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Badger Meter (BMI) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 23, 2026 · Badger Meter (BMI) Q3 2026 earnings results →
Q3 2026 Revenue up 0% year over year to $236M · 15¢ of every $1 of revenue kept as net profit · operating margin 20.2%
Badger Meter made $236M in Q3 2026 (+0.1% Y/Y). Operating margin 20.2%, net earnings $35.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 23, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $235.9M in Q3 2026, roughly flat year over year and up 6% from the previous quarter.
Gross margin was 41.9%, up 1.2 points from Q3 2025. Operating profit was $47.7M, a 20.2% margin (up 0.7 points year over year). Of the extra revenue versus Q3 2025, 578% reached operating profit, above the 20% margin then. Operating expenses grew 3% against flat revenue. Net earnings were $35.9M, up 2% year over year. The effective tax rate was 25.1%.
Operating cash flow was $43.3M (down 16% year over year), 121% of net earnings. Non-cash charges added back $2.6M of depreciation and $2.5M of share-based compensation. Working capital and other items added $2.3M. Capital expenditures of $3.0M left free cash flow of $40.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 23, 2026 | $236M | +0.1% | 20.2% | $35.9M | $43.3M |
| Q2 2026 | 10-Q | Jul 23, 2026 | $222M | -7% | 17.7% | $29.7M | $26.7M |
| Q1 2026 | 10-Q | Apr 20, 2026 | $202M | -9% | 17.4% | $27.3M | $33.9M |
| Q4 2025 | 10-K | Feb 17, 2026 | $221M | +8% | 19.5% | $33.6M | $54.8M |
| Q3 2025 | 10-Q | Oct 22, 2025 | $236M | +13% | 19.6% | $35.1M | $51.3M |
| Q2 2025 | 10-Q | Jul 23, 2025 | $238M | +10% | 18.8% | $34.6M | $44.6M |
| Q1 2025 | 10-Q | Apr 18, 2025 | $222M | +13% | 22.2% | $38.4M | $33.0M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Badger Meter
Badger Meter, Inc. (the Company) is a leading innovator, manufacturer and marketer of products incorporating flow measurement, quality, control and other system solutions serving markets worldwide. The Company was incorporated in 1905. The Company's internet address is http://www.badgermeter.com . The Company makes available free of charge through its website its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports, on the same day they are electronically filed with, or furnished to, the Securities and Exchange Commission. The Company is not including the information contained on or available through its website as a part of, or incorporating such information by reference into, this Annual Report on Form 10-K.
In its own words, from its 10-K, filed Feb 17, 2026.
Badger Meter against its Totalizing Fluid Meters & Counting Devices peers
The largest companies of the same SEC industry, each at its latest quarter.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| BMI Badger Meter | Q3 2026 | $236M | +0.1% | 20.2% |
| VNT Vontier | Q3 2026 | $737M | -2% | 21.5% |
Source: Badger Meter 10-Q on SEC EDGAR · CIK 9092 · Totalizing Fluid Meters & Counting Devices
13F: who owns BMI and who is buying
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History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results