Badger Meter (BMI) Financial Statements & Analysis

Badger Meter (BMI) Income Statement

Badger Meter reported revenue of $916.66M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 10.9% from $826.56M a year earlier. Net income was $141.63M, up 13.4% year over year, a net margin of 15.5%. Gross margin was 41.7% and operating margin 20.0%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $222.32M, down 6.6% from the same quarter a year earlier.

Badger Meter Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Badger Meter, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	916.66	826.56	703.59	565.57	505.20	425.54	424.63	433.73	402.44
Cost of Revenue	534.59	497.37	427.15	345.60	299.71	257.30	261.10	271.38	246.69
Gross Profit	382.07	329.18	276.44	219.97	205.48	168.25	163.53	162.35	155.75
Operating Expenses
Research & Development	0.00	19.20	19.00	15.80	14.70	11.60	11.90	11.10	10.60
Selling, General & Administrative	198.65	171.30	139.39	132.81	126.88	103.24	101.67	125.34	100.12
Operating Expenses	198.65	171.25	158.39	132.68	126.88	103.24	101.67	125.34	100.12
Operating Income	183.42	157.94	118.05	87.30	78.72	65.16	62.15	56.87	55.62
Other Income/Expense
Interest Income	5.12	8.61	4.05	0.55	0.02	0.00	0.00	0.00	0.00
Interest Expense	0.00	0.00	0.00	0.00	0.00	0.03	0.25	1.16	0.79
Other Income/Expense	0.11	8.56	3.92	0.42	-0.10	-0.18	-0.54	-21.02	-0.79
Income
Income Before Tax	188.66	166.50	121.97	87.72	78.62	64.98	61.61	35.85	54.83
Income Tax Expense	47.02	41.56	29.37	21.22	17.74	15.64	14.43	8.06	20.26
Net Income	141.63	124.94	92.60	66.50	60.88	49.34	47.18	27.79	34.57
Net Income - Continuous Operations	141.63	124.94	92.60	66.50	60.88	49.34	47.18	27.79	34.57
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	218.01	186.67	146.03	109.61	106.47	90.23	86.01	61.32	80.02
EBIT	183.42	157.89	118.05	87.17	78.60	-	-	-	-
Depreciation & Amortization	34.58	28.79	28.11	22.44	27.86	25.22	24.15	24.32	24.40
Earnings Per Share
Basic EPS	5.00	4.00	3.00	2.00	2.00	2.00	2.00	1.00	1.00
Diluted EPS	5.00	4.00	3.00	2.00	2.00	2.00	2.00	1.00	1.00
Basic Shares Outstanding	29.40	29.36	29.28	29.22	29.14	29.05	29.03	28.99	28.93
Diluted Shares Outstanding	29.57	29.53	29.46	29.38	29.34	29.23	29.22	29.19	29.11

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Badger Meter Financial Statements

What was Badger Meter's revenue in fiscal 2025?

Badger Meter reported revenue of $916.66M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 10.9% from $826.56M a year earlier.

Is Badger Meter profitable?

Yes. Badger Meter earned net income of $141.63M in fiscal 2025, a net margin of 15.5%. In fiscal 2024 it earned $124.94M.

What is Badger Meter's operating margin?

Badger Meter's operating income was $183.42M on revenue of $916.66M in fiscal 2025, an operating margin of 20.0%, compared with 19.1% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition