Badger Meter (BMI) Cash Flow: Operating & Free Cash Flow

Badger Meter (BMI) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Badger Meter generated $183.70M of operating cash flow and spent $14.03M on capital expenditures. That left free cash flow of $169.67M, up 19.3% from $142.22M a year earlier, or 18.5% of revenue. It returned $58.53M to shareholders through $43.53M in dividends and $15.00M in share buybacks.

Badger Meter Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Badger Meter, Inc. (BMI) - 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
Operating Activities
Net Income	141.63	124.94	92.60	66.50	60.88	49.34	47.18	27.79	34.57
Depreciation & Amortization	34.58	32.19	28.11	26.24	27.86	25.22	24.15	24.32	24.40
Deferred Income Tax	-0.85	-11.07	-9.65	-5.62	-3.03	-3.08	-1.52	-5.27	-4.10
Stock Based Compensation	9.19	6.18	5.19	3.15	2.33	1.42	1.21	4.17	1.73
Change in Working Capital	-0.99	2.95	-5.79	-7.17	-0.28	16.48	9.74	-8.16	-6.73
Change in Accounts Receivable	-20.12	-1.44	-6.35	-11.33	-1.24	3.04	-8.00	-8.00	-0.97
Change in Inventory	-0.99	10.32	-32.47	-21.02	-13.63	5.13	-1.22	4.86	-6.17
Change in Accounts Payable	14.40	-12.16	8.51	28.01	7.01	-0.39	8.00	8.00	-65.11
Change in Other Working Capital	5.71	6.24	24.52	-2.83	7.59	8.71	10.96	-13.02	65.51
Other Operating Activities	-0.72	-11.23	-9.99	-0.65	-0.23	0.21	-0.04	17.50	-0.11
Net Cash from Operating Activities	183.70	155.03	110.12	82.45	87.51	89.58	80.71	60.35	49.75
Investing Activities
Capital Expenditures	-14.03	-12.82	-12.00	-5.89	-6.75	-9.06	-7.50	-8.64	-15.07
Acquisitions	-184.02	-3.00	-17.13	-45.27	-45.27	-29.13	-8.05	-8.05	-20.38
Other Investing Activities	0.00	0.00	0.00	45.27	0.60	0.00	8.05	0.00	0.00
Net Cash from Investing Activities	-198.05	-15.82	-29.13	-5.89	-51.42	-38.19	-7.50	-16.69	-35.45
Financing Activities
Debt Repayment	0.00	0.00	0.00	0.00	0.00	-4.60	-13.50	0.00	0.00
Common Stock Issued	0.55	0.75	0.97	0.00	0.07	0.18	0.19	0.52	0.60
Common Stock Repurchased	-15.00	0.00	0.00	-0.43	-0.46	-3.12	-5.21	-4.80	-4.40
Dividends Paid	-43.53	-35.85	-29.05	-24.88	-22.16	-20.34	-18.60	-16.27	-14.22
Other Financing Activities	0.00	0.00	0.00	0.70	2.04	0.06	-0.59	-21.08	7.59
Net Cash from Financing Activities	-57.98	-35.10	-28.09	-24.61	-20.51	-27.82	-37.71	-42.14	-10.43
Summary
Effect of Forex Changes on Cash	3.04	-0.60	0.83	-1.08	-0.68	-0.16	0.28	0.40	-0.05
Net Change in Cash	-69.29	103.52	53.73	50.88	14.90	23.40	35.79	1.92	3.83
Cash at Beginning of Period	295.31	191.78	138.05	87.17	72.27	48.87	13.09	11.16	7.34
Cash at End of Period	226.02	295.31	191.78	138.05	87.17	72.27	48.87	13.09	11.16
Free Cash Flow	169.67	142.22	98.11	76.56	80.76	80.52	73.22	51.71	34.68
Supplemental Disclosures
Interest Paid	-	-	-	-	0.12	-	-	-	-
Income Taxes Paid	48.75	56.04	38.93	24.04	19.98	-	-	-	-

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 Cash Flow

What is Badger Meter's free cash flow?

Badger Meter generated free cash flow of $169.67M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $183.70M minus $14.03M of capital expenditures. That was up 19.3% from $142.22M a year earlier. Free cash flow equaled 18.5% of revenue.

How much does Badger Meter spend on capital expenditures?

Badger Meter spent $14.03M on capital expenditures in fiscal 2025, compared with $12.82M a year earlier. That equals 7.6% of operating cash flow.

Does Badger Meter pay dividends or buy back shares?

Yes. In fiscal 2025 Badger Meter returned $43.53M in dividends and $15.00M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition