Regulated was Middlesex Water’s largest segment in fiscal 2025, bringing in $182.65M of $194.69M (94%).
| Segment | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Regulated | $151.12M | $154.62M | $179.36M | $182.65M | |||||||||||
| Regulated Operation | — | — | — | — | |||||||||||
| Unregulated Operation | — | — | — | — | |||||||||||
| Non – Regulated | $12.45M | $12.77M | $13.55M | $12.99M | |||||||||||
| Non - Regulated | — | — | — | — | |||||||||||
| Inter-Segment Elimination | -$1.13M | -$1.12M | -$1.03M | -$945.00K | |||||||||||
| Intersegment Elimination | — | — | — | — | |||||||||||
| Inter Segment Elimination | — | — | — | — | |||||||||||
| Total | $162.43M | $166.27M | $191.88M | $194.69M |
Middlesex Water brought in $194.69M from its three segments in fiscal 2025, the year ended December 31, 2025. That was up 1.5% from $191.88M in fiscal 2024. Regulated was the largest at $182.65M (93.8%), ahead of Non – Regulated at $12.99M (6.7%).
Compared with fiscal 2024, Regulated grew 1.8% to $182.65M, while Non – Regulated fell 4.2% to $12.99M. From fiscal 2022 to 2025, combined revenue from these segments grew from $162.43M to $194.69M, a compound annual growth rate of 6.2%. Regulated's share of the total rose from 93.0% to 93.8%.
The total is net of Inter-Segment Elimination, which took $945.00K off revenue in fiscal 2025.
Regulated Operation was Middlesex Water’s largest revenue line in fiscal 2019, bringing in $123.08M of $135.26M (91%).
| Public Utility Regulated Or Unregulated Status | FY 2019 |
|---|---|
| Regulated Operation | $123.08M |
| Unregulated Operation | $12.18M |
| Total | $135.26M |
Middlesex Water brought in $135.26M from its two revenue lines in fiscal 2019, the year ended December 31, 2019. Regulated Operation was the largest at $123.08M (91.0%), ahead of Unregulated Operation at $12.18M (9.0%).
Middlesex Water (MSEX) reports its revenue by segment and by public utility regulated or unregulated status. In fiscal 2025, Regulated was its largest segment, bringing in $182.65M (93.8% of the total), followed by Non – Regulated at $12.99M (6.7%).
Regulated was Middlesex Water's largest segment in fiscal 2025, bringing in $182.65M, or 93.8% of the $194.69M total across its three segments.
Regulated Operation was Middlesex Water's largest revenue line in fiscal 2019, bringing in $123.08M, or 91.0% of the $135.26M total across its two revenue lines.
Regulated grew faster than Non – Regulated in fiscal 2025, up 1.8% from $179.36M to $182.65M. Non – Regulated fell 4.2% to $12.99M.
Every figure comes from Middlesex Water's annual financial filings, as reported. Each line keeps the name Middlesex Water gives it, and years follow its fiscal calendar.
Middlesex Water's revenue by segment goes back to fiscal 2010, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.