米德尔赛克斯水务公司 2025年度报告

WASHINGTON, DC 20549FORM 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from _________________ to ______________________ Commission File Number0-422 MIDDLESEX WATER COMPANY(Exact name of registrant as specified in its charter) New Jersey22-1114430(State of Incorporation)(IRS employer identification no.) 485C Route 1 South, Suite 400, Iselin New Jersey 08830(Address o f principal executive offices, including zip code)(732) 634-1500(Registrant's telephone number, including area code)Securities registered pursuant to Section 12(b) of the Act: Title of Each Class:Trading Symbol:Name of each exchange on whichregistered:Common Stock, No Par ValueMSEXThe NASDAQ Stock Market, LLC Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days. Yes☑No Indicate by check mark whether the registrant has submitted electronically and posted on their corporate web site, if any, everyInteractive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (orfor such shorter period that the registrants were required to submit and post such files). Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smallerreporting company” and “emerging growth company” in Rule 12(b)-2 of the Exchange Act. Large accelerated filer☑Accelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registeredpublic accounting firm that prepared or issued its audit report.☑ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YesNo☑ The aggregate market value of the voting stock held by non-affiliates of the registrant at June 30, 2025 was $954,602,892 based on theclosing market price of $54.18 per share on the NASDAQ Global Select Market. The number of shares outstanding for each of the registrant's classes of common stock, as of February17, 2026: Common Stock, No par Value 18,521,933 shares outstanding Documents Incorporated by ReferenceProxy Statement to be filed in connection with the Registrant’s Annual Meeting of Stockholders to be held on May 19, 2026, whichwill be filed with the Securities and Exchange Commission within 120 days of the end of our 2025 fiscal year, is incorporated byreference into Part III of this Annual Report on Form 10-K to the extent described herein. Table of Contents MIDDLESEX WATER COMPANYFORM 10-K INDEX Forward-Looking Statements PART IItem 1.BusinessItem 1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.CybersecurityItem 2.PropertiesItem 3.Legal ProceedingsItem 4.Mine Safety Disclosures PART II Item 5.Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities18Item 6.[Reserved]19Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations19Item 7A.Qualitative and Quantitative Disclosure About Market Risk28Item 8.Financial Statements and Supplementary Data29Item 9.Changes in and Disagreements with Accountants on Accounting and Financial D