Badger Meter, Inc. (BMI)

Badger Meter Income Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	901.14	826.56	703.59	565.57	505.2	425.54
Revenue Growth (YoY)	12.11%	17.48%	24.40%	11.95%	18.72%	0.22%
Cost of Revenue	529.3	497.37	427.15	345.6	299.71	257.3
Gross Profit	371.84	329.18	276.44	219.97	205.48	168.25
Selling, General & Admin	192.18	171.3	158.52	132.81	126.88	103.24
Operating Expenses	192.18	171.3	158.52	132.81	126.88	103.24
Operating Income	179.67	157.89	117.92	87.17	78.6	65.01
Interest Expense	-	-	-	-	-	-0.03
Interest & Investment Income	6.48	8.61	4.05	0.55	0.02	-
EBT Excluding Unusual Items	186.15	166.5	121.97	87.72	78.62	64.98
Pretax Income	186.15	166.5	121.97	87.72	78.62	64.98
Income Tax Expense	47.37	41.56	29.37	21.22	17.74	15.64
Net Income	138.78	124.94	92.6	66.5	60.88	49.34
Net Income to Common	138.78	124.94	92.6	66.5	60.88	49.34
Net Income Growth	16.67%	34.93%	39.25%	9.22%	23.39%	4.59%
Shares Outstanding (Basic)	29	29	29	29	29	29
Shares Outstanding (Diluted)	30	30	29	29	29	29
Shares Change (YoY)	0.20%	0.27%	0.27%	0.13%	0.37%	0.03%
EPS (Basic)	4.72	4.26	3.16	2.28	2.09	1.70
EPS (Diluted)	4.69	4.23	3.14	2.26	2.08	1.69
EPS Growth	16.37%	34.71%	38.94%	8.65%	23.08%	4.97%
Free Cash Flow	166.3	142.22	98.11	76.56	80.76	80.52
Free Cash Flow Per Share	5.62	4.82	3.33	2.61	2.75	2.75
Dividend Per Share	1.420	1.220	0.990	0.850	0.760	0.700
Dividend Growth	23.48%	23.23%	16.47%	11.84%	8.57%	9.38%
Gross Margin	41.26%	39.83%	39.29%	38.89%	40.67%	39.54%
Operating Margin	19.94%	19.10%	16.76%	15.41%	15.56%	15.28%
Profit Margin	15.40%	15.12%	13.16%	11.76%	12.05%	11.59%
Free Cash Flow Margin	18.45%	17.21%	13.94%	13.54%	15.99%	18.92%
EBITDA	213.52	190.07	146.03	113.41	106.47	90.23
EBITDA Margin	23.69%	23.00%	20.76%	20.05%	21.07%	21.20%
D&A For EBITDA	33.85	32.19	28.11	26.24	27.86	25.22
EBIT	179.67	157.89	117.92	87.17	78.6	65.01
EBIT Margin	19.94%	19.10%	16.76%	15.41%	15.56%	15.28%
Effective Tax Rate	25.45%	24.96%	24.08%	24.19%	22.56%	24.07%

Updated Oct 21, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q