Every 10-Q that Badger Meter, Inc. (BMI) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow BMI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BMI filings page.
Badger Meter, Inc. reported softer results for the quarter and six months ended June 30, 2026. Net sales for the quarter were $222.3 million, down 6.6% from $238.1 million, driven by an 8.1% decline in utility water sales to $195.0 million, partly offset by a 5.6% increase in flow instrumentation sales to $27.3 million. Gross margin was 40.8% versus 41.1%, and operating earnings were $39.4 million, or 17.7% of sales, compared with $44.9 million, or 18.8% of sales. Quarterly net earnings were $29.7 million ($1.02 diluted EPS) versus $34.6 million ($1.17).
For the first six months, net sales were $424.6 million versus $460.3 million, with utility water down 8.8% to $373.4 million and flow instrumentation up slightly to $51.2 million. Net earnings were $57.1 million ($1.95 diluted EPS) compared with $73.0 million ($2.47). In May 2026, Badger Meter acquired UDlive Limited for $94.4 million in cash plus an earn-out of up to $50.0 million; UDlive contributed $2.0 million of revenue and added $69.9 million of goodwill and $53.8 million of intangibles. Operating cash flow was $60.6 million; cash and equivalents declined to $95.7 million after funding the UDlive acquisition, $63.5 million of share repurchases and $23.3 million of dividends. The company reports $154.6 million of unused credit lines and confirms its disclosure controls were effective, with no material changes in risk factors.
Badger Meter, Inc. reported lower results for the quarter ended March 31, 2026, with net sales of $202.3 million compared to $222.2 million a year earlier, mainly from softer utility water project timing and slower short-cycle orders.
Net earnings declined to $27.3 million from $38.4 million, and diluted EPS fell to $0.93 from $1.30, as gross margin slipped to 41.7% of sales and operating margin to 17.4%. Operating cash flow remained solid at $33.9 million, supporting a period-end cash balance of $205.5 million. The company continued strategic expansion, following its 2025 SmartCover acquisition and signing a purchase agreement to acquire sewer-line monitoring firm UDlive Ltd for $100 million plus an EBITDA-based earn-out. Badger Meter also repurchased 239,026 shares for $38.2 million, leaving $114.7 million available under its buyback authorization, while maintaining a strong balance sheet and unused credit capacity.
Badger Meter, Inc. reported higher third‑quarter results. Net sales were $235.651M (up 13.1% year over year) and diluted EPS was $1.19. Gross margin reached 40.7%, and operating earnings were $46.084M (19.6% of sales). Utility water sales rose to $209.2M, driven by ultrasonic meters, water quality solutions, BEACON SaaS, and SmartCover.
For the first nine months, net sales were $695.957M (up 12.0%) and diluted EPS was $3.65. Gross margin improved to 41.5% and operating earnings were $140.372M (20.2% of sales). Cash from operations was $128.897M; cash and equivalents ended at $201.693M after deploying $184.0M for the SmartCover acquisition. Contract liabilities were $94.710M, reflecting future SaaS and service obligations. As of October 13, 2025, shares outstanding were 29,469,785.
Badger Meter (BMI) Q2 2025 10-Q snapshot: Net sales rose 9.9% YoY to $238.1 million as utility-water demand, BEACON SaaS growth and the newly acquired SmartCover business ($10.6 million revenue) offset flat flow-instrumentation sales. Gross margin widened 170 bp to 41.1%, lifting operating earnings 8.1% to $44.9 million, though higher SmartCover amortisation and head-count drove SEA up 21%, trimming operating margin 40 bp to 18.8%.
Net earnings increased 4.6% to $34.6 million, or $1.17 diluted EPS. For the six-month period, revenue grew 11.5% to $460.3 million and EPS advanced 17% to $2.47 with gross margin at 42.0%.
Balance-sheet & cash-flow highlights: January’s $184 million cash purchase of SmartCover doubled goodwill to $235.7 million and reduced cash to $165.2 million (vs $295.3 million YE-24). Operating cash flow improved 34% YoY to $77.6 million, but free cash outflow followed acquisition spending and $20.0 million dividends. Shareholders’ equity climbed to $677.6 million; no long-term debt disclosed. Contract liabilities rose to $91.9 million, underpinning multi-year recurring SaaS revenue.
Key metrics:
- Utility-water sales: $212.2 m (+11.4%)
- Flow instrumentation sales: $25.9 m (-1.0%)
- Effective tax rate: 24.5%
- Dividend raised to $0.34/share
Management flags tariff/input-cost pressure but expects favorable mix (SaaS, ultrasonic meters) and SmartCover synergies to support margins.