Filing Flows › Badger Meter (BMI) › Q1 2026
Badger Meter (BMI) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 20, 2026
Badger Meter (BMI) reported revenue of $202M for the first quarter 2026 (Q1 2026), -9% from a year earlier and -8% from the quarter before. Operating margin was 17.4%, net earnings $27.3M (13.5% of revenue).
Badger Meter, Q1 2026: revenue $202M (-9% year over year), operating margin 17.4%, net earnings $27.3M, operating cash flow $33.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $202M | -8% | -9% |
| Gross profit | $84.3M | -9% | -12% |
| Operating profit | $35.2M | -18% | -29% |
| Net earnings | $27.3M | -19% | -29% |
| Operating cash flow | $33.9M | -38% | +3% |
| Free cash flow | $29.5M | -42% | -2% |
What changed
Revenue was $202.3M in Q1 2026, down 9% year over year and down 8% from the previous quarter.
Gross margin was 41.7%, down 1.3 points from Q1 2025. Operating profit was $35.2M, a 17.4% margin (down 4.9 points year over year). Operating expenses grew 7% against a revenue fall of 9%. Net earnings were $27.3M, down 29% year over year. The effective tax rate was 24.8%.
Operating cash flow was $33.9M (up 3% year over year), 124% of net earnings. Non-cash charges added back $2.8M of depreciation and $2.2M of share-based compensation. Capital expenditures of $4.4M left free cash flow of $29.5M.
Questions
What was Badger Meter's revenue in the first quarter 2026?
Badger Meter (BMI) reported revenue of $202M for the first quarter 2026 (Q1 2026), -9% from a year earlier and -8% from the quarter before.
Was Badger Meter profitable in the first quarter 2026?
Operating profit was $35.2M (17.4% of revenue) and net earnings $27.3M.
Source: Badger Meter 10-Q on SEC EDGAR.