Filing Flows › Badger Meter (BMI) › Q2 2025
Badger Meter (BMI) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 23, 2025
Badger Meter (BMI) reported revenue of $238M for the second quarter 2025 (Q2 2025), +10% from a year earlier and +7% from the quarter before. Operating margin was 18.8%, net earnings $34.6M (14.5% of revenue).
Badger Meter, Q2 2025: revenue $238M (+10% year over year), operating margin 18.8%, net earnings $34.6M, operating cash flow $44.6M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $238M | +7% | +10% |
| Gross profit | $97.8M | +2% | +15% |
| Operating profit | $44.9M | -9% | +8% |
| Net earnings | $34.6M | -10% | +5% |
| Operating cash flow | $44.6M | +35% | +22% |
| Free cash flow | $40.6M | +35% | +19% |
What changed
Revenue was $238.1M in Q2 2025, up 10% year over year and up 7% from the previous quarter.
Gross margin was 41.1%, up 1.7 points from a year earlier. Operating profit was $44.9M, a 18.8% margin (down 0.3 points year over year). Of the extra revenue versus a year earlier, 16% reached operating profit, below the 19% margin then. Operating expenses grew 21% against revenue growth of 10%. Net earnings were $34.6M, up 5% year over year. The effective tax rate was 24.5%.
Operating cash flow was $44.6M (up 22% year over year), 129% of net earnings. Non-cash charges added back $2.9M of depreciation and $2.6M of share-based compensation. Working capital and other items added $4.5M. Capital expenditures of $3.9M left free cash flow of $40.6M.
Questions
What was Badger Meter's revenue in the second quarter 2025?
Badger Meter (BMI) reported revenue of $238M for the second quarter 2025 (Q2 2025), +10% from a year earlier and +7% from the quarter before.
Was Badger Meter profitable in the second quarter 2025?
Operating profit was $44.9M (18.8% of revenue) and net earnings $34.6M.
Source: Badger Meter 10-Q on SEC EDGAR.