Badger Meter, Inc. (BMI) financial statements: income statement, balance sheet and cash flow

Badger Meter, Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Badger Meter, Inc. reported revenue of $916.7M (+10.9% year on year) and net income of $141.6M (+13.4% year on year).

Income statement

Badger Meter, Inc. income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net sales	$916.7M	$826.6M	$703.6M	$565.6M
Cost of sales	$534.6M	$497.4M	$427.2M	$345.6M
Gross margin	$382.1M	$329.2M	$276.4M	$220.0M
Selling, engineering and administration	$198.6M	$171.2M	$158.4M	$132.7M
Operating earnings	$183.4M	$157.9M	$118.0M	$87.3M
Interest income, net	($5.1M)	($8.6M)	($4.0M)	($552.0K)
Other pension and postretirement (income) costs	($112.0K)	$49.0K	$130.0K	$130.0K
Earnings before income taxes	$188.7M	$166.5M	$122.0M	$87.7M
Provision for income taxes	$47.0M	$41.6M	$29.4M	$21.2M
Net earnings	$141.6M	$124.9M	$92.6M	$66.5M
Basic	$4.82	$4.26	$3.16	$2.28
Diluted	$4.79	$4.23	$3.14	$2.26
Basic	29.4M	29.4K	29.3K	29.2K
Impact of dilutive securities	171.0K	178	172	158
Diluted	29.6M	29.5K	29.5K	29.4K

Badger Meter, Inc. income statement, quarters

Line item	Sep 30, 2026 · Q3	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3
Net sales	$235.9M	$222.3M	$202.3M	$235.7M
Cost of sales	$137.1M	$131.5M	$118.0M	$139.8M
Gross margin	$98.8M	$90.8M	$84.3M	$95.8M
Selling, engineering and administration	$51.1M	$51.4M	$49.2M	$49.8M
Operating earnings	$47.7M	$39.4M	$35.2M	$46.1M
Interest income, net	($188.0K)	($319.0K)	($1.1M)	($1.3M)
Other pension and postretirement costs	($28.0K)	($28.0K)	($28.0K)	($28.0K)
Earnings before income taxes	$48.0M	$39.7M	$36.3M	$47.4M
Provision for income taxes	$12.1M	$10.0M	$9.0M	$12.4M
Net earnings	$35.9M	$29.7M	$27.3M	$35.1M
Basic	$1.25	$1.02	$0.94	$1.19
Diluted	$1.24	$1.02	$0.93	$1.19
Dividends declared per common share	$0.44	$0.40	$0.40	$0.40
Basic	28.8M	29.0M	29.2M	29.4M
Impact of dilutive securities	121.0K	103.9K	150.6K	159.4K
Diluted	28.9M	29.1M	29.4M	29.6M

Balance sheet

Badger Meter, Inc. balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$226.0M	$295.3M	$191.8M	$138.1M
Receivables, net of allowance for doubtful accounts	$112.4M	$84.3M	$83.5M	$76.7M
Finished goods	$23.1M	$24.0M	$34.8M	$31.4M
Work in process	$29.2M	$36.7M	$41.3M	$23.6M
Raw materials	$99.6M	$82.7M	$77.6M	$64.9M
Total inventories	$151.9M	$143.4M	$153.7M	$119.9M
Prepaid expenses and other current assets	$16.8M	$17.1M	$13.2M	$13.3M
Total current assets	$507.1M	$540.1M	$442.2M	$347.8M
Land and improvements	$9.5M	$9.2M	$9.3M	$8.9M
Building and improvements	$75.0M	$71.5M	$72.1M	$70.8M
Machinery and equipment	$163.9M	$152.4M	$144.6M	$141.2M
Property, plant and equipment, at cost	$248.4M	$233.2M	$226.0M	$220.9M
Less accumulated depreciation	($168.8M)	($158.9M)	($152.1M)	($147.4M)
Net property, plant and equipment	$79.6M	$74.3M	$73.9M	$73.5M
Intangible assets, at cost less accumulated amortization	$118.5M	$45.1M	$53.7M	$53.6M
Other assets	$18.7M	$12.7M	$11.2M	$14.0M
Deferred income taxes	$14.1M	$32.5M	$22.7M	$12.8M
Goodwill	$235.6M	$111.8M	$113.2M	$101.3M
Total assets	$973.6M	$816.4M	$716.9M	$603.0M
Payables	$72.3M	$55.7M	$81.8M	$71.4M
Accrued compensation and employee benefits	$37.6M	$34.9M	$29.9M	$20.5M
Warranty and after-sale costs, current	$8.5M	$7.3M	$11.1M	$9.6M
Other current liabilities	$32.3M	$20.4M	$9.2M	$8.8M
Total current liabilities	$150.7M	$118.2M	$131.9M	$110.3M
Long-term deferred revenue	$72.8M	$64.2M	$49.8M	—
Deferred income taxes	$3.5M	$3.7M	$5.1M	$4.6M
Accrued non-pension postretirement benefits	$2.5M	$3.0M	$3.6M	$3.9M
Other accrued employee benefits	$6.7M	$6.9M	$5.3M	$3.9M
Warranty and after-sale costs, long-term	$13.1M	$9.4M	—	—
Other long-term liabilities	$11.1M	$4.8M	$4.8M	$37.8M
Total long-term liabilities	$109.6M	$92.0M	—	—
Common stock, $1 par, authorized 80,000,000 shares, issued 37,221,098 shares in 2025 and 2024	37.2M	37.2M	37.2M	37.2M
Capital in excess of par value	$75.3M	$65.8M	$59.2M	$53.3M
Reinvested earnings	$645.9M	$547.8M	$458.7M	$395.2M
Accumulated other comprehensive loss	$6.5M	($7.9M)	($1.6M)	($6.0M)
Less: Treasury stock, at cost, 7,834,360 shares in 2025 and 7,810,158 shares in 2024	-51.6M	-36.7M	-37.0M	-37.3M
Total shareholders’ equity	$713.3M	$606.2M	$516.5M	$442.4M
Total liabilities and shareholders’ equity	$973.6M	$816.4M	$716.9M	$603.0M

Badger Meter, Inc. balance sheet, quarters

Line item	Sep 30, 2026	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025
Cash and cash equivalents	$67.9M	$95.7M	$205.5M	$201.7M
Receivables, net of allowance for doubtful accounts	$111.8M	$121.2M	$110.3M	$115.1M
Finished goods	$19.5M	$18.9M	$25.0M	$26.2M
Work in process	$31.9M	$32.6M	$35.3M	$30.3M
Raw materials	$115.0M	$126.6M	$114.9M	$96.2M
Total inventories	$166.4M	$178.1M	$175.2M	$152.6M
Prepaid expenses and other current assets	$21.7M	$21.1M	$17.4M	$25.2M
Total current assets	$367.9M	$416.2M	$508.3M	$494.6M
Property, plant and equipment, at cost	$256.8M	$256.6M	$252.0M	$246.2M
Less accumulated depreciation	($173.3M)	($173.1M)	($171.1M)	($167.9M)
Net property, plant and equipment	$83.5M	$83.4M	$80.8M	$78.4M
Intangible assets, at cost less accumulated amortization	$157.5M	$162.5M	$114.4M	$122.1M
Other assets	$17.8M	$19.3M	$18.5M	$14.0M
Deferred income taxes	$14.1M	$14.1M	$14.1M	$32.7M
Goodwill	$302.8M	$302.6M	$234.7M	$236.7M
Total assets	$943.6M	$998.2M	$970.8M	$978.3M
Payables	$70.3M	$97.8M	$106.5M	$69.8M
Accrued compensation and employee benefits	$21.9M	$18.7M	$15.7M	$33.5M
Warranty and after-sale costs, current	$9.8M	$9.0M	$8.4M	$8.9M
Other current liabilities	$46.4M	$46.4M	$38.9M	$41.2M
Total current liabilities	$148.3M	$171.9M	$169.4M	$153.4M
Long-term deferred revenue	$79.7M	$78.8M	$73.3M	$69.2M
Deferred income taxes	$16.6M	$16.7M	$3.4M	$24.1M
Accrued non-pension postretirement benefits	$2.4M	$2.5M	$2.5M	$3.4M
Other accrued employee benefits	$6.9M	$7.2M	$6.6M	$6.4M
Warranty and after-sale costs, long-term	$15.7M	$14.7M	$14.4M	$12.8M
Other long-term liabilities	$22.8M	$23.5M	$10.8M	$6.4M
Total long-term liabilities	$144.2M	$143.4M	$111.0M	—
Common stock, $1 par, authorized 80,000,000, issued 37,221,098 shares in 2026 and 2025	37.2M	37.2M	37.2M	37.2M
Capital in excess of par value	$82.6M	$80.1M	$77.0M	$72.5M
Reinvested earnings	$702.9M	$679.7M	$661.5M	$624.1M
Accumulated other comprehensive income (loss)	($1.7M)	$265.0K	$3.9M	$5.1M
Less: Treasury stock, at cost, 8,657,446 shares in 2026 and 7,834,360 in 2025	-169.9M	-114.4M	-89.2M	-36.4M
Total shareholders’ equity	$651.1M	$682.9M	$690.4M	$702.5M
Total liabilities and shareholders’ equity	$943.6M	$998.2M	$970.8M	$978.3M

Cash flow statement

Badger Meter, Inc. cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net earnings	$141.6M	$124.9M	$92.6M	$66.5M
Depreciation	$11.1M	$11.1M	$10.9M	$11.1M
Amortization	$23.5M	$21.1M	$17.2M	$15.2M
Deferred income taxes	($854.0K)	($11.1M)	($9.7M)	($5.6M)
Noncurrent employee benefits	$136.0K	($153.0K)	($338.0K)	($648.0K)
Stock-based compensation expense	$9.2M	$6.2M	$5.2M	$3.1M
Receivables	($20.1M)	($1.4M)	($6.4M)	($11.3M)
Inventories	($987.0K)	$10.3M	($32.5M)	($21.0M)
Payables	$14.4M	($12.2M)	$8.5M	$28.0M
Prepaid expenses and other assets	($3.8M)	($15.3M)	($7.0M)	($10.6M)
Other liabilities	$9.5M	$21.5M	$31.5M	$7.7M
Total adjustments	$42.1M	$30.1M	$17.5M	$16.0M
Net cash provided by operations	$183.7M	$155.0M	$110.1M	$82.5M
Property, plant and equipment expenditures	($14.0M)	($12.8M)	($12.0M)	($5.9M)
Acquisitions, net of cash acquired	($184.0M)	($3.0M)	($17.1M)	—
Net cash used for investing activities	($198.1M)	($15.8M)	($29.1M)	($5.9M)
Dividends paid	($43.5M)	($35.8M)	($29.1M)	($24.9M)
Proceeds from exercise of stock options	$554.0K	$751.0K	$967.0K	$703.0K
Repurchase of common stock for treasury stock	($15.0M)	$0	—	($427.0K)
Net cash used for financing activities	($58.0M)	($35.1M)	($28.1M)	($24.6M)
Effect of foreign exchange rates on cash	$3.0M	($597.0K)	$828.0K	($1.1M)
(Decrease) increase in cash and cash equivalents	($69.3M)	$103.5M	$53.7M	$50.9M
Cash and cash equivalents - beginning of period	$295.3M	$191.8M	$138.1M	$87.2M
Cash and cash equivalents - end of period	$226.0M	$295.3M	$191.8M	$138.1M
Income taxes	$48.8M	$56.0M	$38.9M	$24.0M
Interest	$0	$0	—	—
Property, plant and equipment acquired through operating lease	$5.5M	$2.3M	$830.0K	$2.3M
Property, plant and equipment accrued and unpaid	$0	$364.0K	$450.0K	$1.5M

Badger Meter, Inc. cash flow statement, quarters

Line item	Sep 30, 2026 · YTD	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD
Net earnings	$93.0M	$57.1M	$27.3M	$108.1M
Depreciation	$8.3M	$5.7M	$2.8M	$8.3M
Amortization	$20.8M	$13.2M	$6.2M	$17.5M
Noncurrent employee benefits	($140.0K)	$14.0K	$5.0K	$45.0K
Stock-based compensation expense	$7.8M	$5.3M	$2.2M	$6.4M
Receivables	$690.0K	($8.6M)	$1.8M	($22.8M)
Inventories	($10.5M)	($21.2M)	($23.7M)	($1.7M)
Payables	($3.5M)	$24.0M	$34.3M	$11.9M
Prepaid expenses and other assets	($10.1M)	($7.7M)	($3.2M)	($3.3M)
Other liabilities	($2.5M)	($7.3M)	($13.8M)	$4.4M
Total adjustments	$10.9M	$3.5M	$6.6M	$20.8M
Net cash provided by operations	$103.9M	$60.6M	$33.9M	$128.9M
Property, plant and equipment expenditures	($12.3M)	($9.3M)	($4.4M)	($10.0M)
Proceeds from company owned life insurance plans	$454.0K	—	—	—
Acquisitions, net of cash acquired	($94.4M)	($94.4M)	$0	($184.0M)
Net cash used for investing activities	($106.2M)	($103.6M)	($4.4M)	($194.0M)
Dividends paid	($35.9M)	($23.3M)	($11.7M)	($31.8M)
Proceeds from exercise of stock options	$140.0K	$140.0K	$140.0K	$554.0K
Repurchase of common stock for treasury stock	($119.0M)	($63.5M)	($38.2M)	—
Net cash used for financing activities	($154.8M)	($86.6M)	($49.8M)	($31.2M)
Effect of foreign exchange rates on cash	($977.0K)	($617.0K)	($247.0K)	$2.7M
Decrease in cash and cash equivalents	($158.1M)	($130.3M)	($20.6M)	($93.6M)
Cash and cash equivalents - beginning of period	$226.0M	$226.0M	$226.0M	$295.3M
Cash and cash equivalents - end of period	$67.9M	$95.7M	$205.5M	$201.7M

Badger Meter, Inc. score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.