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CHESAPEAKE UTILITIES CORPORATION REPORTS FISCAL YEAR 2025 RESULTS

CPK
  • Chesapeake Utilities reported 2025 EPS of $5.97 and Q4 2025 EPS of $1.93, with adjusted EPS at $6.01 for the year and $1.94 for the quarter, reflecting 11.5% annual growth.
  • Adjusted gross margin increased by $71.1 million in 2025 to $638.5 million, driven by regulatory initiatives, infrastructure programs, natural gas organic growth, transmission expansion, and increased demand for Marlin services.
  • Record 2025 capital spending totaled $470.4 million, including over $100 million that will contribute to earnings beginning in 2026.
  • The company's equity to total capitalization ratio was approximately 50 percent at December 31, 2025, returning to its target structure ahead of projections.
  • Chesapeake initiated 2026 capital expenditure guidance of $450-$500 million while reaffirming its 2024-2028 guidance of $1.5-$1.8 billion and 2028 EPS guidance of $7.75-$8.00.
  • Residential customer growth reached 4.1 percent in Delmarva and 2.8 percent in Florida during 2025.
  • Ten transmission capital projects were completed in 2024 and 2025, generating $18.8 million in incremental adjusted gross margin.
  • The company implemented the 1CX SAP Customer Billing Platform for Florida City Gas (FCG) and completed three rate cases in Delaware, Maryland, and Florida Electric.
  • Net income for 2025 was $140.3 million, compared to $118.6 million in 2024, with Q4 net income at $46.1 million versus $36.7 million in the prior year.
  • Adjusted gross margin growth components included natural gas transmission expansions ($18.8 million), regulated infrastructure programs ($13.8 million), rate case activities ($12.6 million), and increased CNG/LNG/RNG demand ($10.7 million).
  • Higher operating expenses in 2025 were attributed to increased depreciation from growth projects, the absence of an RSAM adjustment from FCG, and increased payroll, benefits, insurance, and customer service costs.
  • Major projects underway include the Worcester Resiliency Upgrade, East Coast Reinforcement projects in Florida, and Renewable Natural Gas Supply Projects, with several expected to be in service or fully operational between 2026 and 2027.
  • The conference call to discuss these results is scheduled for February 26, 2026, at 8:30 a.m. Eastern Time.