Filing Flows › Badger Meter (BMI) › Q2 2026 › vs Q2 2025
Badger Meter (BMI) Q2 2026 vs Q2 2025 (year over year)
Badger Meter's revenue fell $15.8M (-7%) from $238M in Q2 2025 to $222M in Q2 2026. Gross margin 40.8% against 41.1% (-0.3 pts).
Badger Meter, Q2 2026: revenue $222M (-7% year over year), operating margin 17.7%, net earnings $29.7M, operating cash flow $26.7M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 40.8% | 41.1% | -0.3 pts |
| Operating margin | 17.7% | 18.8% | -1.1 pts |
| Net margin | 13.4% | 14.5% | -1.2 pts |
| Free cash flow margin | 9.8% | 17.1% | -7.2 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $222M | $238M | −$15.8M | -7% |
| Gross profit | $90.8M | $97.8M | −$7.0M | -7% |
| Cost of revenue | $132M | $140M | −$8.7M | -6% |
| Operating profit | $39.4M | $44.9M | −$5.5M | -12% |
| Operating expenses | $51.4M | $52.9M | −$1.6M | -3% |
| Pre-tax earnings | $39.7M | $45.8M | −$6.1M | -13% |
| Net earnings | $29.7M | $34.6M | −$4.9M | -14% |
| Income tax | $10.0M | $11.2M | −$1.2M | -11% |
| Depreciation | $2.8M | $2.9M | −$74K | -3% |
| Share-based compensation | $3.2M | $2.6M | $603K | +23% |
| Working capital & other | $9.0M | −$4.5M | $13.5M | — |
| Operating cash flow | $26.7M | $44.6M | −$17.9M | -40% |
| Free cash flow (OCF − capex) | $21.9M | $40.6M | −$18.8M | -46% |
| Capital expenditures | $4.8M | $3.9M | $901K | +23% |
Questions
How much did Badger Meter's revenue grow year over year in Q2 2026?
Badger Meter's revenue fell $15.8M (-7%) from $238M in Q2 2025 to $222M in Q2 2026. Gross margin 40.8% against 41.1% (-0.3 pts).