Badger Meter, Inc. (BMI)

Badger Meter Income Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	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	198.54	171.3	158.52	132.81	126.88
Operating Expenses	198.54	171.3	158.52	132.81	126.88
Operating Income	183.53	157.89	117.92	87.17	78.6
Interest & Investment Income	5.12	8.61	4.05	0.55	0.02
EBT Excluding Unusual Items	188.66	166.5	121.97	87.72	78.62
Pretax Income	188.66	166.5	121.97	87.72	78.62
Income Tax Expense	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 Per Share	5.74	4.82	3.33	2.61	2.75
Dividend 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	20.02%	19.10%	16.76%	15.41%	15.56%
Profit Margin	15.45%	15.12%	13.16%	11.76%	12.05%
Free Cash Flow Margin	18.51%	17.21%	13.94%	13.54%	15.99%
EBITDA	218.12	190.07	146.03	113.41	106.47
EBITDA Margin	23.79%	23.00%	20.76%	20.05%	21.07%
D&A For EBITDA	34.58	32.19	28.11	26.24	27.86
EBIT	183.53	157.89	117.92	87.17	78.6
EBIT Margin	20.02%	19.10%	16.76%	15.41%	15.56%
Effective Tax Rate	24.93%	24.96%	24.08%	24.19%	22.56%

Updated Jan 28, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q