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Badger Meter cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$40.3M in Q3 2026 · $142M over twelve months

Operating cash flow$43.3M
Capital spending−$3.0M
Free cash flow+$40.3M
Cash / net income1.2×
Cash conversion cycle105 days

Analysis

In Q3 2026, Badger Meter generated $43.3M of operating cash flow and spent $3.0M on capital projects, leaving free cash flow of $40.3M. That is $7.9M less than in Q3 2025 ($48.2M).

Over the twelve months to Sep 30, 2026, operating cash flow was $159M; the largest uses were other financing ($134M), acquisitions ($94.4M), dividends ($47.7M); besides operations, cash came from other investing ($454K), shares issued ($140K); the cash balance fell by $134M.

Operating cash flow was $43.3M against net income of $35.9M — 1.2× profit, cash ran ahead of reported earnings. The largest differences: payables −$27.5M, inventory +$10.7M, receivables +$9.3M.

Its cash conversion cycle was 105 days (receivables 45 + inventory 116 − payables 56).

Free cash flow

Badger Meter: free cash flow by quarterBadger Meter: free cash flow by quarter$47.4MQ4 2024$30.1MQ1 2025$40.6MQ2 2025$48.2MQ3 2025$50.8MQ4 2025$29.5MQ1 2026$21.9MQ2 2026$40.3MQ3 2026
Operating cash flow less capital spending.
Badger Meter: operating cash flow against capital spendingBadger Meter: operating cash flow against capital spendingOperating cash flowCapital spending$52.1M$4.7MQ4 2024$33.0M$3.0MQ1 2025$44.6M$3.9MQ2 2025$51.3M$3.1MQ3 2025$54.8M$4.0MQ4 2025$33.9M$4.4MQ1 2026$26.7M$4.8MQ2 2026$43.3M$3.0MQ3 2026
Latest (Q3 2026): Operating cash flow $43.3M, Capital spending $3.0M.

Capital allocation, year by year

Badger Meter: where the cash came from (up) and went (down), by fiscal yearBadger Meter: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $87.5MFY2021: Shares issued $2.1MFY2021: Capital spending −$6.7MFY2021: Acquisitions −$45.3MFY2021: Buybacks −$460KFY2021: Dividends −$22.2M$89.6MFY2021FY2022: Operating cash flow $82.5MFY2022: Shares issued $703KFY2022: Capital spending −$5.9MFY2022: Buybacks −$427KFY2022: Dividends −$24.9M$83.2MFY2022FY2023: Operating cash flow $110MFY2023: Shares issued $967KFY2023: Capital spending −$12.0MFY2023: Acquisitions −$17.1MFY2023: Dividends −$29.1M$111MFY2023FY2024: Operating cash flow $155MFY2024: Shares issued $751KFY2024: Capital spending −$12.8MFY2024: Acquisitions −$3.0MFY2024: Dividends −$35.8M$156MFY2024FY2025: Operating cash flow $184MFY2025: Shares issued $554KFY2025: Capital spending −$14.0MFY2025: Acquisitions −$184MFY2025: Buybacks −$15.0MFY2025: Dividends −$43.5M$184MFY2025
Over these 5 years operating cash flow totalled $619M; the largest uses were acquisitions ($249M) and dividends ($155M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$67.9M
Debtnone
Net cash$67.9M

Badger Meter funds itself: free cash flow was $142M over the last twelve months, with $67.9M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Badger Meter: sources (+) and uses (−) of cash, Q3 2026Badger Meter: sources (+) and uses (−) of cash, Q3 2026Buybacks−$55.5MOperating cash flow$43.3MCash drawn (+) / kept (−)$27.8MDividends−$12.6MCapital spending−$3.0MOther investing$454KExchange rates−$360K
Badger Meter: sources (+) and uses (−) of cash, TTM to Q3 2026Badger Meter: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$159MOther financing−$134MCash drawn (+) / kept (−)$134MAcquisitions−$94.4MDividends−$47.7MCapital spending−$16.3MExchange rates−$682KOther investing$454KShares issued$140K

From profit to cash

Badger Meter: net income to operating cash flow, Q3 2026Badger Meter: net income to operating cash flow, Q3 2026Net income$35.9MDepreciation & amortization$2.6MStock-based pay$2.5MReceivables$9.3MInventory$10.7MPayables−$27.5MPrepaid and other assets−$2.4MOther liabilities$4.8MOperating cash flow$43.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20264511656105
Q2 2026471227199
Q1 20265012568106
Q4 20254711051106
Q3 202545994797
Q2 202544964892
Q1 2025401044698
Q4 20244011350103

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$43.3M−$3.0M—−$55.5M−$12.6M—$27.8M$40.3M
Q2 2026$26.7M−$4.8M−$94.4M−$25.3M−$11.6M—$110M$21.9M
Q1 2026$33.9M−$4.4M—−$38.2M−$11.7M$140K$20.6M$29.5M
Q4 2025$54.8M−$4.0M——−$11.7M—−$24.3M$50.8M
Q3 2025$51.3M−$3.1M——−$11.8M—−$36.5M$48.2M
Q2 2025$44.6M−$3.9M$913K—−$10.0M$486K−$33.9M$40.6M
Q1 2025$33.0M−$3.0M−$185M—−$10.0M$68K$164M$30.1M
Q4 2024$52.1M−$4.7M——−$10.0M—−$36.4M$47.4M

Badger Meter: income statement and cash flow

Badger Meter, Q3 2026: revenue $236M (+0.1% year over year), operating margin 20.2%. The chart follows the revenue to costs, profit and cash.

Badger Meter: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.