Badger Meter posts Q2 2026 revenue of $222.3M
Badger Meter, Inc. reported second quarter 2026 net sales of $222.3 million, up 10% sequentially but 7% below the prior-year $238.1 million.
Rhea-AI Filing Summary
Badger Meter, Inc. reported second quarter 2026 net sales of $222.3 million, up 10% sequentially but 7% below the prior-year $238.1 million. Operating earnings were $39.4 million with a 17.7% margin, while diluted EPS declined to $1.02 from $1.17 a year earlier.
Utility water sales fell 8% year over year, reflecting uneven AMI project ramp, though software and BlueEdge beyond‑the‑meter offerings grew; flow instrumentation sales increased 6%. Gross margin was 40.8%, within the company’s 39–42% normalized range, and SEA expenses fell to $51.4 million.
Base net sales excluding recently acquired UDlive Limited were $220.3 million, and base operating margin was 18.4%. The company completed the UDlive acquisition effective May 1, 2026 and renewed an undrawn $150 million credit facility. Management expects revenue run‑rate to improve in the second half of 2026, with full‑year revenue excluding acquisitions approximately flat versus 2025.
Positive
- None.
Negative
- None.
Filing Explained
At June 30, 2026, cash was $95,733 thousand versus $226,016 thousand at year-end; six-month acquisition outflows totaled $94,375 thousand.
This Form 8-K reports the company’s second-quarter results for the period ended
At that reporting date, the balance sheet shows cash and cash equivalents of
The six-month cash-flow statement reports
The release describes cash flow as solid and cites an undrawn
8-K Event Classification
Key Figures
Key Terms
AMI projects technical
BlueEdge® technical
non-GAAP measures financial
undrawn credit facility financial
operating leverage financial
Earnings Snapshot
Management anticipates an improvement in revenue run-rate in the second half of 2026 and expects full-year 2026 revenue excluding acquisitions to be approximately flat versus 2025, while maintaining cost management focus.
FAQ
What were Badger Meter (BMI)'s net sales in Q2 2026?
How did Badger Meter (BMI)'s Q2 2026 EPS compare year over year?
What were Badger Meter (BMI)'s operating margins in Q2 2026?
How did Badger Meter (BMI)'s utility water and flow instrumentation businesses perform in Q2 2026?
What revenue outlook did Badger Meter (BMI) provide for 2026?
What acquisition did Badger Meter (BMI) complete in 2026 and how did UDlive affect results?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
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(Former name or former address, if changed since last report)
_______________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 |
Results of Operations and Financial Condition . |
On July 22, 2026, Badger Meter, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2026.
A copy of the press release issued by the Company announcing the foregoing is furnished herewith as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits .
(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
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Exhibits . The exhibit furnished herewith is as listed in the accompanying Exhibit Index. |
EXHIBIT INDEX
Exhibit No. |
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Description |
(99.1) |
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Badger Meter, Inc. Press Release, dated July 22, 2026. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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BADGER METER, INC. |
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Date: July 22, 2026 |
By: |
/s/ Daniel R. Weltzien |
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Daniel R. Weltzien |
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Vice President – Chief Financial Officer and Treasurer |
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Sales of flow instrumentation products increased 6% year-over-year, with growth in water-related markets.
Operating earnings declined 12% year-over-year to $39.4 million, with operating profit margins down 110 basis points to 17.7%. Base operating earnings of $40.6 million decreased 9% year-over-year, with Base operating profit margins of 18.4%, down 40 basis points year-over-year.
Gross margin of 40.8% was 30 basis points lower than the prior year’s 41.1% despite the sales decline and solidly within the normalized range of 39-42%.
Selling, Engineering and Administration (SEA) expenses of $51.4 million were $1.6 million lower year-over-year. Base SEA expenses of $49.6 million declined $3.4 million or 6% year-over-year due to the benefit of tight spending controls, lower incentive compensation and other cost containment actions partially offset by final transaction-related costs for UDlive of $1.2 million. The inclusion of UDlive results for two months along with related intangible asset amortization combined added $1.8 million to year-over-year expenses.
The effective tax rate for the second quarter of 2026 was 25.2%, compared to 24.5% in the prior year. As a result of the above, EPS of $1.02 declined 13% from the prior year’s $1.17.
Outlook
Bockhorst concluded, “At the halfway point of the year, we remain squarely focused on managing the impacts of uneven AMI project phasing while continuing to advance long-term growth initiatives. As we expected, several of the awarded projects in the pipeline are beginning to proceed into deployment. We continue to anticipate an improvement in revenue run-rate in the back half of the year, with full‑year revenue, excluding acquisitions, flattish versus 2025. Finally, we remain diligent in our cost management focus to mitigate the temporary sales pacing effects.
At our recent Investor Day in May, we reiterated our long-term financial framework including high single digit growth for the forward five-year period. This is supported by our innovative smart water solutions portfolio and differentiated selling model which positions us to benefit from the multi-decade digital transformation of the global water sector. We continue to capture opportunities underpinned by these favorable secular trends in both metering and beyond the meter applications.
In addition, our solid cash flow and credit availability provide us with the financial flexibility to execute on our capital allocation priorities including investing in growth, returning cash to shareholders and accretive acquisitions. In support of these priorities, we recently renewed our undrawn credit facility of $150 million, including its accordion and other attractive features.
Finally, our recently released 2025 Sustainability Report highlights our use of continuous improvement processes to mitigate risk and make progress across a range of targeted outcomes, including an 11% reduction in water intensity. Importantly, our focus on sustainable solutions creates growth opportunities and enhances shareholder value by enabling our customers to be more efficient, resilient
and sustainable in their water operations and protect the world’s most precious resource.”
1 Adjusted metrics (“Base”) are non-GAAP measures excluding the results of UDlive acquired May 1, 2026. See appendix for reconciliations of these GAAP to non-GAAP measures.
Conference Call and Webcast Information
Badger Meter management will hold a conference call to discuss the Company’s second quarter 2026 results today, Wednesday, July 22, 2026 at 10:00 AM Central/11:00 AM Eastern time. A live listen-only webcast and the related presentation will be available on the Events & Presentations section of the Company’s investor relations website. Those wishing to actively participate in the conference call must pre-register using the following link: https://events.q4inc.com/attendee/462611018
Safe Harbor Statement
Certain statements contained in this news release, as well as other information provided from time to time by Badger Meter, Inc. (the “Company”) or its employees, may contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those statements. The Company’s results are subject to general economic conditions, variation in demand from customers, continued market acceptance of new products, the successful integration of acquisitions, competitive pricing and operating efficiencies, supply chain risk, material and labor cost increases, tax reform and foreign currency risk. See the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission for further information regarding risk factors, which are incorporated herein by reference. Badger Meter disclaims any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or any other reason.
About Badger Meter
With more than a century of water technology innovation, Badger Meter provides comprehensive water management solutions through its BlueEdge® suite. This tailorable portfolio of smart measurement hardware, reliable communications, data visualization and analytics software and ongoing support and industry expertise give customers the edge in optimizing their operations and contributing to the sustainable use and protection of the world’s most precious resource. For more information, visit www.badgermeter.com.
BADGER METER, INC. |
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CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS |
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(in thousands, except share and earnings per share data) |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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(Unaudited) |
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(Unaudited) |
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(Unaudited) |
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(Unaudited) |
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Net sales |
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$ |
222,321 |
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$ |
238,095 |
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$ |
424,598 |
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$ |
460,306 |
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Cost of sales |
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131,548 |
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140,285 |
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249,498 |
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267,059 |
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Gross margin |
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90,773 |
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97,810 |
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175,100 |
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193,247 |
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Selling, engineering and administration |
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51,396 |
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52,947 |
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100,552 |
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98,959 |
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Operating earnings |
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39,377 |
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44,863 |
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74,548 |
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94,288 |
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Interest income, net |
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(319 |
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(895 |
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(1,457 |
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(2,229 |
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Other pension and postretirement income |
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(28 |
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(28 |
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(56 |
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(56 |
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Earnings before income taxes |
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39,724 |
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45,786 |
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76,061 |
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96,573 |
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Provision for income taxes |
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10,004 |
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11,202 |
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19,006 |
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23,591 |
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Net earnings |
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$ |
29,720 |
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$ |
34,584 |
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$ |
57,055 |
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$ |
72,982 |
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Earnings per share: |
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Basic |
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$ |
1.02 |
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$ |
1.18 |
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$ |
1.96 |
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$ |
2.48 |
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Diluted |
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$ |
1.02 |
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$ |
1.17 |
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$ |
1.95 |
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$ |
2.47 |
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Shares used in computation of earnings per share: |
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Basic |
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29,038,125 |
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29,414,457 |
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29,126,348 |
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29,396,805 |
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Diluted |
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29,141,991 |
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29,585,340 |
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29,253,587 |
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29,575,400 |
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-more-
BADGER METER, INC. |
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CONSOLIDATED CONDENSED BALANCE SHEETS |
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(in thousands) |
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Assets |
June 30, |
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December 31, |
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2026 |
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2025 |
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(Unaudited) |
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Cash and cash equivalents |
$ |
95,733 |
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$ |
226,016 |
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Receivables |
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121,234 |
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112,356 |
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Inventories |
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178,091 |
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151,935 |
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Other current assets |
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21,147 |
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16,770 |
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Total current assets |
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416,205 |
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507,077 |
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Net property, plant and equipment |
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83,437 |
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79,636 |
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Intangible assets, at cost less accumulated amortization |
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162,540 |
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118,496 |
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Other long-term assets |
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33,378 |
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32,793 |
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Goodwill |
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302,609 |
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235,575 |
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Total assets |
$ |
998,169 |
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$ |
973,577 |
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Liabilities and Shareholders' Equity |
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Payables |
$ |
97,827 |
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$ |
72,299 |
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Accrued compensation and employee benefits |
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18,734 |
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37,619 |
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Other current liabilities |
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55,311 |
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40,798 |
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Total current liabilities |
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171,872 |
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150,716 |
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Deferred income taxes |
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16,692 |
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3,477 |
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Long-term deferred revenue, employee benefits and other |
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126,725 |
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106,090 |
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Shareholders' equity |
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682,880 |
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713,294 |
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Total liabilities and shareholders' equity |
$ |
998,169 |
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$ |
973,577 |
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-more-
BADGER METER, INC. |
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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS |
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(in thousands) |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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(Unaudited) |
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(Unaudited) |
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(Unaudited) |
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(Unaudited) |
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Operating activities: |
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Net earnings |
$ |
29,720 |
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$ |
34,584 |
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$ |
57,055 |
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$ |
72,982 |
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Adjustments to reconcile net earnings to net cash provided by operations: |
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Depreciation |
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2,841 |
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2,915 |
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5,661 |
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5,719 |
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Amortization |
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7,014 |
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5,880 |
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13,249 |
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11,358 |
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Noncurrent employee benefits |
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9 |
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(32 |
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14 |
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5 |
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Stock-based compensation expense |
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3,179 |
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2,576 |
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5,347 |
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4,404 |
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Changes in: |
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Receivables |
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(10,357 |
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(4,809 |
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(8,562 |
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(25,306 |
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Inventories |
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2,485 |
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4,139 |
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(21,210 |
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4,019 |
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Payables |
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(10,268 |
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(72 |
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23,995 |
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16,222 |
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Prepaid expenses and other assets |
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(4,486 |
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1,019 |
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(7,685 |
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(3,088 |
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Other liabilities |
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6,574 |
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(1,614 |
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(7,260 |
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(8,702 |
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Total adjustments |
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(3,009 |
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10,002 |
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3,549 |
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4,631 |
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Net cash provided by operations |
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26,711 |
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44,586 |
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60,604 |
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77,613 |
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Investing activities: |
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Property, plant and equipment expenditures |
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(4,839 |
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(3,938 |
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(9,266 |
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(6,904 |
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Acquisitions, net of cash acquired |
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(94,375 |
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913 |
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(94,375 |
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(184,024 |
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Net cash used for investing activities |
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(99,214 |
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(3,025 |
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(103,641 |
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(190,928 |
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Financing activities: |
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Dividends paid |
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(11,593 |
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(10,004 |
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(23,302 |
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(20,021 |
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Proceeds from exercise of stock options |
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- |
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486 |
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140 |
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554 |
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Repurchase of common stock for treasury stock |
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(25,254 |
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- |
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(63,467 |
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- |
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Net cash used for financing activities |
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(36,847 |
) |
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(9,518 |
) |
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(86,629 |
) |
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(19,467 |
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Effect of foreign exchange rates on cash |
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(370 |
) |
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1,807 |
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(617 |
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2,685 |
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Decrease in cash and cash equivalents |
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(109,720 |
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33,850 |
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(130,283 |
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(130,097 |
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Cash and cash equivalents - beginning of period |
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205,453 |
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131,358 |
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226,016 |
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295,305 |
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Cash and cash equivalents - end of period |
$ |
95,733 |
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$ |
165,208 |
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$ |
95,733 |
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$ |
165,208 |
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-more-
APPENDIX
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BADGER METER, INC. |
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RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES TO GAAP PERFORMANCE MEASURES |
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(in thousands, except share and earnings per share data) |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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UDlive |
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Base |
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2026 |
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UDlive |
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Base |
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(Unaudited) |
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(Unaudited) |
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(Unaudited) |
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(Unaudited) |
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(Unaudited) |
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(Unaudited) |
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Net sales |
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$ |
222,321 |
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$ |
2,025 |
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$ |
220,296 |
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$ |
424,598 |
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$ |
2,025 |
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$ |
422,573 |
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Selling, engineering and administration |
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51,396 |
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1,808 |
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49,588 |
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100,552 |
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1,808 |
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98,744 |
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Operating earnings (loss) |
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39,377 |
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(1,246 |
) |
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40,623 |
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74,548 |
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(1,246 |
) |
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75,794 |
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Operating earnings as % of sales |
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17.7 |
% |
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-61.5 |
% |
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18.4 |
% |
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17.6 |
% |
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-61.5 |
% |
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17.9 |
% |
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* UDlive results are included from the date of acquisition of May 1, 2026 |
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** UDlive amortization was $0.8 million for the three months and six months ended June 30, 2026 and reported as part of Selling, engineering and administration expenses |
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###