For the twelve months ended Sep 30, 2026, Badger Meter Inc. reported $881.24M of revenue and $126.53M of net income.
BMI revenue was $235.94M in fiscal Q3 2026 (ended Sep 30, 2026), up 0.1% from a year earlier and up 6.1% from the prior quarter. For the full fiscal 2025 it was $916.66M, up 10.9% from fiscal 2024. Compound annual growth was +16.6% over 5 years and +9.3% over 10 years. It rose in 9 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.
BMI net income was $35.90M in fiscal Q3 2026 (ended Sep 30, 2026), up 2.4% from a year earlier and up 20.8% from the prior quarter. For the full fiscal 2025 it was $141.63M, up 13.4% from fiscal 2024. Compound annual growth was +23.5% over 5 years and +18.5% over 10 years. It rose in 9 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.
BMI diluted EPS was $1.24 in fiscal Q3 2026 (ended Sep 30, 2026), up 4.2% from a year earlier and up 21.6% from the prior quarter. For the full fiscal 2025 it was $4.79, up 13.2% from fiscal 2024.
BMI free cash flow was $40.28M in fiscal Q3 2026 (ended Sep 30, 2026), down 16.4% from a year earlier and up 84.2% from the prior quarter. For the full fiscal 2025 it was $169.67M, up 19.3% from fiscal 2024. Compound annual growth was +16.1% over 5 years and +26.6% over 10 years. It rose in 8 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $916.66M | $826.56M | $703.59M | $565.57M | $505.20M | $425.54M | $424.63M | $433.73M | $402.44M | $393.76M |
| Cost of revenue | $534.59M | $497.37M | $427.15M | $345.60M | $299.71M | $257.30M | $261.10M | $271.38M | $246.69M | $243.19M |
| Gross profit | $382.07M | $329.18M | $276.44M | $219.97M | $205.48M | $168.25M | $163.53M | $162.35M | $155.75M | $150.58M |
| Research and development | $21.60M | $19.20M | $19.00M | $15.80M | $14.70M | $11.60M | $11.90M | $11.10M | $10.60M | $10.60M |
| Selling, general and admin | $198.65M | $171.25M | $158.39M | $132.68M | $126.76M | $103.09M | $101.38M | $105.48M | $99.15M | $97.90M |
| Operating income | $183.42M | $157.94M | $118.05M | $87.30M | $78.72M | $65.16M | $62.15M | $56.87M | $56.59M | $52.67M |
| Pre-tax income | $188.66M | $166.50M | $121.97M | $87.72M | $78.62M | $64.98M | $61.61M | $35.85M | $54.83M | $49.84M |
| Income tax | $47.02M | $41.56M | $29.37M | $21.22M | $17.74M | $15.64M | $14.43M | $8.06M | $20.26M | $17.55M |
| Net income | $141.63M | $124.94M | $92.60M | $66.50M | $60.88M | $49.34M | $47.18M | $27.79M | $34.57M | $32.30M |
| EPS, basic | $4.82 | $4.26 | $3.16 | $2.28 | $2.09 | $1.70 | $1.63 | $0.96 | $1.20 | $1.12 |
| EPS, diluted | $4.79 | $4.23 | $3.14 | $2.26 | $2.08 | $1.69 | $1.61 | $0.95 | $1.19 | $1.11 |
| Diluted shares | 29.6M | 29.5M | 29.5M | 29,376 | 29,338 | 29,230 | 29,220 | 29,189 | 29,111 | 29,050 |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $226.02M | $295.31M | $191.78M | $138.05M | $87.17M | $72.27M | $48.87M | $13.09M | $11.16M | $7.34M |
| Receivables | $112.36M | $84.33M | $83.51M | $76.65M | $65.87M | $61.69M | $61.37M | $66.30M | $58.21M | $59.82M |
| Inventory | $151.94M | $143.41M | $153.67M | $119.86M | $99.61M | $81.59M | $81.95M | $80.80M | $85.17M | $77.70M |
| Current assets | $507.08M | $540.12M | $442.18M | $347.83M | $261.36M | $223.69M | $200.09M | $164.66M | $158.62M | $151.01M |
| Goodwill | $235.57M | $111.77M | $113.16M | $101.26M | $104.31M | $88.70M | $71.30M | $71.26M | $67.42M | $49.31M |
| Total assets | $973.58M | $816.41M | $716.92M | $603.05M | $530.82M | $471.22M | $421.89M | $392.69M | $391.73M | $349.70M |
| Current liabilities | $150.72M | $118.20M | $131.95M | $110.31M | $82.15M | $68.04M | $57.25M | $60.02M | $93.11M | $75.84M |
| Short-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $4.48M | $18.06M | $44.55M | $37.95M |
| Shareholders' equity | $713.29M | $606.23M | $516.48M | $442.42M | $403.07M | $361.26M | $331.07M | $303.50M | $277.45M | $256.21M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $183.70M | $155.03M | $110.12M | $82.45M | $87.51M | $89.58M | $80.71M | $60.35M | $49.75M | $56.19M |
| Capital expenditures | $14.03M | $12.82M | $12.00M | $5.89M | $6.75M | $9.06M | $7.50M | $8.64M | $15.07M | $10.60M |
| Free cash flow | $169.67M | $142.22M | $98.11M | $76.56M | $80.76M | $80.52M | $73.22M | $51.71M | $34.68M | $45.59M |
| Investing cash flow | -$198.05M | -$15.82M | -$29.13M | -$5.89M | -$51.42M | -$38.19M | -$7.50M | -$16.69M | -$35.45M | -$12.40M |
| Financing cash flow | -$57.98M | -$35.10M | -$28.09M | -$24.61M | -$20.51M | -$27.82M | -$37.71M | -$42.14M | -$10.43M | -$44.47M |
| Dividends paid | $43.53M | $35.85M | $29.05M | $24.88M | $22.16M | $20.34M | $18.59M | $16.27M | $14.21M | $12.46M |
| Share repurchases | $15.00M | $0 | $0 | $427.0K | $460.0K | $3.12M | $5.21M | $4.79M | $4.40M | $0 |
| Stock-based compensation | $9.19M | $6.18M | $5.19M | $3.15M | $2.33M | $1.42M | $1.21M | $4.17M | $1.73M | $1.54M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 10.9% | 17.5% | 24.4% | 11.9% | 18.7% | 0.2% | -2.1% | 7.8% | 2.2% | 4.3% |
| Net income growth, YoY | 13.4% | 34.9% | 39.3% | 9.2% | 23.4% | 4.6% | 69.8% | -19.6% | 7.0% | 24.5% |
| EPS growth, YoY | 13.2% | 34.7% | - | 8.7% | 23.1% | 5.0% | 69.5% | -20.2% | 7.2% | - |
| Gross margin | 41.7% | 39.8% | 39.3% | 38.9% | 40.7% | 39.5% | 38.5% | 37.4% | 38.7% | 38.2% |
| Operating margin | 20.0% | 19.1% | 16.8% | 15.4% | 15.6% | 15.3% | 14.6% | 13.1% | 14.1% | 13.4% |
| Net margin | 15.5% | 15.1% | 13.2% | 11.8% | 12.1% | 11.6% | 11.1% | 6.4% | 8.6% | 8.2% |
| Free cash flow margin | 18.5% | 17.2% | 13.9% | 13.5% | 16.0% | 18.9% | 17.2% | 11.9% | 8.6% | 11.6% |
| Return on equity | 19.9% | 20.6% | 17.9% | 15.0% | 15.1% | 13.7% | 14.2% | 9.2% | 12.5% | 12.6% |
| Return on assets | 14.5% | 15.3% | 12.9% | 11.0% | 11.5% | 10.5% | 11.2% | 7.1% | 8.8% | 9.2% |
| Current ratio | 3.36 | 4.57 | 3.35 | 3.15 | 3.18 | 3.29 | 3.50 | 2.74 | 1.70 | 1.99 |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $235.94M | $222.32M | $202.28M | $220.71M | $235.65M | $238.09M | $222.21M | $205.18M | $208.44M | $216.66M | $196.28M | $182.44M |
| Cost of revenue | $137.09M | $131.55M | $117.95M | $127.72M | $139.81M | $140.28M | $126.77M | $122.42M | $124.56M | $131.29M | $119.10M | $110.97M |
| Gross profit | $98.85M | $90.77M | $84.33M | $92.99M | $95.84M | $97.81M | $95.44M | $82.76M | $83.88M | $85.37M | $77.18M | $71.47M |
| Selling, general and admin | $51.11M | $51.40M | $49.16M | $49.94M | $49.75M | $52.95M | $46.01M | $43.54M | $43.26M | $43.86M | $40.60M | $39.39M |
| Operating income | $47.74M | $39.38M | $35.17M | $43.05M | $46.08M | $44.86M | $49.42M | $39.22M | $40.62M | $41.51M | $36.58M | $32.08M |
| Pre-tax income | $47.96M | $39.72M | $36.34M | $44.64M | $47.44M | $45.79M | $50.79M | $42.13M | $42.91M | $43.36M | $38.09M | $33.44M |
| Income tax | $12.05M | $10.00M | $9.00M | $11.07M | $12.37M | $11.20M | $12.39M | $11.42M | $10.87M | $10.31M | $8.96M | $8.72M |
| Net income | $35.90M | $29.72M | $27.34M | $33.58M | $35.08M | $34.58M | $38.40M | $30.72M | $32.04M | $33.06M | $29.13M | $24.72M |
| EPS, basic | $1.25 | $1.02 | $0.94 | $1.14 | $1.19 | $1.18 | $1.31 | $1.05 | $1.09 | $1.13 | $0.99 | $0.84 |
| EPS, diluted | $1.24 | $1.02 | $0.93 | $1.14 | $1.19 | $1.17 | $1.30 | $1.04 | $1.08 | $1.12 | $0.99 | $0.84 |
| Diluted shares | 28.9M | 29.1M | 29.4M | - | 29.6M | 29.6M | 29.6M | - | 29.5M | 29.5M | 29.5M | - |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $67.93M | $95.73M | $205.45M | $226.02M | $201.69M | $165.21M | $131.36M | $295.31M | $258.95M | $226.21M | $199.31M | $191.78M |
| Receivables | $111.83M | $121.23M | $110.29M | $112.36M | $115.06M | $117.67M | $111.86M | $84.33M | $93.43M | $106.23M | $92.29M | $83.51M |
| Inventory | $166.43M | $178.09M | $175.19M | $151.94M | $152.63M | $147.26M | $149.41M | $143.41M | $158.52M | $161.27M | $160.44M | $153.67M |
| Current assets | $367.90M | $416.20M | $508.30M | $507.08M | $494.59M | $448.27M | $411.58M | $540.12M | $529.30M | $509.22M | $470.60M | $442.18M |
| Goodwill | $302.81M | $302.61M | $234.65M | $235.57M | $236.65M | $235.70M | $231.54M | $111.77M | $115.00M | $113.36M | $113.47M | $113.16M |
| Total assets | $943.65M | $998.17M | $970.81M | $973.58M | $978.27M | $936.42M | $899.60M | $816.41M | $802.86M | $781.26M | $743.47M | $716.92M |
| Current liabilities | $148.30M | $171.87M | $169.42M | $150.72M | $153.42M | $138.71M | $141.02M | $118.20M | $129.16M | $138.12M | $135.09M | $131.95M |
| Short-term debt | - | - | - | $0 | - | - | - | $0 | - | - | - | $0 |
| Shareholders' equity | $651.13M | $682.88M | $690.43M | $713.29M | $702.51M | $677.59M | $641.69M | $606.23M | $591.18M | $563.14M | $535.57M | $516.48M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $43.27M | $26.71M | $33.89M | $54.80M | $51.28M | $44.59M | $33.03M | $52.07M | $45.09M | $36.42M | $21.46M | $37.95M |
| Capital expenditures | $2.99M | $4.84M | $4.43M | $4.03M | $3.09M | $3.94M | $2.97M | $4.67M | $3.13M | $2.34M | $2.68M | $2.05M |
| Free cash flow | $40.28M | $21.87M | $29.47M | $50.77M | $48.20M | $40.65M | $30.06M | $47.40M | $41.96M | $34.08M | $18.78M | $35.89M |
| Investing cash flow | -$2.54M | -$99.21M | -$4.43M | -$4.03M | -$3.09M | -$3.02M | -$187.90M | -$4.67M | -$3.13M | -$2.34M | -$5.68M | -$2.05M |
| Financing cash flow | -$68.18M | -$36.85M | -$49.78M | -$26.74M | -$11.77M | -$9.52M | -$9.95M | -$9.98M | -$9.99M | -$7.41M | -$7.71M | -$7.92M |
| Dividends paid | $12.63M | $11.59M | $11.71M | $11.74M | $11.77M | $10.00M | $10.02M | $9.98M | $9.99M | $7.93M | $7.94M | $7.92M |
| Share repurchases | $55.55M | $25.25M | $38.21M | - | - | $0 | $0 | - | - | - | - | - |
| Stock-based compensation | $2.47M | $3.18M | $2.17M | $2.75M | $2.04M | $2.58M | $1.83M | $1.59M | $1.31M | $2.01M | $1.27M | $1.23M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 0.1% | -6.6% | -9.0% | 7.6% | 13.1% | 9.9% | 13.2% | 12.5% | 11.9% | 23.2% | 23.4% | 23.8% |
| Net income growth, YoY | 2.4% | -14.1% | -28.8% | 9.3% | 9.5% | 4.6% | 31.8% | 24.3% | 23.4% | 47.0% | 50.0% | 40.9% |
| EPS growth, YoY | 4.2% | -12.8% | -28.5% | 9.6% | 10.2% | 4.5% | 31.3% | 23.8% | 22.7% | 47.4% | 50.0% | 40.0% |
| Gross margin | 41.9% | 40.8% | 41.7% | 42.1% | 40.7% | 41.1% | 42.9% | 40.3% | 40.2% | 39.4% | 39.3% | 39.2% |
| Operating margin | 20.2% | 17.7% | 17.4% | 19.5% | 19.6% | 18.8% | 22.2% | 19.1% | 19.5% | 19.2% | 18.6% | 17.6% |
| Net margin | 15.2% | 13.4% | 13.5% | 15.2% | 14.9% | 14.5% | 17.3% | 15.0% | 15.4% | 15.3% | 14.8% | 13.6% |
| Free cash flow margin | 17.1% | 9.8% | 14.6% | 23.0% | 20.5% | 17.1% | 13.5% | 23.1% | 20.1% | 15.7% | 9.6% | 19.7% |
| Current ratio | 2.48 | 2.42 | 3.00 | 3.36 | 3.22 | 3.23 | 2.92 | 4.57 | 4.10 | 3.69 | 3.48 | 3.35 |
Source: XBRL data Badger Meter Inc. files with the SEC, latest filing dated Oct 23, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
Per-share figures and share counts are restated for stock splits the filings show: 2-for-1, first reported Oct 27, 2016.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| BMI | $881.24M | -2.2% | $126.53M | 14.4% | $4.52B |
| ASML | €32.67B | +15.6% | €9.61B | 29.4% | $549.12B |
| TMO | $47.35B | +8.3% | $7.07B | 14.9% | $257.42B |
| LRCX | $26.13B | +33.4% | $8.45B | 32.3% | $250.38B |
| DE | $47.98B | +8.0% | $4.87B | 10.2% | $181.09B |
| DHR | $25.61B | +5.5% | $4.33B | 16.9% | $161.98B |
| ETN | $31.98B | +20.1% | $3.90B | 12.2% | $132.76B |
| JCI | $24.43B | +5.1% | $3.53B | 14.5% | $81.79B |
| ITW | $16.65B | +4.8% | $3.23B | 19.4% | $79.84B |