Badger Meter Inc (BMI) financials
Badger Meter revenue and earnings by year
Badger Meter's revenue was $917 million in the fiscal year to December 31, 2025, up 10.9% from the year before. Net income was $142 million, 15.5% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 9.8% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 917 | 827 | 704 | 566 | 505 | 426 | 425 | 434 | 402 | 394 |
| Revenue growth | 10.9% | 17.5% | 24.4% | 11.9% | 18.7% | 0.2% | -2.1% | 7.8% | 2.2% | — |
| Gross profit | 382 | 329 | 276 | 220 | 205 | 168 | 164 | 162 | 156 | 151 |
| Gross margin | 41.7% | 39.8% | 39.3% | 38.9% | 40.7% | 39.5% | 38.5% | 37.4% | 38.7% | 38.2% |
| Operating income | 183 | 158 | 118 | 87 | 79 | 65 | 62 | 57 | 57 | 53 |
| Operating margin | 20.0% | 19.1% | 16.8% | 15.4% | 15.6% | 15.3% | 14.6% | 13.1% | 14.1% | 13.4% |
| Net income | 142 | 125 | 93 | 66 | 61 | 49 | 47 | 28 | 35 | 32 |
| Net margin | 15.5% | 15.1% | 13.2% | 11.8% | 12.1% | 11.6% | 11.1% | 6.4% | 8.6% | 8.2% |
| Diluted EPS | $4.80 | $4.23 | $3.14 | $2.27 | $2.08 | $1.70 | $1.62 | $0.96 | $1.18 | $1.11 |
| Free cash flow | 170 | 142 | 98 | 77 | 81 | 81 | 73 | 52 | 35 | 46 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open BMI in Markets.
See also: BMI valuation and P/E history · BMI returns
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Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.