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Utilities - Regulated gas · Utilities · Fiscal year ends Dec 31
Chesapeake Utilities reported revenue of $930M in the fiscal year ended Dec 2025, up 18.1% from the year before. Operating income was $256M, an operating margin of 27.5%, and net income was $140M. Operating cash flow of $234M less capital expenditure of $449M left free cash flow of −$215M. Net debt was $1.5B.
Ranks among the 16 utilities - regulated gas companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 570 | 681 | 671 | 787 | 930 |
| Operating income | 131 | 143 | 151 | 228 | 256 |
| Interest expense | 20.1 | 24.4 | 36.9 | 68.4 | 72.5 |
| Pre-tax income | 113 | 124 | 115 | 162 | 193 |
| Income tax | 29.2 | 33.8 | 28.1 | 43.2 | 52.7 |
| Net income | 83.5 | 89.8 | 87.2 | 119 | 140 |
| Diluted EPS | 4.73 | 5.04 | 4.73 | 5.26 | 5.97 |
| Diluted shares | 17.6 | 17.8 | 18.4 | 22.5 | 23.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 5.0 | 6.2 | 4.9 | 7.9 | 1.8 |
| Receivables | 58.5 | 62.9 | 71.8 | 76.7 | 102 |
| Current assets | 170 | 194 | 186 | 204 | 237 |
| Net PP&E | 1,745 | 1,810 | 2,456 | 2,736 | 3,118 |
| Goodwill | 44.7 | 46.2 | 508 | 508 | 508 |
| Total assets | 2,115 | 2,215 | 3,305 | 3,577 | 3,995 |
| Payables | 52.6 | 61.5 | 77.5 | 78.3 | 115 |
| Deferred revenue | 0.7 | 1.0 | 1.0 | 1.2 | 1.3 |
| Current liabilities | 376 | 369 | 386 | 419 | 530 |
| Short-term debt | 18.0 | 21.5 | 18.5 | 25.5 | 135 |
| Long-term debt | 550 | 578 | 1,187 | 1,262 | 1,327 |
| Total liabilities | 1,341 | 1,382 | 2,059 | 2,187 | 2,396 |
| Shareholders' equity | 774 | 833 | 1,246 | 1,390 | 1,599 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 151 | 159 | 204 | 239 | 234 |
| Capital expenditure | 187 | 128 | 189 | 355 | 449 |
| Free cash flow | −36.4 | 30.6 | 14.9 | −116 | −215 |
| Depreciation & amortisation | 62.7 | 69.0 | 65.5 | 65.7 | 91.7 |
| Stock-based compensation | 5.9 | 6.4 | 7.6 | 8.4 | 8.5 |
| Share buybacks | −15.9 | −4.5 | – | – | – |
| Dividends paid | 31.5 | 35.2 | 40.0 | 54.2 | 60.7 |
| Dividend per share | 1.88 | 2.08 | 2.31 | 2.51 | 2.69 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 19.4% | −1.5% | 17.4% | 18.1% |
| Operating income growth (YoY) | – | 9.0% | 5.5% | 51.3% | 12.1% |
| EPS growth (YoY) | – | 6.6% | −6.2% | 11.2% | 13.5% |
| Operating margin | 23.0% | 21.0% | 22.5% | 29.0% | 27.5% |
| Net margin | 14.6% | 13.2% | 13.0% | 15.1% | 15.1% |
| Return on equityBlank when equity is negative | 10.8% | 10.8% | 7.0% | 8.5% | 8.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.5% | 7.7% | 5.2% | 7.2% | 7.4% |
| Free cash flow margin | −6.4% | 4.5% | 2.2% | −14.7% | −23.1% |
| Cash conversion (CFO ÷ net income) | 1.80x | 1.77x | 2.33x | 2.02x | 1.67x |
| Receivable days | 37 | 34 | 39 | 36 | 40 |
| Interest cover | 6.51x | 5.86x | 4.09x | 3.34x | 3.53x |
| Debt ÷ equity | 0.73x | 0.72x | 0.97x | 0.93x | 0.91x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 563 | 594 | 1,201 | 1,279 | 1,460 |
| Current ratio | 0.45x | 0.53x | 0.48x | 0.49x | 0.45x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.