# Badger Meter Inc: overview

BMI · NYSE · CIK 9092 · [Technology](/sectors/technology.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/bmi.md) · [Financials](/companies/bmi/financials.md) · [Filings](/companies/bmi/filings.md) · [Insiders](/companies/bmi/insiders.md)

Latest reported revenue: [$235.9m](/filings/0001193125-26-430469.md) for Q3 FY2026, three months to 2026-09-30, from the 10-Q filed Oct 23, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001193125-26-430469).

## Last eight quarters

| Line item | Unit | Q4 FY2024 (2024-12-31) | period not labelled (2025-03-31) | Q2 FY2025 (2025-06-30) | Q1 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) | Q3 FY2026 (2026-09-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [205](/filings/0001193125-26-054739.md) | [222](/filings/0001193125-26-163625.md) | [238](/filings/0001193125-26-313981.md) | [236](/filings/0001193125-26-430469.md) | [221](/filings/0001193125-26-054739.md) | [202](/filings/0001193125-26-163625.md) | [222](/filings/0001193125-26-313981.md) | [236](/filings/0001193125-26-430469.md) |
| Gross margin | % | [40.3%](/filings/0001193125-26-054739.md) | [42.9%](/filings/0001193125-26-163625.md) | [41.1%](/filings/0001193125-26-313981.md) | [40.7%](/filings/0001193125-26-430469.md) | [42.1%](/filings/0001193125-26-054739.md) | [41.7%](/filings/0001193125-26-163625.md) | [40.8%](/filings/0001193125-26-313981.md) | [41.9%](/filings/0001193125-26-430469.md) |
| Operating margin | % | [19.1% d](/filings/0001193125-26-054739.md) | [22.2%](/filings/0001193125-26-163625.md) | [18.8%](/filings/0001193125-26-313981.md) | [19.6%](/filings/0001193125-26-430469.md) | [19.5% d](/filings/0001193125-26-054739.md) | [17.4%](/filings/0001193125-26-163625.md) | [17.7%](/filings/0001193125-26-313981.md) | [20.2%](/filings/0001193125-26-430469.md) |
| Net margin | % | [15.0%](/filings/0001193125-26-054739.md) | [17.3%](/filings/0001193125-26-163625.md) | [14.5%](/filings/0001193125-26-313981.md) | [14.9%](/filings/0001193125-26-430469.md) | [15.2%](/filings/0001193125-26-054739.md) | [13.5%](/filings/0001193125-26-163625.md) | [13.4%](/filings/0001193125-26-313981.md) | [15.2%](/filings/0001193125-26-430469.md) |
| Diluted EPS | $ per share | [1.04](/filings/0001193125-26-054739.md) | [1.30](/filings/0001193125-26-163625.md) | [1.17](/filings/0001193125-26-313981.md) | [1.19](/filings/0001193125-26-430469.md) | [1.14](/filings/0001193125-26-054739.md) | [0.93](/filings/0001193125-26-163625.md) | [1.02](/filings/0001193125-26-313981.md) | [1.24](/filings/0001193125-26-430469.md) |
| Free cash flow | $m | [47.4 d](/filings/0001193125-26-054739.md) | [30.1](/filings/0001193125-26-163625.md) | [40.6 d](/filings/0001193125-26-313981.md) | [48.2 d](/filings/0001193125-26-430469.md) | [50.8 d](/filings/0001193125-26-054739.md) | [29.5](/filings/0001193125-26-163625.md) | [21.9 d](/filings/0001193125-26-313981.md) | [40.3 d](/filings/0001193125-26-430469.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 12-month figure less the 9-month figure; 6-month figure less the 3-month figure; 9-month figure less the 6-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [505](/filings/0000950170-24-016245.md) | [566](/filings/0000950170-25-020889.md) | [704](/filings/0001193125-26-054739.md) | [827](/filings/0001193125-26-054739.md) | [917](/filings/0001193125-26-054739.md) |
| Gross margin | % | [40.7%](/filings/0000950170-24-016245.md) | [38.9%](/filings/0000950170-25-020889.md) | [39.3%](/filings/0001193125-26-054739.md) | [39.8%](/filings/0001193125-26-054739.md) | [41.7%](/filings/0001193125-26-054739.md) |
| Operating margin | % | [15.6%](/filings/0000950170-24-016245.md) | [15.4%](/filings/0000950170-25-020889.md) | [16.8%](/filings/0001193125-26-054739.md) | [19.1%](/filings/0001193125-26-054739.md) | [20.0%](/filings/0001193125-26-054739.md) |
| Net margin | % | [12.1%](/filings/0000950170-24-016245.md) | [11.8%](/filings/0000950170-25-020889.md) | [13.2%](/filings/0001193125-26-054739.md) | [15.1%](/filings/0001193125-26-054739.md) | [15.5%](/filings/0001193125-26-054739.md) |
| Diluted EPS | $ per share | [2.08](/filings/0000950170-24-016245.md) | [2.26](/filings/0000950170-25-020889.md) | [3.14](/filings/0001193125-26-054739.md) | [4.23](/filings/0001193125-26-054739.md) | [4.79](/filings/0001193125-26-054739.md) |
| Free cash flow | $m | [80.8](/filings/0000950170-24-016245.md) | [76.6](/filings/0000950170-25-020889.md) | [98.1](/filings/0001193125-26-054739.md) | [142](/filings/0001193125-26-054739.md) | [170](/filings/0001193125-26-054739.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/bmi/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $725.9m | 4,892,342 |  | Reduced −59,540 |
| [VANGUARD PORTFOLIO MANAGEMENT LLC](/funds/2100121.md) | 2026-06-30 | $371.7m | 2,504,823 |  | Added +53,172 |
| [STATE STREET CORP](/funds/93751.md) | 2026-06-30 | $245.0m | 1,651,414 |  | Added +126,444 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $195.5m | 1,317,325 |  | Added +15,705 |
| [GEODE CAPITAL MANAGEMENT, LLC](/funds/1214717.md) | 2026-06-30 | $149.6m | 1,008,392 |  | Added +69,561 |
| [Impax Asset Management Group plc](/funds/1749768.md) | 2026-06-30 | $140.3m | 945,694 |  | New +945,694 |
| [FIRST TRUST ADVISORS LP](/funds/1125816.md) | 2026-06-30 | $114.5m | 771,864 |  | Added +211,508 |
| [MORGAN STANLEY](/funds/895421.md) | 2026-06-30 | $109.8m | 739,882 |  | Added +76,690 |
| [Boston Trust Walden Corp](/funds/1534866.md) | 2026-06-30 | $108.2m | 728,961 |  | Added +198,792 |
| [UBS Group AG](/funds/1610520.md) | 2026-06-30 | $93.4m | 629,411 |  | Reduced −228,763 |

## Recent filings

[All 1,430 filings](/companies/bmi/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-23 | 20:22 ET | [10-Q](/filings/0001193125-26-430469.md) | Quarterly report, period 2026-09-30 | 0001193125-26-430469 |
| 2026-10-22 | 12:32 ET | [8-K](/filings/0001193125-26-428396.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001193125-26-428396 |
| 2026-07-23 | 19:58 ET | [10-Q](/filings/0001193125-26-313981.md) | Quarterly report, period 2026-06-30 | 0001193125-26-313981 |
| 2026-07-22 | 12:32 ET | [8-K](/filings/0001193125-26-311374.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001193125-26-311374 |
| 2026-06-11 | 17:51 ET | [8-K](/filings/0001193125-26-267194.md) | 1.01 Entry into a material agreement; 1.02 Termination of a material agreement; 2.03 New direct financial obligation; 9.01 Financial statements and exhibits | 0001193125-26-267194 |
| 2026-05-21 | 11:30 ET | [8-K](/filings/0001193125-26-233404.md) | 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001193125-26-233404 |
| 2026-04-28 | 21:26 ET | [8-K](/filings/0001193125-26-187791.md) | 5.03 Amendment to articles or bylaws; 5.07 Shareholder vote results; 8.01 Other events; 9.01 Financial statements and exhibits | 0001193125-26-187791 |
| 2026-04-20 | 18:24 ET | [10-Q](/filings/0001193125-26-163625.md) | Quarterly report, period 2026-03-31 | 0001193125-26-163625 |
| 2026-04-17 | 12:31 ET | [8-K](/filings/0001193125-26-160389.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001193125-26-160389 |
| 2026-03-13 | 20:15 ET | [DEF 14A](/filings/0001193125-26-106185.md) | Proxy statement, period 2026-03-11 | 0001193125-26-106185 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001193125-26-054739.md), filed Feb 17, 2026.

## Forecast league

Not in this season’s league. [This season’s league](/leagues.md)

## About the filer

- CIK: 9092
- Tickers: BMI
- Exchange: NYSE
- SIC code: 3824 Totalizing Fluid Meters & Counting Devices
- State of incorporation: WI
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 24, 2026, 15:17 ET. No prices; not investment advice.