02-19 |
| Lorrie Beth Ginegaw | VP, Human Resources | 4, 2026-08-07 |
 Georgia M. Simpson Vice President & Chief Technology Officer at Middlesex Water Company | VP-IT | 4, 2026-04-01 |
 Jay L. Kooper Vice President, General Counsel & Secretary at Middlesex Water Company | VP, Gen. Counsel & Secretary | 4, 2026-04-01 |
| Robert John Capko | PAO & Controller | 4, 2026-04-01 |
| Robert J. Capko | Corporate Controller and Principal Accounting Officer | 10-K, 2026-02-19 |
| Ann L. Noble | Board member (per proxy) bio: Director | DEF 14A, 2026-04-06 |
| James F. Cosgrove Jr. | Board member (per proxy) bio: Director | DEF 14A, 2026-04-06 |
| Joshua Bershad | Board member (per proxy) bio: Director | DEF 14A, 2026-04-06 |
What Middlesex Water Co does
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.
Item 1. Business, 10-K for the year ending December 31, 2025
Shares and governance
| Shares outstanding | 19.1 million (as of October 28, 2026) | 10-Q, October 29, 2026 |
|---|---|---|
| Public float | $955M (as of June 30, 2025) | 10-K, February 19, 2026 |
| Reportable segments | 2 (period ending September 30, 2026) | 10-Q, October 29, 2026 |
| Latest proxy statement | Meeting May 19, 2026 (filed April 6, 2026) | DEF 14A, April 6, 2026 |
| Auditor | PricewaterhouseCoopers LLP (New York, New York) | Latest 10-K |
Insider trades
Open-market buys and sales by officers and directors, from Forms 4 and 5. One row per filing.
| Date | Insider | Trade | Shares | Value | Source |
|---|---|---|---|---|---|
| August 7, 2026 | Lorrie Beth Ginegaw VP, Human Resources | Sale | 615 | $35K | Form 4, August 7, 2026 |
| March 4, 2026 | Walter G. Reinhard Director | Sale | 300 | $17K | Form 4, March 4, 2026 |
| February 27, 2026 | Robert N. Hoglund Director | Buy | 2,000 | $109K | Form 4, February 27, 2026 |
| February 25, 2026 | Robert John Capko PAO & Controller | Sale | 134 | $7K | Form 4, February 25, 2026 |
| November 18, 2025 | Lorrie Beth Ginegaw VP-HR | Sale | 650 | $33K | Form 4, November 18, 2025 |
Recent 8-K events
- 8-K filed 2026-10-29
- Item 2.02 Results of operations and financial condition (earnings release)
- 8-K filed 2026-07-30
- Item 2.02 Results of operations and financial condition (earnings release)
- 8-K filed 2026-05-20
- Item 5.07 Submission of matters to a vote of security holders
- 8-K filed 2026-04-30
- Item 2.02 Results of operations and financial condition (earnings release)
- 8-K filed 2026-03-26
- Item 5.02 Departure or appointment of directors or officers; compensation
- 8-K filed 2026-02-24
- Item 1.01 Entry into a material definitive agreement
- 8-K filed 2026-02-19
- Item 2.02 Results of operations and financial condition (earnings release)
- 8-K filed 2025-12-22
- Item 5.02 Departure or appointment of directors or officers; compensation
- 8-K filed 2025-10-31
- Item 2.02 Results of operations and financial condition (earnings release)
- 8-K filed 2025-07-31
- Item 2.02 Results of operations and financial condition (earnings release)
Frequently asked questions about Middlesex Water Co
- What does Middlesex Water Co do?
- In its own words, from Item 1 of its 10-K: "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."
- What is Middlesex Water Co's revenue?
- $195M for the fiscal year ending December 31, 2025, from its 10-K filed February 19, 2026.
- Is Middlesex Water Co profitable?
- Middlesex Water Co reported net income of $42.8M for the fiscal year ending December 31, 2025.
- How many employees does Middlesex Water Co have?
- About 395 as of December 31, 2025, as stated in its annual report.
- Who is the CEO of Middlesex Water Co?
- Nadine Leslie, Chair, President, and Chief Executive Officer of Middlesex Water Company, as named in a 8-K filed October 29, 2026.
- Who is the CFO of Middlesex Water Co?
- Mohammed G. Zerhouni, SVP, CFO and Treasurer, as named in a 4 filed April 1, 2026.
- Where is Middlesex Water Co headquartered?
- Iselin, NJ.
- What is Middlesex Water Co's stock ticker?
- MSEX, MSEXP on Nasdaq.
- What industry is Middlesex Water Co in?
- Water Supply, SIC code 4941.
- What is Middlesex Water Co's website?
- middlesexwater.com.
- When does Middlesex Water Co report earnings next?
- January 28, 2027. Source: estimate_8k_pattern.
- Is Middlesex Water Co a public company?
- Yes. Middlesex Water Co files with the SEC under CIK 0000066004 and trades as MSEX.
- Who audits Middlesex Water Co?
- PricewaterhouseCoopers LLP, New York, New York, as named in its latest annual report (10-K).
- How many shares of Middlesex Water Co are outstanding?
- 19.1 million shares as of October 28, 2026, from its 10-Q filed October 29, 2026.
- What is Middlesex Water Co's public float?
- $955M as of June 30, 2025, as reported on the cover of its 10-K filed February 19, 2026.
- How many business segments does Middlesex Water Co report?
- 2 reportable segments for the period ending September 30, 2026, from its 10-Q filed October 29, 2026.
- When is Middlesex Water Co's annual shareholder meeting?
- May 19, 2026, per its proxy statement (DEF 14A) filed April 6, 2026.
- Have Middlesex Water Co insiders traded stock recently?
- Since November 18, 2025, officers and directors reported 4 open-market sales worth about $92K and 1 purchase worth about $109K on Forms 4 and 5. The most recent: Lorrie Beth Ginegaw (VP, Human Resources) sold 615 shares on August 7, 2026.