Badger Meter Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	916.66	826.56	703.59	565.57	505.2
Revenue Growth (YoY)	10.90%	17.48%	24.40%	11.95%	18.72%
Cost of Revenue	534.59	497.37	427.15	345.6	299.71
Gross Profit	382.07	329.18	276.44	219.97	205.48
Selling, General & Admin	198.65	171.25	158.39	132.68	126.76
Total Operating Expenses	198.65	171.25	158.39	132.68	126.76
Operating Income	183.42	157.94	118.05	87.3	78.72
Interest Income	-5.12	-8.61	-4.05	-0.55	-0.02
Other Non-Operating Income (Expense)	0.11	-0.05	-0.13	-0.13	-0.12
Total Non-Operating Income (Expense)	-5.01	-8.66	-4.18	-0.68	-0.14
Pretax Income	188.66	166.5	121.97	87.72	78.62
Provision for Income Taxes	47.02	41.56	29.37	21.22	17.74
Net Income	141.63	124.94	92.6	66.5	60.88
Net Income to Common	141.63	124.94	92.6	66.5	60.88
Net Income Growth	13.36%	34.93%	39.25%	9.22%	23.39%
Shares Outstanding (Basic)	29	29	29	29	29
Shares Outstanding (Diluted)	30	30	29	29	29
Shares Change (YoY)	0.12%	0.27%	0.27%	0.13%	0.37%
EPS (Basic)	4.82	4.26	3.16	2.28	2.09
EPS (Diluted)	4.79	4.23	3.14	2.26	2.08
EPS Growth	13.24%	34.71%	38.94%	8.65%	23.08%
Free Cash Flow	169.67	142.22	98.11	76.56	80.76
Free Cash Flow Growth	19.31%	44.95%	28.15%	-5.21%	0.30%
Free Cash Flow Per Share	5.74	4.82	3.33	2.61	2.75
Dividends Per Share	1.480	1.220	0.990	0.850	0.760
Dividend Growth	21.31%	23.23%	16.47%	11.84%	8.57%
Gross Margin	41.68%	39.83%	39.29%	38.89%	40.67%
Operating Margin	20.01%	19.11%	16.78%	15.43%	15.58%
Profit Margin	15.45%	15.12%	13.16%	11.76%	12.05%
FCF Margin	18.51%	17.21%	13.94%	13.54%	15.99%
EBITDA	218.01	190.12	146.16	113.54	106.59
EBITDA Margin	23.78%	23.00%	20.77%	20.07%	21.10%
EBIT	183.42	157.94	118.05	87.3	78.72
EBIT Margin	20.01%	19.11%	16.78%	15.43%	15.58%
Effective Tax Rate	24.93%	24.96%	24.08%	24.19%	22.56%

Updated Jan 28, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

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