Filing Flows › Badger Meter (BMI) › Q3 2025
Badger Meter (BMI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 22, 2025
Badger Meter (BMI) reported revenue of $236M for the third quarter 2025 (Q3 2025), +13% from a year earlier and -1% from the quarter before. Operating margin was 19.6%, net earnings $35.1M (14.9% of revenue).
Badger Meter, Q3 2025: revenue $236M (+13% year over year), operating margin 19.6%, net earnings $35.1M, operating cash flow $51.3M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $236M | -1% | +13% |
| Gross profit | $95.8M | -2% | +14% |
| Operating profit | $46.1M | +3% | +13% |
| Net earnings | $35.1M | +1% | +9% |
| Operating cash flow | $51.3M | +15% | +14% |
| Free cash flow | $48.2M | +19% | +15% |
What changed
Revenue was $235.7M in Q3 2025, up 13% year over year and down 1% from the previous quarter.
Gross margin was 40.7%, up 0.4 points from a year earlier. Operating profit was $46.1M, a 19.6% margin (up 0.1 points year over year). Of the extra revenue versus a year earlier, 20% reached operating profit, above the 19% margin then. Operating expenses grew 15% against revenue growth of 13%. Net earnings were $35.1M, up 9% year over year. The effective tax rate was 26.1%.
Operating cash flow was $51.3M (up 14% year over year), 146% of net earnings. Non-cash charges added back $2.6M of depreciation and $2.0M of share-based compensation. Working capital and other items added $11.6M. Capital expenditures of $3.1M left free cash flow of $48.2M.
Questions
What was Badger Meter's revenue in the third quarter 2025?
Badger Meter (BMI) reported revenue of $236M for the third quarter 2025 (Q3 2025), +13% from a year earlier and -1% from the quarter before.
Was Badger Meter profitable in the third quarter 2025?
Operating profit was $46.1M (19.6% of revenue) and net earnings $35.1M.
Source: Badger Meter 10-Q on SEC EDGAR.